Rexford Industrial Realty

-8.77%

More reviews (1)

Live  

Rexford Industrial Realty is a real estate investment trust (REIT) that specializes in owning and operating industrial properties. The company was founded in 2001 and is headquartered in Los Angeles, California.
Rexford owns a diverse portfolio of industrial properties, including warehouses, distribution centers, light industrial facilities, and showroom and flex buildings. These properties are located in Southern California, the Inland Empire, the San Francisco Bay Area, and other major industrial markets in the United States.
The company focuses on acquiring and developing properties in high-growth and supply-constrained markets, with the goal of generating strong rental income and long-term value for its shareholders. In addition to its investment activities, Rexford also provides property management services for its properties.
Rexford has a strong financial track record, with consistent revenue and funds from operations (FFO) growth. The company has a diverse tenant base, including e-commerce, manufacturing, wholesale, and logistics companies.
In recent years, Rexford has prioritized sustainability in its operations, implementing energy-saving initiatives and achieving LEED certification for some of its properties.
Overall, Rexford Industrial Realty is a reputable and financially stable company that is well-positioned to benefit from the growing demand for industrial real estate in the United States.

UmV4Zm9yZC BJbmR1c3Ry aWFsIFJlYW x0eSBpcyBh IGNvbXBhbn kgdGhhdCBv d25zIGFuZC BtYW5hZ2Vz IHNwZWNpYW wgYnVpbGRp bmdzIGNhbG xlZCBpbmR1 c3RyaWFsIH Byb3BlcnRp ZXMuIFRoZX NlIGFyZSBw bGFjZXMgd2 hlcmUgdGhp bmdzIGFyZS BtYWRlLCBz dG9yZWQsIG 9yIHNoaXBw ZWQsIGxpa2 Ugd2FyZWhv dXNlcyBhbm QgZmFjdG9y aWVzLiBJbW FnaW5lIGEg YmlnIGJ1aW xkaW5nIHdo ZXJlIHBlb3 BsZSBwdXQg Ym94ZXMgYW 5kIHByb2R1 Y3RzIGJlZm 9yZSB0aGV5 IGFyZSBzZW 50IHRvIHN0 b3Jlcy4gVG hhdOKAmXMg dGhlIGtpbm Qgb2YgYnVp bGRpbmcgUm V4Zm9yZCB0 YWtlcyBjYX JlIG9mLjxi cj5UaGUgd2 F5IFJleGZv cmQgbWFrZX MgbW9uZXkg aXMgYnkgcm VudGluZyB0 aGVzZSBidW lsZGluZ3Mg dG8gYnVzaW 5lc3Nlcy4g V2hlbiBhIG NvbXBhbnkg d2FudHMgdG 8gdXNlIGEg c3BhY2UgdG 8gc3RvcmUg dGhlaXIgZ2 9vZHMgb3Ig cnVuIHRoZW lyIG9wZXJh dGlvbnMsIH RoZXkgcGF5 IFJleGZvcm QgbW9uZXkg ZXZlcnkgbW 9udGggZm9y IHJlbnQuIF RoZSBtb3Jl IGJ1aWxkaW 5ncyB0aGV5 IG93biBhbm QgdGhlIG1v cmUgY29tcG FuaWVzIHRo YXQgd2FudC B0byB1c2Ug dGhvc2UgYn VpbGRpbmdz LCB0aGUgbW 9yZSBtb25l eSBSZXhmb3 JkIG1ha2Vz Ljxicj5SZX hmb3JkIGlz IHN1Y2Nlc3 NmdWwgYmVj YXVzZSBpdC Bmb2N1c2Vz IG9uIHBsYW NlcyB0aGF0 IGFyZSB2ZX J5IGltcG9y dGFudCBmb3 IgdHJhZGUg YW5kIHNoaX BwaW5nLCBl c3BlY2lhbG x5IGluIGJp ZyBjaXRpZX Mgd2hlcmUg bWFueSB0cn Vja3MgbmVl ZCB0byBkZW xpdmVyIGdv b2RzLiBUaG lzIG1ha2Vz IHRoZWlyIH Byb3BlcnRp ZXMgdmVyeS B2YWx1YWJs ZS4gVGhleS BhbHNvIGRv IGEgZ29vZC Bqb2Igb2Yg dGFraW5nIG NhcmUgb2Yg dGhlaXIgYn VpbGRpbmdz IGFuZCBmaW 5kaW5nIGJ1 c2luZXNzZX MgdGhhdCB3 YW50IHRvIH JlbnQgdGhl bSwgd2hpY2 gga2VlcHMg dGhlIHJlbn QgbW9uZXkg Y29taW5nIG luLjxicj5M b29raW5nIH RvIHRoZSBm dXR1cmUsIF JleGZvcmQg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIG FzIHBlb3Bs ZSBrZWVwIG J1eWluZyBh bmQgbmVlZG luZyBwcm9k dWN0cywgbW 9yZSBidXNp bmVzc2VzIH dpbGwgbmVl ZCBwbGFjZX MgdG8gc3Rv cmUgYW5kIH NoaXAgdGhv c2UgcHJvZH VjdHMuIFBs dXMsIHdpdG ggbW9yZSBv bmxpbmUgc2 hvcHBpbmcg aGFwcGVuaW 5nLCB0aGVy ZSB3aWxsIG JlIGFuIGV2 ZW4gYmlnZ2 VyIGRlbWFu ZCBmb3IgaW 5kdXN0cmlh bCBzcGFjZX MuIFNvLCBh cyBsb25nIG FzIHRoZXJl IGFyZSBjb2 1wYW5pZXMg dGhhdCBuZW VkIHNwYWNl IHRvIHdvcm ssIFJleGZv cmQgd2lsbC Bjb250aW51 ZSB0byBkby B3ZWxsITxi cj4=

MS4gTGVhZG luZyBpbmR1 c3RyaWFsIH JlYWwgZXN0 YXRlIGNvbX Bhbnk6IFJl eGZvcmQgSW 5kdXN0cmlh bCBSZWFsdH kgaXMgb25l IG9mIHRoZS BsZWFkaW5n IHJlYWwgZX N0YXRlIGNv bXBhbmllcy BzcGVjaWFs aXppbmcgaW 4gaW5kdXN0 cmlhbCBwcm 9wZXJ0aWVz IGluIFNvdX RoZXJuIENh bGlmb3JuaW EuIFRoZXkg b3duLCBtYW 5hZ2UsIGFu ZCBkZXZlbG 9wIGEgZGl2 ZXJzZSBwb3 J0Zm9saW8g b2YgaW5kdX N0cmlhbCBw cm9wZXJ0aW VzLjxicj4y LiBTdHJvbm cgdHJhY2sg cmVjb3JkOi BUaGUgY29t cGFueSBoYX MgYSBwcm92 ZW4gdHJhY2 sgcmVjb3Jk IG9mIGRlbG l2ZXJpbmcg Y29uc2lzdG VudCByZXR1 cm5zIHRvIG l0cyBpbnZl c3RvcnMuIE l0IGhhcyBh IGhpc3Rvcn kgb2Ygc3Vj Y2Vzc2Z1bC BhY3F1aXNp dGlvbnMsIG xlYXNpbmcs IGFuZCBtYW 5hZ2VtZW50 IG9mIGluZH VzdHJpYWwg cHJvcGVydG llcy48YnI+ My4gRm9jdX Mgb24gcHJp bWUgbG9jYX Rpb25zOiBS ZXhmb3JkIE luZHVzdHJp YWwgUmVhbH R5IHN0cmF0 ZWdpY2FsbH kgYWNxdWly ZXMgcHJvcG VydGllcyBp biBwcmltZS BpbmR1c3Ry aWFsIGxvY2 F0aW9ucywg ZW5zdXJpbm cgaGlnaCBk ZW1hbmQgYW 5kIHN0YWJs ZSByZW50YW wgaW5jb21l LiBUaGlzIG Fsc28gYWxs b3dzIHRlbm FudHMgdG8g YmVuZWZpdC Bmcm9tIGV4 Y2VsbGVudC B0cmFuc3Bv cnRhdGlvbi BpbmZyYXN0 cnVjdHVyZS BhbmQgcHJv eGltaXR5IH RvIG1ham9y IG1hcmtldH MuPGJyPjQu IERpdmVyc2 UgcG9ydGZv bGlvOiBUaG UgY29tcGFu eeKAmXMgcG 9ydGZvbGlv IGluY2x1ZG VzIGEgd2lk ZSByYW5nZS BvZiBpbmR1 c3RyaWFsIH Byb3BlcnRp ZXMgc3VjaC BhcyB3YXJl aG91c2UsIG Rpc3RyaWJ1 dGlvbiwgbW FudWZhY3R1 cmluZywgYW 5kIGZsZXgg YnVpbGRpbm dzLCBjYXRl cmluZyB0by B2YXJpb3Vz IGluZHVzdH JpZXMgYW5k IHRlbmFudH MuPGJyPjUu IFN0cm9uZy ByZWxhdGlv bnNoaXBzIH dpdGggdGVu YW50czogUm V4Zm9yZCBJ bmR1c3RyaW FsIFJlYWx0 eSB2YWx1ZX MgaXRzIHJl bGF0aW9uc2 hpcCB3aXRo IHRlbmFudH MgYW5kIGZv Y3VzZXMgb2 4gcHJvdmlk aW5nIGV4Y2 VsbGVudCBj dXN0b21lci BzZXJ2aWNl LiBUaGlzIG hhcyByZXN1 bHRlZCBpbi BhIGhpZ2gg dGVuYW50IH JldGVudGlv biByYXRlIG FuZCBzdHJv bmcgbG9uZy 10ZXJtIHJl bGF0aW9uc2 hpcHMgd2l0 aCBjb21wYW 5pZXMuPGJy PjYuIFN1c3 RhaW5hYmxl IGFuZCBlbn Zpcm9ubWVu dGFsbHkgY2 9uc2Npb3Vz OiBUaGUgY2 9tcGFueSBw cmlvcml0aX plcyBzdXN0 YWluYWJpbG l0eSBhbmQg ZW5lcmd5IG VmZmljaWVu Y3kgaW4gaX RzIGRldmVs b3BtZW50cy wgY29udHJp YnV0aW5nIH RvIGVudmly b25tZW50YW wgY29uc2Vy dmF0aW9uIG FuZCByZWR1 Y2luZyBvcG VyYXRpbmcg Y29zdHMgZm 9yIHRlbmFu dHMuPGJyPj cuIEV4cGVy aWVuY2VkIG FuZCBrbm93 bGVkZ2VhYm xlIHRlYW06 IFRoZSB0ZW FtIGF0IFJl eGZvcmQgSW 5kdXN0cmlh bCBSZWFsdH kgaGFzIGV4 dGVuc2l2ZS Brbm93bGVk Z2UgYW5kIG V4cGVyaWVu Y2UgaW4gdG hlIGluZHVz dHJpYWwgcm VhbCBlc3Rh dGUgbWFya2 V0LiBUaGV5 IGhhdmUgYS BkZWVwIHVu ZGVyc3Rhbm Rpbmcgb2Yg bWFya2V0IH RyZW5kcywg aW52ZXN0bW VudCBzdHJh dGVnaWVzLC BhbmQgdGVu YW50IG5lZW RzLjxicj44 LiBGaW5hbm NpYWwgc3Ry ZW5ndGg6IF JleGZvcmQg SW5kdXN0cm lhbCBSZWFs dHkgaGFzIG Egc3Ryb25n IGZpbmFuY2 lhbCBwb3Np dGlvbiwgd2 l0aCBhIGNv bnNlcnZhdG l2ZSBjYXBp dGFsIHN0cn VjdHVyZSBh bmQgYWNjZX NzIHRvIGRp dmVyc2Ugc2 91cmNlcyBv ZiBjYXBpdG FsLiBUaGlz IGFsbG93cy B0aGVtIHRv IHB1cnN1ZS BvcHBvcnR1 bml0aWVzIG ZvciBncm93 dGggYW5kIH Byb3ZpZGUg c3RhYmxlIH JldHVybnMg dG8gaW52ZX N0b3JzLjxi cj45LiBDb2 1tdW5pdHkg aW52b2x2ZW 1lbnQ6IFRo ZSBjb21wYW 55IHRha2Vz IGFuIGFjdG l2ZSByb2xl IGluIHRoZS Bjb21tdW5p dGllcyB3aG VyZSBpdCBv cGVyYXRlcy wgc3VwcG9y dGluZyB2YX Jpb3VzIGNo YXJpdGFibG Ugb3JnYW5p emF0aW9ucy BhbmQgcHJv bW90aW5nIH NvY2lhbCBy ZXNwb25zaW JpbGl0eS48 YnI+MTAuIF Byb3ZlbiBn cm93dGggc3 RyYXRlZ3k6 IFJleGZvcm QgSW5kdXN0 cmlhbCBSZW FsdHkgaGFz IGEgd2VsbC 1kZWZpbmVk IGdyb3d0aC BzdHJhdGVn eSB0aGF0IG ZvY3VzZXMg b24gYWNxdW lyaW5nIGFu ZCByZXBvc2 l0aW9uaW5n IGluZHVzdH JpYWwgcHJv cGVydGllcy BpbiBoaWdo LWRlbWFuZC BtYXJrZXRz LiBUaGlzIG hhcyByZXN1 bHRlZCBpbi BzaWduaWZp Y2FudCBncm 93dGggYW5k IHNoYXJlaG 9sZGVyIHZh bHVlLg==

VGhlIFJleG ZvcmQgSW5k dXN0cmlhbC BSZWFsdHkg Y29tcGFueS BpcyBhIHJl YWwgZXN0YX RlIGludmVz dG1lbnQgdH J1c3QgKFJF SVQpIHRoYX QgZm9jdXNl cyBvbiBhY3 F1aXJpbmcs IG93bmluZy wgYW5kIG9w ZXJhdGluZy BpbmR1c3Ry aWFsIHByb3 BlcnRpZXMu IFRoZWlyIH ByaW1hcnkg YnVzaW5lc3 MgbW9kZWwg aXMgdG8gaW 52ZXN0IGlu IGFuZCBtYW 5hZ2UgYSBw b3J0Zm9saW 8gb2YgaW5k dXN0cmlhbC Bwcm9wZXJ0 aWVzLCBpbm NsdWRpbmcg ZGlzdHJpYn V0aW9uIGFu ZCBsb2dpc3 RpY3MgY2Vu dGVycywgd2 FyZWhvdXNl IGZhY2lsaX RpZXMsIG1h bnVmYWN0dX JpbmcgcGxh bnRzLCBhbm Qgb3RoZXIg aW5kdXN0cm lhbCBwcm9w ZXJ0aWVzLj xicj5UaGUg Y29tcGFuee KAmXMgZ29h bCBpcyB0by BnZW5lcmF0 ZSBzdGFibG UgYW5kIGdy b3dpbmcgY2 FzaCBmbG93 cyBieSBhY3 F1aXJpbmcg YW5kIGRldm Vsb3Bpbmcg aGlnaC1xdW FsaXR5IGlu ZHVzdHJpYW wgcHJvcGVy dGllcyBpbi BzdHJhdGVn aWMgbG9jYX Rpb25zLCBs ZWFzaW5nIH RoZW0gdG8g Y3JlZGl0d2 9ydGh5IHRl bmFudHMsIG FuZCBtYW5h Z2luZyB0aG VtIGVmZmlj aWVudGx5Li BUaGV5IGFs c28gYWltIH RvIGVuaGFu Y2UgdGhlIH ZhbHVlIG9m IHRoZWlyIH BvcnRmb2xp byB0aHJvdW doIHByb3Bl cnR5IGltcH JvdmVtZW50 cywgY2FwaX RhbCBpbnZl c3RtZW50cy wgYW5kIHJl ZGV2ZWxvcG 1lbnRzLjxi cj5SZXhmb3 JkIEluZHVz dHJpYWwgUm VhbHR5IHBy aW1hcmlseS BnZW5lcmF0 ZXMgcmV2ZW 51ZSB0aHJv dWdoIHJlbn RhbCBpbmNv bWUgZnJvbS BpdHMgdGVu YW50cyBhbm QgcHJvcGVy dHkgbWFuYW dlbWVudCBz ZXJ2aWNlcy 4gVGhleSBh bHNvIGdlbm VyYXRlIGlu Y29tZSBmcm 9tIHByb3Bl cnR5IHNhbG VzIGFuZCBp bnRlcmVzdC BpbmNvbWUg ZnJvbSBmaW 5hbmNpbmcg YWN0aXZpdG llcy48YnI+ VGhlIGNvbX BhbnnigJlz IGJ1c2luZX NzIG1vZGVs IGlzIGZvY3 VzZWQgb24g bG9uZy10ZX JtLCBzdXN0 YWluYWJsZS Bncm93dGgg dGhyb3VnaC BkaXNjaXBs aW5lZCBpbn Zlc3RtZW50 IHN0cmF0ZW dpZXMsIHN0 cm9uZyB0ZW 5hbnQgcmVs YXRpb25zaG lwcywgYW5k IHNtYXJ0IH Byb3BlcnR5 IG1hbmFnZW 1lbnQgcHJh Y3RpY2VzLi BUaGV5IGFs c28gcHJpb3 JpdGl6ZSBz dXN0YWluYW JpbGl0eSBh bmQgZW52aX Jvbm1lbnRh bCByZXNwb2 5zaWJpbGl0 eSBpbiB0aG VpciBvcGVy YXRpb25zLj xicj5PdmVy YWxsLCB0aG UgUmV4Zm9y ZCBJbmR1c3 RyaWFsIFJl YWx0eSBjb2 1wYW554oCZ cyBidXNpbm VzcyBtb2Rl bCByZXZvbH ZlcyBhcm91 bmQgYWNxdW lyaW5nLCBt YW5hZ2luZy wgYW5kIGRl dmVsb3Bpbm cgaW5kdXN0 cmlhbCBwcm 9wZXJ0aWVz IHRvIGdlbm VyYXRlIHJl bGlhYmxlIG FuZCBncm93 aW5nIGluY2 9tZSBzdHJl YW1zIGZvci B0aGVpciBp bnZlc3Rvcn Mu

AI has the potential to impact various industries in different ways. For Rexford Industrial Realty, which operates in the industrial real estate sector, AI could pose some material threats through several avenues:
1. Substitution: AI-driven technologies could lead to the development of new types of real estate solutions or automation tools that improve operational efficiency. For instance, advancements in logistics and supply chain management could create alternatives to traditional warehousing and distribution solutions, effectively substituting some of the services or offerings that Rexford provides.
2. Disintermediation: As AI continues to evolve, there may be a trend towards disintermediation, where technology platforms connect tenants directly with property owners, bypassing traditional real estate firms. Such platforms could leverage AI to optimize leasing processes, evaluate property performance, and facilitate transactions, potentially reducing the market share of companies like Rexford.
3. Margin Pressure: The incorporation of AI in real estate operations can lead to increased competition through enhanced efficiency. Competitors who adopt AI technologies might operate at lower costs or provide superior services, putting pressure on margins for companies that fail to innovate or adapt. Additionally, if AI capabilities lead to significant improvements in site selection and tenant matching, it could lead to increased expectations for returns, impacting profitability.
In summary, while AI presents opportunities for efficiency and innovation, it also poses potential threats to Rexford Industrial Realty in terms of substitution, disintermediation, and margin pressure. To remain competitive, the company may need to invest in AI technologies and adapt its business model to the evolving landscape.

Rexford Industrial Realty’s earnings, cash flow, and valuation can be significantly affected by changes in interest rates due to several interrelated factors.
1. Interest Expense: As a real estate investment trust (REIT), Rexford relies on debt to finance its acquisitions and operations. When interest rates rise, the cost of borrowing increases, which can lead to higher interest expenses. This can reduce net income and cash flow, impacting earnings considerably.
2. Cap Rates: Interest rates play a crucial role in determining capitalization rates (cap rates) in real estate. When interest rates increase, cap rates typically rise as well. Higher cap rates can lead to lower property valuations since the market will demand higher returns on investments. This could result in a decrease in the market value of Rexford’s properties.
3. Investment Opportunities: Higher interest rates may restrict the availability of affordable financing for new acquisitions or developments. This can limit Rexford’s ability to pursue growth opportunities, impacting long-term earnings growth potential.
4. Tenant Demand: Rising interest rates can also affect tenants’ financial health. Businesses may face higher borrowing costs, which could impact their ability to rent space. A weaker rental market could lead to higher vacancy rates and reduced rental income for Rexford.
5. Dividend Payments: As a REIT, Rexford is required to pay out a substantial portion of its earnings as dividends. If interest rates rise, the company may face additional pressure to maintain its dividend yield, potentially leading it to reduce dividends if cash flow is constrained by increased interest expenses or lower rental income.
In summary, Rexford Industrial Realty’s financial performance and valuation are relatively sensitive to interest rate changes. Increased rates can lead to higher borrowing costs, reduced property valuations, limited growth opportunities, and potential effects on tenant stability—all factors that could adversely impact its earnings and cash flow.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgUm V4Zm9yZCBJ bmR1c3RyaW FsIFJlYWx0 eeKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgaW52 b2x2ZXMgYS BzaWduaWZp Y2FudCBhbm Qgc3VzdGFp bmVkIGRvd2 50dXJuIGlu IHRoZSBpbm R1c3RyaWFs IHJlYWwgZX N0YXRlIG1h cmtldC4gU3 VjaCBhIHNj ZW5hcmlvIG NvdWxkIGJl IHRyaWdnZX JlZCBieSBz ZXZlcmFsIG ZhY3RvcnMs IGluY2x1ZG luZzo8YnI+ MS4gPHN0cm 9uZz5FY29u b21pYyBSZW Nlc3Npb248 L3N0cm9uZz 46IEEgc2V2 ZXJlIGVjb2 5vbWljIGRv d250dXJuIG NvdWxkIGxl YWQgdG8gYS ByZWR1Y3Rp b24gaW4gZG VtYW5kIGZv ciBpbmR1c3 RyaWFsIHNw YWNlLCBwYX J0aWN1bGFy bHkgaW4gZS 1jb21tZXJj ZSwgbWFudW ZhY3R1cmlu ZywgYW5kIG xvZ2lzdGlj cyBzZWN0b3 JzLiBJZiBj b21wYW5pZX MgYXJlIGZv cmNlZCB0by Bkb3duc2l6 ZSBvciBwb3 N0cG9uZSBl eHBhbnNpb2 4gcGxhbnMs IHRoaXMgY2 91bGQgbGVh ZCB0byBpbm NyZWFzZWQg dmFjYW5jeS ByYXRlcyBp biBSZXhmb3 Jk4oCZcyBw cm9wZXJ0aW VzLjxicj4y LiA8c3Ryb2 5nPk92ZXJi dWlsZGluZz wvc3Ryb25n PjogSWYgdG hlcmUgaXMg YW4gb3Zlcn N1cHBseSBv ZiBpbmR1c3 RyaWFsIHBy b3BlcnRpZX MgZHVlIHRv IG92ZXJidW lsZGluZyBp biBhbnRpY2 lwYXRpb24g b2YgY29udG ludWVkIGRl bWFuZCwgUm V4Zm9yZCBt YXkgc3RydW dnbGUgdG8g bWFpbnRhaW 4gb3IgYWNo aWV2ZSBmYX ZvcmFibGUg b2NjdXBhbm N5IHJhdGVz LiBJbmNyZW FzZWQgY29t cGV0aXRpb2 4gY291bGQg bGVhZCB0by Bkb3dud2Fy ZCBwcmVzc3 VyZSBvbiBy ZW50cy48Yn I+My4gPHN0 cm9uZz5TaG lmdCBpbiBU ZW5hbnRz4o CZIE5lZWRz PC9zdHJvbm c+OiBBIGZ1 bmRhbWVudG FsIHNoaWZ0 IGluIGhvdy Bjb21wYW5p ZXMgb3Blcm F0ZeKAlHN1 Y2ggYXMgaW 5jcmVhc2Vk IGF1dG9tYX Rpb24sIG1v cmUgZWZmaW NpZW50IGxv Z2lzdGljcy Btb2RlbHMs IG9yIGEgbW 92ZSB0b3dh cmRzIHNtYW xsZXIsIG1v cmUgZGlzdH JpYnV0ZWQg ZmFjaWxpdG llc+KAlGNv dWxkIGxlc3 NlbiB0aGUg ZGVtYW5kIG ZvciB0aGUg dHlwZSBvZi Bwcm9wZXJ0 aWVzIFJleG ZvcmQgc3Bl Y2lhbGl6ZX MgaW4uIDxi cj5JZiBzdW NoIGEgc2Nl bmFyaW8gcG xheWVkIG91 dCwgUmV4Zm 9yZOKAmXMg ZmluYW5jaW FscyBjb3Vs ZCByZWZsZW N0IHRoZSBm b2xsb3dpbm cgdHJlbmRz Ojxicj4tID xzdHJvbmc+ TWFyZ2lucz wvc3Ryb25n PjogVGhlIG NvbXBhbnni gJlzIHByb2 ZpdCBtYXJn aW5zIHdvdW xkIGxpa2Vs eSBzaHJpbm sgc2lnbmlm aWNhbnRseS BkdWUgdG8g cmVkdWNlZC ByZW50YWwg aW5jb21lIG Zyb20gbG93 ZXIgb2NjdX BhbmN5IHJh dGVzIGFuZC Bwb3RlbnRp YWwgcmVudC Bjb25jZXNz aW9ucyB0by BhdHRyYWN0 IG5ldyB0ZW 5hbnRzLiBB ZGRpdGlvbm FsbHksIG9w ZXJhdGluZy BleHBlbnNl cyBtaWdodC ByZW1haW4g Zml4ZWQgb3 IgZXZlbiBp bmNyZWFzZS wgcHV0dGlu ZyBmdXJ0aG VyIHByZXNz dXJlIG9uIG 1hcmdpbnMu PGJyPi0gPH N0cm9uZz5D YXNoIEZsb3 c8L3N0cm9u Zz46IENhc2 ggZmxvdyBm cm9tIG9wZX JhdGlvbnMg Y291bGQgZG VjbGluZSBz aGFycGx5IG FzIHJlbnRh bCBpbmNvbW UgY29udHJh Y3RzLiBJZi B2YWNhbmN5 IHJhdGVzIH Jpc2Ugc2ln bmlmaWNhbn RseSwgbWFp bnRhaW5pbm cgY2FzaCBm bG93IHdvdW xkIGJlIGNo YWxsZW5naW 5nLCBwcm9t cHRpbmcgdG hlIGNvbXBh bnkgdG8gcm VkdWNlIGNh cGl0YWwgZX hwZW5kaXR1 cmVzIG9yIG RyYXcgZnJv bSBjYXNoIH Jlc2VydmVz LiBUaGlzIH NjZW5hcmlv IGNvdWxkIG Fsc28gbGlt aXQgdGhlIG NvbXBhbnni gJlzIGFiaW xpdHkgdG8g cmVpbnZlc3 QgaW4gcHJv cGVydGllcy BvciByZXR1 cm4gY2FwaX RhbCB0byBz aGFyZWhvbG RlcnMuPGJy Pi0gPHN0cm 9uZz5CYWxh bmNlIFNoZW V0PC9zdHJv bmc+OiBUaG UgYmFsYW5j ZSBzaGVldC B3b3VsZCBz aG93IGluY3 JlYXNlZCBs ZXZlcmFnZS BpZiBSZXhm b3JkIHJlc2 9ydHMgdG8g ZGVidCBmaW 5hbmNpbmcg dG8gY292ZX Igb3BlcmF0 aW5nIHNob3 J0ZmFsbHMg b3IgcmVmaW 5hbmNlIGV4 aXN0aW5nIG 9ibGlnYXRp b25zLiBUaG UgaW5jcmVh c2VkIGRlYn QtdG8tZXF1 aXR5IHJhdG lvIHdvdWxk IHJlZmxlY3 QgaGlnaGVy IGZpbmFuY2 lhbCByaXNr LiBBZGRpdG lvbmFsbHks IGFzc2V0IH ZhbHVlcyBt aWdodCBkZW NyZWFzZSBk dWUgdG8gbG 93ZXIgcHJv cGVydHkgdm FsdWF0aW9u cyBzdGVtbW luZyBmcm9t IHJlZHVjZW QgZGVtYW5k IGFuZCBkZW NyZWFzZWQg cmVudGFsIG luY29tZSwg cG90ZW50aW FsbHkgbGVh ZGluZyB0by BpbXBhaXJt ZW50cyBvbi B0aGUgYmFs YW5jZSBzaG VldC48YnI+ SW4gc3VtbW FyeSwgYSBw cm9sb25nZW QgZG93bnR1 cm4gaW4gdG hlIGluZHVz dHJpYWwgcm VhbCBlc3Rh dGUgbWFya2 V0IGNvdWxk IGhhdmUgc2 VyaW91cyBs b25nLXRlcm 0gaW1wbGlj YXRpb25zIG ZvciBSZXhm b3JkIEluZH VzdHJpYWwg UmVhbHR5LC BhZmZlY3Rp bmcgaXRzIG 1hcmdpbnMs IGNhc2ggZm xvdywgYW5k IGJhbGFuY2 Ugc2hlZXQg c3RhYmlsaX R5LiBUaGUg Y29tcGFueS B3b3VsZCBu ZWVkIHRvIG Fkb3B0IGEg cm9idXN0IH N0cmF0ZWdp YyByZXNwb2 5zZSB0byBu YXZpZ2F0ZS B0aHJvdWdo IHN1Y2ggY2 hhbGxlbmdp bmcgY29uZG l0aW9ucyBl ZmZlY3Rpdm VseS48YnI+

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 bG9nb3MvT3 NCQ1ppcncy VDA4T2pJSF hmMWsud2Vi cCIgYWx0PS JSZXhmb3Jk IEluZHVzdH JpYWwgUmVh bHR5IiB0aX RsZT0iUmV4 Zm9yZCBJbm R1c3RyaWFs IFJlYWx0eS IgIGNsYXNz PSJpbWctZm x1aWQiIGhl aWdodD01MC B3aWR0aD01 MCBsb2FkaW 5nPSdsYXp5 JyBzdHlsZT 0nYm9yZGVy LXJhZGl1cz ogNnB4Oyc+ CgogICAgIC AgICAgICAg ICAgICAgID xkaXYgc3R5 bGU9J2ZsZX g6IDE7IHRl eHQtYWxpZ2 46IGNlbnRl cjsgbWFyZ2 luLWxlZnQ6 IDVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8cCBzdH lsZT0nZm9u dC1zaXplOi AyNnB4OyBj b2xvcjogIz MzMzsgbWFy Z2luLWJvdH RvbTogMTVw eDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAg8J+TiC BXYW50IHRv IHJlYWQgbW 9yZSBhYm91 dCBSZXhmb3 JkIEluZHVz dHJpYWwgUm VhbHR5Pwog 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 ICAgICAg4p yFIERvd25s b2FkIDxpPi JUaGUgQ2hl Y2tsaXN0IF ZhbHVlIElu dmVzdG9yIO KAlCBBIFNt YXJ0ZXIgV2 F5IHRvIFBp Y2sgU3RvY2 tzIjwvaT4g 4oCUIHRvdG FsbHkgZnJl ZSEKICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIE1T NGdWR2hsSU UgTnZiWEJo Ym5uaSBnSm x6SUc5eWFX IGRwYm5NZ1 kyRnUgSUdK bElIUnlZVy BObFpDQmlZ V05yIElIUn ZJREU1T1Qg UXNJSGRvWl c0ZyBhWFFn ZDJGeklHIF p2ZFc1a1pX UWcgYVc0Z1 RHOXpJRSBG dVoyVnNaWE 1nIFlua2dV bWxqYUcgRn laQ0JhYVcx aCBiaUJoYm 1RZ1NHIDkz WVhKa0lGTm ogYUhkcGJX MWxjaSA0OF luSStNaTRn IFVtVjRabT l5WkMgQkpi bVIxYzNSeS BhV0ZzSUZK bFlXIHgwZV N3Z1NXNWog TGlBb1RsbF RSVCBvZ1Vr VllVaWtnIG QyVnVkQ0J3 ZFcgSnNhV0 1nYVc0ZyBN akF4TVNCaG JtIFFnYVhN Z2JtOTMgSU dFZ2NIVmli RyBsamJIa2 dkSEpoIFpH VmtJSEpsWV cgd2daWE4w WVhSbCBJR2 x1ZG1WemRH IDFsYm5RZ2 RISjEgYzNR Z0tGSkZTVi BRcElIUm9Z WFFnIFptOW pkWE5sY3kg QnZiaUIwYU dVZyBZV054 ZFdsemFYIF JwYjI0c0lH UmwgZG1Wc2 IzQnRaVyA1 MExDQmhibV FnIGJXRnVZ V2RsYlcgVn VkQ0J2WmlC cCBibVIxYz NSeWFXIEZz SUhCeWIzQm wgY25ScFpY TXVQRyBKeV BqTXVJRlJv IFpTQmpiMj F3WVcgNTVJ R2x6SUdobC BZV1J4ZFdG eWRHIFZ5Wl dRZ2FXNGcg VEc5eklFRn VaMiBWc1pY TXNJRU5oIG JHbG1iM0p1 YVcgRWdZVz VrSUdoaCBj eUJoSUhCeV pYIE5sYm1O bElHbHUgSU cxaGFtOXlJ RyBsdVpIVn pkSEpwIFlX d2diV0Z5YT IgVjBjeUJw YmlCVCBiM1 YwYUdWeWJp IEJEWVd4cF ptOXkgYm1s aExDQnBibS BOc2RXUnBi bWNnIFRHOX pJRUZ1WjIg VnNaWE1zSU ZOaCBiaUJF YVdWbmJ5IH dnWVc1a0lF OXkgWVc1bl pTQkRiMyBW dWRIa3VQR0 p5IFBqUXVJ RkpsZUcgWn ZjbVFnU1c1 ayBkWE4wY2 1saGJDIEJ2 ZDI1eklHRn UgWkNCdmNH VnlZWCBSbG N5QnVaV0Z5 IGJIa2dNal VnYlcgbHNi R2x2YmlCei BjWFZoY21V Z1ptIFZsZE NCdlppQnAg Ym1SMWMzUn lhVyBGc0lI QnliM0JsIG NuUjVMQ0J0 WVcgdHBibW NnYVhRZyBi MjVsSUc5bU lIIFJvWlNC c1lYSm4gWl hOMElHbHVa SCBWemRISn BZV3dnIGJH RnVaR3h2Y2 0gUnpJR2x1 SUZOdiBkWF JvWlhKdUlF IE5oYkdsbW IzSnUgYVdF dVBHSnlQai BVdUlGUm9a U0JqIGIyMX dZVzU1NG8g Q1pjeUJ3Yj NKMCBabTlz YVc4Z2FYIE 1nYldGcGJt eDUgSUdOdm JtTmxibiBS eVlYUmxaQ0 JwIGJpQm9h V2RvTFcgUm xiV0Z1WkNC eiBkV0p0WV hKclpYIFJ6 TENCemRXTm 8gSUdGeklI Um9aUyBCSm JteGhibVFn IFJXMXdhWE psTEMgQjBh R1VnVUc5eS BkSE1nYjJZ Z1RHIDl6SU VGdVoyVnMg WlhNZ1lXNW tJRSB4dmJt Y2dRbVZoIF kyZ3NJR0Z1 WkMgQjBhR1 VnVTJGdSBJ RVpsY201aG JtIFJ2SUZa aGJHeGwgZV M0OFluSStO aSA0Z1ZHaG xJR052IGJY Qmhibm5pZ0 ogbHpJSEJ5 YjNCbCBjbl JwWlhNZ1lY IEpsSUhCeW FXMWggY21s c2VTQnphVy A1bmJHVXRk R1Z1IFlXNT BJR2x1Wkgg VnpkSEpwWV d3ZyBjSEp2 Y0dWeWRHIG xsY3lCMGFH RjAgSUdGeV pTQnNaVyBG elpXUWdkRz hnIFlTQmth WFpsY24gTm xJRzFwZUNC diBaaUIwWl c1aGJuIFJ6 TENCcGJtTn MgZFdScGJt Y2daUyAxam IyMXRaWEpq IFpTd2diRz luYVggTjBh V056TENCaC BibVFnYkds bmFIIFFnYl dGdWRXWmgg WTNSMWNtbH VaeSBCamIy MXdZVzVwIF pYTXVQR0p5 UGogY3VJRW x1SURJdyBN VGtzSUZKbG VHIFp2Y21R Z1NXNWsgZF hOMGNtbGhi QyBCM1lYTW dibUZ0IFpX UWdiMjVsSU cgOW1JSFJv WlNCMCBiM0 FnVWtWSlZI IE1nYVc0Z2 RHaGwgSUZW dWFYUmxaQy BCVGRHRjBa WE1nIFlua2 dUbUYwYVcg OXVZV3dnUV hOeiBiMk5w WVhScGIyID RnYjJZZ1Vt VmggYkNCRm MzUmhkRyBV Z1NXNTJaWE 4wIGJXVnVk Q0JVY24gVn pkSE1nS0U1 aCBjbVZwZE NrdVBHIEp5 UGpndUlGSm wgZUdadmNt UWdTVyA1a2 RYTjBjbWxo IGJPS0FtWE 1nWm0gOWpk WE1nYjI0Zy BjM1Z6ZEdG cGJtIEZpYV d4cGRIa2cg YUdGeklHVm hjbSA1bFpD QjBhR1VnIF kyOXRjR0Z1 ZVMgQnlaV0 52WjI1cCBk R2x2YmlCbW IzIElnYVhS eklHVm0gWm 05eWRITWdk RyA4Z2NtVm tkV05sIElH VnVaWEpuZV MgQmhibVFn ZDJGMCBaWE lnWTI5dWMz IFZ0Y0hScG IyNHMgSUdG eklIZGxiRy B3Z1lYTWdh WFJ6IElHTn ZiVzFwZEcg MWxiblFnZE c4ZyBaM0ps Wlc0Z1luIF ZwYkdScGJt Y2cgY0hKaF kzUnBZMiBW ekxqeGljaj Q1IExpQlVh R1VnWTIgOX RjR0Z1ZVNC byBZWE1nWV NCemRIIEp2 Ym1jZ2RISm ggWTJzZ2Nt VmpiMyBKa0 lHOW1JR2R5 IGIzZDBhQ3 dnYUcgRjJh VzVuSUdOdi BiWEJzWlhS bFpDIEJ2ZG 1WeUlDUTEg SUdKcGJHeH BiMiA0Z2FX NGdjSEp2IG NHVnlkSGtn WVcgTnhkV2 x6YVhScCBi MjV6SUhOcG JtIE5sSUds MGN5QnAgYm 1ObGNIUnBi MiA0dVBHSn lQakV3IExp QkJjeUJ2Wm kgQXlNREl4 TENCUyBaWG htYjNKa0lF IGx1WkhWem RISnAgWVd3 Z2FHRnpJRy BFZ2JXRnlh MlYwIElHTm hjR2wwWVcg eHBlbUYwYV c5dSBJRzlt SUdGd2NIIE p2ZUdsdFlY UmwgYkhrZ0 pEY2dZbSBs c2JHbHZiaU JoIGJtUWdh WE1nYVcgNW piSFZrWldR ZyBhVzRnZE dobElGIE1t VUNBMU1EQW cgU1c1a1pY Z3UKICAgIC AgICA8L3Nw YW4+CiAgIC AgICAgCiAg ICAgICAg