One Liberty Properties

More reviews (2)

Live  

One Liberty Properties is a publicly traded real estate investment trust (REIT) that focuses on acquiring, owning, and managing a diverse portfolio of commercial properties in the United States. The company was founded in 1982 and is headquartered in Great Neck, New York.
One Liberty Properties' portfolio includes industrial, retail, office, and other commercial properties located primarily in urban and suburban areas. As of 2021, the company owns over 120 properties across 30 states with a total leasable space of approximately 9.4 million square feet.
The primary strategy of One Liberty Properties is to acquire properties that generate strong and stable cash flows, in order to provide consistent returns to its shareholders. The company's management team has extensive experience in the commercial real estate market and carefully evaluates potential investment opportunities to ensure they align with their long-term investment objectives.
In addition to its investment activities, One Liberty Properties also has a focus on maintaining strong tenant relationships and actively manages its properties to maximize their potential value. The company also maintains a strong financial position, with a conservative borrowing strategy and a strong balance sheet.
Overall, One Liberty Properties is a well-established real estate company with a track record of delivering consistent returns to its shareholders through its diversified portfolio and careful investment strategy.

T25lIExpYm VydHkgUHJv cGVydGllcy BpcyBhIGNv bXBhbnkgdG hhdCBvd25z IGJ1aWxkaW 5ncyBhbmQg bGFuZHMgd2 hlcmUgYnVz aW5lc3Nlcy BjYW4gb3Bl cmF0ZS4gVG hpbmsgb2Yg aXQgbGlrZS Bvd25pbmcg YSBiaWcgdG 95IHN0b3Jl IG9yIGljZS BjcmVhbSBz aG9wLCBidX QgaW5zdGVh ZCBvZiBzZW xsaW5nIHRv eXMgb3IgaW NlIGNyZWFt LCBPbmUgTG liZXJ0eSBQ cm9wZXJ0aW VzIHJlbnRz IG91dCBzcG FjZXMgdG8g ZGlmZmVyZW 50IGtpbmRz IG9mIGJ1c2 luZXNzZXMs IGxpa2Ugc3 RvcmVzIG9y IG9mZmljZX MuIDxicj5I ZXJl4oCZcy Bob3cgaXQg bWFrZXMgbW 9uZXk6IFdo ZW4gYSBidX NpbmVzcyB3 YW50cyB0by B1c2Ugb25l IG9mIHRoZW lyIGJ1aWxk aW5ncywgdG hleSBwYXkg T25lIExpYm VydHkgUHJv cGVydGllcy BhIGNlcnRh aW4gYW1vdW 50IG9mIG1v bmV5IGVhY2 ggbW9udGgu IFRoaXMgaX MgY2FsbGVk IHJlbnQuIF NvIGV2ZXJ5 IG1vbnRoLC B3aGVuIGJ1 c2luZXNzZX MgcGF5IHRo ZWlyIHJlbn QsIGl0IGhl bHBzIE9uZS BMaWJlcnR5 IFByb3Blcn RpZXMgZWFy biBtb25leS 4gPGJyPk9u ZSBvZiB0aG UgcmVhc29u cyB0aGlzIG NvbXBhbnkg aXMgc3VjY2 Vzc2Z1bCBp cyB0aGF0IG l0IGNob29z ZXMgZ29vZC BwbGFjZXMg dG8gYnV5IG J1aWxkaW5n cy4gVGhleS Bsb29rIGZv ciBsb2NhdG lvbnMgd2hl cmUgbG90cy BvZiBwZW9w bGUgZ28sIH doaWNoIGhl bHBzIHRoZS BidXNpbmVz c2VzIHN1Y2 NlZWQuIElm IHRoZSBidX NpbmVzc2Vz IHN1Y2NlZW QsIHRoZXkg Y2FuIGtlZX AgcGF5aW5n IHRoZWlyIH JlbnQuIEFk ZGl0aW9uYW xseSwgYXMg dGhlIGJ1aW xkaW5ncyBn ZXQgb2xkZX IsIHRoZXkg Y2FuIHN0aW xsIGJlIHdv cnRoIGEgbG 90IG9mIG1v bmV5LCB3aG ljaCBpcyBh bm90aGVyIH dheSB0aGUg Y29tcGFueS BjYW4gZ3Jv dy4gPGJyPk luIHRoZSBm dXR1cmUsIE 9uZSBMaWJl cnR5IFByb3 BlcnRpZXMg aXMgbGlrZW x5IHRvIHN0 YXkgc3VjY2 Vzc2Z1bCBi ZWNhdXNlIH RoZXJlIHdp bGwgYWx3YX lzIGJlIG5l dyBidXNpbm Vzc2VzIHRo YXQgbmVlZC BzcGFjZXMg dG8gd29yay 4gUGVvcGxl IHdpbGwga2 VlcCBzaG9w cGluZyBhbm Qgd29ya2lu Zywgc28gaG F2aW5nIGJ1 aWxkaW5ncy B0byByZW50 IG91dCB3aW xsIGNvbnRp bnVlIHRvIG JlIG5lZWRl ZC4gUGx1cy wgaWYgdGhl eSBrZWVwIH BpY2tpbmcg Z29vZCBsb2 NhdGlvbnMg YW5kIHRha2 luZyBjYXJl IG9mIHRoZW lyIHByb3Bl cnRpZXMsIH RoZXkgd2ls bCBhdHRyYW N0IGV2ZW4g bW9yZSBidX NpbmVzc2Vz LiBPdmVyYW xsLCBpdOKA mXMgbGlrZS BoYXZpbmcg YSB2ZXJ5IH NtYXJ0IHdh eSB0byBtYW tlIHN1cmUg dGhleSBjYW 4ga2VlcCBl YXJuaW5nIG 1vbmV5IGZv ciBhIGxvbm cgdGltZSE8 YnI+

T25lIExpYm VydHkgUHJv cGVydGllcy BpcyBhIHJl YWwgZXN0YX RlIGludmVz dG1lbnQgdH J1c3QgKFJF SVQpIHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gdGhlIG93 bmVyc2hpcC BhbmQgbWFu YWdlbWVudC BvZiBwcm9w ZXJ0aWVzIG luIHRoZSBy ZXRhaWwsIG luZHVzdHJp YWwsIGFuZC BoZWFsdGhj YXJlIHNlY3 RvcnMuIDxi cj5Tb21lIG tleSBhc3Bl Y3RzIHRoYX QgbWFrZSB0 aGUgY29tcG FueSBzdGFu ZCBvdXQgaW 5jbHVkZTo8 YnI+MS4gRG l2ZXJzaWZp ZWQgUG9ydG ZvbGlvOiBP bmUgTGliZX J0eSBQcm9w ZXJ0aWVzIG hhcyBhIHdl bGwtZGl2ZX JzaWZpZWQg cG9ydGZvbG lvIHdpdGgg cHJvcGVydG llcyBsb2Nh dGVkIGluIH ZhcmlvdXMg c3RhdGVzIG Fjcm9zcyB0 aGUgVW5pdG VkIFN0YXRl cy4gVGhpcy BkaXZlcnNp ZmljYXRpb2 4gaGVscHMg dG8gbWl0aW dhdGUgcmlz ayBhbmQgcH JvdmlkZXMg YSBzdGFibG UgaW5jb21l IHN0cmVhbS Bmb3IgaW52 ZXN0b3JzLi A8YnI+Mi4g RXhwZXJpZW 5jZWQgTWFu YWdlbWVudC BUZWFtOiBU aGUgY29tcG FueSdzIG1h bmFnZW1lbn QgdGVhbSBo YXMgb3Zlci AxMDAgeWVh cnMgb2YgY2 9tYmluZWQg cmVhbCBlc3 RhdGUgZXhw ZXJpZW5jZS wgd2hpY2gg Y29udHJpYn V0ZXMgdG8g dGhlIGNvbX BhbnkncyBz dWNjZXNzIG luIGlkZW50 aWZ5aW5nIG FuZCBhY3F1 aXJpbmcgaG lnaC1xdWFs aXR5IHByb3 BlcnRpZXMu PGJyPjMuIE ZvY3VzIG9u IExvbmctVG VybSBMZWFz ZXM6IE9uZS BMaWJlcnR5 IFByb3Blcn RpZXMgcHJp bWFyaWx5IG ZvY3VzZXMg b24gYWNxdW lyaW5nIHBy b3BlcnRpZX Mgd2l0aCBs b25nLXRlcm 0gbGVhc2Vz LCBwcm92aW RpbmcgYSBz dGVhZHkgaW 5jb21lIHN0 cmVhbSBmb3 Igc2hhcmVo b2xkZXJzLi A8YnI+NC4g RmluYW5jaW FsIFN0YWJp bGl0eTogVG hlIGNvbXBh bnkgaGFzIG Egc3Ryb25n IGZpbmFuY2 lhbCB0cmFj ayByZWNvcm Qgd2l0aCBh IHNvbGlkIG JhbGFuY2Ug c2hlZXQsIG 1ha2luZyBp dCBhIHJlbG lhYmxlIGFu ZCBzdGFibG UgaW52ZXN0 bWVudCBvcH Rpb24uIDxi cj41LiBDb2 1taXRtZW50 IHRvIFN1c3 RhaW5hYmls aXR5OiBPbm UgTGliZXJ0 eSBQcm9wZX J0aWVzIGlz IGNvbW1pdH RlZCB0byBz dXN0YWluYW JpbGl0eSBh bmQgaGFzIG ltcGxlbWVu dGVkIHNldm VyYWwgZW5l cmd5LWVmZm ljaWVudCBh bmQgZW52aX Jvbm1lbnRh bGx5LWZyaW VuZGx5IGlu aXRpYXRpdm VzIGluIGl0 cyBwcm9wZX J0aWVzLiA8 YnI+Ni4gU2 hhcmVob2xk ZXItRnJpZW 5kbHk6IFRo ZSBjb21wYW 55IGhhcyBh IGhpc3Rvcn kgb2YgcGF5 aW5nIGNvbn Npc3RlbnQg ZGl2aWRlbm RzIGFuZCBo YXMgYSBzdH JvbmcgdHJh Y2sgcmVjb3 JkIG9mIGlu Y3JlYXNpbm cgZGl2aWRl bmRzIG92ZX IgdGltZSwg bWFraW5nIG l0IGEgZmF2 b3JhYmxlIG 9wdGlvbiBm b3IgaW5jb2 1lLXNlZWtp bmcgaW52ZX N0b3JzLjxi cj43LiBTdH JvbmcgTWFy a2V0IFByZX NlbmNlOiBP bmUgTGliZX J0eSBQcm9w ZXJ0aWVzIG hhcyBhIHN0 cm9uZyBtYX JrZXQgcHJl c2VuY2UgaW 4gdGhlIHJl dGFpbCwgaG VhbHRoY2Fy ZSwgYW5kIG luZHVzdHJp YWwgcmVhbC Blc3RhdGUg c2VjdG9ycy wgd2hpY2gg YXJlIGV4cG VjdGVkIHRv IGV4cGVyaW VuY2UgZ3Jv d3RoIGluIH RoZSBjb21p bmcgeWVhcn MuIDxicj5P dmVyYWxsLC BPbmUgTGli ZXJ0eSBQcm 9wZXJ0aWVz IHN0YW5kcy BvdXQgYXMg YSB3ZWxsLW 1hbmFnZWQg YW5kIGZpbm FuY2lhbGx5 IHN0YWJsZS Bjb21wYW55 IHdpdGggYS BkaXZlcnNp ZmllZCBwb3 J0Zm9saW8s IG1ha2luZy BpdCBhbiBh dHRyYWN0aX ZlIG9wdGlv biBmb3Igcm VhbCBlc3Rh dGUgaW52ZX N0b3JzLg==

T25lIExpYm VydHkgUHJv cGVydGllcy BpcyBhIHJl YWwgZXN0YX RlIGludmVz dG1lbnQgdH J1c3QgKFJF SVQpIHRoYX Qgc3BlY2lh bGl6ZXMgaW 4gb3duaW5n IGFuZCBtYW 5hZ2luZyBo aWdoLXF1YW xpdHkgY29t bWVyY2lhbC Bwcm9wZXJ0 aWVzIGluIH RoZSBVbml0 ZWQgU3RhdG VzLiBUaGVp ciBidXNpbm VzcyBtb2Rl bCBpcyBmb2 N1c2VkIG9u IGFjcXVpcm luZywgb3du aW5nLCBhbm QgbWFuYWdp bmcgYSBkaX ZlcnNpZmll ZCBwb3J0Zm 9saW8gb2Yg cHJvcGVydG llcyB0aGF0 IGdlbmVyYX RlIHJlZ3Vs YXIgcmVudG FsIGluY29t ZSBhbmQgcG 90ZW50aWFs IGNhcGl0YW wgYXBwcmVj aWF0aW9uLj xicj5UaGUg Y29tcGFueS BwcmltYXJp bHkgaW52ZX N0cyBpbiBw cm9wZXJ0aW VzIHRoYXQg YXJlIG5ldC BsZWFzZWQg dG8gY29ycG 9yYXRlIHRl bmFudHMsIH N1Y2ggYXMg cmV0YWlsIH N0b3Jlcywg cmVzdGF1cm FudHMsIG9m ZmljZSBidW lsZGluZ3Ms IGFuZCBpbm R1c3RyaWFs IGZhY2lsaX RpZXMuIFRo ZXkgYWxzby Bmb2N1cyBv biBhY3F1aX JpbmcgcHJv cGVydGllcy B3aXRoIHN0 YWJsZSBpbm NvbWUgc3Ry ZWFtcyBhbm QgbG9uZy10 ZXJtIGxlYX Nlcy48YnI+ T25lIExpYm VydHkgUHJv cGVydGllcy BoYXMgYSBj b25zZXJ2YX RpdmUgaW52 ZXN0bWVudC BhcHByb2Fj aCwgc2Vla2 luZyBwcm9w ZXJ0aWVzIH RoYXQgYXJl IHdlbGwtbW FpbnRhaW5l ZCBhbmQgbG 9jYXRlZCBp biBzdHJvbm cgYW5kIGdy b3dpbmcgbW Fya2V0cy4g VGhlIGNvbX BhbnkgYWxz byBhaW1zIH RvIG1haW50 YWluIGEgZG l2ZXJzaWZp ZWQgcG9ydG ZvbGlvIHRv IG1pdGlnYX RlIHJpc2sg YW5kIGluY3 JlYXNlIHN0 YWJpbGl0eS 48YnI+SW4g YWRkaXRpb2 4gdG8gcHJv cGVydHkgYW NxdWlzaXRp b25zLCBPbm UgTGliZXJ0 eSBQcm9wZX J0aWVzIGFs c28gYWN0aX ZlbHkgbWFu YWdlcyB0aG VpciBwb3J0 Zm9saW8sIG luY2x1ZGlu ZyBjb25kdW N0aW5nIHBy b3BlcnR5IG ltcHJvdmVt ZW50cyBhbm Qgc3RyYXRl Z2ljIGRpdm VzdGl0dXJl cyB3aGVuIG FwcHJvcHJp YXRlLjxicj 5PdmVyYWxs LCBPbmUgTG liZXJ0eSBQ cm9wZXJ0aW VzJyBidXNp bmVzcyBtb2 RlbCBpcyBj ZW50ZXJlZC Bhcm91bmQg Y3JlYXRpbm cgbG9uZy10 ZXJtIHZhbH VlIGZvciB0 aGVpciBzaG FyZWhvbGRl cnMgdGhyb3 VnaCBjb25z aXN0ZW50IG FuZCBzdXN0 YWluYWJsZS BjYXNoIGZs b3cgZnJvbS BhIGRpdmVy c2UgcG9ydG ZvbGlvIG9m IGNvbW1lcm NpYWwgcHJv cGVydGllcy 4=

The potential impact of AI on One Liberty Properties, a real estate investment trust (REIT) that specializes in owning and managing income-producing properties, can be examined from several angles:
1. Substitution: AI technologies may not directly substitute for the core services offered by One Liberty Properties, such as property management and leasing. However, advancements in AI-driven property technology (PropTech) could lead to more efficient ways of managing properties, making it possible for competitors to offer similar or improved services at a lower cost. This scenario could compel One Liberty to adopt AI solutions to stay competitive.
2. Disintermediation: Disintermediation typically occurs when traditional intermediaries are bypassed in transactions. In real estate, this might happen through AI-powered platforms that connect buyers and sellers or renters and landlords directly, potentially reducing the need for traditional property managers or intermediaries. While One Liberty Properties primarily focuses on ownership and management rather than direct rental transactions, it could still face pressure if market participants increasingly rely on such platforms for locating and leasing properties.
3. Margin Pressure: The integration of AI could lead to better operational efficiencies, but it could also force increased investment in technology to maintain competitiveness. As competitors adopt AI-driven solutions that optimize costs and enhance customer experiences, One Liberty may have to invest heavily to avoid losing market share. This could lead to margin pressure if increased costs of technology adoption outpace gains in efficiency.
In summary, while AI may not pose an immediate existential threat to One Liberty Properties, it could impact its competitive positioning over time by necessitating adaptation to new technologies, influencing operational efficiencies, and altering market dynamics. The company would need to monitor these trends closely and consider incorporating AI into its strategies to mitigate potential risks.

One Liberty Properties, like many real estate investment trusts (REITs), can be significantly affected by changes in interest rates for several reasons.
1. Earnings Sensitivity: Higher interest rates typically lead to increased borrowing costs. If One Liberty Properties relies on debt financing for acquisitions or property improvement, higher interest rates can reduce net income due to higher interest expenses. Additionally, if interest rates rise, capital expenditures and operational costs may also increase, which can further squeeze earnings.
2. Cash Flow Sensitivity: Cash flow is closely tied to profitability. An increase in interest rates can result in higher costs of capital, which may decrease the cash available for distribution to shareholders. Further, if higher rates slow down economic growth, tenants may experience financial stress, potentially leading to higher vacancy rates or lower rental income. This could further impact cash flow.
3. Valuation Sensitivity: The valuation of One Liberty Properties is often based on discounted cash flow models, where future cash flows are discounted back to their present value using a discount rate that includes interest rate considerations. As interest rates rise, the discount rate used in these models typically increases, leading to a lower present value of future cash flows. This can result in a decline in the market valuation of the company.
In summary, One Liberty Properties is sensitive to changes in interest rates through impacts on earnings, cash flows, and overall valuation. Rising interest rates can increase borrowing costs, reduce profitability, and ultimately lead to lower valuations, while falling interest rates typically have a positive effect on these factors.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgT2 5lIExpYmVy dHkgUHJvcG VydGllcywg YSByZWFsIG VzdGF0ZSBp bnZlc3RtZW 50IHRydXN0 IChSRUlUKS Bmb2N1c2Vk IG9uIHJldG FpbCBhbmQg aW5kdXN0cm lhbCBwcm9w ZXJ0aWVzLC BpcyBhIHBy b2xvbmdlZC BlY29ub21p YyBkb3dudH VybiBjb21i aW5lZCB3aX RoIHNpZ25p ZmljYW50IG NoYW5nZXMg aW4gY29uc3 VtZXIgYmVo YXZpb3IgZH VlIHRvIHRo ZSBjb250aW 51ZWQgcmlz ZSBvZiBlLW NvbW1lcmNl IGFuZCByZW 1vdGUgd29y ay48YnI+SW YgYSByZWNl c3Npb24gb2 NjdXJzLCBs ZWFkaW5nIH RvIGEgZGVj cmVhc2UgaW 4gY29uc3Vt ZXIgc3Blbm RpbmcsIHJl dGFpbCBmb2 90IHRyYWZm aWMgbWF5IH BsdW1tZXQu IEluIHRoaX Mgc2NlbmFy aW8sIHRlbm FudHMgaW4g cmV0YWlsIG xvY2F0aW9u cyBtYXkgZX hwZXJpZW5j ZSByZWR1Y2 VkIHJldmVu dWUsIGxlYW RpbmcgdG8g aW5jcmVhc2 VkIHZhY2Fu Y3kgcmF0ZX MgYW5kIHBv dGVudGlhbC BkZWZhdWx0 cyBvbiBsZW FzZSBhZ3Jl ZW1lbnRzLi BBZGRpdGlv bmFsbHksIH RoZSB0cmFu c2l0aW9uIH RvIGUtY29t bWVyY2Ugd2 lsbCBsaWtl bHkgY29udG ludWUgdG8g YWNjZWxlcm F0ZSwgcmVz dWx0aW5nIG luIGRpbWlu aXNoZWQgZG VtYW5kIGZv ciB0cmFkaX Rpb25hbCBy ZXRhaWwgc3 BhY2VzIGFu ZCBwb3NzaW JseSBvdmVy dmFsdWVkIH Byb3BlcnRp ZXMgYmVpbm cgdW5hYmxl IHRvIGF0dH JhY3QgdGVu YW50cy48Yn I+QXMgYSBy ZXN1bHQsIE 9uZSBMaWJl cnR5IFByb3 BlcnRpZXMg Y291bGQgZm FjZSBhIGRy YXN0aWMgZG VjbGluZSBp biByZW50YW wgaW5jb21l LCBuZWdhdG l2ZWx5IGlt cGFjdGluZy BpdHMgbWFy Z2lucy4gV2 l0aCBsb3dl ciByZXZlbn VlcywgdGhl IGNvbXBhbn nigJlzIG9w ZXJhdGluZy BtYXJnaW4g Y291bGQgc2 hyaW5rIHNp Z25pZmljYW 50bHksIHBv c3NpYmx5IG ZhbGxpbmcg YmVsb3cgc3 VzdGFpbmFi bGUgbGV2ZW xzLiBDYXNo IGZsb3cgd2 91bGQgYWxz byBiZSBhZm ZlY3RlZCBz ZXZlcmVseS wgYXMgZGlt aW5pc2hlZC ByZW50IGNv bGxlY3Rpb2 5zIGNvdWxk IGxlYWQgdG 8gdGlnaHRl ciBsaXF1aW RpdHkgYW5k IHBvdGVudG lhbGx5IGxl YWQgdG8gdG hlIG5lZWQg Zm9yIHRoZS Bjb21wYW55 IHRvIGRyYX cgdXBvbiBj cmVkaXQgbG luZXMgb3Ig dGFrZSBvbi BhZGRpdGlv bmFsIGRlYn QgdG8gY292 ZXIgb3Blcm F0aW9uYWwg Y29zdHMuID xicj5PbiB0 aGUgYmFsYW 5jZSBzaGVl dCwgT25lIE xpYmVydHkg UHJvcGVydG llcyBtaWdo dCBzZWUgYS BkZWNsaW5l IGluIGFzc2 V0IHZhbHVl cyBkdWUgdG 8gcmVkdWNl ZCBkZW1hbm QgZm9yIGl0 cyBwcm9wZX J0aWVzLCBp bmNyZWFzaW 5nIHRoZSBs aWtlbGlob2 9kIG9mIGlt cGFpcm1lbn RzLiBSaXNp bmcgdmFjYW 5jaWVzIGNv dWxkIGxlYW QgdG8gcmlz aW5nIENhcE V4IHJlcXVp cmVtZW50cy B0byByZXBv c2l0aW9uIG 9yIHJlZGV2 ZWxvcCBwcm 9wZXJ0aWVz LCBmdXJ0aG VyIHN0cmFp bmluZyBjYX NoIGZsb3cu IFRoZSBkZW J0LXRvLWVx dWl0eSByYX RpbyBjb3Vs ZCBzaGlmdC BuZWdhdGl2 ZWx5IGlmIH RoZSBjb21w YW55IGVuZH MgdXAgaW5j cmVhc2luZy BpdHMgbGV2 ZXJhZ2UgdG 8gc3VzdGFp biBvcGVyYX Rpb25zLCBw b3RlbnRpYW xseSByYWlz aW5nIGNvbm Nlcm5zIGZy b20gY3JlZG l0b3JzIGFu ZCBpbnZlc3 RvcnMgcmVn YXJkaW5nIH NvbHZlbmN5 IGFuZCBmaW 5hbmNpYWwg c3RhYmlsaX R5Ljxicj5J biBzdWNoIG Egc2NlbmFy aW8sIGludm VzdG9yIGNv bmZpZGVuY2 UgbWlnaHQg d2FuZSwgbG VhZGluZyB0 byBhIGRlY3 JlYXNlIGlu IHN0b2NrIH ByaWNlcyBh bmQgaW5jcm Vhc2VkIGNv c3RzIG9mIG NhcGl0YWwu IE92ZXJhbG wsIHRoaXMg Y2hhaW4gcm VhY3Rpb24g b2YgZGVjcm Vhc2luZyBt YXJnaW5zLC BjYXNoIGZs b3cgY29uc3 RyYWludHMs IGFuZCBhIG NvbXByb21p c2VkIGJhbG FuY2Ugc2hl ZXQgd291bG Qgc2lnbmlm aWNhbnRseS BpbXBhaXIg dGhlIGxvbm ctdGVybSBl Y29ub21pY3 Mgb2YgT25l IExpYmVydH kgUHJvcGVy dGllcy48Yn 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 bG9nb3Mvcl pJYnJEM3Bk RUxQUEp6Sn ByYmEud2Vi cCIgYWx0PS JPbmUgTGli ZXJ0eSBQcm 9wZXJ0aWVz IiB0aXRsZT 0iT25lIExp YmVydHkgUH JvcGVydGll cyIgIGNsYX NzPSJpbWct Zmx1aWQiIG hlaWdodD01 MCB3aWR0aD 01MCBsb2Fk aW5nPSdsYX p5JyBzdHls ZT0nYm9yZG VyLXJhZGl1 czogNnB4Oy c+CgogICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J2Zs ZXg6IDE7IH RleHQtYWxp Z246IGNlbn RlcjsgbWFy Z2luLWxlZn Q6IDVweDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8cCBz dHlsZT0nZm 9udC1zaXpl OiAyNnB4Oy Bjb2xvcjog IzMzMzsgbW FyZ2luLWJv dHRvbTogMT VweDsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+T iCBXYW50IH RvIHJlYWQg bW9yZSBhYm 91dCBPbmUg TGliZXJ0eS BQcm9wZXJ0 aWVzPwogIC AgICAgICAg ICAgICAgIC AgICAgICA8 L3A+CgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dpbmRleC5w aHA/cGFnZT 1zaWdudXAn IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG JhY2tncm91 bmQtY29sb3 I6ICMwMDdC RkY7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBjb2xvcj ogI2ZmZjsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHBh ZGRpbmc6ID EwcHggMjBw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJvcmRlci 1yYWRpdXM6 IDVweDsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIHRleH QtZGVjb3Jh dGlvbjogbm 9uZTsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGZvbnQt d2VpZ2h0Oi Bib2xkOwog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgbWFy Z2luLXJpZ2 h0OiAxMHB4 OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dHJhbnNpdG lvbjogYmFj a2dyb3VuZC 1jb2xvciAw LjNzIGVhc2 U7JwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Agb25tb3Vz ZW92ZXI9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A1NmIzIicK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIG9u bW91c2VvdX Q9J3RoaXMu c3R5bGUuYm Fja2dyb3Vu ZENvbG9yPS IjMDA3QkZG Iic+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBTaWduIH VwIGZvciBm cmVlCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDwv YT4KCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxz cGFuIHN0eW xlPSdtYXJn aW46IDAgOH B4OyBjb2xv cjogIzU1NT snPm9yPC9z cGFuPgoKIC AgICAgICAg ICAgICAgIC AgICAgICAg PGEgaHJlZj 0naW5kZXgu cGhwP3BhZ2 U9bG9naW4n IHN0eWxlPS cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG NvbG9yOiAj MDA3QkZGOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgdG V4dC1kZWNv cmF0aW9uOi B1bmRlcmxp bmU7CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBmb250LX dlaWdodDog NTAwOyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBsb2 cgaW4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC 9hPgoKCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdtYXJnaW 4tdG9wOiAx NXB4OyBmb2 50LXNpemU6 IDEzcHg7IG ZvbnQtd2Vp Z2h0OiBib2 xkOyBjb2xv cjogI2QzMm YyZjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAg8J+Z jCBKb2luIG 5vdyB0byBn ZXQgPGk+Il RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 MiPC9pPiBh dCBubyBjb3 N0CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvcD 4KCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwhLS 0KICAgICAg ICAgICAgIC AgICAgICAg ICAgPGRpdi BzdHlsZT0n bWFyZ2luLX RvcDogMTJw eDsgZm9udC 1zaXplOiAx M3B4OyBjb2 xvcjogIzQ0 NDsnPgogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgU2lnbi B1cCBub3cg YW5kIGdldC BvdXIgZnJl ZSBlQm9vay AKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgID xiPlRoZSBD aGVja2xpc3 QgVmFsdWUg SW52ZXN0b3 Ig4oCUIEEg U21hcnRlci BXYXkgdG8g UGljayBTdG 9ja3M8L2I+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvZGl2 PgogICAgIC AgICAgICAg ICAgICAgIC AgICAtLT4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxNnB4Oy Bmb250LXNp emU6IDE0cH g7IGNvbG9y OiAjNDQ0Oy Bmb250LWZh bWlseTogLW FwcGxlLXN5 c3RlbSwgQm xpbmtNYWNT eXN0ZW1Gb2 50LCBTZWdv ZSBVSSwgUm 9ib3RvLCBI ZWx2ZXRpY2 EgTmV1ZSwg c2Fucy1zZX JpZjsgbGlu ZS1oZWlnaH Q6IDEuNjsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg SGF2ZSB5b3 UgaGVhcmQg YWJvdXQgb3 VyIHNob3J0 IDxzdHJvbm cgc3R5bGU9 J2ZvbnQtd2 VpZ2h0OiA2 MDA7Jz5EYW lseSBWaWRl byBOZXdzbG V0dGVyPC9z dHJvbmc+Pw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgPG EgaHJlZj0n aHR0cHM6Ly 93d3cuaW5z aWdodGZ1bH ZhbHVlLmNv bS9uZXdzbG V0dGVyLnBo cCcgdGFyZ2 V0PSdfYmxh bmsnIHN0eW xlPSdjb2xv cjogIzAwN0 JGRjsgdGV4 dC1kZWNvcm F0aW9uOiBu b25lOyBmb2 50LXdlaWdo dDogNTAwOy BtYXJnaW4t bGVmdDogNn B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg RmluZCBvdX QgbW9yZQog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9h PgogICAgIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgICAgIC AgICAgLS0+ CiAgICAgIC AgICAgICAg ICAgICAgPC 9kaXY+CiAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIA ogICAgICAg IAogICAgIC AgIDxzcGFu IGNsYXNzPS dibHVycmVk LXRleHQnPg ogICAgICAg ICAgICBNUz RnVDI1bElF IHhwWW1WeW RIa2cgVUhK dmNHVnlkRy BsbGN5QnBj eUJoIElISm xZV3dnWlgg TjBZWFJsSU dsdSBkbVZ6 ZEcxbGJuIF FnZEhKMWMz UWcgS0ZKRl NWUXBJSCBS b1lYUWdjM0 JsIFkybGhi R2w2WlggTW dhVzRnZEdo bCBJRzkzYm 1WeWMyIGhw Y0NCaGJtUW cgYldGdVlX ZGxiVyBWdW RDQnZaaUJq IGIyMXRaWE pqYVcgRnNJ SEJ5YjNCbC BjblJwWlhN dVBHIEp5UG pJdUlGUm8g WlNCamIyMX dZVyA1NUlI ZGhjeUJtIG IzVnVaR1Zr SUcgbHVJRE U1T0RJZyBZ WE1nVDI1bE lFIHhwWW1W eWRIa2cgVE dGdVpTQkRi MyBKd2IzSm hkR2x2IGJp QmhibVFnWT IgaGhibWRs WkNCcCBkSE 1nYm1GdFpT IEIwYnlCUG JtVWcgVEds aVpYSjBlUy BCUWNtOXda WEowIGFXVn pJR2x1SUQg RTVPVGt1UE dKeSBQak11 SUVsMGN5IE JvWldGa2NY VmggY25SbG NuTWdZWCBK bElHeHZZMk YwIFpXUWdh VzRnUjMgSm xZWFFnVG1W aiBheXdnVG 1WM0lGIGx2 Y21zdVBHSn kgUGpRdUlF OXVaUyBCTW FXSmxjblI1 IElGQnliM0 JsY24gUnBa WE1nYUdGei BJR0VnWkds MlpYIEp6Wl NCd2IzSjAg Wm05c2FXOG diMiBZZ2NI SnZjR1Z5IG RHbGxjeXdn YVcgNWpiSF ZrYVc1biBJ SEpsZEdGcG JDIHdnYVc1 a2RYTjAgY2 1saGJDd2di MiBabWFXTm xMQ0JoIGJt UWdiWFZzZE cga3RabUZ0 YVd4NSBJSE J5YjNCbGNu IFJwWlhNZ2 JHOWogWVhS bFpDQjBhSC BKdmRXZG9i M1YwIElIUm 9aU0JWYm0g bDBaV1FnVT NSaCBkR1Z6 TGp4aWNqID QxTGlCQmN5 QnYgWmlBeU 1ESXhMQyBC MGFHVWdZMj l0IGNHRnVl U0J2ZDIgNX pJREV4T0NC dyBjbTl3Wl hKMGFXIFZ6 SUhkcGRHZ2 cgWVNCMGIz UmhiQyBCdl ppQXhNQzR6 IElHMXBiR3 hwYjIgNGdj M0YxWVhKbC BJR1psWlhR dVBHIEp5UG pZdUlFOXUg WlNCTWFXSm xjbiBSNUlG QnliM0JsIG NuUnBaWE1n YVggTWdiR2 x6ZEdWayBJ Rzl1SUhSb1 pTIEJPWlhj Z1dXOXkgYX lCVGRHOWph eSBCRmVHTm 9ZVzVuIFpT QjFibVJsY2 kgQjBhR1Vn ZEdsaiBhMl Z5SUhONWJX IEp2YkNCUF RGQXUgUEdK eVBqY3VJRi BSb1pTQmpi MjF3IFlXNT U0b0NaY3kg QjBiM1JoYk NCaCBjM05s ZEhNZ1lYIE psSUhaaGJI VmwgWkNCaG RDQnZkbSBW eUlDUXhMak lnIFltbHNi R2x2YmkgND hZbkkrT0M0 ZyBUMjVsSU V4cFltIFZ5 ZEhrZ1VISn YgY0dWeWRH bGxjeSBCbW IyTjFjMlZ6 IElHOXVJR0 ZqY1ggVnBj bWx1WnlCMS BibVJsY25C bGNtIFp2Y2 0xcGJtY2cg YjNJZ1pHbH pkSCBKbGMz TmxaQ0J3IG NtOXdaWEow YVcgVnpJR0 Z1WkNCcCBi WEJ5YjNacG JtIGNnZEdo bGFYSWcgWm 1sdVlXNWph VyBGc0lIQm xjbVp2IGNt MWhibU5sSU ggUm9jbTkx WjJnZyBZV0 4wYVhabElH IDFoYm1Gbl pXMWwgYm5R Z2MzUnlZWC BSbFoybGxj eTQ4IFluSS tPUzRnVkcg aGxJR052Yl hCaCBibmtn YUdGeklHIE VnYzNSeWIy NW4gSUhSeV lXTnJJSCBK bFkyOXlaQ0 J2IFppQndZ WGxwYm0gY2 daR2wyYVdS bCBibVJ6SU hSdklHIGww Y3lCemFHRn kgWldodmJH UmxjbiBNdU lFbHVJREl3 IE1qQXNJR2 wwSUggQmhh V1FnWVNCeC BkV0Z5ZEdW eWJIIGtnWk dsMmFXUmwg Ym1RZ2IyWW dKRCBBdU5E VWdjR1Z5IE lITm9ZWEps TEMgQjBiM1 JoYkdsdSBa eUFrTVM0NE 1DIEJtYjNJ Z2RHaGwgSU hsbFlYSXVQ RyBKeVBqRX dMaUJQIGJt VWdUR2xpWl ggSjBlU0JR Y205dyBaWE owYVdWeklH IGhoY3lCaV pXVnUgSUds dUlHSjFjMi BsdVpYTnpJ R1p2IGNpQm hiRzF2YzMg UWdOREFnZV dWaCBjbk1n WVc1a0lHIG hoY3lCM1pX RjAgYUdWeV pXUWdjMiBW MlpYSmhiQ0 JsIFkyOXVi MjFwWXkgQm tiM2R1ZEhW eSBibk1zSU dSbGJXIDl1 YzNSeVlYUn AgYm1jZ2FY UnpJSCBOMF lXSnBiR2ww IGVTQmhibV FnY20gVnph V3hwWlc1ai BaU0JoY3lC aElHIE52Yl hCaGJua3UK ICAgICAgIC A8L3NwYW4+ CiAgICAgIC AgCiAgICAg ICAg