Canadian Apartment Properties REIT

More reviews (4)

Live  

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) is a publicly traded real estate investment trust (REIT) that specializes in multi-family residential properties. The company was founded in 1997 and is headquartered in Toronto, Canada.
CAPREIT's primary focus is on the acquisition and management of rental apartment buildings, townhouses, and manufactured home communities in urban and suburban areas across Canada. As of December 2020, the company owns and operates over 66,000 residential units, making it one of the largest residential landlords in Canada.
The company's portfolio is diversified across Canada, with properties in major cities such as Toronto, Montreal, Vancouver, and Calgary. CAPREIT's properties cater to a wide range of tenants, from students and young professionals to families and seniors.
In addition to its residential properties, CAPREIT also owns and operates approximately 5 million square feet of commercial space, including office, retail, and industrial properties.
CAPREIT is listed on the Toronto Stock Exchange (TSX) under the symbol CAR.UN and on the New York Stock Exchange (NYSE) under the symbol CDPYF. The company has a solid track record of delivering strong financial performance, consistent returns to investors, and sustainable growth.
Overall, CAPREIT is a well-established and reputable company with a strong presence in the Canadian real estate market.

VGhlcmUgYX JlIGEgZmV3 IHRoaW5ncy B0aGF0IGFy ZSBzcGVjaW FsIGFib3V0 IHRoZSBDYW 5hZGlhbiBB cGFydG1lbn QgUHJvcGVy dGllcyBSZW FsIEVzdGF0 ZSBJbnZlc3 RtZW50IFRy dXN0IChDQV BSRUlUKSBj b21wYW55Oj xicj4xLiBE aXZlcnNpZm llZCBQb3J0 Zm9saW86IE NBUFJFSVQg aGFzIGEgZG l2ZXJzZSBw b3J0Zm9saW 8gb2YgcmVz aWRlbnRpYW wgcmVudGFs IHByb3Blcn RpZXMgYWNy b3NzIENhbm FkYSwgaW5j bHVkaW5nIG FwYXJ0bWVu dHMsIHRvd2 5ob3VzZXMs IGFuZCBtYW 51ZmFjdHVy ZWQgaG9tZX MuIFRoaXMg ZGl2ZXJzaX R5IGhlbHBz IHRvIG1pdG lnYXRlIHJp c2tzIGFuZC Bwcm92aWRl cyBzdGFibG UgaW5jb21l IGZvciB0aG UgY29tcGFu eS48YnI+Mi 4gU3Ryb25n IEZpbmFuY2 lhbCBQZXJm b3JtYW5jZT ogVGhlIGNv bXBhbnkgaG FzIGEgc3Ry b25nIHRyYW NrIHJlY29y ZCBvZiBmaW 5hbmNpYWwg cGVyZm9ybW FuY2Ugd2l0 aCBjb25zaX N0ZW50IGdy b3d0aCBpbi ByZXZlbnVl LCBuZXQgb3 BlcmF0aW5n IGluY29tZS wgYW5kIGZ1 bmRzIGZyb2 0gb3BlcmF0 aW9ucy4gVG hpcyBtYWtl cyBDQVBSRU lUIGEgcmVs aWFibGUgYW 5kIHN0YWJs ZSBpbnZlc3 RtZW50IGNo b2ljZSBmb3 IgaW52ZXN0 b3JzLjxicj 4zLiBTdXN0 YWluYWJsZS BhbmQgUmVz cG9uc2libG UgT3BlcmF0 aW9uczogQ0 FQUkVJVCBo YXMgYSBzdH JvbmcgZm9j dXMgb24gc3 VzdGFpbmFi bGUgYW5kIH Jlc3BvbnNp YmxlIG9wZX JhdGlvbnMu IFRoZSBjb2 1wYW55IGhh cyBpbXBsZW 1lbnRlZCB2 YXJpb3VzIG luaXRpYXRp dmVzIHRvIH JlZHVjZSBp dHMgY2FyYm 9uIGZvb3Rw cmludCBhbm QgaW1wcm92 ZSBlbmVyZ3 kgZWZmaWNp ZW5jeSBpbi BpdHMgcHJv cGVydGllcy 4gSXQgYWxz byBoYXMgYS BzdHJvbmcg Y29tbWl0bW VudCB0byBj b21tdW5pdH kgZW5nYWdl bWVudCBhbm Qgc29jaWFs IHJlc3Bvbn NpYmlsaXR5 Ljxicj40Li BDdXN0b21l ciBTYXRpc2 ZhY3Rpb246 IENBUFJFSV QgaGFzIGEg aGlnaCBjdX N0b21lciBz YXRpc2ZhY3 Rpb24gcmF0 ZSwgd2l0aC BhIGZvY3Vz IG9uIHByb3 ZpZGluZyBx dWFsaXR5IG FuZCBhZmZv cmRhYmxlIG hvdXNpbmcg Zm9yIGl0cy B0ZW5hbnRz LiBUaGUgY2 9tcGFueSBo YXMgd29uIH NldmVyYWwg YXdhcmRzIG ZvciBpdHMg Y3VzdG9tZX Igc2Vydmlj ZSBhbmQgcH JvcGVydHkg bWFuYWdlbW VudC48YnI+ NS4gRXhwZX JpZW5jZWQg TWFuYWdlbW VudCBUZWFt OiBUaGUgY2 9tcGFueSBo YXMgYSBoaW dobHkgZXhw ZXJpZW5jZW QgYW5kIGRl ZGljYXRlZC BtYW5hZ2Vt ZW50IHRlYW 0gd2l0aCBh IHByb3Zlbi B0cmFjayBy ZWNvcmQgaW 4gdGhlIHJl YWwgZXN0YX RlIGluZHVz dHJ5LiBUaG lzIGhlbHBz IHRvIGVuc3 VyZSB0aGUg ZWZmZWN0aX ZlIG1hbmFn ZW1lbnQgYW 5kIGdyb3d0 aCBvZiB0aG UgY29tcGFu eS48YnI+T3 ZlcmFsbCwg Q0FQUkVJVC BpcyBrbm93 biBmb3IgaX RzIHN0YWJs ZSBhbmQgc3 VzdGFpbmFi bGUgYnVzaW 5lc3MgbW9k ZWwsIGNvbW 1pdG1lbnQg dG8gY3VzdG 9tZXIgc2F0 aXNmYWN0aW 9uLCBhbmQg c3Ryb25nIG ZpbmFuY2lh bCBwZXJmb3 JtYW5jZSwg bWFraW5nIG l0IGEgcmVw dXRhYmxlIG FuZCBhdHRy YWN0aXZlIG Nob2ljZSBm b3IgaW52ZX N0b3JzLg==

VGhlIENhbm FkaWFuIEFw YXJ0bWVudC BQcm9wZXJ0 aWVzIFJlYW wgRXN0YXRl IEludmVzdG 1lbnQgVHJ1 c3QgKENBUF JFSVQpIGlz IGEgcmVhbC Blc3RhdGUg aW52ZXN0bW VudCB0cnVz dCB0aGF0IG 93bnMgYW5k IG9wZXJhdG VzIGEgcG9y dGZvbGlvIG 9mIHJlc2lk ZW50aWFsIH JlbnRhbCBw cm9wZXJ0aW VzIGluIENh bmFkYS4gSX RzIGJ1c2lu ZXNzIG1vZG VsIGlzIGJh c2VkIG9uIG FjcXVpcmlu ZywgbWFuYW dpbmcsIGFu ZCBkZXZlbG 9waW5nIGhp Z2gtcXVhbG l0eSByZXNp ZGVudGlhbC Bwcm9wZXJ0 aWVzIGluIG tleSB1cmJh biBjZW50ZX JzIHRvIGdl bmVyYXRlIG Egc3RhYmxl IHN0cmVhbS BvZiByZW50 YWwgaW5jb2 1lIGFuZCBs b25nLXRlcm 0gY2FwaXRh bCBhcHByZW NpYXRpb24g Zm9yIGl0cy B1bml0aG9s ZGVycy48Yn I+Q0FQUkVJ VCdzIGJ1c2 luZXNzIG1v ZGVsIGluY2 x1ZGVzIHRo ZSBmb2xsb3 dpbmcga2V5 IGNvbXBvbm VudHM6PGJy PjEuIEFjcX Vpc2l0aW9u IGFuZCBEZX ZlbG9wbWVu dDogQ0FQUk VJVCBhY3Rp dmVseSBzZW VrcyBuZXcg cmVzaWRlbn RpYWwgcmVu dGFsIHByb3 BlcnRpZXMg dG8gYWNxdW lyZSBvciBk ZXZlbG9wIG luIHN0cmF0 ZWdpYyBsb2 NhdGlvbnMg YWNyb3NzIE NhbmFkYS4g VGhlc2UgcH JvcGVydGll cyBjYW4gcm FuZ2UgZnJv bSBzaW5nbG UtZmFtaWx5 IGhvbWVzIH RvIG11bHRp LXVuaXQgYX BhcnRtZW50 IGJ1aWxkaW 5ncyBhbmQg dG93bmhvdX Nlcy48YnI+ Mi4gUHJvcG VydHkgTWFu YWdlbWVudD ogQ0FQUkVJ VCdzIHByb3 BlcnR5IG1h bmFnZW1lbn QgdGVhbSBp cyByZXNwb2 5zaWJsZSBm b3IgdGhlIG RheS10by1k YXkgb3Blcm F0aW9ucyBv ZiBpdHMgcH JvcGVydGll cywgaW5jbH VkaW5nIHRl bmFudCBzY3 JlZW5pbmcg YW5kIGxlYX NlIG1hbmFn ZW1lbnQsIH Byb3BlcnR5 IG1haW50ZW 5hbmNlLCBh bmQgcmVudC Bjb2xsZWN0 aW9uLjxicj 4zLiBSZW50 IFJldmVudW U6IENBUFJF SVQgZ2VuZX JhdGVzIHJl dmVudWUgYn kgbGVhc2lu ZyBpdHMgcH JvcGVydGll cyB0byB0ZW 5hbnRzLiBJ dHMgZ29hbC BpcyB0byBt YWludGFpbi BoaWdoIG9j Y3VwYW5jeS ByYXRlcyBh bmQgYSBzdG VhZHkgc3Ry ZWFtIG9mIH JlbnRhbCBp bmNvbWUgdG 8gcHJvdmlk ZSBzdGFibG UgcmV0dXJu cyBmb3IgaX RzIHVuaXRo b2xkZXJzLj xicj40LiBE aXZlcnNpZm llZCBQb3J0 Zm9saW86IE NBUFJFSVQn cyBwb3J0Zm 9saW8gaW5j bHVkZXMgYS BkaXZlcnNp ZmllZCBtaX ggb2YgcmVu dGFsIHByb3 BlcnRpZXMg aW4gdmFyaW 91cyBDYW5h ZGlhbiBjaX RpZXMsIHJl ZHVjaW5nIG l0cyByaXNr IGFuZCBwcm 92aWRpbmcg YSBzdGFibG UgaW5jb21l IHN0cmVhbS 48YnI+NS4g VGFyZ2V0ZW QgR3Jvd3Ro OiBDQVBSRU lUIGFpbXMg dG8gZ3Jvdy BpdHMgcG9y dGZvbGlvIH Rocm91Z2gg c3RyYXRlZ2 ljIGFjcXVp c2l0aW9ucy BhbmQgZGV2 ZWxvcG1lbn RzLCBjb25z dGFudGx5IH NlZWtpbmcg bmV3IGludm VzdG1lbnQg b3Bwb3J0dW 5pdGllcyB0 byBleHBhbm QgaXRzIHBy ZXNlbmNlIG luIGtleSBt YXJrZXRzLj xicj42LiBQ cm9mZXNzaW 9uYWwgTWFu YWdlbWVudD ogQ0FQUkVJ VCdzIG1hbm FnZW1lbnQg dGVhbSBjb2 5zaXN0cyBv ZiBleHBlcm llbmNlZCBp bmR1c3RyeS Bwcm9mZXNz aW9uYWxzIH dpdGggZXhw ZXJ0aXNlIG luIHByb3Bl cnR5IG1hbm FnZW1lbnQs IGZpbmFuY2 UsIGFuZCBy ZWFsIGVzdG F0ZSBkZXZl bG9wbWVudC 48YnI+T3Zl cmFsbCwgQ0 FQUkVJVCdz IGJ1c2luZX NzIG1vZGVs IGZvY3VzZX Mgb24gZ2Vu ZXJhdGluZy BhIGNvbnNp c3RlbnQgYW 5kIGdyb3dp bmcgcmV0dX JuIG9uIGlu dmVzdG1lbn QgZm9yIGl0 cyB1bml0aG 9sZGVycyBi eSBvd25pbm csIG1hbmFn aW5nLCBhbm QgZGV2ZWxv cGluZyBoaW doLXF1YWxp dHkgcmVzaW RlbnRpYWwg cHJvcGVydG llcyBpbiBD YW5hZGEncy B0b3AgdXJi YW4gY2VudG Vycy4=

The sensitivity of Canadian Apartment Properties REIT’s earnings, cash flow, and valuation to changes in interest rates can be significant due to several factors inherent to the real estate investment trust (REIT) model.
1. Earnings: Interest rates impact the cost of borrowing for REITs. A higher interest rate environment typically leads to increased financing costs for property acquisitions and development projects, which can reduce net operating income (NOI). If CAPREIT has variable-rate debt, higher interest rates can directly lead to increased interest expenses, thereby affecting earnings. Conversely, lower interest rates can lower borrowing costs, boosting earnings through enhanced profitability on property investments.
2. Cash Flow: Cash flow from operations is affected by interest rates as well. Higher rates can lead to increased mortgage payments and financing costs, reducing the free cash flow available for distribution to unitholders. Additionally, if rising rates slow down economic growth, it may impact rental income and occupancy levels, further affecting cash flow. In contrast, lower interest rates can improve cash flows by reducing costs and potentially increasing demand for rental properties.
3. Valuation: The valuation of real estate assets, including those held by CAPREIT, is often derived from discounted cash flow models. Higher interest rates typically lead to higher discount rates applied to projected cash flows, resulting in lower property valuations. Investors may require higher yields on their investments to compensate for increased interest rates, which can negatively impact market perceptions of real estate values. Conversely, lower interest rates can lead to higher valuations as the cost of financing diminishes and the yield required by investors decreases.
Overall, changes in interest rates can have a considerable impact on CAPREIT’s earnings, cash flow, and overall valuation, making it crucial for the REIT to effectively manage its financing strategies and respond to economic shifts.

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 bG9nb3MvUU ZnYk1PZ280 Q2RpQVpFWn ZRZkMud2Vi cCIgYWx0PS JDYW5hZGlh biBBcGFydG 1lbnQgUHJv cGVydGllcy BSRUlUIiB0 aXRsZT0iQ2 FuYWRpYW4g QXBhcnRtZW 50IFByb3Bl cnRpZXMgUk VJVCIgIGNs YXNzPSJpbW ctZmx1aWQi IGhlaWdodD 05MCB3aWR0 aD05MCBsb2 FkaW5nPSds YXp5JyBzdH lsZT0nYm9y ZGVyLXJhZG l1czogNnB4 Oyc+CgogIC AgICAgICAg ICAgICAgIC AgIDxkaXYg c3R5bGU9J2 ZsZXg6IDE7 IHRleHQtYW xpZ246IGNl bnRlcjsgbW FyZ2luLWxl ZnQ6IDVweD snPgogICAg ICAgICAgIC AgICAgICAg ICAgICA8cC BzdHlsZT0n Zm9udC1zaX plOiAyNnB4 OyBjb2xvcj ogIzMzMzsg bWFyZ2luLW JvdHRvbTog MTVweDsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +TiCBXYW50 IHRvIHJlYW QgbW9yZSBh Ym91dCBDYW 5hZGlhbiBB cGFydG1lbn QgUHJvcGVy dGllcyBSRU lUPwogICAg 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 TVM0Z1EyRn VZVyBScFlX NGdRWEJoIG NuUnRaVzUw SUYgQnliM0 JsY25ScCBa WE1nVW1WaG JDIEJGYzNS aGRHVWcgU1 c1MlpYTjBi VyBWdWRDQl VjblZ6IGRD QW9RMEZRVW sgVkpWQ2tn YVhNZyBiMj VsSUc5bUlI IFJvWlNCc1 lYSm4gWlhO MElISmxjMi Bsa1pXNTBh V0ZzIElISm xZV3dnWlgg TjBZWFJsSU dsdSBkbVZ6 ZEcxbGJuIF FnZEhKMWMz UnogSUNoU1 JVbFVjeSBr Z2FXNGdRMk Z1IFlXUmhM Q0IzYVggUm 9JR0VnY0c5 eSBkR1p2Yk dsdklHIDlt SUc5MlpYSW cgTmprc01E QXdJRyBGd1 lYSjBiV1Z1 IGRDQjFibW wwY3kgQmhi bVFnYldGdS BkV1poWTNS MWNtIFZrSU dodmRYTnAg Ym1jZ2MybD BaWCBNdVBH SnlQakl1IE lGUm9aU0Jq YjIgMXdZVz U1SUhkaCBj eUJtYjNWdV pHIFZrSUds dUlERTUgT1 RjZ1lXNWtJ RyBseklHaG xZV1J4IGRX RnlkR1Z5Wl cgUWdhVzRn Vkc5eSBiMj UwYnl3Z1Ey IEZ1WVdSaE xqeGkgY2o0 ekxpQkRRVi BCU1JVbFU0 b0NaIGN5Qn diM0owWm0g OXNhVzhnYV hNZyBjM0J5 WldGa0lHIE ZqY205emN5 QnQgWVdwdm NpQmphWCBS cFpYTWdhVz RnIFEyRnVZ V1JoTEMgQn BibU5zZFdS cCBibWNnVk c5eWIyIDUw Ynl3Z1RXOX UgZEhKbFlX d3NJRiBaaG JtTnZkWFps IGNpd2dZVz VrSUUgOTBk R0YzWVM0OC BZbkkrTkM0 Z1NXIDRnWV dSa2FYUnAg YjI0Z2RHOG dhWCBSeklF TmhibUZrIG FXRnVJR2h2 YkcgUnBibW R6TENCMCBh R1VnWTI5dG NHIEZ1ZVNC aGJITnYgSU doaGN5QmhJ RyBkeWIzZH BibWNnIGNI SmxjMlZ1WT IgVWdhVzRn ZEdobCBJRT VsZEdobGNt IHhoYm1Sek lIZHAgZEdn Z2IzWmxjaS BBMkxEWXdN Q0JoIGNHRn lkRzFsYm4g UWdkVzVwZE hNdSBQR0p5 UGpVdUlFIE 5CVUZKRlNW UWcgYUdGek lHRWdaRyBs MlpYSnphV1 pwIFpXUWdj Rzl5ZEcgWn ZiR2x2SUc5 bSBJSEJ5Yj NCbGNuIFJw WlhNc0lHbH UgWTJ4MVpH bHVaeSBCb2 FXZG9MWEpw IGMyVWdZVz VrSUcgeHZk eTF5YVhObC BJR0Z3WVhK MGJXIFZ1ZE NCaWRXbHMg WkdsdVozTX NJSCBSdmQy NW9iM1Z6IF pYTXNJR0Z1 WkMgQnRZVz UxWm1GaiBk SFZ5WldRZ2 FHIDkxYzJs dVp5QnogYV hSbGN5d2dj SCBKdmRtbG thVzVuIElH Rm1abTl5Wk cgRmliR1Vn WVc1ayBJSE YxWVd4cGRI IGtnY21WdW RHRnMgSUc5 d2RHbHZibi BNZ1ptOXlJ R0VnIGQybG taU0J5WVcg NW5aU0J2Wm lCeSBaWE5w WkdWdWRIIE 11UEdKeVBq WXUgSUZSb1 pTQmpiMiAx d1lXNTVJR2 hoIGN5QmhJ SE4wY20gOX VaeUJtYjJO MSBjeUJ2Ym lCemRYIE4w WVdsdVlXSn AgYkdsMGVT d2dkMiBsMG FDQnZkbVZ5 IElEa3dKU0 J2WmkgQnBk SE1nWW5WcC BiR1JwYm1k eklHIE5sY2 5ScFptbGwg WkNCMWJtUm xjaSBCMGFH VWdRMlZ5IG RHbG1hV1Zr SUYgSmxibl JoYkNCQyBk V2xzWkdsdV p5IEFvUTFK Q0tTQncgY2 05bmNtRnRM QyBCM2FHbG phQ0J5IFpX TnZaMjVwZW 0gVnpJSEJ5 YjNCbCBjbl JwWlhNZ2RH IGhoZENCdF pXVjAgSUdo cFoyZ2djMy BSaGJtUmhj bVJ6IElHbH VJSE5oWm0g VjBlU3dnYl dGcCBiblJs Ym1GdVkyIF VzSUdGdVpD QmogZFhOMG IyMWxjaSBC elpYSjJhV0 5sIExqeGlj ajQzTGkgQk piaUF5TURF NCBMQ0JEUV ZCU1JVIGxV SUhkaGN5Qn UgWVcxbFpD QnZibSBVZ2 IyWWdRMkZ1 IFlXUmg0b0 NaY3kgQlVi M0FnTVRBdy BJRVZ0Y0d4 dmVXIFZ5Y3 lCaWVTQk4g WldScFlXTn ZjbiBBZ1Ey RnVZV1JoIE lFbHVZeTRz SUggSmxZMj luYm1sNiBh VzVuSUhSb1 pTIEJqYjIx d1lXNTUgNG 9DWmN5Qmpi MiAxdGFYUn RaVzUwIElI UnZJR1Z0Y0 cgeHZlV1Zs SUhOaCBkR2 x6Wm1GamRH IGx2YmlCaG JtUWcgWkdW MlpXeHZjRy AxbGJuUXVQ R0p5IFBqZ3 VJRlJvWlMg QmpiMjF3WV c1NSBJR0Zz YzI4Z2FHIE Z6SUdFZ2NH aHAgYkdGdW RHaHliMyBC cFl5QmhjbT BzIElIUm9a U0JEUVYgQl NSVWxVSUVo bCBiSEFnUm 05MWJtIFJo ZEdsdmJpd2 cgZDJocFky Z2djMyBWd2 NHOXlkSE1n IGRtRnlhVz kxY3kgQmph R0Z5YVhScC BaWE1nWVc1 a0lHIE52Yl cxMWJtbDAg ZVNCdmNtZG hibSBsNllY UnBiMjV6IE lHRmpjbTl6 Y3kgQkRZVz VoWkdFdSBQ R0p5UGprdU lFIGx1SURJ d01qQXMgSU VOQlVGSkZT ViBRZ1lXNX ViM1Z1IFky VmtJR2wwY3 kgQmpiMjF0 YVhSdCBaVz UwSUhSdklH IEZqYUdsbG RtbHUgWnlC dVpYUXRlbS BWeWJ5QmpZ WEppIGIyNG daVzFwYzMg TnBiMjV6SU dGaiBjbTl6 Y3lCcGRIIE 1nWjJ4dllt RnMgSUc5d1 pYSmhkRyBs dmJuTWdZbm tnIE1qQTFN Q3dnWkcgVn RiMjV6ZEhK aCBkR2x1Wn lCcGRIIE1n WTI5dGJXbD AgYldWdWRD QjBieSBCem RYTjBZV2x1 IFlXSnBiR2 wwZVMgQmhi bVFnWlc1Mi BhWEp2Ym0x bGJuIFJoYk NCeVpYTncg YjI1emFXSn BiRyBsMGVT NDhZbkkrIE 1UQXVJRlJv WlMgQmpiMj F3WVc1NSBJ R2hoY3lCaE lIIE4wY205 dVp5QjAgY2 1GamF5Qnla VyBOdmNtUW diMllnIGJH OXVaeTEwWl ggSnRJR2R5 YjNkMCBhQ0 JoYm1RZ1ky IDl1YzJsem RHVnUgZENC eVpYUjFjbS A1eklHWnZj aUJwIGRITW dhVzUyWlgg TjBiM0p6TE NCdCBZV3Rw Ym1jZ2FYIF FnWVNCa1pY TnAgY21GaW JHVWdhVyA1 MlpYTjBiV1 Z1IGRDQnZj SFJwYjIgNG dabTl5SUhS byBiM05sSU dsdWRHIFZ5 WlhOMFpXUW cgYVc0Z2RH aGxJRSBOaG JtRmthV0Z1 IElISmxZV3 dnWlggTjBZ WFJsSUcxaC BjbXRsZEM0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=
See Company Q&A