Brixmor Property Group

Live  

Brixmor Property Group is a real estate investment trust (REIT) that owns and operates a diverse portfolio of open-air shopping centers across the United States. Founded in 2011, the company is headquartered in New York City and has approximately 400 properties in its portfolio, totaling over 73 million square feet of gross leasable area.
The company’s focus is on owning and operating grocery-anchored shopping centers, which are typically retail centers with a major supermarket or national retailer as the main anchor tenant. These centers also include a mix of other retailers, such as restaurants, discount stores, and service providers.
Brixmor’s strategy is to acquire and develop properties in high population and high-income areas, with a focus on strong demographics, high traffic counts, and strong retail demand. The company also aims to maintain a balanced and diversified tenant mix to minimize risk and maintain stable cash flow.
In addition to its core portfolio of shopping centers, Brixmor also offers property management and leasing services to its tenants. The company also has a strong focus on sustainability and has implemented various environmental initiatives, such as energy-efficient building practices and recycling programs, to reduce its environmental footprint.
Brixmor is traded on the New York Stock Exchange under the ticker symbol BRX and is included in the S&P 500 index. The company has a strong financial track record, with consistent growth in revenue, net income, and funds from operations (FFO) since its inception.

QnJpeG1vci BQcm9wZXJ0 eSBHcm91cC BpcyBhIGNv bXBhbnkgdG hhdCBvd25z IGFuZCBtYW 5hZ2VzIHNo b3BwaW5nIG NlbnRlcnMg YW5kIGNvbW 1lcmNpYWwg cHJvcGVydG llcy4gSW1h Z2luZSBhIG JpZyBvdXRk b29yIG1hbG wgd2hlcmUg eW91IGNhbi BmaW5kIHN0 b3JlcyBsaW tlIGdyb2Nl cnkgc3Rvcm VzLCBjbG90 aGluZyBzaG 9wcywgYW5k IHJlc3RhdX JhbnRzLiBC cml4bW9yIG 93bnMgdGhl c2UgcGxhY2 VzIGFuZCBt YWtlcyBzdX JlIHRoZXkg YXJlIG5pY2 UgYW5kIHNh ZmUgZm9yIH Blb3BsZSB0 byBzaG9wIG FuZCBoYXZl IGZ1bi48Yn I+VGhlIHdh eSBCcml4bW 9yIG1ha2Vz IG1vbmV5IG lzIG1vc3Rs eSBieSByZW 50aW5nIG91 dCBzcGFjZS BpbiB0aGVz ZSBzaG9wcG luZyBjZW50 ZXJzIHRvIG RpZmZlcmVu dCBidXNpbm Vzc2VzLiBX aGVuIGEgc2 hvcCBvciBy ZXN0YXVyYW 50IHdhbnRz IHRvIG9wZW 4gdXAgaW4g b25lIG9mIH RoZWlyIGxv Y2F0aW9ucy wgdGhleSBw YXkgQnJpeG 1vciBtb25l eSwgY2FsbG VkIHJlbnQs IGZvciB1c2 luZyB0aGF0 IHNwYWNlLi BUaGUgbW9y ZSBzdWNjZX NzZnVsIGJ1 c2luZXNzZX MgdGhleSBo YXZlIGluIH RoZWlyIGNl bnRlcnMsIH RoZSBtb3Jl IG1vbmV5IE JyaXhtb3Ig bWFrZXMhPG JyPkJyaXht b3IgaXMgc3 VjY2Vzc2Z1 bCBmb3IgYS BmZXcgcmVh c29ucy4gRm lyc3QsIHRo ZXkgaGF2ZS BhIGxvdCBv ZiBleHBlcm llbmNlIGFu ZCBrbm93IG hvdyB0byBw aWNrIGdvb2 