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home / news releases / OFC - COPT Reports Third Quarter 2021 Results


OFC - COPT Reports Third Quarter 2021 Results

Raises Midpoint of Full Year Guidance Another 1-Cent, Implying 7.1% Growth in FFO per Share, as Adjusted for Comparability

Stronger 3Q Results Drive Higher Full-Year Expectations

Reported EPS of $0.24 in 3Q21;
3Q FFO per Share, as Adjusted for Comparability, of $0.57 was 1-Cent Above High-End of Guidance

Same-Property Cash NOI Increase of 4.8% in the Quarter;
Increasing Midpoint of Same-Property Cash NOI Guidance for the Year

Core Portfolio 93.5% Occupied & 94.8% Leased

1.8 Million SF of Active Developments are 94% Leased

Solid Leasing Activity

Total Leasing of 1.0 Million SF in the Quarter and 2.7 Million SF for First Nine Months of 2021
Included 215,000 SF and 420,000 SF of Vacancy Leasing, Respectively

Tenant Retention of 76% in the Quarter and 75% for the First Nine Months and Changes in Cash Rents In-Line with Expectations

1.2 Million SF of Development Leasing Accomplished To-Date Surpasses 2021 Goal

Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) announced results for the third quarter ended September 30, 2021.

Management Comments

Stephen E. Budorick, COPT’s President & Chief Executive Officer, commented, “Our portfolio of office and data center properties that support priority missions at U.S. defense installations continues to produce strong results, and distinguishes us from other office companies. Demand for our Defense/IT Locations has driven 1.2 million square feet of development leasing to-date, which exceeds our 2021 goal. Vacancy leasing in the third quarter was a very strong 215,000 square feet--our best quarterly volume since the third quarter of 2019--and brought our total for the nine months to 420,000 square feet. Importantly, tenants are committing to lease term lengths that are at or above pre-pandemic levels. Our Development Leasing Pipeline and Activity Ratio remain robust, which leads us to expect customers to continue making long-term commitments to our Defense/IT Locations. Based on our outperformance this quarter, we are increasing the midpoint of full-year guidance for FFO per share, as adjusted for comparability, to $2.27, which is 8-cents above our original midpoint and represents 7.1% growth over 2020’s elevated results.”

Financial Highlights

3 rd Quarter Financial Results:

  • Diluted earnings (loss) per share (“EPS”) was $0.24 for the quarter ended September 30, 2021 compared to ($0.29) for the third quarter of 2020.
  • Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition, was $0.56 for the third quarter of 2021 compared to $0.04 for third quarter 2020.
  • FFOPS, as adjusted for comparability, was $0.57 for the third quarter of 2021 compared to $0.54 for the third quarter of 2020.

Operating Performance Highlights

Operating Portfolio Summary:

  • At September 30, 2021, the Company’s core portfolio of 184 operating office and data center shell properties was 93.5% occupied and 94.8% leased.
  • During the quarter, the Company placed into service 466,000 square feet that were 100% leased.

Same-Property Performance:

  • At September 30, 2021, COPT’s same-property portfolio of 159 buildings was 92.2% occupied and 93.7% leased.
  • For the quarter ended September 30, 2021, the Company’s same-property cash NOI increased 4.8% over the prior year’s comparable period.

Leasing:

  • Total Square Feet Leased : For the quarter ended September 30, 2021, the Company leased 1.0 million square feet, including 553,000 square feet of renewals, 274,000 square feet in development projects, and 215,000 square feet of new leases on vacant space. For the nine months ended September 30, 2021, the Company executed 2.7 million square feet of leasing, including 1.4 million square feet of renewals, 915,000 square feet in development projects, and 420,000 square feet of vacancy leasing.
  • Renewal Rates : During the quarter and nine months ended September 30, 2021, the Company renewed 75.7% and 74.6%, respectively, of expiring square feet.
  • Rent Spreads & Average Escalations on Renewing Leases : For the quarter and nine months ended September 30, 2021, cash rents on renewed space decreased 0.6% and 0.3%, respectively. For the same time periods, annual escalations on renewing leases averaged 1.7% and 2.4%, respectively.
  • Lease Terms : In the third quarter of 2021, lease terms averaged 3.1 years on renewing leases, 9.3 years on new leasing of vacant space, and 17.0 years on development leasing. For the first nine months, lease terms averaged 3.8 years on renewing leases, 8.6 years on vacancy leasing, and 14.1 years on development leasing.
  • Post-Quarter Development Leasing : In October, the Company completed two build-to-suit leases totaling 263,000 square feet with a defense contractor at Redstone Gateway. Details of those leases can be found in a separate press release issued this same date.

Investment Activity Highlights

  • Development Pipeline : The Company’s development pipeline consists of 13 properties totaling 1.8 million square feet that are 94% leased. These projects have a total estimated cost of $585.7 million, of which $188.2 million has been incurred.

Balance Sheet and Capital Transaction Highlights

  • In August, the Company issued $400 million of 2.000% senior unsecured notes due 2029. The Company used net proceeds from this issuance to repay $100.0 million of its term loan facility due December 2022, retire the outstanding $89.0 million balance of a construction loan, and repay borrowings under its unsecured credit facility.
  • At September 30, 2021, the Company’s net debt to adjusted book ratio was 39.4% and its net debt to in-place adjusted EBITDA ratio was 6.3x. As of the same date, net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio was 5.9x. For the quarter ended September 30, 2021, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.8x.
  • At September 30, 2021, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.05% with a weighted average maturity of 5.7 years; additionally, 97.3% of the Company’s debt was subject to fixed interest rates.

Associated Supplemental Presentation

Prior to the call, the Company will post a slide presentation to accompany management’s prepared remarks for its third quarter 2021 conference call; the presentation can be viewed and downloaded from the ‘Latest Updates’ section of COPT’s Investors website: https://investors.copt.com/

2021 Guidance

Management is increasing its full-year guidance for EPS and FFOPS, per Nareit and as adjusted for comparability from the prior ranges of $0.72-$0.76, $1.73-$1.77, and $2.24-$2.28, respectively, to new ranges of $0.76-$0.78, $1.74-$1.76, and $2.26-$2.28, respectively. To account for the expected timing of repair and maintenance projects, management is lowering its prior guidance ranges for EPS and FFOPS (per Nareit and as adjusted for comparability) for the fourth quarter from $0.21-$0.23 and $0.56-$0.58, respectively, to $0.20-$0.22 and $0.55-$0.57, respectively. Reconciliations of projected EPS to projected FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Table 1: Reconciliation of EPS to FFOPS, per Nareit and
Quarter ending
Year ending
As Adjusted for Comparability
December 31, 2021
December 31, 2021
Low
High
Low
High
EPS

$ 0.20

$ 0.22

$ 0.76

$ 0.78

Real estate-related depreciation and amortization

0.35

0.35

1.33

1.33

Gain on sales of real estate

-

-

(0.35)

(0.35)

FFOPS, Nareit definition

0.55

0.57

1.74

1.76

Loss on early extingusishment of debt

-

-

0.52

0.52

FFOPS, as adjusted for comparability

$ 0.55

$ 0.57

$ 2.26

$ 2.28

Conference Call Information

Management will discuss third quarter 2021 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date: Friday, October 29, 2021
Time: 12:00 p.m. Eastern Time
Telephone Number: (within the U.S.) 855-463-9057
Telephone Number: (outside the U.S.) 661-378-9894
Passcode: 9759656

The conference call will also be available via live webcast in the ‘Latest Updates’ section of COPT’s Investors website: https://investors.copt.com/

Replay Information

A replay of the conference call will be immediately available via webcast on the Investors website. Additionally, a telephonic replay of this call will be available beginning at 3:00 p.m. Eastern Time on Friday, October 29, through 2:00 p.m. Eastern Time on Friday, November 12. To access the replay within the United States, please call 855-859-2056; to access it from outside the United States, please call 404-537-3406. In either case, use passcode 9759656.

