COPT Defense director granted 3,803 profit units

COPT Defense Properties director Raymond Lee Owens 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 Raymond Lee Owens received a grant of 3,803 Profit Interest Units as compensation for service on the Board of Trustees. These units carry no exercise price and increase his holdings in this derivative security to 24,003 units following the grant.

Each Profit Interest Unit represents the right to receive one underlying common share equivalent, through automatic conversion into one OP Unit when vested and after capital account equalization. The units vest on the first anniversary of the grant date if he remains a trustee and do not expire once vested.

Insider Trade Summary

Grant/Award: 3,803 shares

Grant/Award 1 txn

Insider Owens Raymond Lee

Role Director

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

Holdings After Transaction: Profit Interest Units — 24,003 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 Trust, 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 Holdings after grant: 24,003 units Exercise price per unit: $0.0000 +2 more

5 metrics

Profit Interest Units granted 3,803 units Grant to director as board compensation

Holdings after grant 24,003 units Total Profit Interest Units following transaction

Exercise price per unit $0.0000 Price per Profit Interest Unit in this grant

Underlying common shares 3,803 shares Underlying common shares tied to granted units

Conversion ratio 1:1 Each Profit Interest Unit converts into one OP Unit

Key Terms

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

5 terms

Profit Interest Units financial

"Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit"

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.

redeemable financial

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

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.

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.

FAQ

What insider transaction did COPT Defense Properties (CDP) report for Raymond Lee Owens?

COPT Defense Properties reported that director Raymond Lee Owens received 3,803 Profit Interest Units as compensation. The grant increased his holdings in this derivative security to 24,003 units following the transaction, reflecting routine board-related equity compensation rather than an open-market trade.

How many Profit Interest Units were granted to the COPT Defense Properties director?

The director received a grant of 3,803 Profit Interest Units. These units were issued as compensation for service on the Board of Trustees and carry a conversion right into underlying common share equivalents, subject to vesting and capital account equalization conditions described in the footnotes.

When do the COPT Defense Properties Profit Interest Units granted to Raymond Lee Owens vest?

The Profit Interest Units will vest on the first anniversary of the grant date. Vesting requires that Raymond Lee Owens remain a trustee on that date, aligning the award with continued board service before the units can automatically convert into OP Units and related common share equivalents.

What do COPT Defense Properties Profit Interest Units convert into once vested?

Each Profit Interest Unit automatically converts into one OP Unit in COPT Defense Properties, L.P. when vested and capital accounts are equalized. OP Units are redeemable for cash or, at the company’s option, exchangeable for common shares of COPT Defense Properties on a one-for-one basis.

Do the COPT Defense Properties Profit Interest Units granted to the director have an expiration date?

According to the disclosure, the Profit Interest Units do not expire once vested. After vesting and the required capital account equalization, each unit can automatically convert into an OP Unit, which may then be redeemed for cash or exchanged for common shares at the company’s option.

Was there any cash paid per Profit Interest Unit in the COPT Defense Properties grant?

The transaction shows a price per Profit Interest Unit of $0.0000, indicating no cash exercise cost for the director. The units were issued as compensation for board service rather than purchased in the market, functioning as an equity-based incentive tied to continued service.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 05/18/2026 - 05:15 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^*

Owens Raymond Lee

(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)	24,003	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 Trust, 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)