0001045450-13-000065.txt : 20130725 0001045450-13-000065.hdr.sgml : 20130725 20130725155918 ACCESSION NUMBER: 0001045450-13-000065 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EPR PROPERTIES CENTRAL INDEX KEY: 0001045450 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 431790877 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13561 FILM NUMBER: 13986410 BUSINESS ADDRESS: STREET 1: 909 WALNUT STREET STREET 2: SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64106 BUSINESS PHONE: 8164721700 MAIL ADDRESS: STREET 1: 909 WALNUT STREET STREET 2: SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64106 FORMER COMPANY: FORMER CONFORMED NAME: ENTERTAINMENT PROPERTIES TRUST DATE OF NAME CHANGE: 19970904 8-K 1 epr-63020138xkforearningsr.htm 8-K EPR-6.30.2013 8-K for earnings release


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, 2013
 
EPR Properties
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Maryland
 
001-13561
 
43-1790877
(State or other jurisdiction of
incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
909 Walnut Street, Suite 200
Kansas City, Missouri 64106
(Address of principal executive office)(Zip Code)
(816) 472-1700
(Registrant’s telephone number, including area code)
 
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, 2013, EPR Properties (the “Company”) announced its results of operations and financial condition for the second quarter and six months ended June 30, 2013. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.
In addition, on July 25, 2013, the Company made available on its website supplemental operating and financial data for the second quarter and six months ended June 30, 2013, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.
The information set forth in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Item 9.01 Financial Statements and Exhibits.
 
 
 
 
Exhibit
No.
  
Description
  
99.1
  
Press Release dated July 25, 2013 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2013.
 
 
99.2
  
Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2013, made available by EPR Properties on July 25, 2013.







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
EPR PROPERTIES
 
 
 
 
By:
 
/s/ Mark A. Peterson
 
 
 
Mark A. Peterson
 
 
 
Senior Vice President, Treasurer and Chief Financial
Officer
Date: July 25, 2013


























































INDEX TO EXHIBITS
 
 
 
 
Exhibit
No.
  
Description
  
99.1
  
Press Release dated July 25, 2013 issued by EPR Properties announcing its results of operations and financial condition for the second quarter and six months ended June 30, 2013.
 
 
99.2
  
Supplemental Operating and Financial Data for the second quarter and six months ended June 30, 2013, made available by EPR Properties on July 25, 2013.



EX-99.1 2 ex991-eprx6302013earningsr.htm PRESS RELEASE Ex 99.1-EPR-6.30.2013 earnings release

Exhibit 99.1
EPR PROPERTIES REPORTS SECOND QUARTER RESULTS

Kansas City, MO, July 25, 2013 -- EPR Properties (NYSE:EPR) today announced operating results for the second quarter and six months ended June 30, 2013.

Three Months Ended June 30, 2013
Total revenue was $83.6 million for the second quarter of 2013, representing a 7% increase from $78.0 million for the same quarter in 2012.
Net income available to common shareholders was $26.5 million, or $0.56 per diluted common share, for the second quarter of 2013 compared to $30.8 million, or $0.65 per diluted common share, for the same quarter in 2012.
Funds From Operations (FFO) for the second quarter of 2013 was $40.2 million, or $0.85 per diluted common share, compared to $43.1 million, or $0.92 per diluted common share, for the same quarter in 2012. The second quarter of 2013 includes $5.9 million of costs associated with loan refinancing.
FFO as adjusted for the second quarter of 2013 was $46.4 million, or $0.98 per diluted common share, compared to $43.2 million, or $0.92 per diluted common share, for the same quarter in 2012, an increase of 7% per share.
Six Months Ended June 30, 2013
Total revenue was $166.9 million for the six months ended June 30, 2013, representing an 8% increase from $154.8 million for the same period in 2012.
Net income available to common shareholders was $61.8 million, or $1.31 per diluted common share, for the six months ended June 30, 2013, compared to $46.2 million, or $0.98 per diluted common share, for the same period in 2012.
FFO for the six months ended June 30, 2013 was $88.5 million, or $1.88 per diluted common share, compared to $83.4 million, or $1.77 per diluted common share, for the same period in 2012.
FFO as adjusted for the six months ended June 30, 2013 was $90.4 million, or $1.92 per diluted common share, compared to $83.6 million, or $1.78 per diluted common share, for the same period in 2012, an increase of 8% per share.

David Brain, President and CEO, commented, "Our strong second quarter results reflect continuing momentum for EPR Properties as we continue to increase revenues on a growing base of high quality assets. This quarter, we expanded our portfolio in all three of our primary segments while strengthening our balance sheet and lowering our cost of capital as a result of recent financing activities. Given the extensive groundwork for growth laid in the first half of the year, I am pleased to report that we are increasing our earnings guidance for the remainder of the year."
 
A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):
 
 
Three Months Ended June 30,
 
 
2013
 
2012
 
 
Amount
 
FFO/share
 
Amount
 
FFO/share
 
 
 
 
 
 
 
 
 
FFO
$
40,184

 
$
0.85

 
$
43,138

 
$
0.92

 
Costs associated with loan refinancing or payoff
5,943

 
0.13

 

 

 
Transaction costs
224

 

 
31

 

FFO as adjusted
$
46,351

 
$
0.98

 
$
43,169

 
$
0.92

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
 
$
0.79

 
 
 
$
0.75

FFO as adjusted payout ratio
 
 
81
%
 
 
 
82
%




 
 
Six Months Ended June 30,
 
 
2013
 
2012
 
 
Amount
 
FFO/share
 
Amount
 
FFO/share
 
 
 
 
 
 
 
 
 
FFO
$
88,499

 
$
1.88

 
$
83,409

 
$
1.77

 
Costs associated with loan refinancing or payoff
5,943

 
0.13

 

 

 
Transaction costs
542

 
0.01

 
189

 
0.01

 
Gain on early extinguishment of debt
(4,539
)
 
(0.10
)
 

 

FFO as adjusted
$
90,445

 
$
1.92

 
$
83,598

 
$
1.78

 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
 
$
1.58

 
 
 
$
1.50

FFO as adjusted payout ratio
 
 
82
%
 
 
 
84
%

Portfolio Update

As of June 30, 2013, the Company's portfolio of owned entertainment properties consisted of 10.7 million square feet and was 99% leased, including 114 megaplex theatres that were 100% leased. The Company's portfolio of owned education properties consisted of 2.5 million square feet, including 41 public charter schools, and was 100% leased. The Company's portfolio of owned recreation properties was 100% leased. The Company's overall owned portfolio consisted of 13.9 million square feet and was 98% leased. Additionally, the Company had $77.5 million in property under development and $199.0 million in land held for development.
 
As of June 30, 2013, the Company's real estate mortgage loan portfolio had a carrying value of $482.3 million and included financing provided for three entertainment properties, seven education properties and 15 recreation properties.

Investment Update

The Company's investment spending in the second quarter of 2013 totaled approximately $84.0 million (bringing the year-to-date investment spending to $122.7 million), and included investments in each of its four operating segments.

Entertainment investment spending in the second quarter of 2013 totaled $20.0 million, and related primarily to investments in build-to-suit construction of six megaplex theatres and one family entertainment center that are subject to long-term triple net leases or long-term mortgage agreements.

Education investment spending in the second quarter of 2013 totaled $45.4 million, and related to investments in build-to-suit construction of 13 public charter schools and one early childhood education center as well as the acquisition of an early childhood education center located in Peoria, Arizona and a public charter school located in Columbia, South Carolina, all of which are subject to long-term triple net leases or long-term mortgage agreements.
 
Recreation investment spending in the second quarter of 2013 totaled $17.4 million, and related to fundings under the Company's mortgage notes for improvements at existing ski and waterpark properties. In addition, the Company's recreation investment spending related to build-to-suit construction of three TopGolf golf entertainment facilities as well as funding improvements at the Company's ski property located in Maryland.

Other investment spending in the second quarter of 2013 totaled $1.2 million and related to the land held for development in Sullivan County, New York.








Balance Sheet Update

The Company's balance sheet remains strong with a debt to gross assets ratio (defined as total long-term debt to total assets plus accumulated depreciation) of 43% at June 30, 2013. The Company had $20.0 million of unrestricted cash on hand and $24.0 million of debt outstanding under its unsecured revolving credit facility at June 30, 2013.

On June 18, 2013, the Company issued $275.0 million in senior unsecured notes due on July 15, 2023. The notes bear interest at a rate of 5.25% and are guaranteed by certain of the Company's subsidiaries. The Company used the proceeds from the note offering to (a) repay $89.5 million CAD ($87.9 million US) of outstanding fixed rate mortgage debt secured by four entertainment retail centers located in Ontario, Canada, (b) repay $56.4 million of outstanding fixed rate mortgage debt secured by the Company's entertainment retail center located in New Rochelle, New York and (c) partially pay down its unsecured revolving credit facility. In connection with the repayment in full of the mortgage notes, $239 thousand of net deferred financing costs were written off and $5.7 million of additional costs associated with loan payoff were incurred.

Subsequent to June 30, 2013, the Company amended and restated both its $400.0 million unsecured revolving credit facility as well as its $255.0 million unsecured term loan facility.
The amendments to the unsecured revolving credit facility included (a) increasing the initial amount by $40.0 million from $400.0 million to $440.0 million and increasing the accordion from $100.0 million to $160.0 million, (b) extending the maturity date from October 13, 2015, to July 23, 2017 (with the Company having the same right as before to extend the loan for one additional year) and (c) lowering the interest rate and facility fee pricing.
The amendments to the unsecured term loan facility included (a) increasing the initial amount by $10.0 million from $255.0 million to $265.0 million and increasing the accordion so that the maximum amount available under the facility goes from $350.0 million to $400.0 million, (b) extending the maturity date from January 5, 2017, to July 23, 2018, and (c) lowering the interest rate in all but the lowest rating agencies' ratings categories.
Dividend Information

The Company declared regular monthly cash dividends during the second quarter totaling $0.79 per common share. The Company also declared and paid second quarter cash dividends of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.4140625 per share on its 6.625% Series F cumulative redeemable preferred shares.

Guidance Update

The Company is increasing its range for FFO as adjusted per share to $3.83 to $3.93 from $3.79 to $3.94 and is maintaining its previously announced 2013 guidance for investment spending of $300.0 million to $350.0 million.

In addition to the $122.7 million in investment spending through the second quarter, 2013 investment spending guidance includes approximately $125.0 million of additional expected investment spending over the balance of the year related to projects already in process and approximately $70.0 million of additional investment spending related to projects that have been approved but had not yet closed at June 30, 2013. Beyond these expected investments, the Company continues to maintain a significant investment pipeline.

Quarterly Supplemental

The Company's supplemental information package for the second quarter and six months ended June 30, 2013 is available on the Company's website at http://eprkc.com/earnings-releases-supplemental.






EPR Properties
Consolidated Statements of Income
(Unaudited, dollars in thousands except per share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Rental revenue
$
60,765

 
$
58,305

 
$
121,552

 
$
115,563

Tenant reimbursements
4,452

 
4,365

 
9,196

 
9,186

Other income
104

 
107

 
128

 
133

Mortgage and other financing income
18,236

 
15,212

 
36,031

 
29,885

Total revenue
83,557

 
77,989

 
166,907

 
154,767

Property operating expense
5,990

 
5,687

 
12,995

 
12,061

Other expense
243

 
339

 
437

 
689

General and administrative expense
6,051

 
5,821

 
12,703

 
12,288

Costs associated with loan refinancing or payoff
5,943

 

 
5,943

 

Gain on early extinguishment of debt

 

 
(4,539
)
 

Interest expense, net
20,000

 
18,459

 
39,989

 
36,600

Transaction costs
224

 
31

 
542

 
189

Impairment charges

 

 

 
3,998

Depreciation and amortization
13,776

 
12,069

 
27,214

 
23,808

Income before equity in income from joint ventures and discontinued operations
31,330

 
35,583

 
71,623

 
65,134

Equity in income from joint ventures
466

 
278

 
817

 
324

Income from continuing operations
$
31,796

 
$
35,861

 
$
72,440

 
$
65,458

Discontinued operations:
 
 
 
 
 
 
 
Income from discontinued operations
680

 
519

 
677

 
875

Impairment charges

 

 

 
(8,845
)
Gain on sale or acquisition of real estate

 
438

 
565

 
720

Net income
32,476

 
36,818

 
73,682

 
58,208

Net income attributable to noncontrolling interests

 
(19
)
 

 
(37
)
Net income attributable to EPR Properties
32,476

 
36,799

 
73,682

 
58,171

Preferred dividend requirements
(5,952
)
 
(6,002
)
 
(11,904
)
 
(12,003
)
Net income available to common shareholders of EPR Properties
$
26,524

 
$
30,797

 
$
61,778

 
$
46,168

Per share data attributable to EPR Properties common shareholders:
 
 
 
 
 
 
 
Basic earnings per share data:
 
 
 
 
 
 
 
Income from continuing operations
$
0.55

 
$
0.64

 
$
1.29

 
$
1.14

Income (loss) from discontinued operations
0.01

 
0.02

 
0.03

 
(0.15
)
Net income available to common shareholders
$
0.56

 
$
0.66

 
$
1.32

 
$
0.99

Diluted earnings per share data:
 
 
 
 
 
 
 
Income from continuing operations
$
0.55

 
$
0.63

 
$
1.28

 
$
1.13

Income (loss) from discontinued operations
0.01

 
0.02

 
0.03

 
(0.15
)
Net income available to common shareholders
$
0.56

 
$
0.65

 
$
1.31

 
$
0.98

Shares used for computation (in thousands):
 
 
 
 
 
 
 
Basic
47,081

 
46,826

 
46,969

 
46,751

Diluted
47,294

 
47,068

 
47,172

 
47,006






EPR Properties
Reconciliation of Net Income Available to Common Shareholders
to Funds From Operations (FFO) (A)
(Unaudited, dollars in thousands except per share data)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
FFO:
 
 
 
 
 
 
 
Net income available to common shareholders of EPR Properties
$
26,524

 
$
30,797

 
$
61,778

 
$
46,168

Gain on sale or acquisition of property

 
(438
)
 
(565
)
 
(720
)
Real estate depreciation and amortization
13,498

 
12,635

 
26,967

 
24,832

Allocated share of joint venture depreciation
162

 
144

 
319

 
286

Impairment charges

 

 

 
12,843

FFO available to common shareholders of EPR Properties
$
40,184

 
$
43,138

 
$
88,499

 
$
83,409

 
 
 
 
 
 
 
 
FFO per common share attributable to EPR Properties:
 
 
 
 
 
 
 
Basic
$
0.85

 
$
0.92

 
$
1.88

 
$
1.78

Diluted
0.85

 
0.92

 
1.88

 
1.77

Shares used for computation (in thousands):
 
 
 
 
 
 
 
Basic
47,081

 
46,826

 
46,969

 
46,751

Diluted
47,294

 
47,068

 
47,172

 
47,006

Other financial information:
 
 
 
 
 
 
 
Straight-lined rental revenue
$
707

 
$
493

 
$
1,921

 
$
881

Dividends per common share
$
0.79

 
$
0.75

 
$
1.58

 
$
1.50


(A)
The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. FFO is a non-GAAP financial measure. FFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO the same way so comparisons with other REITs may not be meaningful. In addition to FFO, we present FFO as adjusted. Management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus charges for loan losses, costs (gain) associated with loan refinancing or payoff, net, preferred share redemption costs and transaction costs, less gain on early extinguishment of debt. FFO as adjusted is a non-GAAP financial measure. FFO as adjusted does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP.





The additional 1.9 million common shares that would result from the conversion of the Company's 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company's 9.00% Series E cumulative convertible preferred shares and the corresponding add-back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share and FFO per share for the three and six months ended June 30, 2013 and 2012 because the effect is not-dilutive.

EPR Properties
Condensed Consolidated Balance Sheets
(Dollars in thousands)
 
June 30, 2013
 
December 31, 2012
Assets
(unaudited)
 
 
Rental properties, net of accumulated depreciation of $394,872 and $375,684 at June 30, 2013 and December 31, 2012, respectively
$
1,860,670

 
$
1,885,093

Rental properties held for sale, net
2,788

 
2,788

Land held for development
199,001

 
196,177

Property under development
77,492

 
29,376

Mortgage notes and related accrued interest receivable
482,262

 
455,752

Investment in a direct financing lease, net
239,803

 
234,089

Investment in joint ventures
12,962

 
11,971

Cash and cash equivalents
20,030

 
10,664

Restricted cash
17,030

 
23,991

Deferred financing costs, net
21,187

 
19,679

Accounts receivable, net
39,354

 
38,738

Other assets
43,706

 
38,412

Total assets
$
3,016,285

 
$
2,946,730

Liabilities and Equity
 
 
 
Accounts payable and accrued liabilities
$
51,722

 
$
65,481

Dividends payable
18,370

 
41,186

Unearned rents and interest
16,821

 
11,333

Long-term debt
1,474,735

 
1,368,832

Total liabilities
1,561,648

 
1,486,832

EPR Properties shareholders’ equity
1,454,260

 
1,459,521

Noncontrolling interests
377

 
377

Total equity
1,454,637

 
1,459,898

Total liabilities and equity
$
3,016,285

 
$
2,946,730


About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $3.2 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended




(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. In addition, references to our budgeted amounts and guidance are forward-looking statements.  Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.
 
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.




EX-99.2 3 exhibit992-eprx63013supple.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Exhibit 99.2-EPR-6.30.13 Supplemental

Exhibit 99.2






















Supplemental Operating and Financial Data
Second Quarter and Six Months Ended June 30, 2013






EPR Properties
Supplemental Operating and Financial Data
Second Quarter and Six Months Ended June 30, 2013
 
 
 
 
 
 
 
 
 
Table of Contents
 
 
 
 
 
 
 
 
 
Section
 
 
 
 
 
 
 
Page
 
 
 
 
 
 
 
 
 
Company Profile
Investor Information
Selected Financial Information
Selected Balance Sheet Information
Selected Operating Data
Funds From Operations and Funds From Operations as Adjusted
Adjusted Funds From Operations
Capital Structure
Summary of Ratios
Capital Spending and Disposition Summaries
Financial and Investment Information by Segment
Lease Expirations
Top Ten Customers by Revenue from Continuing Operations
Summary of Mortgage Notes Receivable
Summary of Notes Receivable
Summary of Unconsolidated Joint Ventures
Definitions-Non-GAAP Financial Measures


2




CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would,” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 31 through 32 for definitions of certain non-GAAP financial measures used in this document.


3




EPR Properties
Company Profile


The Company

EPR Properties (“EPR” or the “Company”) is a self administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997.

Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes entertainment, education, recreation and other specialty investments. Effective November 12, 2012, the Company updated its name from “Entertainment Properties Trust” to “EPR Properties” to reflect the Company's expansion into additional specialty segments.

Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) and dividends per share. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, we will employ moderate leverage. We have historically paid out approximately 80% of our FFO as adjusted in the form of dividends. This allows investors to realize a portion of their returns on a current basis.

Following are the key criteria against which our investments are evaluated:

Inflection Opportunity - Renewal or restructuring in an industry’s properties

Enduring Value - Real estate devoted to and improving long-lived activities

Excellent Execution - Market-dominant performance that creates value beyond tenant credit

Attractive Economics - Accretive initial returns along with growth in yield

Advantageous Position - Sustainable competitive advantages



4



EPR Properties
Investor Information

Senior Management
 
 
 
David Brain
 
Greg Silvers
President and Chief Executive Officer
 
Executive Vice President and Chief Operating Officer
 
 
 
Mark Peterson
 
Jerry Earnest
Senior Vice President and Chief Financial Officer
 
Senior Vice President and Chief Investment Officer
 
 
 
Neil Sprague
 
Mike Hirons
Senior Vice President and General Counsel
 
Vice President - Strategic Planning

Company Information
 
 
 
Corporate Headquarters
 
Trading Symbols
909 Walnut Street, Suite 200
 
Common Stock:
Kansas City, MO 64106
 
EPR
888-EPR-REIT
 
Preferred Stock:
www.eprkc.com
 
EPR-PrC
 
 
EPR-PrE
Stock Exchange Listing
 
EPR-PrF
New York Stock Exchange
 
 
Equity Research Coverage
 
 
 
BMO Capital Markets
Paul Adornato
212-885-4170
Citi Global Markets
Michael Bilerman/Emmanuel Korchman
212-816-4471
Goldman Sachs
Andrew Rosavich
212-902-2796
J.P. Morgan
Anthony Paolone
212-622-6682
Kansas City Capital Associates
Jonathan Braatz
816-932-8019
Keybanc Capital Markets
Jordan Sadler
917-368-2280
Ladenburg Thalmann
Daniel Donlan
214-409-2056
RBC Capital Markets
Richard Moore
440-715-2646

EPR Properties is followed by the analysts identified above.  Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management.  EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

5



EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
Operating Information:
2013
 
2012
 
2013
 
2012
Revenue (1)
83,557

 
77,989

 
166,907

 
154,767

Net income available to common shareholders of
 
 
 
 
 
 
 
EPR Properties
26,524

 
30,797

 
61,778

 
46,168

Earnings before interest, taxes, depreciation and amortization
 
 
 
 
 
 
 
(EBITDA) - continuing operations (2)
71,049

 
66,111

 
140,230

 
125,542

Earnings before interest, taxes, depreciation and amortization
 
 
 
 
 
 
 
(EBITDA) - discontinued operations (2)
652

 
1,343

 
956

 
(6,440
)
Adjusted EBITDA - continuing operations (2)
71,273

 
66,142

 
140,772

 
129,729

Adjusted EBITDA - discontinued operations (2)
652

 
1,343

 
956

 
2,405

Interest expense, net (1)
20,000

 
18,459

 
39,989

 
36,600

Recurring principal payments
4,141

 
6,337

 
8,444

 
12,664

Capitalized interest
626

 
16

 
970

 
172

Straight-lined rental revenue
707

 
862

 
1,921

 
1,663

Dividends declared on preferred shares
5,952

 
6,002

 
11,904

 
12,003

Dividends declared on common shares
37,201

 
35,128

 
74,362

 
70,245

General and administrative expense
6,051

 
5,821

 
12,703

 
12,288

 
 
 
 
 
 
 
 
Balance Sheet Information:
June 30,
 
 
 
 
 
2013
 
2012
 
 
 
 
Total assets
3,016,285

 
2,833,667

 
 
 
 
Total assets before depreciation (gross assets)
3,411,476

 
3,189,931

 
 
 
 
Unencumbered real estate assets (3)
 
 
 
 
 
 
 
Number
170

 
125

 
 
 
 
Gross book value
2,483,490

 
1,634,724

 
 
 
 
Annualized stabilized NOI
253,052

 
159,255

 
 
 
 
Total debt
1,474,735

 
1,270,560

 
 
 
 
Equity
1,454,637

 
1,472,510

 
 
 
 
Common shares outstanding
47,165

 
46,837

 
 
 
 
Total market capitalization (using EOP closing price)
4,191,959

 
3,532,293

 
 
 
 
Debt/total assets
49
%
 
45
%
 
 
 
 
Debt/total market capitalization
35
%
 
36
%
 
 
 
 
Debt/gross assets
43
%
 
40
%
 
 
 
 
Debt/Adjusted EBITDA - continuing operations (1)(4)
5.17

 
4.80

 
 
 
 
Debt/Adjusted EBITDA - continuing and discontinued operations (4)
5.13

 
4.71

 
 
 
 
 
 
 
 
 
 
 
 
(1) Excludes discontinued operations.
 
 
 
 
 
 
 
(2) See pages 31 through 32 for definitions.
 
 
 
 
 
 
 
(3) Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and undeveloped land.
(4) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.
 
 
 
 

6



EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Rental properties: (1)
 
 
 
 
 
 
 
 
 
 
 
 
Entertainment
 
$
2,023,640

 
$
2,017,909

 
$
2,020,348

 
$
2,012,794

 
$
1,991,359

 
$
1,972,844

Education
 
120,468

 
112,193

 
102,311

 
102,094

 
48,146

 
40,088

Recreation
 
70,961

 
70,961

 
69,804

 
33,022

 
33,021

 
33,021

Other
 
43,580

 
43,580

 
71,421

 
118,348

 
121,526

 
136,777

Less: accumulated depreciation
 
(395,191
)
 
(383,651
)
 
(376,003
)
 
(370,173
)
 
(356,264
)
 
(347,905
)
Land held for development
 
199,001

 
197,740

 
196,177

 
191,442

 
188,874

 
184,457

Property under development
 
77,492

 
38,369

 
29,376

 
30,486

 
40,141

 
35,419

Mortgage notes receivable: (2)
 


 


 
 
 
 
 
 
 
 
Entertainment
 
77,464

 
77,464

 
76,199

 
52,294

 
51,197

 
14,852

Education
 
42,647

 
35,904

 
28,945

 
21,216

 
17,217

 
16,705

Recreation
 
359,630

 
352,668

 
348,091

 
338,245

 
335,205

 
332,855

    Other
 
2,521

 
2,521

 
2,517

 

 

 

Investment in a direct financing lease, net
 
239,803

 
235,302

 
234,089

 
232,855

 
236,157

 
234,875

Investment in joint ventures
 
12,962

 
12,287

 
11,971

 
11,399

 
10,577

 
10,112

Cash and cash equivalents
 
20,030

 
11,763

 
10,664

 
25,007

 
12,739

 
11,474

Restricted cash
 
17,030

 
32,614

 
23,991

 
26,138

 
19,165

 
24,938

Accounts receivable, net
 
39,354

 
38,246

 
38,738

 
35,704

 
33,138

 
35,602

Other assets
 
64,893

 
55,922

 
58,091

 
54,501

 
51,469

 
54,731

Total assets
 
$
3,016,285

 
$
2,951,792

 
$
2,946,730

 
$
2,915,372

 
$
2,833,667

 
$
2,790,845

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
51,722

 
$
47,798

 
$
65,481

 
$
54,086

 
$
37,485

 
$
30,603

Common dividends payable
 
12,418

 
37,161

 
35,165

 
35,131

 
35,128

 
35,117

Preferred dividends payable
 
5,952

 
5,952

 
6,021

 
6,002

 
6,002

 
6,002

Unearned rents and interest
 
16,821

 
19,984

 
11,333

 
14,181

 
11,982

 
16,388

Line of credit
 
24,000

 
59,000

 
39,000

 

 
112,000

 
58,000

Long-term debt
 
1,450,735

 
1,324,392

 
1,329,832

 
1,339,118

 
1,158,560

 
1,166,840

Total liabilities
 
1,561,648

 
1,494,287

 
1,486,832

 
1,448,518

 
1,361,157

 
1,312,950

Equity:
 

 
 
 
 
 
 
 
 
 
 
Common stock and additional paid-in- capital
 
1,784,123

 
1,775,653

 
1,769,711

 
1,754,767

 
1,753,266

 
1,723,388

Preferred stock at par value
 
139

 
139

 
139

 
135

 
135

 
135

Treasury stock
 
(62,169
)
 
(61,227
)
 
(55,308
)
 
(49,689
)
 
(49,539
)
 
(49,454
)
Accumulated other comprehensive income
 
20,392

 
20,114

 
20,622

 
20,629

 
20,680

 
23,761

Distributions in excess of net income
 
(288,225
)
 
(277,551
)
 
(275,643
)
 
(259,318
)
 
(252,338
)
 
(248,007
)
EPR Properties shareholders' equity
 
1,454,260

 
1,457,128

 
1,459,521

 
1,466,524

 
1,472,204

 
1,449,823

Noncontrolling interests
 
377

 
377

 
377

 
330

 
306

 
28,072

Total equity
 
1,454,637

 
1,457,505

 
1,459,898

 
1,466,854

 
1,472,510

 
1,477,895

Total liabilities and equity
 
$
3,016,285

 
$
2,951,792

 
$
2,946,730

 
$
2,915,372

 
$
2,833,667

 
$
2,790,845

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Includes rental properties held for sale.
(2) Includes related accrued interest receivable.

7



EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
Rental revenue and tenant reimbursements:

 
 
 
 
 
 
 
 
 
 
Entertainment
$
58,974

 
$
59,727

 
$
60,180

 
$
60,633

 
$
59,399

 
$
59,383

Education
3,152

 
3,157

 
2,921

 
2,602

 
1,720

 
1,420

Recreation
1,782

 
1,909

 
1,502

 
797

 
797

 
519

Other
1,309

 
738

 
809

 
809

 
754

 
758

Mortgage and other financing income:


 
 
 
 
 
 
 
 
 
 
Entertainment
2,223

 
2,204

 
1,936

 
1,427

 
498

 
447

Education (1)
8,145

 
7,957

 
7,724

 
7,563

 
7,548

 
7,295

Recreation
7,789

 
7,555

 
7,423

 
7,968

 
7,143

 
6,906

Other
79

 
79

 
34

 
18

 
23

 
26

Corporate/Unallocated

 

 

 

 

 

Other income
104

 
24

 
434

 
203

 
107

 
25

Total revenue
$
83,557

 
$
83,350

 
$
82,963

 
$
82,020

 
$
77,989

 
$
76,779

 


 
 
 
 
 
 
 
 
 
 
Property operating expense
5,990

 
7,005

 
6,915

 
5,939

 
5,687

 
6,374

Other expense
243

 
194

 
408

 
585

 
340

 
350

General and administrative expense
6,051

 
6,652

 
5,396

 
5,486

 
5,821

 
6,467

Costs associated with loan refinancing or payoff
5,943

 

 
150

 
477

 

 

Gain on early extinguishment of debt

 
(4,539
)
 

 

 

 

Interest expense, net
20,000

 
19,989

 
20,062

 
19,994

 
18,459

 
18,141

Transaction costs
224

 
318

 
31

 
184

 
31

 
158

Impairment charges

 

 
1,999

 

 

 
3,998

Depreciation and amortization
13,776

 
13,438

 
12,827

 
12,390

 
12,068

 
11,740

Equity in income from joint ventures
466

 
351

 
358

 
342

 
278

 
47

Income from continuing operations
31,796

 
40,644

 
35,533

 
37,307

 
35,861

 
29,598

Discontinued operations:


 
 
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations
680

 
(3
)
 
475

 
(46
)
 
516

 
355

Impairment charges

 

 
(5,980
)
 
(3,086
)
 

 
(8,845
)
Transaction costs

 

 

 


3



Gain (loss) on sale or acquisition of real estate

 
565

 
(747
)
 

 
438

 
282

Net income
32,476

 
41,206

 
29,281

 
34,175

 
36,818

 
21,390

Net income attributable to noncontrolling interests

 

 
(47
)
 
(24
)
 
(19
)
 
(18
)
Preferred dividend requirements
(5,952
)
 
(5,952
)
 
(6,503
)
 
(6,002
)
 
(6,002
)
 
(6,001
)
Preferred share redemption costs

 

 
(3,888
)
 

 

 

Net income available to common shareholders of EPR Properties
$
26,524

 
$
35,254

 
$
18,843

 
$
28,149

 
$
30,797

 
$
15,371

 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents income from owned assets under a direct financing lease, seven mortgage notes receivable and one note receivable.

8



EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
 
Funds From Operations ("FFO") (1):
 

 
 
 
 
 
 
 
 
 
 
 
Net income available to common shareholders of EPR Properties
 
$
26,524

 
$
35,254

 
$
18,843

 
$
28,149

 
$
30,797

 
$
15,371

 
(Gain) loss on sale or acquisition of real estate
 

 
(565
)
 
747

 

 
(438
)
 
(282
)
 
Real estate depreciation and amortization
 
13,498

 
13,468

 
13,318

 
13,013

 
12,635

 
12,197

 
Allocated share of joint venture depreciation
 
162

 
157

 
150

 
146

 
144

 
141

 
Impairment charges
 

 

 
7,979

 
3,086

 

 
12,843

 
FFO available to common shareholders of EPR Properties
 
$
40,184

 
$
48,314

 
$
41,037

 
$
44,394

 
$
43,138

 
$
40,270

 
 
 


 
 
 
 
 
 
 
 
 
 
 
Funds From Operations as adjusted (1):
 


 
 
 
 
 
 
 
 
 
 
 
FFO available to common shareholders of EPR Properties
 
$
40,184

 
$
48,314

 
$
41,037

 
$
44,394

 
$
43,138

 
$
40,270

 
Costs associated with loan refinancing or payoff
 
5,943

 

 
150

 
477

 

 

 
Transaction costs
 
224

 
318

 
31

 
184

 
31

 
158

 
Gain on early extinguishment of debt
 

 
(4,539
)
 

 

 

 

 
Preferred share redemption costs
 

 

 
3,888

 

 

 

 
FFO as adjusted available to common shareholders of EPR Properties
 
$
46,351

 
$
44,093

 
$
45,106

 
$
45,055

 
$
43,169

 
$
40,428

 
 
 


 
 
 
 
 
 
 
 
 
 
 
FFO per common share attributable to EPR Properties:
 


 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.85

 
$
1.03

 
$
0.88

 
$
0.95

 
$
0.92

 
$
0.86

 
Diluted
 
0.85

 
1.03

 
0.87

 
0.94

 
0.92

 
0.86

 
 
 


 
 
 
 
 
 
 
 
 
 
 
FFO as adjusted per common share attributable to EPR Properties:
 


 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.98

 
$
0.94

 
$
0.96

 
$
0.96

 
$
0.92

 
$
0.87

 
Diluted
 
0.98

 
0.94

 
0.96

 
0.96

 
0.92

 
0.86

 
 
 


 
 
 
 
 
 
 
 
 
 
 
Shares used for computation (in thousands):
 


 
 
 
 
 
 
 
 
 
 
 
Basic
 
47,081

 
46,854

 
46,850

 
46,840

 
46,826

 
46,677

 
Diluted
 
47,294

 
47,047

 
47,090

 
47,090

 
47,068

 
46,945

 
 
 

 
 
 
 
 
 
 
 
 
 
 
(1) See pages 31 through 32 for definitions.
 
 
 
 
 
 
 
 
 
 
 
 
 

9





EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
Adjusted Funds from Operations ("AFFO") (1):
 

 
 
 
 
 
 
 
 
 
 
FFO available to common shareholders of EPR Properties
 
$
40,184

 
$
48,314

 
$
41,037

 
$
44,394

 
$
43,138

 
$
40,270

Adjustments:
 


 
 
 
 
 
 
 
 
 
 
Transaction costs
 
224

 
318

 
31

 
184

 
31

 
158

Non-real estate depreciation and amortization
 
277

 
277

 
276

 
263

 
258

 
260

Deferred financing fees amortization
 
988

 
999

 
994

 
1,047

 
1,092

 
1,085

Costs associated with loan refinancing or payoff
 
5,943

 

 
150

 
477

 

 

Share-based compensation expense to management and trustees
 
1,618

 
1,548

 
1,417

 
1,418

 
1,534

 
1,464

Maintenance capital expenditures (2)
 
(279
)
 
(525
)
 
(2,622
)
 
(730
)
 
(1,066
)
 
(354
)
Straight-lined rental revenue
 
(707
)
 
(1,214
)
 
(927
)
 
(2,042
)
 
(862
)
 
(801
)
Non-cash portion of mortgage and other financing income
 
(1,393
)
 
(1,265
)
 
(1,253
)
 
(1,193
)
 
(1,284
)
 
(1,258
)
Gain on early extinguishment of debt
 

 
(4,539
)
 

 

 

 

Preferred share redemption costs
 

 

 
3,888

 

 

 

AFFO available to common shareholders of EPR Properties
 
$
46,855

 
$
43,913

 
$
42,991

 
$
43,818

 
$
42,841

 
$
40,824

 
 


 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares outstanding (in thousands)
 
47,294

 
47,047

 
47,090

 
47,090

 
47,068

 
46,945

 
 


 
 
 
 
 
 
 
 
 
 
AFFO per diluted common share
 
$
0.99

 
$
0.93

 
$
0.91

 
$
0.93

 
$
0.91

 
$
0.87

 
 


 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.79

 
$
0.79

 
$
0.75

 
$
0.75

 
$
0.75

 
$
0.75

 
 


 
 
 
 
 
 
 
 
 
 
AFFO payout ratio (3)
 
80
%
 
85
%
 
82
%
 
81
%
 
82
%
 
86
%
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See pages 31 through 32 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



10



EPR Properties
Capital Structure at June 30, 2013
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Principal Payments Due on Long-Term Debt:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages (1)
 
 
 
 
Unsecured
 
Unsecured
 
 
 
 
Year
 
Amortization
 
Maturities
 
 
Bond/Term Loan (2)
 
Credit Facility (3)
 
Senior Notes
 
Total
 
Weighted Avg Interest Rate
2013
 
$
5,033

 
$

 
 
$

 
$

 
$

 
$
5,033

 
6.09%
2014
 
10,597

 

 
 

 

 

 
10,597

 
6.09%
2015
 
10,675

 
90,813

 
 

 
24,000

 

 
125,488

 
4.99%
2016
 
6,767

 
96,144

 
 

 

 

 
102,911

 
6.08%
2017
 
3,588

 
73,102

 
 
255,000

 

 

 
331,690

 
3.38%
2018
 
919

 
12,462

 
 

 

 

 
13,381

 
6.34%
2019
 

 

 
 

 

 

 

 
—%
2020
 

 

 
 

 

 
250,000

 
250,000

 
7.75%
2021
 

 

 
 

 

 

 

 
—%
2022
 

 

 
 

 

 
350,000

 
350,000

 
5.75%
2023
 

 

 
 

 

 
275,000

 
275,000

 
5.25%
Thereafter
 

 

 
 
10,635

 

 

 
10,635

 
0.07%
 
 
$
37,579

 
$
272,521

 
 
$
265,635

 
$
24,000

 
$
875,000

 
$
1,474,735

 
5.39%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance
 
 
Weighted Avg Interest Rate
 
Weighted Avg Maturity (yrs)
 
 
 
 
 
 
Fixed rate secured debt
 
$
310,100

 
 
5.94
%
 
3.12

 
 
 
 
 
 
Fixed rate unsecured debt (4)
 
1,115,000

 
 
5.41
%
 
7.68

 
 
 
 
 
 
Variable rate secured debt
 
10,635

 
 
0.07
%
 
24.25

 
 
 
 
 
 
Variable rate unsecured debt (3)
 
39,000

 
 
1.85
%
 
1.45

 
 
 
 
 
 
     Total
 
 
 
$
1,474,735

 
 
5.39
%
 
6.70

 
 
 
 
 
 
 
(1) Scheduled amortization and maturities represent only consolidated debt obligations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2) Subsequent to June 30, 2013, the unsecured term loan facility was amended and restated to, among other things, (a) increase the initial amount from $255.0 million to $265.0 million and increase the accordion such that the maximum amount available under the facility goes from $350.0 million to $400.0 million, (b) extend the maturity date from January 5, 2017, to July 23, 2018, (c) lower the interest rate in all but the lowest rating agencies' ratings categories which was LIBOR plus 1.60 % at closing and (d) add four new subsidiary borrowers.
 
(3) Subsequent to June 30, 2013, the Company's unsecured revolving credit facility was amended and restated to, among other things, (a) increase the initial amount from $400.0 million to $440.0 million and increase the accordion from $100.0 million to $160.0 million, (b) extend the maturity date from October 13, 2015, to July 23, 2017 (with the Company having the same right as before to extend the loan for one additional year), (c) lower the interest rate and facility fee pricing based on a grid related to the Company's senior unsecured credit ratings which was LIBOR plus 1.40% and 0.30%, respectively, at closing, (d) revise certain definitions to broaden the types of properties eligible for consideration in the borrowing base, (e) increase borrowing base availability by increasing the values assigned to the Company's properties and (f) add four new subsidiary borrowers.
 
(4) Includes $240 million of the $255 million unsecured term loan facility that has been fixed through interest rate swaps through January 5, 2016.

11



EPR Properties
Capital Structure at June 30, 2013 and December 31, 2012
(Unaudited, dollars in thousands)
 
 
 
 
 
Consolidated Debt (continued)
 
 
 
 
 
Summary of Long-Term Debt:
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
 
 
 
 
 
Unsecured revolving variable rate credit facility, LIBOR + 1.60%, due October 13, 2015 (1)
 
$
24,000

 
$
39,000

Mortgage note payable, 6.84%, paid in full June 20, 2013
 

 
92,773

Mortgage note payable, 5.58%, paid in full June 24, 2013
 

 
57,078

Mortgage note payable, 5.56%, due June 5, 2015
 
31,582

 
31,923

Mortgage notes payable, 5.77%, due November 6, 2015
 
66,131

 
67,172

Mortgage notes payable, 5.84%, due March 6, 2016
 
37,299

 
37,863

Mortgage notes payable, 6.37%, due June 30, 2016
 
26,785

 
27,156

Mortgage notes payable, 6.10%, due October 1, 2016
 
24,060

 
24,395

Mortgage notes payable, 6.02%, due October 6, 2016
 
18,125

 
18,381

Term loan payable, LIBOR + 1.75%, $240.0 million fixed through interest rate swaps at 2.66% through January 5, 2016, due January 5, 2017 (1)
 
255,000

 
240,000

Mortgage note payable, 6.06%, due March 1, 2017
 
10,125

 
10,261

Mortgage note payable, 6.07%, due April 6, 2017
 
10,426

 
10,565

Mortgage notes payable, 5.73%-5.95%, due May 1, 2017
 
34,134

 
48,914

Mortgage note payable, 5.29%, due July 1, 2017
 
3,814

 
3,881

Mortgage notes payable, 5.68% due August 1, 2017
 
24,723

 
25,053

Mortgage note payable, 6.19%, due February 1, 2018
 
14,788

 
15,084

Mortgage note payable, 7.37%, due July 15, 2018
 
8,108

 
8,698

Senior unsecured notes payable, 7.75%, due July 15, 2020
 
250,000

 
250,000

Senior unsecured notes payable, 5.75%, due August 15, 2022
 
350,000

 
350,000

Senior unsecured notes payable, 5.25%, due July 15, 2023
 
275,000

 

Bond payable, variable rate, due October 1, 2037
 
10,635

 
10,635

Total
 
$
1,474,735

 
$
1,368,832

 
 
 
 
 
(1) As noted on page 11, these facilities were amended subsequent to June 30, 2013.



12



EPR Properties
Capital Structure
Senior Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior Debt Ratings as of June 30, 2013
 
 
 
 
 
 
 
 
Moody's
 
Baa2 (stable)
 
 
 
 
 
Fitch
 
BBB- (stable)
 
 
 
 
 
Standard and Poor's
 
BB+ (stable)
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Covenants
 
 
 
 
 
 
 
 
The Company's outstanding senior unsecured notes have fixed interest rates of 5.25%, 5.75% and 7.75%. Interest on the senior unsecured notes is paid semiannually. The senior unsecured notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.
 
 
 
 
 
 
 
 
 
The following is a summary of the key financial covenants for the Company's 5.25%, 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of the notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show the Company's ability to incur additional debt under the terms of the senior unsecured notes only and are not measures of the Company's liquidity or performance.  The actual amounts as of June 30, 2013 and March 31, 2013 are:
 
 
 
 
 
Actual
 
Actual
 
Note Covenants
 
Required
 
2nd Quarter 2013 (1)
 
1st Quarter 2013
 
Limitation on incurrence of total debt (Total Debt/Total Assets)
 
≤ 60%
 
44%
 
42%
 
Limitation on incurrence of secured debt (Secured Debt/Total Assets)
 
≤ 40%
 
9%
 
14%
 
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)
 
≥ 1.5 x
 
3.6x
 
3.5x
 
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)
 
≥ 150% of unsecured debt
 
234%
 
255%
 
 
 
 
 
 
 
 
 
(1) See page 14 for detailed calculations.
 
 
 
 
 
 
 



13



EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Covenant Calculations
 
 
 
 
 
 
 
 
 
 
 
Total Assets:
 
June 30, 2013
 
 
 
Total Debt:
 
 
 
June 30, 2013
Total Assets
 
$
3,016,285

 
 
 
Secured debt obligations
 
$
320,735

Add: accumulated depreciation
 
395,191

 
 
 
Unsecured debt obligations:
 
 
Less: intangible assets
 
(2,590
)
 
 
 
Unsecured debt
 
1,154,000

Total Assets
 
$
3,408,886

 
 
 
Outsanding letters of credit
 

 
 
 
 
 
 
Guarantees
 
34,790

 
 
 
 
 
 
Derivatives at fair market value, net, if liability
 

Total Unencumbered Assets:
 
June 30, 2013
 
 
 
Total unsecured debt obligations:
 
1,188,790

Unencumbered real estate assets, gross
 
$
2,483,490

 
 
 
Total Debt
 
$
1,509,525

Cash and cash equivalents
 
20,030

 
 
 
 
 
 
 
 
Land held for development
 
199,001

 
 
 
 
 
 
 
 
Property under development
 
77,492

 
 
 
 
 
 
 
 
Total Unencumbered Assets
 
$
2,780,013

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Income Available for Debt Service:
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
Trailing Twelve Months
Adjusted EBITDA
 
$
71,273

 
$
69,499

 
$
70,244

 
$
70,010

 
$
281,026

Add: Adjusted EBITDA of discontinued operations
 
652

 
304

 
1,242

 
840

 
3,038

Less: straight-line rental revenue
 
(707
)
 
(1,214
)
 
(927
)
 
(2,042
)
 
(4,890
)
Consolidated Income Available for Debt Service
 
$
71,218

 
$
68,589

 
$
70,559

 
$
68,808

 
$
279,174

 
 
 
 
 
 
 
 
 
 
 
Annual Debt Service:
 
 
 
 
 
 
 
 
 
 
Interest expense, gross
 
$
20,632

 
$
20,335

 
$
20,445

 
$
20,307

 
$
81,719

Less: deferred financing fees amortization
 
(988
)
 
(999
)
 
(994
)
 
(1,047
)
 
(4,028
)
Annual Debt Service
 
$
19,644

 
$
19,336

 
$
19,451

 
$
19,260

 
$
77,691

 
 
 
 
 
 
 
 
 
 
 
Debt Service Coverage
 
3.6

 
3.5

 
3.6

 
3.6

 
3.6

 
 
 
 
 
 
 
 
 
 
 



14



EPR Properties
Capital Structure at June 30, 2013
(Unaudited, dollars in thousands except share information)
 
 
 
 
 
 
 
 
 
 
 
Equity
 
 
 
 
 
 
 
 
 
 
 
Security
 
Shares Issued and Outstanding
 
Price per share at June 30, 2013
 
Liquidation Preference
 
Dividend Rate
 
Convertible
 
 
 
 
 
 
 
 
 
 
 
Common shares
 
47,164,800

 
$
50.27

 
          N/A
 
(1)
 
N/A
Series C
 
5,400,000

 
$
22.95

 
$
135,000

 
5.750%
 
Y
Series E
 
3,450,000

 
$
32.00

 
$
86,250

 
9.000%
 
Y
Series F
 
5,000,000

 
$
24.60

 
$
125,000

 
6.625%
 
N
 
 
 
 
 
 
 
 
 
 
 
Calculation of Total Market Capitalization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares outstanding at June 30, 2013 multiplied by closing price at June 30, 2013
 
$
2,370,974

 
 
Aggregate liquidation value of Series C preferred shares (2)
 
135,000

 
 
Aggregate liquidation value of Series E preferred shares (2)
 
86,250

 
 
Aggregate liquidation value of Series F preferred shares (2)
 
125,000

 
 
Total long-term debt at June 30, 2013
 
1,474,735

 
 
Total consolidated market capitalization
 
$
4,191,959

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Total monthly dividends declared in the second quarter of 2013 were $0.79 per share.
(2) Excludes accrued unpaid dividends at June 30, 2013.



15



EPR Properties
Summary of Ratios
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
 

 
 
 
 
 
 
 
 
 
 
Debt to total assets (book value)
49%
 
47%
 
46%
 
46%
 
45%
 
44%
 

 
 
 
 
 
 
 
 
 
 
Debt to total market capitalization
35%
 
33%
 
35%
 
36%
 
36%
 
33%
 

 
 
 
 
 
 
 
 
 
 
Debt to gross assets
43%
 
41%
 
41%
 
41%
 
40%
 
39%
 

 
 
 
 
 
 
 
 
 
 
Debt/Adjusted EBITDA - continuing operations (1)
5.17
 
4.98
 
4.87
 
4.79
 
4.80
 
4.82
 

 
 
 
 
 
 
 
 
 
 
Debt/Adjusted EBITDA - continuing and discontinued operations (1)
5.13
 
4.95
 
4.79
 
4.73
 
4.71
 
4.74
 

 
 
 
 
 
 
 
 
 
 
Secured debt to secured assets
65%
 
55%
 
56%
 
57%
 
56%
 
56%
 

 
 
 
 
 
 
 
 
 
 
Unencumbered real estate assets to total real estate assets (2)
83%
 
71%
 
70%
 
70%
 
58%
 
57%
 

 
 
 
 
 
 
 
 
 
 
Interest coverage ratio (3)
3.6
 
3.5
 
3.5
 
3.5
 
3.7
 
3.6
 

 
 
 
 
 
 
 
 
 
 
Fixed charge coverage ratio (3)
2.8
 
2.7
 
2.7
 
2.7
 
2.8
 
2.7
 

 
 
 
 
 
 
 
 
 
 
Debt service coverage ratio (3)
3.0
 
2.9
 
2.9
 
2.8
 
2.8
 
2.7
 

 
 
 
 
 
 
 
 
 
 
FFO payout ratio (4)
93%
 
77%
 
86%
 
80%
 
82%
 
87%
 

 
 
 
 
 
 
 
 
 
 
FFO as adjusted payout ratio (5)
81%
 
84%
 
78%
 
78%
 
82%
 
87%
 

 
 
 
 
 
 
 
 
 
 
AFFO payout ratio (6)
80%
 
85%
 
82%
 
81%
 
82%
 
86%
 
 
 
 
 
 
 
 
 
 
 
 
(1) Adjusted EBITDA is for the quarter annualized. See pages 31 through 32 for definitions.
(2) Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(3) See page 17 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.

16



EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
Interest Coverage Ratio (1):

 
 
 
 
 
 
 
 
 
 
 Net income
$
32,476

 
$
41,206

 
$
29,281

 
$
34,175

 
$
36,818

 
$
21,390

 Impairment charges

 

 
7,979

 
3,086

 

 
12,843

 Transaction costs
224

 
318

 
31

 
184

 
31

 
158

 Interest expense, gross
20,632

 
20,335

 
20,445

 
20,307

 
18,481

 
18,350

 Depreciation and amortization
13,776

 
13,745

 
13,594

 
13,276

 
12,893

 
12,457

 Share-based compensation expense


 
 
 
 
 
 
 
 
 
 
     to management and trustees
1,618

 
1,548

 
1,417

 
1,418

 
1,534

 
1,464

 Costs associated with loan refinancing


 
 
 
 
 
 
 
 
 
 
     or payoff
5,943

 

 
150

 
477

 

 

 Interest cost capitalized
(626
)
 
(344
)
 
(380
)
 
(307
)
 
(16
)
 
(156
)
 Straight-line rental revenue
(707
)
 
(1,214
)
 
(927
)
 
(2,042
)
 
(862
)
 
(801
)
 Gain on early extinguishment of debt

 
(4,539
)
 

 

 

 

(Gain) loss on sale or acquisition of real estate from discontinued operations

 
(565
)
 
747

 

 
(438
)
 
(282
)
 Interest coverage amount
$
73,336

 
$
70,490

 
$
72,337

 
$
70,574

 
$
68,441

 
$
65,423

 


 
 
 
 
 
 
 
 
 
 
 Interest expense, net
$
19,972

 
$
19,989

 
$
20,062

 
$
19,994

 
$
18,459

 
$
18,130

 Interest income
34

 
2

 
3

 
6

 
6

 
64

 Interest cost capitalized
626

 
344

 
380

 
307

 
16

 
156

 Interest expense, gross
$
20,632

 
$
20,335

 
$
20,445

 
$
20,307

 
$
18,481

 
$
18,350

 


 
 
 
 
 
 
 
 
 
 
Interest coverage ratio
3.6

 
3.5

 
3.5

 
3.5

 
3.7

 
3.6

 


 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage Ratio (1):


 
 
 
 
 
 
 
 
 
 
 Interest coverage amount
$
73,336

 
$
70,490

 
$
72,337

 
$
70,574

 
$
68,441


$
65,423

 


 
 
 
 
 
 
 
 
 
 
 Interest expense, gross
$
20,632

 
$
20,335

 
$
20,445

 
$
20,307

 
$
18,481

 
$
18,350

 Preferred share dividends
5,952

 
5,952

 
6,503

 
6,002

 
6,002

 
6,001

    Fixed charges
$
26,584

 
$
26,287

 
$
26,948

 
$
26,309

 
$
24,483

 
$
24,351

 


 
 
 
 
 
 
 
 
 
 
 Fixed charge coverage ratio
2.8

 
2.7

 
2.7

 
2.7

 
2.8

 
2.7

 


 
 
 
 
 
 
 
 
 
 
Debt Service Coverage Ratio (1):


 
 
 
 
 
 
 
 
 
 
 Interest coverage amount
$
73,336

 
$
70,490

 
$
72,337

 
$
70,574

 
$
68,441


$
65,423

 


 
 
 
 
 
 
 
 
 
 
 Interest expense, gross
$
20,632

 
$
20,335

 
$
20,445

 
$
20,307

 
$
18,481

 
$
18,350

 Recurring principal payments
4,141

 
4,303

 
4,171

 
5,131

 
6,337

 
6,327

    Debt service
$
24,773

 
$
24,638

 
$
24,616

 
$
25,438

 
$
24,818

 
$
24,677

 


 
 
 
 
 
 
 
 
 
 
 Debt service coverage ratio
3.0

 
2.9

 
2.9

 
2.8

 
2.8

 
2.7

 
 
 
 
 
 
 
 
 
 
 
 
(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.

17



EPR Properties
Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
The interest coverage amount per the table on the previous page is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used in investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
 
 
2nd Quarter 2013
 
1st Quarter 2013
 
4th Quarter 2012
 
3rd Quarter 2012
 
2nd Quarter 2012
 
1st Quarter 2012
 
 

 
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
 
$
72,554

 
$
40,172

 
$
62,002

 
$
42,001

 
$
61,481

 
$
41,959

 
 

 
 
 
 
 
 
 
 
 
 
Equity in income from joint ventures
 
466

 
351

 
358

 
342

 
278

 
47

Distributions from joint ventures
 
(191
)
 
(223
)
 
(219
)
 
(189
)
 
(284
)
 
(354
)
Amortization of deferred financing costs
 
(988
)
 
(999
)
 
(994
)
 
(1,047
)
 
(1,092
)
 
(1,085
)
Increase (decrease) in mortgage notes and related accrued interest receivable
 
(1,664
)
 
36

 
(419
)
 
791

 
24

 
13

Increase (decrease) in restricted cash
 
(15,559
)
 
8,781

 
(2,094
)
 
6,767

 
(5,643
)
 
5,466

Increase (decrease) in accounts receivable, net
 
1,480

 
339

 
3,149

 
2,182

 
(2,284
)
 
393

Increase in direct financing lease receivable
 
1,240

 
1,212

 
1,234

 
1,192

 
1,282

 
1,256

Increase (decrease) in other assets
 
1,810

 
(139
)
 
(1,682
)
 
1,219

 
(1,953
)
 
3,145

Decrease (increase) in accounts payable and accrued liabilities
 
(8,493
)
 
10,520

 
(11,276
)
 
1,365

 
(5,402
)
 
6,565

Decrease (increase) in unearned rents
 
3,158

 
(8,655
)
 
3,109

 
(2,191
)
 
4,400

 
(9,533
)
Straight-line rental revenue
 
(707
)
 
(1,214
)
 
(927
)
 
(2,042
)
 
(862
)
 
(801
)
Interest expense, gross
 
20,632

 
20,335

 
20,445

 
20,307

 
18,481

 
18,350

Interest cost capitalized
 
(626
)
 
(344
)
 
(380
)
 
(307
)
 
(16
)
 
(156
)
Transaction costs
 
224

 
318

 
31

 
184

 
31

 
158

 
 

 
 
 
 
 
 
 
 
 
 
Interest coverage amount (1)
 
$
73,336

 
$
70,490

 
$
72,337

 
$
70,574

 
$
68,441

 
$
65,423

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) See pages 31 through 32 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



18



EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
2013 Capital Spending:
 
 
 
 
 
 
 
 
Description
 
Location
 
Operating Segment
 
Capital Spending Three Months Ended June 30, 2013
 
Capital Spending Six Months Ended June 30, 2013
Development of megaplex theatres
 
various
 
Entertainment
 
$
18,949

 
$
31,644

Development of other entertainment and retail projects
 
various
 
Entertainment
 
821

 
2,370

Investment in unconsolidated joint ventures
 
various
 
Entertainment
 
189

 
622

Investment in mortgage notes receivable for public charter schools
 
various
 
Education
 
8,396

 
15,322

Acquisition and development of early childhood education centers
 
various
 
Education
 
2,422

 
6,162

Development of public charter school properties
 
various
 
Education
 
31,320

 
35,739

Investment in direct financing lease related to public charter school
 
Columbia, SC
 
Education
 
3,262

 
3,262

Additions to mortgage note receivable for development of Schlitterbahn waterparks
 
various
 
Recreation
 
1,570

 
3,576

Additions to mortgage note receivable for improvements at ski properties
 
various
 
Recreation
 
961

 
1,342

Development of TopGolf golf entertainment facilities
 
various
 
Recreation
 
14,862

 
18,741

Improvements at Wisp ski resort
 
McHenry, MD
 
Recreation
 

 
1,096

Investment in casino and resort project
 
Sullivan County, NY
 
Other
 
1,262

 
2,825

Total investment spending
 
 
 
 
 
$
84,014

 
$
122,701

Other capital acquisitions, net
 
various
 
 
 
134

 
542

Total capital spending
 
 
 
 
 
$
84,148

 
$
123,243

 
 
 
 
 
 
 
 
 
2013 Dispositions:
 
 
 
 
 
 
 
 
Description
 
Location
 
Date of Disposition
 
Net Sales Proceeds
 
 
Geyser Peak winery and related vineyards
 
Sonoma County, CA
 
March 2013
 
$
24,146

 
 


19



EPR Properties
Financial Information by Segment
For the Three Months Ended June 30, 2013
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Entertainment
Education
Recreation
Other
Subtotal
Corporate/Unallocated
Consolidated
Rental revenue
 
$
54,522

$
3,152

$
1,782

$
1,309

$
60,765

$

$
60,765

Tenant reimbursements
 
4,452




4,452


4,452

Other income
 
24



77

101

3

104

Mortgage and other financing income
 
2,223

8,145

7,789

79

18,236


18,236

Total revenue
 
61,221

11,297

9,571

1,465

83,554

3

83,557

 
 
 
 
 
 
 
 
 
Property operating expense
 
5,840



150

5,990


5,990

Other expense
 



264

264

(21
)
243

Total investment expenses
 
5,840



414

6,254

(21
)
6,233

General and administrative expense
 





6,051

6,051

Transaction costs
 





224

224

EBITDA - continuing operations
 
$
55,381

$
11,297

$
9,571

$
1,051

$
77,300

$
(6,251
)
$
71,049

 
 
72
%
15
%
12
%
1
%
100
%
 
 
 
 
 
 
 
 
 
 
 
Add: transaction costs
 
 
 
 
 
 
224

224

Adjusted EBITDA - continuing operations
 
 
 
 
 
71,273

 
 
 
 
 
 
 
 
 
Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Costs associated with loan refinancing or payoff
 
 
 
 
(5,943
)
(5,943
)
Interest expense, net
 
 
 
 
 
 
(20,000
)
(20,000
)
Transaction costs
 
 
 
 
 
 
(224
)
(224
)
Depreciation and amortization
 
 
 
 
 
 
(13,776
)
(13,776
)
Equity in income from joint ventures
 
 
 
 
466

466

Discontinued operations:
 
 
 
 
 
 
 
 
Income from discontinued operations
 
 
 
 
680

680

Net income
 
 
 
 
 
 
 
32,476

Preferred dividend requirements
 
 
 
 
 
 
(5,952
)
(5,952
)
Net income available to common shareholders of EPR Properties
 
 
 
$
26,524

 
 
 
 
 
 
 
 
 

20



EPR Properties
Financial Information by Segment
For the Six Months Ended June 30, 2013
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Entertainment
Education
Recreation
Other
Subtotal
Corporate/Unallocated
Consolidated
Rental revenue
 
$
109,504

$
6,310

$
3,691

$
2,047

$
121,552

$

$
121,552

Tenant reimbursements
 
9,196




9,196


9,196

Other income
 
47



78

125

3

128

Mortgage and other financing income
 
4,427

16,102

15,344

158

36,031


36,031

Total revenue
 
123,174

22,412

19,035

2,283

166,904

3

166,907

 
 
 
 
 
 
 
 
 
Property operating expense
 
12,976



19

12,995


12,995

Other expense
 



406

406

31

437

Total investment expenses
 
12,976



425

13,401

31

13,432

General and administrative expense
 





12,703

12,703

Transaction costs
 





542

542

EBITDA - continuing operations
 
$
110,198

$
22,412

$
19,035

$
1,858

$
153,503

$
(13,273
)
$
140,230

 
 
72
%
15
%
12
%
1
%
100
%
 
 
 
 
 
 
 
 
 
 
 
Add: transaction costs
 
 
 
 
 
 
542

542

Adjusted EBITDA - continuing operations
 
 
 
 
 
140,772

 
 
 
 
 
 
 
 
 
Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Costs associated with loan refinancing or payoff
 
 
 
 
(5,943
)
(5,943
)
Gain on early extinguishment of debt
 
 
 
 
 
 
4,539

4,539

Interest expense, net
 
 
 
 
 
 
(39,989
)
(39,989
)
Transaction costs
 
 
 
 
 
 
(542
)
(542
)
Depreciation and amortization
 
 
 
 
 
 
(27,214
)
(27,214
)
Equity in income from joint ventures
 
 
 
 
817

817

Discontinued operations:
 
 
 
 
 
 
 
 
Income from discontinued operations
 
 
 
 
677

677

Gain on sale or acquisition of real estate
 
 
 
 
565

565

Net income
 
 
 
 
 
 
 
73,682

Preferred dividend requirements
 
 
 
 
 
 
(11,904
)
(11,904
)
Net income available to common shareholders of EPR Properties
 
 
 
$
61,778


21



EPR Properties
Financial Information by Segment
For the Three Months Ended June 30, 2012
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Entertainment
Education
Recreation
Other
Subtotal
Corporate/Unallocated
Consolidated
Rental revenue
 
$
55,034

$
1,720

$
797

$
754

$
58,305

$

$
58,305

Tenant reimbursements
 
4,365




4,365


4,365

Other income
 
21



86

107


107

Mortgage and other financing income
 
498

7,548

7,143

23

15,212


15,212

Total revenue
 
59,918

9,268

7,940

863

77,989


77,989

 
 
 
 
 
 
 
 
 
Property operating expense
 
5,432



255

5,687


5,687

Other expense
 



247

247

92

339

Total investment expenses
 
5,432



502

5,934

92

6,026

General and administrative expense
 





5,821

5,821

Transaction costs
 





31

31

EBITDA - continuing operations
 
$
54,486

$
9,268

$
7,940

$
361

$
72,055

$
(5,944
)
$
66,111

 
 
76
%
13
%
11
%
%
100
%
 
 
 
 
 
 
 
 
 
 
 
Add: transaction costs
 
 
 
 
 
 
31

31

Adjusted EBITDA - continuing operations
 
 
 
 
 
66,142

 
 
 
 
 
 
 
 
 
Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Interest expense, net
 
 
 
 
 
 
(18,459
)
(18,459
)
Transaction costs
 
 
 
 
 
 
(31
)
(31
)
Depreciation and amortization
 
 
 
 
 
 
(12,069
)
(12,069
)
Equity in income from joint ventures
 
 
 
 
278

278

Discontinued operations:
 
 
 
 
 
 
 
 
Income from discontinued operations
 
 
 
 
519

519

Gain on sale or acquisition of real estate
 
 
 
 
438

438

Net income
 
 
 
 
 
 
 
36,818

Noncontrolling interests
 
 
 
 
 
 
(19
)
(19
)
Preferred dividend requirements
 
 
 
 
 
 
(6,002
)
(6,002
)
Net income available to common shareholders of EPR Properties
 
 
 
$
30,797



22



EPR Properties
Financial Information by Segment
For the Six Months Ended June 30, 2012
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
Entertainment
Education
Recreation
Other
Subtotal
Corporate/Unallocated
Consolidated
Rental revenue
 
$
109,595

$
3,141

$
1,316

$
1,511

$
115,563

$

$
115,563

Tenant reimbursements
 
9,186




9,186


9,186

Other income
 
46



87

133


133

Mortgage and other financing income
 
945

14,843

14,049

48

29,885


29,885

Total revenue
 
119,772

17,984

15,365

1,646

154,767


154,767

 
 
 
 
 
 
 
 
 
Property operating expense
 
11,437



624

12,061


12,061

Other expense
 



430

430

259

689

Total investment expenses
 
11,437



1,054

12,491

259

12,750

General and administrative expense
 





12,288

12,288

Transaction costs
 





189

189

Impairment charges
 





3,998

3,998

EBITDA - continuing operations
 
$
108,335

$
17,984

$
15,365

$
592

$
142,276

$
(16,734
)
$
125,542

 
 
76
%
13
%
11
%
%
100
%
 
 
 
 
 
 
 
 
 
 
 
Add: transaction costs
 
 
 
 
 
 
189

189

Add: impairment charges
 
 
 
 
 
 
3,998

3,998

Adjusted EBITDA - continuing operations
 
 
 
 
 
129,729

 
 
 
 
 
 
 
 
 
Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Interest expense, net
 
 
 
 
 
 
(36,600
)
(36,600
)
Transaction costs
 
 
 
 
 
 
(189
)
(189
)
Impairment charges
 
 
 
 
 
 
(3,998
)
(3,998
)
Depreciation and amortization
 
 
 
 
 
 
(23,808
)
(23,808
)
Equity in income from joint ventures
 
 
 
 
324

324

Discontinued operations:
 
 
 
 
 
 
 
 
Income from discontinued operations
 
 
 
 
875

875

Impairment charges
 
 
 
 
(8,845
)
(8,845
)
Gain on sale or acquisition of real estate
 
 
 
 
720

720

Net income
 
 
 
 
 
 
 
58,208

Noncontrolling interests
 
 
 
 
 
 
(37
)
(37
)
Preferred dividend requirements
 
 
 
 
 
 
(12,003
)
(12,003
)
Net income available to common shareholders of EPR Properties
 
 
 
$
46,168



23



EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2013
 
For the Six Months Ended June 30, 2013
 
 
Entertainment (1)
Other (2)
Consolidated
 
Entertainment (1)
Other (2)
Consolidated
Rental revenue
 
$
109

$

$
109

 
$
109

$
346

$
455

Tenant reimbursements
 
554

 
554

 
554


554

Total revenue
 
663


663

 
663

346

1,009

 
 
 
 
 
 
 
 
 
Property operating expense
 
(20
)

(20
)
 



Other expense
 

31

31

 

53

53

Total investment expenses
 
(20
)
31

11

 

53

53

EBITDA and Adjusted EBITDA - discontinued operations
 
$
683

$
(31
)
$
652

 
$
663

$
293

$
956

 
 
 
 
 
 
 
 
 
Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Interest expense, net
 
 
 
28

 
 
 
28

Depreciation and amortization
 
 
 

 
 
 
(307
)
Gain on sale or acquisition of real estate
 
 
 

 
 
 
565

Income from discontinued operations
 
$
680

 
 
 
$
1,242

 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2012
 
For the Six Months Ended June 30, 2012
 
 
Entertainment (1)
Other (2)
Consolidated
 
Entertainment (1)
Other (2)
Consolidated
Rental revenue
 
$

$
906

$
906

 
$

$
1,931

$
1,931

Mortgage and other financing income
 

44

44

 

112

112

Total revenue
 

950

950

 

2,043

2,043

 
 
 
 
 
 
 
 
 
Property operating expense
 
3

(532
)
(529
)
 
8

(732
)
(724
)
Other expense
 

136

136

 

362

362

Total investment expenses
 
3

(396
)
(393
)
 
8

(370
)
(362
)
Impairment charges
 



 

8,845

8,845

EBITDA - discontinued operations
 
$
(3
)
$
1,346

$
1,343

 
$
(8
)
$
(6,432
)
$
(6,440
)
 
 
 
 
 
 
 
 
 
Add: impairment charges
 
 
 

 
 
 
8,845

Adjusted EBITDA - discontinued operations
 
 
 
$
1,343

 
 
 
$
2,405

Reconciliation to Consolidated Statements of Income:
 
 
 
 
 
Interest expense, net
 
 
 

 
 
 
12

Impairment charges
 
 
 

 
 
 
(8,845
)
Depreciation and amortization
 
 
 
(824
)
 
 
 
(1,542
)
Gain on sale or acquisition of real estate
 
 
 
438

 
 
 
720

Income (loss) from discontinued operations
 
$
957

 
 
 
$
(7,250
)

(1) For each of the three and six months ended June 30, 2013 and 2012, consists of certain operations that primarily related to the settlement of escrow reserves established with the sale of Toronto Dundas Square and, for the six months ended June 30, 2012, a gain on sale or acquisition of real estate of $0.3 million was recognized related to escrow reserve settlement.
(2) For the three and six months ended June 30, 2013, consists of the operations of the Pope Valley Winery, which was classified as held for sale as of June 30, 2013 as well as the operations of a winery and a portion of related vineyards located in Sonoma County, California that was sold on March 18, 2013. For the three and six months ended June 30, 2012, consists of the operations of the above mentioned properties as well as the operations of the Carneros custom crush facility as well as the operations and a gain on sale or acquisition of real estate of $0.4 million from the Buena Vista vineyard and winery, which were sold during 2012.

24



EPR Properties
Investment Information by Segment
As of June 30, 2013 and December 31, 2012
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
As of June 30, 2013
 
 
Entertainment
Education
Recreation
Other
Consolidated
Rental properties, net of accumulated depreciation
$
1,648,843

$
117,443

$
67,103

$
27,281

$
1,860,670

Rental properties held for sale, net of accumulated depreciation



2,788

2,788

Add back accumulated depreciation on rental properties
374,797

3,025

3,858

13,192

394,872

Add back accumulated depreciation on rental properties held for sale



319

319

Land held for development
4,457



194,544

199,001

Property under development
35,395

27,180

14,917


77,492

Mortgage notes and related accrued interest receivable, net
77,464

42,647

359,630

2,521

482,262

Investment in a direct financing lease, net

239,803



239,803

Investment in joint ventures
12,962




12,962

Intangible assets, gross (1)
13,604




13,604

Notes receivable and related accrued interest receivable, net (1)
186

3,728


935

4,849

 
Total investments (2)
$
2,167,708

$
433,826

$
445,508

$
241,580

$
3,288,622

 
% of total investments
66
%
13
%
14
%
7
%
100
%
 
 
 
 
 
 
 
 
 
As of December 31, 2012
 
 
Entertainment
Education
Recreation
Other
Consolidated
Rental properties, net of accumulated depreciation
$
1,664,763

$
100,666

$
67,127

$
52,537

$
1,885,093

Rental properties held for sale, net of accumulated depreciation



2,788

2,788

Add back accumulated depreciation on rental properties
355,585

1,645

2,677

15,777

375,684

Add back accumulated depreciation on rental properties held for sale



319

319

Land held for development
4,457



191,720

196,177

Property under development
20,952

4,582

3,842


29,376

Mortgage notes and related accrued interest receivable, net
76,199

28,945

348,091

2,517

455,752

Investment in a direct financing lease, net

234,089



234,089

Investment in joint ventures
11,971




11,971

Intangible assets, gross (1)
14,327




14,327

Notes receivable and related accrued interest receivable, net (1)
183

3,728


993

4,904

 
Total investments (2)
$
2,148,437

$
373,655

$
421,737

$
266,651

$
3,210,480

 
% of total investments
67
%
12
%
13
%
8
%
100
%
 
(1) Included in other assets in the consolidated balance sheets as of June 30, 2013 and December 31, 2012 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:
 
 
 
 
 
 
 
 
 
6/30/2013
12/31/2012
 
 
 
Intangible assets, gross
$
13,604

$
14,327

 
 
 
Less: accumulated amortization on intangible assets
(11,014
)
(11,006
)
 
 
 
Notes receivable and related accrued interest receivable, net
4,849

4,904

 
 
 
Prepaid expenses and other current assets
36,267

30,187

 
 
 
Total other assets
$
43,706

$
38,412

 
 
 
 
(2) See pages 31 and 32 for definitions.

25



EPR Properties
Lease Expirations
As of June 30, 2013
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Megaplex Theatres
 
Public Charter Schools
 
Year
 
Total Number of Properties
 
Rental Revenue for the Trailing Twelve Months Ended June 30, 2013 (1)
 
% of Total Revenue
 
Total Number of Properties
 
Financing Income/Rental Revenue for the Trailing Twelve Months Ended June 30, 2013
 
% of Total Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
 
 
$

 

 
 
$

 

 
2014
 
 

 

 
 

 

 
2015
 
3
 
9,547

 
3
%
 
 

 

 
2016
 
4
 
9,371

 
3
%
 
 

 

 
2017
 
4
 
7,329

 
2
%
 
 

 

 
2018
 
18
 
30,570

 
9
%
 
 

 

 
2019
 
7
 
22,239

 
7
%
 
 

 

 
2020
 
7
 
9,249

 
3
%
 
 

 

 
2021
 
5
 
8,438

 
2
%
 
 

 

 
2022
 
12
 
22,838

 
7
%
 
 

 

 
2023
 
6
 
14,273

 
4
%
 
 

 

 
2024
 
9
 
16,266

 
5
%
 
 

 

 
2025
 
6
 
12,524

 
4
%
 
 

 

 
2026
 
4
 
5,675

 
2
%
 
 

 

 
2027
 
2
 
3,312

 
1
%
 
 

 

 
2028
 
1
 
1,060

 

 
 

 

 
2029
 
15
(2)
14,125

 
4
%
 
 

 

 
2030
 
 

 

 
 

 

 
2031
 
4
 
3,772

 
1
%
 
11
(4)
10,659

 
3
%
 
2032
 
4
(3)
2,915

 
1
%
 
13
(5)
12,353

 
4
%
 
Thereafter
 
1
 
216

 

 
17
(6)
16,628

 
5
%
 
 
 
112
 
$
193,719

 
58
%
 
41
 
$
39,640

 
12
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This schedule relates to consolidated megaplex theatres and public charter schools only which together represent approximately 70% of total revenue for the trailing twelve months ended June 30, 2013. This schedule excludes properties under construction.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Consists of rental revenue and tenant reimbursements.
(2) All of these theatre properties are leased under a master lease.
(3) Three of these threatre properties are leased under a master lease.
(4) Five of these public charter school properties are leased under a master lease to Imagine.
(5) Six of these public charter school properties are leased under a master lease to Imagine.
(6) Sixteen of these public charter school properties are leased under a master lease to Imagine.

26




EPR Properties
Top Ten Customers by Revenue from Continuing Operations
(Unaudited, dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue For The
 
 
 
Total Revenue For The
 
 
 
 
 
Three Months Ended
 
Percentage of
 
Six Months Ended
 
Percentage of
 
Customers
Asset Type
June 30, 2013
 
Total Revenue
 
June 30, 2013
 
Total Revenue
 
 
 
 
 
 
 
 
 
 
1.
American Multi-Cinema, Inc.
Entertainment
$
21,121

 
25%
 
$
42,687

 
26%
2.
Imagine Schools, Inc.
Education
7,149

 
9%
 
14,218

 
9%
3.
Regal Cinemas, Inc.
Entertainment
5,495

 
6%
 
10,818

 
6%
4.
Cinemark USA, Inc.
Entertainment
5,739

 
7%
 
9,987

 
6%
5.
Peak Resorts, Inc.
Recreation
4,567

 
5%
 
9,083

 
5%
6.
Rave Cinemas
Entertainment
2,983

 
4%
 
7,458

 
4%
7.
SVVI, LLC
Recreation
3,254

 
4%
 
6,453

 
4%
8.
Southern Theatres, LLC
Entertainment
2,965

 
4%
 
5,957

 
4%
9.
Carmike Cinemas, Inc.
Entertainment
2,402

 
3%
 
4,837

 
3%
10.
Empire Theatres Limited
Entertainment
2,061

 
2%
 
4,153

 
2%
 
 
 
 
 
 
 
 
 
 
 
Total
 
$
57,736

 
69%
 
$
115,651

 
69%



27




EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)
 
 
 
 
 
Summary of Mortgage Notes Receivable
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
Mortgage note and related accrued interest receivable, 9.00%, paid in full on May 31, 2013
 
$

 
$
1,710

Mortgage note, 10.00%, due April 1, 2016
 
42,907

 
42,907

Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017
 
2,521

 
2,517

Mortgage note, 9.50%, due January 31, 2018
 
19,244

 
17,979

Mortgage notes, 7.00% and 10.00%, due May 1, 2019
 
182,121

 
178,545

Mortgage note, 9.96%, due March 10, 2027
 
10,972

 
10,945

Mortgage notes, 10.61%, due April 3, 2027
 
62,500

 
62,500

Mortgage note, 9.83%, due October 30, 2027
 
47,029

 
45,714

Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032
 
36,032

 
36,032

Mortgage note and related accrued interest receivable, 9.00%, due September 1, 2032
 
19,574

 
19,471

Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032
 
22,188

 
22,188

Mortgage note, 10.00%, due December 19, 2032
 
2,550

 
2,550

Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032
 
5,720

 
5,787

Mortgage note, 10.25%, due June 30, 2033
 
3,430

 
1,977

Mortgage note, 9.50%, due January 1, 2033
 
6,241

 

Mortgage note, 9.50%, due April 30, 2033
 
1,367

 

Mortgage note, 9.50%, due April 30, 2033
 
2,629

 

Mortgage note, 9.50%, due April 30, 2033
 
3,686

 

Mortgage note, 11.31%, due December 31, 2033
 
11,551

 
4,930

Total mortgage notes and related accrued interest receivable
 
$
482,262

 
$
455,752

 
 
 
 
 
Payments Due on Mortgage Notes Receivable
 
 
 
 
 
 
 
As of June 30, 2013
 
 
Year:
 
 
 
 
2013
 
$
585

 
 
2014
 
117

 
 
2015
 
878

 
 
2016
 
43,797

 
 
2017
 
1,154

 
 
Thereafter
 
435,731

 
 
Total
 
$
482,262

 
 
 
 
 
 
 


28



EPR Properties
 Summary of Notes Receivable
(Unaudited, dollars in thousands)
 
 
 
 
 
Summary of Notes Receivable (1)
 
 
 
 
 
 
 
June 30, 2013
 
December 31, 2012
Note and related accrued interest receivable, 9.23%,
 
 
 
 
due August 31, 2015
 
$
3,728

 
$
3,728

Note and related accrued interest receivable, 6.00%,
 
 
 
 
due December 31, 2017
 
1,058

 
1,116

Other
 
186

 
183

Total notes and related accrued interest receivable
 
$
4,972

 
$
5,027

Less: Loan loss reserves
 
(123
)
 
(123
)
Total notes and related accrued interest receivable, net
 
$
4,849

 
$
4,904

 
 
 
 
 
(1) Included in other assets in the consolidated balance sheets as of June 30, 2013 and December 31, 2012 in the Company's Quarterly Report on Form 10-Q.
 
Payments due on Notes Receivable
 
 
 
 
 
 
 
As of June 30, 2013
 
 
Year:
 
 
 
 
2013
 
$
146

 
 
2014
 
202

 
 
2015
 
3,714

 
 
2016
 
142

 
 
2017
 
582

 
 
Thereafter
 
186

 
 
Total
 
$
4,972

 
 



29



EPR Properties
Summary of Unconsolidated Joint Ventures
As of and for the Six Months Ended June 30, 2013
(Unaudited, dollars in thousands)
 
 
 
 
 
Atlantic-EPR I and Atlantic-EPR II
 
 
 
 
 
EPR investment interest in Atlantic-EPR I: 45.5%
EPR investment interest in Atlantic-EPR II: 32.2%
Income recognized for the six months ended June 30, 2013: $346
Distributions received for the six months ended June 30, 2013: $414
 
 
 
 
 
Unaudited condensed financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the six months ended June 30, 2013 and 2012:
 
 
 
 
 
 
 
2013
 
2012
Rental properties, net
 
$
44,943

 
$
46,048

Cash
 
152

 
141

Mortgage note payable (1)
 
11,616

 
12,028

Mortgage note payable to EPR (2)
 
19,361

 
15,165

Partners’ equity
 
18,530

 
18,742

Rental revenue
 
2,851

 
2,804

Net income
 
978

 
631

(1) Atlantic-EPR II mortgage note payable is due September 1, 2013
(2) Atlantic-EPR I mortgage note payable to EPR is due January 31, 2018
 
 
 
 
 
Ningbo PIC, Nanqiao PIC, Shanghai Himalaya PIC and Shanghai SFG-EPR Cinema
 
 
 
 
 
EPR investment interest: 30.0%, 49.0%, 49.0% and 49.0%, respectively
EPR investment: $5,192
Income recognized for the six months ended June 30, 2013: $471
Distributions received for the six months ended June 30, 2013: $0


30



EPR Properties
Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management uses EBITDA in its analysis of the business and operations of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA - continuing operations as the sum of net income plus costs (gain) associated with loan refinancing or payoff, net, interest expense (net), depreciation and amortization, less gain on sale or acquisition of real estate, gain on early extinguishment of debt, equity in income from joint ventures and discontinued operations. EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA - continuing operations is presented to also add back the effect of non-cash impairment charges, the provision for loan losses and transaction costs. Adjusted EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations.

The Company’s method of calculating EBITDA and Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. In addition, we present FFO as adjusted by adding to FFO costs (gains) associated with loan refinancing or payoff, net, transaction costs, provision for loan losses and preferred share redemption costs and by subtracting gain on early extinguishment of debt . FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO provision for loan losses, transaction costs, non-real estate depreciation and amortization, deferred financing fees amortization, costs (gain) associated with loan refinancing or payoff, net, share-based compensation expense to management and trustees, amortization of above market leases, net and preferred share redemption costs; and subtracting maintenance capital expenditures (including second generation

31



tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income and gain on early extinguishment of debt. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), depreciation and amortization, share-based compensation expense to management and trustees and costs (gain) associated with loan refinancing or payoff, net; subtracting interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt and gain or loss on sale or acquisition of real estate from discontinued operations. We calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. We consider the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. Our calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that preferred share dividends are also added to the denominator. We consider the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. Our calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that recurring principal payments are also added to the denominator. We consider the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. Our calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

TOTAL INVESTMENTS

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of rental properties (before accumulated depreciation), rental properties held for sale (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in a direct financing lease, net, investment in joint ventures, intangible assets, gross (included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested.



32
GRAPHIC 4 eprlogoa01.jpg GRAPHIC begin 644 eprlogoa01.jpg M_]C_X0`817AI9@``24DJ``@``````````````/_L`!%$=6-K>0`!``0```!D M``#_[@`.061O8F4`9,`````!_]L`A``!`0$!`0$!`0$!`0$!`0$!`0$!`0$! M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("`@("`@(#`P,#`P,#`P,#`0$! M`0$!`0(!`0("`@$"`@,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,# M`P,#`P,#`P,#`P,#`P,#`P/_P``1"`$)`PP#`1$``A$!`Q$!_\0`_0`!``$% M`0$!`0$```````````D&!P@*"P4#!`(!`0$``04!`0$`````````````!P,$ M!08("0(!$```!@(!`@,#`PH*$1$%"0```0(#!`4&!P@1"2$2$S$4"D$B%5%Q M,A87MUAX.1KP88&QP2-VE]>XH>%"4G*R,R2UU3:VUE>G.)B1T6+"TH.4)2=W MAQB(J-@968)#-"8WHK-TM'661R@Z$0`"`@$"!`($!@T(!`D+!0```0(#!!$% M(1(&!S%!46$B$W$R%*05"/"!D<%"4M.$M-15%S>AL=%R(S,D=.%BLQ:"4W.# ME)6U5G;QHK)#8^,E-74V.)*3-&0G_]H`#`,!``(1`Q$`/P#?X``````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````!C9RBY1:SXGZTF[#V).]62]Z\+$,0@OM)R#-;Y#/J- MU-2RLEFU'9\R5S)BTFQ#9/S+ZJ4VVYNW0'0.^]Q-^ALNR0TK6DKKI)^[HKUT MY-NFJKK3\$N#LL M:Y:X\7JW&,M9"^[LO.7(,BN+:DVG7X=36-C(E5>*5&O-:V==0075]8U9%LLC MPRXO9S<5OH1NRI+KKBNIF9=227>>#]7/M/AX56-E;?/*R802G=/)RHRLDO&3 MC7="N+;\HQ22^Z>8&Y?6W[Z9^Y79>#NM>%AV3A.?5+[F6GT_P!+K[P"SL#VBCP6TV7QMZU7^3P/U M4P:V=W8>YYJZZ539#O\`]'UDN/U=DUJ#1JJ^YAI,B3)@/+UAT4I'F(G6C/U& M5GY5%[#/X78[M9/XNU_. MCR22CI["^X]H-1_)_/:L,5X]B.UKX/:^/^9R_P!8/J?UB>[T=?\`XO\`-<+] M6*&G=];N>-]?0Y-$@OJ_<7X]J_D*U.8J+L1VI2]K:_G.9^L%./UAN\MDM(;O MP_RF%^K%-R>^]W34*/RU$?#:_G.9^L&5Q> M^O>6[X^[\/\`*87ZL9@\0.Z/W5-V74_,,PY,R"U;B[RX4EI.EN/D1>69"IGS M)HX3IUZ%]SO4Z_ MD+I]G@BC^49#'[$=J9Z:[5K^!^JEHKGNG<\(BU MIC[U],D]>G76.FU?+T\35KQ7M&9I^K[VAEIS;1\ZS?UDUJ_ZUG?N$M%OVB_R M6W?JA;*U[M_<(C>;T>0/DZ>S_DITBKZG\_K90R=?U=>SDE[6S_.\[]9+"7UL MOK`)\.H.'^1VW]3+=3N\9W'65K)KD7Y2+V?\D6B5?+T]JM7G[!>KZM_9=KCL MWSO._6BA7];7ZP4I:/J#A_D=M_4RTFP.^GW$\$K?>Y?),G9L@EIK*MO4.@O> M9SQ=2ZGYM6*-B(T?]4=,NA>PNJC(AC]Q[`]D-MI]Y9LVMC^+'Y9G:R?_`$K@ MO2_OF^](_6#^L5U5F_)\;?>7%AH[;7@[=RP7_1%S3?X,5Q?B]$FS$=[X@?NX M.O.NHY7M1D..+6B,SHCC6IEA"C,R9;5(T[(D*0V7@1K6I1_*8T:79'M;*3DM MJ44WX+)S-%ZEKD-_=9T)5W>[DUUQA+'XR_P`#`^?W'=L/V9\YR_RY]?OA[C?M)_\`1\7\@?Y^ZLK*E MPVNUW4XI52I3CL"@KK/6.%Y'91:N*H_2BMSKVWDRGC27F<==,U&?1)%Z5_5T MP<+#[2[?EXU4(965/)G;-)*5DHY5]<7-^+Y:X1BM?!+@>.OUN-SW'.[Z;K@9 M=]EF%A5XE=$)2;C5">%C73C"/A%2MLG.6GC*7'RTP%K8:C-/@7R?K?7^4319 M/3BSG6FK66A<&LA]?+X'\GL/K_K#&76_9]G\AG,>G3X2XE7!^Q\/J>TOY'48 MVVS34S>/5X<"X5;"Z^7P+IX=?D]OR#%W6_=,Y17I[1]LUU7BFU<6EXCF-=[U M724FY&E,&EFSIYY(4EBTJ)GE4J+-CG^DIMQ/5#B5(,R%FKYT2YX?&_G+ZMN/ MM)D#7)GC_G_'C)&X60H*,MB8ORIZQ>K\UZ/]'_`)/AQ,DV!^/CT_3Z M_7^M[!\V7^/$VO!V?71Z%S=!Z:RKD5LZHUUBYKC,N).TRO(#;]:+B>+1GFV[ M*ZE$9I)QXU.)8B,]>K\MU"/!/F4G'79&B;^QLSN5\CV7">9D<9+A&/G*7DOO MOT+4V0*C!\:UKA]%@F'5Z:O&\9@-5U9&)7J/&A"E./S)KY_/E6$^0M3TAY75 M3CJS/ZA%3I;Y]?-D19V1=EVV9-[UMF]7_0O0EX)%J\G]BOK'_2H&QXOQ5]GI M-*S_``?PLL'D/]5=_HC_`*<;#C^"^V:;D_&^W]\LU=_S7US_`%R&8Q_BKX/O MLQEGQV8O;9V13:]KSGSN.ZT;91S2]J]_%CZ?6_1%>;^TC:>B>C-RZOW%UT)U[;4U[VYKA%?BQ_& ML:^+'P7C+1>,=&09!;91:R;JZE*ESI*O$_L&8[)?U*+&9+YC$9DO!*4_7/J9 MF9QQDY5^9=+(R'S6/[B7DDO)([!VC:-OV/`AMNV05>+!?"Y/SE)^,I/S;^!: M))'D"F9,```*PU[L+.-3YSBNR];91<87GN$74'(L4RJAEKA6U)<5SI/1ID5] M'4C(C(TN-K)33S2E-N)4A2DG8Y^!A[GAV;?N%<+L.Z#C.$EK&47XIK^9^*?% M:-%QA9N5MV57G85DJLNJ:E"<7HXR7@U]FC7!\#L+CRM/2<`````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````````````````````````T\^Z M-&]7GQO=73KU/5_L+J?AIK79?LCTP^K\].T&T?G7Z;DGC;]:F/-W^W[\Q_[. MPS#2MA="270ODZ^'\OR^'42M=9XD(8U/AJBX-7"(_+T277PZ>/['M&-MGIQ9 MG<>KP+B5L'IY?`SZ]/D_^T,7=9XZLS>/5X%P*V%T\J>GCX="^K^JGJ?08V1DHQ7_!+@5L'H2?`^OA]<65L]==&5XQ-FUY"?.]+(K5KU+Q:]7\Q*>R[U MA9F.W:X4Y%<=9IO1:+QE'7Q7^JO:7K)L>)_%FJXK:AB8U(]TL-D9,46[V?D4 M?HXF7>DT9Q\?K7^JC^@,79>5&C^4_*^[ZL@_%WHFSE<\BWF_`7A_3]LT#?\` M=9[KERM6JQH<(1]"]+]A2YX-H\4%:6QH/SQJUM9?-+P7^*_3_K157J1>SZA_RO:,9=9XF;QZ=-.'$N#6PNG0S3X^' M0B]O3ZGU_`8RRSF>B\#,5PY5R^97U;"\4GT3_J?RQ96S26A<):+0N#60OL?! M/R?(,?;-_;+F,>3X2OZ^*DB)2NA)(NJC/J73I]51]"]@L9R?A'XQ56D5S,E8 MXD<<*YG'GMB;$I(\^1E-:[#QW'[6(AZ/#QR>UY7K27%>\Z53;QA?1LE))3,; MQ+YSIDGESNWW'R)[A'IWIV^5=6+:I76URTUH])3]4%KW%]7 MOLQAU[1+K+K'%A=?GT.&/1;%2C#&L6DK9QEPY[XO2*:UA5Q\;'RXEG1OVR5982MQ7V$]7SW9>/>8NCUO=; M%ZI5>R;W*%/4:6D7PC#(T\X^4;?36OC<90\XJ)N]G8C-Z%G;U)TS&S(Z.D]9 MQXRLP]?*?BYT:_%M?&'"-GE.45>1_P`U_1?LCH2CX_V>HYBN\&6`R?V*^L?] M*@;%B_%7V>DU#/\`!_"R//DYR%I-11'*:L.)<;!L8YK@4YK]2/2QWB/TKB_) MM7F;9/P4Q&ZICUO[R\R_P"D.A,KJO*63D\U M6Q5RTG/PE8T^-=6OG^-/BH>N6B(;KR[M\EMI][?6$FTM[-\Y,Z?,7ZCS[JO# MI\B6VFDD26VTD2&T$24D1$1#6;+++;'98W*;?%LZ>P<'$VS$KP<"N-6)7'2, M8\$E]]OQ;?%OBWJ>8/TNP````#ZM-*6HO#P%)MQ>B\#]*AB1.G3P^K\OB9_5 M/_9?K"FVDM6#L0CRH/2X```````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````U-NY/&)WG'N]PC)71>MVU^4R/RJ^Y! MK]1(7TZ^51H,CZ'T/H9'[#'H[V'EIVEVE?YK],R#R*^LY7KWVWQ^GY%_V?B( MQ/K(/3R^!^TNA'\HD^VQK5$-8]/AJBX59"\QI\"Z%T]I=.O^J,7;;Q,W37RK MF97U="^Q+IX>TSZ"QG/E+N'I+@UL'KY"Z>'4NOR?ZPL+9^)F'XD9&AK_WBO+#7=CK[_=;;?HO;I_\`Q_+@]&O&FIZIV?UI<8U_;G^" MM>ANP?:=]>[Y]/;U6WTE@6+F3\,F]:2C2O3"&JG<_-0TXQ(C MOMH>8?8>0;;K+S3A*;=:=;4:5)41DHCZ'X#\A.R%BLK;C9%IIIZ--<4TUQ33 M\&?-E==UG8^T@E+?B%YGH22-3?F9(TL]A=I>]-6Z2JZ; MZNLC#='I&G)DTHW/P4+7X1M?A&?"-CX2TGQEP+WT^KQ?L<+^K^@:I6;*DYY& M)%.4Z%XRLH7%RI7%SKXRJ7&.L.$-6[F'RPI=-1I&'8D]#N]I6,4EMQ^K6$NUN+64[-L;*<\;T MN7*>5U<>?=69F9G["(NB4I(DI(DD1%9-RDW*7&3\2=<>BC%HABXT(UX]<5&, M8K1)+R2^QM\7Q/PC[*P````!]6FE+47AX"DVXO1>!^E0Q(G3IX?5^7Q,_JG_ M`++]84VTEJP5+&C].AF7US^H*$8ZRT?@4;+%!>LZ_@\KSTT````````````` M```````````````````````````````````````````````````````````` M`````````````````````````````````````````````````````````.=+ MWJML;$U5WA^6UI@6565"XZYH-4R$VX4JFLTM<9]+&EJTII27:Z:@R\.JD>H1 M'\U1#T$[(6SAVQVSE;7_`/)_2[S@GOIL^V;OW!W&K<*86)>XT?A*/^%H^+): M27W=/4>/I'N"XC<>Z5&X:4\.L5&2#RVA9E6.+NJ\/(N=5$I:>FMJUBI>W M=;IK&BE-*=C\$WQ481U]N;2\-6IX\.Q*CP7&:?$L;B%"IJ2*B)$9ZFIQ70S6 M](D.&1&]*EOK4ZZL_%;BS/Y1PEO&[YN^[G=NVY3Y\R^?-)^7H44O*,4E&*\D MDCU5ZVKI39,;I_9:U5MN+6H07BWYRE)^,9Y+7E'SC4GPE/QEQC!ZZRCS'WS[]8W0]5G M2_2LX7=83CI.?"4,-2\Y>4KVN,*_"'"=BTTC/1ZYP<)Y>76V3;NU*P_,RZWF MV&1;!PWS&Z]E%E->7-MLIQSS&2BO9;ZW'I<+KY92U>:.25]6U]QTTPA3&JA* M-<(J*BO!))))?`N!P]T_UM-7?(M_LLTS_L?TB+H9>WY3\?`74(+3U&"RLKSU MX'7F'E*>J(`````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````!S8^_=^5TY:_7T1_%DTR/0+LC_##;/SG]+O.&N\/\ M2-Q_-_T6HBTB?8E_O?ZPE>CXI"^[>?P?T%\M4[8V)J2X1K3VOIFKHW;TL@G:RT:,NI?MS2E$1_-,C\1DO<57PY;4FB.=S:5#!YEC$>1/H)3QJ)/JVE"7JVE.DTGYE+CKEMD9' M\Q!>!83+VFV/M8TN9>A^/VGX/^0Q$80E\5$NFNY57L:/42M?V-?FC%[,CU]. M_CBN+2B2IQ9$IM?E6CKU41$1C4\^ZK;ZK,G.DJ:*H.<].%47_Q=*;C'\9\UC2<]%?X:&2R`!&[S%YFM:Y8L]9:IL&9.?K; M=B9#DS!HD1,(2M)IJED>B4O.-/\MGEI'B^4N^G?VKI:-O2'1=D;.IGK"_(6DHXFOC&/BI9 M/JXQI\9:STBH&+Z1(ER)4J7(?F3)4M^1(?=4: MEK69J4HS,S,QV91"%5<::E&-44E&*22BEP227!)+@DN"1Y]7V6W63NNE*=]C MTC&7Q_OHPF1Y_9Z"+[EM MP]K-F*L-@:VB1*?8Q)7)MZA/I1*K.?*753BS^8Q79.:2^;(/HW+,O*]T69.B MZLQ?>^U7_>?S_P"DV?I3KJ>SSCMN[RE/:==(SXN5/WY5^F/C'QCPX$+D^#.J MITRLM(4JMLJ^2[$GU\YA<6;"E,*-#\>3&>2AYB0THNBDJ(C(8]IZZ/A)$YUV M5W5QNIE&=,XIQE%ZQDGX--<&F?F'V5#ZM-*6HO#P%)MQ>B\#]*AB1.G3P^K\ MOB9_[K]8?`*EC1O+T,R^N?R=/;\O@9&7^J*$(S]3V? M*?B?CX"[A#S9@\K*\4GP/399]AF0NX0__4:_DY.FK;XG72'DP>N````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M`!S8^_=^5TY:_7T1_%DTR/0+LC_##;/SG]+O.&N\/\2-Q_-_T6HBTB?8E_O? MZPE>CXI"^[>?P?T%7P/:CZQ?LC+U??(YW/X\OA9=?'?YCZY_K*"[[YBZO`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`MI>7P%L MKC[%7UO]L8RV/]]&(R//[/06NN?YOZQ?KC+T_>->RO/X#`_DUQKHMP1GL@HR MB46QH4?TXUJ:?2@Y"RR75JLR`FT'U623,F)A)-YH^B5^9HNB:^1@1RH\T>&0 MO/T^I_T^1L'2'7F7TO>L3*YKMCG+VH>,JV_&=>O_`)T-=)>*TEQ<.%SC5WC= MU88]D59*J+JK?.-/KYB30\RX7BD^A&;;K+S9DIMQ!J;<09*29D?4:W;&=4W7 M8FIKQ1TIA9V'N6+#.P+(VXED=8RCX-?SIKP:>C3X-:GZHD3IT\/J_+XF?U3_ M`-E^L*+:2U9>%2QH_3H9E]<_J"A&.LM'X%&RQ07K/7::^Q\/YWH7M^0_$_$7 MD(>;,'E97BD^!Z3+/7Z_A\GZ/Y0NXQY?A-?RO3P_4_E?5%Q&/ M+\)KV3D-R?$ZWP\D#V1```"W-[M_4V+VLNBR;:.N\=O('H>_4][FV-4]K#]Z MCLS(WO5=86<>7']XB2&W6_.@O.VM*BZI41F!Y7W?M$?XZ]2?OCX=_;D`/N_: M(_QUZD_?'P[^W(`?=^T1_CKU)^^/AW]N0!]8V]M(S),>'$W)JJ5+EOLQ8D6/ ML/$7Y$F5)<2S'C1V&K=3KS[[RR0A"2-2E&1$1F8`NL`+6SMX:6K)LRLLMOZN MK[&NE/PI\"=L#$XDZ#-BN+8E1)D5^V;?C2HSR%(<;6E*T*(R,B,@!^;[OVB/ M\=>I/WQ\._MR`/M'WMI"6\W&B[DU5)D.J)#3$?8>(O/.J/V);:;MU+6H^GL( MC,`7*@SX%G&;FULV)80W2ZM2X,AF7&=(OE;?CK<:61?I&8`_6`/X6M#:%..* M2AM"5+6M:B)"4$1J4M:E&24I2DNIF?@1`"T_W?M$?XZ]2?OCX=_;D`/N_:(_ MQUZD_?'P[^W(`_TM^Z),R(MU:E,S,B(BV/AQF9F?0B(OIGQ,S`%PJ?(*'(HY MR\?NZB\BETZR:>RA6<J4D7B?L(`58```````````````````````````````` M``````````````/SR9,:'&D39LAB)#B,.R94J2ZVQ&BQF&U.OR)#[JD-,L,M M(-2UJ,DI21F9]`!36*Y]@N=(FN81FF)9BU7*CIL7,5R.GR%$!4M+JXJ9JZB9 M+3%5*2PLVR7Y?.2%&77H8`JT```````````````````````````````````` MP;77+R\B(Y+S* M4EQO,9D1=3/]+V_J'U%S&33U7B4+/)OXICM-YS;@X]Y1/:XO[3RG7>0.).!E M&58G;+8@V4=*R]6B77+)^GO6"6GHZ[)9>0@_!KHHO.4>];4]/]240VW<<3&S M(534E*V$9\DHO5>[;6L7P]IIZ->SQ6IT[V9Z9F8,,FF4(X]5LZ MG97.+7->HR6JT>M=;XJ6DWHTD9OZ![Q];;)A8WR9Q!-+*6I+'W2]?0GWZ?R^ MF1>\9%A:W9-C$6MU/5QZM=?1\[J49)$-.LVN4'S4/5>A_>9M6Y=&R2=NU3U7 M_%S?'_@S\'_PM&_22LXQL+!MH8['RW7>6T.9XY-;0XS:X_8LSV6S=2I26)S* M%%*K):/*9*8DMLOH,C)2",C%*,90ERR34C1,S&R,2SW&57*NU/PDM/N>GX5P M/$M/L5_7_9(7Z\"PEY?`6RN/L5?6_P!L8RV/]]&(R//[/06NN?YOZQ?KC+T_ M>->RO/X"U]S_`#7UB_7&8J\#7K_C?9ZS%O=FF<MNUV2_M:6^#\/:@WPC8EX/P?A)-:-1@W^'7>'7,JAR&"Y"L(A]>G MV<>2P9_M4N$^1$F3#?+Q2M/R^!]%$9%I&1C9&-:Z;HZ6+^7UI^:.J-KWW;=[ MV^&Y;78K,::^!QEYQFO&,EYI_"M4TW^=IKP^QZ_4+V=?$_$_'P"$/N%OE97B MDSTV6?8?3K_*_2(7L8\OPFOY.3IJV^)ZK+/7IX?6\!<1CR_":]DY+DV>U&CF M9D1%U,Q72T,398Y/1>)UI!Y$GM.```'(%^*._+K\YO\`LS?Q/./H`A2P_2&Z M=AU"K_`-0[0SFB;F/5R[K#\`RO)JE%A':9>D0%V-+4S8:9;#4EM2VC7YTI<2 M9D1*+J!5/_56Y/\`X.&^OWG]A?X.@!_U5N3_`.#AOK]Y_87^#H`R/X=<9.25 M9RYXKV-EQ[WA7U\'D?HV7/G3M3Y[%APXD?9V+O2)4J3(H&V8\=AI!J6M:B2E M)&9F1`#MW@#AS]S7\I!S_P#QU.4?W[LW`&+E3JW9U_71K>AUSGEU4S4K7#M* MG$,@LJZ6AIUQAQ4:;#KGHSZ6WVE(4:%&1+29'XD8`^EAJ7:M3#?L;76>P:VO MBH-R3.L,,R.'#C-E[7'Y,BN;9907U5*(@!>WC#SGY@\+\G9R[BWR-VQI6T0^ MR_*AX=EME&Q>[]!:'&X^385+=F8?E4(E-EU8LH,IDR]J0!TK/A]/B'Z[N@%* MXQ\F*O&\!YG8GCDG(*B=C$6168/OW$Z5!G>7N.5;[TQ.,9WCD7TY%M4D^IB4 MPIR;`2B.U)C0@-F[8?\`7$U9L>5$EL,R MHLJ-@^3/QY,:0VEZ/(COM5:VWF7VEDI"TF:5),C(S(P!]%Z7W"VA3CFI]EH0 MA*EK6O!,I2A"$EYE*4I541$E)%U,S\"(`>GJ+>N]>..:1,WT=MG9VE,\I9/F MCY%KG,LDP6_B/QW.JH[TJAG5TEQHUI\KK#OF;<+JE:3(S(`;Z/P_GQ/VQ=U; M4P'@[W'+RHOV+5 M.HG8]:;'I\4S6(Q.C*2N.35QKAG3^0TBR67A*:5)6T?SB:5TZ`#&3!^Y=WAO MAZN16`Z`[L\F\Y=<)M@W#E1AV_D6T[/\HBT->N/"EY)K79]JW$RJYM,;AO,R MK3#,P;.R<801P7HS;B9,@#?6UYL+"MLX%ANT-;9+59EK_86,4F9X5EE)(*54 M9%C&1US%M27%<^1)-R+/KY3;B?,25$2NBB)1&1`5D``````````````````` M```````````````````U]/B:.3F_>(_:ZRC<7&S:F5:D1Y2/=K!ME*7"\OSB3T]G4`2"]J#9V?[I[:?!K;6UN,ER6ZQ6!-M;FR=9;:;LDNN(09 M*4A)D1D9@"#+L`]E;9?9PQWE#3;'W=@VYWM_7.H[2J>PG&[_`!YK'F];P=AQ M9K5@5[(?5+59+S9LVC;\I()A7F^R+H!L1``````````````````````````` M`````````#FQ]^[\KIRU^OHC^+)ID>@79'^&&V?G/Z7><-=X?XD;C^;_`*+4 M1:1/L2_WO]82O1\4A?=O/X/Z"\FK\&MMAY-"QVI2:"61RK.>:#6S5U;*TIE3 MGBZI)1I\Y);1U(W'5)27M,RS.+6[9*"_\A%O4>=3MV//)L>NG"*\Y2?@OZ7Y M(E`KL:K<;J(-%41RCU];'3'CM^!K7TZJ=??69]7),AU1K6H_:HS&T4J-<5&M M:)$#9E]V7D2R,AZW3>K?\R7J2X+U'E3(Y$2C\"2E*E+-1$E*$I(_,I2C,DI) M"2ZF9F1$7M%Y"3?PHL)1UX)<7]FA&]R!Y#)LW)N$:]FG]&$;D6^R>(X:561] M3;?K*1Y/12*[P-+LE)^9_P`4MF3?52]G-2Q,.7L>$I+S]4?5Z7Y^7`Z" M[==L8XSKZ@ZEKURN$J:)+A#S5EJ\Y^<8/A'QE[6B6%_L\"Z%T+P+ZO\`*&N$ M[']`"N==[/V'J6^1DVMA MMJV#@T17I+,S+TW+K#37U9\/!;U>\9?*48O$471IX>!HFZ=#9I1]/5C.&1>HRH_(LOJ*(E%]9>WT9]7N[O MC+XLO.+_`*/2O,R_3W4VY],9ORO`EK5+A96V^2Q+TKRDOP9+BO6M4\`LFPNW MPVU55V[)>)J5$FM$HX=A'(^A/QG#+V].GG0?SVU'T5\AGIF3@WX5GN[E\#7A M)>E??7D=![9U+@=087RW"EZI0?QX2]$E_-+PDN*]7F,L]>GAXA&.G!%#)R7) MGM1X_L(B\3%9+0Q%MC;T15=?7EX&9=3^L?Z.@^)2U^`^(PT>K\3J\CR,/:H` M``.0+\4=^77YS?\`9F_B>XM>8VI5QLBJV%0T<.+67>2U>+E,M:^X]#Z54_"3$=>3\1N5O'GDSA\R5$O-);DK:,E.5N3X MVJ772VCZI>BRG&U$:5&1@=R3,+&);ZNRBV@.>M!L\"N[&$\1=/5B3<>E28SA M%X]/.RZ1_J@#@B@#NF\$O\R#AM^*IQY^]%B``RK`$*W=][,O%;N5<==I1[#4 MN$8SRCK<1O[W36^<:QVIH-@1<_JJJ1*QNCR_(JR)'GYC@M[8,(A3Z^R5*;:8 MD+?BDS*0T\D#CA1Y%IC]LS*B2)M3=TEBW(C2HKSL2PJ[2MDI<9D1Y#*D/19D M*6P2D+0HE(6DC(R,@!W,>!6\Y_)KA)Q(Y"W!&F\W1QTT[L;($GU/RY'E6!45 MKD24FHS4:$W"\J.T[S1Q+-*1BUL-;:6SC?VNIZB)$[&]CZ2QF MWSS'[:KD_91G9L:KE5DKI_5JZPDLG\UPP!'?\(7OG(]P]HVLPG)93\U7'/?N MT=.8[(D&:U_:C+A8IMFIBF\9FI:*V;LZ7%:2?]3CLMH+YJ2(@)6^37=DXI<3 M.9W&K@AM?[I?W=.5JL+^Y8>,X=&N<,+[?,^M=;T'VRY`[>P'ZCS9)3/$]Y(L MCTF/*YX]?*0&9^^N0VC>+FL[S=,X?R5VQ:;:VQA M&I:7/X.`8SAV!QK//,OJ\/J+MPLVS:DS9RH:F6K;[I*I6I!,$?1LU_,`&T>` M(W.?7=JX%]M.ECR^56\Z7&LPM(;4_'-0XLP[FFXLFA/NO,L6%;@-(;UG`HW7 M8[J$VEF<"J]1M3?O/J=$&!KNY/\`&I\06[FP3KGA=RHS?#:Z2MM_*K2PUUBL MGW9"^GO:J6!E+TYI70R\WE/KT`D3X4?%'=JGF1E-'KRPV%EW%[ M8M_Z4:KI.2]11X9BUI;.O)814UVSJ3(\DP"/*D.+24=-I.JW)2E$VTA3I^F` M-BY"T.H0ZTM#C;B$K;<0HEH6A9$I"T+29I6A:3ZD9>!D`/H`(UN!7=7XL=QO M-^2>O^.Q;)+(.*N5U6&[3+/DA*QN5&O+@[>(J9@$\U+6EA2 M4>D9IZK,D@8W=P[X@SMK]MS)K#6NV=H7.T-VU27TW&E-"U5=G^:XO*;CH?9@ MYS/E7=#AF#64@GFS3!L[2/9>DXEXHQM&2S`AGH_C8>'3N00VLLX9\HL/P'S:0?F6VU:K,NG0C48`V(NW_W>.!'JA/6&0Z;S*,K"=R8_7QW6F7[25@MNZ4NWHF')+27+.I#Q9/4#6]R?XT;B,5W8_O,.R;.Z*M^0_&4L\+7U)L: M^U=/3L3&8^)WR,HQVCQC(;$FJV+<7;3E?]'Y=$]-XGOG+\Z?*7EZF!BGS^[^ MW;.[[2UWC.LMHN:NL(&UXV)Q+NT MLDXO0Y6BTAQ\1R?*H35>N#D#3?E)EF.K(6/ M8WZV,8AD&;V?TG<-9?9.0T?0F-2?3,F'/.]Y4>'FZD!/K93V*JNGVDKS^ZUL M*5/D^DGSN>A$8A$9@2-@"P7) M/E)QYX>ZMN-U\F]NX5IC6-(XB-)RC-;9N`U.LW6)$F+0X_6M)?NQ$=5 M&K*V/+L))-J])E?E/H!JX[3^,PX*5&2OX]Q_XTHO-T-)&1D`+^<3/BWNU]R'RVHU]ME.V>(&6 MV]A]%-V>\:&D>UA&L%=$LLV>Q,0O+I&-QUO=4.2[JOJH, MXJ6F/,SZZLQ&EFDRHHTF[G5K4TR448WO(YY0(*X'QKW`AV^1'L^*G+RNQ-V4 M3*,C:B:AFV7H>F^1 ME5B.U+:J>H M$KFP\LOL*QB3?8WK+.-NVK$F&PUA.O)^MJS)YK4E]+3TR-+VQL+6&&)C5[9^ MJ\3UNT\I!&32'5]$&!A14=R/5):QXU[CV)JS=NE]=.'$DRK8HDNNG2V#F16(A2)4<#(C7')_ M5>V-[;]X]81+N;7->-E5JJPV9:?1A-8>U.VVYL1%-C>/WYR3^GK_`!W[FLQ- MVAEGW:O??9C&\N6B9'B`9#@```````````````#FQ]^[\KIRU^OHC^+)ID>@ M79'^&&V?G/Z7><-=X?XD;C^;_HM1%]1U\ZTG0*NLAOS[*QE1H4&%&;-R1+F2 MGDLQX[*"/JI;CJR(OD+VGX"6<=-\%XD*;U.-4)6V-1KC'5M^"27%DT&FM+Q= M1X6S7/DS(RFV3'G958M_/2J:2#]*KBN=#ZU]23AMH,NA.K\SAE\XNFRX:54- M/PO,YKZEW*>[YKN6JQHZJ"]7XS]E^2(L M^1W(1W*SGX/@$MQC%B-<>ZOHYJ:?R4TJ,EQ("RZ.L4)]/%9&EI?ZO\_P`!T#V_[<0VKDWW?X*6Z>-=3XJGT2FO!V^A<57Z MY<5@JZP;1^!=$GTZ%]3I]0O#P&%C+3@_`F9^D^8JGX`````51AV8DF_< MXTIQN*YT;/JMR$ML^I>#!]1?49G(U[QPG(ZK):LS\JY%9()QR,YT(S9FPW$HFU[Q$HNJ'FT M*_2&Q8MU=L>:N2:(*WG:]QV?)^2[G191?Y*2T37IB_"2]:;/&L/8K]3_`&PR ME7BO@->L\_ZQ0-G\OZHOH?%+:1:[+:*MR&"]76D8GF5?/:<+H3\5\BZ(D1G> MG5MY)_\`LJ+P41EX#[MQJ+WB&XH_0. MP\NM-[YWM5J^UC%UR]C;=-E6,8#1PJ]Q>59WCEG])L2,3?6Z11S:)#B/*M1^ M8D@32_GLW;^_!5YB_P#`-*?PL@!^>S=O[\%7F+_P#2G\+(`F#[2/?,X[]X+( M-X8[HW4NZ-9RM%4^"761/[8CX.Q'MX^?3,/PF%*(C/HHVF"Z_I@#@H`#NF\$O\R#AM^*IQY^]%B`` MRK`$2G=V[KO'CM@<8]AYKG.?XX[OJ^PW(J[06F(=A"L,ZSC/YE[C;< MI$Z!@U!;3&)=Q:2":C,0VU-MJ=E.1X[P'&3IZ?(\ZRFKH**NL\7. M.;SB'I>C]`:EU=9R&U>=N7```:Y'Q77Y$ M?DM^[GCK]_G``!E-\/E^1C[??_,DK^_7+0!,B```U]/B4NX#K+A9VS-Z8!;7 MT%S=/+7`,PT!J#!F9S"+ZQAYQ4KQS8F;JADLY;..8+A]R^Z[*\AM'8R(44S) M4DC(#SOA>^(64\1NTGJ%O/J2PQO/.1&69=R4R"AMHCL*SJ:S/&J:AU^S,C/I M0^PY9:TP^GLO3<2EQHYQH41*29$!"+\0[L?"].?$2]G[;>R+R-C.O=7X=HG8 M><9#+):X]+B6&0OQ M1?(*YY[>U!VV>*M?2P]%\*>/&(3<>FP;*IRR?KFDS M?8<:TK)#?']F5=?W)>[_`!+/E'RLY"/0]MT>J]O37\BQ7!JS(?0N M*&^VI1ON'!SG/+BL4RXFCG(708_`<;A'!7):_K4#<,QS`<%P^D;QK$L*Q+%L M<::-AK'\=QRGI*1I@T$WZ+=560XL!#7ID2?*3?3H70`0W]S?L%#7-C,.POW'[BPLK_$K2SH.+N;W$U^[55V,*I3E=+K^N MR:2AN9=:JV/@RE7.(R)9G(KG5(K/*VA]B+"`WF`!RA^W_P`U.5^G-^=RC@UP M"QVS>YI]QCEI5:OUGL=IUN'6:;P;"\WY!R=GY\FS1[Q*IK^NJ[?V,5&6YI@V/\I>6EJR[;;'Y';GI6MTFIJ&W;^6AQ9S)SI.>F@":S(]6:QS"@5B>6ZYP/* M<57'5$7C.1XAC]WCZHJT&RN,JFLZZ57*CK:4:30;?E-/ATZ`#2][W?P^]%QR MH+7NB=HAJ\XU;VXWR)&X,[U)JJ;/K:&PQ[&SD761[`T_5M.2$XCD6*0&W)$_ M&XR?H"VIFGVF(C+R#CSP)V^Q-W48?==X14>VYN6 MF;16[J3@],U5:\P]:GT'G>U0]8R$?.B5<>2^1*-L MDF!JD]E#L_WO=+R:U[S'>$=D\@+O>5W-N]":1RY4QC!9>+T]H]7UF997BJ%, M1_N>U[T!<+$L4)1TSE6V$X?BV'8M$8*-$QK% ML?JR"4E$8K=^.[;TRC0 M]'>4RAZ)(`Q3^%\[I>U^4FL-L\!>7EK:2N7'"1]RC*SRJ2KQ6>8:?RV.U164U3BG9D677N.J>D^\R'`-BOF;_F?ORD`+W5/+C,6&D]1*UGI2GO-A)GK>(L M7O[AZOG(A6S[9L4U966EEYVGXL58`VI.W=\+1P&XN8Q5YGRTQ:NYR<@Y-S7XAK2?)149'5'8O+6NQREBULI[Q'(\L,G/=FP-BW5 MVE].Z/HY.,:6U1K74&-S)A6,S'M78)BV`4J MILU^FVE/7RI(B`U;/BPN/>@M=]H_--^A'USTJ?9VMACTB=/FRGEFMQUUQ;BU&9J,S,`2EXGQD MXVX%D%=EN#<>]'X7E50M]=3DV)ZGP+'<@JURXK\&4NNN:>@AV,)FM:[`V[LB[CXUK[5^&9/L'-\@EDM<>DQ/#Z69?W]FZVTE;KJ857`=<\B" M4M9I\J2-1D0`T"^'>@MM_%3<\MH\T.8MGEN*=MGC7F"\*T[HFHN)=/'R!\SB M6M?K.%/JW8[L.QG8\N-;Y[D+#A6CKUA%@0'6͙`;Y&C^.>AN-&%5&N>/V MGM=:=PJBKXU778_K[$Z?&HA18J"2VJ:Y71695K-=5U6])E./29#JE..N+<4I M1@8;]P?M*<(>Y1K#(,%W_IW%VOI#EK#@+-2:G(65Q&R)V7((@-TSD!M M`M(:'W9N@ZWZ9+4.H]D;0.H-9M%:E@&&W.5G6FZ1DIOW[Z)]+S$?4O-U`&CY M\+_P]KR0ML4PNJV.EO*L5Q+*&<U=R[S/&MCP-.'QNSFLSBARC M+)_'=Y.`8UL>C@6L2;?XCDN!P";Q&I3D<)IYH[:BBU-PP^]ZYR'33Z9@3^TU M/6X]3U5!3140*>CK8-/506U.N-PZRLBM0H,1M;RW'5HCQ64H(U*4HR+Q,S\0 M!@;2<(FG="@C<+=M<5,AJ8==+\WHU MUY,V2F:MN61D<%IQI7[8I(`N3Q_XEXIQPV9F%YKGT:W7-OH'0.GJ+')4VZO, MI3>:GV9RHV/F&;Y=EE],L+7+;_85KR*3,G6,U^193[5J9+ENN.R/.8&7@``` M`````````````YL/?N\.[KRV4?@2?N#F:B]I_P#]9=+CT"[(_P`,-L_.?TN\ MX:[P_P`2-Q_-_P!%J/W<)>.#E#2QMT9G!)%U=Q%G@59(;,G:FDE-FA>2O-JZ M+:L+IE:FXR5$2FHAFOVO%Y9@Q%R)3EXG*/7N]?*KGM.*_P"Q@_[1K\*2_`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```Y`OQ1WY=?G-_V9OXGG'T`55VL M/AQ.2O=;XT6?)O4F^M&ZUQ>KVEE.JGL=V*QGSE^Y;8K28I=R[)M6,XS<5WT= M(8RME#9&Z3OG:7YDD7E,P))?S)/G+^%WQ0_X)M__``$`#\R3YR_A=\4/^";? M_P`!`!L8_#U]C#?79ZR_E%D6YMQ:AVG%WOC>J:6@8UBUF33],_@-GG5LDSZ"G#ZMK\Q)+R]0-GH`<.?N:_E(.?\`^.IRC^_=FX`R/XZ] M]?NL<3=+X/QZX^RI!G(E/*2;OE29(2E)`79N/B3.]K=UTJKE\\ MX/SOQ$L2VU75+R^.>@+QB))O]=*R"M7&F;1V?$<2\5%GOT3-!65576QFH5=6UT")EC46%`@0XZ&F66D);::0E*2))$0`_6[SNYP/- MN,O;&[*K M5.D,&SW?N\L]>FS8M'6.NWF26Q1&O>;:ZN;BYF-L0JVNCD;LRPGRF8T9HC6\ MZA)&8`Z'?83^&#?X4[`Q/F9SRG8SEG(W$UIM-0Z2QB;'R#"M+7Y*=2QF^5Y/ M&4JNS;8\!HR^CFH/GJ:9XU2$/S97N[L(#.OW^<` M`&OEVT_B&N8_%'@?QEX\:^[-_(#?N&ZKUZK'*#TX^/;#A?;%>V'T[3L M4G&_*ZIJ*3TU4*#`%S^#OPW/(WD#R0KN>_?H]4U$U;9NMPK/87)W9>)0ICK23(UM19%NEQ1=2^:D_$` M=!G1^G<&X\Z8A5QH\>,B/18G31*:"MY$5MEER;*:B M>M)=\I*>D.+<5U4HS,"Z@`T%.\=62^;/Q1O;FX:YP\U;ZAU;!TS<2,.F-HDU M,^.[99-OK9[4V)(]2.ZO-,6PROK)1*3T"2\I@;Y=!<1X[W9.4]U&;E9+I_8-YJ+!S=)2BK5;CVQLZ_P`NM64F7D1.*NUA#B-N M?9$Q,D)]BS`&_"```^$B.Q+8?B2V&9,62RY'DQI#:'V)##Z%-O,/LN)4VZPZ MVHTJ2HC2I)F1ET`&@_\`#=4Z>(/?@[M/!"BE/M:^B0=M2\9JV5FU`]TTKO\` MJ:G`'G(23)@I,3!=I2&B6DB-/F4DB))]"`KOXV/:=@UA_;MX]S,F>Q[7^?[) MW!LG.5H1(DQVW\#@ZVQ#'[V5`B(=DS2QVKV9=.(;0A:EF\9)2:B(`2RZR^)2 M[#6H=;Z_U/AO+B;#Q#6.$XKKW%HC/'OD:TU&QW#**#CE*PVVG4K26T-5M:T1 M$24].GL(`5Q^=+=C[\,&Q_T?N1W\%``?G2W8^_#!L?\`1^Y'?P4`#6)X;\S^ M.V8_%OL;QX49JG+^.W,=_(<4O+6-C>582WR& MI]]R7$W\8XY:OLWDH5'ITWE>G/-K/14F9^6UE0BQIA+I$2FXSKZ",TOK(`=! M0``!J_\`Q>GY&[,?Q@M%?V9MP!)_V4/R1W;E_%"TE_>76@"4$`4QFW]QF7?N M8O\`^Q4L`::GP2W^97S'_&JK/O3XD`)&_BKMQ91J/LS;WAXK.=K)6WLYU-IV MWFQU*1(+%\CRYB^R6"VM/0T-7=/BSL!\O8N-*<0?@H`1L]E?OD=F#@+VS>+G M&S/.3SF+[5QW$K7*=PU,/1>][5R-L[/LGNLOR>#-NJ'6=A37;Z0FXK"V79QM>;#UY817-;[BI\UP*'8NY[B>* MN9`Q5 MYO=K?'V'N^)55N_X&U^(.;RY34*?&S3&YNS==1Y#Q^5#L+/\` M7%?.N%P$+/RNO6./U1-'XF7D(UD!LKZ0Y#:'Y+X7'V+QYW'K/=N"R%MLEE.K MLUQ[-J:/+<8;D_1\^7C]A.166C;#R5.1)'I26NO1:$GX`"\8```````````` M`````````T3.XAQ8D;T[T7+K,\M@.?PA+],V].7Q.2+JFWPXM_;(5^3/)&=M:9)Q3$%R:S7,2 M1\XU$MB=E[S"NJ)UFV?1;%4E:?-'B*^H3CI&ORI;R7*^721F-IPJL*:OL2EE M?=4?@]?I?VD87O,^W]3Y>GR^`HSA]PW7%RN;3C[1Y;S/7KX>/]#UZ^(LYP>O MK-AQPOE_1_+%4N M2G7FE-F9=.I?H\/U1]IN3T?@#YBJ?@````````>A3W%O03VK2BLYU/9,^")M M?*=B2/+\J%+:,O4:5\J%=4G\I!7;91/WE,G&Q>:>C+3.P<+XTUWXLO& M$XJ4?AT?@_6M&O291X=RCLVR:@;`K4V;'S$?3M.TU&GMIZ$GU)M;U3$F'YBZ MJ4R;*O;\U1C9\#J6<-*\Z/,OQH\']M>#^UH0CU/V4Q;U+)Z6N]S;Q?N;6Y0; M]$+.,H>A*2FO6C)"DRO'@ MB,_89C;\;,QLV/O,::G'3[:^%>*^V0?N?3^\]/9/R7><>RBWP3:UA+UPFM8R M7P-^O02/8?U_V2%>R$+*W7.*E!K1I^#/K%MLHLC;3)QLB]4UP:9^RJ=8?<*. MLR;>,_F=?`G3ZGX)/^>+Y"^7Y!HF[;+/!;OQ]98C^['X?2O0_N^DE;9^H8Y] M2HR-(YB7P*?K7H?I7W/0NGP/'T]P````Y`OQ1WY=?G-_V9OXGG'T`;FOP:OY M)3+OQQ]Q?>^TN`-L4``````<.?N:_E(.?_XZG*/[]V;@#>X[(?8$[47,#M9\ M2N1_(3C&_G6XMG8WL&?FN6(W'O'&DW,NCW'L7%:QTJ/%=CTV/P/=J*ABL>6- M%92OTO.HC6I2C`EC@_"]=CV#+8EIX7E+-AQ+A1YV^.2$J(Z:3ZDE^.K;A(>; M/Y4GX&`)..-/;YX0<.6FBXP\5M(:8L&FGF59-AV`TZ1IZD?@9@#,4`4?L/^X#./W'Y-_86:`.!N`.UWPEX;<0;OAEQ M&N;GBIQNM[>VXQ:"LK2UL]&ZPGV5E8SM4XG)F3["=*Q=V5,FRY+BG'77%*6X MM1J49F9F`,#N][V)M$\].&U_3<;=.:BU!RAU$=CL'2ES@>#8MKZ-FMA'A%]L M&JDA%.JLYK8I-P7'R,H-RS$>-:(_O27`.5II7<>\N%?(S#=OZULK_5F M^-`;"*R@%/B3:RUQ_*\6L7:^]Q;*:21[I)5:T@ M#LM=JWN0:G[HW#_`.2^N'8=3D;[*,6W-K=$QJ1::MVU41(QY/B\QI,A^3]#R MU/HL*62[Y5SJ>7&>4E#JG&FP)'P````:Y'Q77Y$?DM^[GCK]_G``!E-\/EX] MF/M]]?\`$DK^1FF6$7\@`3(@`````#19[[45B9\3-V08\II#S"G>+BU-K+JD MU,\P<^>;-1?[%UM)E^F0`WI@``&@#WP;N=P+^)>[=?/'-4L5&E\^KM/1[G,9 M2E,5E;78W?7^F]T>^2%MDVE[$-=YK`LW>AJZ,2V_E\`!O[QY$>5'8E17V9,2 M2RU(C28[J'H\B.\A+K+[#S2E-NLNMJ)25),TJ29&1]`!]P``&A/\7/E\WE-S M#[9/;1U8PG)=DY#D\W*[VEJY"94V'8[NRS%=::_B3V(INOU9LU^,W,]]3Q(] M."ZV^?[7\X`;XU/5Q*.IJZ6`@VX-170JN&V9]31$@1FHD9)F?B9I9920`T%O MA3N3F-X7W-^ZAQ/OI3,.XWMG.5;3P-3QFCZ1M]([7V56Y+0QUFKH[82LLENZZL7-ETF)7B&S7 M6$UO#?$;)L,A)G%YF'YQX#JE2UH;4KRI62C/HI!J`K[XUK4]_P#<[[?')Z+C M3.28=J3:^T->9DQ/AJF5"IFQ*[`,S8.FL"E1G:;-:"!D,!*'XE>J M,I3+%@2%D@^B5I-/0C+H`+I?^2AVCO\`TY>(7[R6%_VM`#_R4.T=_P"G+Q"_ M>2PO^UH`N!JKM4=MG1FPL6VQIW@_QHUILS"9[EIB.=8;JC%J/)LU3M* M4TRVB1,YK;4]Y=2DBGQ(`26_%.:1RG=?9HY"/8C"P?P0[4O-SM5<6=P9EP2PO\`M:`'_DH=H[_TY>(7[R6%_P!K0!]HW99[2L.3'EQ> MW7Q&CRHC[,F,^UI3#$.L2&'$NLO-K36]4K;<01D?R&0`DZ(B(B(BZ$7@1%[" M(`?Z`(VN5G:"[:G-6+.+D+P]TYDU_/^>IN1->96KQ6A74^H&EEW,.UAR)^'`SG#>Y;VP.0VP#T,C8E'BVS=89S M.9L)&.-WDF2K'\5V`Q"^CJ3<&HC.-/.27$3XX&_+Q!Y# MTG+7BQQYY.8]!^B:K?&G=?;2:IC=7(512SHX\=?6*[)9F^Y%W<+I=3NW/ MDA\JQ^,I3C5"-<;:5X\T(1BIU+XR7/'V^93THN3G(:YW-/'YE-L="6KJZ?5/:.+1&A:OC9Y_Z#AA4\G]8 MPGEQ#29ETZE^S_KB^>C6OD?L)N#T9X+['M\/']'^KU%-K[AE,?(<'JO`\AYD MO'P^OU/V_6_3Z"VLKTTX\#8<;)4DN/V?9]GH\MYGKUZ^WQ^0R(RZ?)^F+2<' MKZS8,7*T^`\B1')1'X>/Z/K>'@+1IUO5>!GZ;E->LIB9#]O@7L+Y?T?RQ5+D MIUUDVU'U+P/]'C]4?:;D]'X`^8JGX``````````?IK[&?52VYU7-F5LUH^K< MN$^[&D(Z&1]"<;4E1H,R\4GU2?RD/RJRRF?O*9.-B\T]'_(6V7AX>?CO%SJJ M[L67C&<5*+^T]>/K\5Y&06*\@[2,3<3,816S'7RG;5Z&HUBVDRZ$;\,B;A2^ MGRFDVE'^F8VG!ZHN@_=Y\>>O\:/"7VUX/^0B+?\`M%@7:Y'3EKQ[?^*L;E6_ MZL^,X?`^=?`;#':=[:%CSNMJO=>=E:47%N@M$F_9)1-J+G:MQ63#1-P_%WE- ML28M3!D1U,6]HTHC8,SCQ5')\[D:)^]/?G:^AML>T].3AD]6Y-;Y4UK'%BUI M[RZ+X.;UUKJ::EIS3]C13W[L7]6S?>M=[^D>L*K,3H_#M7,T])9[%E4UUJ?6^;3%Y5D5;15-K-*XRS&[6T0R_!QN(E+ M).DT@T&:4D:E=0,Q_P`[![VGX1>OO]'C2/\`@2`'YV#WM/PB]??Z/&D?\"0! M4&)?%7]ZJWRO&*J;R*P!<*SR*D@S$(X]Z2;6Y%F6<:/(:2M.$^=LW&7%)\R> MBBZ]2,CZ&`.LR`.'/W-?RD'/_P#'4Y1_?NS<`=4KX:K\B%P,_G\6[ MV9BQFWF]U#C?BJRH,BG0:SF'B=%"93'IQ)W<,L[3_+ZKRZ\FV]IQ>W`[385R6P>$B38']K2)RO MHC9V.U#3S:'\XUH_,>D1B(C7,KGYL$NBI*'&P.PSAN88ML+$L9SS!K^JRO#, MSH*G*,3R>BF,V%-D&.WT%BSI[FJG,*<9EU]E`DMO-.),R4A9&`*E```:Y'Q7 M7Y$?DM^[GCK]_G``!E-\/E^1C[??_,DK^_7+0!,B``````-&#OI?_P"FSL?_ M`-'Q@_C>;!`&\^```AE[Y':AQSNR\-K355<_4X[R!UA.F["XXYQ;>HU`K,U3 M!]VM<-R"4PE;[&';'K6409RTI<]TDMQ)WINJAI:6!KW]H#X@ZXX.E&[7G>GI M`[TS>@NK)IC%Z7V_.ZI,C(^AD8`AY[F7Q'7;YX`83E55A>TL0Y2\F&H3T3#M'::R.)E MD!G(7VW6X;NS-A8_]*8I@U+72B0J;&.2_>K0HB8@N>8UM@1F=@GMA;VC88M(44C#:JHP'RX_AM1*1 M[VS5+H=VRI.#8999A6)*)?VK.RU3Y=R.V[R-9DZWV+O M'":JQJL=@X3=-KKY8_44RWEQI+YO%,A`;#_9 M>[8&*]J/A1B6@(\^!DVVLHL7MD<@,\KTNE"RC:-W#AQ),*D.0EN0G%,-IH,6 MHK24EM3[454M;;;TIU)`9+=PKA%K+N)<0]R\2]JFJ%2[-QU2,>RF/'3)LCR6VI#"R-#B$J(R(#!/G9WW.VCP#Q.YL-DT^SMG9'8(1_6=9)BX[/E46#-S7#^;+R&;5Q3;2I2%.*(D*`Q4[%O/ M3N?=QG)>0_)ODSH_!M,\$\[DPI/$:IEPK.JV4R]7OQ*EV+CTIZ,T[L+7LFH@ MOR[7(+)J(3^0O^2H)4$GHT$"9[F;_F?ORD`:W/P8WY*'97XZVVO MO4:&`&VT```@Y^(RXH9OS![1_)S7VLJJ=?[#P>+B>[L5QRLA/V-GD:M39'!R M7):2L@14N3)MO/PANT3"890MU^9Z3:4F:^@`P2^&[[Q/#G;';]X_<5-D;PU[ MJ'DEQKPEO5-Q@.S\GI<$98S:MJ=K,AQ;* M*N527])8-H6VM<*TJIKK#I)4E1H6?0R/Q`'/>UOFO)CX2CG?L'!-EX-FN[>T M]RHR]5KBN:8W$9EV50[&2?T'<54R4^S60=U:_HW3J[RCGR8+64UL9$V.M!-Q MU,`;KW&?N<<`N7^%0\\X^\L]*9O524(5*J9&:U6)YM1NJ02SBY-K[,GJ#-\: MDD1^"9L!DG"(U-FM/S@!YG*#NG=O/AOB$K,N07+?2V(QF6W5P\ MN-H4KW?'==8.[D6;72_,1)4MB"IADU$;JVTGY@!!AVY>\WW".[+W(7KSBEQV MJ,%[3VLZ>YQ/9>:;FJG(&59!;24L3JS**3*Z=V6R>VUSH;;$'%JYR?50*:5( M=MGO>'HFKS)6#]RMY.-[#*$\6$16YS*UO0,# M8;K.7?$^[H6\IIN3W'JUQEV*4]O(JW=&MYM&N":#<]\3;1LE<@G%],C5ZGJ> M7H77J`-,OXC7NM:C[AN*:Y[0G;7&X]V[HPHM@Y/JY+V08+5.XC<^_8[A MF+9=%\M%D\^9D3;-E;7,-Z114M17N*>E&I;IQ`-QCA'QV9XC\/>,O&-N8U9/ M:*T?K;6=I:1W%NQK:^Q;%JVNR.WC+=9C.'&M;YJ3(;)3:#)#A$:2Z=`!E(`` M```````````````````(W-B=HOMV;4S3(]@9KQNJYN59;:2+K()E/G^V\0KY MUI*,ES)K6/X=GU#CE>],>ZNO>[1&2=>6IQ9&XM2CDW;>\OBT2X)(B;=>QG:K>MPMW3<-HA+-OFYS<+\FJ+ MD_%\E5T*XMOB^6*U>K?%ME!N=CWM=.]?4XP$KK[?^6GD,7]+MDAD%WW[K+PW M7YMA_JYC7]7;LX_'9_G>=^LGY%]C#M8K^RXN$?\`TVCX;/\`.\[]9/@KL3]JM7MXL_Y;N1O[&WA^?OV[J>>Z?-L/]7*\ M>P':2'Q-IT_.LW]9/DKL0=J97MXK_P"7#D>7ZVWQ3_?CW1_:GS;$_(%Q'L7V MKA\7:_G.9^L'R5V&NU$KV\53/_IRY(_L[A'X^]_=!^.Y_-L3\@7,.RW;.'Q= MMT_.,O\`+GP7V$>TTY]GQ1(_^G/DF7ZVXB'S^^WN?^T_F^)^0*O[G>W/[.?_ M`$C*_+GY5]@3M(N?9\3>O_3OR7+];[<_L[YQE M?ECX_F_G:,_!*_R\W/[.^<97Y.3/\,P?OP[H_M3YMB?D!^YW MMS^SOG&5^7"?A_>T:A25%Q*29I4E1$K>W)A:3-)ET\R%[F4A9?5(R,C^4?C[ MW]T&M/I/YMB?D#Z_<]VY_9WSC*_+$M&%X5B6N<2QO`L#QVHQ'"\/I:_'<7QB M@@L5M+14E5&;AUU9608Z$,1XL6,VE*4D7R=3ZF9F(OS,S*SLJS-S;)VY=LW* MK;;\6V2'BXN-A8U>'B0C7BU1481BM(QBEHDDO!)%5"@7````1`P#'/\`YQ1^`S_`-YGF'_X@@`_-<>Q1^`S M_P!YGF'_`.((`/S7'L4?@,_]YGF'_P"((`?KK_A@>QG5SX5G`X/^A.KID:?" M?_ZRO+YWT9<-]$B.[Z3N_P!QESTWFR/RK2I)].AD9>``GS`$'&S?AN>RWN/9 M.P-N;'X9_;'L+:.:Y3L3.\@/D1RNJ/IW,'&CQ6?/Y&FD-DE)`2I\:N->E.(&D,"XX<=<+^YYIC6,.V@8/AOVQY9EOT)$ MO,AM\JM&CR'.;[)LKLO>K^^EO^:9.D*1ZOD0:6TH0D"^@````/Q6-?$M:^?5 MSVO7@64.57S6/4=:]:),97&DM>JRXV\WZC+BB\R%)477J1D?B`(#OS7'L4?@ M,_\`>9YA_P#B"`$Z6"81C&L\(PW6^$5GT)A>O\3QW",1IO?;"R^B,8Q2HAT- M!6?2-O+GVL_W"I@-->M*?>D.^3S..+6:E&!5@`I/.\'Q#9V%9=KC8..U>78) MGN-WF'9GBUY&3,I\CQ?)*R347E):15_-?@6=9,=9=3X=4+/Q(P!!;^:X]BC\ M!G_O,\P__$$`)?>,/%W27#;2^*<>N.N+W.$Z?P8[).'XA<;"V1LLL<&D5;#_`)6)S2'? M3\CA+;4I!@55Q\X_:BXK:8U]Q[T-B7VB:@U92'CF!XC]/9-E'T%3'-EV/N7T M_F5UD646?]>3G5^I,FR'?G=/-Y2(B`O*``````,%MZ=M;A5R5Y-Z/YC;LTO] MNO(_C@>+GIC8WW1MLXY]IIX9E]AGN-?_`"AB>=T.!Y%]&Y9:OR_^-:N=ZWJ> MD[YV4I;(#.D````&"W-GMK<).XABT;&>7/'_``O:8T<)-V5)M3F3B M55YR4_CM=LO6%G#-'4S]*-.OM,V=LPWT\.JWWE?I@"2GA+\._P!JS@AEE?L; M6>@E;*VG2S8=CCVR^0%W]U;(L6L*]PGX5GBE3/@U^"XS=PY22=:L8-.Q8M.$ M7D?21$1`3?```-(/X1__`#I^]Y^,!KK[XO*0`;!G/GL==MON/VSN9=LS5\*$DC/J3+]G4:7@7+S22/H7D>:7X> M*@!L!<)>VWPH[=V(/XCQ'T'AVK56D*-`RC,VF9%_LS-FHKIR&BS+8^0OV>7W M\=$Q:GFHCLLH,9:S]W8:3T20&[<,;@3&U)6<_P"Y[`I,7US: MRE+21I.QJ9I,&1*:)"OG`#82BQ8L&+'@P8\>'"AQV8L.'%9;CQ8L6.VEF/'C MQV4H:8CL-()*$)(DI21$1$1`#PLSQ#'=A8?EF`Y?7?2^)9QC5[A^457OKKC-K;8MCC'V[[&S[WC,;VIH:.UN/IK9^7YID+/O57C$%KW=N6F*CT M/,AI*UN*6!EN````#7XY@?#(]IGF/LFYVWD6HI&1@##7A+V[^'?;GPK,M=\-=/_<=P[8&5-9MEU/\`=`VCL+Z7R=FI MB4;=G](;4S;.+2!Y:N"TUZ,9]F.?D\QM^TK(N&[%G*N8$&`E1J701MP8*Y6N>/4D>\S M-02KI#9$7CTE>8_YX`3+<".T1P![:T*2YQ6T/28YF]G">KKW;^62I6<[?NX, MA3*Y-:]G>0JE6-/22E1VE.UM45?6N+;2M47MJ\Q.!.^>Z)G/*'6 M=;@&-RJ'R5^;UKB6YZ(SJO7- M))\S;A)`VC`````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M````````````````````````````````````!!O=9[W`.0G<#YN<>]#\M<1T M!KCC3"X[3*&KO./N#[4D67W7=14^4VC9VEI(J+1GW:^BS'NKSTGJF4EM!(0V M1#HK'VWMCTOVPZ=ZHZEV._<]UW>6:-MVO:HX3A&>'5D.7RG&C9+VI.,EI-2?%R^,DM$B\) M\:.[07B7[LE_W/R_^MK_ M`,F9O_=7O-_WKQ/^JZ?RA;2?RYYM\#LNPV)W"*_5.V^-F>9A787&Y8Z7KK'$ MIVL+J\5Z-,O<6O)K7N$:@FRNJ3F5_D:BM(69NR7C;CJRU70W;SN5@7S[72S< M#JW&HE:]MRY1M61"'&?R6]<7-+\&>KDVN$(ZR6+LZTZ^[=YM%?9<0XTXA+C3K:DK;<;6D ME(<;6DS2I"DF1D9&9&1CGSBFXR6DD3PFI+FCQ3/J!^@`82=P[D]E?#OB?L/D M#A6/8_E&1X?:Z\KX5)E)V*:24WF.Q,7PZ8N4=3,@SO4BPKUQUKR.I+U4)\W5 M/4CD'M;T?A=>=;8G2^XVVTXE\+Y.=?+SKW5%EJTYDUQ<$GJO!O3B:%W,ZMS> MA^C,GJ7`JJNRJ)TI0LYN5^]NKJ>O*T^"FVM'XI&:D9TWX[#QET-UEITR^0C< M0E9D7UC,:!*/+)Q]#9O<7S13]*/N/D^@``````````````````````````(W M,^Y"[6HNZ/H;C-69!%8T[F_%[8FRLEQI5)2O2YV84633ZZJM$7[T%=Y#:BPX MB4>[LR&XZ^IFM"CZ&4L;;TMLN5V:W/K"ZIO?<;>:,>NSGFDJIUQE*/(GR/5O M7F<7)>31%NY=2[SC]W=NZ4JM2V/(VBZ^<.2+;MA9*,9<[7.M$O!22?FF21B) MR4@````````Q.XZZUY*X)GG(VYWONNLVIA>>;,>R#0V-0*MNO?U3KYR7?.LX MC8/HIZSW^0W%FPFO4-R5U.*9^IU4?7=>JMWZ2W+;MJQ^F]NGA;AC8:AF62ES M+)OT@G;%Y%FN:8?L?MM1,2RW)L7B9AS]U3BV6QL=OK M2ECY1C,^ER9<['ED')/DFO*4=)+R9$/=+/SL+=.EH85]M,;^H\>NQ0G* M*LK<9ZPFHM<\'YQEJGZ"4X0V2\`!A]SWY$91Q.XB[IY"X91T.1Y/K2CI+*HI M=*-4[/9YE*.K<$N*?!FD]QNI\OHWHK/ZFP:Z[4BZF9C4MSQ8X&Y9&%6VX4WV03?BU"3BF]/-Z<3:=N MR99NWT9DTE.VF$VEX)RBI-+U+4J\69>@```````````````````````````` M```````````````````````````````````````````````````````````` M````!#MQ%_*Z]W?_`/1."_W@B$[=<_P/Z&_Y3>/TTA#HK^-76O\`R>T_H9,2 M())O(@.];LG$:_A9F7']##.7;HY-6N':QTIJRM]"=E>4Y5+S;'K!-K74Y+5, M37X^BN-U4SR$RW+-AHUI6\@3G]7S:,ZWN!C]3MNCI_:*[:6FD60IWYW7"KZ$OZ;25^^[M.JC%QXZ.RRQVP?-&/CRPY=>; M312Y8ZZR1E-OSD=C/`WB13;"VXCB^!Z\QW%*9Q#N2;/VE,JH5%2XK1 M]$O>I.NK.*X^\ZE#OH0VGGR0YZ?D5IO3/2>9W*ZXLVO9^2C&ONNOG9+A7CXZ MDYSLGX<(1:26JUDXQU6NJV[J+JC%[==%U[EN_-=D4TTTPKC\>_(<5"-Y]5]H>FK_H?IGIZ&\X],G& M>;G9%\9Y#3TI-_EM%]L5*&'A44 MRC0GQ4;+;5.5DUX32;CJGRR:\/PZ]Y$\J^'?([5O&'G#F.-[RUAR"M)F,\>^ M65!B+&"WB]AM.)7!U9N'$:5*\;@7%XRZVW62X1))UQ236N02I*H-3=.E>B^O M.D\WK'MUCV[=O&UP5F;ML[7=#W'GD8ML_P"TE=D9^"UT4=(*SXVSJ;K'H MCJ?#Z2[@7U;AM&YS=>'N,*U5/WWECY-TZ[&=^O5^_;+B_ MLC9E'R5?Q[0]3$TU29'QP3JK$;-G*LI>W+1,1,R5M.5*3EM,<*;;5S_N+#1Q MW/HPDJ/H^OILGU:=XZ9JZQQ-GR=H5O4LY94Z\_Y3;%UUK%FW5\G2]U/51FN= MOF7O-?P4:]]8O:.H[>DN2LL>5!*WY0W[R.CE!\B7*_ M=Z?A,R?Q3B)W)Z^VQ>UN.Z[/OJ&!9T-A;XVKAOI6L3>4L27$DV5"=I%N#EUY M6D!MR-[RV1NM>IZA$:BZ#3\[KGM);1=31T5&K*E"<8V?2F7+DFTU&?*X:2Y9 M:2Y7P>FG@;9A]%=U*[JK+^L968T9P9<5KKXE7AFEE+>":YKKW%$JL["LEW%259:/K M=ZP9$8WNOE=\Z>B18=&=,;'NO;'JSJ#/I]YNVVQP'C6S&2C+F MBDO;C+3Q6CXE]U?U)O6U]R.EMAP;N3:MQEFK(ARP?O/63U]B4 M6_!ZHDV$1$KD9W+??>V=:\W^VQJ3"AGIRR#A>O:.Y MQJ.Y8V=9+M:@JVTFN.DJ`_%6Z9^5PUH+RB7.A^F=DW?MWU;OFXT*S=-MHPI8 MT^::]V[;YPL?+&2C+FBDO;C)+RT?$BGK3J/>=JZ^Z5V;;[O=[;N-^9'(ARP? MO%53"4%S2BY1Y9-OV'%OSU7`^?*8[I]4[CTK]!7X>3'&P\G?L M>G)E)0<7C2C9*U2%7B&Y*G&<4QRTR7<-)`PJ:^_C=37VD&<=/:9;D+#?HG!>C.M//)23OD M(R/'=H>AMG[BY'46)?355=7MTK<65EED:\6=232UTU,CW M7ZTW;H"G8,JJVVRFS<(UY,:ZX2GDP53;A&,D^65DTM.1Q:;TUT/9QWCKW(MZ MPCV-NSFO8\7+/(HS,^BT!QUUQK^[I-:1GV_7AU65;"SNNN[S.%13.%"?%1LNNC.=LUX3TTAS)\KY=" MF].<@.6/%;E=KOASS7SC'=Z85R"AY0]QJY15&*U^!7UIE&)L'8V^L-FXM3+^ MU^-]O<>W;=QVN5:S]NE9*Z M$:['RQR,>R?MN'-S<\9/@HR?+#E7O+78^I.LND.L<7H?KW(JW#`W*-CP<^-< M:9RLK7-*B^N/L*7+IRN*XMI6O.->GL]WCM6V538)KNC M=NKJ4TRN3-DK6\S!JZ>KB(^=+N+VWEL0HC75)+D/H)2DIZJ+.=-=.;KU=OV- MTYLD/>;EE6[Y7:+MW;/I M["VS_>;?Z)PL%],]:VIK&G"ZR_"R+?P:K(V:R,H5QN2 MAS?C#D6^-/9/&MJ*\TKD>Q]>Y3$80XVXV>'6%W1V!P+!A1(?BR&T>K&DM>9M MU"FG4$I*DB'*.G\K;NL:NFM^J<,FO<*Z+ZV__:QA..L7X-:Z2B^*:<7X,EN_ M?HMCM4\>S`G?38E_[)SA+22\4]-8R7!IIKQ1#'PFWMW#^XSQ^UC)P MSILR&X8$MTW*^SGQ=OC?;7C8F.XQ4+,FU.5 MUEMDE.<*E/10TI MJ--=5<7&,[7'5SU4%[,B\>]L.[C_``=Q6WY(:[Y66G,S66MZU_(]MZ!W3KK# M*/*++!ZY2).3Y!@&=Z^J*R>S>4-0EZ4F.\TEAMEE:S1+-*8R\!TWN':?N+FU M]);KLL.G]WRYJO&S<2^V=<;I<*X74WRDG")[[M.+%SR\K8-S26?AWSJGH]5S0;6L7YQDN,7YIHF?8=YPNHMFQ=\V]MX.71" MV&JT>DTGHUY27@UY-,NB,098ARVK^7#XK_B1[<_OSN1/&R__`([;S_XAQO\` M90(/WC^/^S__`$#)_P!K(J'NV1"$(3G;C\ED[*HJ<7I*?*DG'EEKIHT?YC.A^X]R(BGL[<7+ZUXB-9+ M'18XIQUT)KO`[]W7-5)-4FK@[#V/GM;=6>5YLB$XVFV:B-LUS[H M]3P^EM\WN>R1M7-7A8=-,W3%\8JZ^Z,I66Z:>\44H*6O+PX*E=;;TY>4V MJ>+?,O8-!R'U%R1E7E+H#DY7XA5Z_P`NK-BU+*Y[>L-I8Y1N(H%/6L)+;==) MC-K=?D2&_P!N>3Z[<.]W?IOH;KOHO-ZRZ!Q;=JWS:5">;M\K97U2HD^7Y1CV M3]O2+UY[+NCG'#SU7&FR-T5K\GR( M0]C62T4)16KE)>U+VE7D?W">5>P...%ZDPS2%)CE[R$Y-[AQG16G4YG[S]IN M.W61K_XSS;*6XCS$J54XQ$4A7H-J-2WWFS4AQM"VU:GVNZ+VOJS<,[<.HK+: M^EMGP+,S*]UI[V<*_BTUZII2L>O%^"3XIM-;1W+ZPW/I?`PL'I^NJSJ;=LZO M$QO>Z^ZA*?QK;-&FXUK3@O%M<&DT[).\,NY1'HH]W7=UC)7MGI)N?*K[3C3I M]W54J>?1YVF:I6(J;B%3$LS9*22W'C;(E^BE1^4MA77_`&EED/'MZ*I6S?%4 MHY^5\I4?#GYV^5S\^71+7AS:<3`/H7NG''615UC:]V\7&6#C?)V_'EY4N91\ MN;5O3CRZ\#.7B^]RE7K>1%Y>0]2-;4J\HN:J)::8?OU8EE&(P4Q&:3*GX.1> M:=3V]V[Z[CT0C\C2/3/R-*4II$<]8QZ,6[1ET++.>RSIA)QRU#WM=KU;WB]Q\#>[**%RPC[NJ*X0UC&+EIZ9N4O645R-Y M:\AMF9?CQG$RHK2%^5QE9(ENP;_I/HCI;9^DZ^XO#A4-0NS90>DYR MG_ZO'@TXRDN63:U4EK!66'5'6?4VZ]43[?\`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````````````````````````````` M```````````````````````````````````````````````````````````` M```#7$J>,61\DN[5W0H^/\G.1?&\\1J^&STJ1Q^S.%B#V7%>[>G;$Y65^I/_`',^=-WM^LI)%CA./[#W(VK$\DL8)>\KQN?( MIJVAG5LF]CMJC19?O),QI+B%O)4T2^FN]-]X.B[=\QJNI^D.FZ]BG8HVSHQ? M[2N+X>\2G*:DH/24H\NLHIJ+3T,_U#VFZQKV7(MZ;ZKZALWN%;E5"[)_LYR7 M'D;C&#BYKV8RYM(R:ZY+QFBM_2DJA/Q8L1]^*IR*\M3D=]IOX[Y;IUOL^;' MI2V['KZ!OBK\*.#3#&Q,BB>DH3<:EI9./L\ZE*24M)Q24HR=3LOMO1F[8L917X.[K8[':Y$]KBJ MP#`L:V=+_P"L+L'*JC!,UR9O#<1R+8^(8C12]>L6V3O0+5JJD0W9T^1$ZQW3 M>D-$V23-0J=C:MJ?2O65VZ95V''Z+HKE=57[VV%%MLU>XUJ47)/2$9>TM(O7 M7@4N]-FZ+J?I&G;<:K+G])W61JML]U7.^NN#I4K&I/$ MR<[XQK/MG;N-TB2X>1Z,-Q)'U22_NY:Y)9)]O4B5[!I_U=.7][NW:?%]UF?H MEYMGU@?X4[AK_P`;B?I=!+1`_P#@87_X./\`_Z)_K[C^C1)FQ`1.A#=SS4G_S)^STGJ7F^WWE.KIU+KY?N5XP77I[>G43 MUVU_A+UW_EMN_2;"#NXK_P#]2Z(7G\IW#]'K*&[Y6NH.X,"X,ZGM/-]%;,Y_ MZ5P2U-!DE156446;U%FM!F1_MB:^4X:?TQD?JY[K9L6Y]1[Y1_?8?3&7='^M M7.F4?_.2,?\`6"VNO>]NZ>V:W^YR^I,6F7]6R%L9?R-DWE?`@U4&%65L2/7U MU;$C0*^!#9;CQ(4&&RB-$B18[24M1X\=AM*$(21)0E)$1="'.UMMMUDKKFY6 MSDY2;>K;;U;;?BV^+9/U5==-<::HJ-4(I126B22T22\DEP2(B.Z!!AV.]^U3 M%GQF9<8^=^)R#8?;2ZTIZ%C\Z;%<4VLE)4;,J.A:>I>"TD8G/LY995TWUK.J M3C9_NW8M5P>CFD_NIM$*]VJX6]0]'PL2E'_>*MZ/TJ#:^XTF3"B"B;2&ONNM M-M[5[5]BA"$3X_<1U)"8F$7ED,Q+!F8**6\='VI?VBZGQDGYI23U7P/1:_`3 M*"!2<2$GO9O^^X1PBPG()+D756?\^=#8_M=2B,JZ7C!/74HJ^X=,O(FN<6VM M\TK,D&Y&0KVH+IT)]7F+KW#J+<<:*EO6+TSF3QOQE9["YHK\;P7#CI)KS(#[ M^2]YM^P8&3)QV?)ZCQ(9'H=?MO23_%\7QX:Q3\B;4B(B(B+H1>!$7L(ASV3X M>1?5E3=TES37T:-,HK>KL*RZAS4-N0Y=5/B/1;&-+;>)32XS\-U:7"41I-!G MU\!6QKK\;(KR,5N.37.,H->*E%IQ:TXZII:>LHY%-.1CV49"4L><)1DGX.+3 M4D]>&C3>I`UVF[.WF=H/:M7+ES+#&,4>Y7XUK>=-<=>.3@<./?3(*V''34:H MR+NPL$)))FE)I-)="+H72G>VFBOOIA7PC&&9>MMLO2X:7-P3U]?)&#?I\3G7 MLY;?9V3S:9R4U_(9@]FJKKZKMF\3V:Z(Q$:EX7?VD MA++:6_7L+3/LNG3Y3QI(C6_)E/J4I1]3/KT]A$-$[^76W]WM[E=)RYI)&\=C:JJ>U.SQJBHIT3D]/.4KK&V_6VR0G8<6/,P#.8LIEN1%E8? MDT:3'>0EQE]A^EFM.LNH41H6VZVHTJ(R,C(^@B[:IRKW3&G!N,XWUM->*:FM M&B2MSC&>VY$)I.#HL33\&G%ZID>O9F=<>[97$U;SBW5IPW*&TJ<4:U$TSLK- MF&&R-1FHD,LM)0DO8E*2(O`A*/?R*7=_>U%:+Y16_NT5-_=?$C3L8Y2[4;,Y M<7[BS^2^U+[BX$GHB`EDARVK^7#XK_B1[<_OSN1/&R__`([;S_XAQO\`90(/ MWC^/^S__`$#)_P!K(_%W@8T>;9]M&)+9;D1I'KIP;4UTCG:/T<:RGWMA&R[I2$UK!]5X6J_\`W"9H0&3H M0Q=X]I#4/MV6K75JRK^Y?QI9A3&U*0_';FGE7O2&W4]%$A[W9OS%[#\A?4$^ M=A9-V=54/C5+I'/;7D]/=Z?9G4;,TUMW$4H7DFM]BT'J_15Y&CG(@JL:]9.F4F* MF1&6YY4+;>:>:;<3H';OK[,Z`WBS.KQZLS:\K'ECY6-;_=WT3TYH-Z/EEP]F M7+)+BG&46T]ZZ_Z&Q.N]HKPIWVXFYXM\;\;)K^/1?#7EFEJN:/'VHZQ;X-24 MDFL)ONH]XCBQ$G%L[1NH.?&O,?CM*1F>CK][5N[I]9';2V[866OK6!.J\@O? M(WYU5]+`<6XXKHVZOY)#6S=A^LYQ>S[CG=,[K:_[K+@LC$4G^#&^,E*$/+GM MFDDN,4:%]+][^D(2^EMOPNH]LJ7][B3>/E.*\Y4RBXSGY\E4&V_!LD%XE6VJ6BUB]&N*337%> M#3_[:Z*_\-4_SD>]HO_N#K'_Q)=_,>#VI)*X&_P#NL8MF M$EC[K3'-_*7K">32DHDJH':UF3[BKH;26U]$]/-XW'>J M"LZ9Z+S,!/Z$?3M=<&OB*^#7RA>CGYG'G\VUQ\"V[.S=?4G6&)G-?3*W^RXFG[A^GDY5+D\M/`FL'/Q/!"#S1M<0?[P/:LI$:5;U=M[J:^B#4V_P"7Q\PZ&[?T9T.Q/6V18I+;9SV^ M,&T^5VQR(NSE?AJHRKYM./&.OD0%UW=@R[V]&T0:>XQAGRFDUJJY425?,O'1 MRC9R^7"6GF5UW6:NNNM@]K^LM8C,^!*[C6F?>(PBYFF:RAPO'TY M),(\Z?8KR)Z^PA-_9:4ODW5U7_JY=(9[:\FXNK1_"M7I\)#'>",?E/2EK7MQ MZLP4GYI-6ZK[>BU^`JWO0_DQ>67[DL/^^E@HLNP'\8-D_P"7M_1[B\[Z_P`* M-Y_Y&K](J,]M*_\`TWQJ[K,1S=S%])%4Y.WB&2S83--DJ\=M/ZVG%">>. M)(_:W?(OP$S]8[KMF5V^O;LF&V>YME7*-=ON\7EL]W-I1GR2]F?*WRO M@]&2LB&"82%CF;H/;W&/D70]QWAG@.09[>V*ZO#>8G';!8$VQMM[ZY?D1(L3 M-L6QRO;E.3MEXD;3?E5'CKD.DE#YD;:9Z94_]`=3[%UATK9VHZ^R:L;'@I6[ M7G7248X=Z3;ILLEIICV\?C245QCXNIP@CKKIS>ND^IZ^Z'0V-;DY,G&KC2G"49:36L>9_8]E>9A66PG5.J^'&,;82BIPU3<)Q<=8O27*^71XX8OW?<2U'6 M0L*[@.EMS\6-UT\9,'('DZQRO/-29M915*C/7>K\RPB-DQVU-:NM>JAM:%(C M&YZ129'E-U6V9G8G.WNZ6X=L-PV_>>GK'K#_`!%=.35%\5#(JN=?+.*X-IZR MTYN2.NAJV)WLP]EJC@=R,#/VC?8+2;]Q9=C6R7#GHMJ4^:,GQ2:TCKR\\M-2 MM]?(''O+L;X\5F41+;<_)'DGB-S@6.Y#A4)]"+#%-(8J>RR2?";TC%K24='J7J[GW'O.>4'!S>NGM9M1Y.P+:KQK)<1K9+J&6[ MJYP#-,CNXVV[]O#:V MN$[*[9+CR0NJG2YZ>.D.=2EIQY4]$WHC.]VNFMPZN[?;CL>TZ/ M5-L+E#7PUGR.,=>',UJTM68^ZD[OVG M_:T.76$F!374TK=33-&6%U=@^Y).=(D1WRKFS=5'2O\`:QM&^=B=^PED[QMV MX;/D=)PC9;7EK,J49U14I07+QG[V44H\D8R7.^52:XFM;+WLV/+>-L^=@;O1 MU1.5=5F+\DLVZ*U]Q;&7-1>UYQA)RYN#\4W[*9D^ZO36][E M3MW5/2U<+NI=CR_E%=4GI[^J4>6^E/RE.*CIQ7@TO::+;U7>UXD-0T4^P<2Y M(ZPW$R@HEAH3)-`;%F[(;R!M*$/4='<[^?SA'EBX/CPBW*.OBU'P,2LAI^9'([N3=OKE=G.B-DZTT+6 M9/N.AP'7%GB-M9Y;JK#8VOWR=V=R$L*:)-HM:Y#M^[MX\>!4RY76+'J4-&M; MOF6YO&+?T'TGVEZHZ*VS3:[U_A\*,VIY$,:$92G;&/M M2LI4O^WS)13A1/)G)*%< MI>RJTM7+5O._N::^SW/;[MY/X-@^7YHSA/CT1(?=?;-QW+)Z9EM^/??''ZFQ+;?=URG[NJ M*LYK+.5/DKCJN:#<]]2YCFTO$\8N\CC8?B-:S8E8Y5E+]/`F-8_CD!2TD].EFS%:ZEYEEU$U= MH-UVK;-LZLJW+)Q\>S)Z9R:JE;9"MVVR<>6NM2:Y[)>4(ZR?DB'>Z^V;EN.Y M=+3V_&OOAC]1XUMKKKG-55Q4N:RQQ3Y(+SG+2*\V2P"%28C$_FQQ6QKF9QRS MS1&0V;V.R[UNONL+S&(TIR?A.>XU-:M\4R>&3:VGND.P8)J2AM;;CT%]]I*T M&OS%NG;WK7+Z`ZLQNI,6"MA7S0MJ?Q;J;%RV5OQ7&+UBVFE-1;3TT-.Z\Z/Q M.N>E\CIW*DZK+$I56KQJN@^:NQ>?"2TEHTW!R2:UU([]=]S7/.*6/UNH^YWI M_:^N<_PYI./(Y(8+@E[LG1&Y8%0PW%C9G#R'$X#UG59'>-H)^7`^CNJ%K]1: M(BEG%9E+=>T&V]:94M[[/Y^%E[9D/G^0770Q\S%L,+M8JV,CL,*.]:C9-EV M=/5SCD>,PQ$8?AN.I>;2HR)UFMLO;G8NV>;7U/W6S,.5N*U93M>-;#(R]*<:8;/SR9)I0GV$(MR>JLOJKN)#JS>YPA?D[G5 M;-MZ0K@K(:1UD^$*JXJ*;?",=6R2L?IC%Z8Z`GTML\9SIQ]NMJ@M-9V3=<]9 M:17&=DVY-)<92T1;SM687F.O.WSQ?PO/\3R7!LQQ_!)T.^Q/,:.TQK):26O+ M,CDHBV]#=185I72%,/H<)#S2%&A:5=.AD8RG>C<,#=.Z&\[AME].3@6Y*<+* MIQLKFO=5K6,X-QDM4UJF^*:,9V@P,[;.VNT8&Y4VX^=7CM3KMA*NR#]Y-Z2A M)*47HT]&EP9G!F;#\K$,KC1F79$F3C=XQ'CL-.//OOO5?1.;2@KH-M\$DI+5M^21O^?&4\&Z$$W-U322XMMQ>B M2])@9VEL(S36_;NXR83L/$,HP+,Z#%\HCWN(YI0VV+9/32)&Q1( M-K7.OPI+3R$O-(4IIQ*R(TJ(SDKO?N6W[MW2WC<-KOIR=OMNK<+:IQLKFE14 MFXS@W&2333T;XIKQ1'?9G;\_:^V6TX&YT78V=738IUVPE79%NZUI2A-*46TT MUJEP:?@R1H162>10[+UUL&?WBN-NS8."YE-UK1S)QX[O9ON/ M9"AV05TJXU14IQJ;YY03X.2BXI\&R'=UVS\SY1LQ6/.GSK3U(?79O==LVNCJF.YY./CRR. MELRJKWMD*_>VR]WRU5\[7/9+1\L(ZR>G!'YW=VOV0K]Y;/W?)5#G:Y[):/EA'64M'HF0UWDVO<]T MHZ>6V8]^1*CJ;"ML]U7.SW=4/>]*EQ?4BVA M+"##U#N_T1O'+%XD[8:XDY>USQOL3YJ]?949:*,?:;US1UT34<=C1SO&[.$[4DV?F]--0S7)0O&BGJ<+R^55HE/7Y> MO@-T?U>^M7)7++V1[-XO+6?3\F4?QG+^\Y?^;-/??GHY1=+Q=Y6[^"Q'@V_* M'+\51^)K_P`X7`[9VF]N8G6:V:$ORK(D))1FXT;I-O>HRUB^[V_P"QYMNT=+].Y'R[;MBVR.*\ MK32-]O,Y62K\7[J/"->OH>FL=)2R7:G8]ZPJMUZEW_'^1;AO>XRR5C:ZRHKY M5&N-G@O>RXRGIZ5KI+6*\+MO:ZV#@VYNYC:9M@N98?69YS=S?+,&L+2X:4Q,'F?PCV?0Z3Y61,>8Q+-ZS,:Z59Z=Y`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```````````````````````````````````````````````````````` M````````````````````````````````````````````#^5)2HNBDI474CZ* M(C+KUZD?0_TQ^IM>`TU/Z'X`````#^32DU$HTEYB(R)73YQ$?M(C]I$8:O33 MR!_0````````````#^5))1&E1$I)ET,C+J1EX]2,CZD9`#_2(B(B(NA%X$1> MPB`'^@````````````````````"-/D9K7N+8GN.VWGQ%W)KK8F'6U!35=WQ- MWY6O5.(QGZ9I##EMK+/,7;B6=/?6WG<==39.HCJ?6HWGGFDQV8\M=*;OVJS= MAKZO+D4V:QE"/!+W:^3 MZAZ*SL7*P9UQC/;LR+C6G'AS475Z2C.7%OG>FK]J4DHQC0TGD[W7)E0=96=L M'"Z;*W4>[MY1>\S=3VF#09*NJ"LI%'3U\;+9D!M71:HS;C3RD]4DYUZ&>2AT M=V5KO]]=UCD682>ONX;5DQN:_%4Y-U)^7,TUYZ&/GU9WCG1[JKI/'KS&M/>3 MW/'E4G^,X12L:\^5-/RU*[X?<,]EX+MS87,#EOG>-;2Y:[1H(6%H5A,"9`UC MI764.2BPCZSUC'M$-VK\-V>A#DR?*2F1(6V7V3CDJ1+QG7G7VT[CL>+T)T/C M78?1&':[?[62>1EY#7*\C(