MD | 20-0068852 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
Exhibit Number | Description | |
99.1 | Press release announcing fourth quarter 2013 results, issued February 12, 2014 | |
99.2 | Supplemental Information for the quarter ended December 31, 2013 |
Columbia Property Trust, Inc. | ||
Dated: February 12, 2014 | By: | /s/ James A. Fleming |
James A. Fleming | ||
Executive Vice President and Chief Financial Officer | ||
Analysts and Institutional Investors: | Shareholder Services: |
James A. Fleming | |
EVP - Chief Financial Officer | T 855-347-0042 (toll free) |
T 404-465-2200 | F 816-701-7629 |
E shareholders@columbiapropertytrust.com | |
Tripp Sullivan | |
Corporate Communications, Inc. | |
T 615-324-7335 | |
E tripp.sullivan@cci-ir.com |
• | For the fourth quarter of 2013, compared with the prior-year period, Normalized Funds from Operations (FFO) per diluted share increased 11% to $0.52, Adjusted Funds from Operations (AFFO) per diluted share increased 13% to $0.35, and Net Income Attributable to Common Shareholders per diluted share increased 11% to $0.10 |
• | For the full year 2013, compared with 2012, Normalized FFO per diluted share increased 4% to $2.08, AFFO per diluted share decreased 2% to $1.41, and Net Income Attributable to Common Stockholders per diluted share decreased 66% to $0.12 |
• | Completed $521.5 million sale of 18 properties and used proceeds to pay down $90 million of secured debt and $115 million of unsecured debt and to fund $234.1 million purchase of common shares |
• | Completed 1.8 million square feet of new and renewal leasing in 2013 |
• | In November, we closed on the sale of 18 properties totaling approximately 4.0 million square feet in 12 markets for a gross sales price of $521.5 million, which meaningfully improves our geographical concentration by reducing the number of markets in which we own properties from 25 to 16. |
• | On October 10, 2013, the date of our listing on the NYSE, we commenced a modified "Dutch-auction" tender offer to purchase for cash up to $300.0 million in value of shares of our common stock (the “Tender Offer”). On November 18, 2013, we used net proceeds from the sale of 18 properties described above to purchase in the Tender Offer 9.4 million shares of common stock at a purchase price of $25.00 per share for an aggregate cost to us of $234.1 million, exclusive of fees and expenses. |
• | In November, we repaid the $90 million loan secured by the Wildwood Parkway buildings in Atlanta with proceeds from our 18-property disposition. As a result, we recorded a loss on early extinguishment of debt in the fourth quarter of $4.7 million, or $0.04 per diluted share. |
• | During the fourth quarter, we entered into leases for approximately 502,000 rentable square feet of office space (the majority related to new leasing) with an average lease term of approximately 8.4 years. Our fourth quarter leasing activity included: |
◦ | New lease with Baker & Hostetler LLP for 115,615 square feet at our Key Center property in Cleveland, OH. |
◦ | Renewal lease with Novartis Pharmaceuticals for 71,057 square feet at our 180 Park Avenue #105 property in Florham Park, NJ. |
◦ | New lease with Net I.Q. Corporation for 55,380 square feet at our 515 Post Oak property in Houston, TX. |
◦ | New lease with Amazon Web Services for 49,064 square feet at our University Circle property in Palo Alto, CA. |
◦ | Renewal lease with Deloitte & Touche for 41,718 square feet at our Key Center property in Cleveland, OH. |
• | Subsequent to quarter end, we signed a renewal and extension with T. Rowe Price Associates for 424,877 square feet at our 100 East Pratt property in Baltimore, MD. |
