SmartCentres Real Estate Investment Trust

Live  

SmartCentres Real Estate Investment Trust is a Canadian real estate investment trust that owns and operates a portfolio of retail properties across Canada. The trust was founded in 2003 and is headquartered in Vaughan, Ontario.
The company's portfolio consists of over 160 properties, including shopping centers, strip malls, and mixed-use developments. These properties are primarily anchored by large retailers such as Walmart, Canadian Tire, and Loblaws.
SmartCentres REIT's strategy is focused on developing and owning properties in densely populated areas with good transportation access and strong demographics. The company also places a strong emphasis on sustainability, with many of its properties incorporating green building practices and technologies.
In addition to its retail properties, SmartCentres REIT also has a small portfolio of industrial and residential properties. The trust has a strong track record of financial performance, with steady growth in funds from operations (FFO) and a consistent distribution to its unitholders.
SmartCentres REIT is listed on the Toronto Stock Exchange under the symbol SRU.UN and is also included in the S&P/TSX Composite Index. The trust is led by a team of experienced executives and governed by a board of trustees with a diverse range of expertise.

SmartCentres Real Estate Investment Trust, often called SmartCentres REIT, is a company that builds and manages shopping places like malls and stores. Imagine when you go to a big shopping center to buy clothes, toys, or groceries. SmartCentres makes those shopping places, which helps people have fun and find what they need.
Now, let’s talk about how they make money. When stores move into the shopping centers, they pay rent to SmartCentres. This is similar to how you might pay to rent a movie or a video game. So, the more popular the shopping center is and the more stores it has, the more money SmartCentres can earn.
SmartCentres is successful for a few reasons. First, they choose great locations for their shopping centers, like places where lots of people live or where they travel often. Secondly, they build strong relationships with big stores and businesses, which want to set up shop in their centers because many customers come there. Lastly, they keep their shopping centers looking nice, which attracts even more visitors.
Looking to the future, SmartCentres is likely to stay successful because shopping centers will continue to be important places for communities. Even though online shopping is popular, people still enjoy going out to shop, eat, and have fun with friends and family. SmartCentres is also exploring new ideas, like adding more exciting activities and stores, which keeps them interesting for everyone. So, as long as they keep doing these smart things, they should do well in the years to come!

MS4gTGFyZ2 VzdCBsYW5k bG9yZCBvZi BXYWxtYXJ0 IHN0b3Jlcz ogU21hcnRD ZW50cmVzIG lzIHRoZSBs YXJnZXN0IG xhbmRsb3Jk IGFuZCBkZX ZlbG9wZXIg b2YgV2FsbW FydCBzdG9y ZXMgaW4gQ2 FuYWRhLCB3 aXRoIG92ZX IgODAgbG9j YXRpb25zLi BUaGlzIHN0 cm9uZyBwYX J0bmVyc2hp cCB3aXRoIG EgbWFqb3Ig cmV0YWlsZX IgZ2l2ZXMg dGhlIGNvbX Bhbnkgc3Rh YmlsaXR5IG FuZCBhIGNv bXBldGl0aX ZlIGFkdmFu dGFnZS48Yn I+Mi4gRGl2 ZXJzaWZpZW QgcG9ydGZv bGlvOiBTbW FydENlbnRy ZXMgaGFzIG EgZGl2ZXJz aWZpZWQgcG 9ydGZvbGlv IG9mIG1peG VkLXVzZSwg cmVzaWRlbn RpYWwsIGFu ZCBjb21tZX JjaWFsIHBy b3BlcnRpZX MuIFRoaXMg aGVscHMgdG hlIGNvbXBh bnkgbWl0aW dhdGUgcmlz ayBhbmQgcm VkdWNlIGRl cGVuZGVuY2 Ugb24gYSBz aW5nbGUgc2 VjdG9yIG9y IHRlbmFudC 48YnI+My4g U3Ryb25nIG RldmVsb3Bt ZW50IHBpcG VsaW5lOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgZGV2ZWxv cG1lbnQgcG lwZWxpbmUg d2l0aCBvdm VyIDY2IG1p bGxpb24gc3 F1YXJlIGZl ZXQgb2YgbW l4ZWQtdXNl IGFuZCByZX NpZGVudGlh bCBwcm9qZW N0cyBpbiB2 YXJpb3VzIH N0YWdlcyBv ZiBwbGFubm luZyBhbmQg ZGV2ZWxvcG 1lbnQuIFRo aXMgcHJvdm lkZXMgYSBw b3RlbnRpYW wgZm9yIGZ1 dHVyZSBncm 93dGggYW5k IHZhbHVlIG NyZWF0aW9u Ljxicj40Li BTdHJvbmcg ZmluYW5jaW FsIHBlcmZv cm1hbmNlOi BTbWFydENl bnRyZXMgaG FzIGNvbnNp c3RlbnRseS BkZWxpdmVy ZWQgc3Ryb2 5nIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BzdGFibGUg b2NjdXBhbm N5IHJhdGVz LCBpbmNyZW FzaW5nIHJl bnRhbCBpbm NvbWUsIGFu ZCBjb250aW 51b3VzIGdy b3d0aCBpbi BmdW5kcyBm cm9tIG9wZX JhdGlvbnMg KEZGTykuPG JyPjUuIFN0 cmF0ZWdpYy BwYXJ0bmVy c2hpcHM6IF RoZSBjb21w YW55IGhhcy BzdHJhdGVn aWMgcGFydG 5lcnNoaXBz IHdpdGggbG VhZGluZyBy ZXRhaWxlcn MsIGRldmVs b3BlcnMsIG FuZCBicm9r ZXJzLCB3aG ljaCBnaXZl cyB0aGVtIG FjY2VzcyB0 byBwcmltZS Bsb2NhdGlv bnMgYW5kIG FsbG93cyB0 aGVtIHRvIG NhcHR1cmUg dmFsdWUgdG hyb3VnaCBq b2ludCB2ZW 50dXJlcyBh bmQgY28taW 52ZXN0bWVu dHMuPGJyPj YuIFN1c3Rh aW5hYmlsaX R5IGZvY3Vz OiBTbWFydE NlbnRyZXMg aGFzIGEgc3 Ryb25nIGNv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHkgYW5k IGhhcyBpbX BsZW1lbnRl ZCB2YXJpb3 VzIGluaXRp YXRpdmVzIH RvIHJlZHVj ZSBlbmVyZ3 kgY29uc3Vt cHRpb24sIG luY3JlYXNl IHdhc3RlIG RpdmVyc2lv biwgYW5kIH Byb21vdGUg dGhlIGhlYW x0aCBhbmQg d2VsbC1iZW luZyBvZiB0 aGVpciBjb2 1tdW5pdGll cy48YnI+Ny 4gRXhwZXJp ZW5jZWQgbW FuYWdlbWVu dCB0ZWFtOi BUaGUgY29t cGFueSBpcy BsZWQgYnkg YW4gZXhwZX JpZW5jZWQg YW5kIGtub3 dsZWRnZWFi bGUgbWFuYW dlbWVudCB0 ZWFtIHdpdG ggYSBwcm92 ZW4gdHJhY2 sgcmVjb3Jk IG9mIGRyaX ZpbmcgZ3Jv d3RoIGFuZC BjcmVhdGlu ZyB2YWx1ZS Bmb3Igc2hh cmVob2xkZX JzLjxicj44 LiBTdGFibG UgYW5kIHJl bGlhYmxlIG RpdmlkZW5k czogU21hcn RDZW50cmVz IG9mZmVycy BzdGFibGUg YW5kIHJlbG lhYmxlIGRp dmlkZW5kcy wgbWFraW5n IGl0IGFuIG F0dHJhY3Rp dmUgaW52ZX N0bWVudCBm b3IgaW5jb2 1lLXNlZWtp bmcgaW52ZX N0b3JzLjxi cj45LiBTdH JvbmcgY3Jl ZGl0IHJhdG luZ3M6IFRo ZSBjb21wYW 55IGhhcyBh IHN0cm9uZy BjcmVkaXQg cmF0aW5nLC B3aXRoIGFu IGludmVzdG 1lbnQtZ3Jh