0000899749-13-000010.txt : 20130220 0000899749-13-000010.hdr.sgml : 20130220 20130220171033 ACCESSION NUMBER: 0000899749-13-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130220 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130220 DATE AS OF CHANGE: 20130220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTHCARE REALTY TRUST INC CENTRAL INDEX KEY: 0000899749 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621507028 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11852 FILM NUMBER: 13627738 BUSINESS ADDRESS: STREET 1: 3310 WEST END AVE STREET 2: FOURTH FL SUITE 700 CITY: NASHVILLE STATE: TN ZIP: 37203 BUSINESS PHONE: 6152699175 8-K 1 a4q2012earningsform8-k.htm 8-K 4Q 2012 Earnings Form 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): February 20, 2013 (February 20, 2013)


HEALTHCARE REALTY TRUST INCORPORATED
(Exact Name of Registrant as Specified in Charter)

MARYLAND
 
001-11852
 
62-1507028
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(I.R.S. Employer
Identification No.)


3310 West End Avenue, Suite 700, Nashville, Tennessee 37203
(Address of principal executive offices) (Zip Code)

(615) 269-8175
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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
    On February 20, 2013, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing its earnings for the fourth quarter ended December 31, 2012. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference in its entirety.
    

Item 7.01        Regulation FD Disclosure
The Company is furnishing its Supplemental Information for the three months ended December 31, 2012, which is also contained on its website (www.healthcarerealty.com). See Exhibit 99.2 to this Current Report on Form 8-K.

Item 9.01        Financial Statements and Exhibits
99.1       Fourth quarter earnings press release, dated February 20, 2013.
99.2         Supplemental Information for the three months ended December 31, 2012.










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.
 
HEALTHCARE REALTY TRUST INCORPORATED
 
By /s/ B. Douglas Whitman, II
Executive Vice President - Corporate Finance
Date: February 20, 2013
 



 EX-99.1 2 exhibit991fourthquarter201.htm EXHIBIT - EARNINGS PRESS RELEASE Exhibit 99.1 Fourth Quarter 2012 Earnings Press Release


Section 2: EX-99.1 (FOURTH QUARTER EARNINGS PRESS RELEASE, DATED FEBRUARY 20, 2013)

Exhibit 99.1
Carla Baca
Financial Communications
P: 615.269.8175
News Release
HEALTHCARE REALTY TRUST REPORTS NORMALIZED FFO OF $0.31 PER SHARE FOR THE FOURTH QUARTER

NASHVILLE, Tennessee, February 20, 2013 - Healthcare Realty Trust Incorporated (NYSE:HR) today announced results for the fourth quarter ended December 31, 2012. Normalized FFO for the three months ended December 31, 2012 totaled $0.31 per diluted common share. Normalized FAD for the three months ended December 31, 2012 totaled $0.33 per diluted common share.
Salient highlights include:
•
The year-over-year NOI for the same facility portfolio increased 3.8% in the fourth quarter.
•
Healthcare Realty's stabilizing properties (“SIP”) were 60% leased at year-end 2012.
•
NOI for the SIP properties reached approximately $1 million per quarter.
•
Since the beginning of the fourth quarter, the Company acquired five facilities for a total purchase price of $87.6 million. The buildings total approximately 288,000 square feet and have an average occupancy rate of 98%.
•
The per share results for the quarter were negatively affected by approximately $0.03 because of the 9.2 million shares issued at the end of the third quarter used primarily to fund the Mercy Health properties under construction. This interim dilution will reverse to accretion as the properties are completed in the second half of 2013.
•
In January 2013, the Company sold 1.6 million shares of common stock under its at-the-market equity offering program (“ATM”) for approximately $39.7 million in net proceeds used to fund recent acquisitions.
•
A dividend of $0.30 per share was declared for the fourth quarter of 2012, which is 90.9% of normalized FAD.
For the three months ended December 31, 2012, revenues grew by $1.7 million to $81.3 million, income from continuing operations totaled $0.4 million, and the Company recognized a net loss, including $7.7 million in impairment charges, totaling $6.4 million.
Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. The Company had investments of approximately $3.0 billion in 207 real estate properties and mortgages as of December 31, 2012. The Company's 202 owned real estate properties are located in 28 states and total approximately 13.6 million square feet. The Company provides property management services to approximately 10.1 million square feet nationwide.
The Company directs interested parties to its Internet site, www.healthcarerealty.com, where information is posted regarding this quarter's operations. Please contact the Company at 615.269.8175 to request a printed copy of this information.

In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty Trust,

 
 
 
 
 
HEALTHCAREREALTY.COM | PAGE 1 OF 5



including its Annual Report on Form 10-K for the year ended December 31, 2012 under the heading "Risk Factors,” and as updated in its Quarterly Reports on Form 10-Q filed thereafter. Forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.



 
 
 
 
 
HEALTHCAREREALTY.COM | PAGE 2 OF 5



HEALTHCARE REALTY TRUST INCORPORATED
Consolidated Balance Sheets (1) 
(dollars in thousands, except for share data)
(Unaudited)
 
 
 
December 31, 2012
 
December 31, 2011
Assets
 
 
 
 
REAL ESTATE PROPERTIES:
 
 
 
 
Land
 
$
161,875

 
$
162,843

Buildings, improvements, and lease intangibles
 
2,625,538

 
2,521,226

Personal property
 
19,100

 
18,221

Construction in progress
 
—

 
61,152

Land held for development
 
25,171

 
25,176

Total real estate properties
 
2,831,684

 
2,788,618

Less accumulated depreciation
 
(586,725
)
 
(516,747
)
Total real estate properties, net
 
2,244,959

 
2,271,871

Cash and cash equivalents
 
6,776

 
4,738

Mortgage notes receivable
 
162,191

 
97,381

Assets held for sale and discontinued operations, net
 
3,337

 
28,650

Other assets, net
 
122,709

 
118,382

Total assets
 
$
2,539,972

 
$
2,521,022

Liabilities and Stockholders' Equity
 
 
 
 
LIABILITIES:
 
 
 
 
Notes and bonds payable
 
$
1,293,044

 
$
1,393,537

Accounts payable and accrued liabilities
 
65,678

 
72,217

Liabilities of discontinued operations
 
131

 
518

Other liabilities
 
60,175

 
49,944

Total liabilities
 
1,419,028

 
1,516,216

Commitments and contingencies
 
 
 
 
STOCKHOLDERS' EQUITY:
 
 
 
 
Preferred stock, $.01 par value; 50,000,000 shares authorized; none issued and outstanding
 
—

 
—

Common stock, $.01 par value; 150,000,000 shares authorized; 87,514,336 and 77,843,883 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively
 
875

 
779

Additional paid-in capital
 
2,100,297

 
1,894,604

Accumulated other comprehensive loss
 
(2,092
)
 
(3,332
)
Cumulative net income attributable to common stockholders
 
801,416

 
795,951

Cumulative dividends
 
(1,779,552
)
 
(1,683,196
)
Total stockholders’ equity
 
1,120,944

 
1,004,806

Total liabilities and stockholders' equity
 
$
2,539,972

 
$
2,521,022

 
(1)
The Consolidated Balance Sheets do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.







 
 
 
 
 
HEALTHCAREREALTY.COM | PAGE 3 OF 5


HEALTHCARE REALTY TRUST INCORPORATED
Consolidated Statements of Operations (1) 
(dollars in thousands, except for per share data)
(Unaudited)
 
 
Three Months Ended
December 31,
 
Twelve Months Ended
December 31,
 
 
2012
 
2011
 
2012
 
2011
REVENUES
 
 
 
 
 
 
 
 
Rental income
 
$
77,207

 
$
72,026

 
$
301,055

 
$
276,712

Mortgage interest
 
2,611

 
1,723

 
9,186

 
6,973

Other operating
 
1,442

 
1,510

 
6,109

 
7,907

 
 
81,260

 
75,259

 
316,350

 
291,592

EXPENSES
 
 
 
 
 
 
 
 
Property operating
 
30,154

 
28,217

 
117,683

 
113,083

General and administrative
 
6,395

 
4,523

 
20,908

 
20,990

Depreciation
 
22,422

 
20,194

 
85,122

 
75,292

Amortization
 
2,923

 
2,465

 
10,510

 
8,198

Bad debt, net of recoveries
 
94

 
(169
)
 
243

 
(250
)
 
 
61,988

 
55,230

 
234,466

 
217,313

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
 
—

 
—

 
—

 
(1,986
)
Interest expense
 
(19,239
)
 
(18,492
)
 
(75,053
)
 
(76,038
)
Interest and other income, net
 
360

 
201

 
981

 
819

 
 
(18,879
)

(18,291
)
 
(74,072
)
 
(77,205
)
INCOME (LOSS) FROM CONTINUING OPERATIONS
 
393

 
1,738

 
7,812

 
(2,926
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations
 
(220
)
 
535

 
1,757

 
2,404

Impairments
 
(7,712
)
 
(4,999
)
 
(14,908
)
 
(6,697
)
Gain on sales of real estate properties
 
1,177

 
5,642

 
10,874

 
7,035

INCOME (LOSS) FROM DISCONTINUED OPERATIONS
 
(6,755
)
 
1,178

 
(2,277
)
 
2,742

NET INCOME (LOSS)
 
(6,362
)
 
2,916

 
5,535

 
(184
)
Less: Net income attributable to noncontrolling interests
 
(29
)
 
—

 
(70
)
 
(30
)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
(6,391
)
 
$
2,916

 
$
5,465

 
$
(214
)
BASIC EARNINGS (LOSS) PER COMMON SHARE
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
0.00

 
$
0.02

 
$
0.10

 
$
(0.04
)
Discontinued operations
 
(0.07
)
 
0.02

 
(0.03
)
 
0.04

Net income (loss) attributable to common stockholders
 
$
(0.07
)
 
$
0.04

 
$
0.07

 
$
0.00

DILUTED EARNINGS (LOSS) PER COMMON SHARE
 
 
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
0.00

 
$
0.02

 
$
0.10

 
$
(0.04
)
Discontinued operations
 
(0.07
)
 
0.02

 
(0.03
)
 
0.04

Net income (loss) attributable to common stockholders
 
$
(0.07
)
 
$
0.04

 
$
0.07

 
$
0.00

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—BASIC
 
85,725,611

 
76,404,709

 
78,844,840

 
72,720,147

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING—DILUTED
 
87,049,034

 
77,474,951

 
80,127,883

 
72,720,147

(1)
The Consolidated Statements of Operations do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

 
 
 
 
 
HEALTHCAREREALTY.COM | PAGE 4 OF 5


HEALTHCARE REALTY TRUST INCORPORATED
Reconciliation of Funds from Operations (1) (2) 
(dollars in thousands, except per share data)
(Unaudited)
 
 
Three Months Ended December 31,
 
 
2012
 
2011
Net Income (Loss) Attributable to Common Stockholders
 
$
(6,391
)
 
$
2,916

Gain on sales of real estate properties
 
(1,177
)
 
(5,642
)
Impairments
 
7,712

 
4,999

Real estate depreciation and amortization
 
24,932

 
23,062

Total adjustments
 
31,467

 
22,419

Funds From Operations
 
$
25,076

 
$
25,335

Amounts paid in settlement of a brokerage claim on a 2010 real estate acquisition
 
1,100

 
—

Acquisition costs
 
385

 
199

Write off of deferred financing costs upon renewal of line of credit facility
 
—

 
393

Normalized Funds From Operations
 
$
26,561

 
$
25,927

Funds From Operations Per Common Share—Diluted
 
$
0.29

 
$
0.33

Normalized Funds From Operations Per Common Share—Diluted
 
$
0.31

 
$
0.33

Weighted Average Common Shares Outstanding—Diluted
 
87,049,034

 
77,474,951

Reconciliation of Funds Available for Distribution (2) 
(dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended December 31,
 
2012
 
2011
Net Income (Loss) Attributable to Common Stockholders
$
(6,391
)
 
$
2,916

Gain on sales of real estate properties
(1,177
)
 
(5,642
)
Impairments
7,712

 
4,999

Depreciation and amortization - real estate
24,932

 
23,062

Depreciation and amortization - other
1,579

 
1,942

Provision for bad debt, net
93

 
(95
)
Straight-line rent receivable
(1,087
)
 
(1,137
)
Straight-line rent liability
106

 
119

Stock-based compensation
904

 
650

Provision for deferred post-retirement benefits
266

 
461

Total non-cash items included in cash flows from operating activities
33,328

 
24,359

Funds Available For Distribution
$
26,937

 
$
27,275

Amounts paid in settlement of a brokerage claim on a 2010 real estate acquisition
1,100

 
—

Acquisition costs
385

 
199

Normalized Funds Available For Distribution
$
28,422

 
$
27,474

Funds Available For Distribution Per Common Share—Diluted
$
0.31

 
$
0.35

Normalized Funds Available For Distribution Per Common Share—Diluted
$
0.33

 
$
0.35

Weighted Average Common Shares Outstanding—Diluted
87,049,034

 
77,474,951

(1)
Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.”
(2)
FFO and Funds Available For Distribution (“FAD”) do not represent cash generated from operating activities determined in accordance with accounting principles generally accepted in the United States of America and are not necessarily indicative of cash available to fund cash needs. FFO and FAD should not be considered alternatives to net income attributable to common stockholders as indicators of the Company’s operating performance or as alternatives to cash flow as measures of liquidity.

 
 
 
 
 
HEALTHCAREREALTY.COM | PAGE 5 OF 5

 EX-99.2 3 exhibit992supplementalinfo.htm EXHIBIT - SUPPLEMENTAL INFORMATION Exhibit 99.2 Supplemental Information 12.31.2012


Section 4: EX - 99.2 (SUPPLEMENTAL INFORMATION FOR THE THREE MONTHS ENDED DECEMBER 31, 2012)

Exhibit 99.2









4Q | 2012

Supplemental Information
FURNISHED AS OF FEBRUARY 20, 2013 (UNAUDITED)


 
 
 
 
 
 




Table of Contents
 
 
 
 
 
 
3

  
SCHEDULE 1 -
  
Corporate Information
 
 
 
5

  
SCHEDULE 2 -
  
Historical Reconciliation of FFO
 
 
 
6

  
SCHEDULE 3 -
  
Selected Financial Statement Information
 
 
 
7

  
SCHEDULE 4 -
  
Investment Progression
 
 
 
8

  
SCHEDULE 5 -
  
Investment Activity
 
 
 
9

  
SCHEDULE 6 -
  
Investment by Type and Geographic Location
 
 
 
10

  
SCHEDULE 7 -
  
Square Feet Owned and/or Managed
 
 
 
12

  
SCHEDULE 8 -
  
Lease and Occupancy Information
 
 
 
15

  
SCHEDULE 9 -
  
Same Store Properties
 
 
 
16

  
SCHEDULE 10 -
  
Components of Net Asset Value
 
 
 
17

 
SCHEDULE 11 -
 
Components of Expected 2013 FFO
Copies of this report may be obtained at www.healthcarerealty.com or by contacting Investor Relations at 615.269.8175 or communications@healthcarerealty.com.
Forward looking statements and risk factors:
This Supplemental Information report contains disclosures that are “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words and phrases such as “can,” “may,” “payable,” “indicative,” “annualized,” “expect,” “expected,” “future cash or NOI,” “deferred revenue,” “rent increases,” “range of expectations,” “components of expected 2013 FFO,” and other comparable terms and in this report. These forward-looking statements are made as of the date of this report and are not guarantees of future performance. These statements are based on the current plans and expectations of Company management and are subject to a number of unknown risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those described in this release or implied by such forward-looking statements. Such risks and uncertainties include, among other things, the following: changes in the economy; increases in interest rates; the availability and cost of capital at expected rates; changes to facility-related healthcare regulations; competition for quality assets; negative developments in the operating results or financial condition of the Company's tenants, including, but not limited to, their ability to pay rent and repay loans; the Company's ability to reposition or sell facilities with profitable results; the Company's ability to re-lease space at similar rates as vacancies occur; the Company's ability to renew expiring long-term single-tenant net leases; the Company's ability to timely reinvest proceeds from the sale of assets at similar yields; government regulations affecting tenants' Medicare and Medicaid reimbursement rates and operational requirements; unanticipated difficulties and/or expenditures relating to future acquisitions and developments; changes in rules or practices governing the Company's financial reporting; the Company may be required under purchase options to sell properties and may not be able to reinvest the proceeds from such sales at rates of return equal to the return received on the properties sold; uninsured or underinsured losses related to casualty or liability; the incurrence of impairment charges on its real estate properties or other assets; and other legal and operational matters. Other risks, uncertainties and factors that could cause actual results to differ materially from those projected are detailed under the heading “Risk Factors,” in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2012 and other risks described from time to time thereafter in the Company's SEC filings. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



 
 
 
 
 
 
HEALTHCARE REALTY I 2
 
4Q I 2012 SUPPLEMENTAL INFORMATION



SCHEDULE 1
Corporate Information
 
 
Healthcare Realty Trust is a real estate investment trust that integrates owning, managing, financing and developing income-producing real estate properties associated primarily with the delivery of outpatient healthcare services throughout the United States. The Company had investments of approximately $3.0 billion in 207 real estate properties and mortgages as of December 31, 2012. The Company’s 202 owned real estate properties are located in 28 states and total approximately 13.6 million square feet. The Company provided property management services to approximately 10.1 million square feet nationwide.

 
A |
Corporate Headquarters
Healthcare Realty Trust Incorporated
3310 West End Avenue, Suite 700
Nashville, Tennessee 37203
Phone: 615.269.8175
Fax: 615.269.8461
E-mail: communications@healthcarerealty.com
Website: www.healthcarerealty.com
 
B |
Executive Officers
 
 
 
 
 
 
 
David R. Emery
  
Chairman of the Board and Chief Executive Officer
 
 
John M. Bryant, Jr.
  
