COPT Defense (CDP) Director Robert Denton Converts Units to Cash

What Happened
Robert L. Denton, a director of COPT Defense Properties (CDP), disposed of a derivative holding on July 29, 2026 by redeeming 1,500 common units of COPT Defense Properties, L.P. The Form 4 reports a conversion of a derivative security (code C) showing 0 company shares and $0 under the security line because the units were converted for cash rather than into common shares. The issuer elected to pay cash based on the 10‑day average closing price on the NYSE for those 1,500 units.

Key Details

• Transaction date: 2026-07-29; Form 4 filed 2026-07-30 (timely filing).
• Form 4 entry: Conversion of derivative (C); 0 shares @ $0.00 reported (disposition).
• Units redeemed: 1,500 common units of COPT Defense Properties, L.P.
• Cash consideration: Issuer elected cash payment equal to the 10‑day average NYSE closing price (specific dollar amount not disclosed on the Form 4).
• Footnotes: Common units are convertible into an equal number of the issuer’s common shares or, at issuer’s election, cash; common units are convertible upon issuance and have no expiration date.
• Shares owned after transaction: The filing shows no company common shares issued in this conversion (no change in reported company shares received).

Context
This was a conversion/redemption of partnership units into cash (a disposition of a derivative interest), not a purchase of company stock. Such unit redemptions are often routine liquidity events and do not necessarily signal insider sentiment about the company’s share price.