Nexus Industrial REIT

More reviews (1)

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.

TmV4dXMgSW 5kdXN0cmlh bCBSRUlUIG lzIGEgY29t cGFueSB0aG F0IG93bnMg YW5kIG1hbm FnZXMgYnVp bGRpbmdzIH doZXJlIGJ1 c2luZXNzZX Mgc3RvcmUg YW5kIHdvcm sgd2l0aCB0 aGVpciBnb2 9kcy4gVGhp bmsgb2YgaX QgbGlrZSBh IGJpZyBjb2 xsZWN0aW9u IG9mIHdhcm Vob3VzZXMg YW5kIGRpc3 RyaWJ1dGlv biBjZW50ZX JzIHRoYXQg aGVscCBjb2 1wYW5pZXMg a2VlcCB0aG VpciBwcm9k dWN0cyBzYW ZlIGFuZCBv cmdhbml6ZW QgdW50aWwg dGhleSBuZW VkIHRvIHNl bGwgdGhlbS BvciBzZW5k IHRoZW0gdG 8gY3VzdG9t ZXJzLjxicj 5OZXh1cyBJ bmR1c3RyaW FsIFJFSVQg bWFrZXMgbW 9uZXkgYnkg cmVudGluZy BvdXQgdGhl c2UgYnVpbG RpbmdzIHRv IGRpZmZlcm VudCBidXNp bmVzc2VzLi BKdXN0IGxp a2Ugd2hlbi Bzb21lb25l IHBheXMgdG 8gcmVudCBh biBhcGFydG 1lbnQgdG8g bGl2ZSBpbi wgY29tcGFu aWVzIHBheS BOZXh1cyBt b25leSBldm VyeSBtb250 aCB0byB1c2 UgdGhlIHNw YWNlIGZvci B0aGVpciBv cGVyYXRpb2 5zLiBTaW5j ZSBtYW55IG J1c2luZXNz ZXMgcmVseS BvbiB0aGVz ZSBidWlsZG luZ3MgdG8g ZnVuY3Rpb2 4sIE5leHVz IGNhbiBjb3 VudCBvbiBn ZXR0aW5nIG EgY29uc2lz dGVudCBhbW 91bnQgb2Yg bW9uZXkgZn JvbSB0aGUg cmVudHMuPG JyPlRoZSBj b21wYW55IG lzIHN1Y2Nl c3NmdWwgZm 9yIGEgZmV3 IHJlYXNvbn MuIEZpcnN0 LCB0aGVyZS BpcyBhbHdh eXMgYSBoaW doIGRlbWFu ZCBmb3Igc3 RvcmFnZSBh bmQgZGlzdH JpYnV0aW9u IHNwYWNlIG JlY2F1c2Ug b25saW5lIH Nob3BwaW5n IGFuZCBxdW ljayBkZWxp dmVyeSBhcm UgcG9wdWxh ciBub3cuIF RoaXMgbWVh bnMgbWFueS Bjb21wYW5p ZXMgbmVlZC B3YXJlaG91 c2VzIHRvIG tlZXAgdGhl aXIgcHJvZH VjdHMgY2xv c2UgdG8gY3 VzdG9tZXJz Ljxicj5TZW NvbmQsIE5l eHVzIG1hbm FnZXMgaXRz IHByb3Blcn RpZXMgd2Vs bCwgbWFraW 5nIHN1cmUg dGhleSBhcm UgaW4gZ29v ZCBjb25kaX Rpb24gYW5k IHN1aXRhYm xlIGZvciBi dXNpbmVzc2 VzLiBHb29k IG1hbmFnZW 1lbnQgYXR0 cmFjdHMgdG VuYW50cyBh bmQga2VlcH MgdGhlbSBo YXBweSwgd2 hpY2ggbWVh bnMgdGhleS BhcmUgbW9y ZSBsaWtlbH kgdG8gc3Rh eSBhbmQgY2 9udGludWUg cGF5aW5nIH JlbnQuPGJy Pkxhc3RseS wgTmV4dXMg SW5kdXN0cm lhbCBSRUlU IGhhcyBhIH BsYW4gZm9y IHRoZSBmdX R1cmUuIFRo ZXkga2VlcC Bsb29raW5n IGZvciBuZX cgYnVpbGRp bmdzIHRvIG J1eSBhbmQg aW52ZXN0IG luIGRpZmZl cmVudCBhcm Vhcywgd2hp Y2ggaGVscH MgdGhlbSBn cm93IGFuZC BzdGF5IHN1 Y2Nlc3NmdW wuIEJ5IGZv Y3VzaW5nIG 9uIGxvY2F0 aW9ucyB0aG F0IGJ1c2lu ZXNzZXMgbm VlZCwgdGhl eSBjYW4ga2 VlcCBtYWtp bmcgbW9uZX kgZm9yIGEg bG9uZyB0aW 1lLjxicj5T bywgaW4gc2 hvcnQsIE5l eHVzIEluZH VzdHJpYWwg UkVJVCBvd2 5zIGJ1aWxk aW5ncyB0aG F0IGJ1c2lu ZXNzZXMgcm VudCB0byBz dG9yZSB0aG VpciBwcm9k dWN0cywgYW 5kIGl0IHdp bGwgbGlrZW x5IHJlbWFp biBzdWNjZX NzZnVsIGJl Y2F1c2Ugb2 YgdGhlIG9u Z29pbmcgZG VtYW5kIGZv ciB0aGlzIG tpbmQgb2Yg c3BhY2UgYW 5kIHRoZWly IHNtYXJ0IG 1hbmFnZW1l bnQuPGJyPg ==

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==

AI’s impact on companies like Nexus Industrial REIT, which focuses on industrial real estate, can be analyzed from several angles, including substitution, disintermediation, and margin pressure.
1. Substitution: AI doesn’t directly substitute the core products of industrial real estate, such as warehouses and distribution centers. However, AI-driven advancements in logistics, supply chain optimization, and automation could change the demand for certain types of industrial spaces. For example, as companies increasingly adopt automation and smart technologies, the design and functionalities required from these facilities may evolve, potentially impacting the types of properties Nexus invests in.
2. Disintermediation: AI could facilitate disintermediation in the real estate market by enhancing the efficiency of property management and brokerage services. Tools powered by AI can provide better data analytics, streamline leasing processes, and optimize operational efficiencies, reducing the reliance on traditional intermediaries. This could shift the competitive dynamics within the real estate sector, as companies that leverage AI effectively may gain a competitive edge in attracting tenants and managing properties.
3. Margin Pressure: The use of AI can lead to operational efficiencies that not only enhance property management but also contribute to cost reductions. As competitors adopt AI technologies, Nexus Industrial REIT may face margin pressure if it does not keep pace with technological adoption. Enhancements in predictive analytics, automated maintenance, and tenant engagement could result in lower operational costs and improved tenant retention for more technologically advanced competitors.
In summary, while AI may not pose an immediate material threat to Nexus Industrial REIT’s core offerings, it could impact the competitive landscape and operational efficiencies in the industrial real estate sector. The key for Nexus will be to adapt and integrate AI technologies to maintain its competitive positioning and avoid potential disadvantages.

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.

T25lIHJlYW xpc3RpYyBz Y2VuYXJpby B0aGF0IGNv dWxkIHBlcm 1hbmVudGx5 IGltcGFpci B0aGUgZWNv bm9taWNzIG 9mIE5leHVz IEluZHVzdH JpYWwgUkVJ VCBvdmVyIH RoZSBuZXh0 IDPigJM1IH llYXJzIGlz IGEgc2lnbm lmaWNhbnQg YW5kIHByb2 xvbmdlZCBk b3dudHVybi BpbiB0aGUg aW5kdXN0cm lhbCByZWFs IGVzdGF0ZS BtYXJrZXQg ZHJpdmVuIG J5IGEgY29t YmluYXRpb2 4gb2YgZmFj dG9ycyBzdW NoIGFzIGEg cmVjZXNzaW 9uLCBhIGRl Y2xpbmUgaW 4gZS1jb21t ZXJjZSBkZW 1hbmQsIGFu ZCB0aGUgcm lzZSBvZiBy ZW1vdGUgd2 9yayB0cmVu ZHMuIFRoaX MgZG93bnR1 cm4gY291bG QgbGVhZCB0 byBoaWdoZX IgdmFjYW5j eSByYXRlcy wgZGVjcmVh c2VkIHJlbn RhbCByYXRl cywgYW5kIG xvd2VyIGRl bWFuZCBmb3 IgaW5kdXN0 cmlhbCBzcG FjZXMuPGJy PklmIHN1Y2 ggYSBzY2Vu YXJpbyBwbG F5ZWQgb3V0 LCBOZXh1cy BJbmR1c3Ry aWFsIFJFSV Qgd291bGQg bGlrZWx5IG V4cGVyaWVu Y2Ugc2V2ZX JhbCBuZWdh dGl2ZSBlZm ZlY3RzOjxi cj4xLiA8c3 Ryb25nPk1h cmdpbnM8L3 N0cm9uZz46 IFRoZSBjb2 1wYW554oCZ cyBvcGVyYX RpbmcgbWFy Z2lucyB3b3 VsZCBkZWNy ZWFzZSBzaG FycGx5IGR1 ZSB0byBmYW xsaW5nIHJl bnRhbCBpbm NvbWUgYXMg dGVuYW50cy BzdHJ1Z2ds ZSB0byBwYX kgcmVudCBv ciBuZWdvdG lhdGUgbG93 ZXIgcmF0ZX MgdG8gbWFp bnRhaW4gdG VuYW5jeS4g SW5jcmVhc2 VkIHZhY2Fu Y3kgcmF0ZX Mgd291bGQg ZnVydGhlci Bjb21wb3Vu ZCB0aGUgcH JvYmxlbSwg bGVhZGluZy B0byBpbmNy ZWFzZWQgcH JvcGVydHkg bWFuYWdlbW VudCBjb3N0 cyB3aXRob3 V0IGNvcnJl c3BvbmRpbm cgaW5jb21l Ljxicj4yLi A8c3Ryb25n PkNhc2ggRm xvdzwvc3Ry b25nPjogVG hlIGNhc2gg ZmxvdyBmcm 9tIG9wZXJh dGlvbnMgY2 91bGQgYmVj b21lIG5lZ2 F0aXZlIGFz IHJldmVudW VzIGRlY2xp bmUgd2hpbG UgZml4ZWQg Y29zdHMsIH N1Y2ggYXMg bWFpbnRlbm FuY2UsIHBy b3BlcnR5IG 1hbmFnZW1l bnQgZmVlcy wgYW5kIGZp bmFuY2luZy BvYmxpZ2F0 aW9ucywgcm VtYWluIHJl bGF0aXZlbH kgY29uc3Rh bnQuIEFkZG l0aW9uYWxs eSwgaWYgdG hlIFJFSVQg aXMgZm9yY2 VkIHRvIG9m ZmVyIGNvbm Nlc3Npb25z IHRvIGtlZX AgdGVuYW50 cyBvciB0by Bsb3dlciBy ZW50YWwgcm F0ZXMgdG8g YXR0cmFjdC BuZXcgdGVu YW50cywgY2 FzaCBpbmZs b3dzIHdvdW xkIGJlIGZ1 cnRoZXIgY2 9tcHJvbWlz ZWQuPGJyPj MuIDxzdHJv bmc+QmFsYW 5jZSBTaGVl dDwvc3Ryb2 5nPjogT24g dGhlIGJhbG FuY2Ugc2hl ZXQsIHRoZS BpbXBhY3Qg b2YgZGVjbG luaW5nIGFz c2V0IHZhbH VlcyB3b3Vs ZCBiZSBzaW duaWZpY2Fu dC4gVGhlIG 1hcmtldCB2 YWx1ZSBvZi B0aGUgcHJv cGVydGllcy Bvd25lZCBi eSBOZXh1cy B3b3VsZCBs aWtlbHkgZG VjbGluZSwg cG90ZW50aW FsbHkgdHJp Z2dlcmluZy BkZWJ0IGNv dmVuYW50cy 4gSWYgdGhl IFJFSVQgaG FzIHNpZ25p ZmljYW50IG xldmVyYWdl LCBpdHMgZG VidC10by1l cXVpdHkgcm F0aW8gY291 bGQgd29yc2 VuLCBsZWFk aW5nIHRvIG EgaGlnaGVy IHBlcmNlaX ZlZCByaXNr IGJ5IGludm VzdG9ycyBh bmQgZnVydG hlciByZWR1 Y3Rpb25zIG luIG1hcmtl dCBjYXBpdG FsaXphdGlv bi4gVGhlIF JFSVQgbWF5 IGZhY2UgY2 hhbGxlbmdl cyB3aXRoIH JlZmluYW5j aW5nIGV4aX N0aW5nIGRl YnQgdW5kZX IgbGVzcyBm YXZvcmFibG UgY29uZGl0 aW9ucywgd2 hpY2ggY291 bGQgbmVjZX NzaXRhdGUg c2VsbGluZy BvZmYgYXNz ZXRzIGF0IH VuZmF2b3Jh YmxlIHByaW NlcyB0byBt YWludGFpbi BsaXF1aWRp dHkuPGJyPk 92ZXJhbGws IGlmIHRoaX Mgc2NlbmFy aW8gd2VyZS B0byBtYXRl cmlhbGl6ZS wgTmV4dXMg SW5kdXN0cm lhbCBSRUlU IGNvdWxkIG ZhY2UgYSBz aWduaWZpY2 FudCBhbmQg bGFzdGluZy BpbXBhY3Qg b24gaXRzIG Vjb25vbWlj IHZpYWJpbG l0eSwgbmVj ZXNzaXRhdG luZyBzdHJh dGVnaWMgbW Vhc3VyZXMg c3VjaCBhcy ByZXN0cnVj dHVyaW5nIG 9wZXJhdGlv bnMsIHJlZG VmaW5pbmcg Z3Jvd3RoIH N0cmF0ZWdp ZXMsIG9yIH BvdGVudGlh bGx5IGFsdG VyaW5nIGl0 cyBwb3J0Zm 9saW8gY29t cG9zaXRpb2 4gdG8gbWl0 aWdhdGUgcm lza3MgaW4g YSBjaGFsbG VuZ2luZyBl bnZpcm9ubW VudC48YnI+

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 lnaHQ9NTAg d2lkdGg9NT 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+TnSBK b2luIHVzIG FuZCBncmFi IHlvdXIgY2 9weSBvZiA8 aT4iVGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrcyI8L2 k+CiAgICAg 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 RnVG1WNGRY IE1nU1c1a2 RYTjAgY21s aGJDQlNSVS BsVUlHbHpJ R0VnIGNtVm hiQ0JsYzMg UmhkR1VnYV c1MiBaWE4w YldWdWRDIE IwY25WemRD QW8gVWtWSl ZDa2dZMiA5 dGNHRnVlU0 JtIGIyTjFj MlZrSUcgOX VJR0ZqY1hW cCBjbWx1Wn lCaGJtIFFn YldGdVlXZH AgYm1jZ2FX NWtkWCBOMG NtbGhiQ0J3 IGNtOXdaWE owYVcgVnpJ R2x1SUVOaC BibUZrWVM0 OFluIEkrTW k0Z1ZHaGwg SUdOdmJYQm hibiBrZ2Qy RnpJR1p2IG RXNWtaV1Fn YVcgNGdNak F4TVNCaCBi bVFnYVhNZ2 FHIFZoWkhG MVlYSjAgWl hKbFpDQnBi aSBCVWIzSn ZiblJ2IExD QkRZVzVoWk cgRXVQR0p5 UGpNdSBJRT VsZUhWeklF IGx1WkhWem RISnAgWVd3 Z1VrVkpWQy BCcGN5QnNh WE4wIFpXUW diMjRnZEcg aGxJRlJ2Y2 05dSBkRzhn VTNSdlkyIH NnUlhoamFH RnUgWjJVZ2 RXNWtaWCBJ Z2RHaGxJSE 41IGJXSnZi Q0JPV0YgSX VQR0p5UGpR dSBJRUZ6SU c5bUlFIHAx Ym1VZ01qQX kgTVN3Z2RH aGxJRyBOdm JYQmhibm5p IGdKbHpJSE J2Y24gUm1i MnhwYnlCcC BibU5zZFdS bGN5IEE0Tn lCcGJtUjEg YzNSeWFXRn NJSCBCeWIz QmxjblJwIF pYTWdkMmww YUMgQmhJSF J2ZEdGcyBJ R2R5YjNOek lHIHhsWVhO aFlteGwgSU dGeVpXRWdi MiBZZ1lYQn djbTk0IGFX MWhkR1ZzZV MgQTFJRzFw Ykd4cCBiMj RnYzNGMVlY IEpsSUdabF pYUXUgUEdK eVBqVXVJRi BSb1pTQmpi MjF3IFlXNT U0b0NaY3kg QndjbTl3Wl hKMCBhV1Z6 SUdGeVpTIE JzYjJOaGRH VmsgSUdsdU lIUm9aUyBC d2NtOTJhVz VqIFpYTWdi MllnVDIgNT BZWEpwYnl3 ZyBVWFZsWW 1WakxDIEJo Ym1RZ1FXeG kgWlhKMFlT NDhZbiBJK0 5pNGdUbVY0 IGRYTWdTVz VrZFggTjBj bWxoYkNCUy BSVWxVNG9D WmN5IEJ3Y2 1sdFlYSjUg SUdadlkzVn pJRyBseklH OXVJR0ZqIG NYVnBjbWx1 WnkgQmhibV FnYldGdSBZ V2RwYm1jZ2 MyIGx1WjJ4 bExYUmwgYm 1GdWRDd2di bSBWMExXeG xZWE5sIFpD QnBibVIxYz MgUnlhV0Zz SUhCeSBiM0 JsY25ScFpY IE1zSUhkb2 FXTm8gSUcx bFlXNXpJSC BSb1pTQmpi MjF3IFlXNT U0b0NaY3kg QjBaVzVoYm 5SeiBJR0Z5 WlNCeVpYIE 53YjI1emFX SnMgWlNCbW IzSWdjRyBG NWFXNW5JR1 Y0IGNHVnVj MlZ6SUggTj FZMmdnWVhN ZyBkR0Y0Wl hNc0lHIGx1 YzNWeVlXNW ogWlN3Z1lX NWtJRyAxaG FXNTBaVzVo IGJtTmxMan hpY2ogNDNM aUJVYUdVZy BZMjl0Y0dG dWVlIEtBbV hNZ2RHVnUg WVc1MGN5Qn BibSBOc2RX UmxJR0VnIG RtRnlhV1Yw ZVMgQnZaaU JwYm1SMSBj M1J5YVdWek lIIE4xWTJn Z1lYTWcgZE hKaGJuTndi MyBKMFlYUn BiMjRzIElH eHZaMmx6ZE cgbGpjeXdn YldGdSBkV1 poWTNSMWNt IGx1Wnl3Z1 lXNWsgSUdS cGMzUnlhVy BKMWRHbHZi aTQ4IFluSS tPQzRnU1cg NGdNakF5TU N3ZyBUbVY0 ZFhNZ1NXID VrZFhOMGNt bGggYkNCU1 JVbFVJRyBG amNYVnBjbV ZrIElHRnVJ R0ZrWkcgbD BhVzl1WVd3 ZyBNekFnY0 hKdmNHIFZ5 ZEdsbGN5d2 cgYVc1amNt VmhjMiBsdV p5QnBkSE1n IGNHOXlkR1 p2YkcgbHZJ R0o1SURVMS BKUzQ4WW5J K09TIDRnVk dobElHTnYg YlhCaGJua2 dhRyBGeklH RWdjM1J5IG IyNW5JSFJ5 WVcgTnJJSE psWTI5eSBa Q0J2WmlCem RHIEZpYkdV Z1lXNWsgSU dkeWIzZHBi bSBjZ1pHbH pkSEpwIFlu VjBhVzl1Y3 kgQjBieUJw ZEhNZyBkVz VwZEdodmJH IFJsY25Nc0 lIZHAgZEdn Z1lTQmpiMi Axd2IzVnVa Q0JoIGJtNT FZV3dnWjMg SnZkM1JvSU hKaCBkR1Vn YjJZZ05TID QyTVNVZ2My bHUgWTJVZ0 1qQXhNeSA0 OFluSStNVE F1IElFNWxl SFZ6SUUgbH VaSFZ6ZEhK cCBZV3dnVW tWSlZDIEJw Y3lCamIyMX QgYVhSMFpX UWdkRyA4Z2 MzVnpkR0Zw IGJtRmlhV3 hwZEgga2dZ VzVrSUdoaC BjeUJwYlhC c1pXIDFsYm 5SbFpDQmwg Ym1WeVoza3 RaVyBabWFX TnBaVzUwIE lHbHVhWFJw WVggUnBkbV Z6SUdsdSBJ R2wwY3lCd2 NtIDl3WlhK MGFXVnogTE NCcGJtTnNk VyBScGJtY2 dURVZFIElH eHBaMmgwYV cgNW5JR0Z1 WkNCeiBiMn hoY2lCd1lX IDVsYkhNc0 lIUnYgSUhK bFpIVmpaUy BCcGRITWda VzUyIGFYSn ZibTFsYm4g UmhiQ0JwYl hCaCBZM1Fn WVc1a0lHID l3WlhKaGRH bHUgWnlCam IzTjBjeSA0 PQogICAgIC AgIDwvc3Bh bj4KICAgIC AgICAKICAg ICAgICA=