Universal Health Realty

-13.59%

More reviews (1)

Live  

CEO: Alan B. Miller
Founded: 1986
Headquarters: King of Prussia, Pennsylvania
Industry: Real estate investment trusts (REITs)
Revenue: $113 million (2019)
Number of employees: Approximately 10 (as of 2021)
Universal Health Realty is a publicly traded company (NYSE: UHT) that invests in healthcare and human service related facilities through the ownership and leasing of real estate properties. The company's holdings include medical office buildings, specialty hospitals, rehabilitation hospitals, and childcare and education facilities.
The company's portfolio includes properties across the United States, with a focus on high-growth, underserved markets. As of 2021, the company owns 2.5 million square feet of real estate with a total value of approximately $500 million.
Universal Health Realty is known for its long-term relationships with its tenants and its conservative approach to real estate investment. The company prides itself on maintaining high-quality properties and striving to provide superior service to its tenants.
Universal Health Realty is structured as a real estate investment trust (REIT), which allows the company to provide investors with regular cash distributions from its rental income. As a result, the company's stock is a popular investment for those seeking stable and regular dividend payouts.
In addition to its real estate holdings, Universal Health Realty also has a charitable arm, the Universal Health Services Foundation, which supports healthcare-related causes and organizations in the communities in which the company operates.

VW5pdmVyc2 FsIEhlYWx0 aCBSZWFsdH kgaXMgYSBj b21wYW55IH RoYXQgb3du cyBhbmQgbW FuYWdlcyBw bGFjZXMgd2 hlcmUgcGVv cGxlIGdldC BtZWRpY2Fs IGNhcmUsIG xpa2UgaG9z cGl0YWxzIG FuZCB0cmVh dG1lbnQgY2 VudGVycy4g SW1hZ2luZS B0aGVzZSBw bGFjZXMgYX MgYnVpbGRp bmdzIHdoZX JlIGRvY3Rv cnMgYW5kIG 51cnNlcyBo ZWxwIHBlb3 BsZSBmZWVs IGJldHRlci B3aGVuIHRo ZXkgYXJlIH NpY2sgb3Ig aW5qdXJlZC 48YnI+VGhl IGNvbXBhbn kgbWFrZXMg bW9uZXkgaW 4gYSBjb3Vw bGUgb2Ygd2 F5cy4gRmly c3QsIGl0IG J1eXMgdGhl c2UgaGVhbH RoY2FyZSBi dWlsZGluZ3 MgYW5kIHJl bnRzIHRoZW 0gb3V0IHRv IGRvY3Rvcn MgYW5kIGhv c3BpdGFscy 4gV2hlbiB0 aGVzZSBwbG FjZXMgZ2V0 IHBhaWQgZm 9yIGhlbHBp bmcgcGF0aW VudHMsIHBh cnQgb2YgdG hhdCBtb25l eSBnb2VzIH RvIFVuaXZl cnNhbCBIZW FsdGggUmVh bHR5IGJlY2 F1c2UgdGhl eSBvd24gdG hlIGJ1aWxk aW5nLiBTby wgdGhlIG1v cmUgcGF0aW VudHMgdGhh dCB2aXNpdC B0aGVzZSBw bGFjZXMsIH RoZSBtb3Jl IG1vbmV5IH RoZSBjb21w YW55IG1ha2 VzIGZyb20g cmVudC48Yn I+VGhlIGNv bXBhbnkgaX Mgc3VjY2Vz c2Z1bCBmb3 IgYSBmZXcg cmVhc29ucy 4gRmlyc3Qs IGhlYWx0aG NhcmUgaXMg cmVhbGx5IG ltcG9ydGFu dCwgYW5kIH Blb3BsZSB3 aWxsIGFsd2 F5cyBuZWVk IHRvIHNlZS Bkb2N0b3Jz IGFuZCBnZX QgdHJlYXRt ZW50cy4gVG hpcyBtZWFu cyB0aGF0IH RoZSBkZW1h bmQgZm9yIG 1lZGljYWwg YnVpbGRpbm dzIGlzIHN0 ZWFkeS4gQW xzbywgVW5p dmVyc2FsIE hlYWx0aCBS ZWFsdHkgaG FzIGV4cGVy aWVuY2UgaW 4gbWFuYWdp bmcgdGhlc2 UgcHJvcGVy dGllcywgd2 hpY2ggaGVs cHMgdGhlbS BrZWVwIGV2 ZXJ5dGhpbm cgcnVubmlu ZyBzbW9vdG hseSBhbmQg YXR0cmFjdC Bnb29kIHRl bmFudHMuPG JyPkxvb2tp bmcgaW50by B0aGUgZnV0 dXJlLCBVbm l2ZXJzYWwg SGVhbHRoIF JlYWx0eSBp cyBsaWtlbH kgdG8gc3Rh eSBzdWNjZX NzZnVsIGJl Y2F1c2UgaG VhbHRoY2Fy ZSBuZWVkcy B3aWxsIGtl ZXAgZ3Jvd2 luZy4gTW9y ZSBwZW9wbG Ugd2lsbCBu ZWVkIG1lZG ljYWwgY2Fy ZSBhcyB0aG V5IGFnZSwg YW5kIG5ldy B0ZWNobm9s b2dpZXMgYW 5kIHRyZWF0 bWVudHMgd2 lsbCBjcmVh dGUgZXZlbi Btb3JlIGRl bWFuZCBmb3 IgaGVhbHRo Y2FyZSBmYW NpbGl0aWVz LiBTaW5jZS BVbml2ZXJz YWwgSGVhbH RoIFJlYWx0 eSBmb2N1c2 VzIG9uIGhl YWx0aGNhcm UgcHJvcGVy dGllcywgdG hleSBhcmUg aW4gYSBnb2 9kIHBvc2l0 aW9uIHRvIG NvbnRpbnVl IG1ha2luZy Btb25leSBh bmQgaGVscG luZyBwZW9w bGUgaW4gbm VlZC48YnI+

MS4gRm9jdX NlZCBzb2xl bHkgb24gaG VhbHRoY2Fy ZSByZWFsIG VzdGF0ZTog VW5pdmVyc2 FsIEhlYWx0 aCBSZWFsdH kgaXMgZGVk aWNhdGVkIG V4Y2x1c2l2 ZWx5IHRvIG 93bmluZyBh bmQgb3Blcm F0aW5nIGhl YWx0aGNhcm UtcmVsYXRl ZCBwcm9wZX J0aWVzLCBt YWtpbmcgaX QgYSBzcGVj aWFsaXplZC BhbmQgdHJ1 c3RlZCBjb2 1wYW55IGlu IHRoaXMgc2 VjdG9yLjxi cj4yLiBEaX ZlcnNlIHBv cnRmb2xpbz ogV2hpbGUg dGhlIGNvbX BhbnkgcHJp bWFyaWx5IG ZvY3VzZXMg b24gbWVkaW NhbCBvZmZp Y2UgYnVpbG RpbmdzLCBp dCBhbHNvIG hhcyBpbnZl c3RtZW50cy BpbiBzZW5p b3IgaG91c2 luZywgYWN1 dGUgY2FyZS Bob3NwaXRh bHMsIGFuZC ByZWhhYmls aXRhdGlvbi Bob3NwaXRh bHMsIHByb3 ZpZGluZyBh IGRpdmVyc2 UgYW5kIHN0 YWJsZSBwb3 J0Zm9saW8u PGJyPjMuIE hpZ2gtcXVh bGl0eSBwcm 9wZXJ0aWVz OiBVbml2ZX JzYWwgSGVh bHRoIFJlYW x0eSBvbmx5 IGludmVzdH MgaW4gaGln aC1xdWFsaX R5IHByb3Bl cnRpZXMsIH dpdGggd2Vs bC1lc3RhYm xpc2hlZCBo ZWFsdGhjYX JlIHByb3Zp ZGVycyBhcy B0ZW5hbnRz LCBlbnN1cm luZyBzdGVh ZHkgcmVudG FsIGluY29t ZSBhbmQgbW luaW1hbCBv Y2N1cGFuY3 kgcmlza3Mu PGJyPjQuIE xvbmctdGVy bSBsZWFzZS BhZ3JlZW1l bnRzOiBUaG UgY29tcGFu eSB0eXBpY2 FsbHkgZW50 ZXJzIGludG 8gbG9uZy10 ZXJtIGxlYX NlIGFncmVl bWVudHMgd2 l0aCBpdHMg dGVuYW50cy wgcHJvdmlk aW5nIHN0YW JpbGl0eSBh bmQgcHJlZG ljdGFibGUg Y2FzaCBmbG 93cyBmb3Ig aW52ZXN0b3 JzLjxicj41 LiBTdHJvbm cgZmluYW5j aWFsIHBlcm Zvcm1hbmNl OiBVbml2ZX JzYWwgSGVh bHRoIFJlYW x0eSBoYXMg YSB0cmFjay ByZWNvcmQg b2YgY29uc2 lzdGVudCBh bmQgc3RhYm xlIGZpbmFu Y2lhbCBwZX Jmb3JtYW5j ZSwgd2l0aC BhIHN0ZWFk eSBpbmNyZW FzZSBpbiBy ZXZlbnVlcy BhbmQgZGl2 aWRlbmRzIG ZvciBzaGFy ZWhvbGRlcn Mgb3ZlciB0 aGUgeWVhcn MuPGJyPjYu IEV4cGVyaW VuY2VkIG1h bmFnZW1lbn QgdGVhbTog VGhlIGNvbX BhbnnigJlz IG1hbmFnZW 1lbnQgdGVh bSBoYXMgZX h0ZW5zaXZl IGV4cGVyaW VuY2UgaW4g dGhlIGhlYW x0aGNhcmUg cmVhbCBlc3 RhdGUgc2Vj dG9yLCBwcm 92aWRpbmcg ZXhwZXJ0aX NlIGluIHBy b3BlcnR5IG 1hbmFnZW1l bnQsIGxlYX NpbmcsIGFu ZCBhY3F1aX NpdGlvbnMu PGJyPjcuIF NvY2lhbGx5 IHJlc3Bvbn NpYmxlOiBV bml2ZXJzYW wgSGVhbHRo IFJlYWx0eS BpcyBjb21t aXR0ZWQgdG 8gc29jaWFs IHJlc3Bvbn NpYmlsaXR5 IGFuZCBldG hpY2FsIHBy YWN0aWNlcy wgd2l0aCBh IGZvY3VzIG 9uIHByb3Zp ZGluZyBoaW doLXF1YWxp dHkgaGVhbH RoY2FyZSBw cm9wZXJ0aW VzIHRoYXQg YmVuZWZpdC Bib3RoIHBh dGllbnRzIG FuZCBoZWFs dGhjYXJlIH Byb3ZpZGVy cy48YnI+OC 4gQWNxdWlz aXRpb25zIG FuZCBncm93 dGggcG90ZW 50aWFsOiBU aGUgY29tcG FueSBoYXMg YSBzdHJvbm cgYmFsYW5j ZSBzaGVldC BhbmQgYWNj ZXNzIHRvIG NhcGl0YWws IGFsbG93aW 5nIGl0IHRv IHB1cnN1ZS BzdHJhdGVn aWMgYWNxdW lzaXRpb25z IGFuZCBkcm l2ZSBmdXJ0 aGVyIGdyb3 d0aCBpbiB0 aGUgaGVhbH RoY2FyZSBy ZWFsIGVzdG F0ZSBzZWN0 b3IuPGJyPj kuIFN0YWJs ZSBhbmQgZ3 Jvd2luZyBk ZW1hbmQ6IF RoZSBkZW1h bmQgZm9yIG hlYWx0aGNh cmUgc2Vydm ljZXMgaXMg ZXhwZWN0ZW QgdG8gaW5j cmVhc2UgYX MgdGhlIHBv cHVsYXRpb2 4gYWdlcyBh bmQgcmVxdW lyZXMgbW9y ZSBtZWRpY2 FsIGNhcmUs IHByb3ZpZG luZyBhIHN0 YWJsZSBhbm QgZ3Jvd2lu ZyBkZW1hbm QgZm9yIFVu aXZlcnNhbC BIZWFsdGgg UmVhbHR54o CZcyBwcm9w ZXJ0aWVzLj xicj4xMC4g RGl2aWRlbm QgaGlzdG9y eTogVW5pdm Vyc2FsIEhl YWx0aCBSZW FsdHkgaGFz IGEgbG9uZy BoaXN0b3J5 IG9mIHBheW luZyBkaXZp ZGVuZHMsIH dpdGggY29u c2lzdGVudC BhbmQgaW5j cmVhc2luZy BwYXlvdXRz IHRvIHNoYX JlaG9sZGVy cy4gVGhpcy BtYWtlcyBp dCBhbiBhdH RyYWN0aXZl IG9wdGlvbi Bmb3IgaW52 ZXN0b3JzIG xvb2tpbmcg Zm9yIGluY2 9tZS1nZW5l cmF0aW5nIG Fzc2V0cy4=

VW5pdmVyc2 FsIEhlYWx0 aCBSZWFsdH kgKFVIUikg aXMgYSByZW FsIGVzdGF0 ZSBpbnZlc3 RtZW50IHRy dXN0IChSRU lUKSBmb2N1 c2VkIG9uIG 93bmluZywg bWFuYWdpbm csIGFuZCBs ZWFzaW5nIG hlYWx0aGNh cmUgcHJvcG VydGllcy4g VGhlIGNvbX BhbnkgcHJp bWFyaWx5IG ludmVzdHMg aW4gbWVkaW NhbCBvZmZp Y2UgYnVpbG RpbmdzLCBo b3NwaXRhbH MsIGFuZCBv dGhlciBoZW FsdGhjYXJl LXJlbGF0ZW QgZmFjaWxp dGllcy48Yn I+VUhSJ3Mg YnVzaW5lc3 MgbW9kZWwg aXMgY2VudG VyZWQgYXJv dW5kIGdlbm VyYXRpbmcg cmVndWxhci BpbmNvbWUg YW5kIGxvbm ctdGVybSBn cm93dGggZm 9yIGl0cyBz aGFyZWhvbG RlcnMgYnkg YWNxdWlyaW 5nIGFuZCBk ZXZlbG9waW 5nIGhpZ2gt cXVhbGl0eS BoZWFsdGhj YXJlIHJlYW wgZXN0YXRl IHByb3Blcn RpZXMuIFRo ZSBjb21wYW 55IGxlYXNl cyB0aGVzZS Bwcm9wZXJ0 aWVzIHRvIG hlYWx0aGNh cmUgcHJvdm lkZXJzLCBz dWNoIGFzIG hvc3BpdGFs cywgbWVkaW NhbCBwcmFj dGljZXMsIG FuZCBjbGlu aWNzLCBvbi Bsb25nLXRl cm0sIHRyaX BsZS1uZXQg bGVhc2VzLj xicj5UaGlz IGJ1c2luZX NzIG1vZGVs IGFsbG93cy BVSFIgdG8g Z2VuZXJhdG UgYSBzdGFi bGUgc3RyZW FtIG9mIHJl bnRhbCBpbm NvbWUsIGFz IHdlbGwgYX MgYmVuZWZp dCBmcm9tIH BvdGVudGlh bCBwcm9wZX J0eSB2YWx1 ZSBhcHByZW NpYXRpb24g b3ZlciB0aW 1lLiBUaGUg Y29tcGFueS dzIHJlYWwg ZXN0YXRlIH BvcnRmb2xp byBpcyBkaX ZlcnNpZmll ZCBhY3Jvc3 MgdmFyaW91 cyBoZWFsdG hjYXJlIHNl Y3RvcnMgYW 5kIGdlb2dy YXBoaWMgcm VnaW9ucywg bWl0aWdhdG luZyByaXNr IGFuZCBwcm 92aWRpbmcg YSBzdGVhZH kgc291cmNl IG9mIGNhc2 ggZmxvdy48 YnI+RnVydG hlcm1vcmUs IFVIUidzIG J1c2luZXNz IG1vZGVsIG lzIGluZmx1 ZW5jZWQgYn kgdGhlIGxv bmctdGVybS B0cmVuZCBv ZiBhbiBhZ2 luZyBwb3B1 bGF0aW9uIG FuZCB0aGUg aW5jcmVhc2 luZyBkZW1h bmQgZm9yIG hlYWx0aGNh cmUgc2Vydm ljZXMuIFRo aXMgaXMgZX hwZWN0ZWQg dG8gZHJpdm UgdGhlIGRl bWFuZCBmb3 IgaGVhbHRo Y2FyZSByZW FsIGVzdGF0 ZSBhbmQgcG 90ZW50aWFs bHkgaW5jcm Vhc2UgcHJv cGVydHkgdm FsdWVzIGFu ZCByZW50YW wgcmF0ZXMu PGJyPk92ZX JhbGwsIFVI UidzIGJ1c2 luZXNzIG1v ZGVsIGlzIG Rlc2lnbmVk IHRvIHByb3 ZpZGUgYSBz dGFibGUgYW 5kIGdyb3dp bmcgc3RyZW FtIG9mIGlu Y29tZSBmb3 IgaXRzIHNo YXJlaG9sZG VycyB0aHJv dWdoIGludm VzdG1lbnRz IGluIGhlYW x0aGNhcmUg cHJvcGVydG llcy4=

AI can pose several potential threats to Universal Health Realty’s products, services, or competitive positioning in various ways:
1. Substitution: AI technologies could lead to the development of alternative healthcare solutions that might substitute certain offerings of Universal Health Realty. For instance, advancements in telehealth, remote monitoring, and AI-driven diagnostics could provide patients with more cost-effective and accessible options, reducing reliance on traditional healthcare real estate solutions.
2. Disintermediation: AI could facilitate direct connections between healthcare providers and consumers, bypassing traditional intermediaries like real estate companies. This may result in a diminished role for companies like Universal Health Realty, as healthcare providers might seek more direct engagement with technology platforms, thereby reducing the need for physical real estate services.
3. Margin Pressure: The implementation of AI in healthcare can lead to increased operational efficiencies and reduced costs for healthcare providers. If these providers pass on savings to consumers or reinvest in technology, it could create pressure on the margins of companies like Universal Health Realty. As healthcare delivery becomes more efficient and cost-effective, the demand for traditional real estate services could diminish, impacting profitability.
In summary, AI could significantly disrupt the healthcare landscape, potentially challenging Universal Health Realty’s business model and market position by facilitating substitution, encouraging disintermediation, and creating margin pressures. The company will need to adapt and innovate to mitigate these threats.

Universal Health Realty Income Trust (UHT) is a real estate investment trust (REIT) that primarily invests in healthcare-related properties. The sensitivity of its earnings, cash flow, and valuation to changes in interest rates can be significant due to several factors.
1. Interest Rate Impact on Earnings: As a REIT, Universal Health Realty’s earnings are closely tied to rental income from its properties. When interest rates rise, borrowing costs for the company could increase if it relies on debt financing for acquisitions or operations. This could reduce net income if the company cannot pass those costs on to tenants.
2. Cash Flow Sensitivity: Cash flow is a crucial measure for REITs, and higher interest rates often lead to decreased cash flow. Increased loan interest can adversely affect distributions to shareholders. Additionally, if higher rates result in economic slowdowns, tenants may face financial pressures, impacting their ability to pay rent and thus affecting the REIT’s cash flow.
3. Valuation Dynamics: REIT valuations are generally assessed through capitalization rates, which tend to move in conjunction with interest rates. When interest rates rise, higher cap rates can lead to lower property valuations. This can particularly affect UHT’s market price as investor demand for REITs may decline in favor of bonds or other fixed-income investments that offer more attractive yields.
4. Market Sentiment: Changes in interest rates can also influence market sentiment and investor behavior. An increase in rates may lead to a sell-off in REIT stocks, affecting their market price independent of the underlying performance of the properties.
5. Long-term Factors: On the flip side, UHT’s investment strategy, focusing on healthcare-related properties, may provide some resilience against interest rate increases. Healthcare demand tends to remain stable regardless of economic cycles.
In summary, Universal Health Realty’s earnings, cash flow, and valuation are sensitive to interest rate changes, primarily through increased borrowing costs and potential impacts on property valuations. Investors should consider these factors, especially in environments of rising interest rates, when assessing the performance and valuation of the REIT.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgVW 5pdmVyc2Fs IEhlYWx0aC BSZWFsdHni gJlzIGVjb2 5vbWljcyBv dmVyIHRoZS BuZXh0IDPi gJM1IHllYX JzIGlzIHNp Z25pZmljYW 50IGNoYW5n ZXMgaW4gaG VhbHRoY2Fy ZSByZWd1bG F0aW9ucyBh bmQgcmVpbW J1cnNlbWVu dCBwb2xpY2 llcy4gRm9y IGV4YW1wbG UsIGlmIHRo ZSBVLlMuIG dvdmVybm1l bnQgd2VyZS B0byBpbXBs ZW1lbnQgc3 dlZXBpbmcg cmVmb3Jtcy BhaW1lZCBh dCByZWR1Y2 luZyBoZWFs dGhjYXJlIG Nvc3RzLCBp bmNsdWRpbm cgZHJhc3Rp YyBjdXRzIH RvIE1lZGlj YXJlIGFuZC BNZWRpY2Fp ZCByZWltYn Vyc2VtZW50 cywgaXQgY2 91bGQgc2V2 ZXJlbHkgaW 1wYWN0IHRo ZSByZXZlbn VlIHN0cmVh bXMgZm9yIG hlYWx0aGNh cmUgZmFjaW xpdGllcywg aW5jbHVkaW 5nIHRob3Nl IG93bmVkIG 9yIGxlYXNl ZCBieSBVbm l2ZXJzYWwg SGVhbHRoIF JlYWx0eS48 YnI+SW4gc3 VjaCBhIHNj ZW5hcmlvLC B0aGUgY29t cGFueSBtaW dodCBzZWUg c2V2ZXJhbC BuZWdhdGl2 ZSBlZmZlY3 RzIG9uIGl0 cyBtYXJnaW 5zLCBjYXNo IGZsb3csIG FuZCBiYWxh bmNlIHNoZW V0Ojxicj4x LiA8c3Ryb2 5nPk1hcmdp bnM8L3N0cm 9uZz46IFRo ZSByZWR1Y2 VkIHJlaW1i dXJzZW1lbn QgcmF0ZXMg d291bGQgbG VhZCB0byBs b3dlciByZW 50YWwgaW5j b21lIGZyb2 0gaXRzIGhl YWx0aGNhcm UgZmFjaWxp dHkgdGVuYW 50cy4gQXMg bWFyZ2lucy B0aWdodGVu LCB0aGUgb3 BlcmF0aW5n IHByb2ZpdH MgbWF5IGRl Y2xpbmUgc2 lnbmlmaWNh bnRseS4gRG VwZW5kaW5n IG9uIHRoZS BzZXZlcml0 eSBvZiB0aG UgY3V0cywg dGhlIGNvbX BhbnkgY291 bGQgZXhwZX JpZW5jZSBv cGVyYXRpbm cgbWFyZ2lu cyBkcm9wcG luZyBmcm9t IGEgaGVhbH RoeSBwZXJj ZW50YWdlIH RvIHBvdGVu dGlhbGx5IG 5lZ2F0aXZl IG1hcmdpbn MgaWYgcmVu dGFsIGluY2 9tZSBzaWdu aWZpY2FudG x5IGRlY3Jl YXNlcy48Yn I+Mi4gPHN0 cm9uZz5DYX NoIEZsb3c8 L3N0cm9uZz 46IFdpdGgg bG93ZXIgcm V2ZW51ZXMs IHRoZSBjb2 1wYW55IHdv dWxkIGxpa2 VseSBmYWNl IGNhc2ggZm xvdyBpc3N1 ZXMuIFRoaX MgY291bGQg cmVzdWx0IG luIHJlZHVj ZWQgZnVuZH MgYXZhaWxh YmxlIGZvci BkaXZpZGVu ZHMsIGNhcG l0YWwgZXhw ZW5kaXR1cm VzLCBhbmQg ZGVidCBzZX J2aWNpbmcu IEV4dGVuZG VkIHBlcmlv ZHMgb2Ygbm VnYXRpdmUg Y2FzaCBmbG 93IGNvdWxk IGFsc28gc3 RyYWluIHJl bGF0aW9uc2 hpcHMgd2l0 aCBsZW5kZX JzIGFuZCBt YWtlIGl0IG RpZmZpY3Vs dCBmb3IgdG hlIGNvbXBh bnkgdG8gcm Fpc2UgYWRk aXRpb25hbC BjYXBpdGFs IGlmIG5lY2 Vzc2FyeS48 YnI+My4gPH N0cm9uZz5C YWxhbmNlIF NoZWV0PC9z dHJvbmc+Oi BPbiB0aGUg YmFsYW5jZS BzaGVldCwg YSBkZWNsaW 5lIGluIGFz c2V0IHZhbH VlcyBtYXkg b2NjdXIgaW YgdGhlIG1h cmtldCBwZX JjZWl2ZXMg dGhlIGhlYW x0aGNhcmUg cmVhbCBlc3 RhdGUgc2Vj dG9yIGFzIG xlc3MgdmFs dWFibGUgZH VlIHRvIGRl Y3JlYXNlZC Bwcm9maXRh YmlsaXR5IG 9mIHRlbmFu dHMuIFRoaX MgY291bGQg bGVhZCB0by BpbXBhaXJt ZW50cyBvbi ByZWFsIGVz dGF0ZSBhc3 NldHMsIGxv d2VyaW5nIH RvdGFsIGFz c2V0cyBzaW duaWZpY2Fu dGx5LiBGdX J0aGVybW9y ZSwgaGlnaG VyIGxldmVy YWdlIGR1ZS B0byByZWR1 Y2VkIGNhc2 ggZmxvdyBj b3VsZCBpbm NyZWFzZSBk ZWJ0LXRvLW VxdWl0eSBy YXRpb3MsIH JhaXNpbmcg Y29uY2Vybn MgYWJvdXQg ZmluYW5jaW FsIHN0YWJp bGl0eS48Yn I+SW4gc3Vt bWFyeSwgaW YgcmVpbWJ1 cnNlbWVudC ByYXRlcyB3 ZXJlIGRyYW 1hdGljYWxs eSBjdXQsIF VuaXZlcnNh bCBIZWFsdG ggUmVhbHR5 IGNvdWxkIG V4cGVyaWVu Y2UgcmVkdW NlZCBtYXJn aW5zLCBzdH JhaW5lZCBj YXNoIGZsb3 csIGFuZCBh IHdlYWtlbm VkIGJhbGFu Y2Ugc2hlZX QsIHBvdGVu dGlhbGx5IG xlYWRpbmcg dG8gYSBsb2 5nLWxhc3Rp bmcgYWR2ZX JzZSBlZmZl Y3Qgb24gaX RzIGJ1c2lu ZXNzIG1vZG VsIGFuZCBm aW5hbmNpYW wgaGVhbHRo Ljxicj4=

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 bG9nb3MvNm d4TmhQUmhD QURtWGJMTU h1Rjcud2Vi cCIgYWx0PS JVbml2ZXJz YWwgSGVhbH RoIFJlYWx0 eSIgdGl0bG U9IlVuaXZl cnNhbCBIZW FsdGggUmVh bHR5IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IFVu aXZlcnNhbC BIZWFsdGgg UmVhbHR5Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L3A+Cg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8YSBocm VmPSdpbmRl eC5waHA/cG FnZT1zaWdu dXAnIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICMw MDdCRkY7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBjb2 xvcjogI2Zm ZjsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHBhZGRpbm c6IDEwcHgg MjBweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJvcm Rlci1yYWRp dXM6IDVweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH RleHQtZGVj b3JhdGlvbj ogbm9uZTsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGZv bnQtd2VpZ2 h0OiBib2xk OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luLX JpZ2h0OiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdHJhbn NpdGlvbjog YmFja2dyb3 VuZC1jb2xv ciAwLjNzIG Vhc2U7Jwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgb25t b3VzZW92ZX I9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA1NmIz IicKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IG9ubW91c2 VvdXQ9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA3 QkZGIic+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIGZv ciBmcmVlCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwvYT4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxzcGFuIH N0eWxlPSdt YXJnaW46ID AgOHB4OyBj b2xvcjogIz U1NTsnPm9y PC9zcGFuPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naW5k ZXgucGhwP3 BhZ2U9bG9n aW4nIHN0eW xlPScKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGNvbG9y OiAjMDA3Qk ZGOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdGV4dC1k ZWNvcmF0aW 9uOiB1bmRl cmxpbmU7Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBmb2 50LXdlaWdo dDogNTAwOy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bsb2cgaW4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgoK CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdtYX JnaW4tdG9w OiAxNXB4Oy Bmb250LXNp emU6IDEzcH g7IGZvbnQt d2VpZ2h0Oi Bib2xkOyBj b2xvcjogI2 QzMmYyZjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg 8J+GkyBEaX Njb3ZlciA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+IOKAlCBm cmVlIGVCb2 9rIQogICAg 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 M0Z1ZXNXBk bSBWeWMyRn NJRWhsIFlX eDBhQ0JTWl cgRnNkSGtn U1c1aiBiMj FsSUZSeWRY IE4wTENCam IyMXQgYjI1 c2VTQnJibS A5M2JpQmhj eUJWIGJtbD JaWEp6WVcg d2dTR1ZoYk hSbyBJRkps WVd4MGVTIE FvVlVoU1ZD a3MgSUdsek lHRWdjbSBW aGJDQmxjM1 JoIGRHVWdh VzUyWlggTj BiV1Z1ZENC MCBjblZ6ZE NBb1VrIFZK VkNrZ2RHaG ggZENCbWIy TjFjMiBWek lHOXVJR2x1 IGRtVnpkR2 x1WnkgQnBi aUJvWldGcy BkR2hqWVhK bExYIEpsYk dGMFpXUWcg Y0hKdmNHVn lkRyBsbGN5 NDhZbkkrIE 1pNGdWR2hs SUcgTnZiWE JoYm5rZyBk MkZ6SUdadm RXIDVrWldR Z2FXNGcgTV RrNE5pQmhi bSBRZ2FYTW dhR1ZoIFpI RjFZWEowWl ggSmxaQ0Jw YmlCTCBhVz VuSUc5bUlG IEJ5ZFhOem FXRXMgSUZC bGJtNXplVy B4MllXNXBZ UzQ4IFluSS tNeTRnVlUg aFNWT0tBbV hNZyBjSEpw YldGeWVTIE JoYzNObGRI TWcgWVhKbE lHMWxaRyBs allXd2diMl ptIGFXTmxJ R0oxYVcgeG thVzVuY3lC aCBibVFnYj NSb1pYIEln YUdWaGJIUm 8gWTJGeVpT MXlaVyB4aG RHVmtJR1po IFkybHNhWF JwWlggTWdi RzlqWVhSbC BaQ0IwYUhK dmRXIGRvYj NWMElIUm8g WlNCVmJtbD BaVyBRZ1Uz UmhkR1Z6IE xqeGljajQw TGkgQkJjeU J2WmlBeSBN REl4TENCMG FHIFVnWTI5 dGNHRnUgZV NCdmQyNXpJ RyBGdVpDQn ZjR1Z5IFlY UmxjeUJ2ZG 0gVnlJRGN3 SUhCeSBiM0 JsY25ScFpY IE1nZDJsMG FDQmggSUhS dmRHRnNJRy A5bUlETXVN eUJ0IGFXeH NhVzl1SUgg TnhkV0Z5Wl NCbSBaV1Yw TGp4aWNqID QxTGlCVlNG SlUgSUdsek lIVnVhWCBG MVpTQmhiVz l1IFp5QnRi M04wSUYgSk ZTVlJ6SUdG eiBJR2wwSU c5dWJIIGtn Wm05amRYTm wgY3lCdmJp Qm9aVyBGc2 RHaGpZWEps IExYSmxiR0 YwWlcgUWdj SEp2Y0dWeS BkR2xsY3l3 Z2NtIEYwYU dWeUlIUm8g WVc0Z1pHbD JaWCBKemFX WjVhVzVuIE lHbHVkRzhn YjMgUm9aWE lnZEhsdyBa WE1nYjJZZ2 NtIFZoYkNC bGMzUmggZE dVdVBHSnlQ aiBZdUlGUm 9aU0JqIGIy MXdZVzU1NG 8gQ1pjeUJ0 YVhOeiBhVz l1SUdseklI IFJ2SUhCeW IzWnAgWkdV Z2MyRm1aUy B3Z2MzUmhZ bXhsIExDQm hibVFnWjMg SnZkMmx1Wn lCcCBibU52 YldVZ2RHID hnYVhSeklI Tm8gWVhKbG FHOXNaRyBW eWN5QjBhSE p2IGRXZG9J R2x1ZG0gVn pkRzFsYm5S eiBJR2x1SU docFoyIGd0 Y1hWaGJHbD AgZVNCb1pX RnNkRyBoal lYSmxJSEps IFlXd2daWE 4wWVggUmxJ R0Z6YzJWMC BjeTQ4WW5J K055IDRnU1 c0Z1lXUmsg YVhScGIyNG dkRyA4Z2FY UnpJR052IG NtVWdZblZ6 YVcgNWxjM0 1zSUZWSSBV bFFnWVd4em J5IEJvWVhN Z1lTQnogWl hCaGNtRjBa UyBCemRXSn phV1JwIFlY SjVMQ0JWU0 UgTkhJRWh2 YkdScCBibW R6TENCM2FH IGxqYUNCd2 NtOTIgYVdS bGN5QnpaWC BKMmFXTmxj eUJ6IGRXTm 9JR0Z6SUgg QnliM0JsY2 5SNSBJRzFo Ym1GblpXID FsYm5Rc0lH eGwgWVhOcG JtY3NJRyBG dVpDQmtaWF psIGJHOXdi V1Z1ZEMgQj BieUJwZEhN ZyBjSEp2Y0 dWeWRHIGxs Y3k0OFluSS sgT0M0Z1ZV aFNWQyBCb1 lYTWdZMjl1 IGMybHpkR1 Z1ZEcgeDVJ SEJoYVdRZy BaR2wyYVdS bGJtIFJ6SU hSdklHbDAg Y3lCemFHRn laVyBodmJH Umxjbk1nIG MybHVZMlVn YVggUnpJR2 x1WTJWdyBk R2x2Yml3Z2 QyIGwwYUNC aElIUnkgWV dOcklISmxZ MiA5eVpDQn ZaaUJwIGJt TnlaV0Z6YV cgNW5JR2ww Y3lCayBhWF pwWkdWdVpD IEJsZG1WeW VTQjUgWldG eUlHWnZjaS BCMGFHVWdj R0Z6IGRDQX pOU0I1Wlcg RnljeTQ4WW 5JKyBPUzRn VkdobElHIE 52YlhCaGJu a2cgYUdGek lHSmxaVyA0 Z2NtVmpiMm R1IGFYcGxa Q0JoY3kgQn ZibVVnYjJZ ZyBRVzFsY2 1salllIEtB bVhNZ2JXOX ogZENCMGNu VnpkSCBkdm NuUm9lU0Jq IGIyMXdZVz VwWlggTWdZ bmtnUm05eS BZbVZ6SUUx aFoyIEY2YV c1bExqeGkg Y2o0eE1DNG dWVSBoU1ZD Qm9ZWE1nIF lTQnpkSEp2 Ym0gY2dZMj l0YldsMCBi V1Z1ZENCMG J5IEJ6ZFhO MFlXbHUgWV dKcGJHbDBl UyBCaGJtUW dhR0Z6IElH bHRjR3hsYl cgVnVkR1Zr SUhaaCBjbW x2ZFhNZ1pX IDUyYVhKdm JtMWwgYm5S aGJHeDVMVy BaeWFXVnVa R3g1IElHbH VhWFJwWVgg UnBkbVZ6SU hOMSBZMmdn WVhNZ2MyID lzWVhJZ2NH OTMgWlhJZ1 oyVnVaWCBK aGRHbHZiaX dnIFRFVkVJ R3hwWjIgaD BhVzVuTENC aCBibVFnWl c1bGNtIGQ1 TFdWbVptbG ogYVdWdWRD QklWayBGRE lITjVjM1Js IGJYTWdhVz RnYVggUnpJ SEJ5YjNCbC BjblJwWlhN dQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=