Essential Properties Realty Trust

-14.86%

Live  

Essential Properties Realty Trust, Inc. is a Real Estate Investment Trust (REIT) that was formed in 2018 and is headquartered in Princeton, New Jersey. The company focuses on single-tenant, net leased commercial properties that are essential to the operations of the tenants. These properties include retail, industrial, and healthcare facilities. Essential Properties Realty Trust has a diverse portfolio of properties located in 42 states across the United States.
The company’s primary investment strategy is to acquire existing properties that are leased to investment-grade or creditworthy tenants who have long-term leases in place. This allows the company to generate stable and predictable cash flows from the properties. Essential Properties Realty Trust also focuses on acquiring properties in high-demand locations with strong demographic trends.
Essential Properties Realty Trust is publicly traded on the New York Stock Exchange under the ticker symbol EPRT. The company has a market capitalization of approximately $3.7 billion and is included in the Russell 2000 Index.
Leadership and Management Team
The President and CEO of Essential Properties Realty Trust is Peter M. Mavoides, who has over 25 years of experience in the real estate industry. He is responsible for setting the strategic direction of the company and overseeing its day-to-day operations.
The company’s Chief Financial Officer is Anthony W. Laporta, who has over 15 years of experience in finance and accounting. He is responsible for the company’s financial management and strategy.
Other key members of the leadership team include:
- Gregg Seibert, Executive Vice President and Chief Operating Officer
- Aaron Halfacre, Executive Vice President and Chief Investment Officer
- Hillary S. Steinberg, Executive Vice President, General Counsel, and Secretary
- Daniel Ismail, Senior Vice President, and Chief Accounting Officer
Property Portfolio
As of June 30, 2021, Essential Properties Realty Trust owned 1,371 properties, with a total gross investment of approximately $4.4 billion. These properties are located in 42 states and leased to 240 tenants in various industries, including convenience stores, dollar stores, automotive service centers, and medical facilities.
Some of the company’s top tenants include Dollar General, Taco Bell, Walgreens, 7-Eleven, and O’Reilly Auto Parts. Essential Properties Realty Trust’s portfolio has a weighted average remaining lease term of 14.3 years and a occupancy rate of 99.3%.
Financial Performance
In the second quarter of 2021, Essential Properties Realty Trust reported total revenues of $57.7 million, an increase of 17% compared to the same period in 2020. Net income for the quarter was $4.8 million, compared to a net loss of $2.5 million in the second quarter of 2020.
Essential Properties Realty Trust’s total assets were $5.4 billion as of June 30, 2021, with total liabilities of $1.8 billion. The company has a strong balance sheet, with a debt-to-capitalization ratio of 27.3%. Essential Properties Realty Trust has a history of maintaining steady and increasing dividends with a current dividend yield of 3.4%.
In Conclusion
Essential Properties Realty Trust is a strong and stable player in the real estate market, with a diversified portfolio and long-term leases with creditworthy tenants. The company’s leadership team has a wealth of experience in the industry and a track record of success. With a strong financial performance and consistent dividends, Essential Properties Realty Trust is a trusted and reliable choice for investors looking to enter the commercial real estate market.

RXNzZW50aW FsIFByb3Bl cnRpZXMgUm VhbHR5IFRy dXN0IGlzIG EgY29tcGFu eSB0aGF0IG 93bnMgYnVp bGRpbmdzIH doZXJlIGJ1 c2luZXNzZX Mgb3BlcmF0 ZS4gVGhpbm sgb2YgaXQg bGlrZSBhIG xhbmRsb3Jk IGZvciBzcG VjaWFsIGtp bmRzIG9mIG J1aWxkaW5n cyB0aGF0IH Blb3BsZSB1 c2UgdG8gcn VuIHRoZWly IGJ1c2luZX NzZXMuIElu c3RlYWQgb2 YganVzdCBy ZW50aW5nIG hvdXNlcyBv ciBhcGFydG 1lbnRzLCB0 aGV5IGZvY3 VzIG9uIHBs YWNlcyB3aG VyZSBjb21w YW5pZXMgbG lrZSByZXN0 YXVyYW50cy wgZ3JvY2Vy eSBzdG9yZX MsIGFuZCBv dGhlciBzaG 9wcyBvciBz ZXJ2aWNlcy BjYW4gd29y ay4gPGJyPl RoZSB3YXkg dGhpcyBjb2 1wYW55IG1h a2VzIG1vbm V5IGlzIGJ5 IGxldHRpbm cgb3RoZXIg YnVzaW5lc3 NlcyByZW50 IHRoZXNlIG J1aWxkaW5n cy4gVGhlIG J1c2luZXNz ZXMgcGF5IH RoZW0gbW9u ZXkgZXZlcn kgbW9udGgg Zm9yIHVzaW 5nIHRoZSBz cGFjZS4gVG hpcyBjYW4g YmUgdmVyeS Bwcm9maXRh YmxlIGJlY2 F1c2UgdGhl IHJlbnQgaX Mgb2Z0ZW4g bW9yZSB0aG FuIHdoYXQg aXQgY29zdH MgdGhlIGNv bXBhbnkgdG 8gb3duIGFu ZCB0YWtlIG NhcmUgb2Yg dGhlIGJ1aW xkaW5ncy4g PGJyPkVzc2 VudGlhbCBQ cm9wZXJ0aW VzIFJlYWx0 eSBUcnVzdC BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgdGhleS BjaG9vc2Ug dG8gb3duIG J1aWxkaW5n cyB0aGF0IG FyZSBpbiBn b29kIGxvY2 F0aW9ucyBh bmQgYXJlIH VzZWQgYnkg YnVzaW5lc3 NlcyB0aGF0 IGFyZSBwb3 B1bGFyIGFu ZCBsaWtlbH kgdG8gZG8g d2VsbC4gVG hhdCB3YXks IHRoZXkgaG F2ZSByZWxp YWJsZSB0ZW 5hbnRzIHdo byBjYW4gcG F5IHRoZWly IHJlbnQgY2 9uc2lzdGVu dGx5LiA8Yn I+U2Vjb25k LCB0aGV5IG 1ha2Ugc3Vy ZSB0byBpbn Zlc3QgaW4g YSB2YXJpZX R5IG9mIHR5 cGVzIG9mIG J1c2luZXNz ZXMsIG5vdC BqdXN0IG9u ZSBraW5kLi BUaGlzIGhl bHBzIHRoZW 0gbm90IHJl bHkgb24gan VzdCBvbmUg Z3JvdXAgb2 YgY3VzdG9t ZXJzLiBJZi BvbmUgdHlw ZSBvZiBidX NpbmVzcyBp c27igJl0IG RvaW5nIHdl bGwsIHRoZX kgaGF2ZSBv dGhlcnMgdG hhdCBhcmUg c3RpbGwgcG F5aW5nIHJl bnQuIDxicj 5GaW5hbGx5 LCB0aGV5IG hhdmUgYSBn b29kIHRlYW 0gdGhhdCBr bm93cyBob3 cgdG8gcGlj ayBnb29kIH Byb3BlcnRp ZXMgYW5kIG 1hbmFnZSB0 aGVtIHdlbG wuIFRoaXMg bWVhbnMgdG hleSBhcmUg bGlrZWx5IH RvIGtlZXAg bWFraW5nIH NtYXJ0IGNo b2ljZXMgaW 4gdGhlIGZ1 dHVyZSB0b2 8uPGJyPklu IHRoZSBmdX R1cmUsIHRo ZXkgYXJlIG xpa2VseSB0 byBrZWVwIG JlaW5nIHN1 Y2Nlc3NmdW wuIEFzIG1v cmUgcGVvcG xlIGVuam95 IGdvaW5nIG 91dCB0byBl YXQgb3Igc2 hvcHBpbmcs IG1vcmUgYn VzaW5lc3Nl cyB3aWxsIG 5lZWQgcGxh Y2VzIHRvIG 9wZXJhdGUu IEFzIGxvbm cgYXMgdGhl eSBjb250aW 51ZSB0byBk byB3aGF0IH RoZXkgZG8g d2VsbCwgdG hleSBzaG91 bGQga2VlcC BtYWtpbmcg bW9uZXkgYW 5kIGhlbHBp bmcgdGhlIG J1c2luZXNz ZXMgdGhleS ByZW50IHRv Ljxicj4=

MS4gRm9jdX Mgb24gTmV0 IExlYXNlIF JlYWwgRXN0 YXRlOiBFc3 NlbnRpYWwg UHJvcGVydG llcyBSZWFs dHkgVHJ1c3 QgaXMgYSBs ZWFkaW5nIG 5ldCBsZWFz ZSByZWFsIG VzdGF0ZSBp bnZlc3RtZW 50IHRydXN0 IChSRUlUKS B0aGF0IHNw ZWNpYWxpem VzIGluIGFj cXVpcmluZy wgb3duaW5n LCBhbmQgbW FuYWdpbmcg c2luZ2xlLX RlbmFudCBj b21tZXJjaW FsIHByb3Bl cnRpZXMuIF RoaXMgZm9j dXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIGhhdmUg YSBkZWVwIH VuZGVyc3Rh bmRpbmcgb2 YgdGhlIG5l dCBsZWFzZS BtYXJrZXQg YW5kIG9wdG ltaXplIGl0 cyBwb3J0Zm 9saW8gZm9y IG1heGltdW 0gcmV0dXJu cy48YnI+Mi 4gSGlnaC1R dWFsaXR5IF RlbmFudHM6 IFRoZSBjb2 1wYW554oCZ cyBwb3J0Zm 9saW8gaXMg bWFkZSB1cC BvZiBwcm9w ZXJ0aWVzIG xlYXNlZCB0 byBzdHJvbm cgYW5kIGNy ZWRpdHdvcn RoeSB0ZW5h bnRzLCBzdW NoIGFzIDct RWxldmVuLC BEb2xsYXIg R2VuZXJhbC wgYW5kIEtG Qy4gVGhpcy BtaXRpZ2F0 ZXMgdGhlIH Jpc2sgb2Yg dGVuYW50IG RlZmF1bHQg YW5kIHByb3 ZpZGVzIHN0 YWJsZSBhbm QgcHJlZGlj dGFibGUgY2 FzaCBmbG93 IGZvciBpbn Zlc3RvcnMu PGJyPjMuIE RpdmVyc2lm aWVkIFBvcn Rmb2xpbzog RXNzZW50aW FsIFByb3Bl cnRpZXMgUm VhbHR5IFRy dXN0IGhhcy BhIGRpdmVy c2UgcG9ydG ZvbGlvIG9m IHByb3Blcn RpZXMgc3Bh bm5pbmcgYW Nyb3NzIDQ1 IHN0YXRlcy BpbiB0aGUg VVMsIHdpdG ggbm8gc2lu Z2xlIHRlbm FudCBhY2Nv dW50aW5nIG ZvciBtb3Jl IHRoYW4gNS Ugb2YgYW5u dWFsaXplZC BiYXNlIHJl bnQuIFRoaX MgZGl2ZXJz aWZpY2F0aW 9uIHJlZHVj ZXMgdGhlIH Jpc2sgb2Yg cmVnaW9uYW wgZWNvbm9t aWMgZG93bn R1cm5zIG9y IHRlbmFudC 1zcGVjaWZp YyBpc3N1ZX MgYWZmZWN0 aW5nIHRoZS BvdmVyYWxs IHBlcmZvcm 1hbmNlIG9m IHRoZSBjb2 1wYW55Ljxi cj40LiBFeH BlcmllbmNl ZCBNYW5hZ2 VtZW50IFRl YW06IFRoZS Bjb21wYW55 IGlzIGxlZC BieSBhIGhp Z2hseSBleH BlcmllbmNl ZCBtYW5hZ2 VtZW50IHRl YW0gd2l0aC BhIHByb3Zl biB0cmFjay ByZWNvcmQg aW4gbmV0IG xlYXNlIHJl YWwgZXN0YX RlLiBUaGlz IGV4cGVydG lzZSBhbGxv d3MgdGhlbS B0byBzb3Vy Y2UgYW5kIG V4ZWN1dGUg b24gYXR0cm FjdGl2ZSBp bnZlc3RtZW 50IG9wcG9y dHVuaXRpZX MsIHdoaWxl IGFsc28gbW FpbnRhaW5p bmcgYSBjb2 5zZXJ2YXRp dmUgZmluYW 5jaWFsIG1h bmFnZW1lbn QgYXBwcm9h Y2guPGJyPj UuIFN0cm9u ZyBGaW5hbm NpYWwgUGVy Zm9ybWFuY2 U6IEVzc2Vu dGlhbCBQcm 9wZXJ0aWVz IFJlYWx0eS BUcnVzdCBo YXMgY29uc2 lzdGVudGx5 IGRlbGl2ZX JlZCBzdHJv bmcgZmluYW 5jaWFsIHBl cmZvcm1hbm NlIHNpbmNl IGl0cyBpbm NlcHRpb24g aW4gMjAxNi 4gVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIGJhbG FuY2Ugc2hl ZXQgd2l0aC BhIGxvdyBs ZXZlcmFnZS ByYXRpbyBh bmQgYSBoaW doIG9jY3Vw YW5jeSByYX RlLCBwcm92 aWRpbmcgc3 RhYmlsaXR5 IGFuZCBncm 93dGggcG90 ZW50aWFsIG ZvciBpbnZl c3RvcnMuPG JyPjYuIENv bW1pdG1lbn QgdG8gU3Vz dGFpbmFiaW xpdHk6IFRo ZSBjb21wYW 55IGlzIGNv bW1pdHRlZC B0byBzdXN0 YWluYWJsZS BidXNpbmVz cyBwcmFjdG ljZXMgYW5k IGhhcyBpbX BsZW1lbnRl ZCBzZXZlcm FsIGVudmly b25tZW50YW wsIHNvY2lh bCwgYW5kIG dvdmVybmFu Y2UgKEVTRy kgaW5pdGlh dGl2ZXMuIF RoZXNlIGlu Y2x1ZGUgZW 5lcmd5LWVm ZmljaWVudC BidWlsZGlu ZyB1cGdyYW RlcywgY29t bXVuaXR5IG VuZ2FnZW1l bnQgcHJvZ3 JhbXMsIGFu ZCBkaXZlcn NpdHkgYW5k IGluY2x1c2 lvbiBpbml0 aWF0aXZlcy 48YnI+Ny4g SW52ZXN0b3 IgQWNjZXNz OiBBcyBhIH B1YmxpY2x5 IHRyYWRlZC Bjb21wYW55 LCBFc3Nlbn RpYWwgUHJv cGVydGllcy BSZWFsdHkg VHJ1c3Qgb2 ZmZXJzIGlu dmVzdG9ycy B0aGUgb3Bw b3J0dW5pdH kgdG8gYWNj ZXNzIHRoZS BuZXQgbGVh c2UgcmVhbC Blc3RhdGUg bWFya2V0IH Rocm91Z2gg dGhlIHB1cm NoYXNlIG9m IHNoYXJlcy BvbiBtYWpv ciBzdG9jay BleGNoYW5n ZXMuIFRoaX MgcHJvdmlk ZXMgYSBsaX F1aWQgYW5k IHRyYW5zcG FyZW50IGlu dmVzdG1lbn Qgb3B0aW9u IGZvciBpbn Zlc3RvcnMu

RXNzZW50aW FsIFByb3Bl cnRpZXMgUm VhbHR5IFRy dXN0IGlzIG EgcmVhbCBl c3RhdGUgaW 52ZXN0bWVu dCB0cnVzdC AoUkVJVCkg dGhhdCBmb2 N1c2VzIG9u IGludmVzdG luZyBpbiBz aW5nbGUtdG VuYW50LCBu ZXQgbGVhc2 UgcHJvcGVy dGllcy4gVG hlaXIgYnVz aW5lc3MgbW 9kZWwgaW52 b2x2ZXMgYW NxdWlyaW5n LCBvd25pbm csIGFuZCBt YW5hZ2luZy BhIHBvcnRm b2xpbyBvZi Bwcm9wZXJ0 aWVzIHRoYX QgYXJlIGxl YXNlZCB0by B0ZW5hbnRz IG9uIGEgbG 9uZy10ZXJt IGJhc2lzLC B0eXBpY2Fs bHkgMTAgeW VhcnMgb3Ig bG9uZ2VyLC B3aXRoIG1p bmltYWwgbG FuZGxvcmQg cmVzcG9uc2 liaWxpdGll cy4gVGhpcy BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Z2VuZXJhdG Ugc3RhYmxl IGFuZCBwcm VkaWN0YWJs ZSBjYXNoIG Zsb3cgZnJv bSByZW50YW wgaW5jb21l LiA8YnI+QW RkaXRpb25h bGx5LCBFc3 NlbnRpYWwg UHJvcGVydG llcyBSZWFs dHkgVHJ1c3 Qgc2Vla3Mg dG8gZGl2ZX JzaWZ5IHRo ZWlyIHBvcn Rmb2xpbyBi eSBpbnZlc3 RpbmcgaW4g cHJvcGVydG llcyBhY3Jv c3MgZGlmZm VyZW50IGlu ZHVzdHJpZX MsIHN1Y2gg YXMgcmV0YW lsLCBpbmR1 c3RyaWFsLC BhbmQgaGVh bHRoY2FyZS wgYW5kIGlu IGRpZmZlcm VudCByZWdp b25zIG9mIH RoZSBVbml0 ZWQgU3RhdG VzLiBUaGV5 IGFsc28gYW N0aXZlbHkg bWFuYWdlIH RoZWlyIHBy b3BlcnRpZX MgdG8gbWFp bnRhaW4gdG hlaXIgdmFs dWUgYW5kIG F0dHJhY3Qg bG9uZy10ZX JtIHRlbmFu dHMuIDxicj 5UaGUgY29t cGFueeKAmX MgYnVzaW5l c3MgbW9kZW wgaXMgYmFz ZWQgb24gYS B0cmlwbGUt bmV0IGxlYX NlIHN0cnVj dHVyZSwgd2 hlcmVpbiB0 aGUgdGVuYW 50IGlzIHJl c3BvbnNpYm xlIGZvciBt b3N0IChpZi Bub3QgYWxs KSBvZiB0aG UgcHJvcGVy dHkgZXhwZW 5zZXMsIGlu Y2x1ZGluZy B0YXhlcywg aW5zdXJhbm NlLCBhbmQg bWFpbnRlbm FuY2UgY29z dHMuIFRoaX MgcmVkdWNl cyB0aGUgY2 9tcGFueeKA mXMgb3Blcm F0aW5nIGNv c3RzIGFuZC ByaXNrIHdo aWxlIHByb3 ZpZGluZyBh IHN0ZWFkeS BzdHJlYW0g b2YgaW5jb2 1lIGZvciBz aGFyZWhvbG RlcnMuIDxi cj5Fc3Nlbn RpYWwgUHJv cGVydGllcy BSZWFsdHkg VHJ1c3QgYW xzbyBmb2N1 c2VzIG9uIG 1haW50YWlu aW5nIGEgc3 Ryb25nIGJh bGFuY2Ugc2 hlZXQsIHdp dGggY29uc2 VydmF0aXZl IGxldmVyYW dlIGFuZCBh IGRpdmVyc2 lmaWVkIHRl bmFudCBiYX NlLCB0byBt aXRpZ2F0ZS ByaXNrcyBh bmQgbWFpbn RhaW4gZmlu YW5jaWFsIH N0YWJpbGl0 eS4gVGhpcy BidXNpbmVz cyBtb2RlbC BhbGxvd3Mg dGhlIGNvbX BhbnkgdG8g Z2VuZXJhdG UgcmVjdXJy aW5nIGluY2 9tZSBmb3Ig c2hhcmVob2 xkZXJzIHRo cm91Z2ggZG l2aWRlbmRz IGFuZCBwb3 RlbnRpYWxs eSBncm93IH RoZWlyIHBv cnRmb2xpby B0aHJvdWdo IHN0cmF0ZW dpYyBhY3F1 aXNpdGlvbn Mu

To assess whether AI poses a material threat to Essential Properties Realty Trust’s products, services, or competitive positioning, several factors should be considered, including substitution, disintermediation, and margin pressure.
1. Substitution: AI has the potential to offer alternative solutions in the real estate sector, such as advanced property management tools, predictive analytics for investment decisions, and automated leasing processes. While these innovations could lead to new competitive products, Essential Properties Realty Trust’s niche in investing in single-tenant commercial properties may allow them to maintain a specialized focus that AI-driven substitutes might not fully replicate. The core aspects of real estate investment, like property locations and tenant relationships, are less likely to be entirely substituted by AI.
2. Disintermediation: AI and related technologies could lead to disintermediation in real estate transactions by enabling direct connection between buyers, sellers, and renters without the need for traditional intermediaries. However, Essential Properties functions primarily as a real estate investment trust (REIT) focused on long-term property investments and generating rental income. The disintermediation phenomenon might more directly affect real estate brokerage firms than a REIT like Essential Properties, which tends to operate based on holding and managing properties rather than facilitating transactions.
3. Margin Pressure: The introduction of AI technologies could potentially put margin pressure on real estate firms by enabling more efficient operations, which might lead to increased competition and lower prices. However, Essential Properties, due to its established management practices and focus on specific market segments, may be able to leverage technology to enhance operational efficiency rather than solely facing pressure on pricing. If the company can integrate AI into their operations effectively, it may even improve their margins by optimizing leasing and management processes.
In summary, while AI presents certain risks and challenges to businesses in the real estate sector, Essential Properties Realty Trust may be better positioned than some other firms to withstand these forces due to their specific focus, established market presence, and potential to leverage AI for operational efficiencies. Nonetheless, staying abreast of technological developments and integrating relevant innovations will be crucial for sustaining competitive advantage.

The sensitivity of Essential Properties Realty Trust’s earnings, cash flow, and valuation to changes in interest rates is influenced by several factors, including its financing structure, property portfolio, and market dynamics.
1. Earnings Sensitivity: If interest rates rise, the cost of debt increases, which can reduce net income, especially if the company has significant variable-rate debt. Higher rates can also affect property valuations, leading to a potential decline in rental income if tenants struggle with higher borrowing costs.
2. Cash Flow Sensitivity: Rising interest rates typically reduce disposable income for consumers and businesses, potentially leading to lower demand for rental space. This reduced demand can affect cash flows from property operations, impacting the ability to pay dividends or reinvest.
3. Valuation Sensitivity: The valuation of real estate investment trusts (REITs) like Essential Properties is often tied to discounted cash flow models, where future cash flows are discounted at a higher rate when interest rates rise. This increases the discount rate used in valuation models, leading to lower present values for future cash flows, thereby reducing the overall market valuation of the company.
Overall, Essential Properties Realty Trust’s financial performance and market valuation are likely to be negatively impacted by increasing interest rates, particularly in terms of higher borrowing costs and potential declines in rental income and property valuations. The extent of this sensitivity can vary based on the company’s specific financial leverage, property types, and the overall economic environment.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gb3 ZlciB0aGUg bmV4dCAzLT UgeWVhcnMg dGhhdCBjb3 VsZCBwZXJt YW5lbnRseS BpbXBhaXIg RXNzZW50aW FsIFByb3Bl cnRpZXMgUm VhbHR5IFRy dXN04oCZcy BlY29ub21p Y3Mgd291bG QgYmUgYSBz aWduaWZpY2 FudCBhbmQg cHJvbG9uZ2 VkIGRvd250 dXJuIGluIH RoZSBjb21t ZXJjaWFsIH JlYWwgZXN0 YXRlIG1hcm tldCwgcGFy dGljdWxhcm x5IGluIHNl Y3RvcnMgaG VhdmlseSB3 ZWlnaHRlZC B0b3dhcmQg ZXNzZW50aW FsIHByb3Bl cnRpZXMsIH N1Y2ggYXMg cmV0YWlsIG 9yIHNlcnZp Y2Utb3JpZW 50ZWQgZXN0 YWJsaXNobW VudHMuIFRo aXMgZG93bn R1cm4gY291 bGQgYmUgdH JpZ2dlcmVk IGJ5IHNldm VyYWwgZmFj dG9ycywgaW 5jbHVkaW5n IHJpc2luZy BpbnRlcmVz dCByYXRlcy wgYSBwcm9s b25nZWQgZW Nvbm9taWMg cmVjZXNzaW 9uLCBvciBj aGFuZ2VzIG luIGNvbnN1 bWVyIGJlaG F2aW9yIHRo YXQgbGVhZC B0byBkZWNy ZWFzZWQgZG VtYW5kIGZv ciBjZXJ0YW luIHR5cGVz IG9mIHJldG FpbCBzcGFj ZSBvciBzZX J2aWNlIGZh Y2lsaXRpZX MuPGJyPklu IHN1Y2ggYS BzY2VuYXJp bywgdGhlIG NvbXBhbnni gJlzIG1hcm dpbnMgY291 bGQgYmUgYW R2ZXJzZWx5 IGFmZmVjdG VkLiBXaXRo IGxvd2VyIG RlbWFuZCBm b3IgbGVhc2 luZyBwcm9w ZXJ0aWVzLC BFc3NlbnRp YWwgUHJvcG VydGllcyBt YXkgYmUgZm 9yY2VkIHRv IHJlZHVjZS ByZW50YWwg cmF0ZXMgb3 Igb2ZmZXIg Y29uY2Vzc2 lvbnMgdG8g cmV0YWluIH RlbmFudHMu IFRoaXMgY2 91bGQgcmVz dWx0IGluIG EgZGVjcmVh c2UgaW4gcm V2ZW51ZSwg bGVhZGluZy B0byBsb3dl ciBvcGVyYX RpbmcgbWFy Z2lucy4gQW RkaXRpb25h bGx5LCBoaW doZXIgdmFj YW5jeSByYX RlcyB3b3Vs ZCBmdXJ0aG VyIHN0cmFp biBwcm9maX RhYmlsaXR5 LCByZWR1Y2 luZyB0aGUg b3ZlcmFsbC B5aWVsZCBm cm9tIHRoZW lyIHJlYWwg ZXN0YXRlIG ludmVzdG1l bnRzLjxicj 5DYXNoIGZs b3cgd291bG QgbGlrZWx5 IGV4cGVyaW VuY2Ugc2ln bmlmaWNhbn QgcHJlc3N1 cmVzIGFzIH dlbGwuIEEg ZG93bnR1cm 4gY291bGQg cmVzdWx0IG luIGRlbGF5 ZWQgcmVudC BwYXltZW50 cyBvciBkZW ZhdWx0cyBm cm9tIHRlbm FudHMgc3Ry dWdnbGluZy B0byByZW1h aW4gc29sdm VudCBkdXJp bmcgdG91Z2 ggZWNvbm9t aWMgY29uZG l0aW9ucy4g QXMgYSByZX N1bHQsIHRo ZSBjb21wYW 554oCZcyBm dW5kcyBmcm 9tIG9wZXJh dGlvbnMgbW lnaHQgZGVj bGluZSBzaG FycGx5LCBs aW1pdGluZy BpdHMgYWJp bGl0eSB0by Bjb3ZlciBv cGVyYXRpb2 5hbCBleHBl bnNlcywgZG VidCBvYmxp Z2F0aW9ucy wgYW5kIGRp dmlkZW5kcy B0byBzaGFy ZWhvbGRlcn MuIFRoaXMg Y291bGQgY3 JlYXRlIGxp cXVpZGl0eS Bpc3N1ZXMs IG5lY2Vzc2 l0YXRpbmcg Ym9ycm93aW 5nIG9yIHRo ZSBzYWxlIG 9mIGFzc2V0 cyBhdCB1bm Zhdm9yYWJs ZSBwcmljZX MgdG8gbWFp bnRhaW4gY2 FzaCBmbG93 IHN0YWJpbG l0eS48YnI+ VGhlIGNvbX BhbnnigJlz IGJhbGFuY2 Ugc2hlZXQg d291bGQgYW xzbyBiZWdp biB0byBzaG 93IHNpZ25z IG9mIGRpc3 RyZXNzIGlu IHRoaXMgc2 NlbmFyaW8u IFdpdGggZG ltaW5pc2hl ZCByZXZlbn VlIGFuZCBy aXNpbmcgdm FjYW5jaWVz LCB0aGUgdm FsdWUgb2Yg aXRzIHJlYW wgZXN0YXRl IGhvbGRpbm dzIG1heSBk ZWNyZWFzZS wgbGVhZGlu ZyB0byBwb3 RlbnRpYWwg YXNzZXQgd3 JpdGUtZG93 bnMuIEluY3 JlYXNlZCBy ZWxpYW5jZS BvbiBkZWJ0 IHRvIGNvdm VyIG9wZXJh dGlvbmFsIG Nvc3RzIGNv dWxkIGxlYW QgdG8gYW4g ZWxldmF0ZW QgZGVidC10 by1lcXVpdH kgcmF0aW8s IGhlaWdodG VuaW5nIGZp bmFuY2lhbC ByaXNrLiBJ ZiB0aGUgY2 9tcGFueSBo YWQgdG8gdG FrZSBvbiBh ZGRpdGlvbm FsIGRlYnQg dG8gbWFuYW dlIGNhc2gg ZmxvdyBwcm Vzc3VyZXMs IGl0IG1pZ2 h0IGZhY2Ug Y2hhbGxlbm dlcyBpbiBt YWludGFpbm luZyBpdHMg Y3JlZGl0IH JhdGluZ3Ms IHdoaWNoIG NvdWxkIGZ1 cnRoZXIgYW ZmZWN0IGl0 cyBib3Jyb3 dpbmcgY29z dHMgYW5kIG FjY2VzcyB0 byBjYXBpdG FsLjxicj5J biBzdW1tYX J5LCBhIHBy b2xvbmdlZC Bkb3dudHVy biBpbiB0aG UgY29tbWVy Y2lhbCByZW FsIGVzdGF0 ZSBtYXJrZX QgY291bGQg bGVhZCB0by BzaWduaWZp Y2FudCBpbX BhaXJtZW50 cyBmb3IgRX NzZW50aWFs IFByb3Blcn RpZXMgUmVh bHR5IFRydX N0IGluIHRl cm1zIG9mIG 1hcmdpbnMs IGNhc2ggZm xvdywgYW5k IGJhbGFuY2 Ugc2hlZXQg c3RhYmlsaX R5LCB0aHJl YXRlbmluZy BpdHMgYWJp bGl0eSB0by BvcGVyYXRl IGVmZmVjdG l2ZWx5IGFu ZCBmdWxmaW xsIGl0cyBm aW5hbmNpYW wgY29tbWl0 bWVudHMuPG JyPg==

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 bG9nb3MvTl FRUFFKQ2lS NXZYNmZSek piWEoud2Vi cCIgYWx0PS JFc3NlbnRp YWwgUHJvcG VydGllcyBS ZWFsdHkgVH J1c3QiIHRp dGxlPSJFc3 NlbnRpYWwg UHJvcGVydG llcyBSZWFs dHkgVHJ1c3 QiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9NT Agd2lkdGg9 NTAgbG9hZG luZz0nbGF6 eScgc3R5bG U9J2JvcmRl ci1yYWRpdX M6IDZweDsn PgoKICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdmbG V4OiAxOyB0 ZXh0LWFsaW duOiBjZW50 ZXI7IG1hcm dpbi1sZWZ0 OiA1cHg7Jz 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPHAgc3 R5bGU9J2Zv bnQtc2l6ZT ogMjZweDsg Y29sb3I6IC MzMzM7IG1h cmdpbi1ib3 R0b206IDE1 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIPCfk4 ggV2FudCB0 byByZWFkIG 1vcmUgYWJv dXQgRXNzZW 50aWFsIFBy b3BlcnRpZX MgUmVhbHR5 IFRydXN0Pw 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+TmCBDbG FpbSB5b3Vy IGZyZWUgZU Jvb2s6IDxp PiJUaGUgQ2 hlY2tsaXN0 IFZhbHVlIE ludmVzdG9y IOKAlCBBIF NtYXJ0ZXIg V2F5IHRvIF BpY2sgU3Rv Y2tzIjwvaT 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9wPg oKICAgICAg ICAgICAgIC AgICAgICAg ICAgPCEtLQ ogICAgICAg ICAgICAgIC AgICAgICAg ICA8ZGl2IH N0eWxlPSdt YXJnaW4tdG 9wOiAxMnB4 OyBmb250LX NpemU6IDEz cHg7IGNvbG 9yOiAjNDQ0 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIG5vdyBh bmQgZ2V0IG 91ciBmcmVl IGVCb29rIA ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG I+VGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrczwvYj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIC0tPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8IS0tCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J21hcm dpbi10b3A6 IDE2cHg7IG ZvbnQtc2l6 ZTogMTRweD sgY29sb3I6 ICM0NDQ7IG ZvbnQtZmFt aWx5OiAtYX BwbGUtc3lz dGVtLCBCbG lua01hY1N5 c3RlbUZvbn QsIFNlZ29l IFVJLCBSb2 JvdG8sIEhl bHZldGljYS BOZXVlLCBz YW5zLXNlcm lmOyBsaW5l LWhlaWdodD ogMS42Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBI YXZlIHlvdS BoZWFyZCBh Ym91dCBvdX Igc2hvcnQg PHN0cm9uZy BzdHlsZT0n Zm9udC13ZW lnaHQ6IDYw MDsnPkRhaW x5IFZpZGVv IE5ld3NsZX R0ZXI8L3N0 cm9uZz4/Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8YS BocmVmPSdo dHRwczovL3 d3dy5pbnNp Z2h0ZnVsdm FsdWUuY29t L25ld3NsZX R0ZXIucGhw JyB0YXJnZX Q9J19ibGFu aycgc3R5bG U9J2NvbG9y OiAjMDA3Qk ZGOyB0ZXh0 LWRlY29yYX Rpb246IG5v bmU7IGZvbn Qtd2VpZ2h0 OiA1MDA7IG 1hcmdpbi1s ZWZ0OiA2cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBG aW5kIG91dC Btb3JlCiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8L2E+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgICAgIDwv ZGl2PgogIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgCi AgICAgICAg CiAgICAgIC AgPHNwYW4g Y2xhc3M9J2 JsdXJyZWQt dGV4dCc+Ci AgICAgICAg ICAgIE1TNG dSWE56Wlcg NTBhV0ZzSU ZCeSBiM0Js Y25ScFpYIE 1nVW1WaGJI UjUgSUZSeW RYTjBMQyBC SmJtTXVJQ2 hPIFdWTkZP aUJGVUYgSl VLU0JwY3lC aCBJSEpsWV d3Z1pYIE4w WVhSbElHbH UgZG1WemRH MWxibiBRZ2 RISjFjM1Fn IEtGSkZTVl FwSUggUm9Z WFFnWm05ai BkWE5sY3lC dmJpIEJwYm 5abGMzUnQg Wlc1MGN5Qn BiaSBCemFX NW5iR1V0IG RHVnVZVzUw TEMgQnVaWF F0YkdWaCBj MlZrSUhCeW IzIEJsY25S cFpYTXUgUE dKeVBqSXVJ RiBSb1pTQm piMjF3IFlX NTVJSGRoY3 kgQm1iM1Z1 WkdWayBJR2 x1SURJd01U IFlnWVc1a0 lHbHogSUdK aGMyVmtJRy BsdUlGQnlh VzVqIFpYUn ZiaXdnVG0g VjNJRXBsY2 5ObCBlUzQ4 WW5JK015ID RnVkdobElF TkYgVHlCaG JtUWdVSCBK bGMybGtaVz UwIElHOW1J RVZ6YzIgVn VkR2xoYkNC USBjbTl3Wl hKMGFXIFZ6 SUZKbFlXeD AgZVNCVWNu VnpkQyBCcG N5QlFaWFJs IGNpQk5MaU JOWVggWnZh V1JsY3l3Zy BkMmh2SUdo aGN5IEJ2ZG 1WeUlETXcg SUhsbFlYSn pJRyA5bUlH VjRjR1Z5IG FXVnVZMlVn YVcgNGdkR2 hsSUhKbCBZ V3dnWlhOMF lYIFJsSUds dVpIVnogZE hKNUxqeGlj aiA0MExpQl VhR1VnIFky OXRjR0Z1ZW UgS0FtWE1n Y0c5eSBkR1 p2YkdsdklH IE52Ym5OcG MzUnogSUc5 bUlHOTJaWC BJZ01Td3dN REFnIGNISn ZjR1Z5ZEcg bGxjeUJoWT NKdiBjM01n TkRNZ2MzIF JoZEdWekxD QjMgYVhSb0 lHRWdkRyA5 MFlXd2diV0 Z5IGEyVjBJ SFpoYkggVm xJRzltSUdG dyBjSEp2ZU dsdFlYIFJs YkhrZ0pETX UgTlNCaWFX eHNhVyA5dU xqeGljajQx IExpQkZjM0 5sYm4gUnBZ V3dnVUhKdi BjR1Z5ZEds bGN5IEJTWl dGc2RIa2cg VkhKMWMzUW djSCBKcGJX RnlhV3g1IE lHbHVkbVZ6 ZEggTWdhVz RnY0hKdiBj R1Z5ZEdsbG N5IEIwYUdG MElHRnkgWl NCbGMzTmxi biBScFlXd2 dkRzhnIGRH aGxJR1JoZV MgMTBieTFr WVhrZyBiM0 JsY21GMGFX IDl1Y3lCdl ppQnAgZEhN Z2RHVnVZVy A1MGN5d2dj M1ZqIGFDQm hjeUJ5Wlgg TjBZWFZ5WV c1MCBjeXdn WTJGeUlIIG RoYzJobGN5 d2cgWVc1a0 lHTnZibiBa bGJtbGxibU 5sIElITjBi M0psY3kgND hZbkkrTmk0 ZyBWR2hsSU dOdmJYIEJo Ym5rZ2FHRn ogSUdFZ1pH bDJaWCBKem FXWnBaV1Fn IGRHVnVZVz UwSUcgSmhj MlVzSUhkcC BkR2dnYVhS eklIIFJ2Y0 NCMFpXNGcg ZEdWdVlXNT BjeSBCaFky TnZkVzUwIG FXNW5JR1p2 Y2kgQnZibX g1SURFMyBK U0J2WmlCcG RIIE1nWVc1 dWRXRnMgYV hwbFpDQmlZ WCBObElISm xiblF1IFBH SnlQamN1SU UgVnpjMlZ1 ZEdsaCBiQ0 JRY205d1pY IEowYVdWek lGSmwgWVd4 MGVTQlVjbi BWemRDQndj bWxrIFpYTW dhWFJ6Wlcg eG1JRzl1SU dsMCBjeUJq YjI1elpYIE oyWVhScGRt VWcgWW1Gc1 lXNWpaUyBC emFHVmxkQ3 dnIGQybDBh Q0JzYjMgY2 diR1YyWlhK aCBaMlVnWV c1a0lHIEVn YzNSeWIyNW 4gSUdOeVpX UnBkQyBCd2 NtOW1hV3hs IExqeGljaj Q0TGkgQkpi aUF5TURFNS BMQ0IwYUdV Z1kyIDl0Y0 dGdWVTQjMg WVhNZ2NtVm piMiBkdWFY cGxaQ0JoIG N5QnZibVVn YjIgWWdSbT l5ZEhWdSBa ZUtBbVhNZ0 1UIEF3SUVa aGMzUmwgYz NRdFIzSnZk MiBsdVp5Qk RiMjF3IFlX NXBaWE11UE cgSnlQamt1 SUVWeiBjMl Z1ZEdsaGJD IEJRY205d1 pYSjAgYVdW eklGSmxZVy B4MGVTQlVj blZ6IGRDQm 9ZWE1nWTIg OXVjMmx6ZE dWdSBkR3g1 SUdsdVkzIE psWVhObFpD QnAgZEhNZ1 pHbDJhVyBS bGJtUWdjMm x1IFkyVWdh WFJ6SUcgbH VhWFJwWVd3 ZyBjSFZpYk dsaklHIDlt Wm1WeWFXNW 4gSUdsdUlE SXdNVCBnc0 lIZHBkR2dn IFlTQmpkWE p5WlcgNTBJ R1JwZG1say BaVzVrSUhs cFpXIHhrSU c5bUlEUXUg TmlVdVBHSn lQaiBFd0xp QlVhR1VnIF kyOXRjR0Z1 ZVMgQm9ZWE 1nWVNCeiBk SEp2Ym1jZ1 kyIDl0Ylds MGJXVnUgZE NCMGJ5Qnpk WCBOMFlXbH VZV0pwIGJH bDBlU3dnZD IgbDBhQ0J2 ZG1WeSBJRG t3SlNCdlpp IEJwZEhNZ2 NISnYgY0dW eWRHbGxjeS BCb1lYWnBi bWNnIFlXNG dSVzVsY20g ZDVJRk4wWV hJZyBiM0ln VEVWRlJDIE JqWlhKMGFX WnAgWTJGMG FXOXVMaSBC SmRDQm9ZWE 1nIFlXeHpi eUJ6WlggUW dZU0JuYjJG cyBJSFJ2SU dGamFHIGxs ZG1VZ1kyRn kgWW05dUlH NWxkWCBSeV lXeHBkSGtn IFlua2dNak EwTUMgND0K ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg