EPR Properties

-14.83%

Live  

EPR Properties is a real estate investment trust (REIT) that specializes in investing in entertainment, recreation, and education properties. The company was founded in 1997 and is headquartered in Kansas City, Missouri. EPR Properties primarily focuses on three main segments: entertainment, education, and recreation.
The entertainment segment includes investments in megaplex theatres, entertainment retail centers, and other entertainment venues such as Dave & Buster’s and Topgolf. The education segment includes investments in private schools, charter schools, early childhood education centers, and other educational facilities. The recreation segment includes investments in ski resorts, waterparks, golf driving ranges, and other recreational venues.
EPR Properties operates as a triple-net lease REIT, meaning that tenants are responsible for the majority of the property’s operating expenses. This structure provides stable and predictable rental income for the company.
The company has a diverse portfolio of over 400 properties across 43 states and Canada. EPR Properties has a strong track record of financial performance, with a consistent history of increasing dividends to shareholders. The company is also committed to sustainability and has implemented various green initiatives in its properties.
EPR Properties is publicly traded on the New York Stock Exchange under the ticker symbol EPR and is a member of the S&P MidCap 400 Index. The company is led by CEO Greg Silvers, who has been with EPR since 1998.

EPR Properties is a company that owns special buildings and places, like movie theaters, amusement parks, and other fun attractions. Imagine the big movie theater where you go to see the latest superhero movies or the cool water park where you splash around in the summer. EPR Properties owns these kinds of places and rents them out to businesses that run them.
The way EPR Properties makes money is by charging these businesses rent. Just like how your family might pay rent to live in a house, the companies that run theaters or amusement parks pay EPR Properties so they can use the buildings. When a lot of people go to see movies or have fun at these attractions, the businesses can do well and can keep paying their rent.
EPR Properties is successful because it picks popular and fun places that many people want to visit. That means the businesses they rent to usually have a good number of customers, helping them pay their rent regularly. Plus, lots of people enjoy going out for fun experiences, so the type of businesses EPR Properties invests in is always likely to be popular.
In the future, EPR Properties is likely to keep doing well because people will always want to go to fun places like movie theaters and amusement parks to spend time with their friends and family. As long as they keep owning the right kinds of buildings and picking good businesses to rent to, they should continue to be successful!

MS4gRGl2ZX JzZSBQb3J0 Zm9saW86IE VQUiBQcm9w ZXJ0aWVzIG hhcyBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIHByb3 BlcnRpZXMg YWNyb3NzIH ZhcmlvdXMg aW5kdXN0cm llcyBpbmNs dWRpbmcgZW 50ZXJ0YWlu bWVudCwgcm VjcmVhdGlv biwgZWR1Y2 F0aW9uLCBh bmQgc3BlY2 lhbHR5IGhl YWx0aGNhcm UuIFRoaXMg ZGl2ZXJzaW ZpY2F0aW9u IGhlbHBzIH JlZHVjZSB0 aGUgcmlzay BvZiB0aGUg Y29tcGFueS BiZWluZyBo ZWF2aWx5IH JlbGlhbnQg b24gYSBzaW 5nbGUgaW5k dXN0cnkuPG JyPjIuIExv bmctVGVybS BMZWFzZSBB Z3JlZW1lbn RzOiBUaGUg Y29tcGFueS BoYXMgYSBm b2N1cyBvbi Bsb25nLXRl cm0gbGVhc2 UgYWdyZWVt ZW50cyB3aX RoIGl0cyB0 ZW5hbnRzLC B0eXBpY2Fs bHkgcmFuZ2 luZyBmcm9t IDEwLTIwIH llYXJzLiBU aGlzIHByb3 ZpZGVzIHN0 YWJpbGl0eS BhbmQgcHJl ZGljdGFibG UgY2FzaCBm bG93IGZvci B0aGUgY29t cGFueS48Yn I+My4gSGln aC1RdWFsaX R5IFRlbmFu dHM6IEVQUi BQcm9wZXJ0 aWVzIGhhcy BhIHN0cm9u ZyBmb2N1cy BvbiBwYXJ0 bmVyaW5nIH dpdGggaGln aC1xdWFsaX R5IHRlbmFu dHMgaW4gaX RzIHRhcmdl dCBpbmR1c3 RyaWVzLiBT b21lIG9mIG l0cyBub3Rh YmxlIHRlbm FudHMgaW5j bHVkZSBBTU MgVGhlYXRy ZXMsIFRvcG dvbGYsIGFu ZCBMaWZlIF RpbWUgRml0 bmVzcy48Yn I+NC4gRmlu YW5jaWFsIF N0cmVuZ3Ro OiBUaGUgY2 9tcGFueSBo YXMgYSBzb2 xpZCBmaW5h bmNpYWwgcG 9zaXRpb24g d2l0aCBhIH N0cm9uZyBi YWxhbmNlIH NoZWV0IGFu ZCBjb25zaX N0ZW50IGNh c2ggZmxvdy wgd2hpY2gg YWxsb3dzIG l0IHRvIHdl YXRoZXIgZW Nvbm9taWMg ZG93bnR1cm 5zIGFuZCBj b250aW51ZS BwYXlpbmcg ZGl2aWRlbm RzIHRvIGl0 cyBzaGFyZW hvbGRlcnMu PGJyPjUuIE dyb3d0aCBQ b3RlbnRpYW w6IEVQUiBQ cm9wZXJ0aW VzIGhhcyBh IGhpc3Rvcn kgb2Ygc3Vj Y2Vzc2Z1bC Bncm93dGgg dGhyb3VnaC Bib3RoIGFj cXVpc2l0aW 9ucyBhbmQg ZGV2ZWxvcG 1lbnQgcHJv amVjdHMuIE luIHJlY2Vu dCB5ZWFycy wgdGhlIGNv bXBhbnkgaG FzIGV4cGFu ZGVkIGl0cy Bwb3J0Zm9s aW8gaW50by BuZXcgc2Vj dG9ycyBzdW NoIGFzIGV4 cGVyaWVudG lhbCByZWFs IGVzdGF0ZS BhbmQgc2hh cmVkIHdvcm tzcGFjZS48 YnI+Ni4gU2 9jaWFsbHkg UmVzcG9uc2 libGU6IFRo ZSBjb21wYW 55IGhhcyBh IGNvbW1pdG 1lbnQgdG8g c3VzdGFpbm FiaWxpdHkg YW5kIGNvbW 11bml0eSBp bnZvbHZlbW VudCwgd2hp Y2ggaXMgcm VmbGVjdGVk IGluIGl0cy BlZmZvcnRz IHRvIHJlZH VjZSBpdHMg ZW52aXJvbm 1lbnRhbCBp bXBhY3QgYW 5kIHN1cHBv cnQgbG9jYW wgY29tbXVu aXRpZXMgdG hyb3VnaCB2 b2x1bnRlZX JpbmcgYW5k IGNoYXJpdG FibGUgZG9u YXRpb25zLj xicj43LiBT dHJvbmcgUG VyZm9ybWFu Y2U6IEVQUi BQcm9wZXJ0 aWVzIGhhcy Bjb25zaXN0 ZW50bHkgZG VsaXZlcmVk IHN0cm9uZy BmaW5hbmNp YWwgcGVyZm 9ybWFuY2Us IHdpdGggc2 9saWQgZWFy bmluZ3MgZ3 Jvd3RoIGFu ZCBhIHRyYW NrIHJlY29y ZCBvZiBpbm NyZWFzaW5n IGRpdmlkZW 5kIHBheW1l bnRzIHRvIH NoYXJlaG9s ZGVycy48Yn I+OC4gRXhw ZXJpZW5jZW QgTWFuYWdl bWVudCBUZW FtOiBUaGUg Y29tcGFueS BpcyBsZWQg YnkgYW4gZX hwZXJpZW5j