COPT Defense director converts 500 units for cash

COPT Defense Properties director Robert L. Denton reported a conversion of partnership interests rather than an open-market stock trade.

Rhea-AI Filing Summary

COPT Defense Properties director Robert L. Denton reported a conversion of partnership interests rather than an open-market stock trade. He redeemed 500 Common Units of COPT Defense Properties, L.P., which are each convertible into one common share of beneficial interest or, at the issuer’s choice, cash.

For this transaction, the issuer elected to pay cash based on the 10-day average closing price of the common shares on the New York Stock Exchange, so no new shares were issued. Following the conversion, Denton directly holds 142,764 Common Units, which remain convertible upon issuance.

Insider Trade Summary

0 shares exercised/converted

Exercise 1 txn

Insider DENTON ROBERT L

Role Director

Type	Security	Shares	Price	Value
Conversion	Common Units-CDPLP	0	$0.00	$0.00

Holdings After Transaction: Common Units-CDPLP — 142,764 contracts (Direct)

Footnotes (2)

1. F1. 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. F2. Common Units are convertible upon issuance.

Key Figures

Common Units converted: 500 units Conversion price: $31.338 per unit Units held after transaction: 142,764 units +1 more

4 metrics

Common Units converted 500 units Redeemed and settled in cash based on 10-day average price

Conversion price $31.338 per unit Conversion or exercise price for Common Units

Units held after transaction 142,764 units Common Units directly held by Denton following conversion

Underlying common shares 500 shares Each converted Common Unit corresponds to one common share

Key Terms

Common Units, beneficial interest, 10-day average closing price, Conversion of derivative security, +1 more

5 terms

Common Units financial

"The reporting person redeemed 500 common units of limited partnership interest ("Common Units") of COPT Defense Properties, L.P."

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

beneficial interest financial

"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"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

10-day average closing price financial

"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"

Conversion of derivative security financial

"transaction_code_description": "Conversion of derivative security""

limited partnership interest financial

"redeemed 500 common units of limited partnership interest ("Common Units") of COPT Defense Properties, L.P."

FAQ

What insider transaction did CDP director Robert L. Denton report?

Director Robert L. Denton reported a derivative conversion of 500 Common Units in COPT Defense Properties, L.P. The issuer chose to settle the conversion in cash, based on the 10-day average closing price of CDP common shares on the NYSE.

Did COPT Defense Properties issue new shares in this Form 4 transaction?

No new shares were issued in this Form 4 transaction. The company elected to pay cash upon conversion of 500 Common Units, using the 10-day average closing price of its common shares on the New York Stock Exchange as the valuation basis.

How many units does Robert L. Denton hold after this CDP transaction?

After the reported transaction, Robert L. Denton directly holds 142,764 Common Units of COPT Defense Properties, L.P. These Common Units are convertible into an equal number of CDP common shares of beneficial interest or cash, at the issuer’s election.

What are Common Units of COPT Defense Properties, L.P.?

Common Units are limited partnership interests in COPT Defense Properties, L.P. Each Common Unit is convertible into one CDP common share of beneficial interest or, at the issuer’s option, cash equal to the fair market value of that share, with no expiration date.

How was the cash value determined for the CDP Common Unit conversion?

The cash paid for converting the 500 Common Units was based on the 10-day average closing price of COPT Defense Properties’ common shares on the New York Stock Exchange, as specified in the transaction footnote.

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Accepted by SEC EDGAR 05/14/2026 - 11:20 AM 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^*

DENTON ROBERT L

(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)
05/13/2026

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
Common Units-CDPLP	$31.338	05/13/2026		C(1)	V		0	(2)	(1)	Common Shares	500	$0	142,764	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.

Remarks:

	/s/ David L. Finch, Attorney-in-Fact	05/14/2026
	** 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)