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COPT Defense Reports First Quarter 2024 Results

COPT Defense Reports First Quarter 2024 Results

EPS of $0.29
FFO per Share, as Adjusted for Comparability, of $0.62
Exceeded High-End of Guidance

Increased Midpoint of 2024 FFO per Share Guidance by 3-cents to $2.54
Implies 5% FFO per Share Growth at the Midpoint for the Year

Defense/IT Portfolio 95.6% Occupied and 96.8% Leased

Same Property Cash NOI Increased 6.1%
Raised Same Property Cash NOI Guidance for the Year by 50 Basis Points, to 6.0%-7.0%

Committed $91 Million of Capital to New Investments

Placed 73,000 SF of Developments into Service that are 100% Leased

$381 Million of Active Developments (959,000 SF) are 74% Leased

Excellent Leasing to Start the Year
Total Leasing of 721,000 SF

160,000 SF of Vacancy Leasing
On Track to Achieve Annual Target of 400,000 SF

Tenant Retention of 78%
On Track to Achieve Annual Goal of 75%-85%

COPT Defense Properties (“COPT Defense” or the “Company”) (NYSE: CDP) announced results for the first quarter ended March 31, 2024.

Management Comments

Stephen E. Budorick, COPT Defense’s President & Chief Executive Officer, commented, “Our Defense/IT investment strategy, which concentrates our portfolio near priority U.S. defense installations, generated strong results in the first quarter with FFO per share exceeding the midpoint of our guidance range by $0.02. Based on this outperformance and our forecast over the remainder of the year, we increased the midpoint of 2024 FFO per share guidance by $0.03 to $2.54, which implies 5% year-over-year growth.

In terms of internal growth, the strength of demand for our portfolio is evidenced by our same property cash NOI growth of 6.1% for our Total Portfolio and 7.6% for our Defense/IT Portfolio on a year-over-year basis, which led us to increase our 2024 guidance by 50 basis points at the midpoint. Our Defense/IT Portfolio was 95.6% occupied and 96.8% leased at quarter-end, while our tenant retention rate was 78%, all of which we believe compare favorably to other leading REIT sectors.

In terms of external growth, we committed $91 million of capital to new investments which includes two development projects totaling $76 million at The National Business Park and Redstone Gateway, two of our highest occupancy markets. We also acquired Franklin Center in Columbia Gateway for $15 million, which marks our first acquisition since 2015. This transaction is an excellent opportunity to acquire high quality inventory at a deeply discounted basis, and leverage our Defense/IT franchise and strong demand from defense contractors, to create significant shareholder value.

Our actual and expected performance led our Board of Trustees to approve a 3.5% increase in our quarterly dividend in February, which marks our second consecutive annual increase, following the 3.6% raise in 2023. Looking forward, we continue to anticipate compound annual FFO per share growth of roughly 4% between 2023 to 2026.”

Financial Highlights

1st Quarter Financial Results:

  • Diluted earnings per share (“EPS”) was $0.29 for the quarter ended March 31, 2024 as compared to $0.70 for the quarter ended March 31, 2023.
  • Diluted funds from operations per share (“FFOPS”), as calculated in accordance with Nareit’s definition and as adjusted for comparability, was $0.62 for the quarter ended March 31, 2024 compared to $0.59 for the quarter ended March 31, 2023.

Operating Performance Highlights

Operating Portfolio Summary:

  • At March 31, 2024, the Company’s 24.1 million square foot Total Portfolio was 93.6% occupied and 94.9% leased, which includes the 22.0 million square foot Defense/IT Portfolio that was 95.6% occupied and 96.8% leased.
  • During the quarter ended March 31, 2024, the Company placed into service $32.3 million of developments totaling 73,000 square feet that were 100% leased.

Same Property Performance:

  • At March 31, 2024, the Company’s 22.2 million square foot same property portfolio was 93.5% occupied and 95.0% leased.
  • The Company’s same property cash NOI increased 6.1% for the three months ended March 31, 2024 compared to the same period in 2023.

Leasing:

  • Total Square Feet Leased: For the quarter ended March 31, 2024, the Company leased 721,000 square feet, including 551,000 square feet of renewals, 160,000 square feet of vacancy leasing, and 10,000 square feet in development projects.
  • Tenant Retention Rates: During the quarter ended March 31, 2024, the Company renewed 78% of expiring square feet in its Total Portfolio and 82.9% in its Defense/IT Portfolio.
  • Rent Spreads & Average Escalations on Renewing Leases: For the quarter ended March 31, 2024, straight-line rents on renewals increased 3.7% and cash rents on renewed space decreased 2.5%. For the same time period, annual escalations on renewing leases averaged 2.4%.
  • Lease Terms: In the quarter ended March 31, 2024, lease terms averaged 4.1 years on renewing leases, 8.2 years on vacancy leasing, and 5.3 years on development projects.

Investment Activity Highlights

  • Development Pipeline: The Company’s development pipeline consists of six properties totaling 959,000 square feet that were 74% leased as of March 31, 2024. These projects represent a total estimated investment of $381.4 million, of which $89.1 million has been spent.
  • Acquisition: During the quarter, the Company acquired 6841 Benjamin Franklin Center Drive, a 7-story LEED-Gold office building containing 202,000 square feet in Columbia, Maryland for $15 million.
    • Please see the Company’s Franklin Center acquisition press release dated April 25, 2024 for further details and pages 8-14 of the Company’s 1Q24 Results Presentation (refer to the ‘Associated Supplemental Presentation’ section below).

Balance Sheet and Capital Transaction Highlights

  • For the quarter ended March 31, 2024, the Company’s adjusted EBITDA fixed charge coverage ratio was 4.5x.
  • At March 31, 2024, the Company’s net debt to in-place adjusted EBITDA ratio was 6.1x and its net debt adjusted for fully-leased development to in-place adjusted EBITDA ratio was 6.0x.
  • At March 31, 2024, and including the effect of interest rate swaps, the Company’s weighted average effective interest rate on its consolidated debt portfolio was 3.3% with a weighted average maturity of 5.4 years, and 100% 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 first quarter 2024 conference call; the presentation can be viewed and downloaded from the ‘Financial Info – Financial Results’ section of COPT Defense’s Investors website: https://investors.copt.com/financial-information/financial-results

2024 Guidance

Management is revising its full-year guidance for diluted EPS and diluted FFOPS, per Nareit and as adjusted for comparability, from the prior range of $1.15-$1.23, and $2.47-$2.55, respectively, to new ranges of $1.19-$1.25, and $2.51-$2.57, respectively. Management is establishing second quarter guidance for diluted EPS and diluted FFOPS per Nareit and as adjusted for comparability at $0.29-$0.31 and $0.62-$0.64, respectively. Reconciliations of projected diluted EPS to projected diluted FFOPS, in accordance with Nareit and as adjusted for comparability are as follows:

Reconciliation of Diluted EPS to FFOPS, per Nareit,

and As Adjusted for Comparability

 

Quarter Ending June 30, 2024

 

Year Ending December 31, 2024

 

 

Low

 

High

 

Low

 

High

Diluted EPS

 

$

0.29

 

$

0.31

 

$

1.19

 

$

1.25

Real estate-related depreciation and amortization

 

 

0.33

 

 

 

0.33

 

 

 

1.32

 

 

 

1.32

 

Diluted FFOPS, Nareit definition and as adjusted for comparability

 

$

0.62

 

 

$

0.64

 

 

$

2.51

 

 

$

2.57

 

Conference Call Information

Management will discuss first quarter 2024 results on its conference call tomorrow at 12:00 p.m. Eastern Time, details of which are listed below:

Conference Call Date:

Friday, April 26, 2024

Time:

12:00 p.m. Eastern Time

Participants must register for the conference call at the link below to receive the dial-in number and personal pin. Registering only takes a few moments and provides direct access to the conference call without waiting for an operator. You may register at any time, including up to and after the call start time: https://register.vevent.com/register/BI45e0b73633dc499fa57ffc62af57efd2

The conference call will also be available via live webcast in the ‘News & Events – IR Calendar’ section of COPT Defense’s Investors website: https://investors.copt.com/news-events/ir-calendar

Replay Information

A replay of the conference call will be immediately available via webcast only on COPT Defense’s Investors website and will be maintained on the website for approximately 90 days after the conference call.

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 Defense

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (referred to as its Defense/IT Portfolio). The Company’s tenants include the USG and their defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. As of March 31, 2024, the Company’s Defense/IT Portfolio of 193 properties, including 24 owned through unconsolidated joint ventures, encompassed 22.0 million square feet and was 96.8% 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, 2023.

Source: COPT Defense Properties

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended March 31,

 

2024

 

2023

Revenues

 

 

 

Lease revenue

$

165,433

 

 

$

150,560

 

Other property revenue

 

1,230

 

 

 

1,121

 

Construction contract and other service revenues

 

26,603

 

 

 

15,820

 

Total revenues

 

193,266

 

 

 

167,501

 

Operating expenses

 

 

 

Property operating expenses

 

66,746

 

 

 

59,420

 

Depreciation and amortization associated with real estate operations

 

38,351

 

 

 

36,995

 

Construction contract and other service expenses

 

26,007

 

 

 

15,201

 

General and administrative expenses

 

8,378

 

 

 

7,996

 

Leasing expenses

 

2,187

 

 

 

1,999

 

Business development expenses and land carry costs

 

1,182

 

 

 

495

 

Total operating expenses

 

142,851

 

 

 

122,106

 

Interest expense

 

(20,767

)

 

 

(16,442

)

Interest and other income, net

 

4,122

 

 

 

2,256

 

Gain on sales of real estate

 

 

 

 

49,378

 

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

 

33,770

 

 

 

80,587

 

Equity in income (loss) of unconsolidated entities

 

69

 

 

 

(64

)

Income tax expense

 

(168

)

 

 

(125

)

Net income

 

33,671

 

 

 

80,398

 

Net income attributable to noncontrolling interests:

 

 

 

Common units in the Operating Partnership (“OP”)

 

(608

)

 

 

(1,293

)

Other consolidated entities

 

(454

)

 

 

(326

)

Net income attributable to common shareholders

$

32,609

 

 

$

78,779

 

 

 

 

 

Earnings per share (“EPS”) computation:

 

 

 

Numerator for diluted EPS:

 

 

 

Net income attributable to common shareholders

$

32,609

 

 

$

78,779

 

Amount allocable to share-based compensation awards

 

(129

)

 

 

(248

)

Redeemable noncontrolling interests

 

 

 

 

(64

)

Numerator for diluted EPS

$

32,480

 

 

$

78,467

 

Denominator:

 

 

 

Weighted average common shares - basic

 

112,231

 

 

 

112,127

 

Dilutive effect of share-based compensation awards

 

509

 

 

 

410

 

Dilutive effect of redeemable noncontrolling interests

 

 

 

 

91

 

Weighted average common shares - diluted

 

112,740

 

 

 

112,628

 

Diluted EPS

$

0.29

 

 

$

0.70

 

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months Ended March 31,

 

2024

 

2023

Net income

$

33,671

 

 

$

80,398

 

Real estate-related depreciation and amortization

 

38,351

 

 

 

36,995

 

Gain on sales of real estate

 

 

 

 

(49,378

)

Depreciation and amortization on unconsolidated real estate JVs

 

777

 

 

 

801

 

Funds from operations (“FFO”)

 

72,799

 

 

 

68,816

 

FFO allocable to other noncontrolling interests

 

(836

)

 

 

(708

)

Basic FFO allocable to share-based compensation awards

 

(587

)

 

 

(466

)

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

 

71,376

 

 

 

67,642

 

Redeemable noncontrolling interests

 

469

 

 

 

(30

)

Diluted FFO adjustments allocable to share-based compensation awards

 

47

 

 

 

39

 

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

 

71,892

 

 

 

67,651

 

Executive transition costs

 

77

 

 

 

 

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

 

71,969

 

 

 

67,651

 

Straight line rent adjustments and lease incentive amortization

 

3,473

 

 

 

(3,516

)

Amortization of intangibles and other assets included in net operating income (“NOI”)

 

122

 

 

 

(19

)

Share-based compensation, net of amounts capitalized

 

2,645

 

 

 

1,733

 

Amortization of deferred financing costs

 

685

 

 

 

632

 

Amortization of net debt discounts, net of amounts capitalized

 

1,014

 

 

 

618

 

Replacement capital expenditures

 

(20,776

)

 

 

(28,210

)

Other

 

137

 

 

 

(273

)

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

$

59,269

 

 

$

38,616

 

Diluted FFO per share

$

0.62

 

 

$

0.59

 

Diluted FFO per share, as adjusted for comparability

$

0.62

 

 

$

0.59

 

Dividends/distributions per common share/unit

$

0.295

 

 

$

0.285

 

 

March 31,
2024

 

December 31,
2023

Balance Sheet Data

 

 

 

Properties, net of accumulated depreciation

$

3,517,878

 

 

$

3,503,678

 

Total assets

$

4,232,895

 

 

$

4,246,966

 

Debt per balance sheet

$

2,416,873

 

 

$

2,416,287

 

Total liabilities

$

2,683,883

 

 

$

2,699,631

 

Redeemable noncontrolling interests

$

22,966

 

 

$

23,580

 

Total equity

$

1,526,046

 

 

$

1,523,755

 

Debt to assets

 

57.1

%

 

 

56.9

%

Net debt to adjusted book

 

40.9

%

 

 

40.6

%

 

 

 

 

Defense/IT Portfolio Data (as of period end)

 

 

 

Number of operating properties

 

193

 

 

 

190

 

Total operational square feet (in thousands)

 

21,993

 

 

 

21,719

 

% Occupied

 

95.6

%

 

 

96.2

%

% Leased

 

96.8

%

 

 

97.2

%

 

For the Three Months Ended March 31,

2024

 

2023

GAAP

 

 

 

Payout ratio:

 

 

 

Net income

100.7

%

 

40.6

%

Debt ratios:

 

 

 

Net income to interest expense ratio

1.6x

 

4.9x

Debt to net income ratio

17.9x

 

6.6x

Non-GAAP

 

 

 

Payout ratios:

 

 

 

Diluted FFO

46.8

%

 

47.9

%

Diluted FFO, as adjusted for comparability

46.7

%

 

47.9

%

Diluted AFFO

56.8

%

 

83.9

%

Debt ratios:

 

 

 

Adjusted EBITDA fixed charge coverage ratio

4.5x

 

5.0x

Net debt to in-place adjusted EBITDA ratio

6.1x

 

6.2x

Net debt adj. for fully-leased development to in-place adj. EBITDA ratio

6.0x

 

5.8x

 

 

 

 

Reconciliation of denominators for per share measures

 

 

Denominator for diluted EPS

112,740

 

 

112,628

 

Weighted average common units

1,625

 

 

1,489

 

Redeemable noncontrolling interests

947

 

 

 

Denominator for diluted FFO per share and as adjusted for comparability

115,312

 

 

114,117

 

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended March 31,

 

2024

 

2023

Numerators for Payout Ratios

 

 

 

Dividends on unrestricted common and deferred shares

$

33,143

 

 

$

31,989

 

Distributions on unrestricted common units

 

500

 

 

 

430

 

Dividends and distributions on restricted shares and units

 

267

 

 

 

215

 

Total dividends and distributions for GAAP payout ratio

 

33,910

 

 

 

32,634

 

Dividends and distributions on antidilutive shares and units

 

(266

)

 

 

(216

)

Dividends and distributions for non-GAAP payout ratios

$

33,644

 

 

$

32,418

 

 

 

 

 

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

 

 

 

Net income

$

33,671

 

 

$

80,398

 

Interest expense

 

20,767

 

 

 

16,442

 

Income tax expense

 

168

 

 

 

125

 

Real estate-related depreciation and amortization

 

38,351

 

 

 

36,995

 

Other depreciation and amortization

 

608

 

 

 

602

 

Gain on sales of real estate

 

 

 

 

(49,378

)

Adjustments from unconsolidated real estate JVs

 

1,671

 

 

 

1,704

 

EBITDAre

 

95,236

 

 

 

86,888

 

Credit loss expense

 

22

 

 

 

67

 

Business development expenses

 

630

 

 

 

241

 

Executive transition costs

 

430

 

 

 

247

 

Net gain on other investments

 

(477

)

 

 

 

Adjusted EBITDA

 

95,841

 

 

 

87,443

 

Pro forma NOI adjustment for property changes within period

 

813

 

 

 

(318

)

Change in collectability of deferred rental revenue

 

 

 

 

899

 

In-place adjusted EBITDA

$

96,654

 

 

$

88,024

 

 

 

 

 

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

 

 

 

Tenant improvements and incentives

$

12,776

 

 

$

19,986

 

Building improvements

 

4,953

 

 

 

2,141

 

Leasing costs

 

3,590

 

 

 

1,750

 

Net additions to tenant improvements and incentives

 

316

 

 

 

4,839

 

Excluded building improvements and leasing costs

 

(859

)

 

 

(506

)

Replacement capital expenditures

$

20,776

 

 

$

28,210

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

 

 

For the Three Months Ended March 31,

 

2024

 

2023

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

 

 

 

Interest expense

$

20,767

 

 

$

16,442

 

Less: Amortization of deferred financing costs

 

(685

)

 

 

(632

)

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

 

(1,014

)

 

 

(618

)

COPT Defense’s share of interest expense of unconsolidated real estate JVs, excluding amortization of deferred financing costs and net debt premium and gain or loss on interest rate derivatives

 

804

 

 

 

773

 

Scheduled principal amortization

 

769

 

 

 

790

 

Capitalized interest

 

589

 

 

 

770

 

