[Form 4] COPT DEFENSE PROPERTIES Insider Trading Activity

COPT Defense Properties director Essye B. Miller received a grant of 3,803 Profit Interest Units as compensation for service on the Board of Trustees.

Rhea-AI Filing Summary

COPT Defense Properties director Essye B. Miller received a grant of 3,803 Profit Interest Units as compensation for service on the Board of Trustees. The award was made on May 14, 2026 at a price of $0.00 per unit, bringing her total holdings of these units to 3,803.

Each Profit Interest Unit will automatically convert into one OP Unit in COPT Defense Properties, L.P. when vested and after its capital account is equalized. OP Units are redeemable for cash or, at the company’s option, exchangeable on a one-for-one basis for common shares. The units vest on the first anniversary of the grant date if she remains a trustee and do not expire once vested.

Insider Trade Summary

Grant/Award: 3,803 shares

Grant/Award 1 txn

Insider Miller Essye B.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Profit Interest Units	3,803	$0.00	$0.00

Holdings After Transaction: Profit Interest Units — 3,803 contracts (Direct)

Footnotes (4)

1. F1. Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P. when such Profit Interest Unit becomes vested and upon equalization of its capital account balance. OP Units are redeemable for cash, or, at the option of COPT Defense Properties, exchangeable for common shares of COPT Defense Properties, currently on a one-for-one basis.
2. F2. The Profit Interest Units will vest on the first anniversary of the grant date, provided that the reporting person remains a trustee on such date.
3. F3. The Profit Interest Units do not expire once vested.
4. F4. Issued as compensation for service on the Board of Trustees.

Key Figures

Profit Interest Units granted: 3,803 units Grant price per unit: $0.00 per unit Underlying common shares: 3,803 shares +1 more

4 metrics

Profit Interest Units granted 3,803 units Grant on May 14, 2026 to Essye B. Miller

Grant price per unit $0.00 per unit Compensation award, not a market purchase

Underlying common shares 3,803 shares Each unit corresponds to one common share via OP Unit

Total units after transaction 3,803 units Director’s holdings of Profit Interest Units after grant

Key Terms

Profit Interest Units, OP Unit, vest, redeemable for cash, +1 more

5 terms

Profit Interest Units financial

"Each Profit Interest Unit will convert automatically into one share of beneficial interest"

OP Unit financial

"designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P."

An op unit is shorthand for an operating unit — a distinct part of a company that runs day-to-day activities, such as manufacturing, sales, or a product line, with its own management and performance metrics. Investors care because each unit’s results show which parts of the business are profitable or struggling, much like checking individual rooms in a house to see where energy or costs are leaking, helping assess growth potential and risk.

vest financial

"The Profit Interest Units will vest on the first anniversary of the grant date"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

redeemable for cash financial

"OP Units are redeemable for cash, or, at the option of COPT Defense Properties"

Board of Trustees financial

"Issued as compensation for service on the Board of Trustees."

A board of trustees is a group of individuals responsible for overseeing and guiding the management of an organization, such as a nonprofit, university, or charity. They act like a steering committee, making important decisions to ensure the organization stays true to its mission and remains financially healthy. For investors, the board’s effectiveness can influence the organization’s stability and long-term success.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 05:26 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Miller Essye B.

(Last) (First) (Middle)

6711 COLUMBIA GATEWAY DRIVE

SUITE 300

(Street)

COLUMBIA MARYLAND 21046

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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

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

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
Profit Interest Units	(1)	05/14/2026		A		3,803		(1)(2)	(3)	Common Shares	3,803	(4)	3,803	D

Explanation of Responses:

1. Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P. when such Profit Interest Unit becomes vested and upon equalization of its capital account balance. OP Units are redeemable for cash, or, at the option of COPT Defense Properties, exchangeable for common shares of COPT Defense Properties, currently on a one-for-one basis.

2. The Profit Interest Units will vest on the first anniversary of the grant date, provided that the reporting person remains a trustee on such date.

3. The Profit Interest Units do not expire once vested.

4. Issued as compensation for service on the Board of Trustees.

Remarks:

	/s/ David L. Finch, by Power of Attorney	05/18/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)