Form 4: COPT Defense CFO Converts Compensation Units

Anthony Mifsud, EVP and CFO of COPT Defense Properties, converted 17,400 Profit Interest Units into Common Units of the operating partnership.

Summary

• Anthony Mifsud, Executive Vice President and Chief Financial Officer of COPT Defense Properties, reported a transaction involving derivative securities.
• On November 12, 2025, Mifsud acquired 17,400 Common Units of COPT Defense Properties, L.P., the Issuer's operating partnership.
• These Common Units were received upon the conversion of previously reported Profit Interest Units, which were granted as employment compensation.
• The conversion price for these derivative securities was $0, as it represents a conversion of existing compensation.
• Following this transaction, Mifsud beneficially owns a total of 223,008 Common Units directly.
• Common Units are convertible upon issuance into an equal number of the Issuer's common shares of beneficial interest or, at the Issuer's election, cash equal to the fair market value of such shares.
• The Common Units do not have an expiration date.

Sentiment

Score: 6

Explanation: The conversion of previously granted compensation units into common units is a routine event that increases insider ownership, generally viewed as a positive for aligning management interests with shareholders. It does not indicate new operational performance or strategic shifts.

Positives

• The conversion increases the reporting person's direct beneficial ownership in the operating partnership, aligning management interests with shareholders.
• The transaction represents the vesting and conversion of previously granted employment compensation, indicating the fulfillment of long-term incentive plans.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

Insider transactions, such as the conversion of compensation units, are common in the real estate investment trust (REIT) sector and other industries. They typically reflect the execution of pre-established compensation plans designed to align executive incentives with long-term company performance and shareholder value.

Stakeholder Impact

• Shareholders: Increased alignment of management's financial interests with those of shareholders due to higher insider ownership.
• Employees: Reinforces the company's compensation structure and long-term incentive plans for executives.

Key Dates

Keywords

COPT Defense Properties, CDP, Anthony Mifsud, Insider Transaction, Form 4, Common Units, Profit Interest Units, Executive Compensation, Beneficial Ownership