ZWQgYW5kIG tub3dsZWRn ZWFibGUgbW FuYWdlbWVu dCB0ZWFtIH dpdGggYSBz dHJvbmcgdH JhY2sgcmVj b3JkIG9mIH N1Y2Nlc3Mg aW4gdGhlIH JlYWwgZXN0 YXRlIGluZH VzdHJ5Ljxi cj45LiBJbn Zlc3Rvci1G cmllbmRseT ogRVBSIFBy b3BlcnRpZX MgcHJpb3Jp dGl6ZXMgdG hlIGludGVy ZXN0cyBvZi BpdHMgaW52 ZXN0b3JzIG FuZCBtYWlu dGFpbnMgdH JhbnNwYXJl bnQgY29tbX VuaWNhdGlv biBhbmQgcm Vwb3J0aW5n IHByYWN0aW Nlcy4gVGhl IGNvbXBhbn kgaGFzIGFs c28gcmVjZW l2ZWQgcmVj b2duaXRpb2 4gZm9yIGl0 cyBzdHJvbm cgY29ycG9y YXRlIGdvdm VybmFuY2Uu PGJyPjEwLi BXZWxsLVBv c2l0aW9uZW QgZm9yIHRo ZSBGdXR1cm U6IFdpdGgg aXRzIGZvY3 VzIG9uIGV4 cGVyaWVudG lhbCByZWFs IGVzdGF0ZS BhbmQgbG9u Zy10ZXJtIH BhcnRuZXJz aGlwcywgRV BSIFByb3Bl cnRpZXMgaX Mgd2VsbC1w b3NpdGlvbm VkIHRvIGJl bmVmaXQgZn JvbSB0aGUg Z3Jvd2luZy BkZW1hbmQg Zm9yIHVuaX F1ZSBhbmQg ZXhwZXJpZW 50aWFsIHJl YWwgZXN0YX RlIG9mZmVy aW5ncyBpbi B0aGUgZnV0 dXJlLg==

RVBSIFByb3 BlcnRpZXMg aXMgYSByZW FsIGVzdGF0 ZSBpbnZlc3 RtZW50IHRy dXN0IChSRU lUKSB0aGF0 IHNwZWNpYW xpemVzIGlu IGludmVzdG luZyBpbiBl bnRlcnRhaW 5tZW50LCBy ZWNyZWF0aW 9uLCBhbmQg ZWR1Y2F0aW 9uIHByb3Bl cnRpZXMuIE l0cyBidXNp bmVzcyBtb2 RlbCBpbnZv bHZlcyBhY3 F1aXJpbmcs IG93bmluZy wgYW5kIGxl YXNpbmcgdG hlc2UgdHlw ZXMgb2YgcH JvcGVydGll cyB0byBnZW 5lcmF0ZSBy ZW50YWwgaW 5jb21lIGFu ZCBsb25nLX Rlcm0gdmFs dWUgZm9yIG l0cyBzaGFy ZWhvbGRlcn MuPGJyPk1v cmUgc3BlY2 lmaWNhbGx5 LCBFUFIgUH JvcGVydGll cyBmb2N1c2 VzIG9uIHBy b3BlcnRpZX MgaW4gdGhl IGZvbGxvd2 luZyBzZWN0 b3JzOjxicj 4xLiBFbnRl cnRhaW5tZW 50OiBUaGlz IGluY2x1ZG VzIHByb3Bl cnRpZXMgc3 VjaCBhcyBt b3ZpZSB0aG VhdGVycywg ZmFtaWx5IG VudGVydGFp bm1lbnQgY2 VudGVycywg d2F0ZXIgcG Fya3MsIGFu ZCBza2kgcm Vzb3J0cy48 YnI+Mi4gUm VjcmVhdGlv bjogVGhpcy BpbmNsdWRl cyBwcm9wZX J0aWVzIHN1 Y2ggYXMgZ2 9sZiBjb3Vy c2VzLCBhbX VzZW1lbnQg cGFya3MsIG FuZCBmaXRu ZXNzIGNlbn RlcnMuPGJy PjMuIEVkdW NhdGlvbjog VGhpcyBpbm NsdWRlcyBw cm9wZXJ0aW VzIHN1Y2gg YXMgcHJpdm F0ZSBzY2hv b2xzLCBlYX JseSBjaGls ZGhvb2QgZW R1Y2F0aW9u IGNlbnRlcn MsIGFuZCB1 bml2ZXJzaX RpZXMuPGJy PkVQUiBQcm 9wZXJ0aWVz IHRhcmdldH MgcHJvcGVy dGllcyB0aG F0IGhhdmUg c3Ryb25nIG 1hcmtldCBk ZW1hbmQgYW 5kIHN0YWJs ZSBsb25nLX Rlcm0gY2Fz aCBmbG93cy 4gVGhlIGNv bXBhbnkgYW xzbyBhY3Rp dmVseSBtYW 5hZ2VzIGFu ZCBkZXZlbG 9wcyBpdHMg cHJvcGVydG llcyB0byBk cml2ZSBncm 93dGggYW5k IGNyZWF0ZS B2YWx1ZSBm b3IgaXRzIH NoYXJlaG9s ZGVycy4gPG JyPkFkZGl0 aW9uYWxseS wgRVBSIFBy b3BlcnRpZX MgbWF5IGFs c28gZW5nYW dlIGluIHNh bGUtbGVhc2 ViYWNrIHRy YW5zYWN0aW 9ucywgd2hl cmUgaXQgc2 VsbHMgYSBw cm9wZXJ0eS BpdCBvd25z IHRvIGEgdG VuYW50IGFu ZCB0aGVuIG xlYXNlcyBp dCBiYWNrIG Zyb20gdGhl IHRlbmFudC 4gVGhpcyBh bGxvd3MgdG hlIGNvbXBh bnkgdG8gZ2 VuZXJhdGUg aW1tZWRpYX RlIGNhc2gg ZmxvdyB3aG lsZSByZXRh aW5pbmcgdG hlIHVzZSBv ZiB0aGUgcH JvcGVydHku PGJyPk92ZX JhbGwsIEVQ UiBQcm9wZX J0aWVz4oCZ IGJ1c2luZX NzIG1vZGVs IGlzIGZvY3 VzZWQgb24g YWNxdWlyaW 5nIGFuZCBt YW5hZ2luZy BoaWdoLXF1 YWxpdHkgcH JvcGVydGll cyBpbiB0aG UgZW50ZXJ0 YWlubWVudC wgcmVjcmVh dGlvbiwgYW 5kIGVkdWNh dGlvbiBzZW N0b3JzLCB3 aXRoIHRoZS Bnb2FsIG9m IHByb3ZpZG luZyBjb25z aXN0ZW50IG FuZCBzdGFi bGUgcmV0dX JucyBmb3Ig aXRzIHNoYX JlaG9sZGVy cy4=

AI could potentially impact EPR Properties, which specializes in entertainment, recreation, and education real estate, in several ways, though the extent of the threat depends on various factors.
1. Substitution: AI technologies could lead to innovative forms of entertainment and education that do not require traditional physical spaces. Virtual reality, augmented reality, and online learning platforms could attract consumers away from physical locations like theaters, amusement parks, or educational facilities. If these technologies become more mainstream, they could serve as substitutes for the experiences that EPR Properties’ tenants offer.
2. Disintermediation: AI can streamline operations and reduce the need for intermediaries in the real estate industry. For instance, AI-driven platforms might directly connect consumers with entertainment and educational content, bypassing traditional venues. If this trend continues, it could diminish the demand for the type of properties EPR owns, leading to reduced occupancy rates and rental income.
3. Margin Pressure: As AI continues to enhance efficiency and productivity across various sectors, companies could lower their operational costs. This could lead to competitive pressure on EPR Properties to maintain its margins. For tenants, if AI technologies allow them to operate more cost-effectively, they may demand lower rents or seek alternatives that offer better pricing structures, impacting EPR’s revenue streams.
In summary, while AI poses potential threats such as substitution, disintermediation, and margin pressure, the specific impact on EPR Properties will depend on how quickly the adoption of these technologies occurs and how effectively the company adapts to the changing landscape.

EPR Properties is a real estate investment trust (REIT) focused on entertainment, recreation, and other experiential properties. The sensitivity of its earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives:
1. Earnings Sensitivity: Higher interest rates can increase borrowing costs for EPR Properties, impacting its bottom line. As a REIT, EPR typically utilizes debt to finance acquisitions and developments. Elevated interest rates can raise the cost of servicing this debt, potentially leading to lower net income. If interest rates rise significantly, it could also affect tenant performance, especially for entertainment and recreational businesses that may struggle with reduced consumer spending.
2. Cash Flow Sensitivity: EPR Properties’ cash flow from operations is critical, as REITs are required to distribute a large portion of their taxable income as dividends. Increased interest rates may pressure cash flows through higher interest expenses. Additionally, if borrowing costs rise, it may limit the REIT’s ability to undertake new projects or acquisitions, which could lead to stagnant cash flows over time.
3. Valuation Sensitivity: Valuation of EPR Properties is closely tied to its cash flow and dividend yields. Higher interest rates often lead to higher discount rates used in valuation models, which can negatively impact the present value of future cash flows. Investors might demand higher yields when interest rates rise, pushing down the stock price if EPR Properties does not adjust its dividends to maintain competitiveness. This could result in a decrease in the company’s market valuation.
4. Debt Maturity and Structure: The sensitivity to interest rate changes also depends on the company’s debt structure. If EPR Properties has a significant portion of floating-rate debt, it would be more sensitive to interest rate increases compared to a company with fixed-rate debt. The maturity profile of the debt can also play a role; shorter maturities might be more impacted as they will need to be refinanced in a higher rate environment.
In summary, EPR Properties’ earnings, cash flow, and valuation are generally sensitive to interest rate changes. Higher interest rates can increase borrowing costs, pressure cash flows, and decrease valuations, thus affecting the real estate investment trust’s overall financial health and attractiveness to investors.

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 bG9nb3MvQX R6SjQ4aVdq YXJsVEdpel loUmUud2Vi cCIgYWx0PS JFUFIgUHJv cGVydGllcy IgdGl0bGU9 IkVQUiBQcm 9wZXJ0aWVz IiAgY2xhc3 M9ImltZy1m bHVpZCIgaG VpZ2h0PTkw IHdpZHRoPT kwIGxvYWRp bmc9J2xhen knIHN0eWxl PSdib3JkZX ItcmFkaXVz OiA2cHg7Jz 4KCiAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nZmxl eDogMTsgdG V4dC1hbGln bjogY2VudG VyOyBtYXJn aW4tbGVmdD ogNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxwIHN0 eWxlPSdmb2 50LXNpemU6 IDI2cHg7IG NvbG9yOiAj MzMzOyBtYX JnaW4tYm90 dG9tOiAxNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICDwn5OI IFdhbnQgdG 8gcmVhZCBt b3JlIGFib3 V0IEVQUiBQ cm9wZXJ0aW VzPwogICAg ICAgICAgIC AgICAgICAg ICAgICA8L3 A+CgogICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdp bmRleC5waH A/cGFnZT1z aWdudXAnIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJh Y2tncm91bm QtY29sb3I6 ICMwMDdCRk Y7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bjb2xvcjog I2ZmZjsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHBhZG Rpbmc6IDEw cHggMjBweD sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JvcmRlci1y YWRpdXM6ID VweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHRleHQt ZGVjb3JhdG lvbjogbm9u ZTsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGZvbnQtd2 VpZ2h0OiBi b2xkOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgbWFyZ2 luLXJpZ2h0 OiAxMHB4Ow ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdH JhbnNpdGlv bjogYmFja2 dyb3VuZC1j b2xvciAwLj NzIGVhc2U7 JwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg b25tb3VzZW 92ZXI9J3Ro aXMuc3R5bG UuYmFja2dy b3VuZENvbG 9yPSIjMDA1 NmIzIicKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIG9ubW 91c2VvdXQ9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA3QkZGIi c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IGZvciBmcm VlCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvYT 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxzcG FuIHN0eWxl PSdtYXJnaW 46IDAgOHB4 OyBjb2xvcj ogIzU1NTsn Pm9yPC9zcG FuPgoKICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aW5kZXgucG hwP3BhZ2U9 bG9naW4nIH N0eWxlPScK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGNv bG9yOiAjMD A3QkZGOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdGV4 dC1kZWNvcm F0aW9uOiB1 bmRlcmxpbm U7CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Bmb250LXdl aWdodDogNT AwOyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBsb2cg aW4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgoKCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dtYXJnaW4t dG9wOiAxNX B4OyBmb250 LXNpemU6ID EzcHg7IGZv bnQtd2VpZ2 h0OiBib2xk OyBjb2xvcj ogI2QzMmYy ZjsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+SoS BMZWFybiBz bWFydGVyIH N0b2NrIHBp Y2tzIHdpdG ggPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID EycHg7IGZv bnQtc2l6ZT ogMTNweDsg Y29sb3I6IC M0NDQ7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIFNp Z24gdXAgbm 93IGFuZCBn ZXQgb3VyIG ZyZWUgZUJv b2sgCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8Yj5UaG UgQ2hlY2ts aXN0IFZhbH VlIEludmVz dG9yIOKAlC BBIFNtYXJ0 ZXIgV2F5IH RvIFBpY2sg U3RvY2tzPC 9iPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgICAg ICAgICAgLS 0+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTZw eDsgZm9udC 1zaXplOiAx NHB4OyBjb2 xvcjogIzQ0 NDsgZm9udC 1mYW1pbHk6 IC1hcHBsZS 1zeXN0ZW0s IEJsaW5rTW FjU3lzdGVt Rm9udCwgU2 Vnb2UgVUks IFJvYm90by wgSGVsdmV0 aWNhIE5ldW UsIHNhbnMt c2VyaWY7IG xpbmUtaGVp Z2h0OiAxLj Y7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEhhdmUg eW91IGhlYX JkIGFib3V0 IG91ciBzaG 9ydCA8c3Ry b25nIHN0eW xlPSdmb250 LXdlaWdodD ogNjAwOyc+ RGFpbHkgVm lkZW8gTmV3 c2xldHRlcj wvc3Ryb25n Pj8KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IDxhIGhyZW Y9J2h0dHBz Oi8vd3d3Lm luc2lnaHRm dWx2YWx1ZS 5jb20vbmV3 c2xldHRlci 5waHAnIHRh cmdldD0nX2 JsYW5rJyBz dHlsZT0nY2 9sb3I6ICMw MDdCRkY7IH RleHQtZGVj b3JhdGlvbj ogbm9uZTsg Zm9udC13ZW lnaHQ6IDUw MDsgbWFyZ2 luLWxlZnQ6 IDZweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIEZpbmQg b3V0IG1vcm UKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC 0tPgogICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICAKICAgIC AgICAKICAg ICAgICA8c3 BhbiBjbGFz cz0nYmx1cn JlZC10ZXh0 Jz4KICAgIC AgICAgICAg TVM0Z1JWQl NJRiBCeWIz QmxjblJwIF pYTWdkMkZ6 SUcgWnZkVz VrWldRZyBh VzRnTVRrNU 55IEJoYm1R Z2FYTWcgWW 1GelpXUWdh VyA0Z1MyRn VjMkZ6IElF TnBkSGtzSU UgMXBjM052 ZFhKcCBMan hpY2o0eUxp IEJVYUdVZ1 kyOXQgY0dG dWVTQnBibS BsMGFXRnNi SGtnIFptOW pkWE5sWkMg QnZiaUJwYm 5abCBjM1Jw Ym1jZ2FXID RnWlc1MFpY SjAgWVdsdW JXVnVkQyBC aGJtUWdaV1 IxIFkyRjBh Vzl1WVcgd2 djSEp2Y0dW eSBkR2xsY3 l3Z2FHIFZ1 WTJVZ2RHaG wgSUdGamNt OXVlVyAwZ1 JWQlNJSGRv IGFXTm9JSE 4wYjIgOWtJ R1p2Y2lCRi BiblJsY25S aGFXIDV0Wl c1MElGQnkg YjNCbGNuUn BaWCBNZ1lX NWtJRkpsIF lXeDBlUzQ4 WW4gSStNeT RnUlZCUyBJ RkJ5YjNCbG NuIFJwWlhN Z2FYTWcgWV NCeVpXRnNJ RyBWemRHRj BaU0JwIGJu WmxjM1J0Wl cgNTBJSFJ5 ZFhOMCBJQ2 hTUlVsVUtT IEIzYUdsam FDQnQgWldG dWN5QjBhRy BWNUlHRnla U0J5IFpYRj FhWEpsWkMg QjBieUJrYV hOMCBjbWxp ZFhSbElHIE YwSUd4bFlY TjAgSURrd0 pTQnZaaSBC MGFHVnBjaU IwIFlYaGhZ bXhsSUcgbH VZMjl0WlNC MCBieUJ6YU dGeVpXIGh2 YkdSbGNuTW cgYVc0Z2RH aGxJRyBadm NtMGdiMlln IFpHbDJhV1 JsYm0gUnpM anhpY2o0MC BMaUJVYUdV Z1kyIDl0Y0 dGdWVlS0Eg bVhNZ2NHOX lkRyBadmJH bHZJR2x1IF kyeDFaR1Z6 SUggQnliM0 JsY25ScCBa WE1nYzNWam FDIEJoY3lC dGIzWnAgWl NCMGFHVmhk RyBWeWN5d2 dZVzExIGMy VnRaVzUwSU ggQmhjbXR6 TENCMyBZWF JsY2lCd1lY IEpyY3l3Z2 MydHAgSUhK bGMyOXlkSC BNc0lHRnVa Q0JqIGFHRn lkR1Z5SUgg TmphRzl2Yk hNdSBQR0p5 UGpVdUlFIF ZRVWlCUWNt OXcgWlhKMG FXVnpJRyBs eklIUm9aU0 JzIFlYSm5a WE4wSUcgOT NibVZ5SUc5 bSBJSE5yYV NCeVpYIE52 Y25SeklHbH UgSUU1dmNu Um9JRSBGdF pYSnBZMkV1 IFBHSnlQal l1SUUgbHVJ REl3TVRrcy BJRVZRVWlC UWNtIDl3Wl hKMGFXVnog SUdWNGNHRn VaRyBWa0lI Um9aV2x5IE lIQnZjblJt YjIgeHBieU IwYnlCcCBi bU5zZFdSbE lHIE5oYzJs dWJ5QncgY2 05d1pYSjBh VyBWeklHSj VJR0ZqIGNY VnBjbWx1Wn kgQnpaWFps YmlCdyBjbT l3WlhKMGFX IFZ6SUdaeW IyMGcgUld4 a2IzSmhaRy A4Z1VtVnpi M0owIGN5Qm 1iM0lnSkQg RXVNVGMxSU dKcCBiR3hw YjI0dVBHIE p5UGpjdUlG Um8gWlNCam IyMXdZVyA1 NUlHaGhjeU JoIElIUnZk R0ZzSUcgOW 1JRE00TlNC dyBjbTl3Wl hKMGFXIFZ6 SUdsdUlEUX ogSUhOMFlY UmxjeSB3Z1 lYTWdkMlZz IGJDQmhjeU JwYmkgQkRZ VzVoWkdFZy BZVzVrSUhS b1pTIEJWYm 1sMFpXUWcg UzJsdVoyUn ZiUyA0OFlu SStPQzRnIF JWQlNJRkJ5 YjMgQmxjbl JwWlhNZyBh R0Z6SUdFZ1 pHIGwyWlhK elpTQnkgWl habGJuVmxJ SCBOMGNtVm hiU3dnIGQy bDBhQ0EyTl MgVWdZMjl0 YVc1biBJR1 p5YjIwZ1pX IDUwWlhKMF lXbHUgYldW dWRDQndjbS A5d1pYSjBh V1Z6IExDQX lNaVVnWm4g SnZiU0JsWk hWaiBZWFJw YjI0Z2NIIE p2Y0dWeWRH bGwgY3l3Z1 lXNWtJRCBF ekpTQm1jbT l0IElHOTBh R1Z5SUggQn liM0JsY25S cCBaWE1nYz NWamFDIEJo Y3lCb2IzUm wgYkhNZ1lX NWtJRyA5MW RHUnZiM0ln IGNtVmpjbV ZoZEcgbHZi aTQ4WW5JKy BPUzRnVkdo bElHIE52Yl hCaGJua2cg YUdGeklHRW djMyBSeWIy NW5JR052IG JXMXBkRzFs Ym4gUWdkRz hnYzNWeiBk R0ZwYm1GaW FXIHhwZEhr Z1lXNWsgSU doaGN5Qmla VyBWdUlISm xZMjluIGJt bDZaV1FnWm 0gOXlJR2ww Y3lCbCBabV p2Y25SeklH IGx1SUhKbF pIVmogYVc1 bklHVnVaWC BKbmVTQmpi MjV6IGRXMX dkR2x2Ymkg d2daM0psWl c1byBiM1Z6 WlNCbllYIE 1nWlcxcGMz TnAgYjI1ek xDQmhibSBR Z2QyRjBaWE lnIGRYTmxM anhpY2ogNH hNQzRnU1c0 ZyBNakF5TU N3Z1JWIEJT SUZCeWIzQm wgY25ScFpY TWdkMiBGek lISmhibXRs IFpDQmhjeU J2Ym0gVWdi MllnUVcxbC BjbWxqWWVL QW1YIE1nVF c5emRDQlMg WlhOd2IyNX phVyBKc1pT QkRiMjF3IF lXNXBaWE1n WW4ga2dUbV YzYzNkbCBa V3NnYldGbl lYIHBwYm1V dVBHSnkgUG pFeExpQlVh RyBVZ1kzVn ljbVZ1IGRD QkRSVThnYj IgWWdSVkJT SUZCeSBiM0 JsY25ScFpY IE1nYVhNZ1 IzSmwgWjI5 eWVTQlRhVy B4MlpYSnpM Q0IzIGFHOG dhR0Z6SUcg SmxaVzRnYV c0ZyBkR2hs SUhCdmMyIG wwYVc5dUlI TnAgYm1ObE lESXdNVCBV dVBHSnlQak V5IExpQkZV RklnVUggSn ZjR1Z5ZEds bCBjeUJvWV hNZ1kyIDl1 YzJsemRHVn UgZEd4NUlH bHVZMyBKbF lYTmxaQ0Jw IGRITWdaR2 wyYVcgUmxi bVFnWlhabC BjbmtnZVdW aGNpIEJ6YV c1alpTQXkg TURFMUxDQj NhWCBSb0lH RWdPU1VnIG FXNWpjbVZo YzIgVWdhVz RnTWpBeSBN QzQ4WW5JK0 1UIE11SUZS b1pTQmogYj Ixd1lXNTVJ RyBoaGN5Qm hJRzFoIGNt dGxkQ0JqWV ggQnBkR0Zz YVhwaCBkR2 x2YmlCdlpp IEJoY0hCeW IzaHAgYldG MFpXeDVJQy BRekxqUTJJ R0pwIGJHeH BiMjRnWVgg TWdiMllnUV hCeSBhV3dn TWpBeU1TID Q4WW5JK01U UXUgSUVWUV VpQlFjbSA5 d1pYSjBhV1 Z6IElHaGhj eUJpWlcgVn VJR3hwYzNS bCBaQ0J2Ym lCMGFHIFVn VG1WM0lGbH YgY21zZ1Uz UnZZMiBzZ1 JYaGphR0Z1 IFoyVWdLRT VaVTAgVXBJ SE5wYm1ObC BJREU1T1Rj Z1lXIDVrSU dOaGJpQmkg WlNCbWIzVn VaQyBCMWJt UmxjaUIwIG FHVWdkR2xq YTIgVnlJSE 41YldKdiBi Q0JGVUZJdV BHIEp5UGpF MUxpQkogYm lBeU1ESXdM QyBCMGFHVW dZMjl0IGNH RnVlU0JoYm 0gNXZkVzVq WldRZyBZU0 J1WlhjZ1Uz IFZ6ZEdGcG JtRmkgYVd4 cGRIa2dRbS A5dVpDQlFj bTluIGNtRn RMQ0JpWlcg TnZiV2x1Wn lCMCBhR1Vn Wm1seWMzIF FnVWtWSlZD QnAgYmlCMG FHVWdWVyA1 cGRHVmtJRk 4wIFlYUmxj eUIwYnkgQm tieUJ6Ynk0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=