Executive Vice President and General Counsel
 
 
Scott W. Holmes
  
Executive Vice President and Chief Financial Officer
 
 
Todd J. Meredith
  
Executive Vice President - Investments
 
 
B. Douglas Whitman, II
  
Executive Vice President - Corporate Finance
 
C |
Board of Directors
 
 
 
 
 
 
 
David R. Emery
  
Chairman of the Board and Chief Executive Officer, Healthcare Realty Trust Incorporated
 
 
 
 
 
Errol L. Biggs, Ph.D.
  
Director, Graduate Programs in Health Administration, University of Colorado
 
 
 
 
 
C. Raymond Fernandez, M.D.
  
Former Chief Executive Officer, Piedmont Clinic (Retired)
 
 
 
 
 
Batey M. Gresham, Jr.
  
Founder, Gresham Smith & Partners (Retired)
 
 
 
 
 
Edwin B. Morris III
  
Managing Director, Morris & Morse Company, Inc.
 
 
 
 
 
J. Knox Singleton
  
President and Chief Executive Officer, Inova Health System
 
 
 
 
 
Bruce D. Sullivan
  
Former Audit Partner, Ernst & Young LLP (Retired)
 
 
 
 
 
Roger O. West
  
Former General Counsel, Healthcare Realty Trust Incorporated (Retired)
 
 
 
 
 
Dan S. Wilford
  
Former President and Chief Executive Officer, Memorial Hermann Healthcare System (Retired)




            
 
 
 
 
 
 
HEALTHCARE REALTY I 3
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 1 (CONTINUED)
Corporate Information
 
D |
Professional Services
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
BDO USA, LLP
414 Union Street, Suite 1800, Nashville, Tennessee 37219
TRANSFER AGENT
Wells Fargo N.A., Shareowner Services
1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN 55120-4100
 
E |
Stock Exchange, Symbol and CUSIP Number
 
 
 
 
 
 
 
SECURITY DESCRIPTION
STOCK EXCHANGE
SYMBOL
CUSIP NUMBER
 
Common Stock
NYSE
HR
421946104
 
Senior Notes due 2014
OTC
HR
421946AF1
 
Senior Notes due 2017
OTC
HR
42225BAA4
 
Senior Notes due 2021
OTC
HR
421946AG9
 
F |
Dividend Reinvestment Plan
Through the Company’s transfer agent, Wells Fargo, named shareholders of record can re-invest dividends in shares at a 5% discount and may also purchase up to $60,000 of HR common stock per calendar year without a service or sales charge. For information, write Wells Fargo Shareowner Services, P.O. Box 64856, St. Paul, MN 55164-0856, or call 1.800.468.9716. Information may also be obtained at the transfer agent’s website, www.shareowneronline.com.
 
G |
Direct Deposit of Dividends
Direct deposit of dividends is offered as a convenience to shareholders of record. For information, write Wells Fargo Shareowner Services, P.O. Box 64856, St. Paul, MN 55164-0856, or call 1.800.468.9716. Information may also be obtained at the transfer agent’s website, www.shareowneronline.com.
 
H |
Dividends Declared
On January 29, 2013, the Company declared a dividend of $0.30 per share, payable on March 1, 2013 to stockholders of record on February 14, 2013.
 
I |
Analyst Coverage
 
 
 
 
 
 
 
 
BMO Capital Markets Corp.
  
KeyBanc Capital Markets Inc.
 
 
 
 
 
Cowen & Co. LLC
  
RBC Capital Markets Corp
 
 
 
 
 
Davenport & Co. LLC
  
Sandler O’Neil & Partners LP
 
 
 
 
 
Deutsche Bank Securities Inc.
  
Stifel Nicolaus & Co
 
 
 
 
 
Green Street Advisors, Inc.
  
SunTrust Robinson Humphrey
 
 
 
 
 
J.J.B. Hilliard W.L. Lyons LLC
  
UBS Investment Bank
 
 
 
 
 
J.P. Morgan Securities LLC
  
Wells Fargo Securities LLC
 
 
 
 
 
JMP Securities LLC
 
 
 
 
 
 
 
 


 
 
 
 
 
 
HEALTHCARE REALTY I 4
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 2
Historical Reconciliation of FFO (1) (2) 
(dollars in thousands, except for share data)

 
 
 
2012
 
2011
 
 
Q4
Q3
Q2
Q1
 
Q4
Net Income (Loss) Attributable to Common Stockholders
 
$
(6,391
)
$
5,815

$
2,908

$
3,134

 
$
2,916

Gain on sales of real estate properties
 
(1,177
)
(6,265
)
(3
)
(3,428
)
 
(5,642
)
Impairments
 
7,712

2,860

167

4,170

 
4,999

Real estate depreciation and amortization
 
24,932

23,336

23,467

23,428

 
23,062

Total adjustments
 
31,467

19,931

23,631

24,170

 
22,419

Funds From Operations
 
$
25,076

$
25,746

$
26,539

$
27,304

 
$
25,335

Amounts paid in settlement of a brokerage claim on a 2010 real estate aquisition
 
1,100

—

—

—

 
—

Acquisition costs
 
385

—

—

109

 
199

Termination fee received upon disposal of a real estate asset
 
—

—

—

(1,500
)
 
—

Write-off of deferred financing costs upon renewal of line of credit facility
 
—

—

—

—

 
393

Normalized Funds From Operations
 
$
26,561

$
25,746

$
26,539

$
25,913

 
$
25,927

Funds From Operations Per Common Share—Diluted
 
$
0.29

$
0.33

$
0.34

$
0.35

 
$
0.33

Normalized Funds From Operations Per Common Share—Diluted
 
$
0.31

$
0.33

$
0.34

$
0.33

 
$
0.33

Weighted Average Common Shares Outstanding—Diluted
 
87,049,034

78,020,971

77,712,493

77,641,042

 
77,474,951


(1)
Funds from operations (“FFO”) and FFO per share are operating performance measures adopted by the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”). NAREIT defines FFO as the most commonly accepted and reported measure of a REIT’s operating performance equal to “net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.”
(2)
FFO does not represent cash generated from operating activities determined in accordance with accounting principals generally accepted in the United States of America and are not necessarily indicative of cash available to fund cash needs. FFO should not be considered alternatives to net income attributable to common stockholders as indicators of the Company's operating performance or as alternatives to cash flow as measures of liquidity.





 
 
 
 
 
 
HEALTHCARE REALTY I 5
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 3
Selected Financial Statement Information
(dollars in thousands)
 
SELECTED BALANCE SHEET INFORMATION
 
 
2012
 
2011
 
 
Q4
 
Q3
 
Q2
 
Q1
 
Q4
 
Q3
Real estate properties, gross (1)
 
$
2,831,684

 
$
2,745,393

 
$
2,768,273

 
$
2,792,768

 
$
2,788,618

 
$
2,770,741

Real estate properties, net (1)
 
2,244,959

 
2,187,442

 
2,222,596

 
2,252,407

 
2,271,871

 
2,264,397

Construction in progress
 
—

 
—

 
9,009

 
10,864

 
61,152

 
134,716

Land held for development
 
25,171

 
25,171

 
25,171

 
25,171

 
25,176

 
20,773

Mortgage notes receivable
 
162,191

 
141,107

 
118,059

 
112,767

 
97,381

 
94,588

Assets held for sale and discontinued operations, net
 
3,337

 
11,550

 
12,921

 
13,762

 
28,650

 
16,519

Total assets
 
2,539,972

 
2,470,776

 
2,472,324

 
2,503,654

 
2,521,022

 
2,487,573

Notes and bonds payable
 
1,293,044

 
1,212,615

 
1,395,600

 
1,418,571

 
1,393,537

 
1,349,882

Total stockholders' equity
 
1,120,944

 
1,151,067

 
966,195

 
985,727

 
1,004,806

 
1,022,578

SUMMARY OF INDEBTEDNESS
 
 
Quarterly Interest Expense

 
Balance as of
12/31/2012

 
Months to
Maturity

 
Effective
Interest Rate

Senior Notes due 2014, net of discount
 
$
3,431

 
$
264,522

 
15

 
5.19
%
Senior Notes due 2017, net of discount
 
4,942

 
298,728

 
49

 
6.62
%
Senior Notes due 2021, net of discount
 
5,815

 
397,307

 
97

 
5.86
%
Total Senior Notes Outstanding
 
14,188

 
960,557

 
53

 
5.91
%
Unsecured credit facility due 2017
 
270

 
110,000

 
52

 
1.72
%
Mortgage notes payable, net
 
3,602

 
222,487

 
53

 
6.22
%
Total Outstanding Notes and Bonds Payable
 
$
18,060

 
$
1,293,044

 
53

 
5.61
%
Interest cost capitalization
 
(239
)
 
 
 
 
 
 
Deferred financing costs
 
792

 
 
 
 
 
 
Unsecured credit facility fee
 
626

 
 
 
 
 
 
Total Quarterly Interest Expense
 
$
19,239

 
 
 
 
 
 
REVENUES AND PROPERTY OPERATING EXPENSES (2) 
 
2012
 
2011
 
Q4
Q3
Q2
Q1
 
Q4
Q3
   Property operating income
$
62,135

$
60,798

$
60,475

$
58,494

 
$
58,025

$
56,064

   Single-tenant net lease
13,977

13,505

13,476

12,851

 
12,828

13,277

   Straight-line rent
1,095

1,459

1,190

1,600

 
1,173

1,083

   Rental income
77,207

75,762

75,141

72,945

 
72,026

70,424

   Mortgage interest
2,611

2,244

2,039

2,292

 
1,723

1,776

   Other operating
1,442

1,522

1,371

1,774

 
1,510

2,060

   Total Revenues
$
81,260

$
79,528

$
78,551

$
77,011

 
$
75,259

$
74,260

 
 
 
 
 
 
 
 
   Property operating expense
$
30,154

$
29,969

$
29,224

$
28,336

 
$
28,217

$
30,087

(1)
Includes construction in progress and land held for development.
(2)
Prior periods have been restated to conform to the current period presentation for assets classified as held for sale and discontinued operations.

 
 
 
 
 
 
HEALTHCARE REALTY I 6
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 4
Investment Progression (1) 
(dollars in thousands)
 
CONSTRUCTION IN PROGRESS
 
 
 
Number of Properties
 
Three Months Ended 12/31/2012
 
Number of Properties
 
Twelve Months Ended 12/31/2012
Balance at beginning of period (2)
 
—

 
$
—

 
3

 
$
61,152

Fundings on projects in existence at the beginning of the period
 
—

 
—

 
—

 
5,608

Deconsolidation of variable interest entity
 
—

 
—

 
(1
)
 
(38,193
)
Completions
 
—

 
—

 
(2
)
 
(28,567
)
Balance at end of period
 
0

 
$
—

 
0

 
$
—

 
REAL ESTATE PROPERTIES
 
 
 
Number of Properties
 
Three Months Ended 12/31/2012
 
Number of Properties
 
Twelve Months Ended 12/31/2012
Balance at beginning of period (2)
 
195

 
$
2,745,393

 
198

 
$
2,727,466

Acquisitions (3)
 
4

 
71,666

 
7

 
103,685

Land purchased on ground leased building
 
—

 
—

 
—

 
1,125

Additions/Improvements
 
—

 
19,496

 
—

 
57,261

Completions (CIP)
 
—

 
—

 
2

 
28,567

Dispositions (4)
 
(3
)
 
(21,765
)
 
(11
)
 
(103,314
)
Assets previously classified as held for sale reclassified to held for use (5)
 
6

 
16,894

 
6

 
16,894

Balance at end of period
 
202

 
$
2,831,684

 
202

 
$
2,831,684

 
MORTGAGE NOTES RECEIVABLE
 
 
 
Number of Properties
 
Three Months Ended 12/31/2012
 
Number of Properties
 
Twelve Months Ended 12/31/2012
Balance at beginning of period
 
5

 
$
141,107

 
7

 
$
97,381

Fundings of new seller-financed mortgages
 
—

 
—

 
3

 
11,200

Fundings on mortgages in existence at the beginning of the period
 
—

 
24,034

 
—

 
78,297

Repayments (6)
 
(1
)
 
(2,950
)
 
(5
)
 
(14,812
)
Principal reduction due to acquisition
 
—

 
—

 
(1
)
 
(9,859
)
Scheduled principal payments
 
—

 
—

 
—

 
(16
)
Balance at end of period
 
4

 
$
162,191

 
4

 
$
162,191


(1)
Balances exclude investments in one unconsolidated joint venture and properties classified as held for sale.
(2)
Land held for development was reclassified to real estate properties from construction in progress.
(3)
During the fourth quarter of 2012, the Company acquired medical office buildings in Iowa, Tennessee and Washington and an inpatient rehabilitation facility in Texas.
(4)
During the fourth quarter of 2012, the Company disposed of a medical office building in Florida and two medical office buildings located in Iowa none of which were classified as held for sale prior to the sales.
(5)
During the fourth quarter of 2012, the Company reclassified six properties from held for sale to held for use.
(6)
During the fourth quarter of 2012, a mortgage note receivable secured by a medical office building located in Texas was repaid in full.

 
 
 
 
 
 
HEALTHCARE REALTY I 7
 
4Q I 2012 SUPPLEMENTAL INFORMATION



SCHEDULE 5
Investment Activity
(dollars in thousands)
2012 Investment Activity (1) 
 
Location
 
Property Type
 
Investment
Type
 
Closing
 
Investment at Acquisition
 
Approximate
Square Feet
 
Aggregate
Leased %
Aberdeen, SD
 
MOB
 
Acquisition
 
1/20/2012
 
$
14,984

 
58,285

 
100
%
Charlotte, NC
 
MOB
 
Acquisition
 
2/10/2012
 
6,353

 
23,312

 
100
%
Monroeville, PA
 
Land
 
Acquisition
 
3/16/2012
 
1,125

 
NA

 
NA

San Antonio, TX
 
MOB
 
Acquisition
 
5/23/2012
 
10,682

 
76,484

 
100
%
Germantown, TN
 
MOB
 
Acquisition
 
10/9/2012
 
10,950

 
39,345

 
100
%
Edmonds, WA
 
MOB
 
Acquisition
 
10/12/2012
 
9,410

 
47,225

 
89
%
Austin, TX
 
IRF
 
Acquisition
 
12/20/2012
 
30,640

 
66,095

 
100
%
West Des Moines, IA
 
MOB
 
Acquisition
 
12/21/2012
 
20,666

 
83,318

 
100
%
Total
 
 
 
 
 
 
 
$
104,810

 
394,064

 
99
%
Historical Investment Activity
 
 
 
Acquisitions  (2)
 
Mortgage
Funding
 
Construction
Mortgage
Funding
 
Development
Funding
 
Total
2008
 
$
315,665

 
$
—

 
$
36,970

 
$
74,085

 
$
426,720

2009
 
70,664

 
9,900

 
10,616

 
85,120

 
176,300

2010
 
301,600

 
3,700

 
20,740

 
63,301

 
389,341

2011
 
150,312

 
40,000

 
61,931

 
79,375

 
331,618

2012
 
94,951

 
—

 
78,297

 
5,608

 
178,856

Total
 
$
933,192

 
$
53,600

 
$
208,554

 
$
307,489

 
$
1,502,835

% of Total
 
62.1
%
 
3.6
%
 
13.9
%
 
20.4
%
 
100.0
%
Development Properties 
 
 
Properties
 
Amount
Funded
4Q 2012
 
Total Amount
Funded  Through
12/31/2012
 
Approximate
Square Feet
 
Aggregate
Leased %
 
4Q 2012 Adjusted
Aggregate NOI /Interest (3)
 
Estimated
Remaining
Fundings
Construction mortgage loans
 
2

 
$
24,034

 
$
118,441

 
386,000

 
100
%
 
$
1,751

 
$
84,173

Stabilization in progress
 
12

 
10,447

 
405,941

 
1,282,716

 
60
%
 
895

 
$35 - $45,000

Construction in progress
 
—

 
—

 
—

 
—

 
—

 
—

 
 
Total
 
14

 
$
34,481

 
$
524,382

 
1,668,716

 
69
%
 
$
2,646

 



(1)
Refer to 2012 Form 10-K Footnote 4 for more information on the Company’s acquisitions.
(2)
Net of mortgage notes receivable payoffs upon acquisition.
(3)
Aggregate NOI and adjusted NOI for the fourth quarter of 2012 for the properties in stabilization was approximately $0.9 million. Had all of the occupants that were in-place in December 2012 been in-place for the entire quarter, NOI would have been $1.0 million. Adjusted aggregate NOI for the third quarter of 2012 was $0.3 million. Adjusted aggregate NOI excludes the effects of items recorded for real estate taxes and operating expense billings associated with prior periods.

 
 
 
 
 
 
HEALTHCARE REALTY I 8
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 6
Investment by Type and Geographic Location (1) 
(dollars in thousands)
 
 
MOB/Outpatient (82.4%)
 
Inpatient (14.6%)
 
Other (3.0%)
 
 
 
Stabilized
Properties
 
Development
Properties
 
Mortgages
 
Rehab
 
Surgical
 
Mortgages
 
Other
Mortgages
Total
% of
Total
 
 
SIP
 
CIP
 
Texas
$
566,647

 
$
80,355

 
$
—

 
$
—

 
$
54,191

 
$
92,000

 
$
—

 
$
—

$
—

$
793,193

26.6
%
Virginia
191,660

 
 
 
 
 
 
 
 
 
 
 
 
 
11,839

 
203,499

6.8
%
Tennessee
175,247

 
 
 
 
 
 
 
 
 
 
 
 
 
7,874

 
183,121

6.1
%
North Carolina
151,319

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
151,319

5.1
%
Washington
68,972

 
78,772

 
 
 
 
 
 
 
 
 
 
 
 
 
147,744

5.0
%
Indiana
100,104

 
 
 
 
 
 
 
 
 
43,406

 
 
 
3,790

 
147,300

4.9
%
Iowa
99,795

 
 
 
 
 
 
 
 
 
 
 
 
 
 
40,000

139,795

4.7
%
Colorado
50,089

 
85,128

 
 
 
 
 
 
 
 
 
 
 
 
 
135,217

4.5
%
Pennsylvania
10,798

 
 
 
 
 
 
 
120,422

 
 
 
 
 
 
 
131,220

4.4
%
California
114,521

 
 
 
 
 
 
 
12,688

 
 
 
 
 
 
 
127,209

4.3
%
Hawaii
23,580

 
94,817

 
 
 
 
 
 
 
 
 
 
 
 
 
118,397

4.0
%
Florida
97,936

 
 
 
 
 
3,750

 
11,703

 
 
 
 
 
 
 
113,389

3.8
%
Missouri
43,557

 
 
 
 
 
 
 
 
 
 
 
61,599

 
 
 
105,156

3.5
%
Arizona
35,253

 
40,570

 
 
 
 
 
16,012

 
 
 
 
 
 
 
91,835

3.1
%
Illinois
37,542

 
26,299

 
 
 
 
 
 
 
 
 
 
 
 
 
63,841

2.1
%
Oklahoma
 
 
 
 
 
 
56,842

 
 
 
 
 
 
 
 
 
56,842

1.9
%
Alabama
21,562

 
 
 
 
 
 
 
17,722

 
 
 
 
 
9,782

 
49,066

1.6
%
Michigan
22,445

 
 
 
 
 
 
 
 
 
 
 
 
 
13,105

 
35,550

1.2
%
Washington, DC
29,846

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29,846

1.0
%
Other (10 states)
130,128

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
130,128

4.5
%
Sub-total
$
1,971,001

 
$
405,941

 
$
—

 
$
60,592

 
$
232,738

 
$
135,406

 
$
61,599

 
$
46,390

$
40,000

$
2,953,667

99.1
%
Land held for development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25,171

0.9
%
Total Investments
$
1,971,001

 
$
405,941

 
$
—

 
$
60,592

 
$
232,738

 
$
135,406

 
$
61,599

 
$
46,390

$
40,000

$
2,978,838

100.0
%
Percent of $ Invested
66.6
%
 
13.7
%
 
—
%
 
2.1
%
 
7.9
%
 
4.6
%
 
2.1
%
 
1.6
%
1.4
%
100.0
%
 
Number of Investments
165

 
12

 
0

 
2

 
13

 
2

 
1

 
10

1

206

 

(1)
Excludes gross assets held for sale totaling $9.6 million, one unconsolidated joint venture totaling $1.3 million and corporate property totaling $15.0 million.




 
 
 
 
 
 
HEALTHCARE REALTY I 9
 
3Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 7
Square Feet Owned and/or Managed (1) 
BY STATE, OWNED PROPERTIES
 
 
Number  of
Properties
 
Managed by HR
 
Managed by Third Party
 
Development Properties SIP (2)
 
Development Properties CIP
 
Single-Tenant
Net Leases
 
Total
 
Percent
Texas
 
49

 
3,017,770

 
302,094

 
343,570

 
 
 
323,126

 
3,986,560

 
29.3
%
Tennessee
 
17

 
1,299,605

 
 
 
 
 
 
 
75,000

 
1,374,605

 
10.1
%
Virginia
 
15

 
553,532

 
136,427

 
 
 
 
 
334,454

 
1,024,413

 
7.5
%
North Carolina
 
15

 
747,603

 
 
 
 
 
 
 
 
 
747,603

 
5.5
%
Indiana
 
6

 
 
 
382,695

 
 
 
 
 
205,499

 
588,194

 
4.3
%
Florida
 
10

 
256,302

 
206,139

 
 
 
 
 
108,330

 
570,771

 
4.2
%
California
 
10

 
488,955

 
 
 
 
 
 
 
63,000

 
551,955

 
4.1
%
Colorado
 
7

 
192,280

 
 
 
347,771

 
 
 
 
 
540,051

 
4.0
%
Pennsylvania
 
7

 
 
 
 
 
 
 
 
 
532,520

 
532,520

 
3.9
%
Washington
 
6

 
120,773

 
 
 
191,051

 
 
 
159,071

 
470,895

 
3.5
%
Arizona
 
10

 
202,082

 
 
 
179,963

 
 
 
51,903

 
433,948

 
3.2
%
Iowa
 
8

 
233,413

 
 
 
 
 
 
 
178,267

 
411,680

 
3.0
%
Illinois
 
4

 
148,055

 
 
 
95,436

 
 
 
110,000

 
353,491

 
2.6
%
Alabama
 
6

 
120,192

 
139,887

 
 
 
 
 
82,000

 
342,079

 
2.5
%
Michigan
 
8

 
199,749

 
 
 
 
 
 
 
121,672

 
321,421

 
2.4
%
Hawaii
 
3

 
173,502

 
 
 
124,925

 
 
 
 
 
298,427

 
2.2
%
Missouri
 
5

 
177,039

 
 
 
 
 
 
 
13,478

 
190,517

 
1.4
%
Washington, DC
 
2

 
182,836

 
 
 
 
 
 
 
 
 
182,836

 
1.3
%
Louisiana
 
2

 
 
 
136,155

 
 
 
 
 
 
 
136,155

 
1.0
%
Other (9 states)
 
12

 
339,067

 
131,361

 
 
 
 
 
79,034

 
549,462

 
4.0
%
Total
 
202

 
8,452,755

 
1,434,758

 
1,282,716

 
—

 
2,437,354

 
13,607,583

 
100.0
%
BY MARKET
 
 
 
