Dream Industrial REIT

-7.11%

Live  

Dream Industrial Real Estate Investment Trust (REIT) is a Canadian real estate investment trust that owns and manages industrial properties across Canada and the United States. It is one of the largest industrial REITs in Canada and focuses on acquiring and managing high-quality, income-producing industrial properties.
The company was founded in 2012 and is based in Toronto, Ontario. It is listed on the Toronto Stock Exchange under the ticker symbol DIR.UN.
Dream Industrial REIT’s portfolio consists of over 240 properties totaling approximately 26 million square feet of gross leasable area. These properties are primarily located in key industrial markets such as Toronto, Montreal, Vancouver, and Edmonton, as well as in major U.S. markets like Columbus, Cincinnati, and Dallas.
The company’s properties are diversified across a variety of industries, including transportation and logistics, manufacturing, and e-commerce. This helps to mitigate risk and provides stable cash flow for investors.
Dream Industrial REIT is managed by Dream Asset Management Corporation, a subsidiary of Dream Unlimited Corp, a leading Canadian real estate developer and investor.
Vision and mission
Dream Industrial REIT’s vision is to be the leading owner and operator of industrial properties in North America, providing reliable and attractive returns to its unitholders.
The company’s mission is to generate sustainable, growing cash flow from a diversified portfolio of high-quality industrial properties through disciplined asset management and strategic acquisitions.
Business strategy
Dream Industrial REIT’s business strategy is focused on three key pillars:
1. Portfolio Diversification: The company aims to have a well-diversified portfolio of industrial properties across different markets, industries, and tenant types. This helps to reduce risk and provides stable cash flow.
2. Capital Management: Dream Industrial REIT employs a conservative approach to capital management, with a goal of maintaining a strong balance sheet. This includes maintaining a low leverage ratio and a high ratio of unencumbered assets.
3. Active Asset Management: The company actively manages its properties to optimize rental income and occupancy rates. This includes proactive leasing and renewals, cost control measures, and capital expenditures to maintain and improve the value of its properties.
Management team
The management team of Dream Industrial REIT is led by CEO Brian Pauls, who has over 30 years of experience in real estate investments and asset management. The team also includes experienced professionals in areas such as acquisitions, finance, and property management.
Sustainability
Dream Industrial REIT is committed to sustainable practices and has implemented several initiatives to reduce its environmental footprint. This includes investing in energy-efficient technologies, reducing greenhouse gas emissions, and promoting waste reduction and recycling.