ZGUgcmF0aW 5nIG9mIEJC QisgZnJvbS BEQlJTIExp bWl0ZWQgYW 5kIEJCQiBm cm9tIFN0YW 5kYXJkICYg UG9vcidzLi BUaGlzIHJl ZmxlY3RzIH RoZSBjb21w YW55J3MgZm luYW5jaWFs IHN0cmVuZ3 RoIGFuZCBz dGFiaWxpdH kuPGJyPjEw LiBWaXNpb2 5hcnkgYXBw cm9hY2g6IF NtYXJ0Q2Vu dHJlcyBoYX MgYSB2aXNp b25hcnkgYX Bwcm9hY2gg dG8gcmVhbC Blc3RhdGUs IHdpdGggYS Bmb2N1cyBv biBjcmVhdG luZyB2aWJy YW50IGFuZC BzdXN0YWlu YWJsZSBjb2 1tdW5pdGll cyB0aGF0IG NvbWJpbmUg cmVzaWRlbn RpYWwsIGNv bW1lcmNpYW wsIGFuZCBy ZXRhaWwgc3 BhY2VzLiBU aGlzIHNldH MgdGhlbSBh cGFydCBmcm 9tIHRyYWRp dGlvbmFsIH JlYWwgZXN0 YXRlIGludm VzdG1lbnQg dHJ1c3RzLg ==

U21hcnRDZW 50cmVzIFJl YWwgRXN0YX RlIEludmVz dG1lbnQgVH J1c3QgaXMg YSByZWFsIG VzdGF0ZSBp bnZlc3RtZW 50IHRydXN0 IChSRUlUKS B0aGF0IG93 bnMgYW5kIG 9wZXJhdGVz IGEgcG9ydG ZvbGlvIG9m IHNob3BwaW 5nIGNlbnRl cnMgaW4gQ2 FuYWRhLiBU aGVpciBidX NpbmVzcyBt b2RlbCBwcm ltYXJpbHkg Zm9jdXNlcy BvbiBhY3F1 aXJpbmcgYW 5kIGRldmVs b3Bpbmcgcm V0YWlsIHBy b3BlcnRpZX MsIGluY2x1 ZGluZyBvcG VuLWFpciBz aG9wcGluZy BjZW50ZXJz LCBwb3dlci BjZW50ZXJz LCBhbmQgbW l4ZWQtdXNl IGRldmVsb3 BtZW50cy48 YnI+VGhlIG NvbXBhbnkn cyBtYWluIH NvdXJjZSBv ZiBpbmNvbW UgaXMgZGVy aXZlZCBmcm 9tIGxlYXNp bmcgb3V0IH NwYWNlIHRv IHJldGFpbC B0ZW5hbnRz IGFuZCBlYX JuaW5nIHJl bnRhbCBpbm NvbWUuIFRo ZXkgYWxzby BnZW5lcmF0 ZSByZXZlbn VlIGZyb20g cHJvcGVydH kgbWFuYWdl bWVudCBmZW VzLCBkZXZl bG9wbWVudC BhbmQgY29u c3RydWN0aW 9uIHNlcnZp Y2VzLCBhbm QgdGhlIHNh bGUgb2YgcH JvcGVydGll cy48YnI+U2 1hcnRDZW50 cmVzJyBzdH JhdGVneSBp cyB0byBmb2 N1cyBvbiBw cm9wZXJ0aW VzIHdpdGgg c3Ryb25nIH RlbmFudCBk ZW1hbmQgYW 5kIGxvbmct dGVybSBsZW FzZXMsIGFz IHdlbGwgYX MgdG8gZGl2 ZXJzaWZ5IH RoZWlyIHBv cnRmb2xpby BieSBsb2Nh dGlvbiwgdG VuYW50LCBh bmQgcHJvcG VydHkgdHlw ZS4gVGhleS BhbHNvIGFp bSB0byBlbm hhbmNlIHRo ZSB2YWx1ZS BvZiB0aGVp ciBwcm9wZX J0aWVzIHRo cm91Z2ggcm VkZXZlbG9w bWVudCBhbm Qgc3RyYXRl Z2ljIHBhcn RuZXJzaGlw cy48YnI+VG hlIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy BjZW50ZXJl ZCBvbiBjcm VhdGluZyB2 YWx1ZSBmb3 IgdGhlaXIg dW5pdGhvbG RlcnMgYnkg Z2VuZXJhdG luZyBzdHJv bmcgYW5kIH N0YWJsZSBj YXNoIGZsb3 csIG1haW50 YWluaW5nIG EgY29uc2Vy dmF0aXZlIG ZpbmFuY2lh bCBzdHJ1Y3 R1cmUsIGFu ZCBjb250aW 51b3VzbHkg c2Vla2luZy Bncm93dGgg b3Bwb3J0dW 5pdGllcy4=

AI can have varying impacts on the real estate sector, including companies like SmartCentres Real Estate Investment Trust (REIT). Here are some potential threats AI might pose to SmartCentres’ products, services, or competitive positioning:
1. Substitution: AI-driven platforms may provide alternative solutions for property management, leasing, and tenant services. Automated systems for property listings, virtual tours, and tenant communications can reduce the need for traditional real estate services. If competitors adopt AI effectively, they could offer similar or superior services, leading to potential displacement of SmartCentres’ offerings.
