Maryland
|
001-36739
|
45-2280254
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
8377 East Hartford Drive, Suite 100
Scottsdale, AZ
|
85255
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
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.
|
Item 7.01
|
Regulation FD Disclosure.
|
Item 9.01
|
Financial Statements and Exhibits.
|
Exhibit
|
Description
|
|
Earnings Press Release dated February 21, 2019.
|
||
2018 Fourth Quarter Investor Presentation.
|
STORE Capital Corporation
|
||
Dated: February 21, 2019
|
||
By:
|
/s/ Michael T. Bennett
|
|
Michael T. Bennett
|
||
Executive Vice President-General Counsel
|
§ |
Total revenues of $146.7 million
|
§ |
Net income of $56.6 million, or $0.26 per basic and diluted share, including an aggregate net gain of $14.7 million on dispositions of real estate
|
§ |
AFFO of $103.4 million, or $0.48 per basic and diluted share
|
§ |
Declared a regular quarterly cash dividend per common share of $0.33
|
§ |
Invested $460.0 million in 75 properties at a weighted average initial cap rate of 8.0%
|
§ |
Raised net proceeds of $268.1 million from the sale of an aggregate of 9.2 million common shares under the Company’s at-the-market equity program
|
§ |
Issued $592.0 million of long-term fixed-rate notes, which included the inaugural issuance of $378 million of AAA rated notes, under STORE’s Master Funding debt program in
October 2018
|
§ |
Total revenues of $540.8 million
|
§ |
Net income of $217.0 million, or $1.06 per basic and diluted share, including an aggregate net gain of $45.5 million on dispositions of real estate
|
§ |
AFFO of $377.9 million, or $1.85 per basic share and $1.84 per diluted share
|
§ |
Declared regular cash dividends per common share aggregating $1.28 which included a 6.5% increase in
the third quarter
|
§ |
Invested $1.63 billion in 418 properties at a weighted average initial cap rate of 7.9%
|
§ |
Raised net proceeds of $741.7 million from the sale of an aggregate of 27.1 million common shares under the Company’s at-the-market equity program
|
§ |
Expanded the unsecured revolving credit facility to $600 million and the accordion feature to $800 million, raising maximum borrowing capacity to $1.4 billion in February
2018
|
§ |
Closed inaugural public debt offering, issuing $350 million in aggregate principal amount of investment-grade senior unsecured notes in March 2018
|
Portfolio At A Glance - As of December
31, 2018
|
||||||
Investment property locations
|
2,255
|
|||||
States
|
49
|
|||||
Customers
|
434
|
|||||
Industries in which customers operate
|
106
|
|||||
Proportion of portfolio from direct origination
|
~80
|
% |
||||
Contracts with STORE-preferred terms*(1)
|
94
|
%
|
||||
Weighted average annual lease escalation(2)
|
1.8
|
%
|
||||
Weighted average remaining lease contract term
|
~14 years
|
|||||
Occupancy(3)
|
99.6
|
%
|
||||
Properties not operating but subject to a lease(4)
|
23
|
|||||
Investment locations subject to a ground lease
|
21
|
|||||
Investment portfolio subject to NNN leases*
|
98
|
%
|
||||
Investment portfolio subject to Master Leases*(5)
|
91
|
%
|
||||
Average investment amount/replacement cost (new)(6)
|
81
|
%
|
||||
Locations subject to unit-level financial reporting
|
98
|
%
|
||||
Median unit fixed charge coverage ratio (FCCR)/4-Wall coverage ratio(7)
|
2.1x/2.5
|
x
|
||||
Contracts rated investment grade(8)
|
~75
|
%
|
(1) |
Represents the percentage of our lease contracts that were created by STORE or contain preferred contract terms such as unit-level financial
reporting, triple-net lease provisions and, when applicable, master lease provisions.
|
(2) |
Represents the weighted average annual escalation rate of the entire portfolio as if
all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or
assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing less than
0.2% of annualized base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options.
|
(3) |
The Company defines occupancy as a property being subject to a lease or loan contract.
As of December 31, 2018, eight of the Company’s properties were vacant and not subject to a contract.
|
(4) |
Represents the number of the Company’s investment locations that have been closed by
the tenant but remain subject to a lease.
|
(5) |
Percentage of investment portfolio in multiple properties with a single customer
subject to master leases. Approximately 84% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease.
|
(6) |
Represents the ratio of purchase price to replacement cost (new) at acquisition.
|
(7) |
STORE Capital calculates a unit’s FCCR generally as the ratio of (i) the unit’s
EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are
its lease expense, interest expense and scheduled principal payments on indebtedness. The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense. The weighted average unit
FCCR and 4-Wall coverage ratios were 2.6x and 3.2x, respectively.
|
(8) |
Represents the percentage of the Company’s contracts that have a STORE Score that is
investment grade. The Company measures the credit quality of its portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of the Company’s tenants and
the profitability of the operations at the properties. As of December 31, 2018, STORE Capital’s tenants had a median tenant credit profile of approximately ‘Ba2’ as measured by Moody’s Analytics RiskCalc rating scale. Considering
the profitability of the operations at each of its properties and STORE’s assessment of the likelihood that each of the tenants will choose to continue to operate at the properties in the event of their insolvency, the credit
quality of its contracts, or STORE Score, is enhanced to a median of ‘Baa2’.
|
Class
|
Rating
|
Amount
(in millions)
|
Coupon Rate
|
Maturity Date
|
|||||
Class A-1
|
AAA
|
$
|
150.0
|
3.96
|
%
|
Oct. 2024
|
|||
Class A-2
|
AAA
|
228.0
|
4.29
|
%
|
Oct. 2027
|
||||
Class A-3
|
A+
|
50.0
|
4.40
|
%
|
Oct. 2024
|
||||
Class A-4
|
A+
|
164.0
|
4.74
|
%
|
Oct. 2027
|
||||
Total
|
$
|
592.0
|
· |
Live conference call: 855-656-0920 (domestic) or 412-542-4168 (international)
|
· |
Conference call replay available through March 7, 2019: 877-344-7529 (domestic) or 412-317-0088 (international)
|
· |
Replay access code: 10128322
|
· |
Live and archived webcast: http://ir.storecapital.com/webcasts
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(unaudited) | (unaudited) | (audited) | ||||||||||||||
Revenues:
|
||||||||||||||||
Rental revenues
|
$
|
139,211
|
$
|
113,850
|
$
|
513,302
|
$
|
427,943
|
||||||||
Interest income on loans and direct financing receivables
|
7,074
|
5,836
|
25,741
|
22,565
|
||||||||||||
Other income
|
419
|
438
|
1,713
|
2,339
|
||||||||||||
Total revenues
|
146,704
|
120,124
|
540,756
|
452,847
|
||||||||||||
Expenses:
|
||||||||||||||||
Interest
|
35,964
|
28,540
|
129,061
|
120,478
|
||||||||||||
Property costs
|
1,413
|
1,501
|
4,250
|
4,773
|
||||||||||||
General and administrative
|
12,513
|
11,203
|
45,725
|
40,990
|
||||||||||||
Depreciation and amortization
|
49,519
|
40,079
|
181,826
|
150,279
|
||||||||||||
Provisions for impairment
|
5,202
|
1,500
|
7,810
|
13,440
|
||||||||||||
Total expenses
|
104,611
|
82,823
|
368,672
|
329,960
|
||||||||||||
Gain on dispositions of real estate
|
14,676
|
3,826
|
45,528
|
39,609
|
||||||||||||
Income from operations before income taxes
|
56,769
|
41,127
|
217,612
|
162,496
|
||||||||||||
Income tax expense
|
185
|
119
|
642
|
458
|
||||||||||||
Net income
|
$
|
56,584
|
$
|
41,008
|
$
|
216,970
|
$
|
162,038
|
||||||||
Net income per share of common stock - basic and diluted:
|
$
|
0.26
|
$
|
0.21
|
$
|
1.06
|
$
|
0.90
|
||||||||
Weighted average common shares outstanding: Basic
|
215,660,467
|
190,765,946
|
204,322,298
|
178,586,266
|
||||||||||||
Diluted
|
216,477,667
|
191,302,717
|
204,933,292
|
178,656,676
|
||||||||||||
Dividends declared per common share
|
$
|
0.33
|
$
|
0.31
|
$
|
1.28
|
$
|
1.20
|
December 31,
|
||||||||
2018
|
2017
|
|||||||
(unaudited)
|
(audited)
|
|||||||
Assets
|
||||||||
Investments:
|
||||||||
Real estate investments:
|
||||||||
Land and improvements
|
$
|
2,280,280
|
$
|
1,898,342
|
||||
Buildings and improvements
|
4,888,440
|
3,958,003
|
||||||
Intangible lease assets
|
85,148
|
87,402
|
||||||
Total real estate investments
|
7,253,868
|
5,943,747
|
||||||
Less accumulated depreciation and amortization
|
(585,913
|
)
|
(426,931
|
)
|
||||
6,667,955
|
5,516,816
|
|||||||
Real estate investments held for sale, net
|
–
|
16,741
|
||||||
Loans and direct financing receivables
|
351,202
|
271,453
|
||||||
Net investments
|
7,019,157
|
5,805,010
|
||||||
Cash and cash equivalents
|
27,511
|
42,937
|
||||||
Other assets, net
|
67,303
|
51,830
|
||||||
Total assets
|
$
|
7,113,971
|
$
|
5,899,777
|
||||
Liabilities and stockholders’ equity
|
||||||||
Liabilities:
|
||||||||
Credit facility
|
$
|
135,000
|
$
|
290,000
|
||||
Unsecured notes and term loans payable, net
|
916,720
|
570,595
|
||||||
Non-recourse debt obligations of consolidated special purpose entities, net
|
2,008,592
|
1,736,306
|
||||||
Dividends payable
|
72,954
|
60,068
|
||||||
Accrued expenses, deferred revenue and other liabilities
|
117,204
|
71,866
|
||||||
Total liabilities
|
3,250,470
|
2,728,835
|
||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.01 par value per share, 375,000,000 shares
|
||||||||
authorized, 221,071,838 and 193,766,854 shares issued and
|
||||||||
outstanding, respectively
|
2,211
|
1,938
|
||||||
Capital in excess of par value
|
4,129,082
|
3,381,090
|
||||||
Distributions in excess of retained earnings
|
(267,651
|
)
|
(214,845
|
)
|
||||
Accumulated other comprehensive (loss) income
|
(141
|
)
|
2,759
|
|||||
Total stockholders’ equity
|
3,863,501
|
3,170,942
|
||||||
Total liabilities and stockholders’ equity
|
$
|
7,113,971
|
$
|
5,899,777
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
2018
|
2017
|
2018
|
2017
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net income
|
$
|
56,584
|
$
|
41,008
|
$
|
216,970
|
$
|
162,038
|
||||||||
Depreciation and amortization of real estate assets
|
49,295
|
39,858
|
180,851
|
149,556
|
||||||||||||
Provision for impairment of real estate
|
5,202
|
–
|
5,202
|
11,940
|
||||||||||||
Gain on dispositions of real estate, net of tax (1)
|
(14,666
|
)
|
(3,826
|
)
|
(45,398
|
)
|
(39,604
|
)
|
||||||||
Funds from Operations
|
96,415
|
77,040
|
357,625
|
283,930
|
||||||||||||
Adjustments:
|
||||||||||||||||
Straight-line rental revenue, net:
|
||||||||||||||||
Fixed rent escalations accrued
|
(1,296
|
)
|
(1,361
|
)
|
(6,121
|
)
|
(6,414
|
)
|
||||||||
Construction period rent deferrals
|
2,116
|
965
|
6,622
|
3,056
|
||||||||||||
Amortization of:
|
||||||||||||||||
Equity-based compensation
|
2,659
|
2,051
|
8,608
|
7,931
|
||||||||||||
Deferred financing costs and other (2)
|
3,578
|
1,851
|
9,549
|
9,978
|
||||||||||||
Lease-related intangibles and costs (3)
|
601
|
573
|
2,433
|
7,043
|
||||||||||||
Provision for loan losses
|
–
|
1,500
|
2,608
|
1,500
|
||||||||||||
Capitalized interest
|
(681
|
)
|
(415
|
)
|
(2,641
|
)
|
(1,243
|
)
|
||||||||
Gain on extinguishment of debt
|
–
|
–
|
(814
|
)
|
–
|
|||||||||||
Accrued severance costs
|
–
|
–
|
–
|
296
|
||||||||||||
Adjusted Funds from Operations
|
$
|
103,392
|
$
|
82,204
|
$
|
377,869
|
$
|
306,077
|
||||||||
Dividends declared to common stockholders
|
$
|
72,954
|
$
|
60,068
|
$
|
267,873
|
$
|
223,776
|
||||||||
Net income per share of common stock: (4)
|
||||||||||||||||
Basic and Diluted
|
$
|
0.26
|
$
|
0.21
|
$
|
1.06
|
$
|
0.90
|
||||||||
FFO per share of common stock: (4)
|
||||||||||||||||
Basic
|
$
|
0.45
|
$
|
0.40
|
$
|
1.75
|
$
|
1.59
|
||||||||
Diluted
|
$
|
0.44
|
$
|
0.40
|
$
|
1.74
|
$
|
1.59
|
||||||||
AFFO per share of common stock: (4)
|
||||||||||||||||
Basic
|
$
|
0.48
|
$
|
0.43
|
$
|
1.85
|
$
|
1.71
|
||||||||
Diluted
|
$
|
0.48
|
$
|
0.43
|
$
|
1.84
|
$
|
1.71
|
(1) |
For the three months ended December 31, 2018, includes $10,000 and for the years ended December 31, 2018 and 2017, includes $130,000 and $5,000, respectively, of income tax
expense associated with gains recognized on the dispositions of certain properties.
|
(2) |
For the three months ended December 31, 2018, includes $1.7 million and for the years ended December 31, 2018 and 2017, includes $2.1 million and $2.0 million,
respectively, of accelerated amortization of deferred financing costs primarily related to the prepayment of debt.
|
(3) |
For the year ended December 31, 2017, includes a $4.6 million charge related to accelerated amortization of lease incentives associated with terminated lease contracts.
|
(4) |
Under the two-class method, earnings attributable to unvested restricted stock are deducted from earnings in the computation of per share amounts where applicable.
|
Customer
|
% of
Annualized
Base Rent and
Interest
|
Number of
Properties
|
||||||
AVF Parent, LLC (Art Van Furniture)
|
2.7
|
%
|
23
|
|||||
Mills Fleet Farm Group LLC
|
2.4
|
8
|
||||||
Bass Pro Group, LLC (Cabela’s)
|
2.2
|
9
|
||||||
American Multi-Cinema, Inc. (AMC/Carmike/Starplex)
|
1.7
|
14
|
||||||
Stratford School, Inc. (Elementary and middle schools)
|
1.6
|
17
|
||||||
Cadence Education, Inc. (Early childhood/elementary education)
|
1.6
|
32
|
||||||
Zips Holdings, LLC
|
1.6
|
42
|
||||||
US LBM Holdings, LLC (Building materials distribution)
|
1.5
|
46
|
||||||
CWGS Group, LLC (Camping World/Gander Outdoors)
|
1.5
|
19
|
||||||
Dufresne Spencer Group Holdings, LLC (Ashley Furniture HomeStore)
|
1.3
|
16
|
||||||
All other (424 customers)
|
81.9
|
2,029
|
||||||
Total
|
100.0
|
%
|
2,255
|
Customer Business Concept
|
% of
Annualized
Base Rent and
Interest
|
Number of
Properties
|
||||||
Fleet Farm
|
2.4
|
%
|
8
|
|||||
Ashley Furniture HomeStore
|
2.2
|
25
|
||||||
Cabela’s
|
2.0
|
8
|
||||||
Art Van Furniture
|
1.9
|
16
|
||||||
Zips Car Wash
|
1.6
|
42
|
||||||
Big R Stores
|
1.5
|
24
|
||||||
Stratford School
|
1.2
|
4
|
||||||
AMC Theaters
|
1.1
|
10
|
||||||
Popeyes Louisiana Kitchen
|
1.1
|
63
|
||||||
Applebee’s
|
1.0
|
35
|
||||||
All other (600 concepts)
|
84.0
|
2,020
|
||||||
Total
|
100.0
|
%
|
2,255
|
Customer Industry Group
|
% of
Annualized
Base Rent and
Interest
|
Number of
Properties
|
Building
Square
Footage
(in thousands)
|
|||||||||
Service:
|
||||||||||||
Restaurants – full service
|
11.2
|
%
|
403
|
2,719
|
||||||||
Restaurants – limited service
|
5.8
|
395
|
1,040
|
|||||||||
Early childhood education
|
5.9
|
185
|
2,082
|
|||||||||
Health clubs
|
5.3
|
76
|
2,267
|
|||||||||
Movie theaters
|
4.8
|
38
|
1,879
|
|||||||||
Family entertainment
|
4.0
|
38
|
1,290
|
|||||||||
Automotive repair and maintenance
|
3.8
|
139
|
643
|
|||||||||
Pet care
|
3.5
|
157
|
1,539
|
|||||||||
Lumber and construction materials wholesalers
|
2.9
|
105
|
4,375
|
|||||||||
Medical and dental
|
2.2
|
59
|
618
|
|||||||||
Behavioral health
|
1.7
|
38
|
603
|
|||||||||
Career education
|
1.6
|
7
|
584
|
|||||||||
Elementary and secondary schools
|
1.4
|
6
|
278
|
|||||||||
Equipment sales and leasing
|
1.2
|
19
|
619
|
|||||||||
Metal and mineral merchant wholesalers
|
1.0
|
20
|
1,698
|
|||||||||
Wholesale automobile auction
|
1.0
|
6
|
224
|
|||||||||
All other service (19 industry groups)
|
7.5
|
149
|
6,008
|
|||||||||
Total service
|
64.8
|
1,840
|
28,466
|
|||||||||
Retail:
|
||||||||||||
Furniture
|
5.5
|
54
|
3,224
|
|||||||||
Farm and ranch supply
|
4.3
|
41
|
3,914
|
|||||||||
Hunting and fishing
|
2.2
|
9
|
758
|
|||||||||
Recreational vehicle dealers
|
1.6
|
21
|
954
|
|||||||||
Used car dealers
|
1.2
|
19
|
229
|
|||||||||
Home furnishings
|
0.7
|
5
|
691
|
|||||||||
New car dealers
|
0.7
|
8
|
236
|
|||||||||
All other retail (9 industry groups)
|
2.2
|
51
|
2,102
|
|||||||||
Total retail
|
18.4
|
208
|
12,108
|
|||||||||
Manufacturing:
|
||||||||||||
Metal fabrication
|
3.9
|
57
|
6,894
|
|||||||||
Plastic and rubber products
|
2.5
|
30
|
3,855
|
|||||||||
Furniture manufacturing
|
2.0
|
12
|
3,688
|
|||||||||
Electronics equipment
|
1.4
|
10
|
1,060
|
|||||||||
Aerospace product and parts
|
0.8
|
11
|
992
|
|||||||||
Chemical products
|
0.8
|
9
|
820
|
|||||||||
Automotive parts and accessories
|
0.8
|
12
|
1,533
|
|||||||||
All other manufacturing (16 industry groups)
|
4.6
|
66
|
5,849
|
|||||||||
Total manufacturing
|
16.8
|
207
|
24,691
|
|||||||||
Total
|
100.0
|
%
|
2,255
|
65,265
|
State
|
% of
Annualized
Base Rent and
Interest
|
Number of
Properties
|
||||||
Texas
|
11.6
|
%
|
232
|
|||||
Florida
|
6.2
|
137
|
||||||
Illinois
|
6.2
|
140
|
||||||
Ohio
|
5.5
|
134
|
||||||
Georgia
|
5.3
|
140
|
||||||
Michigan
|
4.4
|
79
|
||||||
California
|
4.3
|
40
|
||||||
Tennessee
|
4.2
|
100
|
||||||
Arizona
|
4.0
|
71
|
||||||
Minnesota
|
3.7
|
75
|
||||||
All other (39 states) (1)
|
44.6
|
1,107
|
||||||
Total
|
100.0
|
%
|
2,255
|
(1) |
Includes one property in Ontario, Canada which represents 0.3% of annualized base rent and interest.
|
Year of Lease Expiration or Loan Maturity (1)
|
% of
Annualized
Base Rent and
Interest
|
Number of
Properties (2)
|
||||||
2019
|
0.8
|
% |
18
|
|||||
2020
|
0.7
|
13
|
||||||
2021
|
0.6
|
7
|
||||||
2022
|
0.4
|
7
|
||||||
2023
|
1.0
|
26
|
||||||
2024
|
0.7
|
15
|
||||||
2025
|
1.5
|
23
|
||||||
2026
|
2.1
|
54
|
||||||
2027
|
3.5
|
64
|
||||||
2028
|
4.8
|
79
|
||||||
Thereafter
|
83.9
|
1,941
|
||||||
Total
|
100.0
|
%
|
2,247
|
(1)
|
Expiration year of contracts in place as of December 31, 2018, excluding any tenant renewal option periods.
|
(2)
|
Excludes eight properties which were vacant and not subject to a lease as of December 31, 2018.
|
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