• | For 2013, we entered into leases for approximately 1.8 million rentable square feet of office space (including 587,000 square feet of new leases) with an average lease term of approximately 10 years. |
• | As of December 31, 2013, our portfolio of 59 office properties was 92.3% leased and 90.1% occupied compared with 92.9% leased and 92.1% occupied for the same portfolio as of December 31, 2012. |
• | As expected, we experienced the moveout of a 385,274-square-foot tenant on November 30, 2013, at our 180 Park Avenue property in Florham Park, NJ, that impacted our leasing metrics during the fourth quarter. Because this 385,274-square-foot moveout offset other positive leasing activity, we achieved a 28.7% tenant retention ratio with negative net absorption of approximately 189,000 square feet. For leases executed during |
Full Year | ||||||||
2014 Range | ||||||||
Low | High | |||||||
Net income available to common stockholders | $ | 0.47 | $ | 0.51 | ||||
Plus: Real estate depreciation & amortization | 1.43 | 1.47 | ||||||
Total Normalized FFO | $ | 1.90 | $ | 1.98 |
• | Leased percentage at year end 2014 of 92.0% to 94.0% |
• | Same Store Cash NOI growth of 1.0% to 2.0% |
• | GAAP straight-lined rental income of $8 million to $10 million |
• | Corporate G&A of $32 million to $34 million, excluding any unusual or one-time items |
• | Dispositions of $250 million to $350 million |
• | Acquisitions of $250 million to $350 million |
• | Weighted average diluted share count of 125.0 million |
(Unaudited) | (Unaudited) | ||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | |||||||||||||||
Rental income | $ | 100,639 | $ | 95,791 | $ | 406,907 | $ | 381,796 | |||||||
Tenant reimbursements | 24,292 | 23,934 | 90,875 | 88,402 | |||||||||||
Hotel income | 5,452 | 5,522 | 23,756 | 23,049 | |||||||||||
Other property income | 3,004 | 256 | 5,040 | 1,024 | |||||||||||
133,387 | 125,503 | 526,578 | 494,271 | ||||||||||||
Expenses: | |||||||||||||||
Property operating costs | 40,123 | 39,549 | 154,559 | 147,202 | |||||||||||
Hotel operating costs | 4,566 | 4,356 | 18,340 | 18,362 | |||||||||||
Asset and property management fees: | |||||||||||||||
Related-party | — | 6,759 | 4,693 | 29,372 | |||||||||||
Other | 289 | 751 | 1,671 | 2,421 | |||||||||||
Depreciation | 27,285 | 24,933 | 108,105 | 98,698 | |||||||||||
Amortization | 19,121 | 19,319 | 78,710 | 86,458 | |||||||||||
General and administrative | 8,210 | 7,001 | 61,866 | 24,613 | |||||||||||
Listing costs | 3,304 | — | 4,060 | — | |||||||||||
Acquisition fees and expenses | — | 1,876 | — | 1,876 | |||||||||||
102,898 | 104,544 | 432,004 | 409,002 | ||||||||||||
Real estate operating income | 30,489 | 20,959 | 94,574 | 85,269 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (23,191 | ) | (25,710 | ) | (101,941 | ) | (101,886 | ) | |||||||
Interest and other income | 6,680 | 9,817 | 34,029 | 39,856 | |||||||||||
Loss on interest rate swaps | (144 | ) | (1,107 | ) | (342 | ) | (1,225 | ) | |||||||
(16,655 | ) | (17,000 | ) | (68,254 | ) | (63,255 | ) | ||||||||
Income before income tax benefit (expense) | 13,834 | 3,959 | 26,320 | 22,014 | |||||||||||
Income tax benefit (expense) | 146 | (28 | ) | (500 | ) | (572 | ) | ||||||||
Income from continuing operations | 13,980 | 3,931 | 25,820 | 21,442 | |||||||||||
Discontinued operations: | |||||||||||||||
Operating income (loss) from discontinued operations | (2,264 | ) | 4,752 | (21,325 | ) | 6,484 | |||||||||
Gains (losses) on disposition of discontinued operations | 1,211 | 3,170 | 11,225 | 20,117 | |||||||||||
