0001025996-16-000373.txt : 20160726 0001025996-16-000373.hdr.sgml : 20160726 20160725193739 ACCESSION NUMBER: 0001025996-16-000373 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20160725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160726 DATE AS OF CHANGE: 20160725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KILROY REALTY CORP CENTRAL INDEX KEY: 0001025996 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 954598246 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12675 FILM NUMBER: 161782926 BUSINESS ADDRESS: STREET 1: 12200 W. OLYMPIC BLVD., SUITE 200 CITY: LOS ANGELES STATE: CA ZIP: 90064 BUSINESS PHONE: 3104818400 MAIL ADDRESS: STREET 1: 12200 W. OLYMPIC BLVD., SUITE 200 CITY: LOS ANGELES STATE: CA ZIP: 90064 8-K 1 form8-k.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
July 25, 2016

KILROY REALTY CORPORATION
(Exact name of registrant as specified in its charter)

 
Maryland
 
1-12675
 
95-4598246
 
 
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
 
 
 
 
 
 
 
12200 W. Olympic Boulevard, Suite 200,
 Los Angeles, California
 
 
 
90064
 
 
(Address of principal executive offices)
 
 
 
(Zip Code)
 

Registrant’s telephone number, including area code:
(310) 481-8400

N/A
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 







Item 2.02    Results of Operations and Financial Condition.

On July 25, 2016, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended June 30, 2016 and distributed certain supplemental financial information. On July 25, 2016, Kilroy Realty Corporation also posted the supplemental information on its website located at www.kilroyrealty.com. The text of the supplemental information and the related press release are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Exhibits 99.1 and 99.2 are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act regardless of any general incorporation language in such filing.

Item 7.01    Regulation FD Disclosure.

As discussed in Item 2.02 above, Kilroy Realty Corporation issued a press release announcing its earnings for the quarter ended June 30, 2016 and distributed certain supplemental information. On July 25, 2016, Kilroy Realty Corporation also posted the supplemental information on its website located at www.kilroyrealty.com.

The information being furnished pursuant to Item 7.01 shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(a)
 
Financial statements of businesses acquired: None.

 
 
 
(b)
 
Pro forma financial information: None.

 
 
 
(c)
 
Shell company transactions: None.

 
 
 
(d)
 
Exhibits:


The following exhibits are furnished with this Current Report on Form 8-K:
Exhibit No.
 
Description
99.1**
 
Supplemental Operating and Financial Data for the quarter ended June 30, 2016
 
 
 
99.2**
 
Press Release dated July 25, 2016 regarding second quarter 2016 earnings
_______________
**    Furnished herewith.





SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
 
Kilroy Realty Corporation
 
 
Date: July 25, 2016
 
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Heidi R. Roth
 
 
 
 
 
 
Heidi R. Roth
Executive Vice President,
Chief Accounting Officer and Controller
 
 
 
 
 
 
 
 





 EX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1


Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report


Table of Contents
 
Page
Corporate Data and Financial Highlights
 
1
2
3
4
5
6
7-8
Portfolio Data
 
9
10-15
16
17
18-20
21
22
23
Development
 
24
25
Debt and Capitalization Data
 
26
27-28
29
30-32
33-36

This Supplemental Financial Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, information concerning lease expirations, debt maturity, potential investments, development and redevelopment activity, projected construction costs, dispositions and other forward-looking financial data. In some instances, forward-looking statements can be identified by the use of forward-looking terminology such as “expect,” “future,” “will,” “would,” “pursue,” or “project” and variations of such words and similar expressions that do not relate to historical matters. Forward-looking statements are based on Kilroy Realty Corporation’s current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of Kilroy Realty Corporation’s control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, among others, risks associated with: investment in real estate assets, which are illiquid; trends in the real estate industry; significant competition, which may decrease the occupancy and rental rates of properties; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for distribution and debt service and exposure of risk of default under debt obligations; adverse changes to, or implementations of, applicable laws, regulations or legislation; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. For a discussion of additional factors that could materially adversely affect Kilroy Realty Corporation’s business and financial performance, see the factors included under the caption “Risk Factors” in Kilroy Realty Corporation’s annual report on Form 10-K for the year ended December 31, 2015, and its other filings with the Securities and Exchange Commission. All forward-looking statements are based on information that was available and speak only as of the date on which they are made. Kilroy Realty Corporation assumes no obligation to update any forward-looking statement made in this Supplemental Financial Report that becomes untrue because of subsequent events, new information or otherwise, except to the extent required in connection with ongoing requirements under U.S. securities laws.

Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Company Background

Kilroy Realty Corporation (NYSE: KRC), a member of the S&P MidCap 400 Index, is a real estate investment trust active in premier office submarkets along the West Coast. The Company owns, develops, acquires and manages real estate assets primarily in the coastal regions of Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle. As of June 30, 2016, the Company’s stabilized portfolio consisted of 102 office buildings, which encompassed an aggregate of 13.7 million rentable square feet and was 95.5% occupied.
Board of Directors
 
Executive Management Team
 
Investor Relations
John Kilroy
Chairman
 
John Kilroy
President and CEO
 
12200 W. Olympic Blvd., Suite 200
Los Angeles, CA 90064
(310) 481-8400
Web: www.kilroyrealty.com
E-mail: investorrelations@kilroyrealty.com
Edward F. Brennan, Ph.D.
Lead Independent
 
John T. Fucci
Executive VP, Asset Management
 
Jolie Hunt
 
 
Jeffrey C. Hawken
Executive VP and COO
 
Scott S. Ingraham
 
 
Tracy Murphy
Executive VP, Life Science
 
Gary R. Stevenson
 
 
Robert Paratte
Executive VP, Leasing and Business Development
 
Peter B. Stoneberg
 
 
Tyler H. Rose
Executive VP and CFO
 
 
 
 
Heidi R. Roth
Executive VP, CAO and Controller
 
 
 
 
Mike L. Sanford
Executive VP, Northern California
 
 
 
 
David Simon
Executive VP, Southern California
 
 
 
 
 
Justin W. Smart
Executive VP, Development and Construction Services
 
 
Equity Research Coverage
 
 
 
 
 
Bank of America Merrill Lynch
 
 
Green Street Advisors
 
James Feldman
(646) 855-5808
 
Jed Reagan
(949) 640-8780
BB&T Capital Markets
 
 
J.P. Morgan
 
David Toti
(212) 419-4620
 
Anthony Paolone
(212) 622-6682
BMO Capital Markets Corp.
 
 
KeyBanc Capital Markets
 
John P. Kim
(212) 885-4115
 
Craig Mailman
(917) 368-2316
Citigroup Investment Research
 
 
RBC Capital Markets
 
Michael Bilerman
(212) 816-1383
 
Richard Moore
(440) 715-2646
Credit Suisse
 
 
Robert W. Baird & Co.
 
Ian Weissman
(212) 538-6889
 
David B. Rodgers
(216) 737-7341
D. A. Davidson
 
 
Stifel, Nicolaus & Company
 
Barry Oxford
(212) 240-9871
 
John W. Guinee III
(443) 224-1307
Deutsche Bank Securities, Inc.
 
 
UBS Investment Research
 
Vincent Chao
(212) 250-6799
 
Nicholas Yulico
(212) 713-3402
Evercore ISI
 
 
Wells Fargo
 
Steve Sakwa
(212) 446-9462
 
Blaine Heck
(443) 263-6529
 
Kilroy Realty Corporation is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Kilroy Realty Corporation’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Kilroy Realty Corporation or its management. Kilroy Realty Corporation does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

1
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Executive Summary
 
 
 
Quarterly Financial Highlights
 
Quarterly Operating Highlights
 
 
 
• Net income available to common stockholders per share of $0.31

• FFO per share of $0.86, including $0.01 of acquisition-related expenses

• Revenues of $160.1 million

• Same Store GAAP NOI increased 3.2%

• Same Store cash net operating income (“NOI”) increased 12.4%

• Updated FFO Guidance range for 2016 is $3.36 to $3.44 per share with a midpoint of $3.40 per share. The updated guidance reflects an increase in proceeds related to 2016 capital recycling to a new estimated 2016 target of approximately $800 million from the previous midpoint of $500 million

• In May, increased our regular quarterly cash dividend to an annualized rate of $1.50 per share, a 7.1% increase from the previous annualized dividend level of $1.40 per share


 
• Stabilized portfolio was 95.5% occupied and 96.6% leased at quarter-end

• 272,952 square feet of leases commenced in the stabilized portfolio

• 266,112 square feet of leases executed in the stabilized portfolio

 
 
 
 
 
 
 
 
 
Capital Markets Highlights
 
Strategic Highlights
 
 
 
• As of the date of this report, there were no outstanding borrowings on our unsecured line of credit


 
• In June, completed the acquisition of 1290-1300 Terra Bella Avenue in Mountain View, CA, a 100% leased, 114,000 rentable square foot office property for $55.4 million

• In June, completed the sale of three land parcels totaling approximately 24.4 acres in Carlsbad, CA for gross proceeds of $14.9 million

• In June, completed construction of the 200 unit, 21-story residential building at the Company’s mixed-used Columbia Square project in Hollywood. As of June 30, 22% of the 200 units were leased

• In July, received final entitlement approval for the Company’s 1.1 million square-foot mixed-used One Paseo project in the Del Mar submarket of San Diego

• In July, completed the sale of two operating properties totaling approximately 137,000 rentable square feet and a 7.0 acre undeveloped land parcel in San Diego, CA for gross proceeds of $49.0 million









 
 
 
________________________
Note: Definitions for commonly used terms in this Supplemental Financial Report are on pages 33 through 34 “Definitions Included in Supplemental.”

2
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Financial Highlights
(unaudited, $ in thousands, except per share amounts)
 
 
 
Three Months Ended
 
 
 
 
6/30/2016 (1)
 
3/31/2016 (1)
 
12/31/2015
 
9/30/2015 (1)
 
6/30/2015 (1)
 
INCOME ITEMS:
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
160,133

 
$
145,446

 
$
147,413

 
$
141,553

 
$
146,227

 
 
Lease Termination Fees, net
 
78

 
23

 
150

 
—

 
179

 
 
Net Operating Income (2)
 
116,299

 
107,620

 
106,407

 
101,920

 
106,071

 
 
Acquisition-related Expenses
 
714

 
62

 
100

 
4

 
265

 
 
Capitalized Interest and Debt Costs
 
12,284

 
14,346

 
14,204

 
14,567

 
12,323

 
 
Net Income Available to Common Stockholders
 
29,535

 
170,995

 
25,323

 
101,446

 
54,188

 
 
EBITDA (2) (3)
 
101,622

 
94,392

 
94,156

 
90,423

 
93,684

 
 
Funds From Operations (3) (4) (5)
 
82,722

 
78,193

 
76,673

 
73,588

 
74,819

 
 
Net Income Available to Common Stockholders per common share – diluted (5)
 
$
0.31

 
$
1.84

 
$
0.27

 
$
1.09

 
$
0.61

 
 
Funds From Operations per common share – diluted (5)
 
$
0.86

 
$
0.82

 
$
0.80

 
$
0.77

 
$
0.82

 
LIQUIDITY ITEMS:
 
 
 
 
 
 
 
 
 
 
 
 
Funds Available for Distribution (4) (5)

 
$
64,194

 
$
56,422

 
$
44,389

 
$
48,325

 
$
44,987

 
 
Dividends per common share (5)

 
$
0.375

 
$
0.350

 
$
0.350

 
$
0.350

 
$
0.350

 
RATIOS:
 
 
 
 
 
 
 
 
 
 
 
 
Operating Margins
 
72.6
%
 
74.0
%
 
72.2
%
 
72.0
%
 
72.5
%
 
 
Interest Coverage Ratio
 
4.0x

 
3.7x

 
3.5x

 
3.4x

 
3.5x

 
 
Fixed Charge Coverage Ratio
 
3.5x

 
3.3x

 
3.1x

 
3.0x

 
3.1x

 
 
FFO Payout Ratio
 
43.0
%
 
42.5
%
 
42.9
%
 
44.7
%
 
42.2
%
 
 
FAD Payout Ratio
 
55.4
%
 
58.8
%
 
74.1
%
 
68.1
%
 
70.2
%
 
ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
Real Estate Held for Investment before Depreciation
 
$
6,553,347

 
$
6,498,443

 
$
6,328,146

 
$
6,354,042

 
$
6,109,184

 
 
Total Assets (6) (7)
 
6,298,433

 
6,204,110

 
5,926,430

 
6,339,599

 
5,675,846

 
CAPITALIZATION:
 
 
 
 
 
 
 
 
 
 
 
 
Total Debt
 
$
2,453,098

 
$
2,312,318

 
$
2,239,696

 
$
2,657,688

 
$
2,360,252

 
 
Total Preferred Equity and Noncontrolling Interests
 
200,000

 
200,000

 
200,000

 
200,000

 
200,000

 
 
Total Common Equity and Noncontrolling Interests
 
6,289,996

 
5,869,034

 
5,949,805

 
6,125,596

 
6,056,849

 
 
Total Market Capitalization
 
8,943,094

 
8,381,352

 
8,389,501

 
8,983,284

 
8,617,101

 
 
Total Debt / Total Market Capitalization
 
27.4
%
 
27.6
%
 
26.7
%
 
29.6
%
 
27.4
%
 
 
Total Debt and Preferred / Total Market Capitalization
 
29.6
%
 
30.0
%
 
29.1
%
 
31.8
%
 
29.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
Note: Definitions for commonly used terms in this Supplemental Financial Report are on pages 33 through 34 “Definitions Included in Supplemental.”
(1)
Net Income Available to Common Stockholders includes $146.0 million, $78.5 million, and $31.4 million gains on sales of depreciable operating properties for the three months ended March 31, 2016, September 30, 2015 and June 30, 2015, respectively, and a $0.3 million loss on sale of land and a $17.3 million gain on sale of land for the three months ended June 30, 2016 and March 31, 2015, respectively.
(2)
Please refer to pages 35-36 for reconciliations of GAAP Net Income Available to Common Stockholders to Net Operating Income and EBITDA.
(3)
EBITDA and Funds From Operations for the three months ended June 30, 2016 and March 31, 2015 include a $0.3 million loss on sale of land and a $17.3 million gain on sale of land, respectively.
(4)
Please refer to page 7 for reconciliations of Net Income Available to Common Stockholders to Funds From Operations and Funds Available for Distribution and page 8 for a reconciliation of GAAP Net Cash Provided by Operating Activities to Funds Available for Distribution.
(5)
Reported amounts are attributable to common stockholders and common unitholders.
(6)
Total assets as of June 30, 2016, December 31, 2015, June 30, 2015, and March 31, 2015, include “Real estate assets and other assets held for sale, net.”
(7)
On January 1, 2016, the Company adopted new accounting guidance which requires deferred financing costs, except costs paid for the unsecured line of credit, to be reclassified as a reduction to the debt liability balance instead of being reported as an asset as historically presented. As a result, total assets have been adjusted from prior amounts reported to reflect this change for all periods presented.

3
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Common Stock Data (NYSE: KRC)
 
 
 
Three Months Ended
 
 
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
High Price
$
66.29

 
$
62.94

 
$
69.92

 
$
73.45

 
$
77.92

 
 
Low Price
$
59.89

 
$
47.38

 
$
62.83

 
$
63.41

 
$
67.15

 
 
Closing Price
$
66.29

 
$
61.87

 
$
63.28

 
$
65.16

 
$
67.15

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends per share – annualized (1)
$
1.50

 
$
1.40

 
$
1.40

 
$
1.40

 
$
1.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Closing common shares (in 000’s) (2)
92,255

 
92,229

 
92,259

 
92,220

 
88,406

 
 
Closing common partnership units (in 000’s) (2)
2,631

 
2,631

 
1,765

 
1,788

 
1,793

 
 
 
94,886

 
94,860


94,024

 
94,008

 
90,199

 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
In May 2016, the regular quarterly cash dividend was increased to an annualized rate of $1.50 per share, a 7.1% increase from the previous annualized dividend level of $1.40 per share.
(2)
As of the end of the period.



4
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report


Consolidated Balance Sheets
(unaudited, $ in thousands)
 
 
6/30/2016
 
3/31/2016
 
12/31/2015
 
9/30/2015
 
6/30/2015
 
 
ASSETS:

 
 
 
 
 
 
 
 
 
 
Land and improvements
$
1,020,287

 
$
978,643

 
$
875,794

 
$
850,280

 
$
839,072

 
 
Buildings and improvements
4,639,003

 
4,501,062

 
4,091,012

 
4,028,044

 
3,906,860

 
 
Undeveloped land and construction in progress
894,057

 
1,018,738

 
1,361,340

 
1,475,718

 
1,363,252

 
 
Total real estate assets held for investment
6,553,347

 
6,498,443

 
6,328,146

 
6,354,042

 
6,109,184

 
 
Accumulated depreciation and amortization
(1,054,828
)
 
(1,034,315
)
 
(994,241
)
 
(999,557
)
 
(960,816
)
 
 
Total real estate assets held for investment, net
5,498,519

 
5,464,128

 
5,333,905

 
5,354,485

 
5,148,368

 
 
Real estate assets and other assets held for sale, net
30,257

 
—

 
117,666

 
—

 
81,699

 
 
Cash and cash equivalents
26,332

 
38,645

 
56,508

 
567,940

 
28,142

 
 
Restricted cash
266,158

 
261,600

 
696

 
8,130

 
7,462

 
 
Marketable securities
13,388

 
13,418

 
12,882

 
12,638

 
13,803

 
 
Current receivables, net
10,112

 
9,540

 
11,153

 
11,533

 
8,956

 
 
Deferred rent receivables, net
207,851

 
199,232

 
189,704

 
183,352

 
176,493

 
 
Deferred leasing costs and acquisition-related intangible assets, net
186,903

 
186,271

 
176,683

 
173,457

 
174,387

 
 
Prepaid expenses and other assets, net (1)
58,913

 
31,276

 
27,233

 
28,064

 
36,536

 
 
TOTAL ASSETS
$
6,298,433

 
$
6,204,110

 
$
5,926,430

 
$
6,339,599


$
5,675,846

 
 
LIABILITIES AND EQUITY:
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Secured debt, net (1)
$
373,500

 
$
378,080

 
$
380,835

 
$
474,684

 
$
477,981

 
 
Unsecured debt, net (1)
1,845,992

 
1,845,313

 
1,844,634

 
2,168,828

 
1,773,746

 
 
Unsecured line of credit
220,000

 
75,000

 
—

 
—

 
100,000

 
 
Accounts payable, accrued expenses and other liabilities
211,196

 
265,863

 
246,323

 
249,980

 
199,005

 
 
Accrued dividends and distributions
37,733

 
35,317

 
34,992

 
34,993

 
33,670

 
 
Deferred revenue and acquisition-related intangible liabilities, net
138,394

 
131,296

 
128,156

 
127,473

 
123,819

 
 
Rents received in advance and tenant security deposits
44,663

 
48,543

 
49,361

 
46,579

 
47,434

 
 
Liabilities and deferred revenue of real estate assets held for sale
321

 
—

 
7,543

 
—

 
7,086

 
 
Total liabilities
2,871,799

 
2,779,412

 
2,691,844

 
3,102,537

 
2,762,741

 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
6.875% Series G Cumulative Redeemable Preferred stock
96,155

 
96,155

 
96,155

 
96,155

 
96,155

 
 
6.375% Series H Cumulative Redeemable Preferred stock
96,256

 
96,256

 
96,256

 
96,256

 
96,256

 
 
Common stock
923

 
922

 
923

 
922

 
884

 
 
Additional paid-in capital
3,074,508

 
3,066,994

 
3,047,894

 
3,042,330

 
2,791,226

 
 
Retained earnings/(distributions in excess of earnings)
62,647

 
67,981

 
(70,262
)
 
(62,850
)
 
(131,569
)
 
 
Total stockholders’ equity
3,330,489

 
3,328,308

 
3,170,966

 
3,172,813

 
2,852,952

 
 
Noncontrolling Interests
 
 
 
 
 
 
 
 
 
 
 
Common units of the Operating Partnership
89,495

 
89,675

 
57,100

 
57,913

 
54,088

 
 
Noncontrolling interest in consolidated subsidiary
6,650

 
6,715

 
6,520

 
6,336

 
6,065

 
 
Total noncontrolling interests
96,145

 
96,390

 
63,620

 
64,249

 
60,153

 
 
Total equity
3,426,634

 
3,424,698

 
3,234,586

 
3,237,062

 
2,913,105

 
 
TOTAL LIABILITIES AND EQUITY
$
6,298,433

 
$
6,204,110

 
$
5,926,430

 
$
6,339,599

 
$
5,675,846

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Effective January 1, 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update No. 2015-03 and 2015-15, which changed the presentation of deferred financing costs on the balance sheet. As a result, for all periods presented, deferred financing costs, with the exception of deferred financing costs related to the unsecured line of credit, have been reclassified as a reduction to the related secured debt, net and unsecured debt, net line items. Deferred financing costs related to the unsecured line of credit are included in prepaid expenses and other assets, net.

5
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Consolidated Statements of Operations
(unaudited, $ in thousands, except per share amounts)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
2016
 
2015
 
 
REVENUES
 
 
 
 
 
 
 
 
 
 
Rental income
 
$
143,653

 
$
131,450

 
$
277,408

 
$
262,382

 
 
Tenant reimbursements
 
16,138

 
14,174

 
27,542

 
28,599

 
 
Other property income
 
342

 
603

 
629

 
1,328

 
 
Total revenues
 
160,133

 
146,227

 
305,579

 
292,309

 
 
EXPENSES
 
 
 
 
 
 
 
 
 
 
Property expenses
 
29,221

 
26,866

 
55,186

 
51,580

 
 
Real estate taxes
 
13,845

 
12,430

 
24,877

 
25,145

 
 
Provision for bad debts
 
—

 
47

 
—

 
289

 
 
Ground leases
 
768

 
813

 
1,597

 
1,589

 
 
General and administrative expenses
 
13,979

 
12,633

 
27,416

 
25,401

 
 
Acquisition-related expenses
 
714

 
265

 
776

 
393

 
 
Depreciation and amortization
 
53,346

 
51,658

 
103,786

 
103,145

 
 
Total expenses
 
111,873

 
104,712

 
213,638

 
207,542

 
 
OTHER (EXPENSES) INCOME
 
 
 
 
 
 
 
 
 
 
Interest income and other net investment gains
 
311

 
511

 
582

 
871

 
 
Interest expense
 
(14,384
)
 
(14,864
)
 
(26,213
)
 
(31,742
)
 
 
Total other (expenses) income
 
(14,073
)
 
(14,353
)
 
(25,631
)
 
(30,871
)
 
 
INCOME FROM OPERATIONS BEFORE GAINS (LOSSES) ON SALES OF REAL ESTATE
 
34,187

 
27,162

 
66,310

 
53,896

 
 
Net (loss) gain on sales of land
 
(295
)
 
—

 
(295
)
 
17,268

 
 
Gains on sales of depreciable operating properties
 
—

 
31,428

 
145,990

 
31,428

 
 
NET INCOME
 
33,892

 
58,590

 
212,005

 
102,592

 
 
Net income attributable to noncontrolling common units of the Operating Partnership
 
(829
)
 
(1,090
)
 
(4,439
)
 
(1,905
)
 
 
Net income attributable to noncontrolling interest in consolidated subsidiary
 
(216
)
 
—

 
(411
)
 
—

 
 
Total income attributable to noncontrolling interests
 
(1,045
)
 
(1,090
)
 
(4,850
)
 
(1,905
)
 
 
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION
 
32,847

 
57,500

 
207,155

 
100,687

 
 
Preferred dividends
 
(3,312
)
 
(3,312
)
 
(6,625
)
 
(6,625
)
 
 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
 
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

 
 
Weighted average common shares outstanding – basic
 
92,210

 
88,126

 
92,217

 
87,515

 
 
Weighted average common shares outstanding – diluted
 
92,825

 
88,646

 
92,784

 
88,044

 
 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS PER SHARE
 
 
 
 
 
 
 
 
 
 
Net income available to common stockholders per share – basic
 
$
0.32

 
$
0.61

 
$
2.17

 
$
1.07

 
 
Net income available to common stockholders per share – diluted
 
$
0.31

 
$
0.61

 
$
2.15

 
$
1.06

 
 
 
 
 
 
 
 
 
 
 
 


6
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Funds From Operations and Funds Available for Distribution
(unaudited, $ in thousands, except per share amounts)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
2016
 
2015
 
 
FUNDS FROM OPERATIONS: (1)
 
 
 
 
 
 
 
 
 
 
Net income available to common stockholders
 
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling common units of the Operating Partnership
 
829

 
1,090

 
4,439

 
1,905

 
 
Depreciation and amortization of real estate assets
 
52,358

 
50,969

 
101,936

 
101,812

 
 
Gains on sales of depreciable real estate
 
—

 
(31,428
)
 
(145,990
)
 
(31,428
)
 
 
Funds From Operations (1)(2)(3)
 
$
82,722

 
$
74,819

 
$
160,915

 
$
166,351

 
 
Weighted average common shares/units outstanding – basic (4)
 
95,966

 
91,109

 
95,642

 
90,498

 
 
Weighted average common shares/units outstanding – diluted (4)
 
96,581

 
91,629

 
96,209

 
91,028

 
 
FFO per common share/unit – basic (2)
 
$
0.86

 
$
0.82

 
$
1.68

 
$
1.84

 
 
FFO per common share/unit – diluted (2)
 
$
0.86

 
$
0.82

 
$
1.67

 
$
1.83

 
 
FUNDS AVAILABLE FOR DISTRIBUTION: (1)
 
 
 
 
 
 
 
 
 
 
Funds From Operations (1)(2)(3)
 
$
82,722

 
$
74,819

 
$
160,915

 
$
166,351

 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
Recurring tenant improvements, leasing commissions and capital expenditures
 
(10,768
)
 
(18,716
)
 
(26,308
)
 
(28,318
)
 
 
Amortization of deferred revenue related to tenant-funded tenant improvements (3)(5)
 
(3,212
)
 
(3,291
)
 
(6,100
)
 
(6,304
)
 
 
Net effect of straight-line rents
 
(9,086
)
 
(8,882
)
 
(18,537
)
 
(28,332
)
 
 
Amortization of net below market rents (6)
 
(1,640
)
 
(3,101
)
 
(3,243
)
 
(5,029
)
 
 
Amortization of deferred financing costs and net debt discount/premium
 
348

 
63

 
628

 
113

 
 
Noncash amortization of share-based compensation awards
 
5,331

 
4,079

 
10,034

 
7,650

 
 
Other lease related adjustments, net (7)
 
499

 
16

 
3,227

 
133

 
 
Funds Available for Distribution (1)
 
$
64,194

 
$
44,987

 
$
120,616

 
$
106,264

 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
See pages 31 and 32 for Management Statements on Funds From Operation and Funds Available for Distribution.
(2)
Reported amounts are attributable to common shareholders and unitholders.
(3)
FFO includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.2 million and $3.3 million for the three months ended June 30, 2016 and 2015, respectively, and $6.1 million and $6.3 million for the six months ended June 30, 2016 and 2015, respectively. These amounts are adjusted out of FFO in our calculation of FAD.
(4)
Calculated based on weighted average shares outstanding including participating share-based awards (i.e. nonvested stock and certain time based restricted stock units), dilutive impact of stock options and contingently issuable shares and assuming the exchange of all common limited partnership units outstanding.
(5)
Represents revenue recognized during the period as a result of the amortization of deferred revenue recorded for tenant-funded tenant improvements.
(6)
Represents the non-cash adjustment related to the acquisition of buildings with above and/or below market rents.
(7)
Includes other non-cash adjustments attributable to lease-related GAAP revenue recognition timing differences.

7
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Reconciliation of Funds Available for Distribution to GAAP Net Cash Provided by Operating Activities
(unaudited, $ in thousands)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
2016
 
2015
 
 
Funds Available for Distribution (1)
 
$
64,194

 
$
44,987

 
$
120,616

 
$
106,264

 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
Recurring tenant improvements, leasing commissions and capital expenditures
 
10,768

 
18,716

 
26,308

 
28,318

 
 
Net loss (gain) on sales of land
 
295

 
—

 
295

 
(17,268
)
 
 
Preferred dividends
 
3,312

 
3,312

 
6,625

 
6,625

 
 
Depreciation of furniture, fixtures and equipment
 
883

 
689

 
1,659

 
1,333

 
 
Provision for uncollectible tenant receivables
 
—

 
47

 
—

 
47

 
 
Net changes in operating assets and liabilities (2)
 
(21,301
)
 
(6,697
)
 
(20,279
)
 
(14,122
)
 
 
Other adjustments, net
 
1,274

 
795

 
2,405

 
5,631

 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Net Cash Provided by Operating Activities
 
$
59,425

 
$
61,849

 
$
137,629

 
$
116,828

 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Please refer to page 32 for a Management Statement on Funds Available for Distribution.
(2)
Primarily includes changes in the following assets and liabilities: marketable securities; current receivables; prepaid expenses and other assets; accounts payable, accrued expenses and other liabilities; and rents received in advance and tenant security deposits. 


8
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Same Store Analysis (1)(2) 
(unaudited, $ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
% Change
 
2016
 
2015
 
% Change
 
 
Total Same Store Portfolio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of properties
 
95

 
95

 
 
 
95

 
95

 
 
 
 
Square Feet
 
12,449,328

 
12,449,328

 
 
 
12,449,328

 
12,449,328

 
 
 
 
Percent of Stabilized Portfolio
 
91.1
%
 
95.4
%
 
 
 
91.1
%
 
95.4
%
 
 
 
 
Average Occupancy
 
95.1
%
 
96.3
%
 
 
 
95.1
%
 
96.1
%
 
 
 
 
Operating Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rental income
 
$
125,346

 
$
122,563

 
2.3
 %
 
$
249,513

 
$
243,151

 
2.6
 %
 
 
Tenant reimbursements
 
13,008

 
12,818

 
1.5
 %
 
22,784

 
25,353

 
(10.1
)%
 
 
Other property income
 
322

 
600

 
(46.3
)%
 
605

 
1,326

 
(54.4
)%
 
 
Total operating revenues
 
138,676

 
135,981

 
2.0
 %
 
272,902

 
269,830

 
1.1
 %
 
 
Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property expenses
 
25,374

 
25,544

 
(0.7
)%
 
49,467

 
48,680

 
1.6
 %
 
 
Real estate taxes
 
11,270

 
11,357

 
(0.8
)%
 
21,126

 
22,678

 
(6.8
)%
 
 
Provision for bad debts
 
—

 
123

 
(100.0
)%
 
—

 
342

 
(100.0
)%
 
 
Ground leases
 
768

 
813

 
(5.5
)%
 
1,597

 
1,589

 
0.5
 %
 
 
Total operating expenses
 
37,412

 
37,837

 
(1.1
)%
 
72,190

 
73,289

 
(1.5
)%
 
 
GAAP Net Operating Income
 
$
101,264

 
$
98,144

 
3.2
 %
 
$
200,712

 
$
196,541

 
2.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Same Store Analysis (Cash Basis) (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
% Change
 
2016
 
2015
 
% Change
 
 
Total operating revenues
 
$
131,522

 
$
121,479

 
8.3
 %
 
$
258,414

 
$
232,099

 
11.3
 %
 
 
Total operating expenses
 
37,434

 
37,735

 
(0.8
)%
 
72,232

 
72,989

 
(1.0
)%
 
 
Cash Net Operating Income
 
$
94,088

 
$
83,744

 
12.4
 %
 
$
186,182

 
$
159,110

 
17.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Same Store is defined as all properties owned and included in our stabilized portfolio as of January 1, 2015 and still owned and included in the stabilized portfolio as of June 30, 2016.
(2)
Please refer to page 35 for a reconciliation of the Same Store measures on this page to Net Income Available to Common Stockholders.

9
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region

 
 
 
 
Portfolio Breakdown
 
 
 
Occupied at
 
Leased at
 
 
 
Buildings
 
YTD NOI %
 
SF %
 
Total SF
 
6/30/2016
 
3/31/2016
 
6/30/2016
 
 
Los Angeles and Ventura Counties
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101 Corridor
4
 
1.2
%
 
2.2
%
 
306,323

 
96.0
%
 
91.1
%
 
97.5
%
 
 
El Segundo
5
 
5.8
%
 
8.0
%
 
1,093,054

 
96.0
%
 
95.6
%
 
98.1
%
 
 
Hollywood
3
 
3.7
%
 
3.2
%
 
432,439

 
98.2
%
 
98.9
%
 
98.9
%
 
 
Long Beach
7
 
3.8
%
 
7.0
%
 
949,910

 
89.9
%
 
93.3
%
 
89.9
%
 
 
West Los Angeles
10
 
5.4
%
 
6.1
%
 
837,288

 
94.1
%
 
92.7
%
 
96.2
%
 
 
Total Los Angeles and Ventura Counties
29
 
19.9
%
 
26.5
%
 
3,619,014

 
94.2
%
 
94.3
%
 
95.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Orange County
1
 
1.7
%
 
2.0
%
 
271,556

 
97.8
%
 
97.6
%
 
97.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Diego County
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Del Mar
13
 
9.9
%
 
9.3
%
 
1,275,846

 
96.7
%
 
96.5
%
 
96.7
%
 
 
I-15 Corridor
5
 
3.8
%
 
4.0
%
 
540,854

 
96.6
%
 
95.3
%
 
98.5
%
 
 
Mission Valley
4
 
1.3
%
 
2.1
%
 
290,586

 
91.2
%
 
91.2
%
 
91.2
%
 
 
Point Loma
1
 
0.4
%
 
0.8
%
 
103,900

 
100.0
%
 
100.0
%
 
100.0
%
 
 
Sorrento Mesa
7
 
1.4
%
 
3.3
%
 
452,552

 
61.3
%
 
65.5
%
 
74.4
%
 
 
University Towne Center
1
 
0.1
%
 
0.4
%
 
47,846

 
20.8
%
 
58.2
%
 
20.8
%
 
 
Total San Diego County
31
 
16.9
%
 
19.9
%
 
2,711,584

 
89.0
%
 
88.8
%
 
91.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco Bay Area
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Menlo Park
7
 
3.4
%
 
2.8
%
 
378,358

 
100.0
%
 
100.0
%
 
100.0
%
 
 
Mountain View
4
 
4.8
%
 
4.0
%
 
542,235

 
100.0
%
 
100.0
%
 
100.0
%
 
 
Redwood City
2
 
4.5
%
 
2.5
%
 
347,269

 
98.5
%
 
98.4
%
 
100.0
%
 
 
San Francisco
8
 
24.1
%
 
20.4
%
 
2,793,856

 
97.8
%
 
97.8
%
 
99.1
%
 
 
Sunnyvale
8
 
8.4
%
 
6.8
%
 
930,221

 
100.0
%
 
100.0
%
 
100.0
%
 
 
Total San Francisco Bay Area
29
 
45.2
%
 
36.5
%
 
4,991,939

 
98.7
%
 
98.6
%
 
99.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Greater Seattle
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bellevue
2
 
7.4
%
 
6.6
%
 
905,225

 
97.4
%
 
95.3
%
 
97.7
%
 
 
Kirkland
4
 
1.6
%
 
2.0
%
 
279,924

 
94.3
%
 
94.3
%
 
94.3
%
 
 
Lake Union
6
 
7.3
%
 
6.5
%
 
880,989

 
100.0
%
 
95.6
%
 
100.0
%
 
 
Total Greater Seattle
12
 
16.3
%
 
15.1
%
 
2,066,138

 
98.1
%
 
95.3
%
 
98.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL STABILIZED PORTFOLIO
102
 
100.0
%
 
100.0
%
 
13,660,231

 
95.5
%
 
94.9
%
 
96.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Occupancy
Quarter-to-Date
 
Year-to-Date
95.0%
 
95.0%



10
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued
 
 
 
 
Submarket
 
Square Feet
 
Occupied
 
Los Angeles and Ventura, California
 
 
 
 
 
 
 
 
23925 Park Sorrento
 
101 Corridor
 
11,789

 
100.0
%
 
 
23975 Park Sorrento
 
101 Corridor
 
104,797

 
92.4
%
 
 
24025 Park Sorrento
 
101 Corridor
 
108,670

 
96.0
%
 
 
2829 Townsgate Road
 
101 Corridor
 
81,067

 
100.0
%
 
 
2240 E. Imperial Highway
 
El Segundo
 
122,870

 
100.0
%
 
 
2250 E. Imperial Highway
 
El Segundo
 
298,728

 
100.0
%
 
 
2260 E. Imperial Highway
 
El Segundo
 
298,728

 
100.0
%
 
 
909 N. Sepulveda Boulevard
 
El Segundo
 
244,136

 
82.9
%
 
 
999 N. Sepulveda Boulevard
 
El Segundo
 
128,592

 
98.5
%
 
 
6115 W. Sunset Boulevard
 
Hollywood
 
26,075

 
98.3
%
 
 
6121 W. Sunset Boulevard
 
Hollywood
 
82,442

 
100.0
%
 
 
6255 W. Sunset Boulevard
 
Hollywood
 
323,922

 
97.8
%
 
 
3750 Kilroy Airport Way
 
Long Beach
 
10,457

 
86.1
%
 
 
3760 Kilroy Airport Way
 
Long Beach
 
165,278

 
97.7
%
 
 
3780 Kilroy Airport Way
 
Long Beach
 
219,745

 
84.9
%
 
 
3800 Kilroy Airport Way
 
Long Beach
 
192,476

 
85.8
%
 
 
3840 Kilroy Airport Way
 
Long Beach
 
136,026

 
100.0
%
 
 
3880 Kilroy Airport Way
 
Long Beach
 
96,035

 
100.0
%
 
 
3900 Kilroy Airport Way
 
Long Beach
 
129,893

 
76.7
%
 
 
12100 W. Olympic Boulevard
 
West Los Angeles
 
150,167

 
94.2
%
 
 
12200 W. Olympic Boulevard
 
West Los Angeles
 
150,117

 
97.6
%
 
 
12233 W. Olympic Boulevard
 
West Los Angeles
 
151,029

 
94.2
%
 
 
12312 W. Olympic Boulevard
 
West Los Angeles
 
76,644

 
100.0
%
 
 
1633 26th Street
 
West Los Angeles
 
44,915

 
100.0
%
 
 
2100/2110 Colorado Avenue
 
West Los Angeles
 
102,864

 
100.0
%
 
 
3130 Wilshire Boulevard
 
West Los Angeles
 
88,340

 
86.1
%
 
 
501 Santa Monica Boulevard
 
West Los Angeles
 
73,212

 
78.5
%
 
 
Total Los Angeles and Ventura Counties
 
 
 
3,619,014

 
94.2
%
 
 
 
 
 
 
 
 
 
 
Orange County, California
 
 
 
 
 
 
 
 
2211 Michelson Drive
 
Irvine
 
271,556

 
97.8
%
 
 
Total Orange County
 
 
 
271,556

 
97.8
%
 
 
 
 
 
 
 
 
 
 

11
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued
  
 
 
 
Submarket
 
Square Feet
 
Occupied
 
San Diego, California
 
 
 
 
 
 
 
 
12225 El Camino Real
 
Del Mar
 
58,401

 
100.0
%
 
 
12235 El Camino Real
 
Del Mar
 
53,751

 
100.0
%
 
 
12340 El Camino Real
 
Del Mar
 
87,774

 
91.4
%
 
 
12390 El Camino Real
 
Del Mar
 
72,332

 
100.0
%
 
 
12348 High Bluff Drive
 
Del Mar
 
38,806

 
100.0
%
 
 
12780 El Camino Real
 
Del Mar
 
140,591

 
100.0
%
 
 
12790 El Camino Real
 
Del Mar
 
78,349

 
97.5
%
 
 
12400 High Bluff Drive
 
Del Mar
 
209,220

 
100.0
%
 
 
3579 Valley Center Drive
 
Del Mar
 
50,677

 
100.0
%
 
 
3611 Valley Center Drive
 
Del Mar
 
130,047

 
100.0
%
 
 
3661 Valley Center Drive
 
Del Mar
 
129,051

 
92.6
%
 
 
3721 Valley Center Drive
 
Del Mar
 
114,780

 
79.9
%
 
 
3811 Valley Center Drive
 
Del Mar
 
112,067

 
100.0
%
 
 
13280 Evening Creek Drive South
 
I-15 Corridor
 
41,196

 
100.0
%
 
 
13290 Evening Creek Drive South
 
I-15 Corridor
 
61,180

 
100.0
%
 
 
13480 Evening Creek Drive North
 
I-15 Corridor
 
149,817

 
100.0
%
 
 
13500 Evening Creek Drive North
 
I-15 Corridor
 
147,533

 
100.0
%
 
 
13520 Evening Creek Drive North
 
I-15 Corridor
 
141,128

 
86.8
%
 
 
2355 Northside Drive
 
Mission Valley
 
53,610

 
100.0
%
 
 
2365 Northside Drive
 
Mission Valley
 
96,437

 
83.0
%
 
 
2375 Northside Drive
 
Mission Valley
 
51,516

 
89.4
%
 
 
2385 Northside Drive
 
Mission Valley
 
89,023

 
95.7
%
 
 
2305 Historic Decatur Road
 
Point Loma
 
103,900

 
100.0
%
 
 
10390 Pacific Center Court
 
Sorrento Mesa
 
68,400

 
100.0
%
 
 
10394 Pacific Center Court
 
Sorrento Mesa
 
59,327

 
0.0
%
 
 
10398 Pacific Center Court
 
Sorrento Mesa
 
43,645

 
100.0
%
 
 
10421 Pacific Center Court
 
Sorrento Mesa
 
75,899

 
100.0
%
 
 
10445 Pacific Center Court
 
Sorrento Mesa
 
48,709

 
100.0
%
 
 
10455 Pacific Center Court
 
Sorrento Mesa
 
88,577

 
45.8
%
 
 
 
 
 
 
 
 
 
 

12
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued
 
 
 
 
Submarket
 
Square Feet
 
Occupied
 
San Diego, California (Continued)
 
 
 
 
 
 
 
 
5717 Pacific Center Boulevard
 
Sorrento Mesa
 
67,995

 
0.0
%
 
 
4690 Executive Drive
 
University Towne Center
 
47,846

 
20.8
%
 
 
Total San Diego County
 
 
 
2,711,584

 
89.0
%
 
 
 
 
 
 
 
 
 
 

13
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued
 
 
 
 
Submarket
 
Square Feet
 
Occupied
 
San Francisco Bay Area, California
 
 
 
 
 
 
 
 
4100 Bohannon Drive
 
Menlo Park
 
47,379

 
100.0
%
 
 
4200 Bohannon Drive
 
Menlo Park
 
45,451

 
100.0
%
 
 
4300 Bohannon Drive
 
Menlo Park
 
63,079

 
100.0
%
 
 
4400 Bohannon Drive
 
Menlo Park
 
48,146

 
100.0
%
 
 
4500 Bohannon Drive
 
Menlo Park
 
63,078

 
100.0
%
 
 
4600 Bohannon Drive
 
Menlo Park
 
48,147

 
100.0
%
 
 
4700 Bohannon Drive
 
Menlo Park
 
63,078

 
100.0
%
 
 
1290-1300 Terra Bella Avenue
 
Mountain View
 
114,175

 
100.0
%
 
 
331 Fairchild Drive
 
Mountain View
 
87,147

 
100.0
%
 
 
680 E. Middlefield Road
 
Mountain View
 
170,090

 
100.0
%
 
 
690 E. Middlefield Road
 
Mountain View
 
170,823

 
100.0
%
 
 
900 Jefferson Avenue
 
Redwood City
 
228,505

 
100.0
%
 
 
900 Middlefield Road
 
Redwood City
 
118,764

 
95.5
%
 
 
100 First Street
 
San Francisco
 
467,095

 
93.1
%
 
 
303 Second Street
 
San Francisco
 
740,047

 
98.5
%
 
 
201 Third Street
 
San Francisco
 
346,538

 
98.8
%
 
 
360 Third Street
 
San Francisco
 
429,796

 
100.0
%
 
 
250 Brannan Street
 
San Francisco
 
95,008

 
100.0
%
 
 
301 Brannan Street
 
San Francisco
 
74,430

 
100.0
%
 
 
333 Brannan Street
 
San Francisco
 
185,602

 
98.1
%
 
 
350 Mission Street
 
San Francisco
 
455,340

 
98.0
%
 
 
1310 Chesapeake Terrace
 
Sunnyvale
 
76,244

 
100.0
%
 
 
1315 Chesapeake Terrace
 
Sunnyvale
 
55,635

 
100.0
%
 
 
1320-1324 Chesapeake Terrace
 
Sunnyvale
 
79,720

 
100.0
%
 
 
1325-1327 Chesapeake Terrace
 
Sunnyvale
 
55,383

 
100.0
%
 
 
505 Mathilda Avenue
 
Sunnyvale
 
212,322

 
100.0
%
 
 
555 Mathilda Avenue
 
Sunnyvale
 
212,322

 
100.0
%
 
 
605 Mathilda Avenue
 
Sunnyvale
 
162,785

 
100.0
%
 
 
599 Mathilda Avenue
 
Sunnyvale
 
75,810

 
100.0
%
 
 
Total San Francisco Bay Area
 
 
 
4,991,939

 
98.7
%
 
 
 
 
 
 
 
 
 
 




14
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Occupancy Overview by Region, continued
 
 
 
 
Submarket
 
Square Feet
 
Occupied
 
Greater Seattle, Washington
 
 
 
 
 
 
 
 
601 108th Avenue NE
 
Bellevue
 
488,470

 
99.6
%
 
 
10900 NE 4th Street
 
Bellevue
 
416,755

 
95.0
%
 
 
10210 NE Points Drive
 
Kirkland
 
84,641

 
100.0
%
 
 
10220 NE Points Drive
 
Kirkland
 
49,851

 
100.0
%
 
 
10230 NE Points Drive
 
Kirkland
 
98,982

 
100.0
%
 
 
3933 Lake Washington Blvd NE
 
Kirkland
 
46,450

 
65.5
%
 
 
837 N. 34th Street
 
Lake Union
 
111,580

 
100.0
%
 
 
701 N. 34th Street
 
Lake Union
 
138,994

 
100.0
%
 
 
801 N. 34th Street
 
Lake Union
 
169,412

 
100.0
%
 
 
320 Westlake Avenue North
 
Lake Union
 
184,643

 
100.0
%
 
 
321 Terry Avenue North
 
Lake Union
 
135,755

 
100.0
%
 
 
401 Terry Avenue North
 
Lake Union
 
140,605

 
100.0
%
 
 
  Total Greater Seattle
 
 
 
2,066,138

 
98.1
%
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
 
13,660,231

 
95.5
%
 
 
 
 
 
 
 
 
 
 


15
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Information on Leases Commenced
 
 
 
1st & 2nd Generation
 
2nd Generation
 
 
 
# of Leases  (1)
 
Square Feet (1)
 
TI/LC
Per Sq.Ft. 
 
Changes in
GAAP Rents
 
Changes in
Cash Rents
 
Retention
Rates
 
Weighted
Average Lease
Term (Mo.)
 
 
 
New
 
Renewal
 
New
 
Renewal
 
 
 
 
 
 
 
Quarter to Date
24

 
16

 
135,452

 
137,500

 
$
41.89

 
25.1
%
 
7.3
%
 
50.7
%
 
74

 
 
Year to Date
45

 
34

 
275,978

 
234,452

 
38.96

 
33.3
%
 
18.1
%
 
45.6
%
 
73

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Information on Leases Executed
 
 
 
1st & 2nd Generation
 
2nd Generation
 
 
 
# of Leases (2)
 
Square Feet (2)
 
TI/LC
Per Sq.Ft.
 
Changes in
GAAP Rents
 
Changes in
Cash Rents
 
Weighted
Average Lease
Term (Mo.)
 
 
 
New
 
Renewal
 
New
 
Renewal
 
 
 
 
 
 
Quarter to Date (3)
20

 
16

 
128,612

 
137,500

 
$
47.58

 
40.1
%
 
19.0
%
 
72

 
 
Year to Date (4)
47

 
34

 
270,974

 
234,452

 
41.66

 
29.8
%
 
14.9
%
 
74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Represents leasing activity for leases that commenced at properties in the stabilized portfolio during the three and six months ended June 30, 2016, including first and second generation space, net of month-to-month leases.
(2)
Represents leasing activity for leases signed at properties in the stabilized portfolio during the three and six months ended June 30, 2016, including first and second generation space, net of month-to-month leases.
(3)
During the three months ended June 30, 2016, 13 new leases totaling 103,114 square feet were signed but not commenced as of June 30, 2016.
(4)
During the six months ended June 30, 2016, 23 new leases totaling 201,007 square feet were signed but not commenced as of June 30, 2016.







16
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Capital Expenditures
($ in thousands)
 
 
Total 2016
 
Q2 2016
 
Q1 2016
 
 
1st Generation (Nonrecurring) Capital Expenditures:
 
 
 
 
 
 
 
Capital Improvements
$
3,443

 
$
1,171

 
$
2,272

 
 
 
 
 
 
 
 
 
 
Total
$
3,443


$
1,171

 
$
2,272

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total 2016
 
Q2 2016
 
Q1 2016
 
 
2nd Generation (Recurring) Capital Expenditures:
 
 
 
 
 
 
 
Capital Improvements
$
6,785

 
$
3,795

 
$
2,990

 
 
 
 
 
 
 
 
 
 
Tenant Improvements & Leasing Commissions (1)
19,523

 
6,973

 
12,550

 
 
 
 
 
 
 
 
 
 
Total
$
26,308

 
$
10,768

 
$
15,540

 
 
 
 
 
 
 
 
 
________________________
(1)
Represents costs incurred for leasing activity during the period shown. Amounts exclude tenant-funded tenant improvements.


17
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Summary Schedule
($ in thousands, except for annualized rent per sq. ft.)
 
Year of Expiration
 
# of Expiring
Leases
 
Total Square
Feet
 
% of Total
Leased Sq. Ft.
 
Annualized
Base Rent (1)
 
% of Total
Annualized
Base Rent
 
Annualized Rent
per Sq. Ft.
 
 
2016
 
44

 
273,159

 
2.1
%
 
$
10,161

 
1.9
%
 
$
37.20

 
 
2017
 
109

 
1,192,681

 
9.3
%
 
44,793

 
8.5
%
 
37.56

 
 
2018
 
78

 
1,356,827

 
10.6
%
 
54,648

 
10.4
%
 
40.28

 
 
2019
 
100

 
1,637,865

 
12.8
%
 
59,448

 
11.3
%
 
36.30

 
 
2020
 
92

 
1,913,643

 
15.0
%
 
71,568

 
13.6
%
 
37.40

 
 
2021
 
73

 
1,021,230

 
8.0
%
 
43,288

 
8.2
%
 
42.39

 
 
2022
 
23

 
478,693

 
3.7
%
 
19,450

 
3.7
%
 
40.63

 
 
2023
 
25

 
646,518

 
5.0
%
 
31,250

 
5.9
%
 
48.34

 
 
2024
 
16

 
610,546

 
4.8
%
 
23,767

 
4.5
%
 
38.93

 
 
2025
 
8

 
101,611

 
0.8
%
 
4,751

 
0.9
%
 
46.76

 
 
2026 and beyond
 
36

 
3,576,979

 
27.9
%
 
163,832

 
31.1
%
 
45.80

 
 
Total (2)
 
604

 
12,809,752

 
100.0
%
 
$
526,956

 
100.0
%
 
$
41.14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Includes 100% of annualized base rent of a consolidated subsidiary in which the Company has a 93% equity interest.
(2)
For leases that have been renewed early or space that has been re-leased to a new tenant, the expiration date and annualized base rent information presented takes into consideration the renewed or re-leased lease terms. Excludes space leased under month-to-month leases, vacant space and lease renewal options not executed as of June 30, 2016.


18
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Lease Expiration Schedule by Region
($ in thousands, except for annualized rent per sq. ft.)
 
Year
 
Region
 
# of
Expiring Leases
 
Total
Square Feet
 
% of Total
Leased Sq. Ft.
 
Annualized
Base Rent
 
% of Total
Annualized
Base Rent
 
Annualized Rent
per Sq. Ft.
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
Los Angeles
 
28

 
125,053

 
1.0
%
 
$
4,689

 
0.9
%
 
$
37.50

 
 
 
Orange County
 
1

 
10,661

 
0.1
%
 
415

 
0.1
%
 
38.93

 
 
 
San Diego
 
4

 
25,332

 
0.2
%
 
861

 
0.1
%
 
33.99

 
 
 
San Francisco Bay Area
 
6

 
71,211

 
0.5
%
 
3,220

 
0.6
%
 
45.22

 
 
 
Greater Seattle
 
5

 
40,902

 
0.3
%
 
976

 
0.2
%
 
23.86

 
 
 
Total
 
44

 
273,159

 
2.1
%
 
$
10,161

 
1.9
%
 
$
37.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
Los Angeles
 
65

 
489,482

 
3.8
%
 
$
16,857

 
3.2
%
 
$
34.44

 
 
 
Orange County
 
7

 
59,915

 
0.5
%
 
2,468

 
0.5
%
 
41.19

 
 
 
San Diego
 
11

 
132,617

 
1.0
%
 
4,811

 
0.9
%
 
36.28

 
 
 
San Francisco Bay Area
 
16

 
265,851

 
2.1
%
 
12,794

 
2.4
%
 
48.12

 
 
 
Greater Seattle
 
10

 
244,816

 
1.9
%
 
7,863

 
1.5
%
 
32.12

 
 
 
Total
 
109

 
1,192,681

 
9.3
%
 
$
44,793

 
8.5
%
 
$
37.56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
Los Angeles
 
38

 
173,614

 
1.4
%
 
$
5,671

 
1.1
%
 
$
32.66

 
 
 
Orange County
 
3

 
18,263

 
0.1
%
 
639

 
0.1
%
 
34.99

 
 
 
San Diego
 
10

 
504,386

 
4.0
%
 
21,659

 
4.1
%
 
42.94

 
 
 
San Francisco Bay Area
 
13

 
298,712

 
2.3
%
 
15,165

 
2.9
%
 
50.77

 
 
 
Greater Seattle
 
14

 
361,852

 
2.8
%
 
11,514

 
2.2
%
 
31.82

 
 
 
Total
 
78

 
1,356,827

 
10.6
%
 
$
54,648

 
10.4
%
 
$
40.28

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
Los Angeles
 
34

 
409,759

 
3.2
%
 
$
13,269

 
2.5
%
 
$
32.38

 
 
 
Orange County
 
6

 
77,922

 
0.6
%
 
3,234

 
0.6
%
 
41.50

 
 
 
San Diego
 
17

 
247,494

 
1.9
%
 
8,605

 
1.6
%
 
34.77

 
 
 
San Francisco Bay Area
 
24

 
702,797

 
5.5
%
 
28,147

 
5.4
%
 
40.05

 
 
 
Greater Seattle
 
19

 
199,893

 
1.6
%
 
6,193

 
1.2
%
 
30.98

 
 
 
Total
 
100

 
1,637,865

 
12.8
%
 
$
59,448

 
11.3
%
 
$
36.30

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Los Angeles
 
42

 
408,993

 
3.2
%
 
$
13,917

 
2.7
%
 
$
34.03

 
 
 
Orange County
 
5

 
38,526

 
0.3
%
 
1,238

 
0.2
%
 
32.13

 
 
 
San Diego
 
20

 
634,208

 
5.0
%
 
23,026

 
4.4
%
 
36.31

 
 
 
San Francisco Bay Area
 
17

 
586,480

 
4.6
%
 
26,327

 
5.0
%
 
44.89

 
 
 
Greater Seattle
 
8

 
245,436

 
1.9
%
 
7,060

 
1.3
%
 
28.77

 
 
 
Total
 
92

 
1,913,643

 
15.0
%
 
$
71,568

 
13.6
%
 
$
37.40

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
and
Beyond
 
Los Angeles
 
71

 
1,661,397

 
13.0
%
 
$
60,867

 
11.5
%
 
$
36.64

 
 
 
Orange County
 
4

 
57,049

 
0.4
%
 
1,933

 
0.4
%
 
33.88

 
 
 
San Diego
 
29

 
835,945

 
6.5
%
 
33,276

 
6.3
%
 
39.81

 
 
 
San Francisco Bay Area
 
45

 
2,959,557

 
23.1
%
 
156,010

 
29.6
%
 
52.71

 
 
 
Greater Seattle
 
32

 
921,629

 
7.2
%
 
34,252

 
6.5
%
 
37.16

 
 
 
Total
 
181

 
6,435,577

 
50.2
%
 
$
286,338

 
54.3
%
 
$
44.49

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

19
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Portfolio Quarterly Lease Expirations for 2016 and 2017
($ in thousands, except for annualized rent per sq. ft.)
 
 
 
# of Expiring
Leases
 
Total Square
Feet
 
% of Total
Leased Sq. Ft.
 
Annualized
Base Rent
 
% of Total
Annualized
Base Rent
 
Annualized Rent
per Sq. Ft.
 
 
2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q3 2016
 
17

 
94,988

 
0.7
%
 
$
3,459

 
0.6
%
 
$
36.42

 
 
Q4 2016
 
27

 
178,171

 
1.4
%
 
6,702

 
1.3
%
 
37.62

 
 
Total 2016
 
44

 
273,159

 
2.1
%
 
$
10,161

 
1.9
%
 
$
37.20

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Q1 2017
 
35

 
380,807

 
3.0
%
 
$
14,583

 
2.8
%
 
$
38.29

 
 
Q2 2017
 
24

 
180,296

 
1.4
%
 
6,486

 
1.2
%
 
35.97

 
 
Q3 2017
 
26

 
308,715

 
2.4
%
 
12,184

 
2.3
%
 
39.47

 
 
Q4 2017
 
24

 
322,863

 
2.5
%
 
11,540

 
2.2
%
 
35.74

 
 
Total 2017
 
109

 
1,192,681

 
9.3
%
 
$
44,793

 
8.5
%
 
$
37.56

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


20
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Top Fifteen Tenants (1) 
($ in thousands)  
 
Tenant Name
 
Annualized Base Rental Revenue
 
Rentable
Square Feet
 
Percentage of
Total Annualized Base Rental Revenue
 
Percentage of
Total Rentable
Square Feet
 
 
LinkedIn Corporation
 
$
28,344

 
663,239

 
5.4
%
 
4.9
%
 
 
salesforce.com, inc. (2)
 
24,183

 
468,445

 
4.6
%
 
3.4
%
 
 
DIRECTV, LLC
 
22,467

 
667,852

 
4.3
%
 
4.9
%
 
 
Box, Inc. (3)
 
22,441

 
371,792

 
4.3
%
 
2.7
%
 
 
Synopsys, Inc.
 
15,492

 
340,913

 
2.9
%
 
2.5
%
 
 
Bridgepoint Education, Inc.
 
15,066

 
322,342

 
2.9
%
 
2.4
%
 
 
Dropbox, Inc.
 
14,827

 
182,054

 
2.8
%
 
1.3
%
 
 
Delta Dental of California
 
10,313

 
188,143

 
2.0
%
 
1.4
%
 
 
AMN Healthcare, Inc.
 
9,001

 
176,075

 
1.7
%
 
1.3
%
 
 
Concur Technologies
 
8,852

 
243,429

 
1.7
%
 
1.8
%
 
 
Zenefits Insurance Service
 
7,314

 
96,305

 
1.4
%
 
0.7
%
 
 
Adobe Systems, Inc.
 
6,596

 
204,757

 
1.3
%
 
1.5
%
 
 
Group Health Cooperative
 
6,372

 
183,422

 
1.2
%
 
1.3
%
 
 
Neurocrine Biosciences, Inc.
 
6,366

 
140,591

 
1.2
%
 
1.0
%
 
 
Riot Games, Inc.
 
6,230

 
114,565

 
1.2
%
 
0.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Top Fifteen Tenants
 
$
203,864

 
4,363,924

 
38.9
%
 
31.9
%
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
The information presented is as of June 30, 2016.
(2)
The Company has entered into leases with various affiliates of the tenant.
(3)
Includes 100% of annualized base rental revenues of a consolidated subsidiary in which the Company has a 93% equity interest.



21
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

2016 Operating Property Acquisitions
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
COMPLETED OPERATING PROPERTY ACQUISITIONS
 
Submarket
 
Month of
Acquisition
 
Number of Buildings
 
Rentable Square Feet
 
Purchase
Price
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
 
 
None
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
 
 
1290-1300 Terra Bella Ave., Mountain View, CA
 
Mountain View
 
June
 
1
 
114,175
 
$
55.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
 
 
 
1
 
114,175
 
$
55.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 







22
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

2016 Dispositions and Real Estate Held for Sale
($ in millions)
 
 
 
 
COMPLETED OPERATING PROPERTY DISPOSITIONS
 
 
 
 
 
 
 
 
 
 
 
 
Property
 
Submarket
 
Month of
Disposition
 
No. of Buildings
 
Rentable
Square Feet
 
Sales
Price (1)
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
 
 
Torrey Santa Fe Properties (2)
 
Del Mar
 
January
 
4
 
465,812
 
$
262.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
 
 
None
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL OPERATING PROPERTY DISPOSITIONS
 
 
 
 
 
4
 
465,812
 
$
262.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
COMPLETED LAND DISPOSITIONS
 
 
 
 
 
 
 
 
 
 
Property
 
Submarket
 
Month of
Disposition
 
Gross Site
Acreage
 
Sales
Price (1)
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
Carlsbad Oaks - Lot 7
 
Carlsbad
 
January
 
7.6
 
$
4.5

 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
Carlsbad Oaks - Lots 4 & 5
 
Carlsbad
 
June
 
11.2
 
6.0

 
 
Carlsbad Oaks - Lot 8
 
Carlsbad
 
June
 
13.2
 
8.9

 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL LAND DISPOSITIONS
 
 
 
 
 
32.0
 
$
19.4

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
OPERATING PROPERTIES HELD FOR SALE AS OF JUNE 30, 2016
 
 
 
 
 
 
 
 
 
 
Properties
 
Submarket
 
No. of Buildings
 
Rentable
Square Feet
 
Sales
Price (1)
 
 
4930, 4939 & 4955 Directors Place, San Diego, CA (3)
 
Sorrento Mesa
 
2
 
136,908
 
$
49.0

 
 
 
 
 
 
 
 
 
 
 
 
____________________
(1)
Represents gross sales price before the impact of commissions and closing costs.
(2)
The Torrey Santa Fe Properties include the following: 7525 Torrey Santa Fe, 7535 Torrey Santa Fe, 7545 Torrey Santa Fe, and 7555 Torrey Santa Fe.
(3)
These properties include two operating properties totaling 136,908 rentable square feet and a 7.0 acre undeveloped land parcel. The Company completed the sale of these properties on July 21, 2016.

