DENTON ROBERT L 4

What Happened

• Director Robert L. Denton reported the conversion/disposition of 2,000 common units of COPT Defense Properties, L.P. on 2026-02-10. The Form 4 shows the derivative conversion as a disposition of 2,000 shares at $0.00 per share (common for unit-for-cash conversions), with proceeds paid in cash by the issuer.
• The filing does not state the dollar amount received. Footnote confirms the issuer elected to pay cash equal to the fair market value of the equivalent common shares, calculated using the 10‑day average closing price on the New York Stock Exchange.

Key Details

• Transaction date: 2026-02-10; Form 4 filed: 2026-02-11 (timely next-day filing).
• Reported transaction: Conversion of derivative security (2,000 units) — recorded as a disposal.
• Price shown on Form 4: $0.00 per share (reflects conversion reporting); actual cash paid based on 10‑day NYSE average per footnote.
• Shares owned after transaction: not specified in this filing.
• Footnotes: (1) Redeemed 2,000 common units convertible into common shares or, at issuer election, cash; issuer elected cash based on 10‑day average. (2) Common Units are convertible upon issuance and have no expiration.

Context

• This was a conversion/monetization of partnership units rather than an open-market sale of existing common shares. The transaction indicates the holder received cash from the issuer based on a formula (10‑day avg), but the filing does not disclose the cash amount. This type of derivative conversion is typically administrative/routine and should be interpreted as a disposition, not a new purchase signal.