Income (loss) from discontinued operations | (1,053 | ) | 7,922 | (10,100 | ) | 26,601 | |||||||||
Net income | 12,927 | 11,853 | 15,720 | 48,043 | |||||||||||
Less: net income attributable to nonredeemable noncontrolling interests | — | — | — | (4 | ) | ||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 12,927 | $ | 11,853 | $ | 15,720 | $ | 48,039 | |||||||
Per-share information – basic and diluted: | |||||||||||||||
Income from continuing operations | $ | 0.11 | $ | 0.03 | $ | 0.19 | $ | 0.16 | |||||||
Income (loss) from discontinued operations | $ | (0.01 | ) | $ | 0.06 | $ | (0.08 | ) | $ | 0.19 | |||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 0.10 | $ | 0.09 | $ | 0.12 | $ | 0.35 | |||||||
Weighted-average common shares outstanding – basic and diluted | 129,410 | 137,009 | 134,085 | 136,672 | |||||||||||
Dividends per share | $ | 0.300 | $ | 0.380 | $ | 1.440 | $ | 1.880 |
(Unaudited) | (Unaudited) | ||||||
December 31, 2013 | December 31, 2012 | ||||||
Assets: | |||||||
Real estate assets, at cost: | |||||||
Land | $ | 706,938 | $ | 789,237 | |||
Buildings and improvements, less accumulated depreciation of $604,497 and $580,334, as of December 31, 2013 and 2012, respectively | 2,976,287 | 3,468,218 | |||||
Intangible lease assets, less accumulated amortization of $298,975 and $315,840, as of December 31, 2013 and 2012, respectively | 281,220 | 341,460 | |||||
Construction in progress | 7,949 | 12,680 | |||||
Total real estate assets | 3,972,394 | 4,611,595 | |||||
Cash and cash equivalents | 99,855 | 53,657 | |||||
Tenant receivables, net of allowance for doubtful accounts of $52 and $117, as of December 31, 2013 and 2012, respectively | 7,414 | 14,426 | |||||
Straight-line rent receivable | 113,592 | 119,673 | |||||
Prepaid expenses and other assets | 32,423 | 29,373 | |||||
Deferred financing costs, less accumulated amortization of $11,938 and $8,527, as of December 31, 2013 and 2012, respectively | 10,388 | 10,490 | |||||
Intangible lease origination costs, less accumulated amortization of $216,598 and $230,930, as of December 31, 2013 and 2012, respectively | 148,889 | 206,927 | |||||
Deferred lease costs, less accumulated amortization of $27,375 and $24,222, as of December 31, 2013 and 2012, respectively | 87,527 | 98,808 | |||||
Investment in development authority bonds | 120,000 | 586,000 | |||||
Total assets | $ | 4,592,482 | $ | 5,730,949 | |||
Liabilities: | |||||||
Line of credit and notes payable | $ | 1,240,249 | $ | 1,401,618 | |||
Bonds payable, net of discount of $1,070 and $1,322, as of December 31, 2013 and 2012, respectively | 248,930 | 248,678 | |||||
Accounts payable, accrued expenses, and accrued capital expenditures | 99,678 | 102,858 | |||||
Due to affiliates | — | 1,920 | |||||
Deferred income | 21,938 | 28,071 | |||||
Intangible lease liabilities, less accumulated amortization of $76,500 and $84,326, as of December 31, 2013 and 2012, respectively | 73,864 | 98,298 | |||||
Obligations under capital leases | 120,000 | 586,000 | |||||
Total liabilities | 1,804,659 | 2,467,443 | |||||
Commitments and Contingencies | — | — | |||||
Redeemable Common Stock | — | 99,526 | |||||
Equity: | |||||||
Common stock, $0.01 par value, 900,000,000 shares authorized, 124,830,122 and 136,900,911 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 1,248 | 1,369 | |||||
Additional paid-in capital | 4,600,166 | 4,901,889 | |||||
Cumulative distributions in excess of earnings | (1,810,284 | ) | (1,634,531 | ) | |||
Redeemable common stock | — | (99,526 | ) | ||||
Other comprehensive loss | (3,307 | ) | (5,221 | ) | |||
Total equity | 2,787,823 | 3,163,980 | |||||
Total liabilities, redeemable common stock, and equity | $ | 4,592,482 | $ | 5,730,949 |
Three months ended December 31, | Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Reconciliation of Net Income to Funds From Operations, Normalized Funds From Operations and Adjusted Funds From Operations: | |||||||||||||||
Net income (loss) attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 12,927 | $ | 11,853 | $ | 15,720 | $ | 48,039 | |||||||
Adjustments: | |||||||||||||||
Depreciation of real estate assets | 27,689 | 29,540 | 119,835 | 120,307 | |||||||||||
Amortization of lease-related costs | 19,999 | 22,589 | 86,300 | 102,234 | |||||||||||
Impairment loss on real estate assets | — | — | 29,737 | 18,467 | |||||||||||
Gain on disposition of discontinued operations | (1,211 | ) | (3,170 | ) | (11,225 | ) | (20,117 | ) | |||||||
Funds From Operations adjustments | 46,477 | 48,959 | 224,647 | 220,891 | |||||||||||
Funds From Operations | $ | 59,404 | $ | 60,812 | $ | 240,367 | $ | 268,930 | |||||||
Consulting and transition services fees (1) | — | 1,500 | 29,187 | 3,000 | |||||||||||
Real estate acquisition-related costs | — | 1,876 | — | 1,876 | |||||||||||
Listing costs | 3,304 | — | 4,060 | — | |||||||||||
Loss on early extinguishment of debt | 4,709 | — | 4,709 | — | |||||||||||
Normalized FFO | $ | 67,417 | $ | 64,188 | $ | 278,323 | $ | 273,806 | |||||||
Other income (expenses) included in net income (loss), which do not correlate with our operations: | |||||||||||||||
Additional amortization of lease assets (liabilities) (2) | (85 | ) | (191 | ) | (1,668 | ) | (1,765 | ) | |||||||
Straight-line rental income | (3,605 | ) | (6,238 | ) | (22,793 | ) | (11,033 | ) | |||||||
Gain (loss) on interest rate swaps | (1,176 | ) | 634 | (5,530 | ) | (173 | ) | ||||||||
Non-cash interest expense (3) | 655 | 988 | 3,602 | 3,881 | |||||||||||
Total other non-cash adjustments | (4,211 | ) | (4,807 | ) | (26,389 | ) | (9,090 | ) | |||||||
Non-incremental capital expenditures (4) | (18,118 | ) | (16,998 | ) | (63,005 | ) | (68,466 | ) | |||||||
Adjusted FFO | $ | 45,088 | $ | 42,383 | $ | 188,929 | $ | 196,250 | |||||||
Weighted-average shares outstanding | 129,410 | 137,009 | 134,085 | 136,672 | |||||||||||
Per-share information - basic and diluted | |||||||||||||||
FFO per share | $ | 0.46 | $ | 0.44 | $ | 1.79 | $ | 1.97 | |||||||
Normalized FFO per share | $ | 0.52 | $ | 0.47 | $ | 2.08 | $ | 2.00 | |||||||
Adjusted FFO per share | $ | 0.35 | $ | 0.31 | $ | 1.41 | $ | 1.44 |
(1) | See 10-Q filed May 8, 2013 for a description of these one time fees. |
(2) | GAAP implicitly assumes that the value of intangible lease assets (liabilities) diminishes predictably over time and, thus, requires these charges to be recognized ratably over the respective lease terms. Such intangible lease assets (liabilities) arise from the allocation of acquisition price related to direct costs associated with obtaining a new tenant, the value of opportunity costs associated with lost rentals, the value of tenant relationships, and the value of effective rental rates of in-place leases that are above or below market rates of comparable leases at the time of acquisition. Like real estate values, market lease rates in aggregate have historically risen or fallen with local market conditions. |
(3) | This item represents amortization of financing costs paid in connection with executing our debt instruments, and the accretion of premiums (and amortization of discounts) on certain of our debt instruments. GAAP requires these items to be recognized over the remaining term of the respective debt instrument, which may not correlate with the ongoing operations of our real estate portfolio. |
(4) | Non-Incremental Capital Expenditures are defined as capital expenditures related to tenant improvements and leasing commissions that do not incrementally enhance the underlying assets’ income generating capacity. We exclude first generation tenant improvements and leasing commissions from this measure. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Reconciliation of Net Income to Net Operating Income and Same Store Net Operating Income: | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 12,927 | $ | 11,853 | $ | 15,720 | $ | 48,039 | |||||||
Net interest expense | 23,191 | 25,710 | 101,941 | 101,886 | |||||||||||
Interest income from development authority bonds | (6,671 | ) | (9,814 | ) | (33,992 | ) | (39,835 | ) | |||||||
Income tax expense (benefit) | (146 | ) | 28 | 500 | 572 | ||||||||||
Depreciation | 27,285 | 24,933 | 108,105 | 98,698 | |||||||||||
Amortization | 19,121 | 19,319 | 78,710 | 86,458 | |||||||||||
EBITDA | $ | 75,707 | $ | 72,029 | $ | 270,984 | $ | 295,818 | |||||||
Consulting and transition services fees (1) | — | 1,500 | 29,187 | 3,000 | |||||||||||
Listing costs | 3,304 | — | 4,060 | — | |||||||||||
Real estate acquisition-related costs | — | 1,876 | — | 1,876 | |||||||||||
EBITDA from discontinued operations adjustments | 5,196 | 6,261 | 46,346 | 42,357 | |||||||||||
Adjusted EBITDA | $ | 84,207 | $ | 81,666 | $ | 350,577 | $ | 343,051 | |||||||
Asset management fees (2) | — | 7,875 | 5,083 | 32,000 | |||||||||||
General and administrative | 8,210 | 5,501 | 32,679 | 21,613 | |||||||||||
Interest rate swap valuation adjustment | (1,176 | ) | 634 | (5,530 | ) | (173 | ) | ||||||||
Interest expense associated with interest rate swaps | 1,320 | 473 | 5,872 | 1,398 | |||||||||||
Lease termination income - GAAP (3) | (2,485 | ) | — | (3,491 | ) | — | |||||||||
NOI - GAAP basis from discontinued operations adjustments | 250 | 414 | 2,263 | (3,865 | ) | ||||||||||
Net Operating Income - GAAP Basis | $ | 90,326 | $ | 96,563 | $ | 387,453 | $ | 394,024 | |||||||
Net Operating Income from: | |||||||||||||||
Acquisitions (4) | (6,228 | ) | (737 | ) | (24,912 | ) | (737 | ) | |||||||
Dispositions (5) | (4,336 | ) | (16,040 | ) | (38,993 | ) | (70,514 | ) | |||||||
Same Store NOI - GAAP Basis | $ | 79,762 | $ | 79,786 | $ | 323,548 | $ | 322,773 |
(1) | Includes nonrecurring fees incurred under the consulting and transition services agreements, which were terminated effective December 31, 2013. See Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and Annual Report on Form 10-K for the year ended December 31, 2012 for a description of these fees. |
(2) | Includes amounts attributable to consolidated properties, including discontinued operations. |
(3) | Includes adjustments for straight line-rent related to lease terminations. |
(4) | Acquisitions include 333 Market Street in San Francisco, CA, acquired in December 2012. |
(5) | Dispositions include: 2000 Park Lane, Lakepointes 3/5, Tampa Commons, Baldwin Point, 180 E 100 South, Edgewater, 11950 Corporate Blvd, One West Fourth, Dvintsev Business Center B, 2500 Windy Ridge Parkway, 4200 Wildwood Parkway, 4100-4300 Wildwood Parkway, 120 Eagle Rock, 919 Hidden Ridge, 4300 Centreway Place, One Century Place, Sterling Commerce Center, Chase Center Building, 4241 Irwin Simpson, 8990 Duke Road, 11200 West Parkland Avenue, College Park Plaza, 1200 Morris Drive, 13655 Riverport Drive, 15815 & 16201 25th Avenue West, and 333 & 777 Republic Drive. |
Three months ended December 31, | Year ended December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Reconciliation of Net Income to Net Operating Income and Same Store Net Operating Income: | |||||||||||||||
Net income attributable to the common stockholders of Columbia Property Trust, Inc. | $ | 12,927 | $ | 11,853 | $ | 15,720 | $ | 48,039 | |||||||
Net interest expense | 23,191 | 25,710 | 101,941 | 101,886 | |||||||||||
Interest income from development authority bonds | (6,671 | ) | (9,814 | ) | (33,992 | ) | (39,835 | ) | |||||||
Income tax expense (benefit) | (146 | ) | 28 | 500 | 572 | ||||||||||
Depreciation | 27,285 | 24,933 | 108,105 | 98,698 | |||||||||||
Amortization | 19,121 | 19,319 | 78,710 | 86,458 | |||||||||||
EBITDA | $ | 75,707 | $ | 72,029 | $ | 270,984 | $ | 295,818 | |||||||
Consulting and transition services fees (1) | — | 1,500 | 29,187 | 3,000 | |||||||||||
Listing costs | 3,304 | — | 4,060 | — | |||||||||||
Real estate acquisition-related costs | — | 1,876 | — | 1,876 | |||||||||||
EBITDA from discontinued operations adjustments | 5,196 | 6,261 | 46,346 | 42,357 | |||||||||||
Adjusted EBITDA | $ | 84,207 | $ | 81,666 | $ | 350,577 | $ | 343,051 | |||||||
Asset management fees (2) | — | 7,875 | 5,083 | 32,000 | |||||||||||
General and administrative | 8,210 | 5,501 | 32,679 | 21,613 | |||||||||||
Interest rate swap valuation adjustment | (1,176 | ) | 634 | (5,530 | ) | (173 | ) | ||||||||
Interest expense associated with interest rate swaps | 1,320 | 473 | 5,872 | 1,398 | |||||||||||
Lease termination income - Cash (3) | (2,056 | ) | — | (2,062 | ) | — | |||||||||
Amortization of deferred maintenance | 58 | 28 | 207 | 112 | |||||||||||
Straight-line rent (2) | (3,605 | ) | (6,238 | ) | (22,793 | ) | (11,033 | ) | |||||||
Net effect of above/(below) market amortization | (118 | ) | — | (1,547 | ) | (1,422 | ) | ||||||||
Lease term expense - GAAP (4) | (70 | ) | — | (71 | ) | (1,106 | ) | ||||||||
NOI - Cash basis from discontinued operations adjustments | 47 | (5 | ) | 739 | (9,813 | ) | |||||||||
Net Operating Income - Cash Basis | $ | 86,817 | $ | 89,934 | $ | 363,154 | $ | 374,627 | |||||||
Net Operating Income from: | |||||||||||||||
Acquisitions (4) | (5,769 | ) | (682 | ) | (23,077 | ) | (682 | ) | |||||||
Dispositions (5) | (3,639 | ) | (12,558 | ) | (31,454 | ) | (61,918 | ) | |||||||
Same Store NOI - Cash Basis | $ | 77,409 | $ | 76,694 | $ | 308,623 | $ | 312,027 |
(1) | Includes nonrecurring fees incurred under the consulting and transition services agreements, which were terminated effective December 31, 2013. See Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and Annual Report on Form 10-K for the year ended December 31, 2012 for a description of these fees. |
(2) | Includes amounts attributable to consolidated properties, including discontinued operations. |
(3) | Excludes adjustments for straight line-rent related to lease terminations. |
(4) | Includes adjustments for straight line-rent related to lease terminations. |
(5) | Acquisitions include 333 Market Street in San Francisco, CA, acquired in December 2012. |
(6) | Dispositions include: 2000 Park Lane, Lakepointes 3/5, Tampa Commons, Baldwin Point, 180 E 100 South, Edgewater, 11950 Corporate Blvd, One West Fourth, Dvintsev Business Center B, 2500 Windy Ridge Parkway, 4200 Wildwood Parkway, 4100-4300 Wildwood Parkway, 120 Eagle Rock, 919 Hidden Ridge, 4300 Centreway Place, One Century Place, Sterling Commerce Center, Chase Center Building, 4241 Irwin Simpson, 8990 Duke Road, 11200 West Parkland Avenue, College Park Plaza, 1200 Morris Drive, 13655 Riverport Drive, 15815 & 16201 25th Avenue West, and 333 & 777 Republic Drive. |
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