Four Corners Property Trust

-13.6%

More reviews (1)

Live  

Four Corners Property Trust (FCPT) is a publicly traded real estate investment trust (REIT) that specializes in restaurant properties. The company was formed in 2015 and is based in Mill Valley, California. FCPT's portfolio includes over 850 properties across the United States, primarily leased to major restaurant brands such as Burger King, Taco Bell, and KFC.
The company's primary business strategy is to acquire and own high-quality, net-leased restaurant properties and generate stable and recurring cash flows through long-term lease agreements with its tenants. FCPT's properties are typically located in high-traffic areas and are considered essential retail businesses.
FCPT is listed on the New York Stock Exchange (NYSE) and is included in the S&P 600 SmallCap Index. As of September 2021, the company has a market capitalization of approximately $4.5 billion.
The company is led by a team of experienced executives and is overseen by a board of directors with diverse backgrounds in real estate, finance, and business operations. FCPT's management team has a track record of successful real estate acquisitions and investor value creation.
In addition to its focus on financial performance, FCPT is committed to sustainability and corporate social responsibility, implementing initiatives such as energy-efficient building practices and community engagement programs.
Overall, Four Corners Property Trust is a well-established and reputable company in the commercial real estate industry, with a strong portfolio and business strategy that positions it for continued growth and success in the future.

Rm91ciBDb3 JuZXJzIFBy b3BlcnR5IF RydXN0IGlz IGEgY29tcG FueSB0aGF0 IG93bnMgYW 5kIG1hbmFn ZXMgYnVpbG RpbmdzLCBt b3N0bHkgcm VzdGF1cmFu dHMgbGlrZS BUYWNvIEJl bGwgYW5kIE phY2sgaW4g dGhlIEJveC 4gSW1hZ2lu ZSBpZiB5b3 Ugb3duZWQg YSByZXN0YX VyYW50IGJ1 aWxkaW5nIG FuZCByZW50 ZWQgaXQgb3 V0IHRvIGEg cmVzdGF1cm FudCBvd25l ci4gVGhhdO KAmXMgc2lt aWxhciB0by B3aGF0IEZv dXIgQ29ybm VycyBkb2Vz LCBidXQgdG hleSBvd24g bG90cyBvZi ByZXN0YXVy YW50IGJ1aW xkaW5ncyBh Y3Jvc3MgdG hlIGNvdW50 cnkuPGJyPl RoZSB3YXkg dGhleSBtYW tlIG1vbmV5 IGlzIGJ5IH JlbnRpbmcg dGhvc2UgYn VpbGRpbmdz IHRvIHJlc3 RhdXJhbnQg Y29tcGFuaW VzLiBUaGUg cmVzdGF1cm FudCBvd25l cnMgcGF5IH RoZW0gbW9u ZXkgZXZlcn kgbW9udGgg dG8gdXNlIH RoZSBidWls ZGluZy4gVG hpcyBpcyBj YWxsZWQgcm VudC4gQmVj YXVzZSB0aG V5IGhhdmUg bWFueSBkaW ZmZXJlbnQg cmVzdGF1cm FudCBidWls ZGluZ3MsIH RoZXkgbWFr ZSBhIHN0ZW FkeSBhbW91 bnQgb2YgbW 9uZXkgZnJv bSBhbGwgdG hvc2UgcmVu dGFsIHBheW 1lbnRzLiA8 YnI+Rm91ci BDb3JuZXJz IGlzIHN1Y2 Nlc3NmdWwg Zm9yIGEgZm V3IHJlYXNv bnMuIEZpcn N0LCByZXN0 YXVyYW50cy BhcmUgcG9w dWxhciBwbG FjZXMgd2hl cmUgcGVvcG xlIGxpa2Ug dG8gZWF0LC BzbyB0aGVy ZSBhcmUgYW x3YXlzIGN1 c3RvbWVycy 4gVGhpcyBt ZWFucyByZX N0YXVyYW50 IG93bmVycy BjYW4ga2Vl cCBwYXlpbm cgdGhlaXIg cmVudC4gU2 Vjb25kLCB0 aGV5IGNob2 9zZSB3ZWxs LWtub3duIH Jlc3RhdXJh bnQgYnJhbm RzIHRoYXQg YXJlIG9mdG VuIGJ1c3ks IHNvIHRoZS ByaXNrIG9m IG5vdCBnZX R0aW5nIHBh aWQgaXMgbG 93ZXIuPGJy PkZvciB0aG UgZnV0dXJl LCBGb3VyIE Nvcm5lcnMg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIH Blb3BsZSB3 aWxsIGFsd2 F5cyB3YW50 IHRvIGVhdC BhdCByZXN0 YXVyYW50cy wgYW5kIHRo ZSBjb21wYW 55IGhhcyBh IHNtYXJ0IH dheSBvZiBj aG9vc2luZy B3aGljaCBi dWlsZGluZ3 MgdG8gYnV5 LiBUaGV5IG Fsc28gaGF2 ZSBhIGdvb2 Qgc3lzdGVt IGZvciBtYW 5hZ2luZyB0 aGVpciBwcm 9wZXJ0aWVz LCBtYWtpbm cgc3VyZSB0 aGUgYnVpbG RpbmdzIGFy ZSBpbiBncm VhdCBjb25k aXRpb24gc2 8gdGhhdCBy ZXN0YXVyYW 50IG93bmVy cyB3YW50IH RvIHN0YXkg dGhlcmUuPG JyPkluIHN1 bW1hcnksIE ZvdXIgQ29y bmVycyBQcm 9wZXJ0eSBU cnVzdCBtYW tlcyBtb25l eSBieSBvd2 5pbmcgYW5k IHJlbnRpbm cgb3V0IHJl c3RhdXJhbn QgYnVpbGRp bmdzLCBhbm QgdGhleSBh cmUgZXhwZW N0ZWQgdG8g Y29udGludW UgYmVpbmcg c3VjY2Vzc2 Z1bCBiZWNh dXNlIG9mIH RoZSBzdGVh ZHkgZGVtYW 5kIGZvciBk aW5pbmcgb3 V0IGFuZCB0 aGVpciBzbW FydCBpbnZl c3RtZW50IG Nob2ljZXMu PGJyPg==

MS4gR2VvZ3 JhcGhpY2Fs IERpdmVyc2 lmaWNhdGlv bjogRm91ci BDb3JuZXJz IFByb3Blcn R5IFRydXN0 IGlzIHVuaX F1ZSBpbiB0 aGF0IGl0IG 93bnMgcHJv cGVydGllcy BpbiBhbGwg Zm91ciBjb3 JuZXJzIG9m IHRoZSBVbm l0ZWQgU3Rh dGVzLCBwcm 92aWRpbmcg Z2VvZ3JhcG hpY2FsIGRp dmVyc2lmaW NhdGlvbiBh bmQgbWluaW 1pemluZyBy aXNrLjxicj 4yLiBGb2N1 cyBvbiBOZX QtTGVhc2Vk IFByb3Blcn RpZXM6IFRo ZSBjb21wYW 55IHNwZWNp YWxpemVzIG luIG5ldC1s ZWFzZWQgcH JvcGVydGll cywgd2hpY2 ggbWVhbnMg dGhhdCB0aG UgdGVuYW50 cyBhcmUgcm VzcG9uc2li bGUgZm9yIG 1vc3Qgb2Yg dGhlIHByb3 BlcnR5IGV4 cGVuc2VzLC BpbmNsdWRp bmcgdGF4ZX MsIGluc3Vy YW5jZSwgYW 5kIG1haW50 ZW5hbmNlLi BUaGlzIGFs bG93cyBGb3 VyIENvcm5l cnMgdG8gZ2 VuZXJhdGUg c3RhYmxlIG FuZCBwcmVk aWN0YWJsZS BjYXNoIGZs b3dzLjxicj 4zLiBTdHJv bmcgVGVuYW 50IFJlbGF0 aW9uc2hpcH M6IEZvdXIg Q29ybmVycy BoYXMgbG9u Zy10ZXJtIH JlbGF0aW9u c2hpcHMgd2 l0aCB3ZWxs LWtub3duIG 5hdGlvbmFs IHRlbmFudH Mgc3VjaCBh cyBNY0Rvbm FsZCdzLCBP bGl2ZSBHYX JkZW4sIGFu ZCBDVlMsIH Byb3ZpZGlu ZyBhIHN0YW JsZSB0ZW5h bnQgYmFzZS BhbmQgcmVk dWNpbmcgdG hlIHBvdGVu dGlhbCBvZi B2YWNhbmNp ZXMuPGJyPj QuIFJlYWwg RXN0YXRlIE V4cGVydGlz ZTogVGhlIG NvbXBhbnkg aXMgbGVkIG J5IGEgdGVh bSBvZiBleH BlcmllbmNl ZCByZWFsIG VzdGF0ZSBw cm9mZXNzaW 9uYWxzIHdp dGggYSBwcm 92ZW4gdHJh Y2sgcmVjb3 JkIG9mIHN1 Y2Nlc3NmdW wgcHJvcGVy dHkgYWNxdW lzaXRpb25z LCBtYW5hZ2 VtZW50LCBh bmQgZGV2ZW xvcG1lbnQu PGJyPjUuIE NvbnNpc3Rl bnQgYW5kIE dyb3dpbmcg RGl2aWRlbm Q6IEZvdXIg Q29ybmVycy BoYXMgYSBj b25zaXN0ZW 50IGFuZCBn cm93aW5nIG RpdmlkZW5k LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG ZvciBpbmNv bWUtc2Vla2 luZyBpbnZl c3RvcnMuPG JyPjYuIEVu dmlyb25tZW 50YWwgYW5k IFNvY2lhbC BSZXNwb25z aWJpbGl0eT ogVGhlIGNv bXBhbnkgaX MgY29tbWl0 dGVkIHRvIG Vudmlyb25t ZW50YWwgc3 VzdGFpbmFi aWxpdHksIH dpdGggYSBm b2N1cyBvbi BlbmVyZ3kg ZWZmaWNpZW 5jeSBhbmQg cmVkdWNpbm cgaXRzIGNh cmJvbiBmb2 90cHJpbnQu IEl0IGFsc2 8gaGFzIHN0 cm9uZyBjb3 Jwb3JhdGUg Z292ZXJuYW 5jZSBhbmQg YSBjb21taX RtZW50IHRv IHNvY2lhbC ByZXNwb25z