Denominator for fixed charge coverage-Adjusted EBITDA

$

21,230

 

 

$

17,525

 

 

 

 

 

Reconciliation of net income to NOI from real estate operations, same property NOI from real estate operations and same property cash NOI from real estate operations

 

 

 

Net income

$

33,671

 

 

$

80,398

 

Construction contract and other service revenues

 

(26,603

)

 

 

(15,820

)

Depreciation and other amortization associated with real estate operations

 

38,351

 

 

 

36,995

 

Construction contract and other service expenses

 

26,007

 

 

 

15,201

 

General and administrative expenses

 

8,378

 

 

 

7,996

 

Leasing expenses

 

2,187

 

 

 

1,999

 

Business development expenses and land carry costs

 

1,182

 

 

 

495

 

Interest expense

 

20,767

 

 

 

16,442

 

Interest and other income, net

 

(4,122

)

 

 

(2,256

)

Gain on sales of real estate

 

 

 

 

(49,378

)

Equity in (income) loss of unconsolidated entities

 

(69

)

 

 

64

 

Unconsolidated real estate JVs NOI allocable to COPT Defense included in equity in income (loss) of unconsolidated entities

 

1,740

 

 

 

1,642

 

Income tax expense

 

168

 

 

 

125

 

NOI from real estate operations

 

101,657

 

 

 

93,903

 

Non-Same Property NOI from real estate operations

 

(6,254

)

 

 

(1,180

)

Same Property NOI from real estate operations

 

95,403

 

 

 

92,723

 

Straight line rent adjustments and lease incentive amortization

 

5,367

 

 

 

(3,570

)

Amortization of acquired above- and below-market rents

 

(69

)

 

 

(166

)

Lease termination fees, net

 

(775

)

 

 

(1,221

)

Tenant funded landlord assets and lease incentives

 

(8,190

)

 

 

(1,222

)

Cash NOI adjustments in unconsolidated real estate JVs

 

(117

)

 

 

(153

)

Same Property Cash NOI from real estate operations

$

91,619

 

 

$

86,391

 

COPT Defense Properties

Summary Financial Data

(unaudited)

(in thousands)

 

 

 

March 31,
2024

 

December 31,
2023

Reconciliation of total assets to adjusted book

 

 

 

 

Total assets

 

$

4,232,895

 

 

$

4,246,966

 

Accumulated depreciation

 

 

1,434,621

 

 

 

1,400,162

 

Accumulated amortization of intangibles on property acquisitions and deferred leasing costs

 

 

225,443

 

 

 

228,484

 

COPT Defense’s share of liabilities of unconsolidated real estate JVs

 

 

60,904

 

 

 

60,583

 

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

 

 

10,364

 

 

 

9,528

 

Less: Property - operating lease liabilities

 

 

(33,141

)

 

 

(33,931

)

Less: Property - finance lease liabilities

 

 

(409

)

 

 

(415

)

Less: Cash and cash equivalents

 

 

(123,144

)

 

 

(167,820

)

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

 

 

(1,159

)

 

 

(852

)

Adjusted book

 

$

5,806,374

 

 

$

5,742,705

 

 

 

March 31,
2024

 

December 31,
2023

 

March 31,
2023

Reconciliation of debt to net debt and net debt adjusted for fully-leased development

 

 

 

 

 

 

Debt per balance sheet

 

$

2,416,873

 

 

$

2,416,287

 

 

$

2,123,012

 

Net discounts and deferred financing costs

 

 

27,358

 

 

 

28,713

 

 

 

22,250

 

COPT Defense’s share of unconsolidated JV gross debt

 

 

52,819

 

 

 

52,613

 

 

 

52,226

 

Gross debt

 

 

2,497,050

 

 

 

2,497,613

 

 

 

2,197,488

 

Less: Cash and cash equivalents

 

 

(123,144

)

 

 

(167,820

)

 

 

(15,199

)

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

 

 

(1,159

)

 

 

(852

)

 

 

(881

)

Net debt

 

 

2,372,747

 

 

 

2,328,941

 

 

 

2,181,408

 

Costs incurred on fully-leased development properties

 

 

(43,034

)

 

 

(53,914

)

 

 

(137,309

)

Net debt adjusted for fully-leased development

 

$

2,329,713

 

 

$

2,275,027

 

 

$

2,044,099

 

 

IR Contacts:
Venkat Kommineni, CFA
443.285.5587
venkat.kommineni@copt.com

Michelle Layne
443.285.5452
michelle.layne@copt.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20240425738167/en/

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