QgbG9jYXRp b25zIGZvci B0aGVpciBz aG9wcGluZy BjZW50ZXJz LCBtYWtpbm cgaXQgZWFz eSBmb3IgcG VvcGxlIHRv IHZpc2l0Li BTZWNvbmQs IHRoZXkgaG F2ZSBhIGRp dmVyc2Ugcm FuZ2Ugb2Yg YnVzaW5lc3 Nlcywgc28g ZXZlbiBpZi BvbmUgdHlw ZSBvZiBzdG 9yZSBpc27i gJl0IGRvaW 5nIHdlbGws IG90aGVycy BtaWdodCBi ZSBkb2luZy BncmVhdC4g TGFzdGx5LC BtYW55IHBl b3BsZSBzdG lsbCBsb3Zl IGdvaW5nIG 91dCB0byBz aG9wIGFuZC BlYXQsIHdo aWNoIG1lYW 5zIHRoZXJl 4oCZcyBhIH N0ZWFkeSBk ZW1hbmQgZm 9yIHNob3Bw aW5nIGNlbn RlcnMuPGJy PkluIHRoZS BmdXR1cmUs IEJyaXhtb3 Igd2lsbCBs aWtlbHkgY2 9udGludWUg dG8gYmUgc3 VjY2Vzc2Z1 bCBiZWNhdX NlIHRoZXkg YWRhcHQgdG 8gY2hhbmdl cy4gVGhleS Brbm93IGhv dyB0byBpbX Byb3ZlIHRo ZWlyIHByb3 BlcnRpZXMg dG8gbWVldC B3aGF0IHBl b3BsZSB3YW 50LCBsaWtl IGFkZGluZy B0YXN0eSBy ZXN0YXVyYW 50cyBvciBm dW4gZmFtaW x5IGFjdGl2 aXRpZXMgdG 8gYXR0cmFj dCBtb3JlIH Zpc2l0b3Jz LiBBcyBsb2 5nIGFzIHRo ZXkga2VlcC BtYWtpbmcg c2hvcHBpbm cgZW5qb3lh YmxlIGFuZC Bjb252ZW5p ZW50LCB0aG V5IHdpbGwg bGlrZWx5IG tlZXAgbWFr aW5nIG1vbm V5IGFuZCBn cm93aW5nIT xicj4=

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IGFy ZSBzcGVjaW FsIGFib3V0 IEJyaXhtb3 IgUHJvcGVy dHkgR3JvdX A6PGJyPjEu IEZvY3VzIG 9uIFJldGFp bCBQcm9wZX J0aWVzOiBC cml4bW9yIH NwZWNpYWxp emVzIGluIG 93bmluZyBh bmQgb3Blcm F0aW5nIGdy b2NlcnktYW 5jaG9yZWQg c2hvcHBpbm cgY2VudGVy cywgd2hpY2 ggYXJlIGNv bnNpZGVyZW QgdG8gYmUg b25lIG9mIH RoZSBtb3N0 IHJlc2lsaW VudCBhbmQg ZW5kdXJpbm cgY2xhc3Nl cyBvZiBjb2 1tZXJjaWFs IHJlYWwgZX N0YXRlLjxi cj4yLiBOYX Rpb253aWRl IFByZXNlbm NlOiBCcml4 bW9yIGhhcy BhIHBvcnRm b2xpbyBvZi BvdmVyIDQw MCBwcm9wZX J0aWVzIGFj cm9zcyA0MC BzdGF0ZXMs IG1ha2luZy BpdCBvbmUg b2YgdGhlIG xhcmdlc3Qg b3duZXJzIG 9mIG9wZW4t YWlyIHNob3 BwaW5nIGNl bnRlcnMgaW 4gdGhlIFVu aXRlZCBTdG F0ZXMuPGJy PjMuIERpdm Vyc2UgVGVu YW50IE1peD ogVGhlIGNv bXBhbnnigJ lzIHByb3Bl cnRpZXMgaG F2ZSBhIGRp dmVyc2UgbG luZXVwIG9m IHRlbmFudH MsIGluY2x1 ZGluZyBuYX Rpb25hbCwg cmVnaW9uYW wsIGFuZCBs b2NhbCByZX RhaWxlcnMs IHByb3ZpZG luZyBzdGFi aWxpdHkgYW 5kIHByb3Rl Y3Rpb24gYW dhaW5zdCBl Y29ub21pYy Bkb3dudHVy bnMuPGJyPj QuIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IEJyaXht b3IgaGFzIG EgdHJhY2sg cmVjb3JkIG 9mIHN0cm9u ZyBmaW5hbm NpYWwgcGVy Zm9ybWFuY2 UgYW5kIGNv bnNpc3Rlbn QgZ3Jvd3Ro LCB3aXRoIG FuIGltcHJl c3NpdmUgb2 NjdXBhbmN5 IHJhdGUgYW 5kIHN0ZWFk eSByZW50YW wgaW5jb21l Ljxicj41Li BDb21taXRt ZW50IHRvIF N1c3RhaW5h YmxlIFByYW N0aWNlczog VGhlIGNvbX BhbnkgaGFz IGEgc3Ryb2 5nIGNvbW1p dG1lbnQgdG 8gc3VzdGFp bmFiaWxpdH ksIGltcGxl bWVudGluZy BlbmVyZ3kt c2F2aW5nIG luaXRpYXRp dmVzLCBhbm QgaW5jb3Jw b3JhdGluZy BlY28tZnJp ZW5kbHkgZm VhdHVyZXMg aW50byB0aG VpciBwcm9w ZXJ0aWVzLj xicj42LiBD b21tdW5pdH kgSW52b2x2 ZW1lbnQ6IE JyaXhtb3Ig aXMgYWN0aX ZlbHkgaW52 b2x2ZWQgaW 4gdGhlIGNv bW11bml0aW VzIHdoZXJl IGl0cyBwcm 9wZXJ0aWVz