The company also actively engages with its tenants to promote sustainable practices and has received various certifications for its sustainable initiatives, such as the BOMA BEST certification for environmentally responsible management practices.
Investor information
Dream Industrial REIT trades on the Toronto Stock Exchange under the ticker symbol DIR.UN. The company pays monthly distributions to its unitholders, providing a stable and attractive return on investment. More information on the company’s financial information and performance can be found on its website or through its investor relations department.

RHJlYW0gSW 5kdXN0cmlh bCBSRUlUIG lzIGEgdHlw ZSBvZiBjb2 1wYW55IHRo YXQgb3ducy BhbmQgbWFu YWdlcyBsYX JnZSBidWls ZGluZ3MgdX NlZCBmb3Ig d2FyZWhvdX NlcyBhbmQg ZmFjdG9yaW VzLiBJbWFn aW5lIGJpZy BzcGFjZXMg d2hlcmUgcG VvcGxlIGtl ZXAgdGhpbm dzLCBsaWtl IHRveXMgb3 IgZm9vZCwg b3Igd2hlcm UgdGhleSBt YWtlIHRoaW 5ncywgbGlr ZSBjYXJzIG 9yIGVsZWN0 cm9uaWNzLi BUaGlzIGNv bXBhbnkgYn V5cyB0aGVz ZSBidWlsZG luZ3MgYW5k IHRoZW4gcm VudHMgdGhl bSBvdXQgdG 8gYnVzaW5l c3Nlcy48Yn I+SGVyZeKA mXMgaG93IG l0IG1ha2Vz IG1vbmV5Oi B3aGVuIG90 aGVyIGNvbX BhbmllcyBu ZWVkIGEgcG xhY2UgdG8g c3RvcmUgdG hlaXIgcHJv ZHVjdHMgb3 IgdG8gd29y aywgdGhleS BwYXkgRHJl YW0gSW5kdX N0cmlhbCBS RUlUIG1vbm V5LCBjYWxs ZWQgcmVudC wgdG8gdXNl IHRob3NlIG J1aWxkaW5n cy4gVGhlIG 1vcmUgYnVp bGRpbmdzIH RoZXkgaGF2 ZSBhbmQgdG hlIG1vcmUg YnVzaW5lc3 NlcyB0aGV5 IGNhbiByZW 50IHRoZW0g dG8sIHRoZS Btb3JlIG1v bmV5IHRoZX kgbWFrZS48 YnI+Tm93LC B5b3UgbWln aHQgYmUgd2 9uZGVyaW5n IHdoeSBEcm VhbSBJbmR1 c3RyaWFsIF JFSVQgaXMg c3VjY2Vzc2 Z1bCBhbmQg aG93IHRoZX kgcGxhbiB0 byBzdGF5IH N1Y2Nlc3Nm dWwgaW4gdG hlIGZ1dHVy ZS4gT25lIH JlYXNvbiBp cyB0aGF0IG 1hbnkgYnVz aW5lc3Nlcy BuZWVkIHdh cmVob3VzZX MgYW5kIGZh Y3Rvcmllcy wgZXNwZWNp YWxseSBhcy BzaG9wcGlu ZyBvbmxpbm UgYmVjb21l cyBtb3JlIH BvcHVsYXIu IFRoYXQgbW VhbnMgdGhl cmXigJlzIG EgY29uc3Rh bnQgbmVlZC Bmb3Igc3Rv cmFnZSBzcG FjZXMgdG8g a2VlcCBhbG wgdGhlIHBy b2R1Y3RzIH JlYWR5IGZv ciBkZWxpdm VyeS48YnI+ QWRkaXRpb2 5hbGx5LCBE cmVhbSBJbm R1c3RyaWFs IFJFSVQgaX MgZ29vZCBh dCBwaWNraW 5nIHRoZSBy aWdodCBsb2 NhdGlvbnMg Zm9yIHRoZW lyIGJ1aWxk aW5ncy4gSW YgdGhlIGJ1 aWxkaW5ncy BhcmUgaW4g cGxhY2VzIH doZXJlIGxv dHMgb2YgcG VvcGxlIGFu ZCBidXNpbm Vzc2VzIGFy ZSBsb2NhdG VkLCB0aGV5 IGNhbiBhdH RyYWN0IG1v cmUgcmVudG Vycy4gVGhl eSBhbHNvIG 1ha2Ugc21h cnQgZGVjaX Npb25zIGFi b3V0IHdoaW NoIGJ1aWxk aW5ncyB0by BidXksIGVu c3VyaW5nIH RoZXkgZ2V0 IGdvb2QgZG VhbHMuPGJy PkluIHRoZS BmdXR1cmUs IGFzIG1vcm UgY29tcGFu aWVzIGdyb3 cgYW5kIGFz IHBlb3BsZS Bjb250aW51 ZSB0byBzaG 9wIG9ubGlu ZSwgRHJlYW 0gSW5kdXN0 cmlhbCBSRU lUIGlzIGxp a2VseSB0by BrZWVwIG1h a2luZyBtb2 5leSBiZWNh dXNlIHRoZX kgd2lsbCBo YXZlIG1vcm UgYW5kIG1v cmUgYnVzaW 5lc3NlcyBu ZWVkaW5nIH NwYWNlLiBQ bHVzLCB0aG V5IGZvY3Vz IG9uIGtlZX BpbmcgdGhl aXIgYnVpbG RpbmdzIGlu IGdvb2Qgc2 hhcGUgYW5k IGhlbHBpbm cgdGhlaXIg dGVuYW50cy BzdWNjZWVk LCB3aGljaC BrZWVwcyBl dmVyeW9uZS BoYXBweSBh bmQgaGVscH MgdGhlbSBl YXJuIG1vcm UgbW9uZXku PGJyPg==

