Slate Grocery REIT

Live  

Slate Grocery REIT is a real estate investment trust that focuses on grocery-anchored properties across the United States. The company was founded in 2018 and is headquartered in Toronto, Canada. Slate Grocery REIT owns and operates a portfolio of 78 properties, including 70 grocery-anchored properties and 8 standalone retail properties. The company’s properties are primarily located in large metropolitan areas and are leased to a diverse group of national and regional tenants.
Slate Grocery REIT’s primary strategy is to acquire grocery-anchored properties in non-urban markets that have strong demand from local communities. The company targets properties that are anchored by leading grocery chains with long-term leases in place. This strategy allows Slate Grocery REIT to generate stable and predictable cash flows from its properties.
As of 2021, Slate Grocery REIT’s portfolio has a total gross leasable area of approximately 7.6 million square feet and a weighted average lease term of 9 years. The company’s properties are spread across 22 US states and are diversified across various grocery chains and tenant types.
Slate Grocery REIT is managed by Slate Asset Management, a leading global real estate investment platform with over $6 billion in assets under management. The company also maintains a strong financial position, with a conservative debt-to-gross book value of 47%.
In addition to its focus on grocery-anchored properties, Slate Grocery REIT also actively manages its properties by renewing and extending leases, adding new tenants, and completing capital improvement projects to increase property value and generate higher rental income.
Overall, Slate Grocery REIT is a well-established REIT with a strong track record of performance and a clear strategy for growth. The company’s focus on stable, income-generating assets makes it an attractive investment option for those looking for steady returns.

Okay! Imagine you have a big box of LEGO, and you want to build a lot of cool stores where people can buy food, like a grocery store, bakery, or a fruit shop. Slate Grocery REIT is like a company that collects those LEGO stores and then lets people use them to run their businesses.
Now, here’s how Slate Grocery REIT makes money: They buy real grocery stores or buildings where grocery stores can be. Then, they let other people and companies rent those buildings to run their shops. The people who rent the stores pay Slate Grocery REIT every month, kind of like when you pay for a ticket to go to a fun amusement park. This way, Slate Grocery REIT earns money over time.
Slate Grocery REIT is successful for a few reasons. First, grocery stores are really important because everyone needs food. That means there will always be a demand for grocery stores. Second, by having many different grocery stores in different places, Slate Grocery REIT can earn money from many different people, so if one store isn’t doing well, others are still helping them earn.
To keep being successful in the future, Slate Grocery REIT looks for good locations to buy new stores and makes sure that the stores they have are always up-to-date and nice for customers. They also pay attention to what groceries people want to buy, like healthy food options. Since they focus on grocery stores, which are always needed, they are likely to stay strong and continue earning money for a long time!

MS4gRm9jdX NlZCBvbiBH cm9jZXJ5IE FuY2hvcmVk IFJldGFpbC BQcm9wZXJ0 aWVzOiBTbG F0ZSBHcm9j ZXJ5IFJFSV QgaXMgYSBz cGVjaWFsaX plZCByZWFs IGVzdGF0ZS BpbnZlc3Rt ZW50IHRydX N0IChSRUlU KSB0aGF0IG lzIHNvbGVs eSBmb2N1c2 VkIG9uIGlu dmVzdGluZy BpbiBncm9j ZXJ5LWFuY2 hvcmVkIHJl dGFpbCBwcm 9wZXJ0aWVz LiBUaGlzIH NlY3RvciBp cyBjb25zaW RlcmVkIHRv IGJlIHJlbG F0aXZlbHkg c3RhYmxlIG FuZCByZXNp c3RhbnQgdG 8gZWNvbm9t aWMgZG93bn R1cm5zLCBt YWtpbmcgaX QgYSBtb3Jl IHJlc2lsaW VudCBpbnZl c3RtZW50IG 9wdGlvbi48 YnI+Mi4gRG l2ZXJzaWZp ZWQgUG9ydG ZvbGlvOiBU aGUgY29tcG FueeKAmXMg cG9ydGZvbG lvIGluY2x1 ZGVzIGEgZG l2ZXJzZSBt aXggb2Ygcm V0YWlsIHBy b3BlcnRpZX MsIGluY2x1 ZGluZyBzdX Blcm1hcmtl dHMsIGRydW dzdG9yZXMs IGFuZCBvdG hlciBlc3Nl bnRpYWwgcm V0YWlsIHN0 b3Jlcy4gVG hpcyBkaXZl cnNpZmljYX Rpb24gaGVs cHMgdG8gbW l0aWdhdGUg cmlza3MgYW 5kIHByb3Zp ZGVzIHN0YW JsZSBjYXNo IGZsb3cgZm 9yIGludmVz dG9ycy48Yn I+My4gSGln aC1RdWFsaX R5IFRlbmFu dHM6IFNsYX RlIEdyb2Nl cnkgUkVJVC BoYXMgYSBy b3N0ZXIgb2 YgaGlnaC1x dWFsaXR5IH RlbmFudHMs IGluY2x1ZG luZyBtYWpv ciBncm9jZX J5IGNoYWlu cyBzdWNoIG FzIEtyb2dl ciwgU2FmZX dheSwgYW5k IFB1YmxpeC 4gVGhlc2Ug c3Ryb25nIG FuY2hvciB0 ZW5hbnRzIH Byb3ZpZGUg c3RhYmlsaX R5IGFuZCBj cmVkaWJpbG l0eSB0byB0 aGUgY29tcG FueeKAmXMg cG9ydGZvbG lvLjxicj40 LiBTdHJvbm cgR3Jvd3Ro IFBvdGVudG lhbDogV2l0 aCB0aGUgcm lzZSBvZiBl LWNvbW1lcm NlLCBicmlj ay1hbmQtbW 9ydGFyIHJl dGFpbCBoYX MgZmFjZWQg Y2hhbGxlbm dlcyBpbiBy ZWNlbnQgeW VhcnMuIEhv d2V2ZXIsIG dyb2Nlcnkt YW5jaG9yZW QgcmV0YWls IHByb3Blcn RpZXMgaGF2 ZSByZW1haW 5lZCBpbiBo aWdoIGRlbW FuZCBkdWUg dG8gdGhlIG 5lY2Vzc2l0 eSBvZiBpbi 1wZXJzb24g Z3JvY2VyeS BzaG9wcGlu Zy4gQXMgc3 VjaCwgU2xh dGUgR3JvY2 VyeSBSRUlU IGhhcyBzaW duaWZpY2Fu dCBwb3Rlbn RpYWwgZm9y IGdyb3d0aC BhbmQgbG9u Zy10ZXJtIH N0YWJpbGl0 eS48YnI+NS 4gRXhwZXJp ZW5jZWQgTW FuYWdlbWVu dCBUZWFtOi BUaGUgY29t cGFueSBpcy BtYW5hZ2Vk IGJ5IGEgdG VhbSBvZiBl eHBlcmllbm NlZCByZWFs IGVzdGF0ZS Bwcm9mZXNz aW9uYWxzIH dpdGggYSB0 cmFjayByZW NvcmQgb2Yg c3VjY2Vzcy BpbiB0aGUg aW5kdXN0cn kuIFRoaXMg ZXhwZXJ0aX NlIGhlbHBz IGVuc3VyZS BlZmZlY3Rp dmUgcHJvcG VydHkgbWFu YWdlbWVudC BhbmQgc3Ry YXRlZ2ljIG RlY2lzaW9u LW1ha2luZy Bmb3IgdGhl IGNvbXBhbn kuPGJyPjYu IFJlZ3VsYX IgYW5kIENv bnNpc3Rlbn QgRGl2aWRl bmQgUGF5b3 V0czogU2xh dGUgR3JvY2 VyeSBSRUlU IGlzIGNvbW 1pdHRlZCB0 byBwcm92aW Rpbmcgc3Rh YmxlIGFuZC BwcmVkaWN0 YWJsZSBjYX NoIGZsb3cg Zm9yIGludm VzdG9ycy4g VGhlIGNvbX Bhbnkgb2Zm ZXJzIHJlZ3 VsYXIgYW5k IGNvbnNpc3 RlbnQgZGl2 aWRlbmQgcG F5b3V0cywg d2hpY2ggY2 FuIGJlIGF0 dHJhY3Rpdm UgZm9yIGlu Y29tZS1vcm llbnRlZCBp bnZlc3Rvcn MuPGJyPjcu IFNvY2lhbG x5IFJlc3Bv bnNpYmxlOi BUaGUgY29t cGFueSBoYX MgYSBzdHJv bmcgZm9jdX Mgb24gZW52 aXJvbm1lbn RhbCBzdXN0 YWluYWJpbG l0eSBhbmQg c29jaWFsIH Jlc3BvbnNp YmlsaXR5Li BUaGV5IGFj dGl2ZWx5IH dvcmsgdG8g cmVkdWNlIH RoZWlyIGNh cmJvbiBmb2 90cHJpbnQg YW5kIHN1cH BvcnQgbG9j YWwgY29tbX VuaXRpZXMg dGhyb3VnaC BjaGFyaXRh YmxlIGluaX RpYXRpdmVz Lg==

VGhlIFNsYX RlIEdyb2Nl cnkgUkVJVC Bjb21wYW55 4oCZcyBidX NpbmVzcyBt b2RlbCBpcy B0byBpbnZl c3QgaW4gYW 5kIG93biBh IHBvcnRmb2 xpbyBvZiBn cm9jZXJ5LW FuY2hvcmVk IHJlYWwgZX N0YXRlIHBy b3BlcnRpZX MgYWNyb3Nz IE5vcnRoIE FtZXJpY2Eu IFRoaXMgaW 5jbHVkZXMg cHJvcGVydG llcyB3aXRo IGEgY29uY2 VudHJhdGlv biBvZiBncm 9jZXJ5IHN0 b3Jlcywgc3 VwZXJtYXJr ZXRzLCBhbm Qgb3RoZXIg Zm9vZC1hbm Nob3JlZCBy ZXRhaWxlcn MgYXMgdGVu YW50cy4gVG hlIGNvbXBh bnkgZm9jdX NlcyBvbiBh Y3F1aXJpbm cgd2VsbC1s b2NhdGVkLC BoaWdoLXF1 YWxpdHkgcH JvcGVydGll cyB3aXRoIH N0YWJsZSBh bmQgZ3Jvd2 luZyBjYXNo IGZsb3dzIG Zyb20gc3Ry b25nIHJldG FpbCBhbmQg Z3JvY2VyeS B0ZW5hbnRz LiBUaGV5IG FpbSB0byBw cm92aWRlIG ludmVzdG9y cyB3aXRoIH N0YWJsZSBh bmQgZ3Jvd2 luZyBjYXNo IGRpc3RyaW J1dGlvbnMg YW5kIGxvbm ctdGVybSBj YXBpdGFsIG FwcHJlY2lh dGlvbiB0aH JvdWdoIHRo ZWlyIHBvcn Rmb2xpbyBv ZiBwcm9wZX J0aWVzLg==

AI could potentially pose challenges to Slate Grocery REIT, but the extent and nature of these threats would depend on various factors.
1. Substitution: AI might not directly substitute the products and services offered by Slate Grocery REIT, which primarily focuses on grocery-anchored retail properties. However, advancements in online grocery delivery and automated retail solutions could change consumer shopping habits. If consumers increasingly prefer online shopping facilitated by AI-driven platforms, this could impact foot traffic to physical grocery stores located in the REIT’s properties.
2. Disintermediation: There is potential for disintermediation in the retail space due to AI. Companies using AI for direct consumer engagement, such as personalized marketing or inventory management, could reduce the reliance on traditional grocery retail setups. If grocery chains that occupy the REIT’s properties adapt quickly and leverage AI effectively, they could enhance their customer loyalty and operational efficiency, potentially leaving less room for traditional models that the REIT relies on.
3. Margin Pressure: AI could create margin pressure in the grocery retail sector by enabling retailers to optimize operations, reduce costs, and enhance pricing strategies through data analytics. If grocery tenants in Slate Grocery REIT are able to significantly improve their cost structures and customer offerings through AI, they might be able to exert pressure on rental rates or seek more favorable lease terms, which could impact the REIT’s profitability.
In summary, while Slate Grocery REIT’s core operations may not be directly threatened by AI, the broader implications of AI adoption in the retail sector could affect the performance and viability of its tenants, which in turn could impact its investment portfolio. Adapting to and anticipating these trends will be crucial for the REIT to maintain its competitive positioning.

The sensitivity of Slate Grocery REIT’s earnings, cash flow, and valuation to changes in interest rates can vary significantly based on several factors.
1. Earnings Sensitivity: Higher interest rates generally lead to increased borrowing costs. If Slate Grocery REIT has substantial debt, rising interest rates can result in higher interest expenses, negatively impacting net income. Conversely, if the company can pass on increased costs to tenants through rent adjustments, earnings may be less affected. The sensitivity will depend on the proportion of fixed versus variable-rate debt in their capital structure.
2. Cash Flow Sensitivity: Cash flow from operations is closely linked to the REIT’s ability to manage operational costs and interest expenses. An increase in interest rates could lead to reduced cash flow if borrowing costs rise or if tenants struggle to meet lease obligations due to a slowing economy. If Slate Grocery REIT primarily operates in stable markets with strong tenant demand, it may mitigate some sensitivity to interest rate fluctuations.
3. Valuation Sensitivity: REIT valuations are often based on discounted cash flow models, which involve a discount rate that incorporates expectations about interest rates. Rising interest rates typically lead to a higher discount rate, which can lower the present value of future cash flows, thereby decreasing the REIT’s valuation. If investors view the REIT’s income as being less stable or less attractive relative to other investment opportunities (like bonds), this could further depress its market price.
Overall, while Slate Grocery REIT may be sensitive to interest rate changes, the extent of this sensitivity is influenced by their capital structure, the stability of their cash flows, and overall market conditions.

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 bG9nb3MvbE 9hUHdEb1RH VnJmWTRTNz FCM08ud2Vi cCIgYWx0PS JTbGF0ZSBH cm9jZXJ5IF JFSVQiIHRp dGxlPSJTbG F0ZSBHcm9j ZXJ5IFJFSV QiICBjbGFz cz0iaW1nLW ZsdWlkIiBo ZWlnaHQ9OT Agd2lkdGg9 OTAgbG9hZG 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 dXQgU2xhdG UgR3JvY2Vy eSBSRUlUPw 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 VkdobElGIE 5zWVhSbElF ZHkgYjJObG Nua2dVayBW SlZDQW9VbV ZoIGJDQkZj M1JoZEcgVW dTVzUyWlhO MCBiV1Z1ZE NCVWNuIFZ6 ZENrZ2FYTW cgWVNCRFlX NWhaRyBsaG JpMWlZWE5s IFpDQmpiMj F3WVcgNTVJ SFJvWVhRZy BjM0JsWTJs aGJHIGw2Wl hNZ2FXNGcg WVdOeGRXbH lhVyA1bklH RnVaQ0J0IF lXNWhaMmx1 WnkgQm5jbT lqWlhKNSBM V0Z1WTJodm NtIFZrSUhC eWIzQmwgY2 5ScFpYTWdh VyA0Z2RHaG xJRlZ1IGFY UmxaQ0JUZE cgRjBaWE11 UEdKeSBQak l1SUZSb1pT IEJqYjIxd1 lXNTUgSUhk aGN5Qm1iMy BWdVpHVmtJ R2x1IElESX dNVGdnWVcg NWtJR2x6SU dobCBZV1J4 ZFdGeWRHIF Z5WldRZ2FX NGcgVkc5eW IyNTBieSB3 Z1EyRnVZV1 JoIExqeGlj ajR6TGkgQl VhR1VnVTJ4 aCBkR1VnUj NKdlkyIFZ5 ZVNCU1JVbF UgSUdOMWNu SmxibiBSc2 VTQnZkMjV6 IElHRnVaQ0 J2Y0cgVnlZ WFJsY3lCaC BJSEJ2Y25S bWIyIHhwYn lCdlppQTQg TmlCd2NtOX daWCBKMGFX VnpMQ0J3IG NtbHRZWEpw Ykgga2dhVz RnZEdobCBJ RTV2Y25Sb1 pXIEZ6ZEN3 Z1RXbGsgTF VGMGJHRnVk RyBsakxDQm hibVFnIFUy OTFkR2hsWV ggTjBJSEps WjJsdiBibk 1nYjJZZ2RH IGhsSUZWVE xqeGkgY2o0 MExpQlVhRy BVZ2NISnZj R1Z5IGRHbG xjeUJwYmkg QjBhR1VnY0 c5eSBkR1p2 YkdsdklHIE Z5WlNCaGJH d2cgWVc1am FHOXlaVyBR Z1lua2djM1 J5IGIyNW5J R2R5YjIgTm xjbmtnYzNS diBjbVVnZE dWdVlXIDUw Y3lCemRXTm 8gSUdGeklG ZGhiRyAxaG NuUXNJRXR5 IGIyZGxjaX dnWVcgNWtJ RkIxWW14cC BlQzQ4WW5J K05TIDRnVk dobElGSkYg U1ZRZ1ptOW pkWCBObGN5 QnZiaUJuIG NtOWpaWEo1 TFcgRnVZMm h2Y21WayBJ SEJ5YjNCbG NuIFJwWlhN Z1pIVmwgSU hSdklIUm9a VyBseUlITj BZV0pwIGJH bDBlU0JoYm 0gUWdZV0pw YkdsMCBlU0 IwYnlCblpX IDVsY21GMF pTQmogYjI1 emFYTjBaVy A1MElHTmhj MmdnIFpteH ZkeXdnWlgg WmxiaUJrZF hKcCBibWNn WldOdmJtID l0YVdNZ1pH OTMgYm5SMW NtNXpMaiB4 aWNqNDJMaU JCIGN5QnZa aUF5TUQgSX hMQ0IwYUdV ZyBkRzkwWV d3Z1lYIE56 WlhRZ2RtRn MgZFdVZ2Iy WWdkRyBobE lGTnNZWFJs IElFZHliMk 5sY24ga2dV a1ZKVkNCcC BjeUJ2ZG1W eUlDIFF4TG pNZ1ltbHMg YkdsdmJpND hZbiBJK055 NGdWR2hsIE lHTnZiWEJo Ym4gbmlnSm x6SUdsdSBk bVZ6ZEcxbG JuIFFnYzNS eVlYUmwgWj NrZ2FXNWpi SCBWa1pYTW dkR2hsIElH RmpjWFZwYz IgbDBhVzl1 SUdGdSBaQ0 J5WlhCdmMy IGwwYVc5dW FXNW4gSUc5 bUlIZGxiRy B3dGJHOWpZ WFJsIFpDd2 daM0p2WTIg VnllUzFoYm 1ObyBiM0ps WkNCd2NtID l3WlhKMGFX VnogSUhkcG RHZ2dZUyBC bWIyTjFjeU J2IGJpQjJZ V3gxWlMgMW haR1FnYjNC dyBiM0owZF c1cGRHIGxs Y3k0OFluSS sgT0M0Z1ZH aGxJRiBOc1 lYUmxJRWR5 IGIyTmxjbm tnVWsgVkpW Q0JvWVhNZy BZU0JvYVhO MGIzIEo1SU c5bUlITjAg Y205dVp5Qm 1hVyA1aGJt TnBZV3dnIG NHVnlabTl5 YlcgRnVZMl VzSUhkcCBk R2dnWVc0Z1 lYIFpsY21G blpTQnkgWl hSMWNtNGdi MiBZZ01URX VOU1VnIGNH VnlJSGxsWV ggSWdjMmx1 WTJVZyBhWF J6SUdsdVky IFZ3ZEdsdm JpNDggWW5J K09TNGdWRy BobElHTnZi WEJoIGJua2 dhWE1nY0gg VmliR2xqYk hrZyBkSEpo WkdWa0lHID l1SUhSb1pT QlUgYjNKdm JuUnZJRiBO MGIyTnJJRV Y0IFkyaGhi bWRsSUggVn VaR1Z5SUhS byBaU0IwYV dOclpYIEln YzNsdFltOX MgSUZOSFVp NVZUaSA0OF luSStNVEF1 IElFbHVJR0 ZrWkcgbDBh Vzl1SUhSdi BJR2wwY3lC bWIyIE4xY3 lCdmJpQm4g Y205alpYSj VMVyBGdVky aHZjbVZrIE lIQnliM0Js Y24gUnBaWE 1zSUhSbyBa U0JUYkdGMF pTIEJIY205 alpYSjUgSU ZKRlNWUWdZ VyB4emJ5Qm hZM1JwIGRt VnNlU0J3ZF ggSnpkV1Z6 SUhOMSBjM1 JoYVc1aFlt IHhsSUdGdV pDQmwgYm5a cGNtOXViVy BWdWRHRnNi SGtnIGNtVn pjRzl1YzIg bGliR1VnY0 hKaCBZM1Jw WTJWekxDIE J6ZFdOb0lH RnogSUdWdV pYSm5lUyAx bFptWnBZMm xsIGJuUWdZ blZwYkcgUn BibWNnWkdW eiBhV2R1SU dGdVpDIEJu Y21WbGJpQn AgYm1sMGFX RjBhWCBabG N5NDhZbkkr IE1URXVJRl JvWlMgQmpi MjF3WVc1NS BJR2hoY3lC aElIIE4wY2 05dVp5QjAg Wlc1aGJuUW djbSBWMFpX NTBhVzl1IE lISmhkR1Vz SUggZHBkR2 dnWVNBNSBO U1VnYjJOam RYIEJoYm1O NUlISmggZE dVZ1lXTnli MyBOeklHbD BjeUJ3IGIz SjBabTlzYV cgOHVQR0p5 UGpFeSBMaU JVYUdVZ1Uy IHhoZEdVZ1 IzSnYgWTJW eWVTQlNSVS BsVUlHaGhj eUJoIElHUn BkbVZ5YzIg VWdaM0p2ZF hBZyBiMlln ZEdWdVlXID UwY3l3Z2Qy bDAgYUNCdW J5QnphVyA1 bmJHVWdkR1 Z1IFlXNTBJ R0ZqWTIgOT FiblJwYm1j ZyBabTl5SU cxdmNtIFVn ZEdoaGJpQX ggTUNVZ2Iy WWdhWCBSek lIQnZjblJt IGIyeHBieT Q4WW4gSStN VE11SUZSby BaU0JqYjIx d1lXIDU1SU doaGN5Qmgg SUhOMGNtOX VaeSBCMGNt RmpheUJ5IF pXTnZjbVFn YjIgWWdZV0 54ZFdseSBh VzVuSUdGdV pDIEJ5WlhC dmMybDAgYV c5dWFXNW5J SCBWdVpHVn ljR1Z5IFpt OXliV2x1Wn kgQndjbTl3 WlhKMCBhV1 Z6TENCaFpH IFJwYm1jZ2 RtRnMgZFdV Z1lXNWtJRy BsdVkzSmxZ WE5wIGJtY2 djbVYwZFgg SnVjeUJtYj NJZyBhWFJ6 SUdsdWRtIF Z6ZEc5eWN5 NDggWW5JK0 1UUXVJRiBS b1pTQlRiR0 YwIFpTQkhj bTlqWlggSj VJRkpGU1ZR ZyBhR0Z6SU hkdmJpIEJ0 ZFd4MGFYQn MgWlNCaGQy RnlaSCBNZ1 ptOXlJR2ww IGN5Qm1hVz VoYm0gTnBZ V3dnY0dWeS BabTl5YldG dVkyIFVnWV c1a0lISmwg YzNCdmJuTn BZbSB4bElH SjFjMmx1IF pYTnpJSEJ5 WVcgTjBhV0 5sY3l3ZyBh VzVqYkhWa2 FXIDVuSUdK bGFXNW4gSU c1aGJXVmtJ RyA5dVpTQn ZaaUJEIFlX NWhaR0hpZ0 ogbHpJRlJ2 Y0NCSCBjbT kzYVc1bklF IE52YlhCaG JtbGwgY3lC aWVTQlVhRy BVZ1IyeHZZ bVVnIFlXNW tJRTFoYVcg d2dhVzRnTW pBeSBNQzQ4 WW5JK01UIF V1SUZSb1pT QmogYjIxd1 lXNTVJRyBo aGN5QmhJSE 4wIGNtOXVa eUJqYjIgMX RhWFJ0Wlc1 MCBJSFJ2SU hOdlkyIGxo YkNCeVpYTn cgYjI1emFX SnBiRyBsMG VTd2dZV04w IGFYWmxiSG tnYzMgVndj Rzl5ZEdsdS BaeUJzYjJO aGJDIEJ2Y2 1kaGJtbDYg WVhScGIyNX pJRyBGdVpD QnBibWwwIG FXRjBhWFps Y3kgQnBiaU IwYUdVZyBZ Mjl0YlhWdW FYIFJwWlhN Z2QyaGwgY2 1VZ2FYUWdi MyBCbGNtRj BaWE11CiAg ICAgICAgPC 9zcGFuPgog ICAgICAgIA ogICAgICAg IA==