IGFyZSBsb2 NhdGVkLCBz dXBwb3J0aW 5nIGxvY2Fs IGJ1c2luZX NzZXMgYW5k IG9yZ2FuaX phdGlvbnMg dGhyb3VnaC BwYXJ0bmVy c2hpcHMgYW 5kIGNoYXJp dGFibGUgZ2 l2aW5nLjxi cj43LiBMZW FkZXJzaGlw IGFuZCBDdW x0dXJlOiBC cml4bW9y4o CZcyBsZWFk ZXJzaGlwIH RlYW0gaGFz IGEgd2VhbH RoIG9mIGV4 cGVyaWVuY2 UgYW5kIGV4 cGVydGlzZS BpbiB0aGUg cmV0YWlsIH JlYWwgZXN0 YXRlIGluZH VzdHJ5LCBh bmQgdGhlIG NvbXBhbnkg aGFzIGEgc3 Ryb25nIGN1 bHR1cmUgb2 YgaW50ZWdy aXR5LCB0cm Fuc3BhcmVu Y3ksIGFuZC Bpbm5vdmF0 aW9uLg==

QnJpeG1vci BQcm9wZXJ0 eSBHcm91cC BpcyBhIHJl YWwgZXN0YX RlIGludmVz dG1lbnQgdH J1c3QgKFJF SVQpIHRoYX Qgb3ducyBh bmQgb3Blcm F0ZXMgYSBk aXZlcnNlIH BvcnRmb2xp byBvZiBvcG VuLWFpciBz aG9wcGluZy BjZW50ZXJz IGluIHRoZS BVbml0ZWQg U3RhdGVzLi BUaGVpciBi dXNpbmVzcy Btb2RlbCBp cyBiYXNlZC BvbiBhY3F1 aXJpbmcsIG 1hbmFnaW5n LCBhbmQgZG V2ZWxvcGlu ZyByZXRhaW wgcHJvcGVy dGllcyBpbi BoaWdoLWdy b3d0aCBtYX JrZXRzIHdp dGggc3Ryb2 5nIGRlbW9n cmFwaGljcy 48YnI+QnJp eG1vciBkZX JpdmVzIGl0 cyByZXZlbn VlIHByaW1h cmlseSBmcm 9tIHJlbnRh bCBpbmNvbW UgZ2VuZXJh dGVkIGJ5IG xlYXNpbmcg c3BhY2UgdG 8gcmV0YWls IHRlbmFudH MsIGluY2x1 ZGluZyBuYX Rpb25hbCBh bmQgcmVnaW 9uYWwgcmV0 YWlsZXJzLC BhcyB3ZWxs IGFzIHNtYW xsZXIgbG9j YWwgYnVzaW 5lc3Nlcy4g VGhlIGNvbX BhbnkgZm9j dXNlcyBvbi BtYWludGFp bmluZyBhIG hpZ2ggb2Nj dXBhbmN5IH JhdGUgYW5k IGdlbmVyYX RpbmcgYSBz dGVhZHkgc3 RyZWFtIG9m IGNhc2ggZm xvdyBmcm9t IGl0cyBwcm 9wZXJ0aWVz Ljxicj5UaG VpciBzdHJh dGVneSBpbm NsdWRlcyBp bnZlc3Rpbm cgaW4gcHJv cGVydGllcy B3aXRoIHBv dGVudGlhbC Bmb3IgcmVk ZXZlbG9wbW VudCBhbmQg aW5jcmVhc2 luZyBwcm9w ZXJ0eSB2YW x1ZXMgdGhy b3VnaCBzdH JhdGVnaWMg bGVhc2luZy BhbmQgbWFu YWdlbWVudC BzdHJhdGVn aWVzLiBCcm l4bW9yIGFs c28gYWN0aX ZlbHkgcGFy dG5lcnMgd2 l0aCByZXRh aWxlcnMgdG 8gY3JlYXRl IGN1c3RvbW l6ZWQgc3Rv cmUgbG9jYX Rpb25zLCBw cm92aWRpbm cgdGhlbSB3 aXRoIHZhbH VhYmxlIGFj Y2VzcyB0by BwcmltZSBy ZXRhaWwgc3 BhY2UuPGJy PkluIGFkZG l0aW9uLCBC cml4bW9yIG 9mZmVycyBw cm9wZXJ0eS BtYW5hZ2Vt ZW50IGFuZC BhZG1pbmlz dHJhdGl2ZS BzZXJ2aWNl cyB0byBpdH MgdGVuYW50 cywgZ2VuZX JhdGluZyBh ZGRpdGlvbm FsIHJldmVu dWUgc3RyZW Ftcy4gVGhl eSBhbHNvIH N0cmF0ZWdp Y2FsbHkgbW FuYWdlIHRo ZWlyIGRlYn QgYW5kIGZp bmFuY2luZy wgYWltaW5n IHRvIG1haW 50YWluIGEg c3Ryb25nIG JhbGFuY2Ug c2hlZXQgYW 5kIGRpc3Ry aWJ1dGUgZG l2aWRlbmRz IHRvIHRoZW lyIHNoYXJl aG9sZGVycy 48YnI+T3Zl cmFsbCwgQn JpeG1vcuKA mXMgYnVzaW 5lc3MgbW9k ZWwgZm9jdX NlcyBvbiBj cmVhdGluZy BhbmQgbWFp bnRhaW5pbm cgYSBwb3J0 Zm9saW8gb2 Ygd2VsbC1s b2NhdGVkLC BhdHRyYWN0 aXZlIHJldG FpbCBwcm9w ZXJ0aWVzIH RvIGdlbmVy YXRlIHN0YW JsZSBhbmQg cHJlZGljdG FibGUgbG9u Zy10ZXJtIH JldHVybnMg Zm9yIHRoZW lyIGludmVz dG9ycy4=

AI can potentially impact Brixmor Property Group’s products, services, and competitive positioning in several ways, though the degree of threat may vary.
1. Substitution: AI can enhance the capabilities of competitors in real estate and property management. For instance, automated property management systems and virtual leasing agents powered by AI could lead to improved efficiencies and customer experiences, potentially drawing tenants away from Brixmor’s properties if they do not adopt similar technologies.
2. Disintermediation: The rise of AI-driven platforms can lead to disintermediation in the real estate market. For example, AI tools that connect tenants directly with property owners or alternative investment platforms could reduce the need for traditional retail properties or change how businesses engage with commercial spaces, impacting Brixmor’s occupancy rates.
3. Margin Pressure: AI can drive down operational costs by automating various tasks such as maintenance scheduling, customer inquiries, and data analysis. If competitors successfully leverage AI technologies to reduce their costs, they could undercut prices or offer more attractive terms, putting pressure on Brixmor’s profit margins.
While AI presents challenges, it also offers opportunities for Brixmor to enhance its operational efficiency, improve customer engagement, and innovate in its service offerings. The strategic adoption of AI tools could mitigate potential threats and position the company favorably in a competitive landscape.

Brixmor Property Group’s earnings, cash flow, and valuation are sensitive to changes in interest rates due to several interconnected factors.
1. Cost of Debt: As a real estate investment trust (REIT), Brixmor often relies on borrowed capital to fund acquisitions and operations. An increase in interest rates raises the cost of debt, leading to higher interest expenses. This can reduce net income and cash flow, impacting overall earnings.
2. Financing Activity: Higher interest rates can lead to a tightening of credit, making it more expensive for Brixmor to secure financing for new developments or property acquisitions. This can slow down growth and expansion plans, further influencing earnings.
3. Cap Rates: Interest rates have a direct correlation with capitalization rates (cap rates) in real estate valuation. When interest rates rise, cap rates often increase as well, leading to lower property valuations. This can affect Brixmor’s market capitalization and the perceived value of its portfolio.
4. Investor Demand: REITs are often compared to other income-generating investments, such as bonds. When interest rates rise, the appeal of bonds increases, potentially drawing investment away from REITs like Brixmor. This can lead to a decline in stock prices and market valuation.
5. Consumer Spending: Higher interest rates can dampen consumer spending as borrowing costs increase. This can affect rental income from retail properties, directly impacting cash flow and earnings.
In summary, changes in interest rates can significantly influence Brixmor Property Group’s financial performance, affecting earnings through higher debt costs, impacting growth potential, influencing property valuations, and altering investor sentiment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgQn JpeG1vciBQ cm9wZXJ0eS BHcm91cOKA mXMgZWNvbm 9taWNzIG92 ZXIgdGhlIG 5leHQgMyB0 byA1IHllYX JzIGludm9s dmVzIGEgc2 lnbmlmaWNh bnQgYW5kIH Byb2xvbmdl ZCBkb3dudH VybiBpbiB0 aGUgcmV0YW lsIHJlYWwg ZXN0YXRlIH NlY3Rvciwg ZXhhY2VyYm F0ZWQgYnkg YSBjb21iaW 5hdGlvbiBv ZiBlY29ub2 1pYyByZWNl c3Npb24sIG UtY29tbWVy Y2UgZ3Jvd3 RoLCBhbmQg c2hpZnRpbm cgY29uc3Vt ZXIgYmVoYX Zpb3JzLjxi cj5JbiB0aG lzIHNjZW5h cmlvLCBzZX ZlcmFsIGZh Y3RvcnMgY2 91bGQgbGVh ZCB0byBwZX JtYW5lbnQg aW1wYWlybW VudDo8YnI+ MS4gPHN0cm 9uZz5FY29u b21pYyBSZW Nlc3Npb248 L3N0cm9uZz 46IEEgc2V2 ZXJlIGVjb2 5vbWljIGRv d250dXJuIG NvdWxkIHJl c3VsdCBpbi BpbmNyZWFz ZWQgc3Rvcm UgY2xvc3Vy ZXMgYXMgcm V0YWlsZXJz IHN0cnVnZ2 xlIHdpdGgg ZGVjcmVhc2 VkIGNvbnN1 bWVyIHNwZW 5kaW5nLiBU aGlzIHdvdW xkIGxlYWQg dG8gaGlnaG VyIHZhY2Fu Y3kgcmF0ZX MgaW4gQnJp eG1vcuKAmX Mgc2hvcHBp bmcgY2VudG VycywgcmVk dWNpbmcgcm VudGFsIGlu Y29tZSBhbm QgaW5jcmVh c2luZyB0aG UgbmVlZCBm b3IgY29uY2 Vzc2lvbnMg dG8gcmV0YW luIHRlbmFu dHMuPGJyPj IuIDxzdHJv bmc+RS1jb2 1tZXJjZSBE b21pbmFuY2 U8L3N0cm9u Zz46IENvbn RpbnVlZCBy YXBpZCBncm 93dGggaW4g ZS1jb21tZX JjZSB3b3Vs ZCBmdXJ0aG VyIGRpbWlu aXNoIGZvb3 QgdHJhZmZp YyB0byBicm ljay1hbmQt bW9ydGFyIH N0b3Jlcy4g UmV0YWlsZX JzIG1heSBj aG9vc2UgdG 8gZG93bnNp emUgb3IgZW xpbWluYXRl IHBoeXNpY2 FsIGxvY2F0 aW9ucywgaW 1wYWN0aW5n IEJyaXhtb3 LigJlzIHRl bmFudCBiYX NlIGFuZCBs ZWFkaW5nIH RvIG1vcmUg dmFjYW5jaW VzLjxicj4z LiA8c3Ryb2 5nPkNoYW5n aW5nIENvbn N1bWVyIEJl aGF2aW9yPC 9zdHJvbmc+ OiBBIHBlcm 1hbmVudCBz aGlmdCBpbi Bjb25zdW1l ciBwcmVmZX JlbmNlcyB0 b3dhcmQgb2 5saW5lIHNo b3BwaW5nIG FuZCBleHBl cmllbnRpYW wgcmV0YWls IGNvdWxkIH JlbmRlciBz b21lIG9mIE JyaXhtb3Li gJlzIHByb3 BlcnRpZXMg bGVzcyBkZX NpcmFibGUu IENlbnRlcn MgdGhhdCBy ZWx5IGhlYX ZpbHkgb24g dHJhZGl0aW 9uYWwgcmV0 YWlsIHRlbm FudHMgbWF5 IGZhY2UgbG 9uZy10ZXJt IGRlcHJlY2 lhdGlvbiBp biBhc3NldC B2YWx1ZS48 YnI+NC4gPH N0cm9uZz5J bmNyZWFzZW QgQ29tcGV0 aXRpb248L3 N0cm9uZz46 IE5ldyBtYX JrZXQgZW50 cmFudHMsIG luY2x1ZGlu ZyBvbmxpbm UgcmV0YWls ZXJzIGV4cG FuZGluZyB0 aGVpciBsb2 dpc3RpY3Mg YW5kIGZ1bG ZpbGxtZW50 IGNhcGFiaW xpdGllcywg Y291bGQgcH V0IGFkZGl0 aW9uYWwgcH Jlc3N1cmUg b24gQnJpeG 1vcuKAmXMg dGVuYW50IH JldGFpbGVy cywgbGVhZG luZyB0byBm dXJ0aGVyIG RlZmF1bHRz IGFuZCB2YW NhbmNpZXMu PGJyPklmIH RoaXMgc2Nl bmFyaW8gcG xheWVkIG91 dCwgdGhlIG Vjb25vbWlj IGltcGFjdC BvbiBCcml4 bW9yIFByb3 BlcnR5IEdy b3VwIHdvdW xkIGJlIHBy b2ZvdW5kOj xicj4tIDxz dHJvbmc+TW FyZ2luczwv c3Ryb25nPj ogVGhlIGNv bXBhbnnigJ lzIHByb2Zp dCBtYXJnaW 5zIHdvdWxk IGxpa2VseS BzaHJpbmsg c2lnbmlmaW NhbnRseSBh cyBhIHJlc3 VsdCBvZiBk ZWNsaW5pbm cgcmVudGFs IGluY29tZS BhbmQgaW5j cmVhc2VkIH Byb3BlcnR5 IG1hbmFnZW 1lbnQgY29z dHMgYXNzb2 NpYXRlZCB3 aXRoIGhpZ2 hlciB2YWNh bmN5IHJhdG VzLiBPcGVy YXRpbmcgZX hwZW5zZXMs IGluY2x1ZG luZyBtYWlu dGVuYW5jZS BhbmQgc2Vj dXJpdHkgZm 9yIHZhY2Fu dCBwcm9wZX J0aWVzLCB3 b3VsZCByaX NlLCBmdXJ0 aGVyIHNxdW VlemluZyBt YXJnaW5zLj xicj4tIDxz dHJvbmc+Q2 FzaCBGbG93 PC9zdHJvbm c+OiBDYXNo IGZsb3cgZn JvbSBvcGVy YXRpb25zIG NvdWxkIGJl IHNldmVyZW x5IGltcGFj dGVkLCBlc3 BlY2lhbGx5 IGlmIHRoZS Bjb21wYW55 IGhhcyB0by BvZmZlciBy ZW50IGNvbm Nlc3Npb25z IG9yIGFsbG 93YW5jZXMg dG8gcmV0YW luIHRlbmFu dHMuIEEgZG VjbGluZSBp biBjYXNoIG Zsb3cgd291 bGQgcmVzdH JpY3QgQnJp eG1vcuKAmX MgYWJpbGl0 eSB0byBpbn Zlc3QgaW4g cHJvcGVydH kgdXBncmFk ZXMsIHNlcn ZpY2UgZGVi dCwgb3Igcm V0dXJuIGNh cGl0YWwgdG 8gc2hhcmVo b2xkZXJzLj xicj4tIDxz dHJvbmc+Qm FsYW5jZSBT aGVldDwvc3 Ryb25nPjog VGhlIGJhbG FuY2Ugc2hl ZXQgd291bG QgcmVmbGVj dCBoaWdoZX IgbGV2ZWxz IG9mIGRlYn QgcmVsYXRp dmUgdG8gYX NzZXRzLCBw YXJ0aWN1bG FybHkgaWYg QnJpeG1vci BuZWVkZWQg dG8gdGFrZS BvbiBhZGRp dGlvbmFsIG ZpbmFuY2lu ZyB0byBjb3 ZlciBvcGVy YXRpb25hbC BzaG9ydGZh bGxzLiBUaG UgdmFsdWUg b2YgaXRzIH JlYWwgZXN0 YXRlIGFzc2 V0cyBjb3Vs ZCBkZWNsaW 5lIGR1ZSB0 byBpbmNyZW FzZWQgdmFj YW5jaWVzIG FuZCB0aGUg b3ZlcmFsbC BkZXByZWNp YXRpb24gb2 YgcmV0YWls IGNlbnRlcn MsIHJlc3Vs dGluZyBpbi Bwb3RlbnRp YWwgaW1wYW lybWVudHMu IEluY3JlYX NlZCB2YWNh bmNpZXMgY2 91bGQgYWxz byBsZWFkIH RvIGEgZG93 bmdyYWRlIG 9mIGNyZWRp dCByYXRpbm dzLCBtYWtp bmcgZnV0dX JlIGJvcnJv d2luZyBtb3 JlIGV4cGVu c2l2ZS48Yn I+SW4gc3Vt LCBhIGNvbW JpbmF0aW9u IG9mIGVjb2 5vbWljIHJl Y2Vzc2lvbi wgZS1jb21t ZXJjZSBncm 93dGgsIGFu ZCBldm9sdm luZyBjb25z dW1lciBwcm VmZXJlbmNl cyBjb3VsZC BsZWFkIEJy aXhtb3IgUH JvcGVydHkg R3JvdXAgaW 50byBhIGNo YWxsZW5naW 5nIGZpbmFu Y2lhbCBzY2 VuYXJpbyBj aGFyYWN0ZX JpemVkIGJ5 IHdlYWtlbm VkIG1hcmdp bnMsIHJlZH VjZWQgY2Fz aCBmbG93LC BhbmQgYSBk ZXRlcmlvcm F0aW5nIGJh bGFuY2Ugc2 hlZXQuPGJy Pg==

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 bG9nb3MvNl FpV1pVMkE3 SmVUeENNQl h3dmkud2Vi cCIgYWx0PS JCcml4bW9y IFByb3Blcn R5IEdyb3Vw IiB0aXRsZT 0iQnJpeG1v ciBQcm9wZX J0eSBHcm91 cCIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBCcml4 bW9yIFByb3 BlcnR5IEdy b3VwPwogIC 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+S oSBMZWFybi BzbWFydGVy IHN0b2NrIH BpY2tzIHdp dGggPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDEycHg7IG ZvbnQtc2l6 ZTogMTNweD sgY29sb3I6 ICM0NDQ7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIF NpZ24gdXAg bm93IGFuZC BnZXQgb3Vy IGZyZWUgZU Jvb2sgCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8Yj5U aGUgQ2hlY2 tsaXN0IFZh bHVlIEludm VzdG9yIOKA lCBBIFNtYX J0ZXIgV2F5 IHRvIFBpY2 sgU3RvY2tz PC9iPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg LS0+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwh LS0KICAgIC AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nbWFyZ2lu LXRvcDogMT ZweDsgZm9u dC1zaXplOi AxNHB4OyBj b2xvcjogIz Q0NDsgZm9u dC1mYW1pbH k6IC1hcHBs ZS1zeXN0ZW 0sIEJsaW5r TWFjU3lzdG VtRm9udCwg U2Vnb2UgVU ksIFJvYm90 bywgSGVsdm V0aWNhIE5l dWUsIHNhbn Mtc2VyaWY7 IGxpbmUtaG VpZ2h0OiAx LjY7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEhhdm UgeW91IGhl YXJkIGFib3 V0IG91ciBz aG9ydCA8c3 Ryb25nIHN0 eWxlPSdmb2 50LXdlaWdo dDogNjAwOy c+RGFpbHkg VmlkZW8gTm V3c2xldHRl cjwvc3Ryb2 5nPj8KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIDxhIGhy ZWY9J2h0dH BzOi8vd3d3 Lmluc2lnaH RmdWx2YWx1 ZS5jb20vbm V3c2xldHRl ci5waHAnIH RhcmdldD0n X2JsYW5rJy BzdHlsZT0n Y29sb3I6IC MwMDdCRkY7 IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sgZm9udC13 ZWlnaHQ6ID UwMDsgbWFy Z2luLWxlZn Q6IDZweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIEZpbm Qgb3V0IG1v cmUKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAKICAg ICAgICAKIC AgICAgICA8 c3BhbiBjbG Fzcz0nYmx1 cnJlZC10ZX h0Jz4KICAg ICAgICAgIC AgTVM0Z1Fu SnBlRyAxdm NpQlFjbTl3 IFpYSjBlU0 JIY20gOTFj Q0JwY3lCdi BibVVnYjJZ Z2RHIGhsSU d4aGNtZGwg YzNRZ2IzZH VaWCBKeklH RnVaQ0J2IG NHVnlZWFJ2 Y24gTWdiMl lnYjNCbCBi aTFoYVhJZ2 MyIGh2Y0hC cGJtY2cgWT JWdWRHVnlj eSBCcGJpQj BhR1VnIFZX NXBkR1ZrSU YgTjBZWFJs Y3l3ZyBkMm wwYUNCaElI IEJ2Y25SbW IyeHAgYnlC dlppQnZkbS BWeUlEUXdN Q0J3IGNtOX daWEowYVcg VnpManhpY2 o0eSBMaUJV YUdVZ1kyID l0Y0dGdWVT QjMgWVhNZ1 ptOTFibSBS bFpDQnBiaU F4IE9UZzFJ R0Z6SUcgRW djM1ZpYzJs ayBhV0Z5ZV NCdlppIEIw YUdVZ1FteG ggWTJ0emRH OXVaUyBCSG NtOTFjQ3dn IFlTQm5iRz lpWVcgd2dh VzUyWlhOMC BiV1Z1ZENC bWFYIEp0TG p4aWNqNHog TGlCQ2NtbD RiVyA5eUlI ZGxiblFnIG NIVmliR2xq SUcgbHVJRE l3TVRNZyBZ VzVrSUdsek lHIHhwYzNS bFpDQnYgYm lCMGFHVWdU bSBWM0lGbH ZjbXNnIFUz UnZZMnNnUl ggaGphR0Z1 WjJVZyBkVz VrWlhJZ2RH IGhsSUhScF kydGwgY2lC emVXMWliMi B3Z1FsSllM anhpIGNqND BMaUJVYUcg VWdZMjl0Y0 dGdSBlZUtB bVhNZ2FHIF ZoWkhGMVlY SjAgWlhKek lHRnlaUyBC c2IyTmhkR1 ZrIElHbHVJ RTVsZHkgQl piM0pySUVO cCBkSGtzSU hkcGRHIGdn Y21WbmFXOX UgWVd3Z2Iy Wm1hVyBObG N5QjBhSEp2 IGRXZG9iM1 YwSUggUm9a U0JqYjNWdS BkSEo1TGp4 aWNqIDQxTG lCQ2NtbDQg Ylc5eTRvQ1 pjeSBCd2Nt OXdaWEowIG FXVnpJR0Z5 WlMgQndjbW x0WVhKcCBi SGtnYkc5al lYIFJsWkNC cGJpQmsgWl c1elpXeDVJ SCBCdmNIVn NZWFJsIFpD QmhibVFnWV cgWm1iSFZs Ym5RZyBZWE psWVhNc0lI IGRwZEdnZ1 lTQm0gYjJO MWN5QnZiaS BCbmNtOWpa WEo1IExXRn VZMmh2Y20g VmtJR05sYm 5SbCBjbk11 UEdKeVBqIF l1SUZSb1pT QmogYjIxd1 lXNTU0byBD WmN5QjBaVz VoIGJuUnpJ R2x1WTIgeD FaR1VnYldG cSBiM0lnYm 1GMGFXIDl1 WVd3Z2NtVj AgWVdsc1pY SnpJSCBOMV kyZ2dZWE1n IFYyRnNiV0 Z5ZEMgd2dW R0Z5WjJWMC BMQ0JVU2lC TllYIGg0TE NCaGJtUWcg UzNKdloyVn lMaiB4aWNq NDNMaUJDIG NtbDRiVzl5 NG8gQ1pjeU J3YjNKMCBa bTlzYVc4Z2 MzIEJoYm5N Z2IzWmwgY2 lBM05DQnRh VyB4c2FXOX VJSE54IGRX RnlaU0JtWl cgVjBJRzlt SUd4bCBZWE 5oWW14bElI IE53WVdObE xDQnQgWVd0 cGJtY2dhWC BRZ2IyNWxJ RzltIElIUm 9aU0JzWVgg Sm5aWE4wSU hObyBiM0J3 YVc1bklHIE 5sYm5SbGNp QnYgZDI1bG NuTWdhVyA0 Z2RHaGxJR0 52IGRXNTBj bmt1UEcgSn lQamd1SUVs dSBJREl3TV Rnc0lFIEp5 YVhodGIzSW cgYkdGMWJt Tm9aVyBRZ1 lTQnpkWE4w IFlXbHVZV0 pwYkcgbDBl U0J3Y205bi BjbUZ0SUdO aGJHIHhsWk NCQ0lFZHkg WldWdUlIZH BkRyBnZ1lT QmpiMjF0IG FYUnRaVzUw SUggUnZJSE psWkhWaiBh VzVuSUdsMG N5IEJsYm5a cGNtOXUgYl dWdWRHRnNJ RyBsdGNHRm pkQ0IwIGFI SnZkV2RvSU cgVnVaWEpu ZVNCbCBabV pwWTJsbGJt IE41TENCM1 lYTjAgWlNC eVpXUjFZMy BScGIyNHNJ R0Z1IFpDQn pkWE4wWVcg bHVZV0pzWl NCdyBjbUZq ZEdsalpYIE 11UEdKeVBq a3UgSUVKeW FYaHRiMyBJ Z2FHRnpJR0 VnIGMzUnli MjVuSUcgTn ZiVzFwZEcx bCBiblFnZE c4Z1kyIDl0 YlhWdWFYUj UgSUdsdWRt OXNkbSBWdF pXNTBJR0Z1 IFpDQm9ZWE 1nY0cgRnlk RzVsY21Way BJSGRwZEdn Z2IzIEpuWV c1cGVtRjAg YVc5dWN5Qn pkVyBOb0lH RnpJRWhoIF ltbDBZWFFn Wm0gOXlJRW gxYldGdSBh WFI1TENCR1 pXIFZrYVc1 bklFRnQgWl hKcFkyRXNJ RyBGdVpDQj BhR1VnIFFX MWxjbWxqWV cgNGdVbVZr SUVOeSBiM0 56SUhSdklI IE4xY0hCdm NuUWcgYkc5 allXd2dZMi A5dGJYVnVh WFJwIFpYTX VQR0p5UGog RXdMaUJKYm lBeSBNREl3 TENCQ2NtIG w0Ylc5eUlI ZGggY3lCeV pXTnZaMiA1 cGVtVmtJR0 o1IElIUm9a U0JPWVggUn BiMjVoYkNC QiBjM052WT JsaGRHIGx2 YmlCdlppQl MgWldGc0lF VnpkRyBGMF pTQkpiblps IGMzUnRaVz UwSUYgUnlk WE4wY3lBby BUa0ZTUlVs VUtTIEIzYV hSb0lHRWcg VEdWaFpHVn lJRyBsdUlI Um9aU0JNIG FXZG9kQ0JC ZDIgRnlaQ0 JtYjNJZyBh WFJ6SUhOMW MzIFJoYVc1 aFltbHMgYV hSNUlHVm1a bSA5eWRITX UKICAgICAg ICA8L3NwYW 4+CiAgICAg ICAgCiAgIC AgICAg