NNN Reit

-14.4%

Live  

NNN REIT (Net Leased Real Estate Investment Trust) is a real estate investment company that specializes in investing in triple-net leased properties. These are properties where the tenant is responsible for paying for all property expenses, including taxes, insurance, and maintenance.
NNN REIT was founded in 1996 and is headquartered in Orange County, California. The company primarily focuses on acquiring and managing single-tenant, retail, industrial, and medical office properties throughout the United States.
The company's portfolio consists of a diverse range of properties, including restaurants, pharmacies, banks, and healthcare facilities. NNN REIT's strategy is to generate stable and consistent cash flow for investors by acquiring high-quality, long-term, triple-net leased properties.
NNN REIT is publicly traded on the NYSEMKT stock exchange under the ticker symbol "NNN." The company is managed by a team of experienced real estate professionals and has a strong track record of delivering attractive returns to shareholders.
Overall, NNN REIT offers investors the opportunity to invest in a stable and diversified real estate portfolio with potential for long-term growth and income.

U3VyZSEgSW 1hZ2luZSB5 b3UgaGF2ZS BhIHRveSBz dG9yZSwgYW 5kIHlvdSB3 YW50IHRvIG 1ha2UgbW9u ZXkgZnJvbS BpdC4gSW5z dGVhZCBvZi BzZWxsaW5n IHRveXMsIH lvdSBkZWNp ZGUgdG8gYn V5IGEgYnVp bGRpbmcgd2 hlcmUgc29t ZW9uZSBlbH NlIGNhbiBy dW4gdGhlaX IgdG95IHN0 b3JlLiBUaG lzIHdheSwg eW91IGNhbi BlYXJuIG1v bmV5IHdpdG hvdXQgaGF2 aW5nIHRvIH NlbGwgdG95 cyB5b3Vyc2 VsZi4gPGJy PkEgY29tcG FueSBjYWxs ZWQgYW4gTk 5OIFJFSVQg KHdoaWNoIH N0YW5kcyBm b3IgUmVhbC BFc3RhdGUg SW52ZXN0bW VudCBUcnVz dCkgZG9lcy Bzb21ldGhp bmcgc2ltaW xhciwgYnV0 IHdpdGggbW FueSBidWls ZGluZ3MuIF RoZXNlIGNv bXBhbmllcy BidXkgYnVp bGRpbmdzIH RoYXQgYnVz aW5lc3Nlcy B1c2UsIGxp a2Ugc3Rvcm VzLCByZXN0 YXVyYW50cy wgb3Igb2Zm aWNlcy4gVG hleSB0aGVu IGxlYXNlIC hvciByZW50 KSB0aGVzZS BidWlsZGlu Z3MgdG8gdG hlIGJ1c2lu ZXNzZXMuIF RoZSBidXNp bmVzc2VzIH BheSByZW50 IGV2ZXJ5IG 1vbnRoLCBq dXN0IGxpa2 UgeW91IHdv dWxkIHBheS ByZW50IGZv ciBhIGhvdX NlLiA8YnI+ Tm93LCBob3 cgZG9lcyBh biBOTk4gUk VJVCBtYWtl IG1vbmV5Py BUaGV5IG1h a2UgbW9uZX kgZnJvbSB0 aGUgcmVudC B0aGF0IHRo ZSBidXNpbm Vzc2VzIHBh eS4gQmVjYX VzZSB0aGV5 IGFyZSBnb2 9kIGF0IGZp bmRpbmcgdG hlIHJpZ2h0 IGJ1aWxkaW 5ncyBhbmQg bWFuYWdpbm cgdGhlbSwg dGhleSBjYW 4gbWFrZSBz dXJlIHRoYX QgdGhleSBo YXZlIHJlbG lhYmxlIHJl bnRlcnMgd2 hvIHBheSB0 aGVpciByZW 50IG9uIHRp bWUuPGJyPk 5OTiBSRUlU cyBhcmUgdX N1YWxseSBz dWNjZXNzZn VsIGZvciBh IGZldyByZW Fzb25zLiBG aXJzdCwgdG hleSBmb2N1 cyBvbiBsb2 5nLXRlcm0g bGVhc2VzLC B3aGljaCBt ZWFucyBidX NpbmVzc2Vz IGFncmVlIH RvIHJlbnQg dGhlIGJ1aW xkaW5ncyBm b3IgbWFueS B5ZWFycy4g VGhpcyBoZW xwcyB0aGUg Tk5OIFJFSV Qga25vdyB0 aGV54oCZbG wgaGF2ZSBz dGVhZHkgaW 5jb21lIGZv ciBhIGxvbm cgdGltZS4g PGJyPlNlY2 9uZCwgdGhl eSBvZnRlbi BpbnZlc3Qg aW4gYnVpbG RpbmdzIHRo YXQgYXJlIG luIGdvb2Qg bG9jYXRpb2 5zIGFuZCBh cmUgdXNlZC BieSB3ZWxs LWtub3duIG J1c2luZXNz ZXMuIElmIG EgYmlnIHJl c3RhdXJhbn QgY2hhaW4g b3IgYSBwb3 B1bGFyIHN0 b3JlIHJlbn RzIHRoZWly IGJ1aWxkaW 5nLCBpdOKA mXMgbGlrZW x5IHRvIGRv IHdlbGwgYW 5kIGNvbnRp bnVlIHBheW luZyByZW50 Ljxicj5GaW 5hbGx5LCBO Tk4gUkVJVH MgY2FuIG1h a2Ugc21hcn QgY2hvaWNl cyBhYm91dC B3aGljaCBi dWlsZGluZ3 MgdG8gYnV5 IGFuZCBob3 cgdG8gdGFr ZSBjYXJlIG 9mIHRoZW0u IFRoZXkgY2 FuIGFsc28g c2hhcmUgdG hlIG1vbmV5 IHRoZXkgbW FrZSB3aXRo IGludmVzdG 9ycywgd2hp Y2ggbWFrZX MgcGVvcGxl IHdhbnQgdG 8gaW52ZXN0 IGluIHRoZW 0uPGJyPkxv b2tpbmcgdG 8gdGhlIGZ1 dHVyZSwgYX MgbG9uZyBh cyBwZW9wbG Uga2VlcCBz aG9wcGluZy BhbmQgdXNp bmcgc2Vydm ljZXMgaW4g c3RvcmVzIG FuZCBvZmZp Y2VzLCB0aG VyZSB3aWxs IGFsd2F5cy BiZSBhIG5l ZWQgZm9yIH BsYWNlcyB0 byBkbyB0aG F0LiBTbywg Tk5OIFJFSV RzIGFyZSBl eHBlY3RlZC B0byBrZWVw IGRvaW5nIH dlbGwgYXMg dGhleSBjb2 50aW51ZSB0 byBmaW5kIG dyZWF0IHBy b3BlcnRpZX MgYW5kIHJl bGlhYmxlIG J1c2luZXNz ZXMgdG8gcm VudCB0aGVt Ljxicj4=

Tk5OIFJFSV QgKE5ldCBM ZWFzZSBSZW FsIEVzdGF0 ZSBJbnZlc3 RtZW50IFRy dXN0KSBpcy BhIHJlYWwg ZXN0YXRlIG ludmVzdG1l bnQgY29tcG FueSB0aGF0 IHNwZWNpYW xpemVzIGlu IHNpbmdsZS 10ZW5hbnQs IHRyaXBsZS 1uZXQgbGVh c2VkIHByb3 BlcnRpZXMu IFRoaXMgbW VhbnMgdGhh dCB0aGUgdG VuYW50cyBv ZiB0aGVpci Bwcm9wZXJ0 aWVzIGFyZS ByZXNwb25z aWJsZSBmb3 IgcGF5aW5n IGFsbCBwcm 9wZXJ0eSBl eHBlbnNlcy wgaW5jbHVk aW5nIHRheG VzLCBpbnN1 cmFuY2UsIG FuZCBtYWlu dGVuYW5jZS 4gVGhpcyBz dHJ1Y3R1cm UgYWxsb3dz IE5OTiBSRU lUIHRvIGdl bmVyYXRlIG EgY29uc2lz dGVudCBhbm QgcHJlZGlj dGFibGUgc3 RyZWFtIG9m IGluY29tZS Bmb3IgdGhl aXIgaW52ZX N0b3JzLjxi cj5Tb21lIG 9mIHRoZSBr ZXkgYXNwZW N0cyB0aGF0 IG1ha2UgTk 5OIFJFSVQg c3RhbmQgb3 V0IGluY2x1 ZGU6PGJyPj EuIEZvY3Vz IG9uIEhpZ2 gtUXVhbGl0 eSBQcm9wZX J0aWVzOiBO Tk4gUkVJVC Bmb2N1c2Vz IG9uIGFjcX VpcmluZyBo aWdoLXF1YW xpdHkgcHJv cGVydGllcy B0aGF0IGFy ZSBsZWFzZW QgdG8gZmlu YW5jaWFsbH kgc3Ryb25n IGFuZCBjcm VkaXR3b3J0 aHkgdGVuYW 50cy4gVGhp cyBtaW5pbW l6ZXMgdGhl IHJpc2sgb2 YgZGVmYXVs dCBhbmQgZW 5zdXJlcyBh IHN0ZWFkeS BmbG93IG9m IHJlbnRhbC BpbmNvbWUu PGJyPjIuIE RpdmVyc2lm aWVkIFBvcn Rmb2xpbzog VGhlIGNvbX BhbnkgaGFz IGEgZGl2ZX JzaWZpZWQg cG9ydGZvbG lvIG9mIHBy b3BlcnRpZX MgYWNyb3Nz IGRpZmZlcm VudCBpbmR1 c3RyaWVzLC BpbmNsdWRp bmcgcmV0YW lsLCBoZWFs dGhjYXJlLC BpbmR1c3Ry aWFsLCBhbm Qgb2ZmaWNl LCB3aGljaC ByZWR1Y2Vz IHRoZSBpbX BhY3Qgb2Yg YW55IGRvd2 50dXJuIGlu IGEgc3BlY2 lmaWMgc2Vj dG9yLjxicj 4zLiBMb25n LVRlcm0gTG Vhc2VzOiBO Tk4gUkVJVC B0eXBpY2Fs bHkgc2lnbn MgbG9uZy10 ZXJtIGxlYX NlcyB3aXRo IHRoZWlyIH RlbmFudHMs IHdpdGggaW 5pdGlhbCBs ZWFzZSB0ZX JtcyBvZiAx MC0yMCB5ZW FycyBvciBt b3JlLiBUaG lzIHByb3Zp ZGVzIHN0YW JpbGl0eSBh bmQgcmVkdW NlcyB0aGUg cmlzayBvZi B2YWNhbmN5 Ljxicj40Li BDb25zZXJ2 YXRpdmUgQ2 FwaXRhbCBT dHJ1Y3R1cm U6IFRoZSBj b21wYW55IG 1haW50YWlu cyBhIGNvbn NlcnZhdGl2 ZSBjYXBpdG FsIHN0cnVj dHVyZSwgd2 l0aCBhIGxv dyBkZWJ0LX RvLWVxdWl0 eSByYXRpby wgd2hpY2gg cHJvdGVjdH MgdGhlaXIg aW52ZXN0b3 JzIGZyb20g cG90ZW50aW FsIG1hcmtl dCBkb3dudH VybnMgYW5k IGVuYWJsZX MgdGhlbSB0 byB3aXRoc3 RhbmQgZWNv bm9taWMgdW 5jZXJ0YWlu dGllcy48Yn I+NS4gRXhw ZXJpZW5jZW QgTWFuYWdl bWVudCBUZW FtOiBOTk4g UkVJVCBpcy BtYW5hZ2Vk IGJ5IGEgdG VhbSBvZiBl eHBlcmllbm NlZCBwcm9m ZXNzaW9uYW xzIHdpdGgg YSB0cmFjay ByZWNvcmQg b2Ygc3VjY2 Vzc2Z1bGx5 IG1hbmFnaW 5nIGFuZCBn cm93aW5nIH JlYWwgZXN0 YXRlIHBvcn Rmb2xpb3Mu PGJyPk92ZX JhbGwsIE5O TiBSRUlUJ3 MgZm9jdXMg b24gcXVhbG l0eSBwcm9w ZXJ0aWVzLC BkaXZlcnNp ZmllZCBwb3 J0Zm9saW8s IGxvbmctdG VybSBsZWFz ZXMsIGFuZC Bjb25zZXJ2 YXRpdmUgY2 FwaXRhbCBz dHJ1Y3R1cm UgbWFrZSBp dCBhIHVuaX F1ZSBhbmQg YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG 9wdGlvbiBm b3IgdGhvc2 UgbG9va2lu ZyBmb3Igc3 RhYmxlIGFu ZCBwcmVkaW N0YWJsZSBp bmNvbWUgZn JvbSB0aGVp ciByZWFsIG VzdGF0ZSBp bnZlc3RtZW 50cy4=

Tk5OIFJlaX QgKE5OTiBz dGFuZGluZy Bmb3IgTmV0 IE5ldCBOZX QpIGlzIGEg cmVhbCBlc3 RhdGUgaW52 ZXN0bWVudC B0cnVzdCAo UkVJVCkgdG hhdCBmb2N1 c2VzIG9uIG FjcXVpcmlu ZyBhbmQgbW FuYWdpbmcg c2luZ2xlLX RlbmFudCBj b21tZXJjaW FsIHByb3Bl cnRpZXMsIG 1haW5seSBy ZXRhaWwsIG 9mZmljZSwg YW5kIGluZH VzdHJpYWwg YnVpbGRpbm dzLiBUaGUg Y29tcGFueS dzIGJ1c2lu ZXNzIG1vZG VsIGlzIHRv IHB1cmNoYX NlIHByb3Bl cnRpZXMgd2 l0aCBsb25n LXRlcm0gbG Vhc2VzLCB0 eXBpY2FsbH kgd2l0aCBp bnZlc3RtZW 50LWdyYWRl IHRlbmFudH MsIGFuZCBn ZW5lcmF0ZS BpbmNvbWUg ZnJvbSB0aG UgcmVudCBw YWlkIGJ5IH RoZXNlIHRl bmFudHMuIE 5OTiBSZWl0 IGFsc28gc2 Vla3MgdG8g aW5jcmVhc2 UgaXRzIGlu Y29tZSBhbm QgcHJvcGVy dHkgdmFsdW UgdGhyb3Vn aCBwZXJpb2 RpYyByZW50 IGVzY2FsYX Rpb25zIGFu ZCBwcm9wZX J0eSBpbXBy b3ZlbWVudH MuPGJyPlRo ZSBjb21wYW 55J3Mgc3Ry YXRlZ3kgaX MgdG8gcHJv dmlkZSBzdG FibGUgYW5k IHByZWRpY3 RhYmxlIGlu Y29tZSB0by BpdHMgaW52 ZXN0b3JzIG J5IG1haW50 YWluaW5nIG EgZGl2ZXJz aWZpZWQgcG 9ydGZvbGlv IG9mIGhpZ2 gtcXVhbGl0 eSBwcm9wZX J0aWVzIGlu IGRlc2lyYW JsZSBsb2Nh dGlvbnMuIE FzIGEgUkVJ VCwgTk5OIF JlaXQgaXMg cmVxdWlyZW QgYnkgbGF3 IHRvIGRpc3 RyaWJ1dGUg YXQgbGVhc3 QgOTAlIG9m IGl0cyB0YX hhYmxlIGlu Y29tZSB0by BzaGFyZWhv bGRlcnMgaW 4gdGhlIGZv cm0gb2YgZG l2aWRlbmRz LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG ZvciBpbmNv bWUtc2Vla2 luZyBpbnZl c3RvcnMuPG JyPk5OTiBS ZWl0IGFsc2 8gYWltcyB0 byBnZW5lcm F0ZSBncm93 dGggYW5kIG luY3JlYXNl IHNoYXJlaG 9sZGVyIHZh bHVlIHRocm 91Z2ggc3Ry YXRlZ2ljIH Byb3BlcnR5 IGFjcXVpc2 l0aW9ucywg ZGlzcG9zaX Rpb25zLCBh bmQgZGV2ZW xvcG1lbnQg cHJvamVjdH MuIFRoZSBj b21wYW55IG NvbnN0YW50 bHkgZXZhbH VhdGVzIGl0 cyBwb3J0Zm 9saW8gdG8g aWRlbnRpZn kgb3Bwb3J0 dW5pdGllcy Bmb3IgZXhw YW5zaW9uIG FuZCBzZWVr cyB0byBhY3 F1aXJlIHBy b3BlcnRpZX MgYXQgZmF2 b3JhYmxlIH Rlcm1zIHRv IGVuaGFuY2 UgaXRzIG92 ZXJhbGwgZm luYW5jaWFs IHBlcmZvcm 1hbmNlLjxi cj5JbiBzdW 1tYXJ5LCBO Tk4gUmVpdC dzIGJ1c2lu ZXNzIG1vZG VsIGlzIGNl bnRlcmVkIG Fyb3VuZCBh Y3F1aXJpbm csIG93bmlu ZywgYW5kIG 1hbmFnaW5n IHF1YWxpdH kgY29tbWVy Y2lhbCBwcm 9wZXJ0aWVz IHdpdGggbG 9uZy10ZXJt IGxlYXNlcy wgdG8gZ2Vu ZXJhdGUgc3 RlYWR5IGFu ZCBncm93aW 5nIGluY29t ZSBmb3IgaX RzIGludmVz dG9ycy4=

AI has the potential to pose a variety of threats to companies, including those in the NNN REIT sector. Here are a few considerations regarding the impact of AI on the company’s products, services, and competitive positioning:
1. Substitution: AI could potentially lead to the development of alternative investment platforms or real estate solutions that bypass traditional REIT structures. For instance, AI-driven platforms could enable direct property investments by retail investors, reducing reliance on REITs. Automated property valuation models and predictive analytics tools could also drive investment decisions directly by individuals, further threatening the traditional REIT model.
2. Disintermediation: With advancements in AI, the need for certain intermediaries involved in real estate transactions could diminish. For example, AI can streamline appraisal processes, automate transactions, and enhance property management through predictive maintenance and tenant interaction technologies. This disintermediation could reduce the traditional roles that NNN REITs and similar companies play in the real estate ecosystem, making it more challenging to maintain their long-standing business models.
3. Margin Pressure: The implementation of AI technologies could lead to increased competition as tech-driven firms gain efficiencies and reduce operational costs. These cost savings can translate into lower pricing for services, putting pressure on existing REITs like NNN to either innovate or reduce their margins. As AI tools evolve, investor expectations for returns may also shift, compelling NNN REIT to adopt new technologies or risk falling behind its more agile competitors.
Overall, while AI presents challenges through substitution, disintermediation, and margin pressure, it also offers opportunities for efficiency and innovation. NNN REIT will need to adapt to these changes proactively to maintain its competitive positioning in a rapidly evolving marketplace.

The sensitivity of NNN REIT (Real Estate Investment Trust) company’s earnings, cash flow, and valuation to changes in interest rates can be significant, given the nature of their business and the broader economic environment.
1. Earnings Sensitivity: NNN REITs typically rely on lease agreements that can be long-term in nature, often locking in rental income for several years. However, changes in interest rates can affect earnings indirectly. For instance, higher interest rates might increase borrowing costs for the REIT, impacting its net income, especially if it relies on debt to finance acquisitions or property development. Additionally, if interest rates rise, it might lead to reduced demand for commercial real estate, adversely affecting occupancy rates and rental income.
2. Cash Flow Sensitivity: Cash flows are critical for NNN REITs due to their obligation to distribute a significant portion of their earnings to shareholders as dividends. Rising interest rates can increase financing costs, squeezing cash flows. If the REIT has variable-rate debt, rising rates can lead to higher interest expenses, reducing the free cash flow available for dividends. Conversely, if the REIT can pass on increased costs to tenants through escalations in rent, cash flow might be less sensitive, though this ultimately depends on the market’s demand conditions.
3. Valuation Sensitivity: The valuation of NNN REITs is closely tied to the discount rates used in valuation models. As interest rates rise, the cost of capital increases, leading to lower net present values of future cash flows. Higher rates can also lead to higher capitalization rates in the property market, which typically results in lower valuations for real estate assets. Investors often compare REIT yields to bond yields; when interest rates rise, bond yields generally become more attractive, potentially leading to a sell-off in REITs and a corresponding drop in valuation.
In summary, NNN REITs are sensitive to interest rate changes due to their reliance on borrowing, their cash flow distribution obligations, and the valuation dynamics affected by discount rates and capitalization rates.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIGEgTmV0 IExlYXNlIF JlYWwgRXN0 YXRlIEludm VzdG1lbnQg VHJ1c3QgKE 5OTiBSRUlU KSBvdmVyIH RoZSBuZXh0 IDMtNSB5ZW FycyBpcyBh IHByb2xvbm dlZCBlY29u b21pYyBkb3 dudHVybiBj b3VwbGVkIH dpdGggcmlz aW5nIGludG VyZXN0IHJh dGVzLiBJbi B0aGlzIHNj ZW5hcmlvLC Bwcm9sb25n ZWQgZWNvbm 9taWMgY2hh bGxlbmdlcy Bjb3VsZCBs ZWFkIHRvIG luY3JlYXNl ZCB0ZW5hbn QgZGVmYXVs dHMsIHJlZH VjZWQgZGVt YW5kIGZvci Bjb21tZXJj aWFsIHByb3 BlcnRpZXMs IGFuZCBlc2 NhbGF0aW5n IG9wZXJhdG lvbmFsIGNv c3RzLiA8Yn I+QXMgdGVu YW50cyBmYW NlIGZpbmFu Y2lhbCBkaW ZmaWN1bHRp ZXMsIE5OTi BSRUlUcywg d2hpY2ggcH JpbWFyaWx5 IGxlYXNlIH Byb3BlcnRp ZXMgb24gYS BuZXQgbGVh c2UgYmFzaX MsIG1pZ2h0 IGV4cGVyaW VuY2UgaGln aGVyIHZhY2 FuY3kgcmF0 ZXMuIElmIG tleSB0ZW5h bnRzIGdvIG 91dCBvZiBi dXNpbmVzcy BvciByZW5l Z290aWF0aW 9uIG9mIHJl bnRhbCB0ZX JtcyByZXN1 bHRzIGluIG xvd2VyIHJl bnQsIHRoZS BSRUlU4oCZ cyByZXZlbn VlIHdvdWxk IHRha2UgYS BoaXQuIFRo aXMgZGVjbG luZSBpbiBj YXNoIGZsb3 cgd291bGQg ZGlyZWN0bH kgaW1wYWN0 IHRoZSBjb2 1wYW554oCZ cyBtYXJnaW 5zLCBhcyBm aXhlZCBvcG VyYXRpbmcg Y29zdHMgYW 5kIGRlYnQg c2VydmljZS BvYmxpZ2F0 aW9ucyByZW 1haW4uIDxi cj5DYXNoIG Zsb3cgd291 bGQgY29udH JhY3Qgc2ln bmlmaWNhbn RseSBpbiB0 aGlzIHNjZW 5hcmlvIGR1 ZSB0byByZW R1Y2VkIHJl bnRhbCBpbm NvbWUuIFRo ZSBjb21iaW 5hdGlvbiBv ZiBkZWNsaW 5pbmcgcmV2 ZW51ZXMgYW 5kIHBvdGVu dGlhbGx5IG luY3JlYXNl ZCBwcm9wZX J0eSBtYW5h Z2VtZW50IG Nvc3RzIGNv dWxkIHB1c2 ggY2FzaCBm bG93IG1hcm dpbnMgaW50 byBuZWdhdG l2ZSB0ZXJy aXRvcnkuIE FzIGNhc2gg ZmxvdyBkZW NyZWFzZXMs IHRoZSBSRU lUIG1heSBm aW5kIGl0IG RpZmZpY3Vs dCB0byBtZW V0IGRpc3Ry aWJ1dGlvbi ByZXF1aXJl bWVudHMgdG 8gc2hhcmVo b2xkZXJzLC BsZWFkaW5n IHRvIGN1dH MgaW4gZGl2 aWRlbmRzLC B3aGljaCBj b3VsZCBmdX J0aGVyIGVy b2RlIGludm VzdG9yIGNv bmZpZGVuY2 UgYW5kIGRl cHJlc3MgdG hlIHN0b2Nr IHByaWNlLj xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgdGhlIG ltcGFjdCBj b3VsZCBiZS B0d29mb2xk LiBGaXJzdC wgYSBkZWNs aW5lIGluIH Byb3BlcnR5 IHZhbHVhdG lvbnMgZHVl IHRvIGRlY3 JlYXNlZCBk ZW1hbmQgaW 4gdGhlIG1h cmtldCBjb3 VsZCBsZWFk IHRvIHJpc2 luZyBsb2F0 by12YWx1ZS ByYXRpb3Ms IHJhaXNpbm cgY29uY2Vy bnMgYW1vbm cgbGVuZGVy cy4gVGhpcy Bjb3VsZCBy ZXN1bHQgaW 4gdGlnaHRl ciBsZW5kaW 5nIGNvbmRp dGlvbnMsIG 1ha2luZyBp dCBkaWZmaW N1bHQgZm9y IHRoZSBSRU lUIHRvIHNl Y3VyZSByZW ZpbmFuY2lu ZyBvcHRpb2 5zIG9uIG1h dHVyaW5nIG RlYnRzLiBT ZWNvbmQsIG lmIGNhc2gg cmVzZXJ2ZX MgYXJlIGRl cGxldGVkIH RvIGNvdmVy IG9wZXJhdG lvbmFsIGNv c3RzIG9yIG Rpc3RyaWJ1 dGUgZGl2aW RlbmRzLCB0 aGUgY29tcG FueeKAmXMg bGlxdWlkaX R5IHBvc2l0 aW9uIHdvdW xkIHdlYWtl biwgbGVhdm luZyBpdCB2 dWxuZXJhYm xlIHRvIGZp bmFuY2lhbC BkaXN0cmVz cy4gRGVwcm VjaWF0aW5n IGFzc2V0cy Bjb3VwbGVk IHdpdGggYS B3ZWFrZXIg Y2FzaCBwb3 NpdGlvbiBj b3VsZCBjb2 1wcm9taXNl IHRoZSBvdm VyYWxsIGZp bmFuY2lhbC BzdGFiaWxp dHkgb2YgdG hlIGNvbXBh bnkuIDxicj 5JbiBzdW1t YXJ5LCBhIH Byb2xvbmdl ZCBlY29ub2 1pYyBkb3du dHVybiBhbG 9uZyB3aXRo IHJpc2luZy BpbnRlcmVz dCByYXRlcy Bjb3VsZCBs ZWFkIHRvIG hpZ2hlciB0 ZW5hbnQgZG VmYXVsdHMs IGxvd2VyIG Nhc2ggZmxv dywgcmVkdW NlZCBwcm9m aXQgbWFyZ2 lucywgYW5k IGEgbGVzcy BmYXZvcmFi bGUgYmFsYW 5jZSBzaGVl dCBmb3IgYW 4gTk5OIFJF SVQsIHBvdG VudGlhbGx5 IHJlc3VsdG luZyBpbiBh IHNjZW5hcm lvIGZyb20g d2hpY2ggaX QgbWlnaHQg c3RydWdnbG UgdG8gcmVj b3Zlci48Yn I+

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 bG9nb3MvY2 U3bE9rOXhT R3ZRQkRhcW 02RzYud2Vi cCIgYWx0PS JOTk4gUmVp dCIgdGl0bG U9Ik5OTiBS ZWl0IiAgY2 xhc3M9Imlt Zy1mbHVpZC IgaGVpZ2h0 PTUwIHdpZH RoPTUwIGxv YWRpbmc9J2 xhenknIHN0 eWxlPSdib3 JkZXItcmFk aXVzOiA2cH g7Jz4KCiAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n ZmxleDogMT sgdGV4dC1h bGlnbjogY2 VudGVyOyBt YXJnaW4tbG VmdDogNXB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxw IHN0eWxlPS dmb250LXNp emU6IDI2cH g7IGNvbG9y OiAjMzMzOy BtYXJnaW4t Ym90dG9tOi AxNXB4Oyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICDw n5OIIFdhbn QgdG8gcmVh ZCBtb3JlIG Fib3V0IE5O TiBSZWl0Pw 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+OgSBGcm VlIGRvd25s b2FkISA8aT 4iVGhlIENo ZWNrbGlzdC BWYWx1ZSBJ bnZlc3Rvci DigJQgQSBT bWFydGVyIF dheSB0byBQ aWNrIFN0b2 NrcyI8L2k+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvcD4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwhLS0K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGRpdiBz dHlsZT0nbW FyZ2luLXRv cDogMTJweD sgZm9udC1z aXplOiAxM3 B4OyBjb2xv cjogIzQ0ND snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgU2lnbiB1 cCBub3cgYW 5kIGdldCBv dXIgZnJlZS BlQm9vayAK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIDxi PlRoZSBDaG Vja2xpc3Qg VmFsdWUgSW 52ZXN0b3Ig 4oCUIEEgU2 1hcnRlciBX YXkgdG8gUG ljayBTdG9j a3M8L2I+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PCEtLQogIC AgICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdtYXJn aW4tdG9wOi AxNnB4OyBm b250LXNpem U6IDE0cHg7 IGNvbG9yOi AjNDQ0OyBm b250LWZhbW lseTogLWFw cGxlLXN5c3 RlbSwgQmxp bmtNYWNTeX N0ZW1Gb250 LCBTZWdvZS BVSSwgUm9i b3RvLCBIZW x2ZXRpY2Eg TmV1ZSwgc2 Fucy1zZXJp ZjsgbGluZS 1oZWlnaHQ6 IDEuNjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgSG F2ZSB5b3Ug aGVhcmQgYW JvdXQgb3Vy IHNob3J0ID xzdHJvbmcg c3R5bGU9J2 ZvbnQtd2Vp Z2h0OiA2MD A7Jz5EYWls eSBWaWRlby BOZXdzbGV0 dGVyPC9zdH Jvbmc+Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naH R0cHM6Ly93 d3cuaW5zaW dodGZ1bHZh bHVlLmNvbS 9uZXdzbGV0 dGVyLnBocC cgdGFyZ2V0 PSdfYmxhbm snIHN0eWxl PSdjb2xvcj ogIzAwN0JG RjsgdGV4dC 1kZWNvcmF0 aW9uOiBub2 5lOyBmb250 LXdlaWdodD ogNTAwOyBt YXJnaW4tbG VmdDogNnB4 Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgRm luZCBvdXQg bW9yZQogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8L2Rpdj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgLS0+Ci AgICAgICAg ICAgICAgIC AgICAgPC9k aXY+CiAgIC AgICAgICAg ICAgICA8L2 Rpdj4KICAg ICAgICAgIC AgPC9kaXY+ CiAgICAgIC AgICAgIAog ICAgICAgIA ogICAgICAg IDxzcGFuIG NsYXNzPSdi bHVycmVkLX RleHQnPgog ICAgICAgIC AgICBNUzRn VGs1T0lGIE psYVhRZ2FY TWcgYm05ME lHRWdjMiBs dVoyeGxJR0 52IGJYQmhi bmtzSUcgSj FkQ0JoSUhS NSBjR1VnYj JZZ1VtIFZo YkNCRmMzUm ggZEdVZ1NX NTJaWCBOMG JXVnVkQ0JV IGNuVnpkQ0 FvVWsgVkpW Q2t1UEdKeS BQakl1SUU1 T1RpIEJ6ZE dGdVpITWcg Wm05eUlIUn lhWCBCc1pT MXVaWFFzIE lIZG9hV05v SUggSmxabV Z5Y3lCMCBi eUIwYUdVZ2 RIIGx3WlNC dlppQnMgWl dGelpTQnpk SCBKMVkzUj FjbVVnIGRY TmxaQ0JpZV MgQjBhR1Vn VWtWSiBWQz RnU1c0Z1lT IEIwY21sd2 JHVXQgYm1W MElHeGxZWC BObExDQjBh R1VnIGRHVn VZVzUwSUcg bHpJSEpsYz NCdiBibk5w WW14bElHIF p2Y2lCd1lY bHAgYm1jZ1 lXeHNJSCBC eWIzQmxjbl I1IElIUmhl R1Z6TEMgQn Bibk4xY21G dSBZMlVzSU dGdVpDIEJ0 WVdsdWRHVn UgWVc1alpT QmpiMyBOMG N5QnBiaUJo IFpHUnBkR2 x2YmkgQjBi eUIwYUdVZy BjbVZ1ZEM0 OFluIEkrTX k0Z1RrNU8g SUZKbGFYUn pJRyBGeVpT QmpiMjV6IG FXUmxjbVZr SUggUnZJR0 psSUc5dSBa U0J2WmlCMG FHIFVnYlc5 emRDQnogZE dGaWJHVWdZ VyA1a0lHeH ZkeTF5IGFY TnJJR1p2Y2 0gMXpJRzlt SUZKRiBTVl J6TENCaGN5 IEIwYUdVZ2 RHVnUgWVc1 MElHRnpjMy BWdFpYTWdi Vzl6IGRDQn ZaaUIwYUcg VWdabWx1WV c1aiBhV0Zz SUhKbGMzIE J2Ym5OcFlt bHMgYVhSNU lHWnZjaSBC MGFHVWdjSE p2IGNHVnlk SGt1UEcgSn lQalF1SUU1 TyBUaUJTWl dsMGN5IEJo Y21VZ2NISn AgYldGeWFX eDVJRyBsdW RtVnpkR1Zr IElHbHVJR0 52YlcgMWxj bU5wWVd3Zy BjbVZoYkNC bGMzIFJoZE dVZ2NISnYg Y0dWeWRHbG xjeSB3Z2Mz VmphQ0JoIG N5QnlaWFJo YVcgd2djM1 J2Y21WeiBM Q0J2Wm1acF kyIFVnWW5W cGJHUnAgYm 1kekxDQmhi bSBRZ2FXNW tkWE4wIGNt bGhiQ0JtWV cgTnBiR2ww YVdWeiBMan hpY2o0MUxp IEJVYUdVZ2 FXNWogYjIx bElHZGxibS BWeVlYUmxa Q0JpIGVTQk 9UazRnVW0g VnBkSE1nYV hNZyBkSGx3 YVdOaGJHIH g1SUhCaGFX UWcgYjNWME lHbHVJSCBS b1pTQm1iM0 p0IElHOW1J R1JwZG0gbG taVzVrY3lC MCBieUJwYm 5abGMzIFJ2 Y25NdVBHSn kgUGpZdUlF NU9UaSBCU1 pXbDBjeUJo IGNtVWdjRz l3ZFcgeGhj aUJoYlc5dS BaeUJqYjI1 elpYIEoyWV hScGRtVWcg YVc1MlpYTj BiMyBKeklI TmxaV3RwIG JtY2dZU0J6 ZEcgVmhaSG tnYzNSeSBa V0Z0SUc5bU lHIGx1WTI5 dFpTQmggYm 1RZ2JHOXVa eSAxMFpYSn RJR05oIGNH bDBZV3dnWV ggQndjbVZq YVdGMCBhVz l1TGp4aWNq IDQzTGlCUG JtVWcgYjJZ Z2RHaGxJRy B4aGNtZGxj M1FnIFRrNU 9JRkpsYVgg UWdZMjl0Y0 dGdSBhV1Z6 SUdsdUlIIF JvWlNCVmJt bDAgWldRZ1 UzUmhkRyBW eklHbHpJRk psIFlXeDBl U0JKYm0gTn ZiV1VnUTI5 eSBjRzl5WV hScGIyIDRz SUhkcGRHZ2 cgWVNCd2Iz SjBabSA5c2 FXOGdiMlln IGIzWmxjaU EyTEQgQXdN Q0J3Y205dy BaWEowYVdW ekxqIHhpY2 o0NExpQk8g VGs0Z1VtVn BkSCBNZ1ky RnVJR0psIE lIUnlZV1Js WkMgQnZiaU J0WVdwdiBj aUJ6ZEc5am F5IEJsZUdO b1lXNW4gWl hNc0lHMWhh MiBsdVp5Qj BhR1Z0IElH RmpZMlZ6Yz IgbGliR1Vn ZEc4ZyBZU0 IzYVdSbElI IEpoYm1kbE lHOW0gSUds dWRtVnpkRy A5eWN5NDhZ bkkrIE9TNG dUazVPSUYg SmxhWFJ6SU dGeSBaU0J6 ZFdKcVpXIE 4wSUhSdklI Um8gWlNCel lXMWxJSCBS aGVDQmlaVz VsIFptbDBj eUJoY3kgQn ZkR2hsY2lC UyBSVWxVY3 l3Z2FXIDVq YkhWa2FXNW 4gSUhSb1pT QmhZbSBsc2 FYUjVJSFJ2 IElHUmxaSF ZqZEMgQmth WFpwWkdWdS BaSE1nY0dG cFpDIEIwYn lCcGJuWmwg YzNSdmNuTX VQRyBKeVBq RXdMaUJYIG FHbHNaU0Iw YUcgVjVJR0 Z5WlNCbiBa VzVsY21Gc2 JIIGtnWTI5 dWMybGsgWl hKbFpDQjBi eSBCaVpTQn NiM2N0IGNt bHpheUJwYm 4gWmxjM1J0 Wlc1MCBjeX dnZEdobGNt IFVnWTJGdU lITjAgYVd4 c0lHSmxJSC BKcGMydHpJ R0Z6IGMyOW phV0YwWlcg UWdkMmwwYU NCTyBUazRn VW1WcGRIIE 1zSUhOMVky Z2cgWVhNZ2 RHVnVZVyA1 MElHUmxabU YxIGJIUnpJ Rzl5SUcgTm 9ZVzVuWlhN ZyBhVzRnZE dobElIIEps WVd3Z1pYTj AgWVhSbElH MWhjbSB0bG RDNGdTWFFn IGFYTWdhVz F3YjMgSjBZ VzUwSUdadi BjaUJwYm5a bGMzIFJ2Y2 5NZ2RHOGcg WTJGeVpXWj FiRyB4NUlI SmxjMlZoIG NtTm9JSFJv WlMgQmpiMj F3WVc1NSBJ R0Z1WkNCcG RIIE1nY0hK dmNHVnkgZE dsbGN5Qmla VyBadmNtVW dhVzUyIFpY TjBhVzVuTG kgQThZbkkr CiAgICAgIC AgPC9zcGFu PgogICAgIC AgIAogICAg ICAgIA==