VGhlcmUgYX JlIGEgZmV3 IG5vdGFibG UgYXNwZWN0 cyBvZiB0aG UgRHJlYW0g SW5kdXN0cm lhbCBSZWFs IEVzdGF0ZS BJbnZlc3Rt ZW50IFRydX N0IChSRUlU KSBjb21wYW 55IHRoYXQg bWFrZSBpdC B1bmlxdWU6 PGJyPjEuIE ZvY3VzIG9u IEluZHVzdH JpYWwgUHJv cGVydGllcz ogQXMgdGhl IG5hbWUgc3 VnZ2VzdHMs IERyZWFtIE luZHVzdHJp YWwgUkVJVC BwcmltYXJp bHkgaW52ZX N0cyBpbiBp bmR1c3RyaW FsIHByb3Bl cnRpZXMsIH N1Y2ggYXMg d2FyZWhvdX NlcywgZGlz dHJpYnV0aW 9uIGNlbnRl cnMsIGFuZC BsaWdodCBp bmR1c3RyaW FsIGJ1aWxk aW5ncy4gVG hpcyBmb2N1 cyBzZXRzIG l0IGFwYXJ0 IGZyb20gb3 RoZXIgUkVJ VHMgdGhhdC BtYXkgaGF2 ZSBhIG1vcm UgZGl2ZXJz ZSBwb3J0Zm 9saW8gb2Yg YXNzZXRzLC BzdWNoIGFz IHJlc2lkZW 50aWFsLCBv ZmZpY2UsIG 9yIHJldGFp bCBwcm9wZX J0aWVzLjxi cj4yLiBHZW 9ncmFwaGlj YWwgRGl2ZX JzaWZpY2F0 aW9uOiBEcm VhbSBJbmR1 c3RyaWFsIF JFSVTigJlz IHBvcnRmb2 xpbyBpcyBn ZW9ncmFwaG ljYWxseSBk aXZlcnNlLC B3aXRoIHBy b3BlcnRpZX MgbG9jYXRl ZCBhY3Jvc3 MgQ2FuYWRh IGFuZCB0aG UgVW5pdGVk IFN0YXRlcy 4gVGhpcyBh bGxvd3MgZm 9yIGEgbW9y ZSBiYWxhbm NlZCBhbmQg c3RhYmxlIH BvcnRmb2xp bywgYXMgZW Nvbm9taWMg Y29uZGl0aW 9ucyBvciBt YXJrZXQgZm x1Y3R1YXRp b25zIGluIG 9uZSByZWdp b24gbWF5IG 5vdCBhZmZl Y3QgdGhlIG VudGlyZSBw b3J0Zm9saW 8uPGJyPjMu IFN0cm9uZy BUcmFjayBS ZWNvcmQ6IE RyZWFtIElu ZHVzdHJpYW wgUkVJVCBo YXMgYSBsb2 5nIHRyYWNr IHJlY29yZC BvZiBzdWNj ZXNzIGFuZC BhIHByb3Zl biBhYmlsaX R5IHRvIGdl bmVyYXRlIH JldHVybnMg Zm9yIGludm VzdG9ycy4g SXQgaGFzIG NvbnNpc3Rl bnRseSBkZW xpdmVyZWQg c3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSBh bmQgaGFzIG EgdHJhY2sg cmVjb3JkIG 9mIGluY3Jl YXNpbmcgZG lzdHJpYnV0 aW9ucyB0by BpdHMgdW5p dGhvbGRlcn MuPGJyPjQu IFNvY2lhbC BhbmQgRW52 aXJvbm1lbn RhbCBSZXNw b25zaWJpbG l0eTogRHJl YW0gSW5kdX N0cmlhbCBS RUlUIGlzIG NvbW1pdHRl ZCB0byBzdX N0YWluYWJp bGl0eSBhbm QgcmVzcG9u c2libGUgaW 52ZXN0aW5n IHByYWN0aW Nlcy4gSXQg aGFzIGltcG xlbWVudGVk IHZhcmlvdX MgaW5pdGlh dGl2ZXMgdG 8gcmVkdWNl IGl0cyBlbn Zpcm9ubWVu dGFsIGZvb3 RwcmludCwg c3VjaCBhcy BpbnN0YWxs aW5nIGVuZX JneS1lZmZp Y2llbnQgc3 lzdGVtcyBh bmQgdXNpbm cgcmVjeWNs ZWQgbWF0ZX JpYWxzIGlu IGNvbnN0cn VjdGlvbi4g SXQgYWxzby BhY3RpdmVs eSBlbmdhZ2 VzIHdpdGgg YW5kIHN1cH BvcnRzIHRo ZSBjb21tdW 5pdGllcyBp biB3aGljaC BpdCBvcGVy YXRlcy48Yn I+NS4gU3Ry b25nIE1hbm FnZW1lbnQg VGVhbTogRH JlYW0gSW5k dXN0cmlhbC BSRUlUIGhh cyBhIHN0cm 9uZyBhbmQg ZXhwZXJpZW 5jZWQgbWFu YWdlbWVudC B0ZWFtIHdp dGggYSBkZW VwIHVuZGVy c3RhbmRpbm cgb2YgdGhl IGluZHVzdH JpYWwgcmVh bCBlc3RhdG UgbWFya2V0 LiBUaGlzIG V4cGVydGlz ZSBhbGxvd3 MgdGhlbSB0 byBtYWtlIH N0cmF0ZWdp YyBkZWNpc2 lvbnMgYW5k IGlkZW50aW Z5IGF0dHJh Y3RpdmUgaW 52ZXN0bWVu dCBvcHBvcn R1bml0aWVz Ljxicj5Pdm VyYWxsLCBE cmVhbSBJbm R1c3RyaWFs IFJFSVTigJ lzIGZvY3Vz IG9uIGluZH VzdHJpYWwg cHJvcGVydG llcywgZ2Vv Z3JhcGhpY2 FsIGRpdmVy c2lmaWNhdG lvbiwgc3Ry b25nIHRyYW NrIHJlY29y ZCwgY29tbW l0bWVudCB0 byBzdXN0YW luYWJpbGl0 eSwgYW5kIG V4cGVyaWVu Y2VkIG1hbm FnZW1lbnQg dGVhbSBtYW tlIGl0IGEg dW5pcXVlIG FuZCBhdHRy YWN0aXZlIG ludmVzdG1l bnQgb3B0aW 9uIGZvciBp bnZlc3Rvcn Mu

VGhlIERyZW FtIEluZHVz dHJpYWwgUm VhbCBFc3Rh dGUgSW52ZX N0bWVudCBU cnVzdCAoUk VJVCkgaXMg YSBwdWJsaW NseSBsaXN0 ZWQgcmVhbC Blc3RhdGUg aW52ZXN0bW VudCB0cnVz dCB0aGF0IG 93bnMsIG9w ZXJhdGVzIG FuZCBpbnZl c3RzIGluIG luZHVzdHJp YWwgcHJvcG VydGllcyBp biBtYWpvci B1cmJhbiBt YXJrZXRzIG Fjcm9zcyBD YW5hZGEuIF RoZSB0cnVz dOKAmXMgbW FpbiBidXNp bmVzcyBtb2 RlbCBpcyB0 byBhY3F1aX JlIGFuZCBk ZXZlbG9wIG luZHVzdHJp YWwgcHJvcG VydGllcywg c3VjaCBhcy B3YXJlaG91 c2VzLCBkaX N0cmlidXRp