2. Disintermediation: As AI continues to enhance direct-to-consumer platforms, traditional intermediaries in real estate transactions could be bypassed. This includes residential and commercial leasing platforms that leverage AI to connect landlords and tenants directly. If tenants and property owners find value in these platforms, SmartCentres could face challenges in maintaining its role within the market.
3. Margin Pressure: AI can lead to improved operational efficiencies, enabling competitors to reduce costs. If SmartCentres does not leverage AI to optimize its operations, it may struggle to maintain profitability in the face of competitors who can offer lower costs or enhanced services. Additionally, the increased use of AI could drive expectations for faster response times and better service, putting further pressure on margins.
4. Market Insights and Analytics: AI can generate deep market insights and predictive analytics that enhance decisiomaking. If competitors utilize AI to find valuable investment opportunities or identify emerging trends more effectively, they may gain a competitive edge over SmartCentres, impacting its strategic positioning.
5. Customer Experience: AI can personalize customer interactions and experiences. If SmartCentres doesn’t adopt AI-driven tools to enhance customer engagement and satisfaction, it risks falling behind competitors that do, which could affect tenant retention and attraction.
While AI presents both challenges and opportunities, the impact on SmartCentres will depend on how quickly and effectively the company integrates AI into its operations and strategic planning. Proactive adaptation and innovative use of AI technologies could help mitigate potential threats and enhance competitive positioning.

The sensitivity of SmartCentres Real Estate Investment Trust’s (REIT) earnings, cash flow, and valuation to changes in interest rates can be analyzed through a few key aspects:
1. Earnings: REITs typically rely on borrowing to finance acquisitions and operations. As interest rates rise, the cost of servicing debt increases, which can lead to reduced net income if revenues do not increase proportionately. Higher interest rates may also limit the ability to refinance existing debt or acquire new properties, potentially slowing growth in earnings.
2. Cash Flow: Cash flow is closely tied to both revenues and interest expenses. Higher interest rates can squeeze cash flow, especially if the REIT has variable-rate debt. If interest rates increase significantly, it can reduce cash flow available for distributions, which could impact the REIT’s attractiveness to income-focused investors.
3. Valuation: The valuation of REITs is heavily influenced by the capitalization rate, which often moves in tandem with interest rates. When interest rates increase, capital costs rise, leading to higher cap rates, which typically depresses property values. Since REITs are valued based on their income-generating potential (often using discounted cash flow or net asset value approaches), increased interest rates can lead to lower valuations.
In conclusion, SmartCentres REIT’s earnings, cash flows, and valuations are quite sensitive to interest rate changes, with rising rates potentially leading to increased costs, lower cash flow, and reduced valuations, thereby impacting overall investor sentiment and market performance.

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 bG9nb3MvMW JEOFUzMTRa OElxQ3g5WF Y5Q2kud2Vi cCIgYWx0PS JTbWFydENl bnRyZXMgUm VhbCBFc3Rh dGUgSW52ZX N0bWVudCBU cnVzdCIgdG l0bGU9IlNt YXJ0Q2VudH JlcyBSZWFs IEVzdGF0ZS BJbnZlc3Rt ZW50IFRydX N0IiAgY2xh c3M9ImltZy 1mbHVpZCIg aGVpZ2h0PT kwIHdpZHRo PTkwIGxvYW Rpbmc9J2xh enknIHN0eW xlPSdib3Jk ZXItcmFkaX VzOiA2cHg7 Jz4KCiAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nZm xleDogMTsg dGV4dC1hbG lnbjogY2Vu dGVyOyBtYX JnaW4tbGVm dDogNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdm b250LXNpem U6IDI2cHg7 IGNvbG9yOi AjMzMzOyBt YXJnaW4tYm 90dG9tOiAx NXB4Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICDwn5 OIIFdhbnQg dG8gcmVhZC Btb3JlIGFi b3V0IFNtYX J0Q2VudHJl cyBSZWFsIE VzdGF0ZSBJ bnZlc3RtZW 50IFRydXN0 PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+TmCBD bGFpbSB5b3 VyIGZyZWUg ZUJvb2s6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIFUy MWhjblJEWl cgNTBjbVZ6 SUZKbCBZV3 dnUlhOMFlY IFJsSUVsdW RtVnogZEcx bGJuUWdWSC BKMWMzUWdL RkpGIFNWUX BJR2x6SUcg RWdjSEp2Yl dsdSBaVzUw SUdWdWRHIG wwZVNCcGJp QjAgYUdVZ1 EyRnVZVyBS cFlXNGdjbV ZoIGJDQmxj M1JoZEcgVW diV0Z5YTJW MCBMQ0J3Y2 1sdFlYIEpw YkhrZ2EyNX YgZDI0Z1pt OXlJRyBsMG N5QnlaWFJo IGFXd2dZVz VrSUcgMXBl R1ZrTFhWei BaU0J3Y205 d1pYIEowYV dWekxpQkkg WlhKbElHRn laUyBCemIy MWxJR2x1IG RHVnlaWE4w YVcgNW5JR1 poWTNSeiBJ R0ZpYjNWME lIIFJvWlNC amIyMXcgWV c1NU9qeGlj aiA0eExpQk diM0p0IFlY UnBiMjQ2SU YgTnRZWEow UTJWdSBkSE psY3lCM1lY IE1nWlhOMF lXSnMgYVhO b1pXUWdhVy A0Z01qQXdN U0JoIGJtUW dhR0Z6SUcg ZHliM2R1SU hSdiBJR0ps WTI5dFpTIE J2Ym1VZ2Iy WWcgUTJGdV lXUmg0byBD WmN5QnNZWE puIFpYTjBJ RkpGU1YgUn pMQ0JtYjJO MSBjMmx1Wn lCdFlXIGx1 YkhrZ2IyNG cgZEdobElH UmxkbSBWc2 IzQnRaVzUw IElHRnVaQ0 J0WVcgNWha MlZ0Wlc1MC BJRzltSUhK bGRHIEZwYk NCemFHOXcg Y0dsdVp5Qm paVyA1MFpY SnpManhpIG NqNHlMaUJR YjMgSjBabT lzYVc4NiBJ RlJvWlNCam IyIDF3WVc1 NUlHMWggYm 1GblpYTWdZ UyBCa2FYWm xjbk5sIElI QnZjblJtYj IgeHBieUJ2 WmlCdyBjbT l3WlhKMGFX IFZ6TENCcG JtTnMgZFdS cGJtY2diMy BabGNpQXhP REFnIGMyaH ZjSEJwYm0g Y2dZMlZ1ZE dWeSBjeUJo Ym1RZ2JXIG w0WldRdGRY TmwgSUdSbG RtVnNiMyBC dFpXNTBjeU JoIFkzSnZj M01nZG0gRn lhVzkxY3lC dyBjbTkyYV c1alpYIE1n YVc0Z1EyRn UgWVdSaExq eGljaiA0ek xpQkJibU5v IGIzSWdWR1 Z1WVcgNTBj em9nVTIxaC BjblJEWlc1 MGNtIFZ6SU dseklHdHUg YjNkdUlHWn ZjaSBCcGRI TWdjM1J5IF lYUmxaMmxq SUggQmhjbl J1WlhKeiBh R2x3Y3lCM2 FYIFJvSUcx aGFtOXkgSU dGdVkyaHZj aSBCMFpXNW hiblJ6IExD QnBibU5zZF cgUnBibWNn VjJGcyBiV0 Z5ZEN3Z2Qy IGhwWTJnZ2 FYTWcgYjJa MFpXNGdZUy BCclpYa2dk R1Z1IFlXNT BJR2x1SUcg MWhibmtnYj JZZyBhWFJ6 SUhOb2IzIE J3YVc1bklH TmwgYm5SbG NuTXVQRyBK eVBqUXVJRU ZrIFlYQjBh WFpsSUYgSm xkWE5sT2lC VSBhR1VnVW tWSlZDIEJs YlhCb1lYTn AgZW1WeklH RmtZWCBCMG FYWmxJSEps IGRYTmxJR0 Z1WkMgQnla V1JsZG1Wcy BiM0J0Wlc1 MExDIEJqYj I1MlpYSjAg YVc1bklHOX NaRyBWeUlI TnBkR1Z6IE lHbHVkRzhn YlcgOWtaWE p1TENCdCBh WGhsWkMxMW MyIFVnWkdW MlpXeHYgY0 cxbGJuUnpJ SCBSb1lYUW dhVzVqIGIz SndiM0poZE cgVWdjbVZ6 YVdSbCBibl JwWVd3c0lH IE52YlcxbG NtTnAgWVd3 c0lHRnVaQy BCeVpYUmhh V3dnIGMzQm hZMlZ6TGog eGljajQxTG lCVCBkWE4w WVdsdVlXIE pwYkdsMGVT QkogYm1sMG FXRjBhWCBa bGN6b2dVMj FoIGNuUkRa VzUwY20gVn pJR2x6SUdO diBiVzFwZE hSbFpDIEIw YnlCemRYTj AgWVdsdVlX SnBiRyBsMG VTQmhibVFn IGFHRnpJSF Z1WkcgVnlk R0ZyWlc0Zy BjMlYyWlhK aGJDIEJwYm 1sMGFXRjAg YVhabGN5Qm hhVyAxbFpD QmhkQ0J5IF pXUjFZMmx1 WnkgQnBkSE 1nWlc1MiBh WEp2Ym0xbG JuIFJoYkNC cGJYQmggWT NRc0lHbHVZ MiB4MVpHbH VaeUJNIFJV VkVJR05sY2 4gUnBabWxq WVhScCBiMj RnWm05eUlI IE52YldVZ2 IyWWcgYVhS eklIQnliMy BCbGNuUnBa WE11IFBHSn lQall1SUUg WnZZM1Z6SU c5dSBJRlZ5 WW1GdWFYIH BoZEdsdmJq b2cgVkdobE lHTnZiWCBC aGJua2dhR0 Z6IElHSmxa VzRnYVcgNW pjbVZoYzJs dSBaMng1SU dsdWRtIFZ6 ZEdsdVp5Qn AgYmlCMWNt SmhiaSBCd2 NtOXdaWEow IGFXVnpJR2 x1SUcgRmta R2wwYVc5dS BJSFJ2SUds MGN5IEJ6ZF dKMWNtSmgg YmlCeVpYUm hhVyB3Z1ky VnVkR1Z5IG N5d2djbVZq YjIgZHVhWH BwYm1jZyBk R2hsSUhSeV pXIDVrSUc5 bUlIVnkgWW 1GdWFYcGhk RyBsdmJpQm hibVFnIGRH aGxJR1JsYl cgRnVaQ0Jt YjNJZyBiR2 xtWlhOMGVX IHhsTFc5eW FXVnUgZEdW a0lHUmxkbS BWc2IzQnRa VzUwIGN5ND hZbkkrTnkg NGdWSEoxYz NRZyBVM1J5 ZFdOMGRYIE psT2lCQmN5 QmggSUZKRl