EastGroup Properties

-14.43%

More reviews (1)

Live  

EastGroup Properties is a real estate investment trust (REIT) that specializes in industrial properties. The company was founded in 1967 and has its headquarters in Jackson, Mississippi.
EastGroup Properties owns and operates a portfolio of over 42 million square feet of warehouse and distribution space in major Sunbelt markets, including Texas, California, Florida, and Arizona. The company's properties are primarily located near major transportation hubs and serve a variety of industries, including e-commerce, retail, and manufacturing.
The company's primary focus is on providing flexible and efficient industrial space for tenants, with key features such as high ceilings, multiple loading docks, and convenient access to major highways. EastGroup Properties also offers a range of property management services, including leasing, maintenance, and construction management.
In addition to its real estate holdings, EastGroup Properties has a strong commitment to sustainability, with a focus on energy conservation and green building practices. The company has been recognized for its efforts in this area, including being named a "Green Lease Leader" by the Institute for Market Transformation.
EastGroup Properties is publicly traded on the New York Stock Exchange under the ticker symbol EGP. The company has a strong track record of financial performance, with regular dividend payments and a consistent increase in its share price over the years. This makes it an attractive investment for those looking to add REITs to their portfolio.

RWFzdEdyb3 VwIFByb3Bl cnRpZXMgaX MgYSBjb21w YW55IHRoYX QgYnVpbGRz IGFuZCB0YW tlcyBjYXJl IG9mIHNwZW NpYWwgYnVp bGRpbmdzIG NhbGxlZCB3 YXJlaG91c2 VzIGFuZCBk aXN0cmlidX Rpb24gY2Vu dGVycy4gVG hlc2UgYXJl IGxpa2UgZ2 lhbnQgc3Rv cmFnZSBhbm Qgd29ya2lu ZyBzcGFjZX Mgd2hlcmUg Y29tcGFuaW VzIGNhbiBr ZWVwIHRoZW lyIHByb2R1 Y3RzIGFuZC BnZXQgdGhl bSByZWFkeS B0byBzZW5k IG91dCB0by BzdG9yZXMg b3IgY3VzdG 9tZXJzLjxi cj5UaGUgd2 F5IEVhc3RH cm91cCBtYW tlcyBtb25l eSBpcyBieS ByZW50aW5n IG91dCB0aG VzZSB3YXJl aG91c2VzIH RvIGRpZmZl cmVudCBjb2 1wYW5pZXMu IFdoZW4gYS Bjb21wYW55 IG5lZWRzIG EgcGxhY2Ug dG8gc3Rvcm UgaXRzIHBy b2R1Y3RzIG 9yIHNvcnQg dGhlbSBiZW ZvcmUgc2hp cHBpbmcsIG l0IGNhbiBw YXkgRWFzdE dyb3VwIHRv IHVzZSB0aG VzZSBidWls ZGluZ3MuIE Vhc3RHcm91 cCBnZXRzIG 1vbmV5IGZy b20gdGhlc2 UgcmVudHMs IGp1c3QgbG lrZSBob3cg eW91IG1pZ2 h0IHBheSB0 byBwbGF5IG F0IGFuIGFt dXNlbWVudC BwYXJrLjxi cj5Ob3csIH doeSBpcyBF YXN0R3JvdX Agc3VjY2Vz c2Z1bD8gVG hlcmUgYXJl IGEgZmV3IH JlYXNvbnMu IEZpcnN0LC Btb3JlIGFu ZCBtb3JlIH Blb3BsZSBh cmUgb3JkZX JpbmcgdGhp bmdzIG9ubG luZSwgd2hp Y2ggbWVhbn MgY29tcGFu aWVzIG5lZW QgbW9yZSBz cGFjZSB0by BzdG9yZSBp dGVtcyBhbm Qgc2VuZCB0 aGVtIG91dC BxdWlja2x5 LiBUaGlzIG NyZWF0ZXMg bW9yZSBkZW 1hbmQgZm9y IHdhcmVob3 VzZXMsIGFu ZCBFYXN0R3 JvdXAgaGFz IGEgbG90IG 9mIHRoZW0g aW4gZ29vZC Bsb2NhdGlv bnMuPGJyPk FkZGl0aW9u YWxseSwgRW FzdEdyb3Vw IGlzIHNtYX J0IGFib3V0 IHBpY2tpbm cgcGxhY2Vz IHRvIGJ1aW xkIHRoZWly IHdhcmVob3 VzZXMuIFRo ZXkgbG9vay Bmb3IgYXJl YXMgd2hlcm UgbWFueSBw ZW9wbGUgbG l2ZSBhbmQg d2hlcmUgYm lnIHJvYWRz IGFuZCB0cm Fuc3BvcnQg d2F5cyBhcm UgbmVhcmJ5 LiBUaGlzIG 1ha2VzIGl0 IGVhc2llci Bmb3IgY29t cGFuaWVzIH RvIGdldCB0 aGVpciBwcm 9kdWN0cyB0 byBzaG9wcG VycyBxdWlj a2x5Ljxicj 5Gb3IgdGhl IGZ1dHVyZS wgRWFzdEdy b3VwIGlzIG xpa2VseSB0 byBrZWVwIG RvaW5nIHdl bGwgYmVjYX VzZSBvbmxp bmUgc2hvcH BpbmcgaXMg YmVjb21pbm cgZXZlbiBt b3JlIHBvcH VsYXIuIEFz IG1vcmUgcG VvcGxlIGJ1 eSB0aGluZ3 Mgb25saW5l LCBtb3JlIG J1c2luZXNz ZXMgd2lsbC BuZWVkIHdh cmVob3VzZX MgdG8ga2Vl cCB0aGVpci Bwcm9kdWN0 cy4gU2luY2 UgRWFzdEdy b3VwIGlzIG FscmVhZHkg ZXN0YWJsaX NoZWQgYW5k IGhhcyBhIG dvb2QgbnVt YmVyIG9mIG J1aWxkaW5n cyByZWFkeS B0byByZW50 LCBpdOKAmX MgaW4gYSBn cmVhdCBwb3 NpdGlvbiB0 byBrZWVwIG 1ha2luZyBt b25leSBhbm QgYmVpbmcg c3VjY2Vzc2 Z1bC48YnI+

VGhlcmUgYX JlIHNldmVy YWwgdGhpbm dzIHRoYXQg bWFrZSBFYX N0R3JvdXAg UHJvcGVydG llcyBzdGFu ZCBvdXQgYX MgYSBjb21w YW55Ojxicj 4xLiBTdHJv bmcgRm9jdX Mgb24gSW5k dXN0cmlhbC BSZWFsIEVz dGF0ZTogRW FzdEdyb3Vw IFByb3Blcn RpZXMgcHJp bWFyaWx5IG ludmVzdHMg aW4gYW5kIG RldmVsb3Bz IGluZHVzdH JpYWwgcHJv cGVydGllcy BzdWNoIGFz IHdhcmVob3 VzZXMsIGRp c3RyaWJ1dG lvbiBjZW50 ZXJzLCBhbm Qgb2ZmaWNl L2ZsZXggYn VpbGRpbmdz LiBUaGlzIG ZvY3VzIGFs bG93cyB0aG VtIHRvIGhh dmUgYSBkZW VwIHVuZGVy c3RhbmRpbm cgb2YgdGhl IGluZHVzdH JpYWwgbWFy a2V0IGFuZC BjYXRlciBz cGVjaWZpY2 FsbHkgdG8g dGhlIG5lZW RzIG9mIGlu ZHVzdHJpYW wgdGVuYW50 cy48YnI+Mi 4gR2VvZ3Jh cGhpYyBEaX ZlcnNpZmlj YXRpb246IF RoZSBjb21w YW55IGhhcy BhIHdlbGwt ZGl2ZXJzaW ZpZWQgcG9y dGZvbGlvIH dpdGggcHJv cGVydGllcy Bsb2NhdGVk IGluIG1ham 9yIGluZHVz dHJpYWwgbW Fya2V0cyBh Y3Jvc3MgdG hlIFVuaXRl ZCBTdGF0ZX MuIFRoaXMg cmVkdWNlcy B0aGVpciBy aXNrIGFuZC BleHBvc3Vy ZSB0byBhbn kgb25lIHBh cnRpY3VsYX IgcmVnaW9u Ljxicj4zLi BDdXN0b21l ci1DZW50cm ljIEFwcHJv YWNoOiBFYX N0R3JvdXAg cHV0cyBhIH N0cm9uZyBl bXBoYXNpcy BvbiBjdXN0 b21lciBzYX Rpc2ZhY3Rp b24gYW5kIG 1haW50YWlu aW5nIGxvbm ctdGVybSBy ZWxhdGlvbn NoaXBzIHdp dGggdGhlaX IgdGVuYW50 cy4gVGhleS BzdHJpdmUg dG8gcHJvdm lkZSBoaWdo LXF1YWxpdH kgcHJvcGVy dGllcyB0aG F0IG1lZXQg dGhlIGV2b2 x2aW5nIG5l ZWRzIG9mIH RoZWlyIGNs aWVudHMuPG JyPjQuIEZp bmFuY2lhbC BTdGFiaWxp dHk6IFRoZS Bjb21wYW55 IGhhcyBhIH N0cm9uZyBi YWxhbmNlIH NoZWV0IGFu ZCBhIGhpc3 Rvcnkgb2Yg Y29uc2lzdG VudCBncm93 dGguIFRoaX MgYWxsb3dz IHRoZW0gdG 8gd2VhdGhl ciBlY29ub2 1pYyBkb3du dHVybnMgYW 5kIGNvbnRp bnVlIHRvIG 1ha2Ugc3Ry YXRlZ2ljIG ludmVzdG1l bnRzIGluIH RoZWlyIHBy b3BlcnRpZX MuPGJyPjUu IFN1c3RhaW 5hYmlsaXR5 IEluaXRpYX RpdmVzOiBF YXN0R3JvdX AgaGFzIGEg Y29tbWl0bW VudCB0byBz dXN0YWluYW JpbGl0eSBh bmQgaGFzIG ltcGxlbWVu dGVkIGVuZX JneS1lZmZp Y2llbnQgYW 5kIGVudmly b25tZW50YW xseS1mcmll bmRseSBmZW F0dXJlcyBp biBtYW55IG 9mIHRoZWly IHByb3Blcn RpZXMuIFRo aXMgbm90IG 9ubHkgYmVu ZWZpdHMgdG hlIGVudmly b25tZW50IG J1dCBhbHNv IGhlbHBzIH RvIHJlZHVj ZSBvcGVyYX RpbmcgY29z dHMgZm9yIH RoZWlyIHRl bmFudHMuPG JyPk92ZXJh bGwsIEVhc3 RHcm91cCdz IHRhcmdldG VkIGZvY3Vz LCBkaXZlcn NlIHBvcnRm b2xpbywgY3 VzdG9tZXIt Y2VudHJpYy BhcHByb2Fj aCwgZmluYW 5jaWFsIHN0 YWJpbGl0eS wgYW5kIGNv bW1pdG1lbn QgdG8gc3Vz dGFpbmFiaW xpdHkgbWFr ZSBpdCBhIH JlcHV0YWJs ZSBhbmQgc3 VjY2Vzc2Z1 bCBjb21wYW 55IGluIHRo ZSBpbmR1c3 RyaWFsIHJl YWwgZXN0YX RlIG1hcmtl dC4=

VGhlIEVhc3 RHcm91cCBQ cm9wZXJ0aW VzIGNvbXBh bnkncyBidX NpbmVzcyBt b2RlbCBpcy Bmb2N1c2Vk IG9uIGRldm Vsb3BtZW50 LCBhY3F1aX NpdGlvbiwg YW5kIGxlYX Npbmcgb2Yg aW5kdXN0cm lhbCBwcm9w ZXJ0aWVzIG luIG1ham9y IFN1bmJlbH QgbWFya2V0 cyBpbiB0aG UgVW5pdGVk IFN0YXRlcy 4gVGhleSBz cGVjaWFsaX plIGluIHBy b3BlcnRpZX MgdGhhdCBz ZXJ2ZSBkaX N0cmlidXRp b24gYW5kIG xvZ2lzdGlj cywgYXMgd2 VsbCBhcyBs aWdodCBtYW 51ZmFjdHVy aW5nIGFuZC BSJkQgb3Bl cmF0aW9ucy 4gVGhlaXIg c3RyYXRlZ3 kgaXMgdG8g YWNxdWlyZS BhbmQgZGV2 ZWxvcCB3ZW xsLWxvY2F0 ZWQgcHJvcG VydGllcyB3 aXRoIGxvbm ctdGVybSBs ZWFzZXMgdG 8gbGFyZ2Ug Y29ycG9yYX RlIHRlbmFu dHMsIGdlbm VyYXRpbmcg YSBzdGFibG Ugc3RyZWFt IG9mIHJlbn RhbCBpbmNv bWUuIFRoZX kgYWxzbyBm b2N1cyBvbi BtYWludGFp bmluZyBhIG hpZ2ggb2Nj dXBhbmN5IH JhdGUgYW5k IGluY3JlYX NpbmcgcmVu dGFsIHJhdG VzIHRocm91 Z2ggbGVhc2 UgcmVuZXdh bHMgYW5kIG V4cGFuc2lv bnMuIEFkZG l0aW9uYWxs eSwgdGhlIG NvbXBhbnkg aW52ZXN0cy BpbiBtYWlu dGFpbmluZy BhbmQgaW1w cm92aW5nIH RoZWlyIHBy b3BlcnRpZX MgdG8gZW5z dXJlIGxvbm ctdGVybSB2 YWx1ZSBhbm QgYXR0cmFj dGl2ZW5lc3 MgdG8gcG90 ZW50aWFsIH RlbmFudHMu

EastGroup Properties is a real estate investment trust focused on industrial properties, primarily in the United States. The potential impact of AI on its business model can be evaluated in several ways:
1. Substitution: AI advancements in logistics and supply chain management could lead to alternative solutions that reduce the need for traditional warehouse space. Automation in distribution centers, drone deliveries, and AI-driven inventory management may lessen the demand for conventional industrial properties. However, EastGroup Properties primarily offers Flex and warehouse space that supports e-commerce, which is still expected to grow. Thus, while some substitution may occur, the overall demand for industrial space is likely to remain strong.
2. Disintermediation: AI could enable companies to efficiently manage their real estate needs through enhanced data analytics, potentially minimizing the role of intermediaries like brokers and property management companies. This might lead to a more direct relationship between tenants and landlords. EastGroup Properties may need to adapt its services to ensure that it provides value beyond what AI-driven platforms can offer, such as personalized customer service, community engagement, and additional amenities.
3. Margin Pressure: The adoption of AI in the real estate sector could lead to increased competition as new players leverage technology to optimize operations and reduce costs. This could put pressure on margins for established companies like EastGroup Properties if they do not invest in technology and innovation. Additionally, AI-driven efficiencies might lead to better pricing strategies from competitors, forcing EastGroup to reevaluate its pricing model to remain competitive.
In summary, while AI presents potential challenges in terms of substitution, disintermediation, and margin pressure, EastGroup Properties also has the opportunity to leverage technology to enhance its offerings and mitigate these threats. Adapting to these changes will be crucial for maintaining its competitive positioning in the evolving market.

EastGroup Properties, like many real estate investment trusts (REITs), exhibits sensitivity to changes in interest rates in several key ways:
1. Earnings Impact: Rising interest rates can increase the cost of borrowing for EastGroup Properties. If the company relies on debt to finance acquisitions or operations, higher interest expenses can compress its profit margins. Conversely, if interest rates are rising due to a strong economy, increased demand for industrial properties may help sustain or even grow earnings.
2. Cash Flow Sensitivity: Similar to earnings, cash flow can be impacted by increased interest expenses associated with higher borrowing costs. Additionally, if interest rates rise significantly, it may lead to higher capitalization (cap) rates for property valuations, which can affect the timing and volume of property transactions, further impacting cash flow. If the company has substantial floating-rate debt, cash flow may be significantly more sensitive to interest rate hikes.
3. Valuation Factors: The valuation of EastGroup Properties is closely tied to the prevailing interest rate environment. Rising interest rates typically lead to higher cap rates, which can decrease property values. Investors often demand higher returns to compensate for the increased risk associated with higher interest rates, adversely affecting the stock price of the REIT. Conversely, lower interest rates can enhance valuations as cap rates compress, leading to higher property values and potentially higher stock prices.
In summary, EastGroup Properties’ earnings, cash flow, and valuation are all sensitive to changes in interest rates, with rising rates generally leading to increased borrowing costs, compressed margins, and lower property valuations, while falling rates can support growth and higher valuations.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgRW FzdEdyb3Vw IFByb3Blcn RpZXPigJkg ZWNvbm9taW NzIG92ZXIg dGhlIG5leH QgM+KAkzUg eWVhcnMgaW 52b2x2ZXMg YSBzaWduaW ZpY2FudCBh bmQgcHJvbG 9uZ2VkIGRv d250dXJuIG luIHRoZSBp bmR1c3RyaW FsIHJlYWwg ZXN0YXRlIG 1hcmtldC4g VGhpcyBkb3 dudHVybiBj b3VsZCBiZS B0cmlnZ2Vy ZWQgYnkgYS Bjb21iaW5h dGlvbiBvZi BmYWN0b3Jz IHN1Y2ggYX M6PGJyPjEu IEEgc3Vic3 RhbnRpYWwg aW5jcmVhc2 UgaW4gaW50 ZXJlc3Qgcm F0ZXMsIHdo aWNoIHdvdW xkIHJhaXNl IGJvcnJvd2 luZyBjb3N0 cyBhbmQgcm VkdWNlIGlu dmVzdG1lbn QgaW4gY29t bWVyY2lhbC ByZWFsIGVz dGF0ZS48Yn I+Mi4gQSBt YWpvciBlY2 9ub21pYyBy ZWNlc3Npb2 4sIGxlYWRp bmcgdG8gZG VjcmVhc2Vk IGRlbWFuZC Bmb3IgaW5k dXN0cmlhbC BzcGFjZXMg YXMgY29tcG FuaWVzIGRv d25zaXplIG 9yIGRlbGF5 IGV4cGFuc2 lvbiBwbGFu cy48YnI+My 4gQSBzaGlm dCBpbiBzdX BwbHkgY2hh aW4gZHluYW 1pY3MsIHdo ZXJlIGNvbX BhbmllcyBt b3ZlIGF3YX kgZnJvbSB0 cmFkaXRpb2 5hbCB3YXJl aG91c2luZy BhbmQgZGlz dHJpYnV0aW 9uIGNlbnRl cnMgdG8gbW 9yZSBsb2Nh bGl6ZWQgb3 Igb2RlbWFu ZCBmdWxmaW xsbWVudCBt b2RlbHMsIH Jlc3VsdGlu ZyBpbiBleG Nlc3MgaW5k dXN0cmlhbC BzcGFjZS48 YnI+SWYgc3 VjaCBhIHNj ZW5hcmlvIH dlcmUgdG8g dW5mb2xkLC BFYXN0R3Jv dXAgUHJvcG VydGllcyB3 b3VsZCBsaW tlbHkgZXhw ZXJpZW5jZS BhIGRlY2xp bmUgaW4gcm VudGFsIGlu Y29tZSBkdW UgdG8gaGln aGVyIHZhY2 FuY3kgcmF0 ZXMgYW5kIG Rvd253YXJk IHByZXNzdX JlIG9uIHJl bnRhbCByYX RlcyBjYXVz ZWQgYnkgb3 ZlcnN1cHBs eSBhbmQgcm VkdWNlZCBk ZW1hbmQuIE NvbnNlcXVl bnRseSwgdG hlIGNvbXBh bnnigJlzIG 9wZXJhdGlu ZyBtYXJnaW 5zIHdvdWxk IHN1ZmZlci BhcyBmaXhl ZCBjb3N0cy ByZW1haW4g cmVsYXRpdm VseSBjb25z dGFudCB3aG lsZSByZXZl bnVlIGRlY2 xpbmVzLjxi cj5DYXNoIG Zsb3cgd291 bGQgYWxzby BiZSBuZWdh dGl2ZWx5IG ltcGFjdGVk LCBhcyB0aG UgcmVkdWNl ZCByZW50YW wgaW5jb21l IHRyYW5zbG F0ZXMgdG8g bG93ZXIgb3 BlcmF0aW5n IGNhc2ggZm xvdy4gVGhp cyBjb3VsZC BsZWFkIHRv IGNoYWxsZW 5nZXMgaW4g Y292ZXJpbm cgZGVidCBv YmxpZ2F0aW 9ucywgZmlu YW5jaW5nIG NhcGl0YWwg ZXhwZW5kaX R1cmVzLCBh bmQgcmV0dX JuaW5nIGNh cGl0YWwgdG 8gc2hhcmVo b2xkZXJzLi BUaGUgY29t cGFueeKAmX MgY2FzaCBy ZXNlcnZlcy Bjb3VsZCBi ZSBkZXBsZX RlZCBhcyBp dCBhdHRlbX B0cyB0byBt YW5hZ2UgdG hlIGNyaXNp cywgcG90ZW 50aWFsbHkg bGVhZGluZy B0byBhIG5l ZWQgZm9yIH JlZmluYW5j aW5nIG9yIG FkZGl0aW9u YWwgZmluYW 5jaW5nLjxi cj5PbiB0aG UgYmFsYW5j ZSBzaGVldC wgdGhlIGlt cGFjdCB3b3 VsZCBiZSBy ZWZsZWN0ZW QgaW4gYSBm ZXcga2V5IG FyZWFzOjxi cj4xLiBBIG RlY2xpbmUg aW4gcHJvcG VydHkgdmFs dWF0aW9ucy BhcyBtYXJr ZXQgY29uZG l0aW9ucyBl eGFjZXJiYX RlLCByZXN1 bHRpbmcgaW 4gYSBkZWNy ZWFzZSBpbi Bhc3NldCB2 YWx1ZS48Yn I+Mi4gSW5j cmVhc2VkIG xldmVyYWdl LCBpZiBFYX N0R3JvdXAg UHJvcGVydG llcyBoYXMg dG8gdGFrZS BvbiBhZGRp dGlvbmFsIG RlYnQgdG8g bWFpbnRhaW 4gb3BlcmF0 aW9ucyBvci Bjb3ZlciBj YXNoIHNob3 J0ZmFsbHMu PGJyPjMuIE EgcG90ZW50 aWFsIHJpc2 UgaW4gbm9w ZXJmb3JtaW 5nIGFzc2V0 cywgYXMgdG VuYW50cyBk ZWZhdWx0IG 9uIGxlYXNl cyBvciBkZW NsaW5lIHRv IHJlbmV3LC BmdXJ0aGVy IHN0cmVzc2 luZyB0aGUg Y29tcGFuee KAmXMgZmlu YW5jaWFsIH Bvc2l0aW9u Ljxicj5Jbi BzdW1tYXJ5 LCBpZiB0aG lzIHVuZmF2 b3JhYmxlIH NjZW5hcmlv IHBsYXlzIG 91dCwgRWFz dEdyb3VwIF Byb3BlcnRp ZXMgd291bG QgbGlrZWx5 IHNlZSByZW R1Y2VkIG1h cmdpbnMsIG NvbnN0cmFp bmVkIGNhc2 ggZmxvdywg YW5kIGEgd2 Vha2VuZWQg YmFsYW5jZS BzaGVldCwg bGVhZGluZy B0byBsb25n LXRlcm0gY2 hhbGxlbmdl cyBpbiByZX ZpdGFsaXpp bmcgaXRzIG Vjb25vbWlj IG91dGxvb2 suPGJyPg==

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 bG9nb3MvQT l4ekdRbVRr Wm5ZdWJDSV lRSU8ud2Vi cCIgYWx0PS JFYXN0R3Jv dXAgUHJvcG VydGllcyIg dGl0bGU9Ik Vhc3RHcm91 cCBQcm9wZX J0aWVzIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTUwIHdp ZHRoPTUwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE Vhc3RHcm91 cCBQcm9wZX J0aWVzPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TmCBDbGFp bSB5b3VyIG ZyZWUgZUJv b2s6IDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIExTQkZZ WE4wUjMgSn ZkWEFnVUhK diBjR1Z5ZE dsbGN5IEIz WVhNZ1ptOT EgYm1SbFpD QnBiaSBBeE 9UWTVJR2x1 IElFcGhZMn R6YjIgNHNJ RTFwYzNOcC BjM05wY0hC cElHIEZ1Wk NCcGN5QnUg YjNjZ2FHVm haSCBGMVlY SjBaWEpsIF pDQnBiaUJL WVcgTnJjMj l1TENCTiBh WE56YVhOem FYIEJ3YVM0 OFluSSsgTF NCVWFHVWdZ MiA5dGNHRn VlU0JwIGN5 QmhJSEpsWV cgd2daWE4w WVhSbCBJR2 x1ZG1WemRH IDFsYm5RZ2 RISjEgYzNR Z0tGSkZTVi BRcElIUm9Z WFFnIGMzQm xZMmxoYkcg bDZaWE1nYV c0ZyBkR2hs SUdSbGRtIF ZzYjNCdFpX NTAgTENCaF kzRjFhWCBO cGRHbHZiaX dnIFlXNWtJ Rzl3WlggSm hkR2x2YmlC diBaaUJwYm 1SMWMzIFJ5 YVdGc0lIQn kgYjNCbGNu UnBaWCBNZ2 FXNGdiV0Zx IGIzSWdVM1 Z1WW0gVnNk Q0J0WVhKci BaWFJ6SUds dUlIIFJvWl NCVmJtbDAg WldRZ1UzUm hkRyBWekxq eGljajR0IE lFVmhjM1JI Y20gOTFjQ0 JRY205dyBa WEowYVdWek lHIDkzYm5N Z1lXNWsgSU c5d1pYSmhk RyBWeklHOT JaWElnIE5E WWdiV2xzYk cgbHZiaUJ6 Y1hWaCBjbV VnWm1WbGRD IEJ2WmlCcG JtUjEgYzNS eWFXRnNJSC BOd1lXTmxJ R2x1IElERT NJSE4wWVgg UmxjeXdnYl dGciBhVzVu SUdsMElHID l1WlNCdlpp QjAgYUdVZ2 JHRnlaMiBW emRDQnBibV IxIGMzUnlh V0ZzSUYgSk ZTVlJ6SUds dSBJSFJvWl NCVmJtIGww WldRZ1UzUm ggZEdWekxq eGljaiA0dE lGUm9aU0Jq IGIyMXdZVz U1NG8gQ1pj eUJ3Y205dy BaWEowYVdW eklHIEZ5Wl NCemRISmgg ZEdWbmFXTm hiRyB4NUlH eHZZMkYwIF pXUWdibVZo Y2kgQnRZV3 B2Y2lCMCBj bUZ1YzNCdm NuIFJoZEds dmJpQmogYj NKeWFXUnZj biBNc0lIQn ZjblJ6IExD QmhibVFnWV cgbHljRzl5 ZEhNcyBJRz FoYTJsdVp5 IEIwYUdWdE lHRjAgZEhK aFkzUnBkbS BVZ2RHOGdZ U0IyIFlYSn BaWFI1SUcg OW1JSFJsYm 1GdSBkSE1n YVc0Z2FXID VrZFhOMGNt bGwgY3lCem RXTm9JRyBG eklHVXRZMj l0IGJXVnlZ MlVzSUcgeH ZaMmx6ZEds aiBjeXdnWV c1a0lHIDFo Ym5WbVlXTj AgZFhKcGJt Y3VQRyBKeV BpMGdSV0Z6 IGRFZHliM1 Z3SUYgQnli M0JsY25ScC BaWE1nYUdG eklHIEVnYz NSeWIyNW4g SUdadlkzVn pJRyA5dUlI TjFjM1JoIG FXNWhZbWxz YVggUjVJR0 Z1WkNCbCBi bVZ5WjNrZ1 pXIFptYVdO cFpXNWogZV N3Z2QybDBh QyBCdmRtVn lJRGd3IEpT QnZaaUJwZE ggTWdjSEp2 Y0dWeSBkR2 xsY3lCaVpX IGx1WnlCTV JVVkUgSUdO bGNuUnBabS BsbFpDQnZj aUJGIFRrVl NSMWtnVTEg UkJVaUJqWl hKMCBhV1pw WldRdVBHIE p5UGkwZ1NX NGcgTWpBeE 9Td2dkRyBo bElHTnZiWE JoIGJua2dk MkZ6SUggSm xZMjluYm1s NiBaV1FnWV hNZ2RHIGhs SUUxdmMzUW cgU1c1MFpX ZHlZWCBSbF pDQkpibVIx IGMzUnlhV0 ZzSUYgSkZT VlFnWW5rZy BkR2hsSUU1 aGRHIGx2Ym 1Gc0lFRnog YzI5amFXRj BhVyA5dUlH OW1JRkpsIF lXd2dSWE4w WVggUmxJRW x1ZG1WeiBk RzFsYm5RZ1 ZIIEoxYzNS eklDaE8gUV ZKRlNWUXBM aiB4aWNqNH RJRVZoIGMz UkhjbTkxY0 MgQlFjbTl3 WlhKMCBhV1 Z6SUdoaGN5 IEJoSUdocG MzUnYgY25r Z2IyWWdZMi A5dWMybHpk R1Z1IGRDQm thWFpwWkcg VnVaQ0J3WV hsdCBaVzUw Y3lCMGJ5IE JwZEhNZ2My aGggY21Wb2 IyeGtaWCBK ekxDQm9ZWF pwIGJtY2dh VzVqY20gVm hjMlZrSUds MCBjeUJrYV hacFpHIFZ1 WkNCbGRtVn kgZVNCNVpX RnlJSCBOcG JtTmxJREU1 IE9UVXVQR0 p5UGkgMGdW R2hsSUdOdi BiWEJoYm5u aWdKIGx6SU d4bFlXUmwg Y25Ob2FYQW dkRyBWaGJT Qm9ZWE1nIG IzWmxjaUF4 TUQgQWdlV1 ZoY25NZyBi MllnWTI5dF ltIGx1WldR Z1pYaHcgWl hKcFpXNWpa UyBCcGJpQj BhR1VnIGNt VmhiQ0JsYz MgUmhkR1Vn YVc1ayBkWE 4wY25rZ1lX IDVrSUdoaG N5QmggSUhS eVlXTnJJSC BKbFkyOXla Q0J2IFppQn pkV05qWlgg TnpablZzSU hCeSBiM0Js Y25SNUlHIF JsZG1Wc2Iz QnQgWlc1MG N5QmhibSBR Z2FXNTJaWE 4wIGJXVnVk SE11UEcgSn lQaTBnUldG eiBkRWR5Yj NWd0lGIEJ5 YjNCbGNuUn AgWlhNZ2FH RnpJRyBFZ2 MzUnliMjVu IElHTnZiVz FwZEcgMWxi blFnZEc4Zy BaMmwyYVc1 bklHIEpoWT JzZ2RHOGcg ZEdobElHTn ZiVyAxMWJt bDBhV1Z6IE lIZG9aWEps SUcgbDBJRz l3WlhKaCBk R1Z6TENCM2 FYIFJvSUdF Z1ptOWogZF hNZ2IyNGdj MyBWd2NHOX lkR2x1IFp5 QmxaSFZqWV ggUnBiMjRz SUdobCBZV3 gwYUN3Z1lX IDVrSUdoMW JXRnUgSUhO bGNuWnBZMi BWeklHbHVh WFJwIFlYUn BkbVZ6TGog eGljajR0SU ZSbyBaU0Jq YjIxd1lXID U1SUdoaGN5 QmkgWldWdU lISmxZMiA5 bmJtbDZaV1 FnIFptOXlJ R2wwY3kgQj NiM0pyY0d4 aCBZMlVnWT NWc2RIIFZ5 WlNCaGJtUW cgZDJGeklH NWhiVyBWa0 lHOXVaU0J2 IFppQkdiM0 ppWlggUGln SmtnUW1Wei BkQ0JOYVdR dFUyIGw2Wl NCRmJYQnMg YjNsbGNuTW dhVyA0Z01q QXlNUzQ9Ci AgICAgICAg PC9zcGFuPg ogICAgICAg IAogICAgIC AgIA==