 





23
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Stabilized Development Projects and Development Projects in Lease-up
($ in millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STABILIZED DEVELOPMENT PROJECTS
 
Location
 
Start Date
 
Completion
Date
 
Total Estimated Investment
 
Rentable
Square Feet
 
Office % Leased
 
 
1st Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
350 Mission Street
 
San Francisco
 
4Q 2012
 
3Q 2015
 
$
277.8

 
455,340

 
100%
 
 
333 Brannan Street
 
San Francisco
 
4Q 2013
 
3Q 2015
 
101.5

 
185,602

 
100%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
None
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL:
 
 
 
 
 
 
 
$
379.3

 
640,942

 
100%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LEASE-UP PROJECTS
 
Location
 
Start Date
 
Completion
Date
 
Estimated Stabilization Date
 
Total Estimated Investment
 
Rentable
Square Feet
 
% Committed
 
 
Office Projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Heights at Del Mar
 
Del Mar
 
4Q 2014
 
4Q 2015
 
4Q 2016
 
$
45.0

 
73,000

 
34%
 
 
Columbia Square Phase 2 - Office
 
Hollywood
 
3Q 2013
 
1Q 2016
 
1Q 2017
 
220.0

 
370,000

 
80%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL:
 
 
 
 
 
 
 
 
 
$
265.0

 
443,000

 
73%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Location
 
Start Date
 
Completion
Date
 
Estimated Stabilization Date (1)
 
Total Estimated Investment
 
Total No. of Units
 
% Leased
 
 
Residential Project
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Columbia Square Phase 3 - Residential
 
Hollywood
 
3Q 2013
 
2Q 2016
 
2Q 2017
 
$
160.0

 
200

 
22%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Represents the date the Company anticipates the project will reach stabilized occupancy. Under GAAP, the Company ceased capitalization of interest and carry costs in June when the project was completed.








24
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

In-Process, Near-Term and Future Development Pipeline
($ in millions)
 
 
 
Location
 
Estimated Construction Period
 
Estimated Stabilization Date
 
Estimated Rentable Square Feet
 
Total Estimated Investment
 
Total Costs as
of 6/30/2016 (1)
 
Office
% Leased
 
 
 
 
 
Start Date
 
Compl. Date
 
 
 
 
 
 
 
UNDER CONSTRUCTION:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
San Francisco Bay Area
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Exchange on 16th
 
San Francisco
 
2Q 2015
 
3Q 2017
 
3Q 2018
 
700,000

 
$
485

 
$
172.4

 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL:
 
 

 
 
 
 
 

700,000


$
485


$
172.4


—%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEAR-TERM DEVELOPMENT PIPELINE (2):
 
Location
 
Potential Start Date (3)
 
Approx. Developable Square Feet
 
Total Estimated Investment
 
Total Costs as of 6/30/2016 (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100 Hooper
 
San Francisco
 
2016
 
400,000
 
$
255

 
$
94.6

 
 
 
 
 
 
333 Dexter (4)
 
South Lake Union
 
2016
 
700,000
 
385

 
65.3

 
 
 
 
 
 
One Paseo (5)
 
Del Mar
 
2016
 
1,100,000
 
TBD

 
190.5

 
 
 
 
 
 
Academy Project
 
Hollywood
 
2017
 
545,000
 
385

 
67.5

 
 
 
 
 
 
TOTAL:
 
 
 
 
 
2,745,000
 
 
 
$
417.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FUTURE DEVELOPMENT PIPELINE:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Flower Mart (6)
 
San Francisco
 
 
 
TBD
 
TBD

 
$
194.0

 
 
 
 
 

9455 Towne Centre Drive (7)
 
San Diego

 
 
150,000
 
TBD

 
7.6

 
 
 
 

 
Pacific Corporate Center – Lot 8
 
Sorrento Mesa
 
 
 
170,000
 
TBD

 
14.3

 
 
 
 
 
 
Santa Fe Summit – Phase II and III
 
56 Corridor
 
 
 
600,000
 
TBD

 
78.4

 
 
 
 
 
 
TOTAL:
 
 
 
 
 
 
 
 
 
 
 
$
294.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Represents cash paid and costs incurred as of June 30, 2016.
(2)
Project timing, costs, developable square feet and scope could change materially from estimated data provided due to one of more of the following: any significant changes in the economy, market conditions, our markets, tenant requirements and demands, construction costs, new office supply, regulatory and entitlement processes or project design.
(3)
Potential start dates assume successfully obtaining all entitlements and approvals necessary to commence construction. Actual commencement is subject to extensive consideration of market conditions and economic factors. 100 Hooper is fully-entitled with Proposition M allocation.
(4)
Consists of four adjacent parcels in the South Lake Union submarket of Seattle.
(5)
In July 2016, the Company received final entitlement approval for this project.
(6)
In the first quarter of 2016, the Company purchased approximately 1.75 acres located at 610-620 Brannan Street immediately adjacent to the Flower Mart development site in the SOMA district of San Francisco. The Company purchased the site for approximately $31.0 million in cash and 867,701 common units of the Operating Partnership. In addition, the Company paid $2.4 million in seller transaction costs and recorded $4.7 million in accrued liabilities.
(7)
The Company is planning to demolish the existing 2-story 45,195 rentable square foot office building and is currently pursuing entitlements to build a new 5-story 150,000 rentable square foot building.


25
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Capital Structure
As of June 30, 2016
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
Shares/Units
June 30, 2016
 
Aggregate Principal
Amount or
$ Value Equivalent
 
% of Total
Market
Capitalization
 
 
DEBT:
 
 
 
 
 
 
 
 
Unsecured Line of Credit (1)
 
 
 
$
220,000

 
2.5
%
 
 
Unsecured Term Loan Facility
 
 
 
150,000

 
1.7
%
 
 
Unsecured Term Loan
 
 
 
39,000

 
0.4
%
 
 
Unsecured Senior Notes due 2018 (2)
 
 
 
325,000

 
3.6
%
 
 
Unsecured Senior Notes due 2020 (2)
 
 
 
250,000

 
2.8
%
 
 
Unsecured Senior Notes due 2023 (2)
 
 
 
300,000

 
3.3
%
 
 
Unsecured Senior Notes due 2025 (2)
 
 
 
400,000

 
4.5
%
 
 
Unsecured Senior Notes due 2029 (2)
 
 
 
400,000

 
4.5
%
 
 
Secured Debt (2)
 
 
 
369,098

 
4.1
%
 
 
Total Debt
 
 
 
$
2,453,098

 
27.4
%
 
 
EQUITY AND NONCONTROLLING INTERESTS:
 
 
 
 
 
 
 
 
6.875% Series G Cumulative Redeemable Preferred stock (3)
 
4,000,000
 
$
100,000

 
1.1
%
 
 
6.375% Series H Cumulative Redeemable Preferred stock (3)
 
4,000,000
 
100,000

 
1.1
%
 
 
Common limited partnership units outstanding (4)
 
2,631,276
 
174,427

 
2.0
%
 
 
Shares of common stock outstanding (4)
 
92,254,768
 
6,115,569

 
68.4
%
 
 
Total Equity and Noncontrolling Interests
 
 
 
$
6,489,996

 
72.6
%
 
 
TOTAL MARKET CAPITALIZATION
 
 
 
$
8,943,094

 
100.0
%
 
 
 
 
 
 
 
 
 
 
________________________
(1)
As of the date of this report, there were no outstanding borrowings on our unsecured line of credit.
(2)
Represents gross aggregate principal amount due at maturity before the effect of the following at June 30, 2016: $11.9 million of unamortized deferred financing costs, $7.0 million of unamortized discounts for the unsecured senior notes and $5.3 million of unamortized premiums for the secured debt.
(3)
Value based on $25.00 per share liquidation preference.
(4)
Value based on closing share price of $66.29 as of June 30, 2016.




26
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Debt Analysis
As of June 30, 2016
 
 
 
 
 
 
 
 
 
 
TOTAL DEBT COMPOSITION
 
 
 
 
Percent of
Total Debt
 
Weighted Average
 
 
 
 
Interest Rate
 
Years to Maturity
 
 
Secured vs. Unsecured Debt
 
 
 
 
 
 
 
 
Unsecured Debt
 
85.0
%
 
4.1
%
 
6.6

 
 
Secured Debt
 
15.0
%
 
5.1
%
 
4.1

 
 
Floating vs. Fixed-Rate Debt
 
 
 
 
 
 
 
 
Floating-Rate Debt
 
16.7
%
 
1.6
%
 
3.0

 
 
Fixed-Rate Debt
 
83.3
%
 
4.7
%
 
6.9

 
 
 
 
 
 
 
 
 
 
 
Stated Interest Rate
 
 
 
4.2
%
 
6.2

 
 
 
 
 
 
 
 
 
 
 
GAAP Effective Rate
 
 
 
4.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP Effective Rate Including Debt Issuance Costs
 
 
 
4.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
KEY DEBT COVENANTS
 
 
 
Covenant
 
Actual Performance
as of June 30, 2016
 
 
Unsecured Credit Facility, Term Loan Facility, and Term Loan
(as defined in the Credit Agreements):
 
 
 
 
 
 
Total debt to total asset value
 
less than 60%
 
28%
 
 
Fixed charge coverage ratio
 
greater than 1.5x
 
2.8x
 
 
Unsecured debt ratio
 
greater than 1.67x
 
3.27x
 
 
Unencumbered asset pool debt service coverage
 
greater than 1.75x
 
3.92x
 
 
 
 
 
 
 
 
 
Unsecured Senior Notes due 2018, 2020, 2023, 2025 and 2029
(as defined in the Indentures):
 
 
 
 
 
 
Total debt to total asset value
 
less than 60%
 
35%
 
 
Interest coverage
 
greater than 1.5x
 
7.6x
 
 
Secured debt to total asset value
 
less than 40%
 
5%
 
 
Unencumbered asset pool value to unsecured debt
 
greater than 150%
 
294%
 
 
 
 
 
 
 
 



27
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Debt Analysis
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEBT MATURITY SCHEDULE
 
Floating/
Fixed Rate
 
Stated
Rate
 
GAAP Effective Rate (1)
 
Maturity
Date
 
2016
 
2017
 
2018
 
2019
 
2020
 
After 2020
 
Total (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating (3)
 
1.52%
 
1.52%
 
7/1/2019
 
 
 
 
 
 
 
$
220,000

 
 
 
 
 
$
220,000

 
 
Floating (4)
 
1.62%
 
1.62%
 
7/1/2019
 
 
 
 
 
 
 
150,000

 
 
 
 
 
150,000

 
 
Floating (4)
 
1.62%
 
1.62%
 
7/1/2019
 
 
 
 
 
 
 
39,000

 
 
 
 
 
39,000

 
 
Fixed
 
4.80%
 
4.83%
 
7/15/2018
 
 
 
 
 
325,000

 
 
 
 
 
 
 
325,000

 
 
Fixed
 
6.63%
 
6.74%
 
6/1/2020
 
 
 
 
 
 
 
 
 
250,000

 
 
 
250,000

 
 
Fixed
 
3.80%
 
3.80%
 
1/15/2023
 
 
 
 
 
 
 
 
 
 
 
300,000

 
300,000

 
 
Fixed
 
4.38%
 
4.44%
 
10/1/2025
 
 
 
 
 
 
 
 
 
 
 
400,000

 
400,000

 
 
Fixed
 
4.25%
 
4.35%
 
8/15/2029
 
 
 
 
 
 
 
 
 
 
 
400,000

 
400,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unsecured debt
 
4.05%
 
4.10%
 
 
 
—

 
—

 
325,000

 
409,000

 
250,000

 
1,100,000

 
2,084,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed
 
6.51%
 
6.51%
 
2/1/2017
 
588

 
64,406

 
 
 
 
 
 
 
 
 
64,994

 
 
Fixed
 
7.15%
 
7.15%
 
5/1/2017
 
1,410

 
1,215

 
 
 
 
 
 
 
 
 
2,625

 
 
Fixed
 
4.27%
 
4.27%
 
2/1/2018
 
1,293

 
2,671

 
123,085

 
 
 
 
 
 
 
127,049

 
 
Fixed (5)
 
6.05%
 
3.50%
 
6/1/2019
 
826

 
1,727

 
1,835

 
74,479

 
 
 
 
 
78,867

 
 
Fixed
 
4.48%
 
4.48%
 
7/1/2027
 
809

 
1,673

 
1,749

 
1,830

 
1,913

 
87,589

 
95,563

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total secured debt
 
5.12%
 
4.56%
 
 
 
4,926

 
71,692

 
126,669

 
76,309

 
1,913

 
87,589

 
369,098

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
4.21%
 
4.17%
 
 
 
$
4,926

 
$
71,692

 
$
451,669

 
$
485,309

 
$
251,913

 
$
1,187,589

 
$
2,453,098

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Represents the rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of discounts/premiums, excluding deferred financing costs.
(2)
Amounts presented represent the gross aggregate principal amount due at maturity before the effect of the following at June 30, 2016: $11.9 million of unamortized deferred financing costs, $7.0 million of unamortized discounts for the unsecured senior notes and $5.3 million of unamortized premiums for the secured debt.
(3)
The interest for this loan is calculated at an annual rate of LIBOR plus 1.050% at June 30, 2016.
(4)
The interest for this loan is calculated at an annual rate of LIBOR plus 1.150% at June 30, 2016.
(5)
Represents secured debt assumed in connection with an operating property acquisition.





28
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

FFO Guidance/Outlook (1) 
(unaudited, $ and shares/units in thousands, except per share amounts)

 
 
 
Full Year 2016 Range at June 30, 2016
 
 
 
 
Low End
 
High End
 
 
Funds From Operations
 
$
324,000

 
$
332,000

 
 
 
 
 
 
 
 
 
Weighted average common shares/units outstanding - diluted
 
96,500

 
96,500

 
 
 
 
 
 
 
 
 
FFO per common share/unit - diluted
 
$
3.36

 
$
3.44

 
 
 
 
 
 
 
 
________________________
(1)
The Company does not provide a reconciliation for its guidance range of FFO per common share/unit - diluted to net income available to common stockholders per common share - diluted, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income available to common stockholders per share - diluted, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company’s control. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of FFO per common share/unit - diluted would imply a degree of precision as to its forward-looking net income available to common stockholders per common share - diluted that would be confusing or misleading to investors.


29
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Management Statements on Non-GAAP Supplemental Measures
 
Included in this section are management’s statements regarding certain non-GAAP financial measures provided in this supplemental financial report and, with respect to Funds From Operations (“FFO”), in the Company’s earnings release on July 25, 2016 and the reasons why management believes that these measures provide useful information to investors about the Company’s financial condition and results of operations.

Net Operating Income:

Management believes that Net Operating Income (“NOI”) is a useful supplemental measure of the Company’s operating performance. The Company defines NOI as operating revenues (rental income, tenant reimbursements and other property income) less property and related expenses (property expenses, real estate taxes, provision for bad debts and ground leases). Other real estate investment trusts (“REITs”) may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other REITs.

Because NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. The Company uses NOI to evaluate its operating performance on a portfolio basis since NOI allows the Company to evaluate the impact that factors such as occupancy levels, lease structure, rental rates, and tenant base have on the Company’s results, margins and returns. In addition, management believes that NOI provides useful information to the investment community about the Company’s financial and operating performance when compared to other REITs since NOI is generally recognized as a standard measure of performance in the real estate industry.

However, NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company’s results from operations.

Same Store Net Operating Income:

Management believes that Same Store NOI is a useful supplemental measure of the Company’s operating performance. Same Store NOI represents the NOI for all of the properties that were owned and included in our stabilized portfolio for two comparable reporting periods. Because Same Store NOI excludes the change in NOI from developed, redeveloped, acquired and disposed of and held for sale properties, it highlights operating trends such as occupancy levels, rental rates and operating costs on properties. Other REITs may use different methodologies for calculating Same Store NOI, and accordingly, the Company’s Same Store NOI may not be comparable to other REITs.

However, Same Store NOI should not be viewed as an alternative measure of the Company’s financial performance since it does not reflect the operations of the Company’s entire portfolio, nor does it reflect the impact of general and administrative expenses, acquisition-related expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact the Company’s results from operations.



30
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Management Statements on Non-GAAP Supplemental Measures, continued
 
 
EBITDA:

Management believes that earnings before interest expense, depreciation and amortization, gain/loss on early extinguishment of debt, gains and losses on depreciable real estate, net income attributable to noncontrolling interests, preferred dividends and distributions, original issuance costs of redeemed preferred stock and preferred units, and impairment losses (“EBITDA”) is a useful supplemental measure of the Company’s operating performance. When considered with other GAAP measures and FFO, management believes EBITDA gives the investment community a more complete understanding of the Company’s operating results, including the impact of general and administrative expenses and acquisition-related expenses, before the impact of investing and financing transactions and facilitates comparisons with competitors. Management also believes it is appropriate to present EBITDA as it is used in several of the Company’s financial covenants for both its secured and unsecured debt. However, EBITDA should not be viewed as an alternative measure of the Company’s operating performance since it excludes financing costs as well as depreciation and amortization costs which are significant economic costs that could materially impact the Company’s results of operations and liquidity. Other REITs may use different methodologies for calculating EBITDA and, accordingly, the Company’s EBITDA may not be comparable to other REITs.

Funds From Operations:

The Company calculates FFO in accordance with the White Paper on FFO approved by the Board of Governors of NAREIT. The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide.

However, FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic costs and could materially impact the Company’s results from operations.


31
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Management Statements on Non-GAAP Supplemental Measures, continued
 
Funds Available for Distribution:

Management believes that Funds Available for Distribution (“FAD”) is a useful supplemental measure of the Company’s liquidity. The Company computes FAD by adding to FFO the non-cash amortization of deferred financing costs, debt discounts and premiums and share-based compensation awards and amortization of above (below) market rents for acquisition properties, then subtracting recurring tenant improvements, leasing commissions and capital expenditures and eliminating the net effect of straight-line rents, amortization of deferred revenue related to tenant improvements and adjusting for other lease related items. FAD provides an additional perspective on the Company’s ability to fund cash needs and make distributions to stockholders by adjusting FFO for the impact of certain cash and non-cash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. Management also believes that FAD provides useful information to the investment community about the Company’s financial position as compared to other REITs since FAD is a liquidity measure used by other REITs. However, other REITs may use different methodologies for calculating FAD and, accordingly, the Company’s FAD may not be comparable to other REITs.


32
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Definitions Included in Supplemental
Annualized Base Rent:

Includes the impact of straight-lining rent escalations and the amortization of free rent periods and excludes the impact of the following: amortization of deferred revenue related to tenant-funded tenant improvements, amortization of above/below market rents, amortization for lease incentives due under existing leases, and expense reimbursement revenue. Additionally, the underlying leases contain various expense structures including full service gross, modified gross and triple net. Amounts represent percentage of total portfolio annualized contractual base rental revenue.

Change in GAAP/ Cash Rents (Leases Commenced):

Calculated as the change between GAAP/cash rents for new/renewed leases and the expiring GAAP/cash rents for the same space. Excludes leases for which the space was vacant longer than one year, or vacant when the property was acquired by the Company.

Change in GAAP/Cash Rents (Leases Executed):

Calculated as the change between GAAP/cash rents for signed leases and the expiring GAAP/cash rents for the same space. Excludes leases for which the space was vacant longer than one year, or vacant when the property was acquired by the Company.

Estimated Stabilization Date (Development):

Management’s estimation of the earlier of stabilized occupancy (95%) or one year from the date of substantial completion.

FAD Payout Ratio:

Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by Funds Available for Distribution.

First Generation Capital Expenditures:

Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use. These costs are not subtracted in our calculation of Funds Available for Distribution.

Fixed Charge Coverage Ratio:

Calculated as EBITDA divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums) and current year accrued preferred dividends.

FFO Payout Ratio:

Calculated as current-quarter dividends accrued to common stockholders and common unitholders (excluding dividend equivalents accrued to restricted stock unitholders) divided by Funds From Operations.

33
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report


Definitions Included in Supplemental, continued
GAAP Effective Rate:

The rate at which interest expense is recorded for financial reporting purposes, which reflects the amortization of any discounts/premiums, excluding debt issuance costs.

Interest Coverage Ratio:

Calculated as EBITDA divided by gross interest expense (excluding amortization of deferred debt costs and debt discounts/premiums).

Lease-up Properties:

Properties recently redeveloped that have not yet reached 95% occupancy and are within one year following cessation of major construction activities.

Net Effect of Straight-Line Rents:

Represents the straight-line rent income recognized during the period offset by cash received during the period that was applied to deferred rents receivable balances for terminated leases and the provision for bad debts recorded for deferred rent receivable balances.

Operating Margins:

Calculated as Net Operating Income divided by total revenues, including discontinued operations.

Retention Rates (Leases Commenced):

Calculated as the percentage of space either renewed or expanded into by existing tenants or subtenants at lease expiration.

Same Store Portfolio:

Our Same Store portfolio includes all of our properties owned and included in our stabilized portfolio for two comparable reporting periods, i.e., owned and included in our stabilized portfolio as of January 1, 2015 and still owned and included in the stabilized portfolio as of June 30, 2016. It does not include undeveloped land, development and redevelopment properties currently under construction or committed for construction, “lease-up” properties and properties held-for-sale. We define lease-up properties as properties recently developed or redeveloped that have not yet reached 95% occupancy and are within one year following cessation of major construction activities. We define redevelopment properties as those projects for which we expect to spend significant development and construction costs on existing or acquired buildings pursuant to a formal plan, the intended result of which is a higher economic return on the property.

Stated Interest Rate:

The rate at which interest expense is recorded per the respective loan documents, excluding the impact of the amortization of any debt discounts/premiums.


34
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Reconciliation of Same Store Net Operating Income to Net Income Available to Common Stockholders
(unaudited, $ in thousands)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
2016
 
2015
 
2016
 
2015
 
 
Same Store Cash Net Operating Income
 
$
94,088

 
$
83,744

 
$
186,182

 
$
159,110

 
 
Cash to GAAP Adjustments:
 
 
 
 
 
 
 
 
 
 
GAAP Operating Revenues Adjustments, net
 
7,154

 
14,502

 
14,488

 
37,731

 
 
GAAP Operating Expenses Adjustments, net
 
22

 
(102
)
 
42

 
(300
)
 
 
Same Store GAAP Net Operating Income
 
101,264

 
98,144

 
200,712

 
196,541

 
 
Non-Same Store GAAP Net Operating Income
 
15,035

 
7,927

 
23,207

 
17,165

 
 
Net Operating Income, as defined (1)
 
116,299

 
106,071

 
223,919

 
213,706

 
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
General and administrative expenses
 
(13,979
)
 
(12,633
)
 
(27,416
)
 
(25,401
)
 
 
Acquisition-related expenses
 
(714
)
 
(265
)
 
(776
)
 
(393
)
 
 
Depreciation and amortization
 
(53,346
)
 
(51,658
)
 
(103,786
)
 
(103,145
)
 
 
Interest income and other net investment gains
 
311

 
511

 
582

 
871

 
 
Interest expense
 
(14,384
)
 
(14,864
)
 
(26,213
)
 
(31,742
)
 
 
Net (loss) gain on sales of land
 
(295
)
 
—

 
(295
)
 
17,268

 
 
Gains on sales of depreciable operating properties
 
—

 
31,428

 
145,990

 
31,428

 
 
Net Income
 
33,892

 
58,590

 
212,005

 
102,592

 
 
Net income attributable to noncontrolling interests
 
(1,045
)
 
(1,090
)
 
(4,850
)
 
(1,905
)
 
 
Preferred dividends
 
(3,312
)
 
(3,312
)
 
(6,625
)
 
(6,625
)
 
 
Net Income Available to Common Stockholders
 
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

 
 
 
 
 
 
 
 
 
 
 
 
________________________
(1)
Please refer to page 30 for Management Statements on Net Operating Income and Same Store Net Operating Income.



35
Kilroy Realty Corporation
Second Quarter 2016 Supplemental Financial Report

Reconciliation of Net Income Available to Common Stockholders to EBITDA
(unaudited, $ in thousands)
 
 
 
Three Months Ended June 30,
 
 
 
 
2016
 
2015
 
 
Net Income Available to Common Stockholders
 
$
29,535

 
$
54,188

 
 
Interest expense
 
14,384

 
14,864

 
 
Depreciation and amortization
 
53,346

 
51,658

 
 
Net income attributable to noncontrolling interests
 
1,045

 
1,090

 
 
Gains on sales of depreciable operating properties
 
—

 
(31,428
)
 
 
Preferred dividends
 
3,312

 
3,312

 
 
 
 
 
 
 
 
 
EBITDA (1)
 
$
101,622

 
$
93,684

 
 
 
 
 
 
 
 
________________________
(1)
Please refer to page 31 for a Management Statement on EBITDA.


36
 EX-99.2 3 exhibit992.htm EXHIBIT 99.2 Exhibit
Exhibit 99.2

 
 


Contact:
FOR RELEASE:
Tyler H. Rose
July 25, 2016
Executive Vice President
 
and Chief Financial Officer
 
(310) 481-8484
Or
 
Michelle Ngo
 
Senior Vice President
 
and Treasurer
 
(310) 481-8581
 
 

KILROY REALTY CORPORATION REPORTS
SECOND QUARTER FINANCIAL RESULTS
---------------

LOS ANGELES, July 25, 2016 - Kilroy Realty Corporation (NYSE: KRC) today reported financial results for its second quarter ended June 30, 2016.

Second Quarter Highlights
Financial Results
•
Net income available to common stockholders of $0.31 per share
•
Funds from operations (FFO) of $0.86 per share which includes $0.01 per share of acquisition-related expenses
•
Revenues of $160.1 million
•
In May, increased our regular quarterly cash dividend to an annualized rate of $1.50 per share, a 7.1% increase from the previous annualized dividend level of $1.40 per share

Stabilized Portfolio
•
Stabilized portfolio was 95.5% occupied and 96.6% leased at June 30, 2016
•
Signed approximately 266,000 square feet of new or renewing leases

Development
•
In June, completed construction of the 200 unit, 21-story residential building at the company’s mixed-used Columbia Square project in Hollywood. As of June 30, 2016, 22% of the 200 units were leased

Acquisitions
•
In June, acquired a fully leased 114,000 square-foot office building in Mountain View, CA for $55.4 million


1


Capital Recycling
•
In June, completed the sale of three land parcels aggregating 24.4 acres in Carlsbad, CA, for total gross proceeds of $14.9 million

Recent Developments
•
In July, received final entitlement approval for the company’s 1.1 million square-foot mixed-used One Paseo project in the Del Mar submarket of San Diego
•
In July, completed the sale of two office properties aggregating 137,000 rentable square feet and a 7.0 acre land site in the Sorrento Mesa submarket of San Diego for gross proceeds of $49.0 million

Results for the Quarter Ended June 30, 2016
For the second quarter ended June 30, 2016, KRC reported net income available to common stockholders of $29.5 million, or $0.31 per share, compared to $54.2 million, or $0.61 per share, in the prior year period, which included a $31.4 million, or $0.35 per share, gain from property dispositions. FFO for the period was $82.7 million, or $0.86 per share, compared to $74.8 million, or $0.82 per share, in the second quarter of 2015. FFO per share in 2Q16 includes approximately $0.01 per share of acquisition-related expenses compared to $0.003 in 2Q15. Total revenues in the second quarter of 2016 were $160.1 million, compared to $146.2 million in the second quarter of 2015.

All per share amounts in this report are presented on a diluted basis.

Operating and Leasing Activity
At June 30, 2016, KRC’s stabilized portfolio totaled approximately 13.7 million square feet of office space located in Los Angeles, Orange County, San Diego, the San Francisco Bay Area and greater Seattle. During the second quarter, the company signed new or renewing leases in its stabilized portfolio totaling 266,112 square feet of space. At quarter-end, the portfolio was 95.5% occupied, compared to 94.8% at December 31, 2015 and 96.7% at June 30, 2015, and was 96.6% leased.

Real Estate Development Activity
KRC currently has one project under construction, The Exchange on 16th in the Mission Bay submarket of San Francisco. It has a total estimated investment of approximately $485.0 million. The company also has two office properties currently in lease-up that represent a total estimated investment of approximately $265.0 million and one recently completed residential property with a total estimated investment of $160.0 million. As of June 30, 2016, the office properties were 73% committed and the residential property was 22% leased.

Management Comments
“Six months into 2016, we’re on track for another strong financial and operating year at KRC,” said John Kilroy, the company’s chairman, president and chief executive officer. “Our stabilized portfolio is at frictional occupancy levels and generating strong same-store NOI growth. We’re making excellent progress moving our in-process development projects forward, on both the construction and leasing fronts. And we continue to advance our development pipeline, acquiring key entitlements and ensuring broad access to capital, including continued success in our capital recycling program.”

FFO per Share Guidance
The company has updated its guidance range of NAREIT defined FFO per share (diluted) for the full year 2016 to $3.36 - $3.44 per share with a midpoint of $3.40 per share. The updated guidance reflects an increase in proceeds related to 2016 capital recycling to a new estimated 2016 target of approximately $800 million from the previous midpoint of $500 million.


2


These estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise referenced during the conference call referred to below. These estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity or possible future impairment charges. There can be no assurance that the company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast
KRC management will discuss earnings guidance for fiscal year 2016 during the company’s July 26, 2016 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. Those interested in listening via the Internet can access the conference call at http://www.kilroyrealty.com. Please go to the website 15 minutes before the call and register. It may be necessary to download audio software to hear the conference call. Those interested in listening via telephone can access the conference call at (888) 680-0878 reservation #80256205. A replay of the conference call will be available via phone through August 2, 2016 at (888) 286-8010, reservation #85935244, or via the Internet at the company’s website.

About Kilroy Realty Corporation
With nearly 70 years’ experience owning, developing, acquiring and managing real estate assets in West Coast real estate markets, Kilroy Realty Corporation (KRC), a publicly traded real estate investment trust and member of the S&P MidCap 400 Index, is one of the region’s premier landlords. The company provides physical work environments that foster creativity and productivity and serves a broad roster of dynamic, innovation-driven tenants, including technology, entertainment, digital media and health care companies.

At June 30, 2016, the company’s stabilized portfolio totaled 13.7 million square feet of office properties, all located in the coastal regions of greater Seattle, the San Francisco Bay Area, Los Angeles, Orange County and San Diego. The company is recognized by GRESB as the North American leader in sustainability, ranking first among 155 North American participants across all asset types. At the end of the second quarter, the company’s properties were 47% LEED certified and 69% of eligible properties were ENERGY STAR certified. In addition, KRC had one office project totaling approximately 700,000 square feet under construction, two office projects in lease-up totaling approximately 443,000 square feet and a 200-unit residential tower in lease-up. More information is available at http://www.kilroyrealty.com.

Non-GAAP Financial Information
The Company does not provide a reconciliation for its guidance range of FFO per common share/unit - diluted to net income available to common stockholders per common share - diluted, the most directly comparable forward-looking GAAP financial measure, because it is unable to provide a meaningful or accurate estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income available to common stockholders per share - diluted, including, for example, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company’s control. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of FFO per common share/unit - diluted would imply a degree of precision as to its forward-looking net income available to common stockholders per common share - diluted that would be confusing or misleading to investors.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of

3


future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, among others, risks associated with: investment in real estate assets, which are illiquid; trends in the real estate industry; significant competition, which may decrease the occupancy and rental rates of properties; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired properties; the availability of cash for distribution and debt service and exposure of risk of default under debt obligations; adverse changes to, or implementations of, applicable laws, regulations or legislation; and the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts. These factors are not exhaustive. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2015 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on information that was available, and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information or otherwise, except to the extent required in connection with ongoing requirements under U.S. securities laws.