NWUXNJRiBO dFlYSjBRMl Z1IGRISmxj eUJwY3kgQn pkSEoxWTNS MSBjbVZrSU hSdklHIFJw YzNSeWFXSj EgZEdVZ1lT QnphVyBkdW FXWnBZMkZ1 IGRDQndiM0 owYVcgOXVJ RzltSUdsMC BjeUJwYm1O dmJXIFVnZE c4Z2RXNXAg ZEdodmJHUm xjbiBNZ2FX NGdkR2hsIE lHWnZjbTBn YjIgWWdaR2 wyYVdSbCBi bVJ6TENCdF lXIHRwYm1j Z2FYUWcgWV c0Z1lYUjBj bSBGamRHbD JaU0JwIGJu WmxjM1J0Wl cgNTBJR1p2 Y2lCcCBibU 52YldVdGMy IFZsYTJsdV p5QnAgYm5a bGMzUnZjbi BNdVBHSnlQ amd1IElFTn ZiVzExYm0g bDBlU0JGYm 1kaCBaMlZ0 Wlc1ME9pIE JUYldGeWRF TmwgYm5SeV pYTWdiMiBa MFpXNGdaVz VuIFlXZGxj eUIzYVggUm 9JSFJvWlNC cyBiMk5oYk NCamIyIDF0 ZFc1cGRHbG wgY3lCdlpp QnBkSCBNZ1 pHVjJaV3h2 IGNHMWxibl J6TEMgQmxi bk4xY21sdS BaeUIwYUdG MElIIEJ5Yj JwbFkzUnog SUdGc2FXZH VJSCBkcGRH Z2dZMjl0IG JYVnVhWFI1 SUcgNWxaV1 J6SUdGdSBa Q0J3Y21WbV pYIEpsYm1O bGN5NDggWW 5JK09TNGdS MyBKdmQzUm 9JRk4wIGNt RjBaV2Q1T2 kgQlVhR1Vn WTI5dCBjR0 Z1ZVNCb1lY IE1nWVNCd2 NtOWggWTNS cGRtVWdaMy BKdmQzUm9J SE4wIGNtRj BaV2Q1TEMg QnBibU5zZF dScCBibWNn WVdOeGRXIG x5YVc1bkxD QmsgWlhabG JHOXdhVyA1 bkxDQmhibV FnIGNtVmta WFpsYkcgOX dhVzVuSUhC eSBiM0JsY2 5ScFpYIE1n ZEc4Z1pXNW 8gWVc1alpT QnBkSCBNZ2 NHOXlkR1p2 IGJHbHZJR0 Z1WkMgQmxl SEJoYm1RZy BhWFJ6SUcx aGNtIHRsZE NCd2NtVnog Wlc1alpTND hZbiBJK01U QXVJRkpsIG MybHNhV1Z1 WTIgVWdaSF Z5YVc1biBJ RVZqYjI1dm JXIGxqSUVO b1lXNW4gWl hNNklGTnRZ WCBKMFEyVn VkSEpsIGN5 Qm9ZWE1nWk cgVnRiMjV6 ZEhKaCBkR1 ZrSUhKbGMy IGxzYVdWdV kyVWcgWkhW eWFXNW5JRy BWamIyNXZi V2xqIElHWn NkV04wZFcg RjBhVzl1Y3 l3ZyBZV1Jo Y0hScGJtIG NnYVhSeklH SjEgYzJsdV pYTnpJRyAx dlpHVnNJSF J2IElHRmta SEpsYzMgTW dZMmhoYm1k cCBibWNnY2 1WMFlXIGxz SUhSeVpXNW sgY3lCaGJt UWdZMiA5dW MzVnRaWEln IGNISmxabV Z5WlcgNWpa WE11UEdKeS BQbFJvWlhO bElHIFpoWT NSeklHaHAg WjJoc2FXZG 9kQyBCVGJX RnlkRU5sIG JuUnlaWFBp Z0oga2djMm xuYm1sbSBh V05oYm5RZ2 NtIDlzWlNC cGJpQjAgYU dVZ1EyRnVZ VyBScFlXNG djbVZoIGJD QmxjM1JoZE cgVWdiR0Z1 WkhOaiBZWE JsSUdGdVpD IEJwZEhNZ2 MzUnkgWVhS bFoybGpJRy BGd2NISnZZ V05vIElIUn ZkMkZ5WkMg Qm5jbTkzZE dnZyBZVzVr SUdSbGRtIF ZzYjNCdFpX NTAgTGp4aW NqND0KICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg