Easterly Government Properties Updates ATM Program to Permit Contingent Forwards

What Happened
Easterly Government Properties, Inc. filed a prospectus supplement with the SEC on August 4, 2026 (reported on Form 8-K on August 5, 2026) updating its existing "at the market" (ATM) equity offering program. The update (to the 2021 ATM Program) permits the company to enter into contingent and non‑contingent forward sale transactions with several banks and dealers, in addition to continuing ordinary ATM share sales. The ATM program remains capped at $300,000,000 in aggregate offering price.

Key Details

• ATM capacity: $300,000,000 total; $85,017,692 of Common Stock has been offered and sold to date, leaving up to $214,982,308 available.
• Filing/filings: Prospectus supplement filed Aug 4, 2026; Form 8‑K filed Aug 5, 2026; legal opinion from Goodwin Procter LLP included as Exhibit 5.1.
• Forward transactions: Company may enter contingent forward transactions (where the purchaser’s obligation to buy is subject to exercise) and non‑contingent forwards with specified banks (e.g., Jefferies, Citibank, RBC, Truist, Wells Fargo, others). Contingent forwards may include a contingency premium paid to Easterly at entry.
• Fees/commissions: Sales agents’ commissions will not exceed 2.0% of gross sales; forward sellers receive a commission reflected as a reduced initial forward price (also generally up to 2.0%).

Why It Matters
This filing expands the ways Easterly can raise equity capital — beyond straight ATM sales — by adding forward-transaction structures that can provide upfront premium or timing flexibility. For investors, these transactions can lead to additional share issuance and potential dilution if exercised or settled, while providing the company with more tools to manage financing needs.