COPT Defense (NYSE: CDP) director redeems 1,000 Common Units for cash

Rhea-AI Filing Summary

COPT Defense Properties director Robert L. Denton converted partnership units into cash rather than new shares. He redeemed 1000 Common Units of limited partnership interest in COPT Defense Properties, L.P. The company elected to pay him cash based on the 10-day average closing price of its common shares, and his direct holdings after the transaction totaled 141,764 Common Units.

Insights

REIT and insider-transactions analyst

Director redeemed partnership units for cash in a routine, non-market transaction.

Robert L. Denton, a director of COPT Defense Properties, converted 1000 Common Units of the operating partnership. These units are economically linked to the REIT’s common shares and are classified as a derivative security.

Instead of issuing common shares, the company elected to settle the conversion in cash using the 10-day average closing price on the NYSE. This means no open‑market trade occurred and no new shares were issued to the director.

After this derivative conversion, Denton directly holds 141,764 Common Units. Given the lack of open‑market buying or selling and the modest scale relative to his remaining holdings, this filing appears to be a routine liquidity and structuring move rather than a strong signal about his outlook.

Insider Trade Summary

0 shares exercised/converted

Mixed 1 txn

Insider DENTON ROBERT L

Role null

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

Holdings After Transaction: Common Units-CDPLP — 141,764 shares (Direct, null)

Footnotes (1)

1. The reporting person redeemed 1000 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 1000 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. Common Units are convertible upon issuance.

Key Figures

Common Units converted: 1,000 units Conversion price: $34.172 per unit Holdings after transaction: 141,764 units +1 more

4 metrics

Common Units converted 1,000 units Common Units of limited partnership interest converted by director

Conversion price $34.172 per unit Conversion or exercise price for the Common Units

Holdings after transaction 141,764 units Common Units directly held after the conversion

Underlying common shares 1,000 shares Equal number of issuer common shares corresponding to converted units

Key Terms

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

5 terms

Common Units financial

"The reporting person redeemed 1000 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.

limited partnership interest financial

"The reporting person redeemed 1000 common units of limited partnership interest ("Common Units") of COPT Defense Properties, L.P."

Conversion of derivative security financial

"transaction_code_description": "Conversion of derivative security""

10-day average closing price financial

"cash upon the conversion ... based on the 10-day average closing price of the issuer's common shares on the New York Stock Exchange."

Common shares of beneficial interest financial

"convertible into an equal number of the issuer's common shares of beneficial interest or, at the election of the issuer, cash"

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 11:36 AM Accepted by SEC EDGAR 06/26/2026 - 11:36 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)
06/26/2026

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	$34.172	06/26/2026		C(1)	V		0	(2)	(1)	Common Shares	1,000	$0	141,764	D

Explanation of Responses:

1. The reporting person redeemed 1000 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 1000 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	06/26/2026
	** 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)

FAQ

What insider transaction did COPT Defense Properties (CDP) disclose for Robert L. Denton?

COPT Defense Properties reported that director Robert L. Denton converted 1000 Common Units of its operating partnership. These units were redeemed, and instead of receiving common shares, he was paid cash based on the 10-day average closing price of the company’s stock on the NYSE.

Did Robert L. Denton buy or sell COPT Defense Properties (CDP) stock on the market?

No, there was no open-market purchase or sale of CDP common shares. Denton converted 1000 Common Units of limited partnership interest, and the company chose to settle this conversion in cash rather than issuing new common shares to him.

How many COPT Defense Properties partnership units does Robert L. Denton hold after this Form 4 transaction?

After the transaction, Robert L. Denton directly holds 141,764 Common Units. These units represent limited partnership interests in COPT Defense Properties, L.P., which are economically linked to the REIT’s common shares and are convertible under the terms described in the filing’s footnotes.

At what price were Robert L. Denton’s COPT Defense Properties Common Units effectively converted?

The Form 4 lists a conversion or exercise price of $34.172 per Common Unit. Cash paid for the 1000 converted units was based on the 10-day average closing price of COPT Defense Properties’ common shares on the New York Stock Exchange, aligning with this indicated value.

What are Common Units of COPT Defense Properties, L.P. and how are they treated?

Common Units are limited partnership interests in COPT Defense Properties, L.P. that are convertible. They can be exchanged into an equal number of the REIT’s common shares of beneficial interest or, at the issuer’s election, cash equal to the fair market value of those shares.

Do COPT Defense Properties’ Common Units have an expiration date according to this Form 4?

No, the footnotes state that the Common Units have no expiration date. They are convertible upon issuance, and each unit can be exchanged into common shares or cash at the issuer’s election, giving flexibility in how holders realize their economic value over time.