aWJpbGl0eS wgaW5jbHVk aW5nIGRpdm Vyc2l0eSBh bmQgaW5jbH VzaXZpdHkg aW5pdGlhdG l2ZXMuPGJy PjcuIFN0cm 9uZyBGaW5h bmNpYWwgUG 9zaXRpb246 IEZvdXIgQ2 9ybmVycyBo YXMgYSBzdH JvbmcgYmFs YW5jZSBzaG VldCwgd2l0 aCBhIGxvdy BkZWJ0LXRv LWVxdWl0eS ByYXRpbyBh bmQgY29uc2 lzdGVudGx5 IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Uu IFRoaXMgcH JvdmlkZXMg c3RhYmlsaX R5IGFuZCBm aW5hbmNpYW wgZmxleGli aWxpdHkgZm 9yIHRoZSBj b21wYW55IH RvIHB1cnN1 ZSBncm93dG ggb3Bwb3J0 dW5pdGllcy 48YnI+OC4g SGlnaC1RdW FsaXR5IFBy b3BlcnRpZX M6IFRoZSBj b21wYW55J3 MgcG9ydGZv bGlvIGNvbn Npc3RzIG9m IGhpZ2gtcX VhbGl0eSBw cm9wZXJ0aW VzLCBpbmNs dWRpbmcgZn JlZXN0YW5k aW5nIHJldG FpbCwgcmVz dGF1cmFudC wgYW5kIGhl YWx0aGNhcm UgcHJvcGVy dGllcywgd2 hpY2ggYXJl IHR5cGljYW xseSBpbiBw cmltZSBsb2 NhdGlvbnMg YW5kIGhhdm Ugc3Ryb25n IHJlYWwgZX N0YXRlIGZ1 bmRhbWVudG Fscy48YnI+ OS4gTG9uZy 1UZXJtIEdy b3d0aCBQb3 RlbnRpYWw6 IEZvdXIgQ2 9ybmVycyBo YXMgYSBzb2 xpZCBwaXBl bGluZSBvZi Bwb3RlbnRp YWwgYWNxdW lzaXRpb24g b3Bwb3J0dW 5pdGllcywg Z2l2aW5nIH RoZSBjb21w YW55IHBvdG VudGlhbCBm b3IgbG9uZy 10ZXJtIGdy b3d0aCBhbm QgaW5jcmVh c2luZyBzaG FyZWhvbGRl ciB2YWx1ZS 48YnI+MTAu IFJFSVQgU3 RhdHVzOiBB cyBhIHJlYW wgZXN0YXRl IGludmVzdG 1lbnQgdHJ1 c3QgKFJFSV QpLCBGb3Vy IENvcm5lcn MgaXMgcmVx dWlyZWQgdG 8gZGlzdHJp YnV0ZSBhdC BsZWFzdCA5 MCUgb2YgaX RzIHRheGFi bGUgaW5jb2 1lIHRvIHNo YXJlaG9sZG VycyBpbiB0 aGUgZm9ybS BvZiBkaXZp ZGVuZHMuIF RoaXMgcHJv dmlkZXMgdG F4IGFkdmFu dGFnZXMgZm 9yIHRoZSBj b21wYW55IG FuZCBpdHMg c2hhcmVob2 xkZXJzLg==

VGhlIGJ1c2 luZXNzIG1v ZGVsIG9mIE ZvdXIgQ29y bmVycyBQcm 9wZXJ0eSBU cnVzdCAoRk NQVCkgaXMg dG8gYWNxdW lyZSBhbmQg b3duIGhpZ2 gtcXVhbGl0 eSwgbmV0LW xlYXNlZCBy ZXN0YXVyYW 50IGFuZCBy ZXRhaWwgcH JvcGVydGll cyB0aHJvdW dob3V0IHRo ZSBVbml0ZW QgU3RhdGVz LiBGQ1BUJ3 MgcHJpbWFy eSBmb2N1cy BpcyBvbiB0 cmlwbGUtbm V0IGxlYXNl ZCBwcm9wZX J0aWVzLCB3 aGljaCBtZW FucyB0aGF0 IHRoZSB0ZW 5hbnRzIGFy ZSByZXNwb2 5zaWJsZSBm b3IgcGF5aW 5nIHRoZSBw cm9wZXJ0eS 1yZWxhdGVk IGV4cGVuc2 VzIHN1Y2gg YXMgcHJvcG VydHkgdGF4 ZXMsIGluc3 VyYW5jZSwg YW5kIG1haW 50ZW5hbmNl Ljxicj5GQ1 BUJ3Mgc3Ry YXRlZ3kgaX MgdG8gYWNx dWlyZSBhbm Qgb3duIGEg ZGl2ZXJzZS Bwb3J0Zm9s aW8gb2YgcH JvcGVydGll cyB0aGF0IG FyZSBsZWFz ZWQgdG8gZm luYW5jaWFs bHkgc3Ryb2 5nIHRlbmFu dHMgd2l0aC Bsb25nLXRl cm0gbGVhc2 VzIGluIHBs YWNlLiBUaG UgY29tcGFu eSBzZWVrcy B0byBnZW5l cmF0ZSBzdG FibGUgY2Fz aCBmbG93cy BhbmQgbG9u Zy10ZXJtIH ZhbHVlIGZv ciBpdHMgc2 hhcmVob2xk ZXJzIHRocm 91Z2ggcmVu dGFsIGluY2 9tZSwgcmVn dWxhciBkaX ZpZGVuZCBk aXN0cmlidX Rpb25zLCBh bmQgcG90ZW 50aWFsIGlu Y3JlYXNlcy BpbiBwcm9w ZXJ0eSB2YW x1ZXMuPGJy PkZDUFQgYW xzbyBhY3Rp dmVseSBtYW 5hZ2VzIGl0 cyBwb3J0Zm 9saW8gYnkg cmVndWxhcm x5IHJldmll d2luZyBhbm QgZXZhbHVh dGluZyBpdH MgcHJvcGVy dGllcyBhbm QgdGVuYW50 cywgbWFraW 5nIHN0cmF0 ZWdpYyBhY3 F1aXNpdGlv bnMgYW5kIG Rpc3Bvc2l0 aW9ucyB0by BvcHRpbWl6 ZSBpdHMgcG 9ydGZvbGlv LCBhbmQgY2 9udGludW91 c2x5IHNlZW tpbmcgbmV3 IGludmVzdG 1lbnQgb3Bw b3J0dW5pdG llcy48YnI+ T3ZlcmFsbC wgRkNQVCdz IGJ1c2luZX NzIG1vZGVs IGlzIGNlbn RlcmVkIGFy b3VuZCBnZW 5lcmF0aW5n IGNvbnNpc3 RlbnQsIGxv bmctdGVybS ByZXR1cm5z IGZvciBpdH Mgc2hhcmVo b2xkZXJzIG J5IGludmVz dGluZyBpbi BoaWdoLXF1 YWxpdHkgbm V0LWxlYXNl ZCBwcm9wZX J0aWVzIGFu ZCBhY3Rpdm VseSBtYW5h Z2luZyBpdH MgcG9ydGZv bGlvIHRvIG 1heGltaXpl IHBlcmZvcm 1hbmNlLg==

AI can impact the real estate investment sector, including companies like Four Corners Property Trust, but the nature of that impact depends on various factors.
Substitution could arise if AI enables new business models or platform-based solutions that allow investors to bypass traditional REITs (Real Estate Investment Trusts) like Four Corners. For instance, AI-driven platforms could facilitate direct investment into commercial properties, reducing the need for intermediary structures.
Disintermediation is another concern, especially if AI technologies improve access to data and analytics for individual investors. This could lead to a shift where investors prefer self-directed strategies over those involving traditional REITs, thereby affecting the revenue model of companies like Four Corners.
Margin pressure might emerge from the increased efficiency that AI brings to property management and operations. If AI solutions enable competitors to reduce costs through automation or enhanced decisiomaking, Four Corners could find itself under pressure to either lower its fees or increase its operational efficiency to maintain competitiveness.
While AI can pose these threats, it can also present opportunities. Embracing AI can enhance operational efficiencies, improve tenant experiences, and provide better data analytics for investment decisions. Thus, it is essential for companies like Four Corners Property Trust to adopt and integrate AI strategically to mitigate risks and leverage potential benefits.

The sensitivity of Four Corners Property Trust’s (FCPT) earnings, cash flow, and valuation to changes in interest rates can be significant given that it operates in the real estate investment trust (REIT) space.
1. Earnings: FCPT’s earnings can be affected by interest rate changes primarily through the cost of financing. As interest rates rise, the cost of debt increases, which can lead to higher interest expenses for any variable-rate debt. This can compress net income margins if the company has existing debt that is not fixed-rate. Additionally, higher interest rates can lead to reduced consumer spending, potentially impacting the performance of tenants and, consequently, rental income.
2. Cash Flow: The cash flow generated from operations may be sensitive to interest rate changes as well. If rates rise and higher financing costs are incurred, this could reduce cash available for distributions to shareholders. Furthermore, increased rates may also limit the company’s ability to refinance existing debt or take on new projects, which can restrict cash flow growth associated with expansion.