b24gY2VudG VycywgYW5k IG1hbnVmYW N0dXJpbmcg ZmFjaWxpdG llcywgdG8g bGVhc2UgdG 8gdGVuYW50 cy48YnI+VG hlIHRydXN0 IGdlbmVyYX RlcyBpbmNv bWUgcHJpbW FyaWx5IHRo cm91Z2ggcm VudGFsIHJl dmVudWUgZn JvbSBpdHMg cG9ydGZvbG lvIG9mIGlu ZHVzdHJpYW wgcHJvcGVy dGllcywgd2 hpY2ggaXQg YWNxdWlyZX MsIGRldmVs b3BzLCBhbm Qgb3BlcmF0 ZXMgdGhyb3 VnaCBsb25n LXRlcm0gbG Vhc2VzLiBU aGlzIHByb3 ZpZGVzIGEg c3RhYmxlIG FuZCBwcmVk aWN0YWJsZS BpbmNvbWUg c3RyZWFtIG ZvciBpbnZl c3RvcnMuPG JyPkluIGFk ZGl0aW9uLC B0aGUgdHJ1 c3QgYWxzby BhaW1zIHRv IGluY3JlYX NlIHRoZSB2 YWx1ZSBvZi BpdHMgcHJv cGVydGllcy B0aHJvdWdo IHN0cmF0ZW dpYyBhY3F1 aXNpdGlvbn MgYW5kIGRp c3Bvc2l0aW 9ucywgYXMg d2VsbCBhcy B0aHJvdWdo IG9uZ29pbm cgcHJvcGVy dHkgbWFuYW dlbWVudCBh bmQgYXNzZX Qgb3B0aW1p emF0aW9uLi BJdCBhbHNv IGFjdGl2ZW x5IHNlZWtz IG9wcG9ydH VuaXRpZXMg Zm9yIGRldm Vsb3BtZW50 IGFuZCByZW RldmVsb3Bt ZW50IG9mIH Byb3BlcnRp ZXMgdG8gaW 5jcmVhc2Ug dGhlaXIgdm FsdWUgYW5k IGdlbmVyYX RlIGFkZGl0 aW9uYWwgaW 5jb21lLjxi cj5EcmVhbS BJbmR1c3Ry aWFsIFJFSV QgYWxzbyBv ZmZlcnMgaW 52ZXN0b3Jz IHRoZSBvcH BvcnR1bml0 eSB0byBpbn Zlc3QgaW4g YSBnZW9ncm FwaGljYWxs eSBkaXZlcn NlIHBvcnRm b2xpbyBvZi BpbmR1c3Ry aWFsIHByb3 BlcnRpZXMg dGhhdCBhcm UgbGVhc2Vk IHRvIGEgdm FyaWV0eSBv ZiB0ZW5hbn RzLCByZWR1 Y2luZyByaX NrIGFuZCBw cm92aWRpbm cgcG90ZW50 aWFsIGZvci Bsb25nLXRl cm0gZ3Jvd3 RoIGFuZCBz dGFiaWxpdH ku

To assess whether AI poses a material threat to Dream Industrial REIT (Real Estate Investment Trust) regarding its products, services, or competitive positioning, we need to consider several factors.
1. Substitution: Targeting a specific sector like industrial real estate, Dream Industrial REIT primarily invests in properties that are essential for logistics and distribution. AI could indirectly influence demand for certain types of industrial properties (like warehouses) by promoting automation and enabling more efficient supply chain models. However, it is unlikely that AI would replace the need for physical space in the immediate future, as logistical operations still rely heavily on human oversight and infrastructure.
2. Disintermediation: AI has the potential to streamline various processes, including property management, tenant relations, and even investment strategies. If AI tools become widely accessible, they could empower smaller players or tech-focused companies to manage real estate assets more efficiently, possibly threatening larger firms like Dream Industrial REIT. This shift could spur competition, but it might not lead to a complete disintermediation of traditional players in the industrial real estate sector, as expertise and established relationships often remain valuable.
3. Margin Pressure: Advanced AI solutions could lead to increased operational efficiencies and reduced costs for property management and maintenance. While this could pressure margins for firms that do not adopt similar technologies, it could also enhance the earnings potential for those that do. Dream Industrial REIT would need to stay competitive by investing in AI solutions that optimize its portfolio performance, thereby mitigating the risk of margin pressure.
In summary, while AI poses some potential challenges for Dream Industrial REIT in terms of competition and operational efficiency, it is unlikely to represent a material threat through substitution, disintermediation, or margin pressure as long as the company adapts and integrates relevant technologies into its operations.

Dream Industrial REIT is a real estate investment trust that operates in the industrial property sector. Its earnings, cash flow, and valuation can be significantly sensitive to changes in interest rates due to several factors.
1. Borrowing Costs: As interest rates rise, the cost of borrowing increases for the REIT. This can lead to higher interest expenses on existing debt and higher rates for new financing. Increased costs can reduce the overall cash flow available to distribute to shareholders and may impact net earnings.
2. Property Acquisition and Development: Higher interest rates can dampen the REIT’s ability to finance new property acquisitions or developments, as the cost of capital rises. This may lead to slower growth opportunities and potentially lower rental income in the future.
3. Valuation Impact: The valuation of real estate assets is often based on discounted cash flow models, which incorporate the prevailing interest rates into their calculation. As rates increase, the discount rate applied to future cash flows typically rises, leading to lower present values of the REIT’s assets. Consequently, this can result in a decline in the market value of the REIT.
4. Investor Sentiment: Rising interest rates often lead investors to re-evaluate the attractiveness of income-generating investments like REITs. Higher yields available from bonds or other fixed-income investments may draw capital away from REITs, thereby affecting their stock price and valuation.
5. Lease Structures: The sensitivity also depends on the lease structures in place for the properties owned by the REIT. Longer lease terms or fixed-rate leases may provide more stability in cash flows, while shorter leases or those tied to variable rates may be more vulnerable to interest rate fluctuations.
Overall, Dream Industrial REIT’s earnings, cash flow, and valuation are susceptible to changes in interest rates, impacting their financial performance and investment appeal in various ways. Investors need to monitor interest rates as they can directly influence the REIT’s operational dynamics and market perception.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIGVjb25v bWljcyBvZi BEcmVhbSBJ bmR1c3RyaW FsIFJFSVQg KFJlYWwgRX N0YXRlIElu dmVzdG1lbn QgVHJ1c3Qp IG92ZXIgdG hlIG5leHQg My01IHllYX JzIGlzIGEg c2lnbmlmaW NhbnQgc2hp ZnQgaW4gdG hlIGxvZ2lz dGljcyBhbm Qgc3VwcGx5 IGNoYWluIG xhbmRzY2Fw ZSBkcml2ZW 4gYnkgdGVj aG5vbG9naW NhbCBhZHZh bmNlbWVudH MsIGVudmly b25tZW50YW wgcmVndWxh dGlvbnMsIG 9yIGNoYW5n ZXMgaW4gY2 9uc3VtZXIg YmVoYXZpb3 IuPGJyPkZv ciBleGFtcG xlLCBpZiBl bGVjdHJpYy B2ZWhpY2xl cyAoRVZzKS BiZWNvbWUg dGhlIGRvbW luYW50IG1v ZGUgb2YgdH JhbnNwb3J0 LCBsZWFkaW 5nIHRvIHRo ZSB3aWRlc3 ByZWFkIGFk b3B0aW9uIG 9mIGF1dG9u b21vdXMgZG VsaXZlcnkg c3lzdGVtcy wgdHJhZGl0 aW9uYWwgd2 FyZWhvdXNp bmcgYW5kIG luZHVzdHJp YWwgcHJvcG VydGllcyBt YXkgYmVjb2 1lIGxlc3Mg cmVsZXZhbn QuIFN1Y2gg YSB0cmFuc2 l0aW9uIGNv dWxkIHJlc3 VsdCBpbiBh IHJlZHVjZW QgZGVtYW5k IGZvciBzdG FuZGFyZCBp bmR1c3RyaW FsIHNwYWNl LCBpbXBhY3 Rpbmcgb2Nj dXBhbmN5IH JhdGVzIGFu ZCByZW50YW wgaW5jb21l IGZvciBEcm VhbSBJbmR1 c3RyaWFsIF JFSVQuIEFk ZGl0aW9uYW xseSwgaWYg cmV0YWlsZX JzIHBpdm90 IHNpZ25pZm ljYW50bHkg dG93YXJkcy BkaXJlY3Qt dG8tY29uc3 VtZXIgbW9k ZWxzLCB0aG UgbmVlZCBm b3IgbGFyZ2 UgZGlzdHJp YnV0aW9uIG NlbnRlcnMg Y291bGQgZG VjbGluZSwg ZnVydGhlci BhZmZlY3Rp bmcgb2NjdX BhbmN5IHJh dGVzLjxicj 5JZiB0aGlz IHNjZW5hcm lvIHVuZm9s ZHMsIERyZW FtIEluZHVz dHJpYWwgUk VJVOKAmXMg bWFyZ2lucy B3b3VsZCBs aWtlbHkgc3 VmZmVyIGR1 ZSB0byBsb3 dlciByZW50 YWwgaW5jb2 1lLiBUaGUg Y29tcGV0aX RpdmUgbGFu ZHNjYXBlIH dvdWxkIGZv cmNlIHRoZS BSRUlUIHRv IG9mZmVyIG NvbmNlc3Np b25zIG9yIH JlZHVjZSBy ZW50cyB0by ByZXRhaW4g dGVuYW50cy wgbGVhZGlu ZyB0byBjb2 1wcmVzc2Vk IHByb2ZpdC BtYXJnaW5z LiBDb25zZX F1ZW50bHks IGNhc2ggZm xvdyB3b3Vs ZCBkZWNyZW FzZSBhcyBy ZXZlbnVlcy BkZWNsaW5l LCBtYWtpbm cgaXQgbW9y ZSBjaGFsbG VuZ2luZyBm b3IgdGhlIF JFSVQgdG8g Y292ZXIgb3 BlcmF0aW5n IGV4cGVuc2 VzLCBkZWJ0 IHNlcnZpY2 UsIGFuZCBk aXN0cmlidX Rpb25zIHRv IHNoYXJlaG 9sZGVycy48 YnI+T24gdG hlIGJhbGFu Y2Ugc2hlZX QsIHRoZSBj b21wYW55IG 1pZ2h0IGV4 cGVyaWVuY2 UgYSBkcm9w IGluIGFzc2 V0IHZhbHVl cyBhcyB0aG UgbWFya2V0 IHJlYXNzZX NzZXMgdGhl IHdvcnRoIG 9mIGl0cyBl eGlzdGluZy Bwcm9wZXJ0 aWVzIGluIG xpZ2h0IG9m IGRlY3JlYX NlZCBkZW1h bmQuIFRoaX MgY291bGQg bGVhZCB0by BpbmNyZWFz ZWQgbGV2ZX JhZ2UgaWYg dGhlIGNvbX BhbnkgYXR0 ZW1wdHMgdG 8gbWFpbnRh aW4gZGl2aW RlbmQgcGF5 b3V0cyBvci B1bmRlcnRh a2Ugb3Bwb3 J0dW5pc3Rp YyBhY3F1aX NpdGlvbnMg dGhhdCBtYX kgbm90IGZ1 bGx5IG1hdG VyaWFsaXpl LiBJZiBkZW J0IGxldmVs cyByaXNlIH doaWxlIGFz c2V0IHZhbH VlcyBmYWxs LCB0aGUgZG VidC10by1l cXVpdHkgcm F0aW8gd291 bGQgd29yc2 VuLCBwb3Rl bnRpYWxseS ByYWlzaW5n IGNvbmNlcm 5zIGFtb25n IGludmVzdG 9ycyBhbmQg Y3JlZGl0b3 JzLjxicj5P dmVyYWxsLC BhbiBleHRl bmRlZCBwZX Jpb2Qgb2Yg ZGVjbGluaW 5nIHByb3Bl cnR5IGRlbW FuZCwgY291 cGxlZCB3aX RoIHJpc2lu ZyBvcGVyYX Rpb25hbCBj aGFsbGVuZ2 VzLCBjb3Vs ZCBzZXZlcm VseSBpbXBh Y3QgRHJlYW 0gSW5kdXN0 cmlhbCBSRU lU4oCZcyBm aW5hbmNpYW wgaGVhbHRo LCBpbmNsdW RpbmcgcHJv Zml0YWJpbG l0eSwgY2Fz aCBmbG93IG dlbmVyYXRp b24sIGFuZC BiYWxhbmNl IHNoZWV0IH N0YWJpbGl0 eS48YnI+

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 QxVVVVV1NC a0xFdjR5cG dSUFIud2Vi cCIgYWx0PS JEcmVhbSBJ bmR1c3RyaW FsIFJFSVQi IHRpdGxlPS JEcmVhbSBJ bmR1c3RyaW FsIFJFSVQi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgRHJlYW0g SW5kdXN0cm lhbCBSRUlU 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+SoSBM ZWFybiBzbW FydGVyIHN0 b2NrIHBpY2 tzIHdpdGgg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8IS 0tCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxkaX Ygc3R5bGU9 J21hcmdpbi 10b3A6IDEy cHg7IGZvbn Qtc2l6ZTog MTNweDsgY2 9sb3I6ICM0 NDQ7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIFNpZ2 4gdXAgbm93 IGFuZCBnZX Qgb3VyIGZy ZWUgZUJvb2 sgCiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8Yj5UaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzPC9i PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTZweD sgZm9udC1z aXplOiAxNH B4OyBjb2xv cjogIzQ0ND sgZm9udC1m YW1pbHk6IC 1hcHBsZS1z eXN0ZW0sIE JsaW5rTWFj U3lzdGVtRm 9udCwgU2Vn b2UgVUksIF JvYm90bywg SGVsdmV0aW NhIE5ldWUs IHNhbnMtc2 VyaWY7IGxp bmUtaGVpZ2 h0OiAxLjY7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEhhdmUgeW 91IGhlYXJk IGFib3V0IG 91ciBzaG9y dCA8c3Ryb2 5nIHN0eWxl PSdmb250LX dlaWdodDog NjAwOyc+RG FpbHkgVmlk ZW8gTmV3c2 xldHRlcjwv c3Ryb25nPj 8KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xhIGhyZWY9 J2h0dHBzOi 8vd3d3Lmlu c2lnaHRmdW x2YWx1ZS5j b20vbmV3c2 xldHRlci5w aHAnIHRhcm dldD0nX2Js YW5rJyBzdH lsZT0nY29s b3I6ICMwMD dCRkY7IHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsgZm 9udC13ZWln aHQ6IDUwMD sgbWFyZ2lu LWxlZnQ6ID ZweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IEZpbmQgb3 V0IG1vcmUK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AKICAgICAg ICAKICAgIC AgICA8c3Bh biBjbGFzcz 0nYmx1cnJl ZC10ZXh0Jz 4KICAgICAg ICAgICAgTV M0Z1JISmxZ VyAwZ1NXNW tkWE4wIGNt bGhiQ0JTWl cgRnNJRVZ6 ZEdGMCBaU0 JKYm5abGMz IFJ0Wlc1ME lGUnkgZFhO MElDaFNSVS BsVUtTQnBj eUJoIElFTm hibUZrYVcg RnVJSEpsWV d3ZyBaWE4w WVhSbElHIG x1ZG1WemRH MWwgYm5RZ2 RISjFjMyBR Z2RHaGhkQ0 J2IGQyNXpJ R0Z1WkMgQn ZjR1Z5WVhS bCBjeUJoSU hCdmNuIFJt YjJ4cGJ5Qn YgWmlCcGJt UjFjMyBSeW FXRnNJSEJ5 IGIzQmxjbl JwWlggTWdZ V055YjNOei BJRU5oYm1G a1lTIEJoYm 1RZ2RHaGwg SUZWdWFYUm xaQyBCVGRH RjBaWE11IF BHSnlQakl1 SUYgUm9aU0 JTUlVsVSBJ SGRoY3lCam NtIFZoZEdW a0lHbHUgSU RJd01USWdk RyBoeWIzVm 5hQ0JoIElH MWxjbWRsY2 kgQnZaaUIw YUdVZyBhVz UyWlhOMGJX IFZ1ZENCMG NuVnogZEhN Z1JIVnVaRy BWbElFbHVa SFZ6IGRISn BZV3dnVWsg VkpWQ0JoYm 1RZyBSSFZ1 WkdWbElGIE psWVd4MGVT QkogYm1SMW MzUnlhVyBG c0lFeHBiV2 wwIFpXUWdV R0Z5ZEcgNW xjbk5vYVhB dSBQR0p5UG pNdUlFIFJ5 WldGdElFbH UgWkhWemRI SnBZVyB3Z1 VrVkpWQ0Jw IGN5QnZibV VnYjIgWWdk R2hsSUd4aC BjbWRsYzNR Z2FXIDVrZF hOMGNtbGgg YkNCd2NtOX daWCBKMGVT QnZkMjVsIG NuTWdhVzRn UTIgRnVZV1 JoTENCMyBh WFJvSUdFZ1 pHIGwyWlhK emFXWnAgWl dRZ2NHOXlk RyBadmJHbH ZJRzltIElH OTJaWElnTW ogQXdJSEJ5 YjNCbCBjbl JwWlhNZ2RH IDkwWVd4cG JtY2cgWVhC d2NtOTRhVy AxaGRHVnNl U0F5IE5DQn RhV3hzYVcg OXVJSE54ZF dGeSBaU0Jt WldWMExqIH hpY2o0MExp QlUgYUdVZ1 VrVkpWTyBL QW1YTWdjSE p2IGNHVnlk R2xsY3kgQm hjbVVnYkc5 aiBZWFJsWk NCcGJpIEJ0 WVdwdmNpQj EgY21KaGJp QmpaVyA1MF pYSnpJR0Zq IGNtOXpjeU IwYUcgVWdZ MjkxYm5SeS BlU3dnYVc1 amJIIFZrYV c1bklGUnYg Y205dWRHOH NJRSAxdmJu UnlaV0ZzIE xDQldZVzVq YjMgVjJaWE lzSUdGdSBa Q0JEWVd4bl lYIEo1TGp4 aWNqNDEgTG lCRWNtVmhi UyBCSmJtUj FjM1J5IGFX RnNJRkpGU1 YgVGlnSmx6 SUhCdiBjbl JtYjJ4cGJ5 IEJwYm1Oc2 RXUmwgY3lC aElHMXBlQy BCdlppQnRk V3gwIGFTMT BaVzVoYm4g UWdZVzVrSU hOcCBibWRz WlMxMFpXID VoYm5RZ2NI SnYgY0dWeW RHbGxjeSB3 Z2QybDBhQ0 IwIFpXNWhi blJ6SUcgWn liMjBnWVNC MiBZWEpwWl hSNUlHIDlt SUdsdVpIVn ogZEhKcFpY TWdjMyBWam FDQmhjeUJz IGIyZHBjM1 JwWTMgTXNJ R1JwYzNSeS BhV0oxZEds dmJpIHdnYl dGdWRXWmgg WTNSMWNtbH VaeSB3Z1lX NWtJR1V0IF kyOXRiV1Z5 WTIgVXVQR0 p5UGpZdSBJ RlJvWlNCU1 JVIGxVSUdo aGN5QmggSU hOMGNtOXVa eSBCMGNtRm pheUJ5IFpX TnZjbVFnYj IgWWdaR1Zz YVhabCBjbW x1WnlCemRH IEZpYkdVZ1 lXNWsgSUdk eWIzZHBibS BjZ1pHbHpk SEpwIFluVj BhVzl1Y3kg QjBieUJwZE hNZyBkVzVw ZEdodmJHIF JsY25NdUlG TnAgYm1ObE lHbDBjeSBC cGJtTmxjSF JwIGIyNHNJ R2wwSUcgaG hjeUJwYm1O eSBaV0Z6Wl dRZ2FYIFJ6 SUdScGMzUn kgYVdKMWRH bHZiaSBCbG RtVnllU0I1 IFpXRnlMQ0 IzYVggUm9J R0VnWTI5dC BjRzkxYm1R Z1lXIDV1ZF dGc0lHZHkg YjNkMGFDQn lZWCBSbElH OW1JRFF1IE 15VXVQR0p5 UGogY3VJRW x1SURJdyBN VGtzSUVSeV pXIEZ0SUVs dVpIVnogZE hKcFlXd2dV ayBWSlZDQm xlSEJoIGJt UmxaQ0JwZE ggTWdjRzl5 ZEdadiBiR2 x2SUdsdWRH IDhnZEdobE lGVnUgYVhS bFpDQlRkRy BGMFpYTWdk MmwwIGFDQj BhR1VnWVcg TnhkV2x6YV hScCBiMjRn YjJZZ0pEIE l3TUNCdGFX eHMgYVc5dU lIZHZjbiBS b0lHOW1JR2 x1IFpIVnpk SEpwWVcgd2 djSEp2Y0dW eSBkR2xsY3 lCcGJpIEJE YUdsallXZH YgSUdGdVpD QlRkQyA0Z1 RHOTFhWE11 IFBHSnlQam d1SUYgUm9a U0JTUlVsVS BJR2x6SUdO dmJXIDFwZE hSbFpDQjAg YnlCemRYTj BZVyBsdVlX SnNaU0J3IG NtRmpkR2xq WlggTWdZVz VrSUdoaCBj eUJwYlhCc1 pXIDFsYm5S bFpDQnogWl habGNtRnNJ RyBsdWFYUn BZWFJwIGRt VnpJSFJ2SU ggSmxaSFZq WlNCcCBkSE 1nWlc1MmFY IEp2Ym0xbG JuUmggYkNC cGJYQmhZMy BRc0lHbHVZ MngxIFpHbH VaeUJwYm4g WmxjM1JwYm 1jZyBhVzRn Wlc1bGNtIG Q1TFdWbVpt bGogYVdWdW RDQnNhVyBk b2RHbHVaeU JoIGJtUWdT RlpCUXkgQn plWE4wWlcx eiBMQ0JoY3 lCM1pXIHhz SUdGeklHbH UgYzNSaGJH eHBibSBjZ2 MyOXNZWEln IGNHRnVaV3 h6SUcgOXVJ SE52YldVZy BiMllnYVhS eklIIEJ5Yj NCbGNuUnAg WlhNdVBHSn lQaiBrdUlF UnlaV0Z0IE lFbHVaSFZ6 ZEggSnBZV3 dnVWtWSiBW Q0JwY3lCdF lXIDVoWjJW a0lHSjUgSU VSeVpXRnRJ RSBGemMyVj BJRTFoIGJt Rm5aVzFsYm 4gUWdRMjl5 Y0c5eSBZWF JwYjI0c0lH IEVnYzNWaW MybGsgYVdG eWVTQnZaaS BCRWNtVmhi U0JWIGJteH BiV2wwWlcg UWdRMjl5Y0 M0cyBJR0Vn Y0hWaWJHIG xqYkhrZ2RI SmggWkdWa0 lISmxZVyB3 Z1pYTjBZWF JsIElHTnZi WEJoYm4ga2 dhVzRnUTJG dSBZV1JoTG p4aWNqIDR4 TUM0Z1NXNG cgTWpBeU1D d2dSSCBKbF lXMGdTVzVr IGRYTjBjbW xoYkMgQlNS VWxVSUhkaC BjeUJ5WldO dloyIDVwZW 1Wa0lHRnog SUc5dVpTQn ZaaSBCRFlX NWhaR0hpIG dKbHpJRlJ2 Y0MgQkhjbT kzYVc1biBJ RU52YlhCaG JtIGxsY3lC aWVTQlUgYU dVZ1IyeHZZ bSBVZ1lXNW tJRTFoIGFX d3NJR0VnYm 0gRjBhVzl1 WVd3ZyBRMk Z1WVdScFlX IDRnYm1WM2 MzQmggY0dW eUxnPT0KIC AgICAgICA8 L3NwYW4+Ci AgICAgICAg CiAgICAgIC Ag