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 +OgSBGcmVl IGRvd25sb2 FkISA8aT4i VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr cyI8L2k+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBMU0JGWV hOMFIzIEp2 ZFhBZ1VISn YgY0dWeWRH bGxjeSBCM1 lYTWdabTkx IGJtUmxaQ0 JwYmkgQXhP VFk1SUdsdS BJRXBoWTJ0 emIyIDRzSU UxcGMzTnAg YzNOcGNIQn BJRyBGdVpD QnBjeUJ1IG IzY2dhR1Zo WkggRjFZWE owWlhKbCBa Q0JwYmlCS1 lXIE5yYzI5 dUxDQk4gYV hOemFYTnph WCBCd2FTND hZbkkrIExT QlVhR1VnWT IgOXRjR0Z1 ZVNCcCBjeU JoSUhKbFlX IHdnWlhOMF lYUmwgSUds dWRtVnpkRy AxbGJuUWdk SEoxIGMzUW dLRkpGU1Yg UXBJSFJvWV hRZyBjM0Js WTJsaGJHIG w2WlhNZ2FX NGcgZEdobE lHUmxkbSBW c2IzQnRaVz UwIExDQmhZ M0YxYVggTn BkR2x2Yml3 ZyBZVzVrSU c5d1pYIEpo ZEdsdmJpQn YgWmlCcGJt UjFjMyBSeW FXRnNJSEJ5 IGIzQmxjbl JwWlggTWdh VzRnYldGcS BiM0lnVTNW dVltIFZzZE NCdFlYSnIg WlhSeklHbH VJSCBSb1pT QlZibWwwIF pXUWdVM1Jo ZEcgVnpMan hpY2o0dCBJ RVZoYzNSSG NtIDkxY0NC UWNtOXcgWl hKMGFXVnpJ RyA5M2JuTW dZVzVrIElH OXdaWEpoZE cgVnpJRzky WlhJZyBORF lnYldsc2JH IGx2YmlCem NYVmggY21V Z1ptVmxkQy BCdlppQnBi bVIxIGMzUn lhV0ZzSUgg TndZV05sSU dsdSBJREUz SUhOMFlYIF JsY3l3Z2JX RnIgYVc1bk lHbDBJRyA5 dVpTQnZaaU IwIGFHVWdi R0Z5WjIgVn pkQ0JwYm1S MSBjM1J5YV dGc0lGIEpG U1ZSeklHbH UgSUhSb1pT QlZibSBsMF pXUWdVM1Jo IGRHVnpMan hpY2ogNHRJ RlJvWlNCai BiMjF3WVc1 NTRvIENaY3 lCd2NtOXcg WlhKMGFXVn pJRyBGeVpT QnpkSEpoIG RHVm5hV05o YkcgeDVJR3 h2WTJGMCBa V1FnYm1WaG NpIEJ0WVdw dmNpQjAgY2 1GdWMzQnZj biBSaGRHbH ZiaUJqIGIz SnlhV1J2Y2 4gTXNJSEJ2 Y25SeiBMQ0 JoYm1RZ1lX IGx5Y0c5eW RITXMgSUcx aGEybHVaeS BCMGFHVnRJ R0YwIGRISm hZM1JwZG0g VWdkRzhnWV NCMiBZWEpw WlhSNUlHID ltSUhSbGJt RnUgZEhNZ2 FXNGdhVyA1 a2RYTjBjbW xsIGN5Qnpk V05vSUcgRn pJR1V0WTI5 dCBiV1Z5WT JVc0lHIHh2 WjJsemRHbG ogY3l3Z1lX NWtJRyAxaG JuVm1ZV04w IGRYSnBibW N1UEcgSnlQ aTBnUldGei BkRWR5YjNW d0lGIEJ5Yj NCbGNuUnAg WlhNZ2FHRn pJRyBFZ2Mz UnliMjVuIE lHWnZZM1Z6 SUcgOXVJSE 4xYzNSaCBh VzVoWW1sc2 FYIFI1SUdG dVpDQmwgYm 1WeVoza2da VyBabWFXTn BaVzVqIGVT d2dkMmwwYU MgQnZkbVZ5 SURndyBKU0 J2WmlCcGRI IE1nY0hKdm NHVnkgZEds bGN5QmlaVy BsdVp5Qk1S VVZFIElHTm xjblJwWm0g bGxaQ0J2Y2 lCRiBUa1ZT UjFrZ1UxIF JCVWlCalpY SjAgYVdacF pXUXVQRyBK eVBpMGdTVz RnIE1qQXhP U3dnZEcgaG xJR052YlhC aCBibmtnZD JGeklIIEps WTI5bmJtbD YgWldRZ1lY TWdkRyBobE lFMXZjM1Fn IFNXNTBaV2 R5WVggUmxa Q0JKYm1SMS BjM1J5YVdG c0lGIEpGU1 ZRZ1lua2cg ZEdobElFNW hkRyBsdmJt RnNJRUZ6IG MyOWphV0Yw YVcgOXVJRz ltSUZKbCBZ V3dnUlhOMF lYIFJsSUVs dWRtVnogZE cxbGJuUWdW SCBKMWMzUn pJQ2hPIFFW SkZTVlFwTG ogeGljajR0 SUVWaCBjM1 JIY205MWND IEJRY205d1 pYSjAgYVdW eklHaGhjeS BCaElHaHBj M1J2IGNua2 diMllnWTIg OXVjMmx6ZE dWdSBkQ0Jr YVhacFpHIF Z1WkNCd1lY bHQgWlc1MG N5QjBieSBC cGRITWdjMm hoIGNtVm9i MnhrWlggSn pMQ0JvWVha cCBibWNnYV c1amNtIFZo YzJWa0lHbD AgY3lCa2FY WnBaRyBWdV pDQmxkbVZ5 IGVTQjVaV0 Z5SUggTnBi bU5sSURFNS BPVFV1UEdK eVBpIDBnVk dobElHTnYg YlhCaGJubm lnSiBseklH eGxZV1JsIG NuTm9hWEFn ZEcgVmhiU0 JvWVhNZyBi M1psY2lBeE 1EIEFnZVdW aGNuTWcgYj JZZ1kyOXRZ bSBsdVpXUW daWGh3IFpY SnBaVzVqWl MgQnBiaUIw YUdVZyBjbV ZoYkNCbGMz IFJoZEdVZ2 FXNWsgZFhO MGNua2dZVy A1a0lHaGhj eUJoIElIUn lZV05ySUgg SmxZMjl5Wk NCdiBaaUJ6 ZFdOalpYIE 56Wm5Wc0lI QnkgYjNCbG NuUjVJRyBS bGRtVnNiM0 J0IFpXNTBj eUJoYm0gUW dhVzUyWlhO MCBiV1Z1ZE hNdVBHIEp5 UGkwZ1JXRn ogZEVkeWIz VndJRiBCeW IzQmxjblJw IFpYTWdhR0 Z6SUcgRWdj M1J5YjI1bi BJR052Ylcx cGRHIDFsYm 5RZ2RHOGcg WjJsMmFXNW 5JRyBKaFky c2dkRzhnIG RHaGxJR052 YlcgMTFibW wwYVdWeiBJ SGRvWlhKbE lHIGwwSUc5 d1pYSmggZE dWekxDQjNh WCBSb0lHRW dabTlqIGRY TWdiMjRnYz MgVndjRzl5 ZEdsdSBaeU JsWkhWallY IFJwYjI0c0 lHaGwgWVd4 MGFDd2dZVy A1a0lHaDFi V0Z1IElITm xjblpwWTIg VnpJR2x1YV hScCBZWFJw ZG1WekxqIH hpY2o0dElG Um8gWlNCam IyMXdZVyA1 NUlHaGhjeU JpIFpXVnVJ SEpsWTIgOW 5ibWw2WldR ZyBabTl5SU dsMGN5IEIz YjNKcmNHeG ggWTJVZ1kz VnNkSCBWeV pTQmhibVFn IGQyRnpJRz VoYlcgVmtJ Rzl1WlNCdi BaaUJHYjNK aVpYIFBpZ0 prZ1FtVnog ZENCTmFXUX RVMiBsNlpT QkZiWEJzIG IzbGxjbk1n YVcgNGdNak F5TVM0PQog ICAgICAgID wvc3Bhbj4K ICAgICAgIC AKICAgICAg ICA=