Definitions

For definitions of certain terms used in this press release, please refer to the information furnished in the Company’s Supplemental Information Package furnished on a Form 8-K which can be found on its website ( www.copt.com ). Reconciliations of non-GAAP measures to the most directly comparable GAAP measures are included in the attached tables.

About COPT

COPT is a REIT that owns, manages, leases, develops and selectively acquires office and data center properties. The majority of its portfolio is in locations that support the United States Government and its contractors, most of whom are engaged in national security, defense and information technology (“IT”) related activities servicing what it believes are growing, durable, priority missions (“Defense/IT Locations”). The Company also owns a portfolio of office properties located in select urban/urban-like submarkets in the Greater Washington, DC/Baltimore region with durable Class-A office fundamentals and characteristics (“Regional Office Properties”). As of September 30, 2021, the Company derived 88% of its core portfolio annualized rental revenue from Defense/IT Locations and 12% from its Regional Office Properties. As of the same date and including 19 properties owned through unconsolidated joint ventures, COPT’s core portfolio of 184 office and data center shell properties encompassed 21.5 million square feet and was 94.8% leased; the Company also owned one wholesale data center with a capacity of 19.25 megawatts that was 86.7% leased.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Although the Company believes that the expectations, estimates and projections reflected in such forward-looking statements are based on reasonable assumptions at the time made, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements and the Company undertakes no obligation to update or supplement any forward-looking statements.

The areas of risk that may affect these expectations, estimates and projections include, but are not limited to, those risks described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Category: Quarterly Results

Source: Corporate Office Properties Trust

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(dollars and shares in thousands, except per share data)

For the Three Months Ended

September 30,

For the Nine Months

Ended September 30,

2021

2020

2021

2020

Revenues

Revenues from real estate operations

$

146,590

$

134,443

$

436,177

$

399,097

Construction contract and other service revenues

28,046

20,323

64,592

46,240

Total revenues

174,636

154,766

500,769

445,337

Operating expenses

Property operating expenses

57,190

51,552

168,780

151,755

Depreciation and amortization associated with real estate operations

36,611

35,332

111,487

101,540

Construction contract and other service expenses

27,089

19,220

61,964

44,052

Impairment losses

1,530

1,530

General and administrative expenses

7,269

5,558

20,624

17,372

Leasing expenses

2,073

1,909

6,346

5,739

Business development expenses and land carry costs

1,093

1,094

3,559

3,474

Total operating expenses

131,325

116,195

372,760

325,462

Interest expense

(15,720)

(17,152)

(49,181)

(50,789)

Interest and other income

1,818

1,746

5,911

5,233

Credit loss recoveries

326

1,465

1,040

161

Gain on sales of real estate

(32)

39,711

5

Loss on early extinguishment of debt

(1,159)

(3,237)

(59,553)

(3,237)

Loss on interest rate derivatives

(53,196)

(53,196)

Income (loss) before equity in income of unconsolidated entities and income taxes

28,544

(31,803)

65,937

18,052

Equity in income of unconsolidated entities

297

477

779

1,372

Income tax expense

(47)

(16)

(103)

(95)

Net income (loss)

28,794

(31,342)

66,613

19,329

Net (income) loss attributable to noncontrolling interests:

Common units in the Operating Partnership (“OP”)

(357)

386

(831)

(185)

Preferred units in the OP

(77)

(231)

Other consolidated entities

(1,336)

(812)

(2,949)

(3,207)

Net income (loss) attributable to COPT common shareholders

$

27,101

$

(31,845)

$

62,833

$

15,706

Earnings per share (“EPS”) computation:

Numerator for diluted EPS:

Net income attributable to COPT common shareholders

$

27,101

$

(31,845)

$

62,833

$

15,706

Amount allocable to share-based compensation awards

(79)

(145)

