COPT Defense Properties (NYSE: CDP) director cashes 500 common units

Rhea-AI Filing Summary

COPT Defense Properties reported that one of its directors redeemed 500 common units of limited partnership interest in COPT Defense Properties, L.P. on 12/23/2025. These common units are convertible into an equal number of the company’s common shares of beneficial interest or, at the company’s election, into cash equal to the fair market value of those shares.

For this transaction, the issuer elected to pay cash for the 500 common units, using the 10-day average closing price of its common shares on the New York Stock Exchange. The common units have a conversion price of $29.019, are convertible upon issuance, and have no expiration date. Following the reported transaction, the director beneficially owned 148,264 derivative securities on a direct basis.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DENTON ROBERT L

(Last) (First) (Middle)

6711 COLUMBIA GATEWAY DRIVE

SUITE 300

(Street)

COLUMBIA MD 21046

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COPT DEFENSE PROPERTIES [ CDP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Units-CDPLP	$29.019	12/23/2025		C(1)	V		500	(2)	(1)	Common Shares	500	$0	148,264	D

Explanation of Responses:

1. The reporting person redeemed 500 common units of limited partnership interest ("Common Units") of COPT Defense Properties, L.P., of which the issuer is the general partner. Common Units are convertible into an equal number of the issuer's common shares of beneficial interest or, at the election of the issuer, cash equal to the fair market value of such shares. In the case of these 500 Common Units, the issuer elected to pay cash upon the conversion of the reporting person's Common Units, based on the 10-day average closing price of the issuer's common shares on the New York Stock Exchange. Common Units have no expiration date.

2. Common Units are convertible upon issuance.

	/s/ David L. Finch, Attorney-in-Fact	12/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did COPT Defense Properties (CDP) report on this Form 4?

The filing reports that a director redeemed 500 common units of limited partnership interest in COPT Defense Properties, L.P. on 12/23/2025. These units were converted, and the issuer chose to settle the conversion in cash rather than issuing common shares.

How was the cash amount for the 500 redeemed common units of CDP determined?

The issuer paid cash for the 500 common units based on the 10-day average closing price of COPT Defense Properties’ common shares on the New York Stock Exchange, as described in the explanation of responses.

What are COPT Defense Properties common units of limited partnership interest?

The common units of limited partnership interest (Common Units) in COPT Defense Properties, L.P. are derivative securities that are convertible upon issuance into an equal number of the issuer’s common shares of beneficial interest or, at the issuer’s election, into cash equal to the fair market value of such shares. The filing states that these Common Units have no expiration date.

What is the conversion or exercise price of the CDP derivative security reported?

In Table II, the derivative security titled “Common Units-CDPLP” has a conversion or exercise price of $29.019. This is the stated price associated with converting the common units into the underlying common shares or cash equivalent.

How many derivative securities does the CDP director hold after the reported transaction?

After the reported transaction on 12/23/2025, the director beneficially owned 148,264 derivative securities, held with direct (D) ownership as indicated in Table II.

What relationship does the reporting person have to COPT Defense Properties (CDP)?

The reporting person is identified as a Director of COPT Defense Properties. The form indicates it is a Form 4 filed by one reporting person, reflecting that individual’s insider transaction.