SEC Form 4 · accession 0000899243-18-014100
Easterly Government Properties, Inc. · DEA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Darrell W Crate
Officer — Chairman · Director
Period of report
May 23, 2018
Accepted (ET)
May 25, 2018 · 4:19 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001622194
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | May 23, 2018 | C | 160,000 | $0.00 | A | 205,000 | D | |
| Common StockF2 | May 23, 2018 | S | 118,172 | $20.00 | D | 86,828 | D | |
| Common StockF3 | May 24, 2018 | S | 41,828 | $19.90 | D | 45,000 | D | |
| Common StockF5 | holding | — | — | — | 2,000 | I | Daughter's UTMA Account | |
| Common StockF5 | holding | — | — | — | 625 | I | Daughter's UTMA Account | |
| Common StockF5 | holding | — | — | — | 625 | I | Daughter's UTMA Account | |
| Common StockF5 | holding | — | — | — | 3,000 | I | Son's UTMA Account | |
| Common Stock | holding | — | — | — | 10,893 | I | Easterly Holdings II LLC |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF4 | — | May 23, 2018 | C | 160,000 | D | — | — | Common Stock | 160,000 | 345,840 | D |
Explanation of responses
- F1160,000 LTIP units ("LTIP Units") in Easterly Government Properties LP (the "Operating 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 Operating 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").
- F2Represents the weighted average sale price per share. These shares were sold in multiple transactions at prices ranging from $19.95 to $20.15 per share, inclusive. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
- F3Represents the weighted average sale price per share. These shares were sold in multiple transactions at prices ranging from $19.85 to $20.09 per share, inclusive. The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
- F4Represents 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 based on the Issuer's performance through December 31, 2017, and which were earned upon determination that the performance vesting hurdles had been achieved. 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.
- F5The reporting person disclaims beneficial ownership with respect to the shares of common stock, except to the extent of his pecuniary interest therein.