Darrell W. Crate

Chief Executive Officer at Easterly Government Properties

Board

Since January 1, 2024

Age

58 years

Education

Earned a Bachelor of Arts from Bates College and an MBA from Columbia Business School.

Tenure

Joined DEA as a director in February 2015, served as Chairman of the Board until December 2023, and was appointed Chief Executive Officer effective January 1, 2024, with a promotion to President in September 2024.

Also at Easterly Government Properties

MPI

Michael P. Ibe

Executive Vice President—Development and Acquisitions

AEM

Allison E. Marino

Executive Vice President and Chief Financial Officer

FVL

Franklin V. Logan

Executive Vice President, General Counsel, and Secretary

About

Darrell W. Crate is a seasoned finance professional with extensive experience in asset management and executive leadership.

He earned his BA from Bates College and his MBA from Columbia Business School, forming the academic foundation for his diverse career in finance.

Professionally, he has held key roles across the financial services industry, including serving as the Chief Financial Officer of Affiliated Managers Group and as a Managing Director at Chase Manhattan Corporation. At DEA, he began his tenure as a director in February 2015, later serving as Chairman of the Board until December 2023, and then stepping into the role of Chief Executive Officer effective January 1, 2024, with an added role as President in September 2024.

Beyond his core executive positions, he founded Easterly Capital, LLC in 2009 and has contributed to political campaigns as Treasurer and committee member for Romney for President during the 2008 and 2012 cycles.

$DEA Performance Under Darrell W. Crate

Past Roles

Organization	Role	Date Range	Details
Easterly Government Properties, Inc. (DEA)	Chairman of the Board	Feb 2015 – Dec 2023	Ended upon promotion to CEO
Easterly Government Properties, Inc. (DEA)	Executive Chairman of the Board	2023	Served during 2023
Easterly Government Properties, Inc. (DEA)	Director	Feb 2015 – Pre-CEO	Held before becoming CEO
Affiliated Managers Group (NYSE: AMG)	Chief Financial Officer	1998 – 2011	Global asset management holding company
Chase Manhattan Corporation	Managing Director, Financial Institutions Group	N/A	Based in London and New York
Romney for President Campaigns	Treasurer & Executive Committee Member	2008 & 2012 election cycles	Served during election cycles
Easterly Acquisition Corp.	Chairman of the Board of Directors	2015 – 2018	Combined with Sirius International Insurance Group, later merged with Third Point Reinsurance Ltd.

External Roles

Organization	Role	Date Range	Details
Easterly Asset Management	Managing Principal	2015–present	Formerly Easterly Partners Group
Easterly Capital, LLC	Founder	2009–present	Holds various titles in its related entities
Aircraft Owners and Pilots Association	Vice Chairman	N/A	N/A
Westminster Kennel Club	Board of Governors	N/A	N/A
Bates College	Trustee Emeritus	N/A	Earned BA at Bates College

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Salary	$800,000	Annual, 2024	Fixed base salary
Bonus	$0 (None)	N/A	No bonus reported for 2024
Stock Awards	$2,065,428	2024 Grant	Stock awards granted in 2024
Non-Equity Incentive Plan Compensation	$1,750,000	Annual, 2024	Non-equity incentive compensation
All Other Compensation	$9,875	2024	Includes 401(k) matching & $500 charity matching
Service-Based LTIP Units	79,423 units	Vest upon continued service	Granted in 2024
Service-Based Awards upon Termination/Change in Control	$1,424,476	Triggered upon event	Payable upon termination without cause, for good reason, death/disability or change in control

Performance Compensation

Data from FY 2024

TSR Performance LTIP Units - Absolute

Metric	Value
Grant Date	January 2, 2024
Units Granted	7,627 units
Grant Date Fair Value	$207,038
Vesting Schedule	Vests post performance period ending December 31, 2026
Conditions	Acceleration upon termination without cause, for good reason, death or disability

TSR Performance LTIP Units - Equity REIT Index Relative

Metric	Value
Threshold	6,853 units
Target	13,707 units
Maximum	27,411 units
Grant Date	January 19, 2024
Grant Date Fair Value	$206,401
Vesting Schedule	Vests post performance period ending December 31, 2026
Conditions	Based on performance relative to the FTSE Nareit Equity REITs Index; includes dividend treatment

TSR Performance LTIP Units - Office REIT Index Relative

Metric	Value
Grant Date	January 19, 2024
Vesting Schedule	Vests post performance period ending December 31, 2026
Conditions	Based on performance relative to the FTSE Nareit Office REITs Index; specific thresholds not provided

TSR Performance LTIP Units - US Treasury Relative

Metric	Value
Grant Date	January 2, 2024
Grant Date Fair Value	$207,038
Vesting Schedule	Vests post performance period ending December 31, 2026
Conditions	Based on performance relative to the U.S. Treasury; specific thresholds not provided

Operational Performance LTIP Units

Metric	Value
Units Granted	46,093 units
Grant Date	January 2, 2024
Grant Date Fair Value	$619,490
Vesting Schedule	Vests post performance period ending December 31, 2026
Conditions	Tied to operational performance; threshold and target performance requirements apply

Performance-Based Award upon Termination/Change in Control

Metric	Value
Performance Metrics	Core FFO per share: Threshold $1.16, Target $1.17, Maximum $1.19 ; Adjusted Net Debt/EBITDA: Threshold 7.5x, Target 7.4x, Maximum 7.2x
Actual 2024 Results	Core FFO: $1.17 (100% target) ; Adjusted Net Debt/EBITDA: 7.1x (200% target)
Grant Date Fair Value	$1,033,565
Grant Date Stock Price	$11.36
Award Value upon Event	$114,975 upon termination/change in control
Vesting Schedule	Vests as if performance period ends on December 31, 2026, with proration if terminated early