Crate Darrell W 4
4 · Easterly Government Properties, Inc. · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
Easterly (DEA) CEO Darrell Crate Converts LTIP Units to Shares
What Happened
Darrell W. Crate, President & CEO and a director of Easterly Government Properties (DEA), reported conversions of LTIP/derivative securities on Feb 24, 2026. The filing shows: an acquisition of 31,488 shares (conversion of LTIP units) at $0.00 per share (shares were issued to Easterly Capital LLC, an entity wholly owned by Crate), and two derivative conversion entries reported as dispositions of 13,100 and 18,388 shares (also at $0.00). These transactions reflect conversion/redemption of long‑term incentive plan units into common stock rather than open‑market buys or sales; no cash consideration was reported.
Key Details
- Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (timely filing).
- Reported amounts: +31,488 shares acquired (issued to Easterly Capital LLC); 13,100 and 18,388 shares reported as dispositions (all at $0.00).
- Shares are shown on a post‑split basis reflecting a 1‑for‑2.5 reverse split completed April 28, 2025 (footnote F2).
- These LTIP units were granted under the company’s 2015 Equity Incentive Plan and include performance‑based and service‑based awards that vested (footnotes F3, F5).
- Footnote F1: the 31,488 LTIP units were exchanged for common units and redeemed for common stock issued to Easterly Capital LLC. Footnote F4 explains conversion/redemption mechanics for LTIP units.
- No cash proceeds or market trades reported; transactions are compensation/plan‑related conversions. The filing does not list a new total of shares directly held by Crate beyond noting issuance to his wholly‑owned LLC.
Context
These entries are plan‑related conversions/vestings of LTIP units into common stock (and redemptions) and should be read as compensation/structural transfers rather than market purchases or sales. Because the shares were issued to an entity wholly owned by the insider (Easterly Capital LLC) and some prior holdings were transferred to that LLC under Rule 16a‑13 (footnote F2), the filing documents internal/plan movements rather than open‑market sentiment.
Insider Transaction Report
- Conversion
Common Stock
[F1][F2]2026-02-24+31,488→ 300,079 total(indirect: By LLC) - Conversion
LTIP Units
[F3][F4]2026-02-24−13,100→ 245 total→ Common Stock (13,100 underlying) - Conversion
LTIP Units
[F5][F4]2026-02-24−18,388→ 0 total→ Common Stock (18,388 underlying)
Footnotes (5)
- [F1]31,488 LTIP units ("LTIP Units") in Easterly Government Properties LP (the "Partnership"), of which the Issuer is the sole general partner, were exchanged for an equal number of common units of limited partnership interest in the Partnership ("Common Units"), which were subsequently redeemed for an equal number of shares of the Issuer's common stock, par value $0.01 per share ("Common Stock"). Upon redemption of the Common Units, the shares of Common Stock were issued to Easterly Capital LLC, an entity wholly-owned by the Reporting Person.
- [F2]Shares are reflected on a post-split basis in accordance with the 1-for-2.5 reverse stock split of the Issuer's issued and outstanding shares of Common stock completed on April 28, 2025. Includes 68,591 shares of Common Stock that had previously been reported as direct holdings by the Reporting Person but have been transferred to Easterly Capital LLC in transactions exempt from reporting pursuant to Rule 16a-13.
- [F3]Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to certain performance vesting hurdles, which were earned based on the Issuer's performance from January 3, 2023 through December 31, 2025.
- [F4]Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be exchanged, at the election of either the holder or the Partnership, into a Common Unit. Each Common Unit may be presented for redemption, at the election of the holder, for cash equal to the fair market value of a share of the Issuer's Common Stock, except that the Issuer may elect to acquire each Common Unit so presented for one share of Common Stock. LTIP Units are generally not convertible without the consent of the Issuer until two years from the grant date. These redemption rights have no expiration date.
- [F5]Represents LTIP Units granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, as amended, subject to service-based vesting conditions, which were granted on January 3, 2023 and vested on December 31, 2025.