3. Valuation: The valuation of FCPT can be adversely impacted by rising interest rates. REIT valuations are often based on discounted cash flow models, where future cash flows are discounted back to present value using a rate that reflects the required return. As interest rates increase, the discount rate typically rises as well, leading to a lower present value of future cash flows and thus a decrease in valuation. Moreover, higher rates may make alternative investments, such as bonds, more attractive compared to REITs, leading to potential declines in stock prices as investors seek better yields elsewhere.
In summary, Four Corners Property Trust’s earnings, cash flow, and valuation are sensitive to changes in interest rates, with rising rates generally exerting negative pressure on all three areas due to increased financing costs and changes in investment attractiveness.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRm 91ciBDb3Ju ZXJzIFByb3 BlcnR5IFRy dXN04oCZcy BlY29ub21p Y3Mgb3Zlci B0aGUgbmV4 dCAzLTUgeW VhcnMgY291 bGQgYmUgYS BzaWduaWZp Y2FudCBhbm QgcHJvbG9u Z2VkIGRvd2 50dXJuIGlu IHRoZSByZX N0YXVyYW50 IGFuZCByZX RhaWwgc2Vj dG9yIGR1ZS B0byBjaGFu Z2luZyBjb2 5zdW1lciBw cmVmZXJlbm NlcyBhbmQg aGFiaXRzLC BhY2NlbGVy YXRlZCBieS BmYWN0b3Jz IHN1Y2ggYX MgYSBzaGlm dCB0byBlLW NvbW1lcmNl LCBvbmdvaW 5nIGltcGFj dHMgZnJvbS BlY29ub21p YyBkb3dudH VybnMsIG9y IHB1YmxpYy BoZWFsdGgg Y3Jpc2VzLi A8YnI+SWYg Y29uc3VtZX JzIGluY3Jl YXNpbmdseS BmYXZvciBo b21lIGRpbm luZyBvciB1 dGlsaXplIG RlbGl2ZXJ5 IHNlcnZpY2 VzIGluIHBs YWNlIG9mIG lwZXJzb24g ZGluaW5nLC B0cmFkaXRp b25hbCByZX N0YXVyYW50 IGNsaWVudH MgbWF5IHN0 cnVnZ2xlLC BsZWFkaW5n IHRvIGhpZ2 hlciB2YWNh bmN5IHJhdG VzIGluIEZv dXIgQ29ybm VycyBQcm9w ZXJ0eSBUcn VzdOKAmXMg cG9ydGZvbG lvLiBUaGlz IGNvdWxkIH Jlc3VsdCBp biB0aGUgY2 9tcGFueSBm YWNpbmcgc3 Vic3RhbnRp YWwgbGVhc2 UgZGVmYXVs dHMgb3Igcm VkdWNlZCBs ZWFzZSByZW 5ld2Fscywg YXMgdGVuYW 50cyB3aXRo IGRlY2xpbm luZyByZXZl bnVlcyBtYX kgYmUgdW5h YmxlIG9yIH Vud2lsbGlu ZyB0byBtZW V0IHJlbnRh bCBvYmxpZ2 F0aW9ucy48 YnI+QXMgYS ByZXN1bHQs IHRoZSBjb2 1wYW554oCZ cyBwcm9maX QgbWFyZ2lu cyB3b3VsZC BsaWtlbHkg c2hyaW5rIH NpZ25pZmlj YW50bHkuIF dpdGggYSBk ZWNsaW5pbm cgcmVudGFs IGluY29tZS wgdGhlIG5l dCBvcGVyYX RpbmcgaW5j b21lIHdvdW xkIGRpbWlu aXNoLCByZX N1bHRpbmcg aW4gYSBsb3 dlciBncm9z cyBwcm9maX QuIElmIHRl bmFudCBiYW 5rcnVwdGNp ZXMgb3IgbG Vhc2UgZXhp dHMgb2NjdX IsIHRoZSBh c3NvY2lhdG