4


KILROY REALTY CORPORATION
SUMMARY OF QUARTERLY RESULTS
(unaudited, in thousands, except per share data)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues
$
160,133

 
$
146,227

 
$
305,579

 
$
292,309

 
 
 
 
 
 
 
 
Net income available to common stockholders (1)
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
92,210

 
88,126

 
92,217

 
87,515

Weighted average common shares outstanding – diluted
92,825

 
88,646

 
92,784

 
88,044

 
 
 
 
 
 
 
 
Net income available to common stockholders per share – basic (1)
$
0.32

 
$
0.61

 
$
2.17

 
$
1.07

Net income available to common stockholders per share – diluted (1)
$
0.31

 
$
0.61

 
$
2.15

 
$
1.06

 
 
 
 
 
 
 
 
Funds From Operations (1)(2)(3)
$
82,722

 
$
74,819

 
$
160,915

 
$
166,351

 
 
 
 
 
 
 
 
Weighted average common shares/units outstanding – basic (4)
95,966

 
91,109

 
95,642

 
90,498

Weighted average common shares/units outstanding – diluted (4)
96,581

 
91,629

 
96,209

 
91,028

 
 
 
 
 
 
 
 
Funds From Operations per common share/unit – basic (4)
$
0.86

 
$
0.82

 
$
1.68

 
$
1.84

Funds From Operations per common share/unit – diluted (4)
$
0.86

 
$
0.82

 
$
1.67

 
$
1.83

 
 
 
 
 
 
 
 
Common shares outstanding at end of period
 
 
 
 
92,255

 
88,406

Common partnership units outstanding at end of period
 
 
 
 
2,631

 
1,793

Total common shares and units outstanding at end of period
 
 
 
 
94,886

 
90,199

 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2016
 
June 30, 2015
Stabilized office portfolio occupancy rates: (5)
 
 
 
 
 
 
 
Los Angeles and Ventura Counties
 
 
 
 
94.2
%
 
95.4
%
Orange County
 
 
 
 
97.8
%
 
98.1
%
San Diego County
 
 
 
 
89.0
%
 
95.5
%
San Francisco Bay Area
 
 
 
 
98.7
%
 
98.5
%
Greater Seattle
 
 
 
 
98.1
%
 
97.0
%
Weighted average total
 
 
 
 
95.5
%
 
96.7
%
 
 
 
 
 
 
 
 
Total square feet of stabilized office properties owned at end of period: (5)
 
 
 
 
 
 
 
Los Angeles and Ventura Counties
 
 
 
 
3,619

 
3,505

Orange County
 
 
 
 
272

 
272

San Diego County
 
 
 
 
2,711

 
3,318

San Francisco Bay Area
 
 
 
 
4,992

 
3,890

Greater Seattle
 
 
 
 
2,066

 
2,066

Total
 
 
 
 
13,660

 
13,051

________________________

(1)
Net income available to common stockholders for the six months ended June 30, 2016 includes a gain on sale of depreciable operating properties of $146.0 million. Net income available to common stockholders and Funds From Operations for the three and six months ended June 30, 2016 includes a loss on sale of land of $0.3 million. Net income available to common stockholders for the three and six months ended June 30, 2015 includes gains on sales of depreciable operating properties of $31.4 million. Net income available to common stockholders and Funds From Operations for the six months ended June 30, 2015 includes a gain on sale of land of $17.3 million.
(2)
Reconciliation of Net income available to common stockholders to Funds From Operations and management statement on Funds From Operations are included after the Consolidated Statements of Operations.
(3)
Reported amounts are attributable to common stockholders and common unitholders.
(4)
Calculated based on weighted average shares outstanding including participating share-based awards and assuming the exchange of all common limited partnership units outstanding.
(5)
Occupancy percentages and total square feet reported are based on the company’s stabilized office portfolio for the periods presented. Occupancy percentages and total square feet shown for June 30, 2015 include the office properties that were sold subsequent to June 30, 2015 and held for sale at June 30, 2016.

5


KILROY REALTY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands)
 
June 30, 2016
 
December 31, 2015
 
(unaudited)
 
 
ASSETS
 
 
 
REAL ESTATE ASSETS:
 
 
 
Land and improvements
$
1,020,287

 
$
875,794

Buildings and improvements
4,639,003

 
4,091,012

Undeveloped land and construction in progress
894,057

 
1,361,340

Total real estate assets held for investment
6,553,347

 
6,328,146

Accumulated depreciation and amortization
(1,054,828
)
 
(994,241
)
Total real estate assets held for investment, net
5,498,519

 
5,333,905

 
 
 
 
Real estate assets and other assets held for sale, net
30,257

 
117,666

Cash and cash equivalents
26,332

 
56,508

Restricted cash
266,158

 
696

Marketable securities
13,388

 
12,882

Current receivables, net
10,112

 
11,153

Deferred rent receivables, net
207,851

 
189,704

Deferred leasing costs and acquisition-related intangible assets, net
186,903

 
176,683

Prepaid expenses and other assets, net (1)
58,913

 
27,233

TOTAL ASSETS
$
6,298,433

 
$
5,926,430

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
LIABILITIES:
 
 
 
Secured debt, net (1)
$
373,500

 
$
380,835

Unsecured debt, net (1)
1,845,992

 
1,844,634

Unsecured line of credit
220,000

 
—

Accounts payable, accrued expenses and other liabilities
211,196

 
246,323

Accrued dividends and distributions
37,733

 
34,992

Deferred revenue and acquisition-related intangible liabilities, net
138,394

 
128,156

Rents received in advance and tenant security deposits
44,663

 
49,361

Liabilities of real estate assets held for sale
321

 
7,543

Total liabilities
2,871,799

 
2,691,844

 
 
 
 
EQUITY:
 
 
 
Stockholders’ Equity
 
 
 
6.875% Series G Cumulative Redeemable Preferred stock
96,155

 
96,155

6.375% Series H Cumulative Redeemable Preferred stock
96,256

 
96,256

Common stock
923

 
923

Additional paid-in capital
3,074,508

 
3,047,894

Retained earnings/(distributions in excess of earnings)
62,647

 
(70,262
)
Total stockholders’ equity
3,330,489

 
3,170,966

Noncontrolling Interests
 
 
 
Common units of the Operating Partnership
89,495

 
57,100

Noncontrolling interest in consolidated subsidiary
6,650

 
6,520

Total noncontrolling interests
96,145

 
63,620

Total equity
3,426,634

 
3,234,586

TOTAL LIABILITIES AND EQUITY
$
6,298,433

 
$
5,926,430

________________________

(1)
Effective January 1, 2016, the Company adopted Financial Accounting Standards Board Accounting Standards Update No. 2015-03 and 2015-15, which changed the presentation of deferred financing costs on the balance sheet. As a result, for all periods presented, deferred financing costs, with the exception of deferred financing costs related to the unsecured line of credit, have been reclassified as a reduction to the related secured debt, net and unsecured debt, net line items. Deferred financing costs related to the unsecured line of credit are included in prepaid expenses and other assets, net.


6


KILROY REALTY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
REVENUES
 
 
 
 
 
 
 
Rental income
$
143,653

 
$
131,450

 
$
277,408

 
$
262,382

Tenant reimbursements
16,138

 
14,174

 
27,542

 
28,599

Other property income
342

 
603

 
629

 
1,328

Total revenues
160,133

 
146,227

 
305,579

 
292,309

 
 
 
 
 
 
 
 
EXPENSES
 
 
 
 
 
 
 
Property expenses
29,221

 
26,866

 
55,186

 
51,580

Real estate taxes
13,845

 
12,430

 
24,877

 
25,145

Provision for bad debts
—

 
47

 
—

 
289

Ground leases
768

 
813

 
1,597

 
1,589

General and administrative expenses
13,979

 
12,633

 
27,416

 
25,401

Acquisition-related expenses
714

 
265

 
776

 
393

Depreciation and amortization
53,346

 
51,658

 
103,786

 
103,145

Total expenses
111,873

 
104,712

 
213,638

 
207,542

 
 
 
 
 
 
 
 
OTHER (EXPENSES) INCOME
 
 
 
 
 
 
 
Interest income and other net investment gains
311

 
511

 
582

 
871

Interest expense
(14,384
)
 
(14,864
)
 
(26,213
)
 
(31,742
)
Total other (expenses) income
(14,073
)
 
(14,353
)
 
(25,631
)
 
(30,871
)
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS BEFORE GAINS (LOSSES) ON SALES OF REAL ESTATE
34,187

 
27,162

 
66,310

 
53,896

Net (loss) gain on sales of land
(295
)
 
—

 
(295
)
 
17,268

Gains on sale of depreciable operating properties
—

 
31,428

 
145,990

 
31,428

NET INCOME
33,892

 
58,590

 
212,005

 
102,592

 
 
 
 
 
 
 
 
Net income attributable to noncontrolling common units of the Operating Partnership
(829
)
 
(1,090
)
 
(4,439
)
 
(1,905
)
Net income attributable to noncontrolling interest in consolidated subsidiary
(216
)
 
—

 
(411
)
 
—

Total income attributable to noncontrolling interests
(1,045
)
 
(1,090
)
 
(4,850
)
 
(1,905
)
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO KILROY REALTY CORPORATION
32,847

 
57,500

 
207,155

 
100,687

 
 
 
 
 
 
 
 
PREFERRED DIVIDENDS
(3,312
)
 
(3,312
)
 
(6,625
)
 
(6,625
)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

 
 
 
 
 
 
 
 
Weighted average common shares outstanding – basic
92,210

 
88,126

 
92,217

 
87,515

Weighted average common shares outstanding – diluted
92,825

 
88,646

 
92,784

 
88,044

 
 
 
 
 
 
 
 
Net income available to common stockholders per share – basic
$
0.32

 
$
0.61

 
$
2.17

 
$
1.07

Net income available to common stockholders per share – diluted
$
0.31

 
$
0.61

 
$
2.15

 
$
1.06



7


KILROY REALTY CORPORATION
FUNDS FROM OPERATIONS
(unaudited, in thousands, except per share data)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Net income available to common stockholders
$
29,535

 
$
54,188

 
$
200,530

 
$
94,062

Adjustments:
 
 
 
 
 
 
 
Net income attributable to noncontrolling common units of the Operating Partnership
829

 
1,090

 
4,439

 
1,905

Depreciation and amortization of real estate assets
52,358

 
50,969

 
101,936

 
101,812

Gains on sales of depreciable real estate
—

 
(31,428
)
 
(145,990
)
 
(31,428
)
Funds From Operations (1)(2)(3)
$
82,722

 
$
74,819

 
$
160,915

 
$
166,351

 
 
 
 
 
 
 
 
Weighted average common shares/units outstanding – basic
95,966

 
91,109

 
95,642

 
90,498

Weighted average common shares/units outstanding – diluted
96,581

 
91,629

 
96,209

 
91,028

 
 
 
 
 
 
 
 
Funds From Operations per common share/unit – basic (3)
$
0.86

 
$
0.82

 
$
1.68

 
$
1.84

Funds From Operations per common share/unit – diluted (3)
$
0.86

 
$
0.82

 
$
1.67

 
$
1.83

 ________________________
(1)
We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of NAREIT. The White Paper defines FFO as net income or loss calculated in accordance with GAAP, excluding extraordinary items, as defined by GAAP, gains and losses from sales of depreciable real estate and impairment write-downs associated with depreciable real estate, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets) and after adjustment for unconsolidated partnerships and joint ventures. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

We believe that FFO is a useful supplemental measure of our operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of our activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, our FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, we believe that FFO along with the required GAAP presentations provides a more complete measurement of our performance relative to our competitors and a more appropriate basis on which to make decisions involving operating, financing and investing activities than the required GAAP presentations alone would provide.

However, FFO should not be viewed as an alternative measure of our operating performance because it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which are significant economic costs and could materially impact our results from operations.
 
(2)
FFO includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.2 million and $3.3 million for the three months ended June 30, 2016 and 2015, respectively, and $6.1 million and $6.3 million for the six months ended June 30, 2016 and 2015, respectively.

(3)
Reported amounts are attributable to common stockholders and common unitholders.



8

 GRAPHIC 4 logo2a02.jpg begin 644 logo2a02.jpg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end GRAPHIC 5 supplementalcoverpageq2.jpg begin 644 supplementalcoverpageq2.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# H'!PD'!@H)" D+"PH,#QD0#PX. M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_ MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T] M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P 1" +0 \ # 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#V:BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH ***S-3\1Z7H\ZPZA=K!(Z[E4JQR.F>!0W8J$)3?+! M7?D:=%8'_"<^'O\ H)Q_]\/_ (4?\)SX=_Z"_Z"_ MZ"_P"@G'_WP_\ A1_PG/A[_H)Q_P#?#_X4 M_Z"J)Z* M**9D%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11 M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M%%%% !1110 4444 %%%% !1110 4444 %>7?%'_D/6G_ %[?^S&O4:\N^*/_ M "'K3_KV_P#9C6=7X3UC_(XNBBNCTGP-J>LZ=%>VTEL(I<[0[D'@X] M/:N9)O8^OK5Z=%(+9[BT M$21(VW=*Q&X]\8!Z4QG5JPI1YYNR,:BMC7O#%[X=6 WKPMYY(7R MV)Z8ZY ]:QZ&FMPIU858\\'=!1112- HHKIM.\ ZKJ>GP7D$EJ(ID#J&<@X] M^*:3>QC6KTZ*O4E9',T5UQ^&>M ?ZVS/_;1O\*QM7\,ZIH:A[ZVQ$3@2H=RY M^O;\:;C)=#.GCL>'=2T)P+ZW*HQP MLJ'R"!D3>S.<*!6M?^ =2TRQFN[JXLDAB7W_LQKU&O+OBC_ M ,AZT_Z]O_9C6=7X3U*='GUWXA_8H,C=%&9'[(N.37?HMEX?T M<+E8;2UCZGL!_,G^9J2"VM4U"ZN(PIN9-JRG.2 !\H]NN:XKXH2:@(;5%&-. M8_,5[R=@WMCI6K7(G(\>$Y8Z=+#7M%)?EK_P#C_$>O3>(=5>ZDRL2_+#&?X% M_P 3WK*HHKF;OJ?8TZ<:4%""LD%%%%(L]@^'W_(GVO\ O2?^A&N+^)/_ "-0 M_P"O=/YFNT^'W_(GVO\ O2?^A&N+^)/_ "-0_P"O=/YFNB?\-'R^ _Y&=3_M M[\SDZ***YSZ@*]'^%7_'GJ7_ %U3^1KSBO1_A5_QYZE_UU3^1K2E\1Y6<_[I M+Y?F1_%7_5Z9_O2?R%>>5Z'\5?\ 5Z9_O2?R%>>45?B*R?\ W.'S_-A11169 MZ85[9X0_Y%+3/^N"UXG7MGA#_D4M,_ZX+6U'<\'/_P"##U_0P+WXB_V=X@N+ M&XL08(9O+,B2?-CUQBNQN;:'4+.2WG4/#,A5@>X-VH5U7@/PY'K6HOJ2Y8#\L&JOQ2DD.L649)\M8"RCM MDMS_ "%<15SJ-2LCAR[*Z%3#JI45W+\#WB-[+7M*# )<6=RG0C@C_&O'/$NB MMH&MRVF2T7WXF/=#T_+I^%=Y\,))&T"X1L^6EP=GX@$_K65\5%47NG-_&8W! M^F13G[T.8PRYRPN.EAD[Q=_PU1P=%%%!]!;1-##3IMN[D^9*#U7T7\!_,UR/Q#\ M1_VA?_V9;/FWMF_>$'AY/\!_.NR\::ZVA:&SP9^TSGRHF_NG'+?@*\;R2222 M2>I-.H^5HHHKH/DPHHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ KR[ MXH_\AZT_Z]O_ &8UZC7EWQ1_Y#UI_P!>W_LQK.K\)ZN2_P"]KT?Y'%U[%X!_ MY$ZR_P"!_P#H9KQVNT\/>/XM#T6"P:PDE,6[YQ( #DD],>]8TY)/4][-\/5Q M%%1I*[O^C+NN>(9/#OQ#DF.6M9(8UG0=QZCW%=Q<6]IK6EM%)MFM;A.H[@]" M*\;\2ZTNOZR]\D+0AD5=C-D\>]:WA?QS+H%BUG<6[74(.8@'P4]1]*N-17:> MQPXG*ZDJ%.=-6G%)/^NZ,?Q!H<_A_5'M)LLA^:*3'#KZ_7UK,KL/$?C2Q\1: M:;:;2Y4E4[HI?-!*-^73UKCZRDE?0]K"3K2I+V\;2_/S"BBBI.H]@^'W_(GV MO^])_P"A&N+^)/\ R-0_Z]T_F:G\.^/8M"T6&Q:PDF,98[Q( #DD],>]8?B? M7%\0ZM]M2!H!Y:IL9L],\_K6TI)P2/ PF#K4\?.K*/NN^OJS(HHHK$]\*]'^ M%7_'GJ7_ %U3^1KSBNF\)>+H_#,-U&]H]QY[*P*N%Q@8JZ;2E=GGYG1G6PSA M35WI^9VWC7PQ=^)%LQ:2PIY!8MYI(SG'3 ]JXS4?A]J>FZ?/>37%JT<"%V"E MLD#TXK=_X6K!_P! J7_O\/\ "J>K_$:'5-(NK)=.EC,\90.900,_A6DG3>IY M6$AF5!1IJ/NI^7?4X6BBBL#Z4*]L\(?\BEIG_7!:\3KN=&^(L.E:/:V3:=)( M8(PA<2@ _ABM:4E%ZGD9QAJN(I1C25VF=)H'B#SO$FK:/W)[KW7\. MOXUF?$3PU]H@.L6B?OHABX4#[R?WOJ/Y?2N'N=:E?Q))J]J##(9_.12,DU(XI8'$8>M"MAXWT5U^?W_F>=45->R6\MY+ M):1-# S$I&QR4'IFH:P/HT[JX5W/PUUR.UNIM+N'"K<-OA)Z;\8(_$8_*N&H M!((*D@@Y!'4549%U\262"-Q%=0DF)V'!SU4^U<)# M\.==DN!')'!$F>93*",?0RA&ZZ=?Z^9TFBZ3!H.DQ6<)RL8+.[<;F[ ML:\K\:ZVFMZ^[P-NMX%\J-O[V.I_$_RJ?Q#XZO\ 6XFMX5%I:-PR(& MKFYE>V:<3(% 5PN,'-7!I2NSBS"E.KAIP@KM_P"9UOQ3_P"038_]=S_Z":\S MKJ/%GC&/Q+9V\"6;P&*3?EG#9XQ7+T5&G*Z,\KHSHX90J*SU"O9_!'_(GZ=_ MUS/_ *$:\8KV?P1_R)^G?]HHHKH/DPHHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ KR[XH_\AZT_Z]O_ &8UZC6%KGA'3_$-W'<7K3AX MTV#RW &,Y]/>HG%R5D=V78B&'KJI/;4\7HKU7_A66B?W[S_OZ/\ "C_A66B? MW[S_ +^C_"L?92/HO[?] M_1_A1[*0?VYA?/[CRJBO5?\ A66B?W[S_OZ/\*/^%9:)_?O/^_H_PH]E(/[< MPOG]QY517JO_ K+1/[]Y_W]'^%'_"LM$_OWG_?T?X4>RD']N87S^X\JHKU7 M_A66B?W[S_OZ/\*/^%9:)_?O/^_H_P */92#^W,+Y_<>545ZK_PK+1/[]Y_W M]'^%'_"LM$_OWG_?T?X4>RD']N87S^X\JHKU7_A66B?W[S_OZ/\ "C_A66B? MW[S_ +^C_"CV4@_MS"^?W'E5%>J_\*RT3^_>?]_1_A1_PK+1/[]Y_P!_1_A1 M[*0?VYA?/[CRJBO5?^%9:)_?O/\ OZ/\*/\ A66B?W[S_OZ/\*/92#^W,+Y_ M<>545ZK_ ,*RT3^_>?\ ?T?X4?\ "LM$_OWG_?T?X4>RD']N87S^X\JHKU7_ M (5EHG]^\_[^C_"C_A66B?W[S_OZ/\*/92#^W,+Y_<>545ZK_P *RT3^_>?] M_1_A1_PK+1/[]Y_W]'^%'LI!_;F%\_N/*J*]5_X5EHG]^\_[^C_"C_A66B?W M[S_OZ/\ "CV4@_MS"^?W'E5%>J_\*RT3^_>?]_1_A1_PK+1/[]Y_W]'^%'LI M!_;F%\_N/*J*]5_X5EHG]^\_[^C_ H_X5EHG]^\_P"_H_PH]E(/[?\ ?T?X4>RD']N87S^X\JHKU7_A66B? MW[S_ +^C_"C_ (5EHG]^\_[^C_"CV4@_MS"^?W'E5%>J_P#"LM$_OWG_ ']' M^%'_ K+1/[]Y_W]'^%'LI!_;F%\_N/*J]G\$?\ (GZ=_P!N?ZUI3@XO4\S-6]_;)<6<\4\+C*R1 M.&4_B* )J*** "BBF32I;PR32L%CC4LS'L!R30 ^BN4_X6?X0_Z#EO\ ]\O_ M (5);_$?PI=W,5O!K,#RRN$10K?,Q. .GK0!T]%%% !1110 445RTGQ+\)12 MO&^MVX="5(VL>1^% '4T5%:W4-[:Q7-M(LL$R"2-UZ,I&014M !1110 445S ME_\ $#PSI=]-9WNKPPW$+;9(RK94_@* .CHJ.WGCNK>*>!P\4J!T8=&4C(-2 M4 %%%% !14<\\=M;R3S,$BB4N['L ,DUS'_"S_"'_0Z9<+<6S$J)%! )'!ZT 7:*** "BLS6O M$6E^'88YM7NUM8I6V([*Q!.,XX!JMI'C7P_KU[]DTO5(;BXVE_+7() ZXR!F M@#!VK"M?B+X6O;J*VM=8AEGF<)&BHY+,> . ME '34444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 5\M?$K_DHFM? M]=__ &45]2U\M?$K_DHFM?\ 7?\ ]E% &WK_ ,)YM)\&1>(;745N(_(CFEA> M/:5# =#DYP3[58^"&N75IXO.E"1C:7D3DQD\!U&0P]\ BN:)=G7M758Y7BVVT(8,0&ZN2..G 'N: M /6J*** "J.M_P#(!U#_ *]I/_035ZJ.M_\ (!U#_KVD_P#030!\H:#I+Z[K MMGID=]KWCRO(SOW=MN.<_2N_\ !X\;_P#"8:3_ &A_;_V3[4GF^=YVS;GG M=GC'UH ^A:*** "BBB@#FOB%X@_X1OP7?WB-MG=/)@]=[< _AR?PKY9V,59P MI*@@%L< GI_(UZO\>/$'VG5[/1(F^2U3SI@/[[?='X+_ .A57\.>&+.Y^#>K M22SVZW]T_P!IA1I%#8BS@8SW^?\ ,4 =K\$]?_M3P>VGROF?3I-@!Z^6W*_^ MS#\*]'KYL^$.O_V)XYMXI'VV]^/LSYZ;CRA_[Z 'XFOI.@ HHHH *^6OB3_R M436O^OC^@KZEKY:^)/\ R436O^OC^@H ^D_#G_(L:5_UYP_^@"M*LWPY_P B MQI7_ %YP_P#H K2H **** *NIVK7VEW=HK!&GA>(,1D LI&?UKYY\9_"NZ\& MZ&-2GU*"X4S+%L2,J(]%N=,OTW0SKC(ZHW9A[@U\Q7UGJO M@'Q<8]QBO;&4/'(!\KCLP]5([?45]7UYS\:/#5KJ?A.35V^2\T[!5P/OHS % M3^>1_P#7H \V^(WQ*?QE;V5I:(]O:1HLDZ$_?FQS]57M^==I\&/ GV*V7Q'J M47^D3KBS1A]Q#U?ZGM[?6O./AKX=MO$_C.ULKTDVR*TTB?\ /0+_ _0]_:O MJ!55%"HH55& , "@!U%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %?+7Q+_P"2B:U_UW_]E%?4MJHZ-L 5_QZ'WQZUK_ :\?X\OPUJDO'_+E*Q_ M\AG^GY>E>N/I=G+I1TR2W1[(P^086Y&S&,?E7.I\+/"$;J\>C(KJJ.:%+B"2&5=TLM32(2M:RB01DX#8[9KUC2OCI=ZEJ]E9-HL""YG2(L)R=NY M@,]/>NU_X53X-_Z D?\ W^D_^*J6V^&7A*SNHKBWT>-)H7$B-YLAVL#D'[WK M0!U5%%% !4-W=165I-=7#;(84:1V/90,FIJK:CI]MJMA-97L?FVTZ[9$W$;A MZ9'- 'RG?7%YXQ\72RHI:ZU*ZPBGMN.%'T P/PKM/^%#^)/^?O3/^_K_ /Q- M>NZ9\/?#&C:A%?:?I,<-S"28Y/,=MI(QT)([UTE 'R1KVB7_ (1\026%V56Z MMBKJ\9)4\ A@:^H/"NMIXB\,V&IH1FXB!<#LXX8?F#4&M^"?#_B.\6[U;38[ MFX5!&'+LIV@D@?*1ZFKVC:'I_AZQ^QZ5;BWMMQ?RP[,,GKU)]* -"BBB@ KY M:^)/_)1-:_Z^/Z"OJ6N9U#X=>%]5OYKV^TE);F9MTCF60;C] V* /+M/^.UW M8:;:VBZ) XMXDB#&U>R>'-5;7/#MAJ;Q")KJ%93&#D+D=,UA_P#" MJ?!O_0$C_P"_TG_Q5=/86-OIEC#9V<8BMX$"1H"3M4=!SS0!8HHHH *\Y^.7 M_(A)_P!?L?\ Z"U>C5GZUH.G>(K$6>K6RW-N'$@0LR_,,X.00>YH \>_9_\ M^0OK'_7"/_T(U[C6+H7A#1/#,LLNCV"VKS*%!?#OA^_%[I6FI;W(4H'$CMP>O!)%=!0 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !117)^+/%MYX?U"&WM;!;A)(MY8[N#DC'% M)M)79K0H3KSY(;G645YO_P ++U3_ * Z?^/_ .%'_"R]4_Z Z?\ C_\ A4>T MB=W]D8KLOO7^9Z117F__ LO5/\ H#I_X_\ X4?\++U3_H#I_P"/_P"%'M(A M_9&*[+[U_F>D45YO_P ++U3_ * Z?^/_ .%'_"R]4_Z Z?\ C_\ A1[2(?V1 MBNR^]?YGI%%>;_\ "R]4_P"@.G_C_P#A1_PLO5/^@.G_ (__ (4>TB']D8KL MOO7^9Z117F__ LO5/\ H#I_X_\ X4?\++U3_H#I_P"/_P"%'M(A_9&*[+[U M_F>D45YO_P ++U3_ * Z?^/_ .%'_"R]4_Z Z?\ C_\ A1[2(?V1BNR^]?YG MI%%>;_\ "R]4_P"@.G_C_P#A1_PLO5/^@.G_ (__ (4>TB']D8KLOO7^9Z11 M7F__ LO5/\ H#I_X_\ X4?\++U3_H#I_P"/_P"%'M(A_9&*[+[U_F>D45YO M_P ++U3_ * Z?^/_ .%'_"R]4_Z Z?\ C_\ A1[2(?V1BNR^]?YGI%%>;_\ M"R]4_P"@.G_C_P#A1_PLO5/^@.G_ (__ (4>TB']D8KLOO7^9Z117F__ LO M5/\ H#I_X_\ X4?\++U3_H#I_P"/_P"%'M(A_9&*[+[U_F>D45YO_P ++U3_ M * Z?^/_ .%'_"R]4_Z Z?\ C_\ A1[2(?V1BNR^]?YGI%%>;_\ "R]4_P"@ M.G_C_P#A1_PLO5/^@.G_ (__ (4>TB']D8KLOO7^9Z117F__ LO5/\ H#I_ MX_\ X4?\++U3_H#I_P"/_P"%'M(A_9&*[+[U_F>D45YO_P ++U3_ * Z?^/_ M .%'_"R]4_Z Z?\ C_\ A1[2(?V1BNR^]?YGI%%>;_\ "R]4_P"@.G_C_P#A M1_PLO5/^@.G_ (__ (4>TB']D8KLOO7^9Z117F__ LO5/\ H#I_X_\ X4?\ M++U3_H#I_P"/_P"%'M(A_9&*[+[U_F>D45YO_P ++U3_ * Z?^/_ .%'_"R] M4_Z Z?\ C_\ A1[2(?V1BNR^]?YGI%%>;_\ "R]4_P"@.G_C_P#A7<:#J$FJ MZ+;7LT0ADF4ED&?EY([_ $JHS4MCGQ&!K8>*E46GJC0HHHJCD"BBB@ HHHH M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M "BBB@ HHHH **** "DI:* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "N'U+Q%KFO>)KK0O" M;6]M'88%[J,Z;PC'HB+T)^OH>G?N*\_^%A$=UXJMIN+M-7E:0'K@_=/Z&@!F MHZEXM\#&&^U>^@US2&D$=PR6PBFA!.-P"\$?Y]Z]!1PZ*ZG*L,@^HK/U_7;+ MPWI$NI:D[+;1%0VU=Q)) _&K\,HFACE4$*ZA@&&",^M &9XG\0VWA;0;C5 M+L%EB "1KUD<\*H^IKF;6Q\?ZQ;)?S:W9Z0THWI9)9B78#T#LW.?6F?%X%-$ MTBXDYM(-5@>X]-G/7V_QKOE8,H92"",@CO0!R7A/Q3?W6KWGA[Q%!%!K%FHD M#PG]W<1'^-<_49'_ -<#KJX#4&6?XXZ2MOR]OILAN<=E);:#^)'YBN_H X3Q M)K7B)_B!:^']#O;6U26R-P6G@W\AF!_0"JVMWWCKPGIDFKW5]I6I6EL09X%@ M,;%"<9!]>?\ ]=5?%,6JS?&/3TT.XMK>\_LML/<(63;N;/ [U3\>6WBZUT 3 M>([^UN]$69/ML.GIY4K)N'=@>,XH ]2L+M-0T^VO(@1'<1+*H/4!@"/YUE^, M]4N=$\(:EJ%DRK<6\6^,LN0#D=JUK,0K90"U 6 1J(P.@7''Z5SOQ)_Y)WK7 M_7O_ %% &3IT/C_4M)M;Z'7=) N84F5&M#QN4'!/XUJ^!O$]YK]M?VVK6\<& MIZ;<&WN1$?D8]F'UP?RK"T&/X@MX;TT64_AU+]O/MFHW\YN+J<+@%CV ]!S^= '2UP3^(/$'B[6[VQ\*3V]AIUA(89 MM1FB\QI)!U5%Z8'^>M=VX8QL%.&(.#[UP?P<95\&S6[<74%[,EPIZA\]_P , M?E0!'>ZUXG\"36]QXBN[?6-%ED$4MS' (I;"'X?PK<\.Q2P>&M+BN,^/H36+:6?CZ[L8+E-?TD":-9 ILSQD9Q5 MSXJ_\DVUC_<3_P!&+6;IUAX_;1K4VVL:*D9MT\L-;-D#:,9/K0!J^!_$U_K; M:IIVM00Q:GI4XAF:#/ER YPPSTZ']*ZNN!^%&S[#K NDE_MI+YTU*21@WF2# MH5P!A>N!]:[Z@#F/'>OWNBZ9:P:.(VU;4+E+:U#C(!)RS$>@'\ZE\#>(9?$G MAJ*YNPJWT+M;W2 8VRJ<'CMD8/XUQFL>(GG^*QN8](U+5+30X3 BV4/F;9W' MS$_AD?44[P9KC6OQ*U.TDTZ^TVUUM?M,$-[%L;SE'SX]C\Q_ 4 >HN&*,$(# M8X)]:\T\67_CKPIX?FU6?6M,G2)E4QI9X)W,!W^M>FUPWQD_Y)O??]=(?_1@ MH OZ+9>,%O[>?5=9TZXLB"9(HK4HS94XP>W.*ZJHK7_CTA_W%_E4M '*V>OW MTWQ/O]$=T^PP6"3HH3YMY90>?Q-=57!Z=_R7'5O^P3'_ .A+7>4 (?QMCZ' ]OH#1NK#X@:1;/?0ZW9:N\8WO9/9 MB+>!U",.<^E,L&6#XY:JMSP]QID9MB>Z@KN _$'\C7?$A02Q Y)- &5X8\1 M6WBG0;?5+0%%E!#QMUC<<,I^AK6K@/A%\^C:S<1_\>D^JS/;^FSCI7?T >;> M ?B)?:OKEQI>O!$,TD@L9E3:LFPX9/<@8/Y^U=!XJUZ]TGQ'X9L[1T$.H731 M3ADR2H Q@]NM<7X8\,MXD^'EZ+5_)U.TU6>XL9P<%) 00,^AZ?D>U/N?$H\3 MZIX'N)4\F^@U&2"\@/!BE4+D8]#U'_UJ /6J*** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH *X_7/!-S+KYU[PWJ9TO4Y%"3YCWQ7 '3I^E=S110!3U72[36],N-/ MOXA+;7";77^H/8@\BN0MO"OC#1H!8Z1XGMWL$&V'[9:[Y8E[#(ZX]Z[NB@#G M/"O@^+PXUU=3W4M_JEZ0US>3##/Z #LOM_\ 6KHZ** .>G\,/-X^MO$?VE0D M-F;;R-G))).P2%=P7D=OPK5HH I MZ18G3-&LK$N)#;0)"7 QNVJ!G'X5%=5_LR[NN;J&2 M+S()S_>(['W']37944 <1'X'U36=3MKOQAJZ7\5HXDALK>'RX=XZ,W=O\]N* M[>BB@#&\6Z$WB;PQ>Z2DX@:Y50)"NX+A@>GX5HV%L;/3[:V+;C#$L>[&,X & M?TJQ10!SWA_PU+H>O:Y>_:DE@U2=9UC\O!C89SSGG.?TK??<4;80'Q\I(XS3 MJ* .?\&^TJ:":Y%U=W-P]Q<7&S;YCL?3)[8J/Q9X5?Q!<:5>6ETMI>Z; M+/#,^E)XU6?2[6 MW(_=?.JIDG"J@QG&.2>>E:'@7Q'KWASXB/X1UR]>^A9VC#.Y M< H93P, G./PSWH ]#HKP'0]/\8?%%M0U4:Y):) ^V*-9'5-^,[553\N!CGK MSWYKK?@[XUU#6C>:)K4SSW=FOF1RR'+E =K!CW()')YYH ]1HKS#XB?%2+25 MNM%T(23:J T8Y;'#>M ' MK5%>7?%KQSJ.E75KX>T%VCO;Q TDJ??4,=JJI[$D'GJ.,5SVH>"O'WA1[34M M-U>[U*ZD<"6*%W?:V"?F#<,O&,G% 'N5%5-+N+B[TJTN+RW-M'/%WPRO[2[TG5+F^@E8C]VC$$CG:\>2,'_'I0![[16;::U WAZVU7 M4F33XY(4DE%RWEB%FQ\K%L8Y..:M66H6>IVXN+"Z@NH"2!)!('7(ZC(XH L4 M50@US2KJ_>QM]3LI;R,L'MX[A&D4KP05!R,=Z<=:TP:G_9IU&S%__P ^OGKY MO3=]S.>G/3I0!=HK)@\4Z%7MMI]J]S M>W$-M;IC=+,X1%R<#)/ Y(% $]%9<_B;1+:PCOIM7L%M)25CF^T+L<@X(4YY MQ[5;L=1L]4MA<:?=074!.!)#('7/ID4 6:*\3UR^ND_:#M[=;F80&XMQY8D. MW_5KVZ5[-=7=O8V[W%W/%! G+22N%5?J3P* )J*S-.\2Z+J\QATW5;*ZE&?W M<4ZLWUP#G'O5C4-5L-)B674KZVLXW;:KW$JQ@GT!)'- %NBLN\\3:)IRPM>: MO80"=0\1DN$&]3T8<\CWZ5//K.FVNGK?7&H6D=FWW9VF4(WT;.#0!=HJEIFL MZ=K,+2Z9?6UW&IPQAD#[3[XZ4^_U*RTJW\_4+N"UASCS)Y BY],GO0!:HJAI MFO:5K(;^R]1M+LJ,L(9EK4FI64-A]NEO+=+/:&^ MT-*HCP>AW9QB@"S17D/@?XFW&M^-[YM>U*SLM/2V9;>)I%CBW;UQRQ^9L9[^ MN,5ZM>ZA::;;&XO[J"VA7K)-($7\S0!8HK'LO%_A_4;E;>SUJPFG;A8TG4LW MT&>:Y+XWW,]KX(MWMYI(7-\@W1L5.-C]Q0!Z+17,?#>62?X?:/),[2.T)RS' M)/S'O73T %%>1?'N\N;2'0_LUQ-#N:?=Y;E<_LOX8Z) M+I>MZA+)XGT_5P\.!%;7AF:/YNI';TH ],HJA#KNE7%Y-:0ZG927,&[S84N$ M+Q[3AMR@Y&#USTJ&T\4:'?WOV2SUBPGN?PH U:*:[K&C/(P5 M%&2S' K$_X3CPSYWE?V_IF_./\ CY3&?KG% &[143W4$=JUT\T:VZH9&E9P M$"@9+$],8YS5*/Q%HTME)>1ZMI[VD;;7G6Y0HIZX+9P#0!I450TS7-+UI7;2 M]0M;L)][R)5LZ?/.3A8X[A2S?09Y_"L;XG::^J>&8H(]9M=((NE;[1ISG'M M0!V%%8?@VV:R\(Z= ]]#?F.,@W,,GF))R>0W>B?QKX;MIVAFUW3DD4X93<+P M?0\T ;E%16]S#>0)/:S1S0N,K)&P96'L1P:\8^!]]=77B?5EN+F:95M\@22% M@/G'K0![9117)?%.:2W^'&K20R/'(JQX9&((_>)W% '6T5\\>"_ ^O>--&DU M&W\0R6Z).T.R220G("G/!_VJ=XCL?&/PPNK*Y&O33P2DA"LSLA(Y*LC<=_?O MTH ^A:*S?#VK#7?#UAJ>SRS=0+(4_NDCD?GFHKCQ;X?M;PVMQK>G17 .UHWN M4!4^AYX/UH UZ*:CK(BNC!E89!!R"*SX/$FBW4$\]MJ^GS0VX#321W*,L8/0 ML0>.G>@#2HK.TSQ!I.M%AI>I6EVR#++#,K%1ZD YK09@BEF("@9))X H 6BL M5?&7AQKHVPUW33,#C;]J3KZ=>M;.0!G(QZT +164GBG09+::YCUK37@@QYLB M72,J9Z9(/&<''K7+>//B/:Z/X6%WX>U'3KJ[FD$: 2K(57G+!0><8[\<\T = M]17'?#3Q(FN^$K(76IPW6K%9)+B/S5,JCS&P2HY P5[8Z5V- !1110 4444 M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4 M444 %%%% !1110 4444 %%%% !1110 4444 IZ?#JVEW5A#_ 4 MO_PF-^%SY7V!L_7S$Q_6N:U'QQJE^-O&]AX+TLSW)$MW M("+>V!^:0^I]%'<_UKS_ .%7AS4==\33^-=:5EWL[6^1CS'8%2P']T D#_ZU M>;3^*/[6\6_VWXAM3J*%]QM1-Y:X'W4!P<*/3'/XUZUX5^,R:]K]AHT>@+:) M.WEJZW>X1@ XPNP>GK0!ZI117G'QE\7S^'M AT^PD,=UJ)93(IP4C7&['H3D M#/UH Q?BCX__ +49_"7AL-=3W#B*XDBYR<_ZM?4YZG\/7%N_\*R>#O@7J=E( M0;R4+-N:+XA'Q7\%:U;_ &$6!8-;J#-Y@W%.KGX8PZIHNKZ5,T_F^:B;@NU]H!SZJ M0%((_K71?!+P[>B\O_$NH1-&+I#' 6&/,W,&9A[9 P>_- ':Z]X9TG3=#\2: MG;64:WUU9W#2W!^9SE#D GH/85Q7[/O_ !XZW_UTA_DU>D^+/^1/UK_KPG_] M%M7FW[/O_'CK?_72'^34 V-L&&1OVJ5X/'WJV/$UGX MY^'T-KKLGB66_5Y0DT3NS1JQ!.-K'!7@C(P?I5SXR>&=0MM;M/%FF0F5(%3S M]HSY;(+$A7IO) M+-C\2:T[VU6^L;BU\3_!K5+75Y=3\(7:H&8R)!YABD MB)[(W0CZD?C63%XZ\?>!;J&/Q##//:EL;+M =X[[91U/XGZ5!HFNZU\(O$E[ M:ZM927-M<8#$D@2[<[71B,'@GC\#@BG>-OB)(/@M>ZG9;O(N4A=0W4?OT!!]P01^%.^"9!^'D7M< MR_S%17O@V^M/@=)X?1?-OD@$K(G.6\WS2H]>X]ZXKX<_$RW\)Z#+HUSIEY0]9_Z^;W_T,UG^-+&?4_CK<6-K,?P.WS$?F:J>.KB]M/CC M<7.F0F>\AFMY(X@,ERL*';CW - &W\1_A9I'ASPHVK:,UQ%+:.@E$DF[S%9@ MN?8Y(Z<=:MWVNW'B#]G>ZN;QS)<1&.!W/5MLZ $^^,9K)\,M"30=)TN M[CN+J1!,K@,Q(.0B@.G2M[6O#TOAG]GVYL+KBY(BEF']UFG0[?P&!^ M% &1\,?AW8>+/#1O]=EN9HTD:"UA24JL2CEC]2S'_P"OFJWA+[1X"^,2RGE\E@Q^\K+OC)'3<,@9^OK4?P\^(K>"?#Q@U33;J;3[B5I+:>$#[W 9> M<#L#ZC/3FK7@.SO_ !U\4)O%EQ;-!90R&3<1E2P7:B ]R!@D^W;(H ->_P"3 MC+;_ *^+?_T6M5_BOKBZO\1(=%U&]:UT>R:-960%L;@&=\ '+ ' X[>YJQKW M_)QEM_U\6_\ Z+6I/BCH5UH'CR#Q8E@+W3I&C>=&7<@90%*L.P( P3QDT <[ MXO'@NP@L[WP-JERNH0RC6Q8*/3.: *=C\-=-O\ X72:[?S7,^J-8-(?$=K8>#/"&FS1.,2?;+%,Y)Y8[3A5 [DFIOC_&(HO#D:JJJJ MW"A5& /*Z#L* +-U\+--E^'D^L7L]U/K36)O6N'E)^?9OVXZ8[5'\';-/$G M@?6M#U)I'L3.F%5L%<\G![WO_)++C_L#-_Z)KB?V?_\ D%:S_P!= MH_\ T$T <9\,?">F^)_%M]8ZDLK06\#2($?:=PD4#GZ$UZ/\3?#&EZIJ=CJ' MB'Q*NGV$("K:,O,@!RY3G.X@@9VGM7G'A7Q(OPY\>WR]?>M/XGE[+XHVVIZS:R7>C.(7B3^%XPHW*.V<[CCW]#0!SOC?\ X0Y' MM1X-:ZWH6\YWW[6Z;2"W(/7M7H7Q0NI;[X-:!=3L6EG:UD=CU+&%B3^9KE/B M+XEL?$NBV8\.Z-+::19RXDG,"QH9&'"@+QT!_P ]>A\>W$=S\"?#3PL&4&V0 MD>JPLI'X$$4 =[\,O^2/D1_9_\ CS_U>T;>O/3'7FK_ .T' M_J-!_P!Z?^4=>F>$_P#D3]%_Z\(/_1:T 4_ W_"2?V W_"7?\A'SFQ_J_P#5 MX&/]7QUS[UY?\"/^1JUC_KW_ /9Q7N=>&? C_D:M8_Z]_P#V<4 8MAHA\1_& M35]+:YE@M[B^NA<&)L%XQ(S%?Q( JQ\5_!>G>"KK2;G0S-")]^5,A8JR;2&! MZY^;]*O^"?\ DONJ?]?=[_Z$U:?[0?\ J-!_WI_Y1T ==XMTO_A*O %J+[6U MTF!XHI[F=E&Q\J.&Y'&X@_7%>4>([/X>:?X;>VTF\N;W6E10+B,/L+@C=D'" MX//3./>NF^+=IJ$_@#PU-;+(UE#$IN0O(!,:;&/MPPS[UEOXNT6]\ 2:)X9\ M.RKJ,(;[^UY9WL+1U*6R2%5:1ARQQZ!0/QK7^&UQ&WP9\76X8&6- M+EV7T#6X /\ XZ?RJ]^S_P#\@K6?^NT?_H)H YO3],7P9\=;?3=,ED%N)T0! MCDF.1 2I]<;OT!K3^*M[=>(_B+IOA5)VBM \2,%Z;Y",L1WPI&/Q]:BU[_DX MRV_Z^+?_ -%K5OXN:%J6D^+;+Q?IT#30Q&-Y2JY$3QD8+?[)&!GV/M0!IZ_\ M#--FLH!X>G>UNT8;WN)"RNO<\#ALXZ8%,^+5I>6'PJTRUU&Z%W=0W<223@$> M80DF"<]\8S[UE:[\:;[6[.VLO"UC=6NHRNI9\+*?]U5P? ML^:2-/61Q&5DN%CY+1 OGCN Q4_A65X2\8:)9^$%TG3/#TMQXDFC>$/' K>8 MS9PV_.[ !Z=L>G- &W^S]=S266MVC.QAA>&1%)X!8.#C_O@5F? C_D:M8_Z] M_P#V<59_9_F2*[UZU<[9V6%@AZX4N&_(L/SJM\"/^1JUC_KW_P#9Q0![G7'_ M !8_Y)GK'^['_P"C4KL*X_XL?\DSUC_=C_\ 1J4 >1>"]:\;Z1X7GD\-V0GT MQ)V>1Q")"'VKGC.>@':G6']N_&+68;;4M8LX5M%KCP;XF@\3:'NAMYIO,RG2";KC_=;DX^HZ8H M [?XEZ@W@GX;06.D.T)DH&OH)%F-N#R)5!#I^3$CUX]:X[ MP]\0-!T+PO\ V;J_AF.75[0-&C/:QXV<''N:XCX6>%8_%VLW5E>SS)IT48FGBB?;YK X0'Z; MF/\ ^NO6/A;=:AJNF3:CJ.AZ;IJOA('M;;R7F7N2,].F/7FO'_AOXFN?"6KW M.II8RW=BL0CNQ%U12?E;\QWXY^E &S\0/#B_#+Q/I6I^'9I8HYMSHCN6VLA& MY<]U(8<'WK<^-'BJZGM-)TBQ=HXK^!;J8*<>8&X1?ID'COQZ5A>)=:NOC!XL MTZQT>RFBM;<%=T@R4#$;Y'QP !QGM[XKJOC)X+N[RQT[5-(A>8Z?%Y$L:#+ MB,)KO4-+U M'1KR5I5M(Q);LYR50Y!7Z XQ]3527X\>9X?,*:7*-7:/R]^X>4&QC<._OMQ[ M9K7^#W@V\\/Z/?:GJ<307%Z@6.%QADC&3D^A)/3V]Z /./AEX1B\9:U<65[< M3Q6,,0GE6%L%V!PHY!'\3<_7UKJ_B=X TCPOX&LIK+SWGMYQ"))&&65B['( M ST&?04S]G\?\3763W\B/_T(UV7QHLIKSX?3-!$TGD3QRN%&2%&03^M %7X. M>%].LO#5GK\*R"_O(9(Y27RI42'H.WW!7I%>5_!KQI:WNF6GA@6TJ7-I!+*T MI(V,/,S@=\_/^E>J4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4V2-)HVCD171A@JPR#^%.HH KP6%I:DFWM8(2PP3'&%S^59NG>$=$TG M6I]5T_3XK>[G38[1\ @G)PO09P.E;5% !1110 4444 %%%% $4UK!<%3/!%( M4.5+H#@^V:EHHH **** "H8K6W@=FA@BC9_O%$ )^M344 %%%% #)88YT*31 MI(A_A=014=O9VUIN^S6\,.[KY:!<_E4]% !4/V6W^T_:/(B\_&/,V#=CZ]:F MHH *\>U+P[J\OQ[35$TVZ;3Q/"WVD1GR\"%03GZ@BO8:* (EMH%G:988Q*PP M7"C*(%)^N*FHHH **** "D90ZE6 *GJ".#2T4 106L%JI6W@BA4\D1H%!_ M*I:** "BBB@"%[6WDF69X(FE7[KE 6'T-.F@BN8S'/$DJ'^%U##\C4E% #4C M2) D:JB#HJC %.HHH **** "BBB@ HHHH **** $(# A@"#P0>]1P6T%LI6W MACB4G)"*%S^52T4 %%%% !1110!!#9VUN[/#;PQNW5D0 G\JGHHH *AAM+>W M=FA@BC9_O%$ )^N*FHH **** "BBB@ HHHH *AEL[:XD62:WAD=?NLZ D?0F MIJ* "O'?@KX$3'K($&X_CUJ>BB@ I" 001D&EHH B@MH+8,+>& M.(,=O\B5DW8V8S@\]3^=>DUY M7\;#A]#_ .V__M.IEL73^)%WP!+J>JZ%YEQJ%Y*YF8;Y)V8XP.Y-:RZ?J;Z7 M')]ONV!SDB=P>I[YS6;\+]7TV+01:27,:71E+;&XR"!T-=(EPL>F1A"26!R< M\?>-<[6EVRV[,X#6-,UM&5K#Q#JL3O($\N2[D*\^^:Y?4+WQCIC'[3J>J[1_ M&MW(P_/->DWT8DEB8CGSD_G0UMYA(P"IZ@CK1'$2COJ'*F>1R^+=?$?&N:I_ MX%R?XU)!XJU]T;.MZGG>1_Q]R>OUKKM>\)V4VAWMZ(/+FBD8ADXS\^,&O.H< MA7_WS70JBGJBH1/0O#?Q"NXH8;35)[F15<#[0LS,^,_Q9/->G)>6UQHSSV=Z M\_ .X2G(Y'Y5\YJQ5P"*Q5*<)>]L:0<9:$CZ[JUR@D@U MW45#':O^E2 $^G7&?:K6D>.-;TB\#7MW<7"C@B9VE;'@^PM[OPBB3HLB MO>L&1AD'Y:KZIX5_?!;(ADVD^5(>F".%;MUZ'(I.I:3*TV+]_P"-?[6>-K6] MN;5B[$JLK $;#C!'OVK"\'ZSK5]?7*2ZIJ$H2#.'N7.#N7WZUSNI6LM@7$09 M)D89B<8/7T[_ %%6M&\3RV%V7&()Y %9P.) "#@_E5QMK9[@UI9'1Z\=>&MS M6NGZKJ>P0>>8Q>2!@=V/E.?T-<[#XPUNT?RKO5[^2(\"07#AE/N,UU=KX@@U M+Q*;NX7R-UGY77*L^\?=/?KTKF/$UB/[:CB(P98XP3]>*J-T]2(]F:=GXLU6 MWPTFI7EQ;OT83L2/IS^E:DFN:A)&)(-3NVC/0B=O\:XJ]TV\T"Z"(F5E)Q#U M60#J5/\ 3J*MZ1=QS3@P.0K'YXV/(KT<)B(MJ,DV+E_P#&FHX0-VSVJ*90R'!P3WKU7%7V1Y:VO<9_ M;FK>>$.K:AZM_I+\?K23>(]5!(75+\>_VE_\:CAC#;B1@],T- @8Y7H.IH<8 M7V%!3MHQK^(]7^[_ &M?Y/?[2_\ C4;>)=95\?VO?X_Z^7_QIAMEE<$+D#O4 M,]N2#A>E-1I[6%)5+-W+3>*]8XVZI?9_Z^'_ ,:8WB37&4M_:NH8]KA_\:RB MI!Y%.65DZ?E5^RAT2,74GU;-$>)=;[:O?_C!M1GM)Y8)D\O;)$Y5ES(H.".>A->(?\)3K_ M /T'-3_\"Y/\:]J^)G_)/]3_ .V7_HU*\"Q6&&BG!^I>)DU->AI_\)3K_P#T M'-3_ / N3_&C_A*=?_Z#FI_^!(/^@YJG_@ M7)_C1_PE7B#_ *#FJ?\ @7)_C6:5Q28I!-.N+R>6XG?S=TDKEF;$K@9)YZ 5\]8KZ!^&/_)/=,_[:_\ MHUZY\3%*"-\/)N1NZQQI])G-(91UL[-#OG$QA*PL1(. MJFO$6RQ))Y/)->VZ_P"7_P ([J'G!C'Y#;MO6O$R*N.UB&E>Y)=D-<$JH48' M ^E0J0KJ2,@')'K4US_KOP'\JAQ3Z@>A>--2TW4O"4*0K2_-&?*&0 MR]QZ&O/:ZOQ%X8FTWPY::E)-&PFF";%YQ\@P0>X.*Y3%5.]]3*ER5SC]W)5-%'_"*2$AL_;EP>W^K.:M^&SOC:W\Q(B]S&PD;H"$DP,]1G MI36YG*Z3L9B(T6F0OLRJWA&2/E)"CBKVJJR:_:2&,Q[W#J,8&/-;I[52C+OI M$,8YS=\#WVBK^K)+!KMEYZN K J&]/.;IG\:17J6(W3_ (2'62ZB)FN?E 7( M7][SQ70>"M-BOH[^"\EV 6MM,'0 @ (V,C'/!P:Y\2"/Q'K)@9@IN3M)P#_K M>]:GA>1K:UU&2 B016=O,#D@B09PO )(.2/3.*N.YE45HZ'4:SJMMI\&FFUA MAO;F]W;';A<@K\V#_%]?4GBN3;Q'J%P(@OE6I\V5>F6'[L,1\W][_P"M6GXX M:$KH"+$H9H2[,H /(3Y3CJ1Z]\USPA6X-O)'(TER]U*IC)YVB%<'/0_2J;UT M(4$XWD>@V>HW#P:+"D4[@0B4ED01AC&IX'!VC=^O?%>;ZM'';^(=0C;CR;J0 M[67A_P!XGRXQQ7;6 D-MIBJ_G>7:#82F&53&AZD].&XQVKDM>M&A\2ZB,I,7 ME>7.A3$6[&.X^4#\* M]SKP?X;9'CO2UZX,QQV'[DU[Q63.N.QR%[]=2M8P:=QG]H7@_Y>IC_P,TTZC>?\_4__ M '\-.,)]:C,6*I6);8\:A>_\_4WXR&G?VA>?\_4W_?PU#Y9I-A[BBR%=DXO[ MO_GZG_[^&@W]V/\ EZG_ ._AK T_Q-INHZI<:=KN?_OX?\:C.HWG_ #^7'_?UO\:B*TTKFGRHER8\ZG?#_E\N?^_K?XTP MZI??\_MS_P!_6_QJ,K3"M59"YF/.J7__ #^W/_?UO\:8=5U#_G^NO^_S?XTP MK496G9=A?\ ?YO\:Q-9\:WUD'BBU*[:7H2+AOD/^-:92L#7- ANX_,5T@2/ M+/\ +P?4D]:RK)\ON(J#U]YF=)XBUVQ#2WFLZL2RAHE2^.3>.01W/WNM9-QX MIUQIG%KXAUK:I;>1L2>,_$!P$US5!QR?MDG/_CU,'C#Q)N .O:H,'_G\D_QK(W1L MYQB,$\#KBIK>WCFF"-,4).HV+-)?%GB)7+'Q'JH&2,?;)#V]S2-XM\ M0*0?^$AU9E([7DG'ZUF7+[Y@D)4QCY5XQD>I]ZKG'F8<$D_=]S1N,]M^"FLW M^K_VU_:%_=W9B\C;]HF:39GS,XR3C.!^0KU.O(O@.JK_ &ZJYW#[.&R/^NE> MNTT-!7D_QQ_Y@?\ VW_]IUZQ7EOQJC\Q=&]1Y_\ [3I2V-*7Q(\OM;QK6-65 MB"?2M&S\3:E98:VOI$]5)W*?P/%5;;1+Z[L?M-O;M)$K;"5Y.<9Z?C5)K=E; M!4JWOP:T@XM6W":U.XL_B%*QB74K-7 D4F6 X)_X">/UKN]#U;2=:=1:WB>9 M_P \I/D8?@>OX5X4 \39R01ZU:AU&2%PV.1W%1*A3>V@DY'O&L6:#PCJ$2KE MFD?_ -&5X&\7EO(./OFNB7QUJ$6DO:BY)C/57YSS7.B7S7=O5S6;@X,UI.YZ M#INCVFH>$-*6YMTLO4? YA1YM/GW(O/ER<'\#76>#1;W_ (;T MZ"*XB::-P'CW#QB>,ECOZ.I*E?H>M:?P]:SBN[W[9(B$P!5WMC/ MS+G^58*#@Y(TC+W#D+NVO_#MX;:Z0$ ;MI.58>H-74O!JEU;S>>QDA*#RI#R M%4] >_XUZ'?V$%SXPFC:)9(9-/\ NL,@CS*\YUS1HK+5%AM0R^8B,B[OND]@ M?3-5"=] 6IW4R6NM:EI@@"W"%;CHHUTDD4\1(#E?F Z'ZBM"X5O$NK(^V'9+'M)!)4E5[CJ,XIP MBE+05FMR]83&[D%NZ[9 .O8BI;FU:&;9RV1Q6%HCWMKK(M8QO$9*L'.=@ZG! M[C%=?-(S=(_F%>]AJTI1UZ'DXBA!2]WJ9(R@(((*]J9YP.X,214TV6?)JN\> M_"]*Z3GLT68XRT65R1ZTPVQ3)8T03-%%@],\"GRAC'N)P/:LWN:K8B>&/KL! M-4)[,,OR* 1Z5I@ 1@@9)[U&S(N23DTXR:%*$9+4Q!$P;!'2OHZO I#N)V@" MO?:X,RE?D^?Z&N"AR]_$@9\!:E_P!LO_1J M5X3MJ,&KP?J9XQVFO0A*T;:EVTFVNJQR\Q'MI=M2;:7;3L',18IV*?MI<4[" MYABKFG;>HIP6G!>:=B6RN5Q2A:F*O!MM>]?#3CP!IO\ VU_]&O66 M,5H+U-L([S?H;6M?\@F?_@/_ *$*Y45U6MG&D3_\!_\ 0A7)@UYDCT4/%*#B MFYI<@U(Q^:,TT'\Z,T .W49Y^M,S1].M(8MS!:7-G-#J$GE6DB%99,XVKZYK MQ'488K>_N(;>83PI(RI*!C> >#7K_B!@WAO41ZV[5XTI"R*6Z @GZ5<29,N: MV]Q)?A[N,)(8H^BA=PVC!XZY]:IPB/SX_/W"+<-^WKMSSCWQ6[XUO;'4-=$^ MFJ$@,$8VA-N#CGC_ K"A=8YXW=!(BL"R'HP!Z55SC/S"M^Q MF-]HMK;32PQBVLKQHBPP6R?NY_,BN=T[']IVGIYR?^A"E+H.#W1H0[(O$UX/ M*R@-R-AXXVOZ57OHV31]*+0-'N20ASG$@W]1_+BGV8QK=P!TQ/S_ ,!:B_CF M70M(:1B8F67RQNR!\_/':I+T1)'-*/!T\(8^2;]&9<<9\MJ?X=$/G)]I#^3] MICW[" V-K]*CBE=?"-Q$&.QKZ,E>QPC58\.QV[PN9FE5AM M/Q$T4FL6DT?#2$F1<]#YS>P[8H'%[6:_ ML=32.YALXS9P1O(S%0.>N!U/'_ZJS8IO*\5:E-!NB*W19,'.T^;72>!K=Y-. MOYI1$+5X[>-WED"*&'/)ZCK_ /7!JHF4]MA/%<,5Q+X?^8+^Z*/(L152!LY M[GVKF%5LP3Y7Y[F5.4XXB7\,_P J[+Q+!*L^@HSLERLDO[U.2<;.5P.G!P?3 MFN>M](U4M;M#92$27$HCRA .8P"?F_G5M:Z&4)-1U.HTJXMI-*TRT:VWW(ME MX5<#@(3ENF3\OY^YKFO$*_:[VXG+ Q6]U-;R2*""5+AE&/H6[=J[O3;"VM!I MZW405UM%\PW%R$'$8SA,[(/APP_X3C3X]S; 9B@]_*(Y_"O;VZ_NFKW.L6 M=D3EKS_C]G_ZZ-_.HL5;NU_TJ8_[9_G4&*Z$]#%D>*:4J;;2%::8$/ETR1E@ MB>5_NQJ7/T S5C%8OC*Z^Q>#]4E!PQ@,:_5L*/YT-V!(\68FYLCE=9X;^(<]ELM=\03P7ELEQ:RI-#(,K(AR#3F7BO&M#UC4-!F^'_%EAXB0)&3!>@9>VD/S?53_$*Z(RON<\X6V-0K32*G*U&P MK1&1 :;M)Z"IQ'SS0S!>@IW%8K&(U&R8[U.233#$33N(@*U&R59,9IA2FF!7 MV5E:_=)9:7(65B7&T;>M;#+BJ>H:?%J5L;>?.PG/'K4S3<6D$='J>:FY5 X9 MW5I#P$.0 .@IIC>26$0PR.>&"O\ ,9!UR1Z5HVL"1W\S1Z>L[V[?-#))@*.F M[/UKLM/M1:6,,0#9121CYO05MZ[I,4UU*8)FGNRV1"BC$0[Y/0"LZP:*POY MBJ)JAH*\U^,"AAI /7]]_[)7I5>8?&6 M39)HGOY__M.IGL:TOC1:^'>C+<^'27X'GDY_ 5>?PK9W.E(7,;D;LJZ@_P 1 MI?A[J-LGA; E0,DA++GD<#M3X]1$MDH'R ,R\C&>37.TDK]2Y-\S.)U;P19; MT\G?"S2!"+R/)M9HIP.V=IKT2X7S/+.<_O5QCZU8M]-:=P%3/ M]*F-:<=F%D>(ZCI]U9AOM%O(F"5R5XR#CK4,!.UR/[YKVO7-!">#M3=C\V]P M!_P.O&HXMH<8'WS6_.Y;HNFM2>SU":SG1XF*E"""IY%=:GQ!U!K41/*LJ@ ; M91G/XUEV_@Z6ZT>TOK>Y4/<':8W7@')'7\*I7OA[4K!6>XM6,:\F1/F %;QG M"6C,91=V=W;^-M.OH9(KZ%[65Q@./GC/X]16#\1I;:?7[=[2>.:/RP-\;9'0 MUR'S '8YYZBHO,:2]RW7('Z&IG1A'WHZ%4V^9)GJ'@81MX80%,M]N.3Z_+5G M5/"]CJ-R,P>6[(QWQ<$G(Z^M$OM#$8(P-W3Z50 M2Y,+^9\N#P0XX(/K7J_B)QJ$D4HVLAF8@@Y'^J]17&^ ]-_M"YOE949/LV&# M]#EEI0JR;;?0UBER7(M!\2MI>H?:590##Y0BGRR=<\'MS574;[^TO$%HSPF$ MIY2MDY5NG(/I6UK'@N$^))+*R<6O^C>=A?F0MOQT]/I7)W-KI,8J]T>F:OH%OJVH:9;S0F5"MP3CCMP0:\\OM+30M<,1N) M!""K,1\IVD X/;//6M#2O%EQ:75I*9?W(M<'[MXDD M14;D')"]0>XJ84I1>]T2FUN68?LA\3O+IXE$$L18>8RCN2J0NP8X^\ >/3.:["XLAT //?%>MA9\L+,XJ\+RNC,<@ M#&W.:A8 Y'2KKVDD0/ /X4W[/N4#:,GN*Z^='/R,S67MF@N0I'/-7WL%'23\ MQ3/LC*<#D4^=!R%/Z?$,9\#ZC_V MS_\ 1BUXCMK3!+]V_4X,>[5%Z?YD.VDVU-MHVUV6.+F(-M+MJ7;2;:+#YAFV ME"4_;2[:=AVDVB MI<4;:+!S$.T4FVIBM)LHL/F(PM(5J;;2;:+!S$6RC;4N*3;18.8BVT%9 MADW521Z.(LJ;;+VVO=OAN,> M-_[:_\ HUZ\.VU[E\.>/ FG?]M?_1KUWXU? MNUZG'@G>H_0V-;_Y!$__ '_ -"%.W1IS_N_^A"N2#@BO)D>J/!]J M6F@^].S4@+_.C-)FC.*!BYI,T9I* *^I7)L],NYU17*1,P5QD'CH:\88;B2! MC)Z5[-J-N][IES;1KN>6)E4 XR<>M>.$8)'<5<=C-VYO,N:WI5YI5ZD5] \+ MO$KJ&_B&.HK-K:\1:Q=ZQMV++X6M[N&\5[5IT7R&;#J_EC)V_AUKEL551: MF=%WB;=FF-/MFR,&VNQ@'FLK3^-2M/\ KLG_ *$*V+4+_9UGM7!^S7>X[LY_ M#M69I$#7&L642%0SSH 6.!]X=34M&B>ES4\-Z9_:WB>YMA)Y;F.X93MR"0K< M'T%9]\Z-HNF*L*HZ"4,X)^?YNXJYIXN[+Q1<" R1W$)N,F,\KA6STJA=STM_L[J)YVA5 MS']_R]H)QSCCN.N,USL$3R>)M2@C0.\ER5'/_37M6UX?,JZ$_E0"9A+" K+N M7)7!)&><"KAN8U6TF=9=F>YM8K@RM/;IO,2RQ@-%(&"[0?7&['XU7:YFC1/- M:59Y&40Y7=QM7.,&IDT>-;IIG::&(F5PZC]WS@$ 9P#WXJAIV6T\V M4VH1N1. RF= [#'R_B!@_H:WT.)\W4EFO8K67<[1OJ)C;T&Y3&SW 9QYB H." MP^4 @<#^=8?B)&A\17"J95D0K\Y52V"$P#ZMW)K.=NAT4;WU'>!(&L?']K:R MHK,DDRAP> ?+/0]#Q_.O::\D\'Q%?%VC3%V61Q+',G4,ZQ'G/NI7\J];K&6Y MV4W='-W;_P"ES#_;;^=0AAFI+IR L?U KLLA17,/RR$,2>QP3U_Q%4+FVEANT6Y#P3H25E3CGL01 MU^HKH_#>KQC1CI]Q!O4*^Q@<'G)-:NK:=;7039MDB*$$_P!UN/R-2IM:,;5R MEH/Q!DMI!9^(#YB [5O$&2/]\#K]17H$QKPV\@%O> MS0\G8Y'-7M!US4M"D9K!Q)!G,EHY^5O<>A]Q6L:CO8QG36Z/8V/M494^E9F@ M>)]/\10YM7*7"C+V\GWU^GJ/<5L;&QFMTT]C!IWLR+9S05&*F(: MP%0/BIFS4+*?2FA-D38J"1=ZLN2,C&1UJP4J-EQ5$F%<>'HI-2-RK[4* ;1_ M"1TQZC@=:GOYA9V#.QD('!*]23_]>M)LU3O4D:SF$/+E" *CD44W'!QD^E1 [(]NQ#NY)'536_JL%A'+/A&B!8L&*D[CG'?\ &LB2 M!8W819?'(PN2?J/2LY.\K(I/06&>2"1[C"NY_P">O.2>X^GK4EQ*ES#\\$,+ M@$C9P&JL96N&=F3 "Y.T<**5&V8.5&X8!84 MN5Y-\#DVR:\2"&86Y))SG_6/_:=>K5Y3\;E+'0_ M^WC_ -IT2V-:7QH\VM[YX5 W,O3E3BM"S\1ZA:>68KZ3Y,[5D^8#\ZR4M97C M$@BCJ>R>&= M)>7PKI.X!5+@9/\ O&M[4-(L+73)MV7; SS[BO,-,^(=[8:9;V+1Q21P,ICR M,$8.?QK0?XA07A*W<$T:,N"RL&P>WIQ4^PE:Z5S.4O>W-?Q#X;T:Z69TM0K@ M$AU^4_I7G/B?0H]"UM88)'>-P&&_&1P:]3&M^'[BPE=;\.[9[5]C M^9$X_A<8_G7H7@2&63PVBHA/^G9&!_LUTMQX9%W<1I?+#L,;'$H![K6\,0XZ M6)J)WG>/GE5/RG/'3ITKH/#>NSZ-=3+;I&_G)L*N<9P0>#Z MUK^*? ^FVUQ%);9SY^PJI(7&S=W]ZX^&UENRXA*EE7<0_0C./ZTU)5)O2YI" M*5-WV/3M&U_3[_Q9))?QFTQ9[$$C?>^;)YKE?$JQGQ!9M&Z.C+'\RG(ZUAO) M?Z9*895D1E7=M_UB[>F?84Q9U:87$*J'X)V-P2.G!Z53IQ3NE84(N]T[H[C6 M_#5CJ&I6*0(8I9C-YCVZ\G R,CH:Y%H9=&U41RNKF/#!E7J"/3\:WT\7SW%U M8EXXI# TA9T^1_F&.1T_*JLK6VO>*XD7]JB;WO$ MKZ!*+CQ/=2C^(N\>"- M/_[:?^C&K/'?PUZ_YFN7O]X_3_(U-=7?H\Z^NW_T(5QX@<;L*XE2X4[,C;(>W4 'WXZUX[/7*B,"1N.!ZXIROV-3R63 M,6*?> !QZ_\ UZJ <@$X]SVI 3[J-U0AJ=FD,?GM2TS.:4&@"MJ__(%O2#@^ M0W(^E>0,".:]@U(K_95WY@)3R6R!UZ5Y%(.M:0V)D];%O6[B&ZOEEM[9;93$ MF8U8D9QR1FL\BK%T/WB?]Q\$1+-:1,SW$04X*^7U#?TK Q55&F[HSH0<(V MD[G6>';.P>&T_M2X,<$EI=[6CZJWH>/3)KG]%?RM=L'4Q@K<1D&4?+]X=?:M M>UEG_L73X9!((0EX\9)^4_+@XK#T\J-2M-X)7SDR <$C<*EFAJ&21/&%ZZNH MD\VXRT+97H^<'TK/N%64*#Q+L>^?:&/(&&ZXJO=,IT3 M3%$85E\[+9/S?,.U (FB!_X12Y/./ML?T^X]6?#5I+=,PA0.PN81LW8+9W]N M]5H7(\*728ZWL1S_ , >I]":-8W8EQ*+B$IC&W^+.: *(7;I.TC!%S_[+6GK MB*M]8L'+[E)(/\/[UN*S5R=(ZAK!<@>)M M1#$K_I!YQG'[T5O>&+:*:."99\SJ8DW+A7C7:)Y1 M'8Z6KJR(+J5#$&*J,;?K7*?:9)(X)@J(3>'E&PV1"HZ?3O[UU/BO8D>D0$;R MEW(TJRRC#'YU'24/M18\EF3OA@<'KQBJOB90?$EY%)*SDN&^3@ [4& O45>LK..XTW2 M@Q6'RE4@JIQ\R@LW..,#\3G%4?%NP^)K\HP=I)!LVMGL@_#FJE\*(I:3:_KJ M:O@5UD\46IG92Q5FC5>-KA&!X[94G\J]6KR+P)^[\76<3_?'F6YW0V.>NHV^TS''&]OYU&JMV%6[GBXD_WC_.HL\9[UNGH9-:D1)'6FYI M[+7,OVJ/4+T\F M\O7D'^[DX_I2DKE0O<=XAF/V.2(-\@$:[=O<>]EDY]N M*Y+'YUE+XF;+9'5Z=H*7WA=;F(E)QNR1RK8)^\/ZBK N[O3[V*/4E?;M*B92 M&+#L,GAA['GWIGA?61;Z<;.4(%.[:S-CWZGC^5=A-!::C*Z21J"ZD-&ZX!/R M]1VK!MIZFFAY7JI#:M=,&5@9,Y4$#\CTJ73M,>_@F>-]C1$VN4^:.>,X^AR/ MYUV_AOXC@[;3Q%M5ONK>(/E/^^!T^HXK.E@M-2@@2,*=J'*G@KTZ5R+*%9EZ M $C%:<[W(<4]#WG>LL:M$RLC#*LIR&'J#41&.*\F\.^)+W0BJ63^?;]9+.5N M#[H?X3^E>E:+XAL/$-N7LY,2H/WD#\21_4>GN.*WC*YS2@T6V%1FIV&:C9*T M1F0,*A935AEJ,BFB2 H34;19!!Z'BK7%,84[A8R+W2K-HF=[2%BBDC*^WM69 MHMPOF?9V6V0NF_RXXRI!_'KQBNE89JJUM&LAD$:!SU;'-1R>\I(KFTLS&O-" M%Q=!@_[ASNEC;U_V?2J+>%4BEB:&=R@)\U2<;U].*Z5JB;O3]A#>P>TD>R&KJT?EJPA(7<3CF3O7IE>=_" MR^2[N]:2)LK#Y Z=_P!YSG\*]$KGFDI/EV.FFVXJX5Y=\9TWR:&/^N__ +3K MU&O+?C0^R30S_P!=_P#VG6E\:-3X=Z);R>%PTPW S,V/P%6G\.Z'/IJ> M?;@R<\[?]H]ZRO!&LM_PBR)%'C;*P)SGG JQ;737$4:;)'2>3VKB=>F MGRW5S5PG>_0P=1\'Z477R(V3+@$HY'%9TO@1&/[BXE'^\H-=N4@#PK.SQ'S5 MW!XR,"MZ%=,MHQ(,./[S\#]:TBY]&2VD>+:AX)U"&PGN0T;PPDAC@@\'%<_" MI^=>AWFO<=;OHI?#.H0*5VEG;Y1_MYKQ=5!D?&.9#_.KYFWJS6D5WAD&'*.% M(X;! -)@XZUZ_P"'M#\SPII9F= C.,;N>K&KNL>$M%;3+ES"CRK&2&2/&#ZY MK2-9KH92M<\4\Z0#&!\Y4CJ,'D&MJDN:&X4;(; MQ)(UVD%H&![CL>?UKAK#PSJ.I6 O+6-)(?,\GEP#NQFDET#4;8XDLIE/7Y1G M^53'V35I!5B^=V.\U77M$NS#%;W1$K3E@LWRL1Y9'\ZP?A_%;37=^D\:M(UJ M?+5FV[FW#@>]<-J<4JW<(97W@C 8'-:=O=?99R^W?&V']M20L.':(?F*U[#Q-):ZE]KA MO+B#]UY6W&0.<]>>/PJK>:K+<:U%?3&"01^60T8 W;>N171*3Y6KW,J=*49I MM=#9O_ VVZM8;&Y8^?YGRRC<%V<]1S6-&+G2-7C$Z_O(2#\K;@01[_6NMF\< M6\M]ISI%);2*TV\LNX88=L5AWIAUKQ3$MFZ2B0*O7 SMZ&LJ:G&2YUH"GS)J M_0N>']1.J^-+BZ=0/E9>F.BCM7;Y'3->&/V)]*TC;J/X:C:W7^Z/RK121# M5C,\C<.5P*]/K@&B]J[^N#'N_+\_T.G"WU.=\?<^"[__ +9_^C%KQK;7LWCP M9\&7X_ZY_P#HQ:\=VUM@/X;]?\CS8:0#2KQ3M MM&VF*X$#'O2;>:>H'>I0B$9!YH%<9$H8X;%(\(!.*F*@#)P&]*?M3R2<]>U( MI;%-1@TYTW8YR:D 8<<5(\8,H'2F2AJ%=H4C\:>%C7I^8J*13N-( :+#Y[ M_P S>PI-Q XHP>:-M.Q/,,.32;:DQ3C$P )'!H"Y&(?DWGI3&4_05,W P:H) MJEO+=_9T?)FTDQU S^52 9 /K6:^-_(V"=/_[:?^C&KQO;7LO@'CP78?\ ;3_T8UJ_3] M4:^J2/#ITLD<9D9<':.I&1G],UQL$;WLDOE7Z!"H!#.1U)Z_AQ79ZCY?V-O- MSMW+T]=PQ^N*X&Y@T[S9R)W21OF.5."=Q![>O%>*]SW.ALV2-;,4GF26/RU^ M8-G;U_,?RK*U&40ZI,FX,F1R/I5O29K-_P!SN=66,$@KSU[5)J&GQO.SH#@G M/3%5;2Z);*$85\?-@'H:<*Q[.2>+Q!+9K\TU>(Q_Q*+G_KC)_P"@FO%'6MXJT;&+NYIVR031+&9#F%"WF)M(./U'O5+93DM M14FN1,-52X0?V/IQ&>?-_\ 0A5R(;?$<^Y/XYN",8X:J\ZK_9%@!]X& M7/'N*10^"-CX6O"%RHNX%KN,? M=-Y$3Q_L/WJQX=@A;?+/-Y:I<0C 4,3][MGI3L)NR*'E%M*,BJ0C76!SG'R] M*M:W#LO[?+AB2W'=?WC=1V-5!E=-)7J+@$$?[M:6M+YFHPS>9YCR%F8YR<^8 MW7WIV%U'K;K_ &_JQ<@B.7(VGK^]'>M?02J>'[E8VVM&8)69DW C!^7Y>>U9 MNW;KM^QP?WQ.#T/[P5T&@$?V)<)%$X+",,%D*E\H0,<'YB3P*N"U,JSNK"^* MHI8K/0I9)7\P;RA(Z$;<#&,^G6N4M8FG\KEBQNF+#GYUUOBIVFM](, MTZ$EY %3I&PV@G)R!FLG5H[B77+AYXT+W#<,JE6.=G!'8X[>]='I M*3?\2R6X@>X7RAY:M@*J+$!N.>,98C/';K6)XC&SQE.L:.CJZ9(P1LPF#CU[ MU4OA,:5U)E_P0S1^+;&(LBG:_P B#ML;K7K->2^"'4>+K/RG8QN\O5-N?W;' M_.:]:KFGN>A3V,:X&;B3_>/\ZC"5:E3]\Y]6-1E<5LGH18B\L4FVI2*3% 6, MO7;G^SM!U"[/'DVTC@^^TX_7%>.^7MT2,?W%4?CG_P"M7IWQ&F,?@^:!3\UY M-%;CZ%@3^BFO-95"Z.G'WG)_7%-=?0?;U'>([N464D"L/(Q&NS'0C'-HX.&/6K23 M:EHL\*WBM-:QJP0[C\@XZ'JH]CD55\,^(_L.GBSE:/R@6.'X]^O^-=DUQ!G%=%X(TR'4 MM.U02QY:,J5=3AE^5NAK"\21+!XDU"-5"*LQ 4# '2M+PEJ4^G1WC0NRH^%8 M$94\'KVS^54_A)6YH7_AZXM7@D4EAY>\2Q*01;?F/RL?EQ@_AWKR>^&-1NACI/)_Z$:46.2-(:0)[&">, MA791@@]ZSI);NRN8)$9[>YBY29#AOS_I6Y#IUQ:VMC-"'_?1AQ%(?DDXZJ>Q M]JR-7F665 $>-@3N5ABM.;2Q#1VGAWX@)8QZHW; MZ'BMHSLM3&=--Z'JOE[J8T-0Z-K-AKMK]HT^?>%^_&W#QGT8=OKTJ\16O-?8 MQY>Y1:(BF-&:NLM0NM.XK%-UJ)Q5IUZU7<5:(96<"H2*L,,U$PJR2%A43"K! M6HV6FA'7_#:-$.IE452?*R0.OWZ[FN)^'0YU'_ME_P"SUVU>?7_B,[Z/P(*\ MI^-YP=#_ .V__M.O5J\I^-R[CH?_ &W_ /:=8/8ZJ/QH\\T[6+RRA\JWO)(4 MSNV \9]:T+3Q5JD"?)=)D_WD&:YX=OI4@'N:M0@TKQ3'._,[,ZR'QOJ40C#B M)PK CDCGGW]ZN1^.)!>23S6@??%Y>/,S@^HR.M<3LP,YHY[-1[.GV)U[G7W' MC*VETRXBDM)5=PP#A@0,FN3@?YF;_;-03EA"PSP?>G0G"M_OFLIPBGH=%!;W M/3='\36::#IT#ZC!%-&P#1D;2OS'G-;,VK6TMAL6RZ9<)"$)9=N(H@/U))KB?$LS7'BN> M25)$9BF5D^\/E/6L\R9!PI&?2HGD,M_N9F))'+')Z&KG",8Z,JC?G5SU;P/] ME3PRK2Y)^VY(W?[-=5&]H]W&85LU'EM]YBW<>O>O%[#7;S38Q%;W#1Q^9YFW M:",XZUMV_CF_C9=TD+X4C+(?4>]9K#R:NFA57:;1UWBJU222)OW3'SVY1,?\ MLZY'P9HUIJ\UXE[ )52WW*I.,'<.:AN_'&Z[@CGM5V%BS21N?[NWH:A\.:L^ MD74K!=X>(HR@X[BLXTYJ3CU-X/\ =,Z:Y^'^GR>(FM('DMH?LWF@"4'YMV/? MMVKD+_26L=16U68R"0+AF7&,G%=3%XFA;Q,TTGVA$-L1@'L/4-0M[G M7+>6-B4C$>_01ESW3[&"]^^LZXTUZ01YH5B?[H ZXJU8:5'=7VI1QW MD<20AGADR0O3(!S@U?U6QT^T\CUS8N_NW-:"2O8P?&PW>$;T'_IG_Z, M6O)&@/8<5Z]XR7?X5O%]=G_H:UY@L)7UKHP+M3?K_D>5F<;U5Z?JS.,17J*3 M96BT)-0R08Z5WIGDRBT5=M&RIO+(HV51GS$.VE Q4FVC;3#F(\&E -2;:-M MN89BGH0""PSBEVT;:+!S#Y6C<# .:A P01VJ391LH2L#G=W'8C?GD'N*A*X- M3*HSS3VA!6EL5?F*N!1DCH34A3%)MID\Q3O=WV=V60H0,Y !)KDIXQ)*SY\G MK@$8''IZUV5W:+>6[1.6"MW%8\MC-$88?*7RED,<>1GY".I_'FO.QU*4VGT/ M8RVM&":OJ6=&>![-4@=SM'(?K^'M6AMJOI>G&QM@C8+^HJ[MKLH*2IKFW//Q M,HNK+D=T1;:3;4VVDVUL8,^JC^562 MF:@LA_HB#TR/R-9OX_D;*5Z3]?Z_(7;7L/@,8\&V'_;3_P!&-7D>VO7? PQX M/L?^VG_HQJY,P_A+U_S._*G>L_3]4;%Z6%H^P G(X/U&:X*YN[6&>0RZ<)!C M/7_;/]>:[C5_._LR4VY42@J1N; ^\.,UPK:GJ/VJ2.&-1 M6=RE1Z\=ZU@LC1JTV/-XW8&*TBS.2.,D'V?Q@6 SB9#C\J[*\LX]0P\+ 2!> MO]#7'7[^5XL+>DJG]!76QO=&ZBE0*V0PX& RY[U%KW*O8R7B9'*.NUAQ@UI: M3_J7'^U5V>S2_@0XV3!>_;V/M5:QB:#S(Y%VL#THBK,4MB'6X7N+"6*-2SR1 MR*H'U9EU\/M:@\YUMU>*,G#&10 M6'TS7MWE+G-,^RQ%2I4$,-,C!VH!FAS@^@XTZZ>Z:/!K.VE6TMI&0B,_:%!/KL!K)M@5N82N0P=2"/ MK7T3-I&GW$@>:SA=PNT$IT'I50^%=%,0C_L^(('W@!<(QGGKS3VTG3VQNLK/S->_)I=A$A6.S@"G@A8A@TG]FV&T1_8H-N<@>4,4KQ':?D> QQ M?\2C:TO!N1E,<_=ZUIZS;I!J48C,C ,W+IMS^\/:O93X=T9H\'3;3;Z>4*/^ M$;T?<&.G6Y8="R9QSG^=/FB)PF>/1O&/$%Y)-C;YQ/*Y!_>#/'>M70HT.@W1 M9YF*O&T?ECYMRH3U[!;^)HKRZM=&,>GO#Y88HJ+NW8QC('KUK"B\.ZU.D;? MV?=%EF:3+0?[ Y/TQBO:-ZC..WI5>'48I6D4JZ&/KN''I1[2^JB)4>6T7(X MRS\.:HUK8HL\NO MLRVT0?Y4O0*B66+S @D3>3PN[GUJ6LY2YF;0BHJR,R8'S7_ -XT MS-.F/[Y_]XTT?SK5$7$Y)I<4?=ZUA^+/$\?AO3/,C59;V;5M-TI9 TT!>ZE4?P_(0@/ORQQ7&2@'0PQZ@A1^9-4;@S6FK MP7-Y*\LTT@FGE?JY8D,?I_05I7*XT&$#H#N/_?1 IQ>C7J#5FOD1>)+MA936 MX"["(P.NAT=Y?F^U.T>/FX.3@#'XT M2:-"/(B.<+!MX//4U,UO(N/1&#::G8OIPM+^U*R)G;>>1_\ KK6A6]T\ M(^G7,>H69!8(#N Z=NQZ=,&LR\T1X%&$)$@)4D8Z<]?I61:W,UG()K65XI,? M>4XS]?6L[IHHO:C 9&<=^ M_3OBN*NRIO;@I]TRN1]-QQ4Q33LQO4]+T*\L+W2-*M)R 5@V.&'!X%.5I(Y5? 8?=QCH?2M>TT:X_LC39X]DB-;ARA.&&1V/^/YU@>*;J66WL M+>9B3!NP&7##..OK4+XM!O8HZ>7%A,0A*+*K,Z]4_#TIFI"-T6>+:X+D!QP3 MQW%=)X*TZ&_T>\\Q1O6YC 8'#*#C.#_D5G>*]$_LM4G!0K),Z!E.,XSU7U]Q M6JEK8EQZF7I#31WULUK)):SR3+&ER@^[D@8/8CV->V"-U4*[;V P6QCC']H M?]L__9J[.N/\ C'V_P#[9_\ LU=A7GU_XC.^C\""O+/C7UT7_MO_ .TZ]3KR MOXV?\P3_ +;_ /M.L7L=-+XT9O@K1M+OO#LDMY;0O)YC!9'7)R ,#Z4_[%HJ M00K+I4.2&)=2;$KE0^,CI\QKFO[S+G MN5[C3]!NK6WBCLA'LD =EVGVXY*3GKZE M<9",;_\ ?-=_?LC:#J)8#S )#G\:\_B/#_[YJDWU.BCN=5IGA:SO]+M+Q[R9 M))6VN@4$#YB.*OZGX(L(V=K?49$C"@@-'N)]>AIWA^!1#;O-#J:RA?X?*P3^&:YW5M)DT;6GM) M75V4J=P&,Y4GI7IEVR-;3,F[(5L$C'3BN&\8^7_PD",@X9%)/KP:;G)Z,=%W MD@TKPU=:O;_:(I((XMY0&1L$L!GBIY?!VK0LJM#%\X)7]X,'%7?"Q@;2R)K@ M1M]K "[N<8%=7<1O#+:0ABR>4P.1TY%'M)+8*K]]GFVL^%-3LO)EFA78S!=R M." <9Q^5%M!=W,A^Q1R.Z*6/EG! ]?UKM?%#H+6!1("PN,,OI^ZK'\&"(WMT M)G"#[*<9[_,M3[1MMLZ*5U!M&68=7CG$#P70EV[]I4$[?6JCS/+(RR*1(O!^ M0*?;I7I%Y]G'C!(TS-"MD=H1>GS^E<)J<:)K2F,'YBC'ZYIQJW=BX-MJZ*GF M/YB;X&W<[8&7Q/&%&XDIQC_ &:U]J8Q:=]%LRKIUW'J6MK)K$KO 9MLC%CD+CUJZ^E: M7<6NM1VMY'YJL/LYDF"JPQSGUJ+4;2*3Q3/;R2);QO, SMP%&T7/)(J2IN!\KDC<._; M/XTZ:SGACN%BU5'59T7:?X\A<-U[<<>U0+9Z.MA9EKT"4R[)DWCA,D9Z<< & MJ&H06:12-8W,,C+*-JMC+)MSQ@=0W%3&;[C<5];KVJCD*17GVDR7@#[(Q++)A2JYP<9(Z?YXK2MY-7CB1HXV#@_-^\QD5Z=' M$TXP2D]3CJ4)N5XK0ZOR%SCYOSH$8!X!_.N;:?7BX,;D#!.&8')SCBJ[:WK% MJ&CN'A+9&"R@D?B./SK;ZY274R>'J=CK]S#H,?0"O2*\*DUW4XR$>/#!L$A1 M_G%>ZUSXJI&=N4JE"4;\QC^*\#PW=9Z?)_Z&M>>"-&Y%>A>+/^1;NN,\I_Z& MM>? 'M6^#7N/U/.S"2517[?YB-$*KR19^M7%&[@TV2+UZUV1T/-F^9:&:\1% M,,=7VBS49BQ6RD<P%9-OXBTRXP!HUAJKCSQBVC0VTH6A'25=T3JZ^JD$4\#-:7,'=.S&A:<$S M4BI4BI1<:B0B.CRS5M8\BG>34\Q7)73N5&#R*MF+VJ*1, T7N5RN.Q59< MGI3=E4;KQ!8VMR\$SN)$)4@+QFK]O,ES"DL8.UAD9C4A)VBQSH5(+FE%I M,;LJ"<;7@/\ TTQ^8-7]@-5[U L<3>DJ?SQ3GL%)/F )1LJR(QZ4OEBG13N"C(J;*JV2_NI!_=E*J6$ M89[I?[L[#^1K.3]]?,Z*<9.G)>@JQ%CTKUKP8GE^%+)?3?\ ^AM7FBQ;1TKT MWPCQX8M/^!_^AM7%CY7IKU/3RJ'+4;\OU1>U5HTT]S*&*;D^[USN&/UQ7"7= ME)<3OMOHHR!E2[=/G/\ +I7>ZCYOV%_) +Y7@^FX9_3->?7O]EB5Q<23("#] MT9YWG/;UKQ9?$?0+8L1QWL,B-]MCD3RS]R3!'/;GFNAL7$EFF)?-/=JYJTBT MHQQ!99C#Y;8.WW^GI6_I\4,42&U9C"W0MP:N.Y$MCE=4R/%C -M/F+@GMP*Z MB.V=)8V%VA;#;@LG!YKE-=*CQ4=Y(4NF<>F!6_;C2A>)Y<\I;=R-O?'T]*2W M#H:5NS_),LZAAP%=CQZBK+Q->.&68(RJ P3!&:HR+9-]YI..OR].#4FF1QYG M,+$L7_>#IAL=OPQ5]2'L2O:3I-$XF9RK$@8')P:ACBUVXRVQ8QD\2-@_I5YD MD6YMS\V/,YY]JTVVQAG/&.>M:1GR]#*5/GZV,S[%J+];E$(4<P+&$"C+<'(R>33BR@ M@9QGI[U4DF%VL9AG158X1UY)-4CJRV=H/.D#-M))S@@ XSCDGK35-LAUXQ?D M; D!; 8$XZ9I02!\WYFL2UNKF[N6ECC5XHI/+&[*LZ[WU%/DOBB%L*"QP@8X)/XURTNLP21O\ ;K>WDAA< MKY9.Y@H( )&?E./SJG+?$VC"\WE%_P!(C+J(X\'/R;>IY'.*?LT+VL^AV-QJ M4$*(SSP@.<$,1R >33H+V%DD=0L<:D 9PIZ=,>U>9SZ_&;39 Y >+:L<48&& MSS\QRP!K2\/W=[?V%QAE2"*4.&)W%RW'!;OT]L$TLP7\,,L* M@K(F]3SVSG^5Q5C/^OI/+MX%W,W4^P [DG@"O)K&^E\ M7>(KS4KY=@C 2*(G_5)R0@_+)/PEPA'263O(?;LH^IK MF/#5O)-?:I;P\)YV&;T +47U';0A\3RQ7>LL(1\BP;%]"><8]JFDX\,(3U9P M!^!-)XGMX[77HXX\;8H QQZ@MU]ZC6;[1X?D4G_CWEVG\3D?I1'J.2V+&I,; MGQ'9VA*^4I5MO?<%/_UZT1JD.GZT!+;&5?+\O(8#YNO0]1S7&:0&UGQ5)J$F M\P0$R9'HO"C\3C\ZW=1L+F:2( QL'C9F#]SGUHDTX.^UQ17O+T-J\%K>6<-N MLHA6-))#N&-IP?7M7E*YV#Z5U<>JW5GITMA\ID;\X[]QTZ4:EX>U#1I79UDA979 0=P1N-2YN+L4HW/(6OO M,98]3MRQ P)%&UA_C54,C A#D#IGK7#7*BX,:K%=PAU' (X8?CT-$SADB6.HJ/PKK-MIZR0 M72Y5YDD!#8/&.GK5OQ@UO-IMK-;S)+FX<=/F4\ANK62TRV^[6-E7DX.,Y'I@]:]D8'GBNB M%K'/43OJ0E:C9*L&HG%7U5YWB MAFCCE?:TN=I/0X[4RXEO+JZFM[-HH$A56DG<;F^;. J].W4_E7)>+=-$=C:W M:7$S78$DAF>0E^!D#T ]@*AXAWT+5!=3KGCQ41KG-'\71>9'97SL'V+B1AQN M(!QFNFQO4,N"#R".]=-.?.CEJ0Y6=3X#&/M__;/_ -FKKZY+P*,?;_\ MG_[ M-76UR5_XC.NC\""O,?C+;BX_L?+[<>?VS_SSKTZO./BXL;?V1YBEO]=CC_(KCP]:M90103(S%RTF0>0!C@^U.MO&UY%!&HAML*"H)W9P3 MGUJN(K"3G\ MZD7QM?K]R.Q'_;'/]:[C5L< D9 MQ2_;8!P;P'_='_UJF\.Q;C?<)]6U^XB96><@CIY:#^E9TUM?ZCJ,UQJ4,DIP MHB=F /3GI6BUY"I ,LQ)]!4-OJ=M>S-'"9B8^6+MM'4CU]:7-%;(48*^Y&EC M#K6@UUK11WEO (Q(TH;D29VX&> M:=]L0*K&*)-W3<30YKL.4(7U90U2#5[F:.6744,:L"4>0MDXQGIZ5+;Z?=VS MDI=0H67;E7(.*HZQK$T(@C2&#$I!.0>.:T(+V[FOK6(^4JRSJAVIS@U+FEK8 MTIP334=BR]O>RWOVEM4(?R_+RKOG&<]:K+H3-,S_ &XL6QQL)(Q[DUIZM!/: MV<,D4K(7?!( /%<[9WEY,]SYMU,=C$#G&!SZ5,,1&I&\2W15.?+U-0:-*SHS M:A>L8\[>#QGKCGBG0:!%'(SO=8S/TO -Q D8 L><"KE-F4%'6RZ&["NG6TLUQ;2"67!^5I0P)QCICZ54N]5U M&WLFF @&%SQ$..<4>$=/BU*^2SF)5)I2K%>HX%=%?^'K%="G*.\LIT]I$"MG M+A\# YX[5E*=F[F571QMV.;^UZJ"/);,90X"Q#KMR.?K2>;JXB1IIBK@_.O MR@]__K58E61+N./>T8:+8 W 7Y.OYU573KFX=1#NE$1W'8UGM):($ M2XO[F0 .5$VQB4C"I_LG'X_A M7O=>CA%)7N^QP8MQTL9/B<9\/70_W/\ T,5P2Q5UOQ%N9+3P+J$T,ABD4Q . M!DC,J#^M>>^&==%[&+>].VY4[1 MAJNB(>E!B%=O,>8HLSGMR*A:(BM1H\5 T8STJE(B5,Y3Q7<[=,OK2-QL2%'; M ^\Q)S^6 /SKS<%<<@_@:[_Q,/DU08Y\E>?^!-7#Q2/"FZ2V22-QP98SCKV( MQ7CSDW)MGU%."A",5V&6\SP3*\$C(P.1CBNBTSQ=?>4PEM8KB56&/D/S*>O0 M]:YY'MGE;S(WC#-\OEMD(,^AY/YU,UM;V\$CV=^MPIQP$9'7GN#_ $-.-64= M(L4J-.;O**9V^E^*K*_O$M9[2>VF[\ MF2P=E; 8EOG+9Y8GO[#VKL[9-BQ LSG@EG&#^5;4J\IMIG)6PL*:3B->QE3< M-@8K]Y58$K]0.15&]MIA9O*FV)0"WF.. ,=<5U.GV-H^J;WMU:7RY)=Y'?S" M/Y57U1H[J86Z81@A<%O>M;P M]=31-(%CQ&PW'NJ\3Z';R649#'S489*_+@9ZX]O>G1:/IFR.&UE8L$X=6 MSG&>H->:ZKA+F3/5=&$XZ! M5TN;FAH= M'Y*]J3RE)ZU@K)-$2T,TB$\\'(_(\5DW$>NQS&6VU1I3G.R0 #\NE=*QT7T9 MRO*Y=&CMB@'/I595R\O^]_05R M4[E67Y3C&/IU!K:.(IRM9G//!UHW3B:?E^U'EU:C"R*"I!!Z$4- WIQ6W,F< M[HM%,I6=IRXU#45_Z:JWYJ*VO)'C^%1CPW:#_?_P#0VKSX+CM7H7A?_D7;7_@?_H9KDQW\->IW9?\ Q'Z? MY$NO@'1I]TK1 %&WJN2,,#T[UP,U\$>07FGQS<8#CA2-W.?3)KN_$DDD6A3O M$,L&C_+>N?TS7'2RZRI?[+"C-@[Y[2V&V=Y:[XO^)<@(1LIN M^[S72V3QRVZ/'&L:'HHZ"N95-2DF@:6");EE;YAA3_/GFM^PENP E\N)A[YX MIQW)EL2PCS(@#U (!YYJ:UGEBW)=KM .$9F&6'K^=:JY#V-!R/,A MY'WQ3[VX8QN;8K(8LF2,/:.=RO-&G MWB/X+-*GCMX8HV+W+G,:*2P]L=>*Z-%.R;[,R* /E M8J>&]_:N+;4K2*P%[9Q(T\!,44I 4J2<%@N%9_:7W'9B*<6VR299+ANN5PA./3M61IHAM'2S-Z;J MX64K#LRPBX)(]..G6J]GJ=W)9:K<1.9+F%F^S(^6'(R .I/8?2J4=GJEKX< MWZM>K82><&AC9@%(.24('3//>DE:\6QOWK32_K^OT-9A#H<]P+B^>"TE;SD# M2]<_J7BE+JYNI+92D;PB-C'#F1 ?]K./3UQ575;BQL[>QL8H+ MG5+CR6D4\+C:59$6>X8_ M@%4CD'/]WW)K/O-;M?LOV65KF6>-L2+!^YBD(/R@#KQGL/6N7>=P^3*"\C%S M#N)5=WUX (QR3GZ5 UQ))NE58W;B1D5LE?7'IT&%)/S<>GXUG-?7./,,ZD*-@9F#,,]O\ Z_M5(),TC3;& MP^%C9G&<'G/7G\>G>F0WF[RT8+'M.&R/W9.3R?IQ4W+44C3GEQ&1MCVA5/EK MCW@E\.W$EQ*9=VW(#,!C@CGG)7'-5' MU*20B>>+UD7Q9>I&' 9E8/C M/8'/TYZ?2NMA:/4-/TYW1[AU17='D8,N[C@]!C!'&2>*XCQ)']D\17RK\S(^ M!(1DJ,+@%>Q'3-*>PZ/QLU?A\(AXUL&6;<7,FT#/S?NF.3TQZ5[57A?PZ^7Q M[IRAT<@R[F# Y'E/C%>Z5SRW.V)GR*]1EU2[_P"$=TQB2^/MLBG[ MJGGR\]B1RWH/K6MXJUX:-&L-NR'4;MBENAYQZN1Z#]3@5PGA&=["ZU4C=-=F M[9 SG+$XY8GZ\U5R$B/P9=%/#,MC;#]_+>OE@,!5 _Q^E9'AJY:RN-6CB7? M,T^U/3JP)K1\'7(M=%F*@// M6D$C%G= TA/OG-9U]>_8-*OHL\W2HRCW!(/Z']*TM9DE.KH\ZX:2,!1Z Y K MG-8/VK4+>U7)V#G'NG M8E.TS8U'286L8(H8T>8>80_W21\W!_*O*%^Z/I7?6OB16TYENDFCN$CD6.16 MWH<@X&#R.O4&N!7[J_2LE'E-#I/!B-)>W"+ TV]43"L 1EL#K74B&YLX[F.* M:6-E9@T$ORG'^Z>/R_.LOX8/#'>:D\X7")"^XC.S$G)KT#QIKB])7?J]FO=IE'ZU MU_C_ $\6FBZ;*L\KAYBNQVW8_=@Y!Z]ZX[2G9-6LV5]C+,I#8SMYZU<7>(I; MGHJ>#+6\M+R1RR/%'O!7')PQY'0]*Y+Q?X9/AV6TS(LBW"L05!&,8_QKK+3Q M#?69OXFBCO8)8L%XVP5R".W!ZUD?$C5[75AI36I<%$<.CKM9?N_X5<>I$KJQ MQL4P52DD?F(3U[C\:G>13$JQSEH]W^K;[RU:\/Z;)J4ETL(R8XPQ'?&:GU+P M\]H&)4C$>_I@C\*I35N5A;J;'@/6K;3[^*VN%&9KA-K]QGC'TSBO8F&,YKY\ MT'6(M,O[:6[LUO((I1+Y>[:VX="&^N#COBO4(O'VG:TA,=^FGKG!CE_US'V[ M8]QFGS60G&YT=[J-K:.J32A7([2'3]9TWRV=G8,TDDDA9WPRXR3^/%=899KF,<5RGC-#%?::L/Q=! M,NE1N !\LAX/;%7/#%W*C:BD499F\LY].&JCXMFG&G1N22IC<;?08]*>SL+S M.?L8(KIY8)U#*SQ9S[JH_ U=T;Q/)HEW-8W1EFMHI"N\\[%[$U6TT1O%=EB! M(IC(]<;!^=4+>,G6+M7P<=?0\BKBW%W0I14E9GOGP_N8;N&\FMY%=&\O!!_W MJ["O(_@/(S#7X]W[N-X0BX^[S)7KE*;WFI7$=]%#9M%(92JC ZDG %3W,^JZ M;?>1L5[>='_ .A"NXUV_P!!TO5Y9+RP?4+QPK.I ME*K&,<8 [X&:AZHU>DFSW3A[MT4'C'2I+R:=I%4WO3O5O0]0DUS3IM8BTJT-]#=K9Q^5&$6Z MB8C% M&:VA2;C0 M%C+8YXIL<*-=+,\DBF+=M"(#G/7J>*M;XU4 ),P']^7'Z 5G=6U9I4HSE-M( MY[6]_GVH88X&/?YJWK4I'JM@TIVH+I-Q/0"J6I21K %$-NK,P .W+=>Q.:T# M(8) ZLRDG:"IP>:4FFK&U*FX)W-W6WCN+.*.QWS$-DG80!^)XKE8+&>T:?SM MN9&) 5PWKUQTZU<,LDH#['<%MH)YR:B@N%F\X_="?* W!SSFLZ<53CRQ+W8M^#M-4:])9W\1!1Y-Z$X(8*/2N MP,-M#9KB-G7R5PK2,0"6YXS^ER[!&, ;1T M],\TR'PG,DGF,1%'N^4MR>2>*T[?Q38V,,,,@N[=$CP?.@8$D\^5+Y9_(_X5$*GR_GR,UMS+YME(J[YHFD12RN"64A03NP?K6=# MX=@M'NI;*>]#2(5,]9WG&?+T-O&OL@/FAX5 X"K^UME#2OY>U6Z'$BG^E>8^ M$_#.H6.K2S7R>7%Y8(3=N4GT_"O8]9&=*F_X#_Z$*YQ%7'2NZC%?$>?B:C7N M+L0+'D4ICQ5D+QBD*5V?>*$P-6R#GR!C_O MIJX)+QX[3R4,BL2.&48_[ZH0S10V<\GDVWGQ+)M^5P');I@$ M8X]*Z[P,J+#=;) V67*X(*'!X.>]<1';RQ^7*R.JF0*#M."?8UW'@B6*9K[R M;86^&7/G5A^6#5I!\P^M5)E*W% MH?\ IH5_-35Y4P1]:]#N>+&]D;>FY%_(F#S!(.:R)K::'/F1.OU%;FLWHNK)H_+"JA#J$ M^4'Y<#(]J6^O[:^N;5S:B)(S^]"_Q#;C^>*=+;:9^,[BQP <=.:R= MNJ+7D,LIK"72QY\8\XC?FXX_6H=(TN2Y MT%;L2((XU .>X!VYI\^G7%I<+%(A$C+N7:>W^35*U]&2[VV*U_I\VGJ#<;-C M<95@P_&L6_TJSNN6B (& R'''6M^ZM97A\BX$JH3D*V1^59UY;-)YFUR-KK\ MO0<#VYYK3WB=#)TFWN=(U*"6"^E%L'_>1G/*_3I7=P:C;W2Y2X5B!G!.#^5< M45.\C<%R>!U 'N>M6[0);744TDJ,B-\Q&1V/K6]#%2IZ6.7$X.-7WKG4/J$0 M&$5G_#%9<<\@UF[D1 NZ)/?IFKFG0-J,<3VBB19,;6+!<@YQQU['M52X-U9Z MU=0&U/FK"&/<8ZYXK.>,J2W9=/ TH;*_J7,S2$;G.#7IGA)2OAFT!_V__0VK MRVYDF5%_>^2=K$].PKTWP2V_PG9GS/,YD^;.<_O&KGC6]H][G3*C[..BL2>+ MKB.U\,7DLQ81C8"5Z\NH_K7#++Q7GLIT.[1O,@,$I3)"*1@GZ>YHF[,45=&BVG7#FV1M4C; < MEBQ(8<<5M6,#V\<:K=F4@?>)W@_G7D^I2):E1:S2.A56^\00W&:TM.\9ZCI: M+&R[E'\,W./T!JHM7,YQ?0W]>#/XG&\#DID@'':NC%K)OC(U9 @R/E)&WBN) M7Q5IVI7'FZA%)%.2.8SE3^'6N@>^MHH3%:&-@,$%YAP,=^>OM19-BYI16IT, M4VR)8IKD!^@8.2!UY/IU%3VUN#-*7F6X#'('79QTY_/\:Y :NGSK(D\CMQ\L M8['Z^U=-X>F$T4I (&X<$CTJXM7!ZJY;NT6$1R1Q)N5L@$8!(!Q7,^(VD9'T MZUB"SG]_-+#)E=Q&0O/09KK;H%C$%.TEP-WID'FN6\4^'M,M-*A9M;$5RLA( MDD()DSUR!UQ731E8Y*]/GL1VGAK3;XZ;-I+2/=P,OVF9)LLIZY&>#@^E9FJ7 M=GIWB23[##]NO'D+21@,\:R>N!RQX'T.:NV?B;P_X-TC_B32O?WL^-^_(QCU M]![5R.H^--3O&?R&CLPY);[,FQF^K=35RJ.YG1H*U[_U_6YZ(IU34M(N+C6K MNTL+U(6\B*-]NW."6<9)/08'^-YC0&22ZD"QAO4*?F M)'MTK@VG9I=\F7/?<2<_4TXWDS;?F *]"!@CU_.L^=&ZI:W.IU+QIJ>IN);> M2'3O-)+RPKL:0@< GDD#&,U@PSR7(N9IKC?+-\CA_O$GD')Z#/7%49)WDR68 MG/8< ?0=JB)J+FUB^DT=I(N[S6\DGRD*!>2.2>O0\8_E4*7!BM"B2.&9P=JM MPH&?;OGU]<';F21I(;87(82A@ , 9P._(&>OTJZ;L]3'$)N#2-+5=/GU;4M/E$LGD MQ[Y[F)6P%.1M .."3CGZFJ>O&+Q5I,UO8C9/9R_O&*_(S 'YFZD$M=1MIHRI65=\A"X4DIPT; =.V.^!7G_P 0E9/& MFH;VW$E3G Z;1Z45/A0\,VZLAWPU_P"2@:;_ -M?_13U[Y7A'PQMY)/'5C*J M@I$)"YW 8S&P'UKW>N61Z2/./'4:Q>,=#NM@+L)H\ .E$?BS0)AN9CYZA!ZX_^O7/^'B(KG6)) &G-ZR@#KTJ MA(H^$&C@T>69QF4W+@#N>G2J?A.%)+O4YI@ 4ESST'+5I^!XHDTJ6YEZK.GO5+PC9_;K[5=S$1B?) [\MBBX[%'Q#/%<:X'Y"+#U/?&[FN;LT,S&_X MWS3%5]0.G\LUT/Q%"6VH>5;8R85CVKV.6S^E9EA:FVM;53QY;!F]CUJ&[CV. MF\/.PTV:!!\\DJC'MMJ]?V >^M45-Q2(]NV:C\(1!X)I>H#C;^(J+7-9OK'4 M8KG3%218@5*LN/'"\BI$I8HA; M8,]3CD?6NL&HW$^E7=NT[20$R KG?C^OZFH?@I'NU;5NW^CQ\_\ C7=W^C6 M5WI.I2S6\3R)--A\8-SN90#_#Z=:V;#Q3>VWVZWBECN(9(MI$B[F'#=Q@]^^:P_B5JXU4 MZ2?+9'CCD# MN!R5QCO^8JM+LEWLC%\)7D]E>W+VY@):'!2;HXST'O76:AXB M@U+2_)U2TDMY3%A9.JX"'GL:A>0R?P6X=>,Y.]1_6NHU# M0KS3M*EGB;=#]D)9?O+C!['D5G*URD><:>GF7MNA_B=0:T;O3P.2!R3[52TA MVCU2S>-]CK*I5MN['OCO]*ZG49;JZ+2RQP7"#(5[4 8P!U7KV)_&JNT]!*S1 M%X/\4ZD-3M-.N+CS[60[/WO+( ">&Z]N^:[BPOH%O]2? -[?[/>::2S,SQR$Y_WEJ*3Q3K>IR2_V;&+6.1]V81N8<=/,;@?@*Q;N M&>TND>[82RS*6+LY=N#W)^M"3N#+NGZW-HT%WLMU@HNPO]G3*H/"$Y M/7.W%&EQ=!UG%$E^UM*^PS/&(Y#]UUV@9'8U5M,IK=]')R?NMS[C-$,$]WN5 M) R QH(Y.4.5';M]144)CAN7* ^:_P"/-4!ZA\!\>9XCV_=\ MR''_ )$KUVO(?@.I63Q$"K+\\!PPP0#YE>O5(!7EOQK^[HW_ &W_ /:=>I5Y M?\:1E-'_ .V__M.HJ?":T/XB/(IOW=Y%*C;75U*MZ$'-=/-JN@ZU,EUJ6EWL MEV \<#XCEQTSWQ67;.(-Q6&%V)X9TR15H7MT>/-*CT0!1^E8JHDCJ=!R;9L M'Q'K-W+(C:1;R:8RJB6.>_O M42(/+]>*KR7VQ6*(,@9YJY'_ *O\.*F;E]HVHJ"OR#87\@?+!;M)_P ])(PS M8].:G-]=$8$[*/1,*/TJA*P2]$9)"E-W')SQ5JTMWD1)&$94/RK,F*M0 MNKMF4Z\8R:4=2.20,3O8NWNB_/,Y]5_P#9C42BE&]BJ5>4YJ/0GN9?L\J+N(#[N1VQ5>61Y&00R @@ M%BW'/I4FK+F: #_:_I56.,D#G-5!7BF95ZDE-JXFKQE)+8C8%<*VU6S@Y[UO M7%H]RT"1ABQF7[O7O7/WBOYD&\' P!G_ 'A74RW:91((C&X#.QW$G@\#\>]&E11A+MP-S%S\S=3UJ=46ZFGD6 M)YG:4DL?H*FTB E;P%<$.00/QI5'RQ,\/).96L5G:./R%;(52-@.1P/2K.C! MSJV+G=YGGG=GKTKI_#\5]:>%9H(?LT:D%W9\LY!4' XZ>I_"N?TX%M89IFW ML9V+'&,\5I4=D94978A+YLNWSL[<<9Z=ZW9#K:2%I-/B MN%4E6-O< M] #CFJWANTEM?&-U)+&T:2/*4)&,@XZ5UD%K#:1R+&PQ)*\N/= MCDUS2?O&CU2MV.8M?M%R1++I=S"2K*8W8!CR.G/-37*:?A4O+-QN_O6X?G_> MJWJ=J+G5M.F6K&G#^T;%K MJ]MVA@C4>0#RS9X_X%_*M=418SHM1OM5G$-A)]WEFVX 'N2.!3'O+NV@C9I) M D@;9NZ,"?FP/3-=#/\ V?IL+1N B*H;[*OWG8_W_P##_P#56'J-G]OO 3=H M76'S+B3@I$O91C^0JU9O4'=+0@'B*XB&[XXKV"O#FTRY\JU8;2UV M3Y*9PQ [D=A7N-;));&+N9GB*X2UT.XED8*H*#).!RX _G7)6^IV]PA>"9)% M!P2C9P:W?B!%Y_@J_3=M!\O+8S@>8N3BO)= N[*RNI1&)HY)CM!9LJ1V[<&M MJ=1)\K,*U!S]Y'IL-RDBC!YJ0NO?%XJNYP^#7;MJ5WJ^GZ@]]&4GBMBC?+M M!P3T':N7%D6A184N#*Z[F0QC!'J#UQ7%>]SU8P=DBH&FC 7?N08XX(QD'I]: MD5(C:R2B96D8_P"K-N5R,]<]#SVIC021['>(A3]TE>#BFQ'S/-80[5QT&=HY M' JB6B58MZ*?/BC.[A&W+T'WNF/;ZUV?P\0M+J()S\R'^=1_6M Q@#FLK4IY!:QL(^%GB.?^!BM,)=R_P#+ CWR!77[0\Y8=I*Y9M!! M!?3WC2(K30[&4GDMGJ/J/UKGK^_$UW"D<9Q.V%9CC'X=:M:M$T?V 3U-8>Z51DE@/>N1IR>YUQL:&HZ:UA+;H)H MY//8*I^[C(SS0VEW<]O[U_*#N0NT,5(P>.@Y["FVU\2)TZ,U[;6)_%,4 M\$I,:HP'F@DD8Z 9^A_"HM1#6*2JLSEQ(HV[3@C SD\\FN=T:>>QD\U=[PK( M2RH"4/KG!!Z5W,!M-4LIIH8]J.RG!!8!=H!P#SZT)Q5DD/75MG#WVLHF1;9= ML]67 '^33[2^>[802J-DKA0%XP>G7ZU>U;PU:00--;W:2N6^:+H5%.LM(F2U MTZZPF))%!5?O##=3Z"LXU+#<&]38L=(O(/LA9XE\F,(V"A_&KT?G+K\Q M:9B\EN.> M-.U@_DWNE R+&-SE>2>.<8_&O1_&=VUAX6NKI5=C$\381MK']ZO0]JX>U^(5 MJ8)+:+2;C<8SN$?S'I]X]S]32GN).R..UJ5K:[1%MX[>3RU(888XP.?0&L6> M)YY59IR"0.3SFM;Q!J46K7MHD$3Q,L 4B;";L =,]:FM--M_LZ/<+&TP'0W0 M&?3BCF2W(Y9-F=%9NGELLP!5>I Z^HJS/'L$:B%I6E5MR87+IM.>OJ<>_P"E M;,6E1MM9K5"X/0W8P!^57KS1K,V\?G0AI(P)(PS[M_/<@%A;/)>P6,DGE0R!2^?O-CG'';I6L8V9BYW9T5ZJR1I&V0';:<=>017 M(2?#VP9B!/<$ X&7R:ZU[7<\0>61AOZ9IK[HW903@'BKNTM"HI-W..;X<6&? M]=P!_UT_P#WU78[G;N:,CC+'-3?] ['+_\ "N=,SCS[C\Z/ M^%=::/\ EO/CZUU3-ENIQ[4O!QSC% 6.2/P^TTD;9YOSIES\/[**VDDBD=W5 M'-.M$^:;S) M.5C9B ?KBIM-\0SZ#!Y-@LJ*I8@>:2#NZY'3M5(WTCIG;NZ9.<8SQ5.[F/\ M#*BG^Z026Y[5XE/%8F^YVRH4FM4:,_BFZN+62WF%PR2.KLYN6WY7I@T+XVU6 MW18H+BFMF\C_'^1KM_+M6Q*(?A_:)/I,DLQRJW3\'H.F:YK3=>CT2?5AEFFN;DK#%&/ MGD^9AQZ#GK4OA[5;^Z@;1-#1#<2322M<2']W$O&2!_$:DO-!A\-^*=%597N) MY&$L\K=7;=^@]J5QE>_\.Z@]C<:SJY6*9$_/KR:R(YC+IUOLR6F8 M9/OGFN_\0BXGTR:28!(5Q\GKS7 6PQ91)&=LC2.8SCH >3^5 S0TWQ9!I4$] MF;>=_,<*)T VC P142=W7\SUJW:>([*155I0F.!N7&*RJSFERQ-*-.#?-)E;[#>RP,8U28+\I* MC#?_ %ZP9M/N[8?OK>10.^W(KV9A;WG@K1[NV\LI'(\+L@').>3CO\HJLEE' M*Q;R\EOF)%$YN$%,(P4IN)YAX>U:]TFXFETZ[>WE90"RG@\]".]==I?Q$U6T M@N(KR&*[BG)+\[3D]2.U6[_1K*:5O,@C+=SMP?S%9_\ PA\,PW6\SQD]L[A4 M+$0>Z+EAYK8J?$'Q.OB2.Q987A,;,2K=.0.EQQ\P'3GU%:J4)*T69.,ENCU"_TB.1KK;$ M-T<2#('3@UQ/C:![>[M8V=F"JP&XYQTJW;>)-5LH9X8;SS;>9=K+, YQC'!Z M@UD^)=2EU&6T,RJ'CC(+ YW=!D_E24)1>^@G)-#?#J:: M85:2*2-F*R/OA?. 2<?[4N=A/3G'IQ6EMB;GJGP(E>3 M^WU8@B-H%4GKC]YU/>O7*\@^ G7Q%_UTA_\ :E>OUF4%>8_&8972.G2?_P!I MUZ=7F?QC&5TCZ3_^TZSJ_ S;#_Q$>62.8CW.2!3U\^2'S50^5NV[R0%!_&IH MK7SY(696:/SD#!>N,]J+^T6*Z8I$R8XVL/2L8V-:LGS-7(5AN"IE>/$:XR3T MK5N?#[AEE6=45W'R!=H7]:K3:C=W,/EM]TXRH4 5!))))M$LIX/3<32]YF9' MJ5FMI*0)5D)B.=IZK&A)B1PPP0O_LQJ$78=BJY7@X..]3Z&VUW\QOGV\_]]&HK M/W&5AK>T1+JNQ9X2PX ?^E017""-/+C.,<\4[7)A$T4FW*@.3].*2RM9[J 3 M1+^YQGM.CRN"N["Q#?M'8@O?WCP."QZ;ACHJ2JV!W MZUG!<7@A\LL00&9O?VK1U.-8[!!C""0QDWL48;J^ECG M>(K!$9B2#R1P.,5K^&B?[-N&9S(Q8Y8]3UYK$L[E8X9.3DS$^_:NC\*6ZW.G MW#2%URY^4#!/7O2Q$6XV1CAII3NSJ5>^?PRYBC"6ZPJ'9^6(\M>%7^M!@XSSGKTZUK)*5KF%.7(WYD4FNP_9Y[V0O/+9EHPQ;+!0OS#!'Y5#C%ZLUBY;1.LU&W^TZSIEV5)^RF3)!QCE:]G9+9D_92);IUR]Q M(,!%]"U9FD?B:=OO/[#T'M6$\K%N3_\ 6I-WT06Z ML>\XGF)N&;!))QR2?\]Z9/##.JI%-YLS':L93=D_7M3CJ4T,)C)1HBP9E9%. M?;.*;.2RD!:-?+$AD.3 MZ[0<@#)P*]HKY^GN3']PE2.A!KZ!K:!G,Y_QU#+<>#K^*'_6.$ _[[6O'/#U MK%)J@2\BW2*0J1DX ?KS^5>S>-=W_")WFS.XF/&,]?,7T!KSJT@;3U-W)&J/ MP&C+[VW>HS_/WJ9349:CIP"-JSZFXC5"+-V&W/&".G>MFUM7@T.01J2JH-K,.& _P#KFK/AVS A MU>41M(7@VH(X\G<>QP*TIN[=S&J^5:'*^(= BMXDEL!-/'("5+9!0#J,#(YK M L9K_320HE$:.)5C924W@]<$3TR>G04W))V,XZQNSC1J5S&[76Z6-Y9#YFQ ,\9Z$8_2ND\%ZG;?:YH;L M2,' ^=D "\D\E<>O?-+/:M(3##DLARW/2K_AB-H;:Z,AQ^\'?TR*.9+5"TE[ MIK:R]B+!S;O'\K(7^\^4=>&+$\>F#70:OI:P:))<;FW,N2">",]/UJG=:-I]M;I+(+@*TAB^0@G_;6MR(E7RB,@@<\$=JLFYLI+?;]D59=H&0H S5L:+:&_MX8 MVN-LN[E@/08Z?6KT7ANUF2WFK+(%8 M$CG=G^1JXUE92!%M49!M(;)[D#)_'FKF@^'UN+>_E>5@J7DD8"@>@P>M:$7A M\+>-%]I^ZFX'9U.<8X-:PLG>[,Y:JQSGAO34AAF4!=HGX [$#%;5C:HCWB(B MJBRC"J,#E034>AVFZ.9489^U2*">_)_PK0MXW2XO $R?.VG)[A!6U.K!)(SG M%MLX&Z"1:W.CH'4N?E)(S^5;*:7>S6L'V:UD\EE&Q@!C'J34E]H\2PW6H36V MQRI=78DXK8L+.UN]*@'V.%9#$I5A(V6X'50-Y2$ M[6.<@9VKS6($C:^;(R/*/R_G73)Y:ZQ8^9#!(N) 5E&5/R]ZAUQ88=>58;>" M)6M&.(P<#KZU-U>P];')W"A8HO*&2)Y?@735Y^ZYY]Y&-<-/K,UC9 M1LUII[HR@ )#@KQQG'6O0?!5PUUX3LIF559_,8A>@_>-54W=D5+V-6^P;< @ M$&6/@_[XKAO$>KZ=IVODW-O(F+9U;;&!G)&#].#73>,;AK3PO=SI)Y3(8R'W M;5@$>:&WW@8'/0?YS6B2MRE.5B6"(0K$B6LSMF8$+F9Q_"OH..I_2J_@"YC5M M2^8)'&ZY). ,+ZT^WL[6;3;F*5VWO\OF!L%6/\1]\UP*:C)IGA*\2VE'^DW) MMYE8 M@*=WTYQ1JGJ6J2Y4SW!G5C$RD,I8$$'@\5G6M^;VUBN"NTRC<5SG%> M:3^-=2B\&:*+9Q#.OF2;D& 8HLJ%/N>]7?$-K=7OP[T@V=\V%6-Y<$@S#'/Y M=:+N3LB^7E5V>A>9@=?PJ"/4K:>66.*9'DBX=0R6+>),'E=P)D92=U%PM8IRB&W4O*XC0=6=@ M/Q-2;!UR:XCXE337C:7H\+HJWD^6WG X( Y].376Z4GE:;' 9%D\G]T'5LY MZ9]\=J+A8M!1C.33A&/4U7O-0MK(Q)5"@GBJ.L M(1HEWN#*/+Z@X/YUJ,N2.>E4->_Y 5YSTB-*?P,<=T>8!H]TS; 0 0F>=O-) M!.8(YF'WBNT'N*AS^Z<^X_G37.+>3'M_.O#MJ>A<= =LZ$=C2:I,9@A/_/23 M^8HB_P!\.G'B'3_^NZ_SKV!7KQ_P_P : M]8?]=U_G7K:M751V9A5W-'2FS?Q_\"_D:Z&N,LM6CMO$VF6&,RW;28]@J,V? MT'YUV===/8PD>>>/;^UTC7-)OKQU18C,23G)!7 ' MPT[4#)=_9\A))5[;SU4'TKU?6/#VE:U.)-3TZWNI(P51Y%Y49SP>U8=S8%_B M'IRW&W!L9#@=!R>*T9$7-="WL M220S,?\ ?-=%):D?%0K;J#_Q+\#TK.\5V3Q^.="6X8'=@GG@#>:$R[#O$4ZS M:9.BJ=G&YS]:\TL1(-6=&7$2QNJ>P^]^N0?RKNO'FN6@T=M/TV6.1YI%65XS M\J+GD!NA)QCCWKFQ!C7)U&.9'X_X *5PL5_%$J?9XHR!N>R@[\C ]*Y'RZZ? MQ-:3(\'F)M9+2/>I/([5SX%4]V2MD>K^ 0+CX8WUL"&>VD^T!<=/FY_]!-.M MY[F.<"W)*A')XSZ8_K6+\,M8NH;^33'W-:7,#J%*\ ]>OXFM26Y_LNVEED * MJNQLYX[=J.3FIRBQ+?ZO/H!WK0T":P&GWMM>$*99(V7CGC.>:Y M9T8\NQTQJS[G>PS0W?EJ"#N3(SQZ?XUFPZ!;ZL]Q-)<%(K8Y*QG.X\\'\JOQ M/I]X\/V6X4D(% 5PV/N]OPKFO#$8L;?4@K',EXV3Z@5-*E[R*G5?*T:=YX:T MR14:.#9N7+'U.?;I6'JO@B&38T,D,*Z&^O)K6R219'+9]A4,[$KCT8U1NFL#DSRA0TC M!OESSZFMW5E"*;5S%4XSDTM#SG2YFMM2M9H]I:.16 8HV5U P^PFV M;:Y)5BP)/3KT'6M,:/I-V<^3&QSD,O7\QS4%QX9N-Q^QK+Y)&#))RJ_UHA5A M-VMJ$Z4H*]]#A-,7-] /?^E:S3&!Y@'"EF!QC)/ IT.@S66HQE9$E2,D,P!& M.W?K3[CF[=&)P, !>.V?ZUJVK7,K"+J 6%5,.V6.,Q1 .00V!WS[UGS*QO$R ,HQZ^XJ8RN]AM60?8?M;/Y,2-Y8&Y MY#_2JF+F#3ENCY)CD+8C*9!"Y_PJR+@VYF0L54A3P.O!J*;RWTAV56V#(4$] M/E)/\ZI-\PFE8%OXH;DNA:)CL=PR;HR< @>HJ"-)8KJ6ZRICE!^>+YE'/3VJ M2SMC<&?# $!.#W^053@B<7TZJ[H4&P M5Y'\"+A[C^WC(%W*8!N P6_UG6O7*R985YG\8_NZ1SCB?_VG7IE>9_&+E=)^ MD_\ [3K&M\#-L/\ Q$<#8ZL^E;)8@HE29)%R,\@Y%1WVI2ZAI/XTZ M*%IY%2)&DZ?"L]U!Y2R*5 + M^([5?C7Y!TZ?TJC MX@\076I[#,L2HBD(JG/7U/?I5^$^9"K9!!4=/I6&*4H)S61L#YL9/-&J0/+=KS@@+TKN?"?AJUET8:C=J'Y;"D\<'T'^-:TZ MT84TVKF%:/-4>IPRV]P7);8L0[\BKNEVRO+OCE/ !) X(KMO'5K9KI]M%:Q! M K@\ >A["N@^M9UL7)TW;0="G'VB*VH61NKF!%Q]US_ "K9 MBMGAT]5C4?ZL?4\"@V<\>IV:@9ED23"J,D=*Z/3_ U/M5[R7RA@<=6/^%#C-:=NX37KA1*[HT2!8@I$<9&<\]/_ -=)IN?)NR!D?;9^!T^]5?6] M0EL-&O9XGV21Q%D8C.#]*])>\<3T9?U#Q!9Z7(SWTI1(TR<#.,], 5:5TU&. MWO+=F*%1)&V,'!YX^HKS!M0U#Q%IZQW:Y,Z@>9&N&.#U Z'I7H^F0S1Z9:6E MNLJ+'$J98#><#'3H/KVK*4HWLMS54I6YGHA+*62PCG$_E2R/.\W(QL#'N3TJ M9H9+L"XNY6A@(R#C#N/]D=A[FGL8;?8BJ)Y<_(BCV\GN>PIEQ=F_N&EG.(8QP@/W5[*/@ SA12O<$ MK"22;SENI]*A+A1@#GWK0ET6011M:W4%W)(N\11-\VWUP>3]!6;! ]Y<"!"$ M/)=FZ(HZD_2K4;$7N36D:;'O;I_P!!3KV[6;RTARMM""L2GJ?5C[FL*_N1&K#/S$<5:5Q#[\Q/;:-,K2&34+,R@1E2!)R5[-6:6]Q/-+)>J&?+943-@^W XJ*D5(TIS<=CTD06\\XM7TF.)] MGF M-QL/3)')[4]?"OS1S01Q,X(RL4VT#VR1TKF;76YX=/4PLVPJ8/.9<$XZ M \BM/3O$+BW2.X9Y0K9!8\_G6#7%(P%XC;!X/.<\CU]ZDGO([R'$=_/#DYVLQZ^QJK]2^5E>UGY$+^&-2B$H=I$0KCRPA8=NF.G3-12VE]I<$D4%Q/$7R&,4 M9 ;@8)[UIV.HJZ8AU=Y6SP1/Y;?3:PQ^M6WOM3A7/V^9%]9[8.O_ 'TN16D? M4ES[Q1RDL=[<7$CW5R\V],*7;'/YTDFE[H(UB2:9\=5R!_.NADU;4ILB/^R; MOUV[0WY'%5+W4!L_T_07B'=XA@?GBGR)ZW#VJ6G*<[=:1?/92PB*10[[Q@C< M/QS^E/T73]1A6[^V6\K(Q5D)&00!TXK3&I^'GQYL-S%_NN?_ (JIEGT*4_N= M4N8L]G=A_0U?++H_Z^\CG@]U^)1OK*66&2+[,[,8^"$. ?K5I+&9@"4( '4_ M_JJ[%96CE6BU=I&'0&8?XK4_]G7V2\.H2G/3;'G_ -!S2M+R'S4^S,=H2A(( M;(/:K=A*(OLYY&R<,02/0^]3S0ZM$>;X'_?RO_H0J RZJO0Q2_[K1G^M9N-3 MR^\T3HON2:U=+<:+=Q(C[R.!QSR.G-5-5NV%I#%#$Q D,AP.SH MR^V5(=2%E]H8?;LS3/(#&F!M)QM.>O3\J-3\6202VAMA<((R!O$6-RYY3IQ] M:L'6[+/,)'^?I2?VE8RX)3I_M"FKE/#T7M-!I>N);009RKM,TDF?0YQ_.K/_ M E4=JTPFYD>=I"0.N5P,8SQ38[VQ;G:2,=FQ_6D,]ANY\P?4M_C2U']5IO[ M:_KYD>I^+[>[TRXLV0@E%56Q@<*?ZFJ]IKT]KI]B\,,Q\D+O90,,HX/XU?"V M$F"0#]2:>(+,J%5MH';=335[LEX/2T9+^OF8.JSW@U".2SB#1PQ.WS8 )88Z M^U8IU6_NA%/>!DN%MS&3MY8$GYL?0_I7:SV=M,&4RC#=0''^%5TTB**:.6/< M6C4*K94X _"GSHGZA5Z,YU_$,EZ+> VL@485RJY.1TQ7LWP^W_\ "$:?YB,C M9E^5A@C]XV*X06SC^/\ \A@_UKT;PBAC\,VBDY(W]L?QMVJZ;C?0Y\1AZM*/ M-/89XSB:?PK>1I$DK-Y>$<$@_O%K@K#33;S1LME#&2IW$)C'ZUZ)XE@2YT&X MBEW%&9,A>I^=:XMM/-I=*=-L))"%)D5G'W?;U/7 JY/4YH[$#>1=2&U5+?[3 MY?7CM6H+&:VBMTN',Y52-QC4?C]ZK$5N%BB,EK.2&^59;:,LN3R,YINL MW2:? DTRL JMM4PQC<1C@5K&-M69S=U9$&H7B:; /D62XDXCCV+EN<'^(]*Y MZZNO[+L9;FYY, MLRFVA'$:$\@>OU-#9,(=S$LM(O\ 7DNI[_5A8K-*-T;-C=CIQD<#M6O-X*0V M;0K?G+LK,ZP@[L+C^][U4F\%W(U[3$EM9KJU=U$S8RJC>,@_A7L0TZWC4(L2 MA5& /05DXR;NF;J44MCSBX\/P3^%[+2/M,B-;*ZF81#YMQR>,U#K4%Y8Z-I- MJC%[."$QER IR,X8C/ XKTB:SC$3^7&N_:=N?7'%>;R'5]3EN#KNFF*"W.QF M88\TXX&.F..HXZ5=*4ZV^E:39QV:XE)D9E)X #9V_3D5FV^OWEW?6J_9H5CFE4# M .#\PSC\ZJ6K;[EQDE%([[1_$8M]-BLQ;M^[CV!@>_K2/+/)I-Q:&:XG,JG: MT[;B&QQSC@9K?32[+S1D=JQY)[QX M:^J75K-F.9TND.SS(VP>..OX5ZSIGB=Y;*$W%L_VC8/,VGC=W[5A>)OAWIMA MX:NKFS>[DN8(P_S$$$]^WUXKHO MLESX8M9;BVVRA=I9@1O Z-5R3>SL2FEN MC#\0F'7-3M)V5EEM58+$6B8OGOLD(W#Z58T;4+ZPMY((DCCC\PL 8-N/^ @X M'YGZU/XLB6WN(]P*P2+@+F)U+#K\D@Q^(;-='HMC;FP@8P("T:G[H';T!P/P MI6;5KE72ULVR-5W<' Z\BGR2>CE^0NUN++_2V5!T':JE[H:W6W?&I[\?6O- M=.T[+8ZT[QN<^FFW 974)(F>J.&K/EL9TFD,B>6&E/+\>E=RNAQK UM%PQ4. MK/SM.>WY5@WFC:F;)R8)9\/]]?GXST]>E;JBHP;74S4VY%32;"6VU2SN6:)H M$F!+I("..M>BR:E## TK;F52 =HY&:XC0[=38RK/$"5FSM=>G*]C6[!,D%FV MWY5#D]?K5PBHK0SFVV'AV=]>^*=K=Q31BUTY754W?,Q:-@3C\?TKUNO%_!,V MC7WQ$M+JTEN/M9:7> ,(Q\M\@YYZ]RLR9=,2J;AUP,; MFQ^ ]ZJ:%8_\)9JFHW.NB*[ELW$, *;8T&6SA>_3OFMCP V[PZ3SDSL>>O:H M/!";+K6CCK<#^;56Z&Q,^NQDKNPB$@>GS5A2V\9\:,R_>6!MV.U'0HS_'5NJRS2;D#?94 M!!89^\.U<"%KNO&NE23#^T4=6B$$;9ZD@G@_J*XH)6CLV1&Z2/2_ =M*-&LY MT1MH9LG/^T1TK1O[6)K^2.=%>&1QN5AD$'KFN)T?4M9T[3!]E%X;3#8"!MG. M?8CK746EQ<7<>^X=GI%:7NG#^)K2+3_ !-J-K;H$BBF*JHZ M 8%&G::+G3KNZN2E]>N[AU!E+[6P<= !TJBE_<""XC3B M-]NX=L@Y'6N:4M;&M[FNGA.[EOH[6!XC,(P_!(&"!W&>>:M>'D\FT$+\.LDA M?GON(_I5/PMXE72=72XNMWEXP< M@<8X_"K6DW"RW,K+]UB2./5B:THWE)7) MFURNPFHZCJ=M>.OD!K;E8S)#QMXZ'O6)KVM3ZK;6<-Q%&GDYQM)YX Z=J[B\ MU:TO?#D$=O<(MS&A#8< YR 16%\07M7LM&-KM+*C))CUPO\ ]>E9-WL6KI6# MPW=B+0XU;A0[(#'6RW/X8 MIEY/%<@OAA(S9;T Q1I:WF3?WAVE+)#I5Q+#,T0NS9/WO\ ZU6&LWBJ-Q(*Y_$5M?8R M9Z?\! =OB$]O-A'_ *,KUZO(?@(6*>(,_=\V' ]_GS_2O7JS+"O-/C",KI/T MG_\ 9*]+KS3XPG"Z3P>D_3_@%8XC^&S?#_Q$>67,Z6E_;S, WE.C[?7!S6A= M^++F[79$L5K%N#@0+@Y!R#N/-4)HU%_ [+_&A(//>NHU30-'O-2GO=/_ '5L M7&Z+ ^1OXL#T[@5G2J0C&\D.NFYG*M.-9$> M*,_= ')_$UVMO'I.CK&+:)))>"7(W-C^GX8JOJFJ?;6*Q1$$+PQ.6_+H*4\8 M]HZ&<8(Y2;3%L1G:C28ZD[B/Z5LI H3&. *I7%L5)!SG P"4);R^4APLK#_6CU4=32UD$58O0!; , MRJ%;'^L;EL?7M5V/5(F0<;B?XC63=3K*@=CU&03_ (5GK(S1C8W;UK>%'F)E M.QTEQJ.V,,P.UL["> <=<5DS:FTK;0V/:LE5D._S9YG4G1VZ9.2<_7\*WCJ5I81%H6$\N<>9C(S_L MCO\ 7I6KDNA/*XZR^XJ6VEI:0Q?:%6*)!^ZA11P/]D=A[FI5::^+1VJK'"OW MW)^5?J>Y_P @5-'"TD#W6L$0QO\ ,L8/[Q_K6;>ZJUT!#"!#;+]U5Z?_ %ZS M=D5=RW)FO(;'='8$R3'A[ENI^GH*SI)>I)+,>I]:B>3:OR$$>HJ)WV)N(SG@ M]#51I23ST--=RQRQ)/O5>24@$^G0U20KEVSO7LKR.>&-) M)E/R!AG#=B!ZTNJSMI<$ELS9O)3NNGSD9SD)^'4^_P!*HARI#*>>U5[HEG4N MVX!AU]?>K3"Q'&Q$;NY^8YS["J$$)U"Y)E;$2\N1V YJS3EE';T'X# KW2OG_5[ MMG+'X<:J\;,K#R<%3@_ZY*^=/[1NV4K]IG( M/',AZ5](_$J**;P#J23G;&?*R3Z@5O6FHR/"%8XEQG .GTH2L-RN=3-K=VG_']:VEV/[SQC=^8P:=9ZQILLH5'O=,#YX792.A4X-:5IXRU2TPIN/,4?PR#-4T3\ MS0.DZ/FLR6['^&XC_J*#X;U2,;K*ZM[I>QCFYH'BS3[X8U'3(V/=X^O^ M?QIRP:%=_-9W\EHY[.2!^?\ ]>INPL1?:/$6F_?CO$ [@DBJS>)+PN?.D8L> MH=0?YBM0VNOVBA]/OQ:J?VAHU[DR:6\1[F"3^E1M9:--_J-0G@;^[-'D M?I1IV"[[FD-0M)1_R]+]0D@_D*#]AD'^OA!/_/6W*_RK)_L"=N;2^M)_82;3 M^1J*2QUBU'SV\Y7U7YA4Z%*3-H6$$H_=R6K'_8GV_HU(VBW'5;=V7VVO_*N< M:^EC.)HP#Z.F#4D>I8YP5]TDQ0XASFL^FLA_>0;?]Z(BH6LHLX\E/P;%11:W M*OW;VY3V/S#^=3_VW._#7<,@])$P?U%18?.1&SB'_+%Q[JU(+>,=//4_6K2: MB6(W6T$@]8\9_0U)_:, /[RRD0>S'^M.PN9%$1E3\MPZGW!-.)NOX;P?B*O+ M=:?)_'*GU4&IT33VSB>-B>@8%:.5AS&8'OP.)XWKU;P69&\*61FQO^?./]]J M\^&FQRC>$XO)\-6D9&,;^/^!M505GL*G2:5:2% M&^SQ;ER5)4'!_&I5P.1^=/!/!/7VIIB:(Q;LHQT'M4;VPR3WJXH+]J1H>_2J M)N9R18G3C'S#^=;;KR:S9 !]W.?85(?,*C]X^<>II#98<5B>)<#1Y%V[F9@$ M'J:M7,RVL+2S3,%'?)YKD-?UN)O#FE110S2-%>^8TB+P!GD\GZ?E2C.,MF.5.<= M9(]-B0K-CWJ]M^3I7."PNY'W!YDYS@N?\:N"RN3'\LDA/NY']:HS-R6(&*5> MOW12PIMBQBL-CJ-RQ26 1"1_,=EFSMP,!15B&SE"X9G_ \M95$AE21=['G (93 M[8Z$5TD-H8T"DN?H:26K94G=)&T!3@*R1;$]G_.E^S_[+Y^M40:V*R/$SB/3 MDW$_-(J@#N21@5,MKGL?SIEQIJ2A?,CWJI!VD]P<@T#,:(),\K*,8D(Z>E3& MW\S&#G K1CM%A#JH&TL6Y[5*(U Y%8N&IJI:&(N%OVR&VA0I;'&23Q5RQ4&$ M >N?TJ\UM#)D^7\^0=P]1TI(K=(U"KDX')J[$)ZF%?*DNI&9L<217"Y]2(W_H:]3K270E'CWBG M5FGUJ]2:)2(;B2-7 P0H)&",!=/^T_#^WW=&$@_ M\?--UBT.G:C.S;1&Q\P.?<<_J*;H#75EX>CLX5G,\>=RA6V#+$]O:M:Z@_M3 M2YUN(G65(\\JPS^?TI4YI2%.#<3RSQ!!MU:5P%82A90%[]OQZ&L&:!FC.U2I MS@#/)]Z[76-#N8!"ZQ;C@JH#= #GGTY-8B6OGN&:4Q\8Y&><<@^U957:;)CL M<]"F_P"0G<"2I_2MN!9;>W) *A<9_ 40Z? BHZG[S$=.G-;UVB1Z%H/7I_ MA6Q;VB:J85,1"9Y;N!QV%.56T;,IQMJQ!08Q^N#6->+$T2*$?@G 8YP.?_ *U1&:DF0RGINHR00RVX M7Y'!5AZ9QG^53NTX5DC8!%0$ ?PX_P#U]*L6%M:HLIN)%7CAB.?:I+W1Y80\ MTH4QA@N4;N1D'Z8HYKL-T1Z'J"65P 4,D[D*.P09ZUMW.K+:ZTT7V>5VN'0A MD; 3Y1FFZ-_9$;#[>C22D@,J1XP/8YKK#J'A^9A;?!_2+C2XM7,MM)#%*\>PL,!R-^['YBO2:D KS?XN] M-)^DW_LE>D5YK\7V"C2!W/G8_P#'*PQ/\)FV'_B(\PO%/VF+'!W+@_C6YIUL M\6GS;4D*>:V9). 5Z#%8]R"ES 64@EE(R.O-=!;7DL^\74LDLCR*1"HW$@') MXZ"N"_N)&U17G';Z[*RK&(D8CYYC MMX!SG'6MX#2+9U;4[9+J[E8QP-C*J<$X/Y9S3+G5XHW"W,X7,;2^:FCVX$07:+B;Y54YZ^_'I7/2VHU"[::YDDNYF.=A/[I/P[UK0VL:A3 M*0Q4<(.%%:QI(ES:W&V5E/?R))-*UW(JE3/F/KVJM]H(&%. .P[5B>(GO;BW$=G D\6W]]$Q(9QGHI_#ZUO"G8SE4.@ MU:_SI*VNKJV_M"PU1X)PYXW;HVX PP[=*Y2"6X?\ T>*2 M4VRL2;=V.8ZZ7P]IU[=7HDLU:W4?><\K]"._TJIS5,NG1=573-_1-2O+NWD_ MM.W2)XVVJ8VSYQ[[5KH;**.:91J1:&UVEA;Q\O)CL M'(+'HF>?\@54N;QISO08E889@>2/3Z5,IN>X)1I_#J^_^7^9UKM)J1%M81B. M+_GC&,K]7/?^5(_V#0E\R5UN+M>_55/L.YK%M-?GL-,DMHU9&D.6;(P?2L>6 MYRY9FW-_*A/2R(:UNS4OM3FU"8O,Q"]ES_.JS7 '!_2J/VANF.?Y4T2[>>II MI6);N7EFAMX))P/6@LIQP-HZ"F J\0CUZ54N)#MQU(/?OWI[2!)6'0,,@>_?\ MI5+4)BL8((YXQ[4UJ.]B**9KF]5GRL2B2[BB',J!@Q@_F*6H^5%\^(KY?EF:&X7_IH@;^E,;4["B2472W"SZ&=(FD2_-,1I+JS_ ,BC/^Z2O]:PFEWG/R M@_2@$FE8#HENX3VE3_=8&O7O!#!_"%BRLS ^9RPY_P!8U> B1Q]UC7NWPX8M MX#TTMU_>_P#HUZ<5J!J>(KQ;#0[BY=&=4VY5>IRP']:X;_A,[;!_T27/IO%= M=XW&?"-\/]S_ -#6O(M@ PP '>IG)IFM."DM3K6\8QT&.E::H O S5+4;J*TMGGF8!$&?K7/.YV4TDM#F-:GBT]%##+L>![5=TK MQ=);:9%$MHC#<6&7-.+DM_QY0@?[YJPOC2<_>LX #WW&N3A(!#8SCH,59"8P<9W<]>:/:L7L M8]CJ/^$ONBN?L< ST)+4H\7W?_/O;_7YO\:YZ)-XX!X]<\5,L)5L C_EVM_PS_C2KXMOB1FWMU!^O^-8WEL"..HYYIZP?Q$8!S@D] M:.>0>SCV-P>*[O _=09]<'_&I!XGO./W<&3VVG_&L1("Y., $]C4H& 3R<=> M*?.R?9Q[&U_PD][MR$@'_ 3_ (TU_%%]@#RX23_L_P#UZR"Q*#C@GJ.M,=?, MX[^IX%#FP4(]C2;Q1?EB0L&1_LY_K4?_ E.HE?N0=>H;\'R.?]BL=P_!3.#W MH"2H-X(R3]T]Z.>7NUY/ MX+8GQ?8@I@_O.O\ US:O6*WIMM:G-6BHRT/#O%]W<6_B*_66)D N' ;IN!8D M8/T(K+$KM;(K/)M5CP&_AP.OYUTOB-]$DUR^-ZDK%+F3Y#,Y7=D@GKQTZ5@V M":)+!5(@W?( !T]\'\ZAPBMF:VN$2X1H(8=YS%$2LF[W)_#C/%4K17O&J35K,L"[LY](+LMV@1PR*Z ML Q/'7&1]>*T[83G1=3EL[*VB6!3(\@DVR*H!R00"S'ZGM7+:?NFT34Q'HNMP.RB2ZB*1*2,YYZ^G6ES-]#5Q5CJM-*ZA:6DA#.GE M3-N*]?E]_P"M5/"6C2_V'#<0R0QM)&-G!]3NW#H?;&*CL];ATFS\B>WE,BVS M-)+"!("2"%''/K4EAXKL].TNUBCT^Y6)(E($4#,N2 6R?7).11532T)AKH;3 M6EXBDR7$#CMM7!J*R;?J'D/(/WL;+C<3S]*YK0[_ %B3PQ=,;*:29IIGC,D9 M!&YR1N'MG/':LG2-8URU>.\U&T)MX;F/9-'$WSH7[=WK64%4YK]$:- MQY;/<[6]L8=0M A!\P+M)4X/3!_QKS>:U^SQ;?M-O*XC):6.4$+E@O)]>1Q7 M?7NJ06NHW6&)2.1FP!D[2,\#\37D^BS6D>KQ_P!IB86JC>Z)$6+$'*\8]>?P MK><$WJ>KZ?;"QGN(1NG#J<8SU?FE&+5P:VL:F MAV"W-W)]L,5P,?=$<8 .X#@@53GOQ;:O>0&Q+1Q%E3;A1G/J/:IO"EP6U-(F M&%"Y.1CI6WJ'A*[U'6Y+W[9%#8^4-D>TEMW?CW/.:QITY3T.BLXIK6R,:UL9 M[^RGW0K&DK@^8'!.T$\8[D?UJB=%\FX071B>%\C?&Y#*0,C(Z#-31:@ENS!H M@KJ=I.\[_Z]/6I M!I:CQQHL-I!MM7D$AV-D# SDG)QRM2^+89)[M((UDRUR%?"YV@#^=="A:YXS ML^AEZ)ILT\9N=JLC E&4].>?QQ5ZYO+"TTLP11/+,X(Y3E?QZ5O16\EMIC-! M$=Z1GRU92H+8X%+I4*WFE[]26V2\GM@2& 0(Y[<^E9-W+4+'!76GR1Z?]L(; MR1P"PZ\].OK5=I(YY%2VA=I,XP>2?\BNWNM"L;GPU<7#+!]MM9-[!!PR*0"0 MN?ER._YU5T;1+:U?4-Y2 -* @9@6\LJ2/IGK^--:1N3*"Y[' W#O=L!$,N3T M!QBMCPSK!M[QX&.V.6+R92Q_B52 <_C6- 9DU-XX807!?Y2.@YYQ].:GLY/+ MUS>J8"W(S\H(&<=JZ8N^A'0J6TDLDT!O#([EP"\A);&1WZU)JVI^?>RIPM$D>/W:R(2V#GKNXKH+?POJ%E'LM--6,>T MB9_'FN_HKG>$@]VS3VTCSX^&]:?)>V..P$J9_G67>:1XN2%!8:!^\8'>7NHO ME/;G=7JM%"P=- Z\CP]/AKXFF$;ZE:-<,J[5A2>,1J.N#\V34LGP[\1R2V8; M3U6&.7)2.6,!%VD=-WKBO:Z*T5"*)]HSR8>"-/!>O? M\^//KYT?_P 57JU%4J21+DSR^/P9K(7FRP?^NJ?XT/X*U=QG['AO:5/\:]0H MI^S0KGD@\!:U-IT5'L(WN:>VER\JV/'XO WB!!C^SL>O[^/G_QZKJT4_8Q%[1GDEQX-\1N3MT[C_KO'_P#%5 O@;Q(#G^SO_(\?_P 57L5%-4TB M7-L\ ?$W3^S>/^N\7_ ,57M-%'LT',SQMO GB3 5=.X'?S MX_\ XJD;P)XEQ@:;_P"1XO\ XJO9:*7LT/G9XG+\/O$S]-.P<$9\^+_XJJUM M\-O$_P!NB:[TPO ARP^T1?,/3[U>ZT4_9H7.SR=?!OB)+=C]A!GF8O*1-'U/ M;[W0=*RKKX?^)Y@<:9D_]?$7_P 57MM%;*HTK(Q=--W/GFX^%_B]R=NDY_[> M8?\ XNOH:BBI;N6E8YSQ_I=[K/@K4+'3(O-NY1'Y:;PN<2*3R2!T!KQ,_"OQ MJ_WM*<_6[A_^+KZ/HI#/G%?A7XR"!#HQ([_Z7#C_ -#J0?"_QFD>Q=&&,$<7 M,/0_\#KZ*HI6 ^;C\*?&C8SH^,<#_2H?_BZ!\*/&7_0'_P#)J'_XNOI&BBP[ MGSB/A5XQ_P"@/_Y-0_\ Q=.'PL\9?] C_P F8?\ XNOHRBBP7/G0?"SQCWTC M_P F8?\ XNI%^%WB\==(_P#)F'_XNOH>BBP7/GO_ (5?XN_Z!/\ Y,P__%T# MX8>+1_S"/_)F'_XNOH2BCE"Y\^_\*Q\6_P#0)_\ )F'_ .*I1\,O%H_YA/\ MY,P__%U] T46"Y\^'X8>+<_\@G\KF'_XNC_A6'B[OI6?^WF'_P"+KZ#HHL*Y M\]GX7^+C_P PG\[F'_XNF?\ "KO%_;22/^WF'_XNOH>BBP'SR/ACXP[Z1D?] M?,/_ ,73A\,O%XZ:25^ES#_\77T)118+GSZ/AKXP_BT<-_V\P@_^AU,GPV\6 M?] IE^MS"?\ V:O?**7*5S/J>%P^ _&EO_J[!P/:ZB_^*JZGA+QB1B;2%D'O M/#_\57L]%'(@YF>,'X>ZSHH2 R/ M%-C<:CX?_0J]'WK#_ ,C1_P#Q5>KT5I&*CL9RDY/4 M\RA\':PH^:SQ_P!M4_QJ5_#>M6L+/'ICSOVC2:($_B6 KTBBBP*31X;K/AKX MB:LKQ1Z5]EMSQY<5W#DCW;?DT_7?!/C#4+2UM8-)/E11*K?Z3$,D ?[=>WT4 MG!,M59(^?;#X6^*XYC)-I84J/E!N(CS_ -]5M1?#_P 1#&[3,'N?/B_^*KVB MBHE23=RHUY15DCQ\>!=?'73CCVGC!'_CU2)X(\0#II^#ZF://_H5>N45/L(C M^LR['E:>#=>C!Q8DGWGC_P :>O@[6QAOL.'[_OD_QKU&BJ]E$7MY'EZ^$-=1 ML+980\$>TJ$_SKTJBG[)"]M(\V3PAK"H0;3.1T\U/ M\:>/"NL!"OV+&3VE3_&O1J*/9H7MI'FX\+ZVJ[198'_75/\ &AO"NM?PV0(] MY4_QKTBBCV:#VTCS,>$-87/^@EL_]-DX_6H7\'Z[N^6PROH9H_\ XJO4J*/9 M1'[>1Y:O@_7@,?8OIF6/ _#=3?\ A#-6+X M,UM7^6Q*^[2QG_V:HY?!>N. !IW/?$\8'\Z]7HH]C$7MY'GGA?POJVF^(K2Y MNK+RX(]^]_-1L90@< YZD5Z'115QBHJR,YS9Y M9&8MAF)Y^4XZU4;X9W# X6QC/^S(W_Q%>D45=[$61Y]9^"_$%E!):P7=@ENZ MD AFWCWSL]:R=<^&7B6_:-+34[-;<*-Z/*ZY;OP$->KT4-W&>.#X5>+)"%N- M5TYXQT7>^?SV5JZ?\.-<6V\J^O--^0_)Y:LV1[DJ#_.O3J*+@>='P'KB#;%= MV&WIG?(O'Y&K,?ACQ9';M NI6?E-U4RN?_9*[RBGS <$GA[QJT\GVC4=*>WD M;1%'K_#QGTKTZBI#<\DE^$V MJRMN:XM=W]XW-UU:W0@Y M++,^?RV5T!\.>)XV;R;O3F4CCS'?K^"\5V]%7&;CL*4%+<\L3X27M[>R7.J: MC&OF,6:*W9L G_:8<_D*U4^%EC;PG[+@7 'RRR-O_0C'Z5WU%3==BW*;5N9V M."L_!6N6&XVNH6T#.,,8<)N],XCI7\&:Z9/-74XO,#;P1(5);!&20GN>?>N\ MHI*R)L>?/X-\37F1>ZG;LN./WK.<_B@JI<_#/5;L8EU*'&,?*<'_ - KTRBE MRI[HI-K9GF$/PMU.WM9K>+51Y4XQ*IE?YQZ'Y>E0R?"S5IKDS27=L2W4&X8X M_P#(>:]5HIZ"/+9_A)=W !;4(5= 0K+N'!]>*B@^#UW!*L@U&$NK!\D$Y(.> M>*]7HH$<-K'A37M42+?+I#/"1A!&'./4 MY(%=?12Y45=VL8WA_3;W3EG%^;9V;:%EB)W,!G[V0/7]36S113$%%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % :%%% !1110 4444 %%%% !1110 4444 ?_]D! end