(320)

(359)

Redeemable noncontrolling interests

(89)

(82)

Numerator for diluted EPS

$

26,933

$

(31,990)

$

62,431

$

15,347

Denominator:

Weighted average common shares - basic

111,985

111,811

111,949

111,778

Dilutive effect of share-based compensation awards

375

285

278

Dilutive effect of redeemable noncontrolling interests

138

130

Weighted average common shares - diluted

112,498

111,811

112,364

112,056

Diluted EPS

$

0.24

$

(0.29)

$

0.56

$

0.14

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands, except per share data)

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

2021

2020

2021

2020

Net income (loss)

$

28,794

$

(31,342)

$

66,613

$

19,329

Real estate-related depreciation and amortization

36,611

35,332

111,487

101,540

Impairment losses on real estate

1,530

1,530

Gain on sales of real estate

32

(39,711)

(5)

Depreciation and amortization on unconsolidated real estate JVs

525

819

1,455

2,455

Funds from operations (“FFO”)

65,962

6,339

139,844

124,849

FFO allocable to other noncontrolling interests

(1,696)

(1,074)

(4,025)

(14,614)

Basic FFO allocable to share-based compensation awards

(313)

(119)

(663)

(449)

Noncontrolling interests - preferred units in the OP

(77)

(231)

Basic FFO available to common share and common unit holders (“Basic FFO”)

63,953

5,069

135,156

109,555

Redeemable noncontrolling interests

(68)

1

103

Diluted FFO adjustments allocable to share-based compensation awards

13

27

Diluted FFO available to common share and common unit holders (“Diluted FFO”)

63,898

5,069

135,184

109,658

Loss on early extinguishment of debt

1,159

3,237

59,553

3,237

Loss on interest rate derivatives

53,196

53,196

Demolition costs on redevelopment and nonrecurring improvements

129

11

431

63

Dilutive preferred units in the OP

77

231

FFO allocation to other noncontrolling interests resulting from capital event

11,090

Diluted FFO comparability adjustments for redeemable noncontrolling interests

34

Diluted FFO comparability adjustments allocable to share-based compensation awards

(7)

(139)

(300)

(307)

Diluted FFO available to common share and common unit holders, as adjusted for comparability

65,179

61,485

194,868

177,168

Straight line rent adjustments and lease incentive amortization

(1,806)

(1,009)

(6,451)

662

Amortization of intangibles and other assets included in net operating income

41

(39)

122

(186)

Share-based compensation, net of amounts capitalized

2,048

1,727

5,961

4,754

Amortization of deferred financing costs

736

658

2,340

1,875

Amortization of net debt discounts, net of amounts capitalized

567

453

1,629

1,229

Replacement capital expenditures

(13,331)

(13,085)

(38,656)

(46,971)

Other diluted AFFO adjustments associated with real estate JVs

201

150

620

(6)

Diluted adjusted funds from operations available to common share and common unit holders (“Diluted AFFO”)

$

53,635

$

50,340

$

160,433

$

138,525

Diluted FFO per share

$

0.56

$

0.04

$

1.19

$

0.97

Diluted FFO per share, as adjusted for comparability

$

0.57

$

0.54

$

1.71

$

1.56

Dividends/distributions per common share/unit

$

0.275

$

0.275

$

0.825

$

0.825

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(Dollars and shares in thousands, except per share data)

September 30,
2021

December 31,
2020

Balance Sheet Data

Properties, net of accumulated depreciation

$

3,607,122

$

3,562,549

Total assets

4,151,138

4,077,023

Debt, per balance sheet

2,159,732

2,086,918

Total liabilities

2,454,353

2,357,881

Redeemable noncontrolling interests

26,006

25,430

Equity

1,670,779

1,693,712

Net debt to adjusted book

39.4

%

39.1

%

Core Portfolio Data (as of period end) (1)

Number of operating properties

184

179

Total operational square feet (in thousands)

21,503

20,802

% Occupied

93.5

%

94.3

%

% Leased

94.8

%

95.0

%

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

2021

2020

2021

2020

Payout ratios

Diluted FFO

48.8

%

613.6

%

69.2

%

85.1

%

Diluted FFO, as adjusted for comparability

47.8

%

50.7

%

48.0

%

52.8

%

Diluted AFFO

58.1

%

61.9

%

58.3

%

67.5

%

Adjusted EBITDA fixed charge coverage ratio

4.8

x

3.9

x

4.7

x

3.8

x

Net debt plus preferred equity to in-place adjusted EBITDA ratio (2)

6.3

x

6.8

x

N/A

N/A

Net debt adj. for fully-leased development plus pref. equity to in-place adj. EBITDA ratio (3)

5.9

x

6.4

x

N/A

N/A

Reconciliation of denominators for per share measures

Denominator for diluted EPS

112,498

111,811

112,364

112,056

Weighted average common units

1,262

1,240

1,257

1,235

Anti-dilutive EPS effect of share-based compensation awards

274

26

Redeemable noncontrolling interests

125

Denominator for diluted FFO per share

113,760

113,325

113,647

113,416

Redeemable noncontrolling interests

109

Dilutive convertible preferred units

176

176

Denominator for diluted FFO per share, as adjusted for comparability

113,760

113,610

113,647

113,592

  1. Represents Defense/IT Locations and Regional Office properties.
  2. Represents net debt plus the total liquidation preference of preferred equity as of period end divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).
  3. Represents net debt less costs incurred on properties under development that were 100% leased as of period end plus the total liquidation preference of preferred equity divided by in-place adjusted EBITDA for the period, as annualized (i.e. three month periods are multiplied by four).

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2021

2020

2021

2020

Reconciliation of common share dividends to dividends and distributions for payout ratios

Common share dividends - unrestricted shares and deferred shares

$

30,813

$

30,763

$

92,429

$

92,278

Common unit distributions - unrestricted units

347

341

1,041

1,021

Common unit distributions - dilutive restricted units

6

19

Dividends and distributions for diluted FFO payout ratio

31,166

31,104

93,489

93,299

Distributions on dilutive preferred units

77

231

Dividends and distributions for other payout ratios

$

31,166

$

31,181

$

93,489

$

93,530

Reconciliation of GAAP net income (loss) to earnings before interest, income taxes, depreciation and amortization for real estate (“EBITDAre”), adjusted EBITDA and in-place adjusted EBITDA

Net income (loss)

$

28,794

$

(31,342)

$

66,613

$

19,329

Interest expense

15,720

17,152

49,181

50,789

Income tax expense

47

16

103

95

Real estate-related depreciation and amortization

36,611

35,332

111,487

101,540

Other depreciation and amortization

589

457

2,189

1,324

Impairment losses on real estate

1,530

1,530

Gain on sales of real estate

32

(39,711)

(5)

Adjustments from unconsolidated real estate JVs

763

1,274

2,167

3,814

EBITDAre

82,556

24,419

192,029

178,416

Loss on early extinguishment of debt

1,159

3,237

59,553

3,237

Loss on interest rate derivatives

53,196

53,196

Net loss (gain) on other investments

250

(63)

252

Credit loss recoveries

(326)

(1,465)

(1,040)

(161)

Business development expenses

473

414

1,605

1,630

Demolition costs on redevelopment and nonrecurring improvements

129

11

431

63

Adjusted EBITDA

83,991

80,062

$

252,515

$

236,633

Proforma net operating income adjustment for property changes within period

3,240

1,631

Change in collectability of deferred rental revenue

224

In-place adjusted EBITDA

$

87,231

$

81,917

Reconciliation of interest expense to the denominators for fixed charge coverage-Adjusted EBITDA

Interest expense

$

15,720

$

17,152

$

49,181

$

50,789

Less: Amortization of deferred financing costs

(736)

(658)

(2,340)

(1,875)

Less: Amortization of net debt discounts, net of amounts capitalized

(567)

(453)

(1,629)

(1,229)

COPT’s share of interest expense of unconsolidated real estate JVs, excluding deferred financing costs

236

444

706

1,327

Scheduled principal amortization

989

1,033

2,910

3,077

Capitalized interest

1,763

2,908

5,275

9,440

Preferred unit distributions

77

231

Denominator for fixed charge coverage-Adjusted EBITDA

$

17,405

$

20,503

$

54,103

$

61,760

Corporate Office Properties Trust

Summary Financial Data

(unaudited)

(in thousands)

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2021

2020

2021

2020

Reconciliations of tenant improvements and incentives, building improvements and leasing costs for operating properties to replacement capital expenditures

Tenant improvements and incentives

$

8,654

$

6,950

$

24,096

$

27,177

Building improvements

7,793

10,400

18,192

26,537

Leasing costs

2,939

1,934

6,873

6,918

Net (exclusions from) additions to tenant improvements and incentives

(1,523)

(943)

389

1,412

Excluded building improvements and leasing costs

(4,532)

(5,256)

(10,894)

(15,073)

Replacement capital expenditures

$

13,331

$

13,085

$

38,656

$

46,971

Same Properties cash NOI

$

77,219

$

73,697

$

227,312

$

224,024

Straight line rent adjustments and lease incentive amortization

(1,671)

(571)

(3,930)

(1,582)

Amortization of acquired above- and below-market rents

99

98

296

291

Amortization of intangibles and other assets to property operating expenses

(23)

(69)

Lease termination fees, net

853

455

3,309

693

Tenant funded landlord assets and lease incentives

191

342

810

690

Cash NOI adjustments in unconsolidated real estate JV

37

48

119

150

Same Properties NOI

$

76,728

$

74,046

$

227,916

$

224,197

September 30,
2021

December 31,
2020

Reconciliation of total assets to adjusted book

Total assets

$

4,151,138

$

4,077,023

Accumulated depreciation

1,202,780

1,124,253

Accumulated depreciation included in assets held for sale

12,146

Accumulated amortization of real estate intangibles and deferred leasing costs

219,179

217,124

Accumulated amortization of real estate intangibles and deferred leasing costs included in assets held for sale

3,102

COPT’s share of liabilities of unconsolidated real estate JVs

27,498

26,710

COPT’s share of accumulated depreciation and amortization of unconsolidated real estate JVs

3,161

1,489

Less: Property - operating lease liabilities

(29,630)

(30,746)

Less: Property - finance lease liabilities

(14)

(28)

Less: Cash and cash equivalents

(14,570)

(18,369)

Less: COPT’s share of cash of unconsolidated real estate JVs

(530)

(152)

Adjusted book

$

5,574,260

$

5,397,304

September 30,
2021

December 31,
2020

September 30,
2020

Reconciliation of debt outstanding to net debt and net debt adjusted for fully-leased development plus preferred equity

Debt outstanding (excluding net debt discounts and deferred financing costs)

$

2,208,923

$

2,127,715

$

2,247,523

Less: Cash and cash equivalents

(14,570)

(18,369)

(11,458)

Less: COPT’s share of cash of unconsolidated real estate JVs

(530)

(152)

(538)

Net debt

$

2,193,823

$

2,109,194

$

2,235,527

Preferred equity

8,800

Net debt plus preferred equity

$

2,193,823

$

2,109,194

$

2,244,327

Costs incurred on fully-leased development properties

(119,981)

(114,532)

(149,201)

Net debt adjusted for fully-leased development plus preferred equity

$

2,073,842

$

1,994,662

$

2,095,126

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028006142/en/

IR Contacts:
Stephanie Krewson-Kelly
443-285-5453
stephanie.kelly@copt.com

Michelle Layne
443-285-5452
michelle.layne@copt.com

Stock Information

Company Name: Corporate Office Properties Trust
Stock Symbol: OFC
Market: NYSE
Website: copt.com

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