VkIGNvc3Rz IG9mIHJlLW xlYXNpbmcg b3IgbWFpbn RhaW5pbmcg dW5vY2N1cG llZCBwcm9w ZXJ0aWVzIG NvdWxkIGZ1 cnRoZXIgZX JvZGUgcHJv Zml0YWJpbG l0eS48YnI+ Q2FzaCBmbG 93IGNvdWxk IGFsc28gdG FrZSBhIGhp dC4gV2l0aC ByZWR1Y2Vk IHJlbnRhbC BpbmNvbWUs IHRoZSBjYX NoIGZsb3cg ZnJvbSBvcG VyYXRpb25z IHdvdWxkIG xpa2VseSBk ZWNsaW5lLC ByZXN1bHRp bmcgaW4gZG VjcmVhc2Vk IGZ1bmRzIG F2YWlsYWJs ZSBmb3IgZG l2aWRlbmQg ZGlzdHJpYn V0aW9ucywg Y2FwaXRhbC BleHBlbmRp dHVyZXMsIG 9yIGRlYnQg c2VydmljZS 4gQSBwZXJz aXN0ZW50IH JlZHVjdGlv biBpbiBjYX NoIGZsb3cg Y291bGQgZm 9yY2UgdGhl IGNvbXBhbn kgdG8gY3V0 IGRpdmlkZW 5kcyB0byBj b25zZXJ2ZS BjYXNoLCBw b3RlbnRpYW xseSBhZmZl Y3RpbmcgaW 52ZXN0b3Ig Y29uZmlkZW 5jZSBhbmQg c3RvY2sgcH JpY2UuPGJy PlRoZSBiYW xhbmNlIHNo ZWV0IHdvdW xkIHJlZmxl Y3QgaW5jcm Vhc2VkIGZp bmFuY2lhbC BzdHJhaW4u IElmIHRoZS Bjb21wYW55 IHNlZXMgYS ByaXNlIGlu IHVuY29sbG VjdGVkIHJl bnRzIGFuZC BpbmNyZWFz ZXMgaW4gdm FjYW5jeSBy YXRlcywgdG hpcyBzaXR1 YXRpb24gY2 91bGQgbGVh ZCB0byBoaW doZXIgbGV2 ZXJhZ2UgYX MgbWFuYWdl bWVudCBtaW dodCB0YWtl IG9uIGRlYn QgdG8gc3Vw cG9ydCBvbm dvaW5nIG9w ZXJhdGlvbn Mgb3IgY292 ZXIgc2hvcn RmYWxscy4g QXMgdGhlIG 1hcmtldCB2 YWx1ZSBvZi Bwcm9wZXJ0 aWVzIGRlY2 xpbmVzLCBw cm9wZXJ0eS B2YWx1YXRp b25zIG1heS BhbHNvIGRy b3AsIGltcG FjdGluZyBh c3NldHMgcm Vwb3J0ZWQg b24gdGhlIG JhbGFuY2Ug c2hlZXQuID xicj5PdmVy YWxsLCB0aG lzIHNjZW5h cmlvIHdvdW xkIGNyZWF0 ZSBhIGNoYW xsZW5naW5n IGVudmlyb2 5tZW50IGZv ciBGb3VyIE Nvcm5lcnMg UHJvcGVydH kgVHJ1c3Qu IFRoZSBjb2 1iaW5hdGlv biBvZiByZW R1Y2VkIG1h cmdpbnMsIG Nhc2ggZmxv dyBkaWZmaW N1bHRpZXMs IGFuZCBhIH N0cmFpbmVk IGJhbGFuY2 Ugc2hlZXQg Y291bGQgc2 lnbmlmaWNh bnRseSBpbX BhaXIgdGhl IGNvbXBhbn nigJlzIGxv bmctdGVybS BlY29ub21p YyBzdGFiaW xpdHkgYW5k IGdyb3d0aC Bwcm9zcGVj dHMuPGJyPg ==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvMU 8zelV0eGNx dkFicEgzd0 t3dWoud2Vi cCIgYWx0PS JGb3VyIENv cm5lcnMgUH JvcGVydHkg VHJ1c3QiIH RpdGxlPSJG b3VyIENvcm 5lcnMgUHJv cGVydHkgVH J1c3QiICBj bGFzcz0iaW 1nLWZsdWlk IiBoZWlnaH Q9NTAgd2lk dGg9NTAgbG 9hZGluZz0n bGF6eScgc3 R5bGU9J2Jv cmRlci1yYW RpdXM6IDZw eDsnPgoKIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dmbGV4OiAx OyB0ZXh0LW FsaWduOiBj ZW50ZXI7IG 1hcmdpbi1s ZWZ0OiA1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPH Agc3R5bGU9 J2ZvbnQtc2 l6ZTogMjZw eDsgY29sb3 I6ICMzMzM7 IG1hcmdpbi 1ib3R0b206 IDE1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIP Cfk4ggV2Fu dCB0byByZW FkIG1vcmUg YWJvdXQgRm 91ciBDb3Ju ZXJzIFByb3 BlcnR5IFRy dXN0PwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T miBZb3VyIG ZyZWUgY29w eSBvZiA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ IGlzIHdhaX RpbmcKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdSbTkx Y2kgQkRiM0 p1WlhKeiBJ RkJ5YjNCbG NuIFI1SUZS eWRYTjAgSU NoR1ExQlVL UyBCcGN5Qm hJSEpsIFlX d2daWE4wWV ggUmxJR2x1 ZG1WeiBkRz FsYm5RZ2RI IEoxYzNRZ0 tGSkYgU1ZR cElIUm9ZWC BRZ2MzQmxZ MmxoIGJHbD ZaWE1nYVcg NGdiM2R1YV c1biBJR0Z1 WkNCc1pXIE Z6YVc1bklI SmwgYzNSaG RYSmhibiBR Z2NISnZjR1 Z5IGRHbGxj eUJwYmkgQj BhR1VnVlc1 cCBkR1ZrSU ZOMFlYIFJs Y3k0OFluSS sgTWk0Z1ZH aGxJRyBOdm JYQmhibmtn IGQyRnpJR1 p2ZFcgNWta V1FnYVc0Zy BNakF4TlNC aGJtIFFnYV hNZ2FHVmgg WkhGMVlYSj BaWCBKbFpD QnBiaUJOIG FXeHNJRlpo YkcgeGxlU3 dnUTJGcyBh V1p2Y201cF lTIDQ4WW5J K015NGcgUm tOUVZPS0Ft WCBNZ2NHOX lkR1p2IGJH bHZJSEJ5YV cgMWhjbWxz ZVNCaiBiMj V6YVhOMGN5 IEJ2WmlCd2 NtOXcgWlhK MGFXVnpJRy B4bFlYTmxa Q0IwIGJ5Qn RZV3B2Y2kg QnlaWE4wWV hWeSBZVzUw SUdOb1lXIG x1Y3lCemRX Tm8gSUdGek lFMWpSRyA5 dVlXeGs0b0 NaIGN5d2dR blZ5WjIgVn lJRXRwYm1j cyBJR0Z1Wk NCWFpXIDVr ZWVLQW1YTX UgUEdKeVBq UXVJRSBGek lHOW1JREl3 IE1qQXNJSF JvWlMgQmpi MjF3WVc1NS BJRzkzYm5N Z2IzIFpsY2 lBM09UQWcg Y0hKdmNHVn lkRyBsbGN5 QmhZM0p2IG MzTWdORGNn YzMgUmhkR1 Z6TENCMyBh WFJvSUdFZ2 RHIDkwWVd3 Z2JXRnkgYT JWMElIWmhi SCBWbElHOW 1JRzkyIFpY SWdKRFFnWW 0gbHNiR2x2 Ymk0OCBZbk krTlM0Z1Jr IE5RVk9LQW 1YTWcgY21W MlpXNTFaUy BCd2NtbHRZ WEpwIGJIa2 dZMjl0Wlgg TWdabkp2Yl NCeSBaVzUw SUhCaGVXID FsYm5SeklH WnkgYjIwZ2 FYUnpJSCBK bGMzUmhkWE poIGJuUWdk R1Z1WVcgNT BjeXdnYldG ciBhVzVuSU dsMElHIEVn YzNSaFlteG wgSUdsdVky OXRaUyAxbl pXNWxjbUYw IGFXNW5JR0 52YlggQmhi bmt1UEdKeS BQall1SUZS b1pTIEJqYj Ixd1lXNTUg NG9DWmN5Qj FibSBseGRX VWdjM1J5IF lYUmxaM2tn YjIgWWdabT lqZFhOcCBi bWNnYjI0Z2 MyIGx1WjJ4 bExYUmwgYm 1GdWRDd2dk SCBKcGNHeG xMVzVsIGRD QnNaV0Z6Wl MgQndjbTl3 WlhKMCBhV1 Z6SUdoaGN5 IEJzWldRZ2 RHOGcgWTI5 dWMybHpkRy BWdWRDQmhi bVFnIGMzUm xZV1I1SUcg bHVZMjl0Wl NCbiBjbTkz ZEdnZ1ptID l5SUdsMGN5 QnAgYm5abG MzUnZjbiBN dVBHSnlQam N1IElFWkRV RlFnYUcgRn pJR0VnWkds MiBaWEp6Wl NCMFpXIDVo Ym5RZ1ltRn ogWlN3Z2Qy bDBhQyBCdW J5QnphVzVu IGJHVWdkR1 Z1WVcgNTBJ R0ZqWTI5MS BiblJwYm1j Z1ptIDl5SU cxdmNtVWcg ZEdoaGJpQX pKUyBCdlpp QnBkSE1nIF lXNXVkV0Zz YVggcGxaQ0 JpWVhObCBJ SEpsYm5RdV BHIEp5UGpn dUlFbHUgSU dGa1pHbDBh VyA5dUlIUn ZJSFJ5IFlX UnBkR2x2Ym 0gRnNJSEps YzNSaCBkWE poYm5RZ2NI IEp2Y0dWeW RHbGwgY3l3 Z1JrTlFWQy BCaGJITnZJ R2hoIGN5Qm