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+RpSBGcm VlIGVCb29r IGZvciBuZX cgdXNlcnM6 IDxpPiJUaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzIj wvaT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9wPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx MnB4OyBmb2 50LXNpemU6 IDEzcHg7IG NvbG9yOiAj NDQ0Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBTaW duIHVwIG5v dyBhbmQgZ2 V0IG91ciBm cmVlIGVCb2 9rIAogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGI+VGhl IENoZWNrbG lzdCBWYWx1 ZSBJbnZlc3 RvciDigJQg QSBTbWFydG VyIFdheSB0 byBQaWNrIF N0b2Nrczwv Yj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIC0t PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8IS0t CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 1hcmdpbi10 b3A6IDE2cH g7IGZvbnQt c2l6ZTogMT RweDsgY29s b3I6ICM0ND Q7IGZvbnQt ZmFtaWx5Oi AtYXBwbGUt c3lzdGVtLC BCbGlua01h Y1N5c3RlbU ZvbnQsIFNl Z29lIFVJLC BSb2JvdG8s IEhlbHZldG ljYSBOZXVl LCBzYW5zLX NlcmlmOyBs aW5lLWhlaW dodDogMS42 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBIYXZlIH lvdSBoZWFy ZCBhYm91dC BvdXIgc2hv cnQgPHN0cm 9uZyBzdHls ZT0nZm9udC 13ZWlnaHQ6 IDYwMDsnPk RhaWx5IFZp ZGVvIE5ld3 NsZXR0ZXI8 L3N0cm9uZz 4/CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdodHRwcz ovL3d3dy5p bnNpZ2h0Zn VsdmFsdWUu Y29tL25ld3 NsZXR0ZXIu cGhwJyB0YX JnZXQ9J19i bGFuaycgc3 R5bGU9J2Nv bG9yOiAjMD A3QkZGOyB0 ZXh0LWRlY2 9yYXRpb246 IG5vbmU7IG ZvbnQtd2Vp Z2h0OiA1MD A7IG1hcmdp bi1sZWZ0Oi A2cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBGaW5kIG 91dCBtb3Jl CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 L2E+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAgICAgIC AgICAgICAt LT4KICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgCiAgICAg ICAgCiAgIC AgICAgPHNw YW4gY2xhc3 M9J2JsdXJy ZWQtdGV4dC c+CiAgICAg ICAgICAgIE 1TNGdWVzVw ZG0gVnljMk ZzSUVobCBZ V3gwYUNCU1 pXIEZzZEhr Z1NXNWogYj IxbElGUnlk WCBOMExDQm piMjF0IGIy NXNlU0JyYm 0gOTNiaUJo Y3lCViBibW wyWlhKellX IHdnU0dWaG JIUm8gSUZK bFlXeDBlUy BBb1ZVaFNW Q2tzIElHbH pJR0VnY20g VmhiQ0JsYz NSaCBkR1Vn YVc1MlpYIE 4wYldWdWRD QjAgY25Wem RDQW9VayBW SlZDa2dkR2 hoIGRDQm1i Mk4xYzIgVn pJRzl1SUds dSBkbVZ6ZE dsdVp5IEJw YmlCb1pXRn MgZEdoallY SmxMWCBKbG JHRjBaV1Fn IGNISnZjR1 Z5ZEcgbGxj eTQ4WW5JKy BNaTRnVkdo bElHIE52Yl hCaGJua2cg ZDJGeklHWn ZkVyA1a1pX UWdhVzRnIE 1UazROaUJo Ym0gUWdhWE 1nYUdWaCBa SEYxWVhKMF pYIEpsWkNC cGJpQkwgYV c1bklHOW1J RiBCeWRYTn phV0VzIElG QmxibTV6ZV cgeDJZVzVw WVM0OCBZbk krTXk0Z1ZV IGhTVk9LQW 1YTWcgY0hK cGJXRnllUy BCaGMzTmxk SE1nIFlYSm xJRzFsWkcg bGpZV3dnYj JabSBhV05s SUdKMWFXIH hrYVc1bmN5 QmggYm1RZ2 IzUm9aWCBJ Z2FHVmhiSF JvIFkyRnla UzF5WlcgeG hkR1ZrSUda aCBZMmxzYV hScFpYIE1n Ykc5allYUm wgWkNCMGFI SnZkVyBkb2 IzVjBJSFJv IFpTQlZibW wwWlcgUWdV M1JoZEdWei BManhpY2o0 MExpIEJCY3 lCdlppQXkg TURJeExDQj BhRyBVZ1ky OXRjR0Z1IG VTQnZkMjV6 SUcgRnVaQ0 J2Y0dWeSBZ WFJsY3lCdm RtIFZ5SURj d0lIQnkgYj NCbGNuUnBa WCBNZ2QybD BhQ0JoIElI UnZkR0ZzSU cgOW1JRE11 TXlCdCBhV3 hzYVc5dUlI IE54ZFdGeV pTQm0gWldW MExqeGljai A0MUxpQlZT RkpVIElHbH pJSFZ1YVgg RjFaU0JoYl c5dSBaeUJ0 YjNOMElGIE pGU1ZSeklH RnogSUdsME lHOXViSCBr Z1ptOWpkWE 5sIGN5QnZi aUJvWlcgRn NkR2hqWVhK bCBMWEpsYk dGMFpXIFFn Y0hKdmNHVn kgZEdsbGN5 d2djbSBGMG FHVnlJSFJv IFlXNGdaR2 wyWlggSnph V1o1YVc1bi BJR2x1ZEc4 Z2IzIFJvWl hJZ2RIbHcg WlhNZ2IyWW djbSBWaGJD QmxjM1JoIG RHVXVQR0p5 UGogWXVJRl JvWlNCaiBi MjF3WVc1NT RvIENaY3lC dGFYTnogYV c5dUlHbHpJ SCBSdklIQn liM1pwIFpH VWdjMkZtWl Mgd2djM1Jo WW14bCBMQ0 JoYm1RZ1oz IEp2ZDJsdV p5QnAgYm1O dmJXVWdkRy A4Z2FYUnpJ SE5vIFlYSm xhRzlzWkcg VnljeUIwYU hKdiBkV2Rv SUdsdWRtIF Z6ZEcxbGJu UnogSUdsdU lHaHBaMiBn dGNYVmhiR2 wwIGVTQm9a V0ZzZEcgaG pZWEpsSUhK bCBZV3dnWl hOMFlYIFJs SUdGemMyVj AgY3k0OFlu SStOeSA0Z1 NXNGdZV1Jr IGFYUnBiMj RnZEcgOGdh WFJ6SUdOdi BjbVVnWW5W emFXIDVsYz NNc0lGVkkg VWxRZ1lXeH pieSBCb1lY TWdZU0J6IF pYQmhjbUYw WlMgQnpkV0 p6YVdScCBZ WEo1TENCVl NFIE5ISUVo dmJHUnAgYm 1kekxDQjNh RyBsamFDQn djbTkyIGFX UmxjeUJ6Wl ggSjJhV05s Y3lCeiBkV0 5vSUdGeklI IEJ5YjNCbG NuUjUgSUcx aGJtRm5aVy AxbGJuUXNJ R3hsIFlYTn BibWNzSUcg RnVaQ0JrWl habCBiRzl3 YldWdWRDIE IwYnlCcGRI TWcgY0hKdm NHVnlkRyBs bGN5NDhZbk krIE9DNGdW VWhTVkMgQm 9ZWE1nWTI5 dSBjMmx6ZE dWdWRHIHg1 SUhCaGFXUW cgWkdsMmFX UmxibSBSek lIUnZJR2ww IGN5QnphR0 Z5WlcgaHZi R1JsY25NZy BjMmx1WTJV Z2FYIFJ6SU dsdVkyVncg ZEdsdmJpd2 dkMiBsMGFD QmhJSFJ5IF lXTnJJSEps WTIgOXlaQ0 J2WmlCcCBi bU55WldGem FXIDVuSUds MGN5QmsgYV hacFpHVnVa QyBCbGRtVn llU0I1IFpX RnlJR1p2Y2 kgQjBhR1Vn Y0dGeiBkQ0 F6TlNCNVpX IEZ5Y3k0OF luSSsgT1M0 Z1ZHaGxJRy BOdmJYQmhi bmtnIGFHRn pJR0psWlcg NGdjbVZqYj JkdSBhWHBs WkNCaGN5IE J2Ym1VZ2Iy WWcgUVcxbG NtbGpZZSBL QW1YTWdiVz l6IGRDQjBj blZ6ZEggZH ZjblJvZVNC aiBiMjF3WV c1cFpYIE1n WW5rZ1JtOX kgWW1WeklF MWhaMiBGNm FXNWxManhp IGNqNHhNQz RnVlUgaFNW Q0JvWVhNZy BZU0J6ZEhK dmJtIGNnWT I5dGJXbDAg YldWdWRDQj BieSBCemRY TjBZV2x1IF lXSnBiR2ww ZVMgQmhibV FnYUdGeiBJ R2x0Y0d4bG JXIFZ1ZEdW a0lIWmggY2 1sdmRYTWda VyA1MmFYSn ZibTFsIGJu UmhiR3g1TF cgWnlhV1Z1 Wkd4NSBJR2 x1YVhScFlY IFJwZG1Wek lITjEgWTJn Z1lYTWdjMi A5c1lYSWdj RzkzIFpYSW daMlZ1Wlgg SmhkR2x2Ym l3ZyBURVZF SUd4cFoyIG gwYVc1bkxD QmggYm1RZ1 pXNWxjbSBk NUxXVm1abW xqIGFXVnVk Q0JJVmsgRk RJSE41YzNS bCBiWE1nYV c0Z2FYIFJ6 SUhCeWIzQm wgY25ScFpY TXUKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg