Equity Incentive Pan

3 Months Ended

Mar. 31, 2026

9. Equity Incentive Plan

The following is a summary of our stock-based compensation expense, net for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31,
	2026		2025
Stock-based compensation expense, net	$	2,097	$	1,421

Stock-based compensation expense, net is included within corporate general and administrative expenses on our Consolidated Statements of Operations.

On January 5, 2026, we granted an aggregate of 268,766 performance-based LTIP units to members of management pursuant to the Easterly Government Properties, Inc. 2024 Equity Incentive Plan (as amended, the “2024 Plan”), consisting of:

(i)

20,589 LTIP units that are subject to us achieving certain total shareholder return performance thresholds (on a relative basis). These units will vest to the extent earned following the end of the performance period on December 31, 2028;

(ii)

25,806 LTIP units that are subject to us achieving certain operational performance hurdles. These units will vest to the extent earned following the end of the performance period on December 31, 2028; and

(iii)

222,371 LTIP units that are subject to us achieving certain performance conditions based on the appreciation of the Company’s common stock price. These units have a performance period beginning on the grant date and ending on January 5, 2034. These units will vest in full on January 5, 2031, subject to the recipient’s continued employment with the Company through such date and subject to achieving certain performance conditions.

Pursuant to the 2024 Plan, the significant assumptions used to value the performance-based LTIP units using a Monte Carlo Simulation (risk-neutral approach) include expected volatility (26.0% - 27.0%), dividend yield (6.6% - 8.3%), risk-free interest rate (3.5% - 4.0%) and expected life (3 - 8 years).

On January 5, 2026, we also granted an aggregate of 136,314 service-based LTIP units to members of management pursuant to the 2024 Plan, which will vest on December 31, 2028. The LTIP units are subject to the grantee’s continued employment and the other terms of the awards.

On January 5, 2026, we granted an aggregate of 15,247 shares of restricted common stock to members of management pursuant to the 2024 Plan. The shares will vest on January 5, 2028, subject to the grantee’s continued employment and the other terms of the awards.