hJR2R5YjMg ZHBibWNnY0 c5eSBkR1p2 YkdsdklHID ltSUhCeWIz QmwgY25ScF pYTWdiRyBW aGMyVmtJSF J2IElHTnZi blpsYm0gbG xibU5sSUhO MCBiM0psY3 l3Z1lYIFYw YjIxdmRHbD IgWlNCelpY SjJhVyBObE lHTmxiblJs IGNuTXNJR0 Z1WkMgQnZk R2hsY2lCeS BaWFJoYVd3 Z1pYIE4wWV dKc2FYTm8g YldWdWRITX VQRyBKeVBq a3VJRlJvIF pTQmpiMjF3 WVcgNTVJR2 x6SUdOdiBi VzFwZEhSbF pDIEIwYnlC emRYTjAgWV dsdVlXSnNa UyBCaGJtUW djbVZ6IGNH OXVjMmxpYk cgVWdZblZ6 YVc1bCBjM0 1nY0hKaFkz IFJwWTJWek xDQmggWTNS cGRtVnNlUy BCdGIyNXBk Rzl5IGFXNW 5JR0Z1WkMg QnlaV1IxWT JsdSBaeUJw ZEhNZ1pXID UyYVhKdmJt MWwgYm5SaG JDQnBiWCBC aFkzUWdZVz VrIElHbHRj R3hsYlcgVn VkR2x1WnlC eiBiMk5wWV d3Z2NtIFZ6 Y0c5dWMybG kgYVd4cGRI a2dhVyA1cG RHbGhkR2wy IFpYTXVQR0 p5UGogRXdM aUJHUTFCVS BJR2x6SUhC MVltIHhwWT J4NUlIUnkg WVdSbFpDQn ZiaSBCMGFH VWdUbVYzIE lGbHZjbXNn VTMgUnZZMn NnUlhoaiBh R0Z1WjJVZ2 RXIDVrWlhJ Z2RHaGwgSU hScFkydGxj aSBCemVXMW liMndnIFJr TlFWQzQ4WW 4gSStNVEV1 SUZSbyBaU0 JqYjIxd1lX IDU1SUdoaG N5QmogYjI1 emFYTjBaVy A1MGJIa2dh VzVqIGNtVm hjMlZrSUcg bDBjeUJrYV hacCBaR1Z1 WkNCemFXID VqWlNCcGRI TWcgYVc1al pYQjBhVyA5 dUxDQjNhWF JvIElHRWdZ M1Z5Y20gVn VkQ0JoYm01 MSBZV3hwZW 1Wa0lHIFJw ZG1sa1pXNW sgSUhscFpX eGtJRyA5bU lHOTJaWEln IE5DVXVQR0 p5UGogRXlM aUJHUTFCVS BJR2hoY3lC aElIIE4wY2 05dVp5Qm0g YVc1aGJtTn BZVyB3Z1pt OTFibVJoIG RHbHZiaXdn ZDIgbDBhQ0 JoSUd4diBk eUJrWldKME xYIFJ2TFdW eGRXbDAgZV NCeVlYUnBi eSBCaGJtUW dhVzUyIFpY TjBiV1Z1ZE MgMW5jbUZr WlNCaiBjbV ZrYVhRZ2Nt IEYwYVc1bm N5NDggWW5J K01UTXVJRS BsdUlESXdN akFzIElFWk RVRlFnZDIg RnpJRzVoYl dWayBJRzl1 WlNCdlppIE JHYjNKMGRX NWwgNG9DWm N5QXhNRCBB Z1JtRnpkR1 Z6IGRDMUhj bTkzYVcgNW 5JRU52YlhC aCBibWxsY3 lCaGJtIFFn ZDJGeklHRn MgYzI4Z2Nt VmpiMiBkdW FYcGxaQ0Jo IGN5QmhJSF J2Y0MgQnda WEptYjNKdC BaWElnYVc0 Z2RHIGhsSU ZNbVVDQkgg Ykc5aVlXd2 dNVCBJd01D QlNSVWxVIE lFbHVaR1Y0 TGogeGljaj R4TkM0ZyBW R2hsSUdOdm JYIEJoYm5r Z2FYTWcgYk dWa0lHSjVJ RyBGdUlHVj RjR1Z5IGFX VnVZMlZrSU cgMWhibUZu WlcxbCBibl FnZEdWaGJT IEIzYVhSb0 lHRWcgY0hK dmRtVnVJSC BSeVlXTnJJ SEpsIFkyOX laQ0JwYmkg QjBhR1VnY2 1WaCBiQ0Js YzNSaGRHIF VnYVc1a2RY TjAgY25rdV BHSnlQaiBF MUxpQkdRMU JVIElHbHpJ R052YlcgMX BkSFJsWkNC MCBieUJqY2 1WaGRHIGx1 WnlCc2IyNW 4gTFhSbGNt MGdkbSBGc2 RXVWdabTl5 IElHbDBjeU J6YUcgRnla V2h2YkdSbC Bjbk1nZEdo eWIzIFZuYU NCaElHTnYg YldKcGJtRj BhVyA5dUlH OW1JSE4wIF pXRmtlU0Jw Ym0gTnZiV1 VnWVc1ayBJ SE4wY21GMF pXIGRwWXlC d2NtOXcgWl hKMGVTQmhZ MyBGMWFYTn BkR2x2IGJu TXUKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg