Nexus Industrial REIT

Live  

Nexus Industrial REIT is a real estate investment trust company that focuses on the acquisition, ownership, and management of industrial properties across Canada. The company was founded in 2004 and is headquartered in Toronto, Ontario. Nexus Industrial REIT is primarily focused on multi-tenant industrial properties, including warehouses, distribution centers, and manufacturing facilities.
The company’s portfolio consists of over 64 properties, with a total gross leasable area of approximately 4.6 million square feet. These properties are located in major Canadian cities, such as Toronto, Montreal, Vancouver, and Edmonton, as well as in smaller cities with strong economic growth potential.
Nexus Industrial REIT’s strategy is to acquire well-located, high-quality properties that are attractively priced and have the potential to generate strong rental income and long-term capital appreciation. The company also focuses on actively managing its properties to optimize their occupancy rates, rental rates, and overall performance.
One of the key advantages of investing in a REIT like Nexus Industrial REIT is the potential for regular income through dividends. The company aims to distribute a significant portion of its cash available for distribution to unitholders on a monthly basis.
Nexus Industrial REIT is listed on the Toronto Stock Exchange under the ticker symbol NXR.UN and is regulated by the Ontario Securities Commission. The company’s management team has a proven track record of successful real estate investments and has significant experience in the Canadian industrial real estate market.

MS4gRGVkaW NhdGVkIHRv IGluZHVzdH JpYWwgcHJv cGVydGllcz ogVGhlIGVu dGlyZSBidX NpbmVzcyBm b2N1cyBvZi BOZXh1cyBJ bmR1c3RyaW FsIFJFSVQg aXMgb24gaW 5kdXN0cmlh bCBwcm9wZX J0aWVzLiBU aGlzIG1lYW 5zIHRoYXQg dGhlIGNvbX BhbnkgaGFz IGEgZGVlcC B1bmRlcnN0 YW5kaW5nIG FuZCBleHBl cnRpc2UgaW 4gdGhpcyBz cGVjaWZpYy BzZWN0b3Is IGFsbG93aW 5nIHRoZW0g dG8gbWFrZS BzdHJhdGVn aWMgaW52ZX N0bWVudHMg YW5kIGdlbm VyYXRlIHN0 YWJsZSByZX R1cm5zIGZv ciB0aGVpci BpbnZlc3Rv cnMuPGJyPj IuIEV4cGVy aWVuY2VkIG 1hbmFnZW1l bnQgdGVhbT ogVGhlIGNv bXBhbnkgaX MgbGVkIGJ5 IGEgaGlnaG x5IGV4cGVy aWVuY2VkIG FuZCBrbm93 bGVkZ2VhYm xlIG1hbmFn ZW1lbnQgdG VhbSB3aXRo IGEgcHJvdm VuIHRyYWNr IHJlY29yZC BpbiByZWFs IGVzdGF0ZS BpbnZlc3Rt ZW50IGFuZC BtYW5hZ2Vt ZW50Ljxicj 4zLiBEaXZl cnNlIHBvcn Rmb2xpbzog TmV4dXMgSW 5kdXN0cmlh bCBSRUlUIG hhcyBhIGRp dmVyc2UgcG 9ydGZvbGlv IG9mIGluZH VzdHJpYWwg cHJvcGVydG llcywgaW5j bHVkaW5nIH dhcmVob3Vz ZXMsIGRpc3 RyaWJ1dGlv biBjZW50ZX JzLCBtYW51 ZmFjdHVyaW 5nIGZhY2ls aXRpZXMsIG FuZCBtb3Jl LiBUaGlzIG RpdmVyc2lm aWNhdGlvbi BoZWxwcyBt aXRpZ2F0ZS ByaXNrcyBh bmQgcHJvdm lkZXMgc3Rh YmlsaXR5IH RvIHRoZSBj b21wYW554o CZcyBvcGVy YXRpb25zLj xicj40LiBT dHJvbmcgZm luYW5jaWFs IHBlcmZvcm 1hbmNlOiBU aGUgY29tcG FueSBoYXMg YSBoaXN0b3 J5IG9mIHN0 cm9uZyBmaW 5hbmNpYWwg cGVyZm9ybW FuY2UsIHdp dGggY29uc2 lzdGVudCBn cm93dGggaW 4gcmV2ZW51 ZXMsIG5ldC BvcGVyYXRp bmcgaW5jb2 1lLCBhbmQg Y2FzaCBmbG 93cy4gVGhp cyBwcm92aW RlcyBjb25m aWRlbmNlIH RvIGludmVz dG9ycyBhYm 91dCB0aGUg Y29tcGFuee KAmXMgYWJp bGl0eSB0by BnZW5lcmF0 ZSBjb25zaX N0ZW50IHJl dHVybnMuPG JyPjUuIEhp Z2gtcXVhbG l0eSBwcm9w ZXJ0aWVzOi BOZXh1cyBJ bmR1c3RyaW FsIFJFSVTi gJlzIHByb3 BlcnRpZXMg YXJlIHN0cm F0ZWdpY2Fs bHkgbG9jYX RlZCBpbiBw cmltZSBpbm R1c3RyaWFs IGFyZWFzIG FuZCBhcmUg b2YgaGlnaC BxdWFsaXR5 LCB3aXRoIG 1vZGVybiBh bWVuaXRpZX MgYW5kIGZl YXR1cmVzLi BUaGlzIGVu c3VyZXMgYS BkZXNpcmFi bGUgdGVuYW 50IGJhc2Ug YW5kIGhlbH BzIHRvIG1h aW50YWluIG hpZ2ggb2Nj dXBhbmN5IH JhdGVzLjxi cj42LiBIYW 5kcy1vbiBt YW5hZ2VtZW 50IGFwcHJv YWNoOiBUaG UgY29tcGFu eSBmb2xsb3 dzIGEgaGFu ZHMtb24gbW FuYWdlbWVu dCBhcHByb2 FjaCwgd2hp Y2ggaW52b2 x2ZXMgYWN0 aXZlbHkgbW FuYWdpbmcg YW5kIGltcH JvdmluZyB0 aGUgcHJvcG VydGllcyB0 byBtYXhpbW l6ZSB0aGVp ciB2YWx1ZS 4gVGhpcyBh cHByb2FjaC BoZWxwcyB0 byBib29zdC B0aGUgaW52 ZXN0bWVudC ByZXR1cm5z IGZvciBzaG FyZWhvbGRl cnMuPGJyPj cuIEZvY3Vz IG9uIGVudm lyb25tZW50 YWwgc3VzdG FpbmFiaWxp dHk6IE5leH VzIEluZHVz dHJpYWwgUk VJVCBpcyBj b21taXR0ZW QgdG8gc3Vz dGFpbmFiaW xpdHkgYW5k IGhhcyBpbX BsZW1lbnRl ZCB2YXJpb3 VzIGVuZXJn eSBhbmQgcm Vzb3VyY2Ut c2F2aW5nIG 1lYXN1cmVz IGluIHRoZW lyIHByb3Bl cnRpZXMuIF RoaXMgbm90 IG9ubHkgYm VuZWZpdHMg dGhlIGVudm lyb25tZW50 IGJ1dCBhbH NvIGhlbHBz IHRvIHJlZH VjZSBvcGVy YXRpbmcgY2 9zdHMgYW5k IGltcHJvdm UgbG9uZy10 ZXJtIHJldH VybnMgZm9y IGludmVzdG 9ycy48YnI+ OC4gRGlzdH JpYnV0aW9u LWZvY3VzZW Qgc3RydWN0 dXJlOiBUaG UgY29tcGFu eSBvcGVyYX RlcyBhcyBh IHByaXZhdG UgcmVhbCBl c3RhdGUgaW 52ZXN0bWVu dCB0cnVzdC AoUkVJVCkg YW5kIGRpc3 RyaWJ1dGVz IHRoZSBtYW pvcml0eSBv ZiBpdHMgaW 5jb21lIHRv IGludmVzdG 9ycyBpbiB0 aGUgZm9ybS BvZiBkaXZp ZGVuZHMuIF RoaXMgbWFr ZXMgaXQgYW 4gYXR0cmFj dGl2ZSBpbn Zlc3RtZW50 IG9wdGlvbi Bmb3IgdGhv c2Ugc2Vla2 luZyByZWd1 bGFyIGluY2 9tZSBzdHJl YW1zLjxicj 45LiBGb2N1 cyBvbiBsb2 5nLXRlcm0g Z3Jvd3RoOi BOZXh1cyBJ bmR1c3RyaW FsIFJFSVQg aGFzIGEgbG 9uZy10ZXJt IGdyb3d0aC BzdHJhdGVn eSwgd2l0aC BhIGZvY3Vz IG9uIGFjcX VpcmluZyBh bmQgZGV2ZW xvcGluZyBw cm9wZXJ0aW VzIHRoYXQg aGF2ZSB0aG UgcG90ZW50 aWFsIGZvci B2YWx1ZSBj cmVhdGlvbi BvdmVyIHRp bWUuIFRoaX MgYXBwcm9h Y2ggYmVuZW ZpdHMgYm90 aCB0aGUgY2 9tcGFueSBh bmQgaXRzIG ludmVzdG9y cyBieSBnZW 5lcmF0aW5n IHN1c3RhaW 5hYmxlIHJl dHVybnMgb3 ZlciB0aGUg bG9uZyB0ZX JtLjxicj4x MC4gU29jaW FsbHkgcmVz cG9uc2libG UgaW52ZXN0 bWVudDogVG hlIGNvbXBh bnkgYWxzby Bwcmlvcml0 aXplcyBzb2 NpYWxseSBy ZXNwb25zaW JsZSBpbnZl c3RpbmcsIH dpdGggYSBj b21taXRtZW 50IHRvIGdv b2QgY29ycG 9yYXRlIGdv dmVybmFuY2 UgYW5kIHNv Y2lhbCByZX Nwb25zaWJp bGl0eS4gVG hpcyBhbGln bnMgd2l0aC BpbnZlc3Rv cnMgd2hvIH ByaW9yaXRp emUgY29tcG FuaWVzIHdp dGggZXRoaW NhbCBhbmQg cmVzcG9uc2 libGUgYnVz aW5lc3MgcH JhY3RpY2Vz Lg==

VGhlIE5leH VzIEluZHVz dHJpYWwgUk VJVCAoUmVh bCBFc3RhdG UgSW52ZXN0 bWVudCBUcn VzdCkgY29t cGFueSBpcy BhIHB1Ymxp Y2x5IHRyYW RlZCByZWFs IGVzdGF0ZS BpbnZlc3Rt ZW50IHRydX N0IHRoYXQg b3ducyBhbm Qgb3BlcmF0 ZXMgYSBwb3 J0Zm9saW8g b2YgaW5kdX N0cmlhbCBw cm9wZXJ0aW VzLiBUaGlz IGluY2x1ZG VzIHdhcmVo b3VzZXMsIG Rpc3RyaWJ1 dGlvbiBjZW 50ZXJzLCBt YW51ZmFjdH VyaW5nIGZh Y2lsaXRpZX MsIGFuZCBv dGhlciBpbm R1c3RyaWFs IGJ1aWxkaW 5ncyBsb2Nh dGVkIGluIG tleSBjb21t ZXJjaWFsIG 1hcmtldHMg YWNyb3NzIE 5vcnRoIEFt ZXJpY2EuPG JyPlRoZSBj b21wYW554o CZcyBidXNp bmVzcyBtb2 RlbCBpcyB0 byBhY3F1aX JlIGFuZCBt YW5hZ2UgYS BkaXZlcnNl IHBvcnRmb2 xpbyBvZiBp bmNvbWUtZ2 VuZXJhdGlu ZyBpbmR1c3 RyaWFsIHBy b3BlcnRpZX MsIHdpdGgg YSBmb2N1cy BvbiB2YWx1 ZS1hZGQgYX NzZXRzLiBU aGV5IGFpbS B0byBnZW5l cmF0ZSBhdH RyYWN0aXZl IHJldHVybn MgZm9yIHRo ZWlyIGludm VzdG9ycyB0 aHJvdWdoIG EgY29tYmlu YXRpb24gb2 YgcmVudGFs IGluY29tZS wgY2FwaXRh bCBhcHByZW NpYXRpb24s IGFuZCBhc3 NldCBtYW5h Z2VtZW50IH N0cmF0ZWdp ZXMuPGJyPk 5leHVzIElu ZHVzdHJpYW wgUkVJVOKA mXMgcHJvcG VydGllcyBh cmUgcHJpbW FyaWx5IGxl YXNlZCB0by BhIGRpdmVy c2UgbWl4IG 9mIHRlbmFu dHMsIGluY2 x1ZGluZyBl LWNvbW1lcm NlIGFuZCBs b2dpc3RpY3 MgY29tcGFu aWVzLCBtYW 51ZmFjdHVy aW5nIGZpcm 1zLCBhbmQg b3RoZXIgaW 5kdXN0cmlh bCBidXNpbm Vzc2VzLiBU aGUgY29tcG FueeKAmXMg Z29hbCBpcy B0byBtYWlu dGFpbiBhIG hpZ2ggb2Nj dXBhbmN5IH JhdGUgYW5k IHN0YWJsZS BjYXNoIGZs b3cgYnkgc2 lnbmluZyBs b25nLXRlcm 0gbGVhc2Vz IGFuZCBhY3 RpdmVseSBt YW5hZ2luZy BhbmQgbWFp bnRhaW5pbm cgdGhlaXIg cHJvcGVydG llcy48YnI+ SW4gYWRkaX Rpb24gdG8g YWNxdWlyaW 5nIGFuZCBt YW5hZ2luZy Bwcm9wZXJ0 aWVzLCB0aG UgY29tcGFu eSBhbHNvIG VuZ2FnZXMg aW4gZGV2ZW xvcG1lbnQg YW5kIHJlZG V2ZWxvcG1l bnQgcHJvam VjdHMgdG8g ZW5oYW5jZS B0aGUgdmFs dWUgb2YgdG hlaXIgcG9y dGZvbGlvLi BUaGV5IGFs c28gYWN0aX ZlbHkgc2Vl ayBvdXQgc3 RyYXRlZ2lj IGFjcXVpc2 l0aW9ucyB0 byBleHBhbm QgdGhlaXIg cHJlc2VuY2 UgaW4gdGFy Z2V0IG1hcm tldHMgYW5k IGluY3JlYX NlIHRoZWly IHNjYWxlIG FuZCBkaXZl cnNpZmljYX Rpb24uPGJy Pk92ZXJhbG wsIHRoZSBO ZXh1cyBJbm R1c3RyaWFs IFJFSVQgY2 9tcGFueeKA mXMgYnVzaW 5lc3MgbW9k ZWwgZm9jdX NlcyBvbiBn ZW5lcmF0aW 5nIGNvbnNp c3RlbnQgYW 5kIGdyb3dp bmcgaW5jb2 1lIGZvciB0 aGVpciBpbn Zlc3RvcnMg dGhyb3VnaC BhIHBvcnRm b2xpbyBvZi BpbmR1c3Ry aWFsIHByb3 BlcnRpZXMg dGhhdCBhcm Ugd2VsbC1w b3NpdGlvbm VkIGluIHN0 cm9uZyBhbm QgZ3Jvd2lu ZyBtYXJrZX RzLg==

Nexus Industrial REIT, like many real estate investment trusts, is sensitive to changes in interest rates for several reasons:
1. Cost of Borrowing: A significant portion of Nexus Industrial REIT’s financing is likely to be through debt. When interest rates rise, the cost of borrowing increases, which can lead to higher interest expenses. This can negatively impact earnings and cash flow, reducing available funds for distribution to unitholders.
2. Valuation Impact: Interest rates are a critical factor in the discount rate applied in valuation models. Higher interest rates generally lead to higher discount rates, which can decrease the present value of future cash flows. This can result in a lower valuation of the REIT’s assets.
3. Capitalization Rates: Rising interest rates can also lead to increased capitalization rates in real estate markets. As the cost of financing increases, investors may demand higher returns on their real estate investments, making existing properties less valuable.
4. Investment Demand: Higher interest rates can decrease the attractiveness of real estate investments compared to fixed-income securities like bonds. This shift in investor preference could result in reduced demand for real estate, ultimately impacting property valuations and rental income.
5. Tenant Impact: If interest rates rise, some of Nexus’s tenants—particularly those in industries sensitive to financing conditions—may face higher borrowing costs. This could affect their ability to pay rent, leading to increased vacancy rates or lower rental income.
Overall, Nexus Industrial REIT’s earnings, cash flow, and valuation can be significantly affected by fluctuations in interest rates, influencing its financial health and attractiveness to investors.

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 bG9nb3MveE xod2lHaFBU amFLanc3dU RlTVUud2Vi cCIgYWx0PS JOZXh1cyBJ bmR1c3RyaW FsIFJFSVQi IHRpdGxlPS JOZXh1cyBJ bmR1c3RyaW FsIFJFSVQi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9OTAg d2lkdGg9OT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgTmV4dXMg SW5kdXN0cm lhbCBSRUlU PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+UkyBV bmxvY2sgb3 VyIGZyZWUg Z3VpZGU6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC 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 NGdUbVY0ZF ggTWdTVzVr ZFhOMCBjbW xoYkNCU1JV IGxVSUdsek lHRWcgY21W aGJDQmxjMy BSaGRHVWdh VzUyIFpYTj BiV1Z1ZEMg QjBjblZ6ZE NBbyBVa1ZK VkNrZ1kyID l0Y0dGdWVT Qm0gYjJOMW MyVmtJRyA5 dUlHRmpjWF ZwIGNtbHVa eUJoYm0gUW diV0Z1WVdk cCBibWNnYV c1a2RYIE4w Y21saGJDQn cgY205d1pY SjBhVyBWek lHbHVJRU5o IGJtRmtZUz Q4WW4gSStN aTRnVkdobC BJR052YlhC aGJuIGtnZD JGeklHWnYg ZFc1a1pXUW dhVyA0Z01q QXhNU0JoIG JtUWdhWE1n YUcgVmhaSE YxWVhKMCBa WEpsWkNCcG JpIEJVYjNK dmJuUnYgTE NCRFlXNWha RyBFdVBHSn lQak11IElF NWxlSFZ6SU UgbHVaSFZ6 ZEhKcCBZV3 dnVWtWSlZD IEJwY3lCc2 FYTjAgWldR Z2IyNGdkRy BobElGUnZj bTl1IGRHOG dVM1J2WTIg c2dSWGhqYU dGdSBaMlVn ZFc1a1pYIE lnZEdobElI TjUgYldKdm JDQk9XRiBJ dVBHSnlQal F1IElFRnpJ RzltSUUgcD FibVVnTWpB eSBNU3dnZE dobElHIE52 YlhCaGJubm kgZ0pseklI QnZjbiBSbW IyeHBieUJw IGJtTnNkV1 JsY3kgQTRO eUJwYm1SMS BjM1J5YVdG c0lIIEJ5Yj NCbGNuUnAg WlhNZ2QybD BhQyBCaElI UnZkR0ZzIE lHZHliM056 SUcgeGxZWE 5oWW14bCBJ R0Z5WldFZ2 IyIFlnWVhC d2NtOTQgYV cxaGRHVnNl UyBBMUlHMX BiR3hwIGIy NGdjM0YxWV ggSmxJR1ps WlhRdSBQR0 p5UGpVdUlG IFJvWlNCam IyMXcgWVc1 NTRvQ1pjeS BCd2NtOXda WEowIGFXVn pJR0Z5WlMg QnNiMk5oZE dWayBJR2x1 SUhSb1pTIE J3Y205MmFX NWogWlhNZ2 IyWWdUMiA1 MFlYSnBieX dnIFVYVmxZ bVZqTEMgQm hibVFnUVd4 aSBaWEowWV M0OFluIEkr Tmk0Z1RtVj QgZFhNZ1NX NWtkWCBOMG NtbGhiQ0JT IFJVbFU0b0 NaY3kgQndj bWx0WVhKNS BJR1p2WTNW eklHIGx6SU c5dUlHRmog Y1hWcGNtbH VaeSBCaGJt UWdiV0Z1IF lXZHBibWNn YzIgbHVaMn hsTFhSbCBi bUZ1ZEN3Z2 JtIFYwTFd4 bFlYTmwgWk NCcGJtUjFj MyBSeWFXRn NJSEJ5IGIz QmxjblJwWl ggTXNJSGRv YVdObyBJRz FsWVc1eklI IFJvWlNCam IyMXcgWVc1 NTRvQ1pjeS BCMFpXNWhi blJ6IElHRn laU0J5Wlgg TndiMjV6YV dKcyBaU0Jt YjNJZ2NHIE Y1YVc1bklH VjQgY0dWdW MyVnpJSCBO MVkyZ2dZWE 1nIGRHRjRa WE1zSUcgbH VjM1Z5WVc1 aiBaU3dnWV c1a0lHIDFo YVc1MFpXNW ggYm1ObExq eGljaiA0M0 xpQlVhR1Vn IFkyOXRjR0 Z1ZWUgS0Ft WE1nZEdWdS BZVzUwY3lC cGJtIE5zZF dSbElHRWcg ZG1GeWFXVj BlUyBCdlpp QnBibVIxIG MzUnlhV1Z6 SUggTjFZMm dnWVhNZyBk SEpoYm5Od2 IzIEowWVhS cGIyNHMgSU d4dloybHpk RyBsamN5d2 diV0Z1IGRX WmhZM1IxY2 0gbHVaeXdn WVc1ayBJR1 JwYzNSeWFX IEoxZEdsdm JpNDggWW5J K09DNGdTVy A0Z01qQXlN Q3dnIFRtVj RkWE1nU1cg NWtkWE4wY2 1saCBiQ0JT UlVsVUlHIE ZqY1hWcGNt VmsgSUdGdU lHRmtaRyBs MGFXOXVZV3 dnIE16QWdj SEp2Y0cgVn lkR2xsY3l3 ZyBhVzVqY2 1WaGMyIGx1 WnlCcGRITW cgY0c5eWRH WnZiRyBsdk lHSjVJRFUx IEpTNDhZbk krT1MgNGdW R2hsSUdOdi BiWEJoYm5r Z2FHIEZ6SU dFZ2MzUnkg YjI1bklIUn lZVyBOcklI SmxZMjl5IF pDQnZaaUJ6 ZEcgRmliR1 VnWVc1ayBJ R2R5YjNkcG JtIGNnWkds emRISnAgWW 5WMGFXOXVj eSBCMGJ5Qn BkSE1nIGRX NXBkR2h2Yk cgUmxjbk1z SUhkcCBkR2 dnWVNCamIy IDF3YjNWdV pDQmggYm01 MVlXd2daMy BKdmQzUm9J SEpoIGRHVW diMllnTlMg NDJNU1VnYz JsdSBZMlVn TWpBeE15ID Q4WW5JK01U QXUgSUU1bG VIVnpJRSBs dVpIVnpkSE pwIFlXd2dV a1ZKVkMgQn BjeUJqYjIx dCBhWFIwWl dRZ2RHIDhn YzNWemRHRn AgYm1GaWFX eHBkSCBrZ1 lXNWtJR2ho IGN5QnBiWE JzWlcgMWxi blJsWkNCbC BibVZ5WjNr dFpXIFptYV dOcFpXNTAg SUdsdWFYUn BZWCBScGRt VnpJR2x1IE lHbDBjeUJ3 Y20gOXdaWE owYVdWeiBM Q0JwYm1Oc2 RXIFJwYm1j Z1RFVkUgSU d4cFoyaDBh VyA1bklHRn VaQ0J6IGIy eGhjaUJ3WV cgNWxiSE1z SUhSdiBJSE psWkhWalpT IEJwZEhNZ1 pXNTIgYVhK dmJtMWxibi BSaGJDQnBi WEJoIFkzUW dZVzVrSUcg OXdaWEpoZE dsdSBaeUJq YjNOMGN5ID Q9CiAgICAg ICAgPC9zcG FuPgogICAg ICAgIAogIC AgICAgIA==
See Company Q&A