 
Square Feet
 
Percent
 
 
 
 
 
Square Feet
 
Percent
1

 
Dallas-Ft. Worth, TX
 
2,314,184

 
17.0
%
 
12

 
Des Moines, IA
 
411,680

 
3.0
%
2

 
Nashville, TN
 
812,608

 
6.0
%
 
13

 
Seattle-Bellevue, WA
 
379,334

 
2.8
%
3

 
Charlotte, NC
 
787,404

 
5.8
%
 
14

 
Chicago, IL
 
353,491

 
2.6
%
4

 
San Antonio, TX
 
689,764

 
5.1
%
 
15

 
Honolulu, HI
 
298,427

 
2.2
%
5

 
Houston, TX
 
649,392

 
4.8
%
 
16

 
Phoenix, AZ
 
288,511

 
2.1
%
6

 
Indianapolis, IN
 
558,694

 
4.1
%
 
17

 
Austin, TX
 
272,220

 
2.0
%
7

 
Richmond, VA
 
558,209

 
4.1
%
 
18

 
Washington, DC
 
241,739

 
1.8
%
8

 
Los Angeles, CA
 
551,955

 
4.1
%
 
19

 
Miami, FL
 
215,980

 
1.6
%
9

 
Denver-Colorado Springs, CO
 
540,051

 
4.0
%
 
20

 
Detriot, MI
 
211,057

 
1.6
%
10

 
Roanoke, VA
 
466,204

 
3.4
%
 
 
 
Other (35 Markets)
 
2,543,028

 
18.5
%
11

 
Memphis, TN
 
463,651

 
3.4
%
 
 
 
Total
 
13,607,583

 
100.0
%
ON/OFF CAMPUS
 
 
2012
 
2011
 
 
4Q
 
3Q
 
2Q
 
1Q
 
4Q
 
3Q
On/adjacent
 
78
%
 
78
%
 
77
%
 
75
%
 
74
%
 
72
%
Off (3)
 
22
%
 
22
%
 
23
%
 
25
%
 
26
%
 
28
%
 
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%
 
100
%

(1)
Mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale are excluded.
(2)
Includes 1,185,863 square feet managed by HR.
(3)
Approximately 42% of the off-campus suare feet are anchored by a hospital system.

 
 
 
 
 
 
HEALTHCARE REALTY I 10
 
3Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 7 (CONTINUED)
Square Feet Owned and/or Managed (1) 
BY FACILITY TYPE
 
 
Managed
by HR
 
Managed by
Third Party
 
Stabilization  in
Progress (2)
 
Construction
in Progress
 
Single-Tenant
Net Leases
 
Total
 
Percent of
Total
 
Third Party
Managed  by HR
 
Total
Medical office/outpatient
 
8,452,755

 
1,179,037

 
1,282,716

 
 
 
1,025,840

 
11,940,348

 
87.7
%
 
443,886

 
12,384,234

Inpatient Rehab
 
 
 
 
 
 
 
 
 
895,172

 
895,172

 
6.6
%
 
 
 
895,172

Inpatient Surgical
 
 
 
 
 
 
 
 
 
273,770

 
273,770

 
2.0
%
 
 
 
273,770

Other
 
 
 
255,721

 
 
 
 
 
242,572

 
498,293

 
3.7
%
 
 
 
498,293

Total Square Feet
 
8,452,755

 
1,434,758

 
1,282,716

 
0

 
2,437,354

 
13,607,583

 
100.0
%
 
443,886

 
14,051,469

Percent of Total Square Footage
 
62.1
%
 
10.5
%
 
9.4
%
 
—
%
 
18.0
%
 
100.0
%
 
 
 
 
 
 
Total Number of Properties
 
129

 
19

 
12

 
0

 
42

 
202

 
 
 
 
 
 
BY PROVIDERS
Top Providers
Credit Rating
Associated Buildings (3)
Associated SF (3)
% of Total SF (4)
Leased SF Total
% of Total SF
Baylor Health Care System
 AA-/Aa2
25

2,168,819

15.9
%
1,016,856

7.5
%
Ascension Health Care System
 AA+/Aa1
15

1,021,838

7.5
%
373,809

2.7
%
HCA
 B+/B1
15

877,918

6.5
%
422,227

3.1
%
Carolinas Healthcare System
 --/Aa3
16

787,404

5.8
%
622,243

4.6
%
Catholic Health Initiatives
 AA-/Aa3
12

740,723

5.4
%
451,182

3.3
%
HealthSouth
 BB-/Ba3
9

647,560

4.8
%
647,560

4.8
%
Bon Secours
 A-/A3
7

548,209

4.0
%
226,612

1.7
%
Tenet Healthcare
 B/B2
8

481,077

3.5
%
138,822

1.0
%
Baptist Memorial Health Care
 AA/--
5

424,306

3.1
%
41,242

0.3
%
Indiana University Health
 AAA/A1
3

382,695

2.8
%
192,929

1.4
%
Vanguard Health
 B/B2
3

278,007

2.0
%
38,743

0.3
%
Advocate Health Care
 AA/Aa2
2

238,391

1.8
%
58,157

0.4
%
Medstar Health
 A-/A2
3

241,739

1.8
%
111,901

0.8
%
Memorial Hermann Health Care
 A+/A1
4

206,090

1.5
%
82,686

0.6
%
Scott & White
 A/A1
2

206,125

1.5
%
186,761

1.4
%
Overlake Hospital
 A-/A3
1

191,051

1.4
%
24,529

0.2
%
St. Luke's Episcopal Health
 AA-/--
2

192,857

1.4
%
18,715

0.1
%
Hawaii Pacific Health
 A-/A3
2

173,502

1.3
%
37,362

0.3
%
OrthoIndy
 N/R
2

175,999

1.3
%
175,999

1.3
%
Univ. of Colorado Health
 A+/A1
2

161,099

1.2
%
44,000

0.3
%
Other- Credit Rated
 
14

658,821

4.8
%
 
 
Total - Credit Rated
 
150

10,628,231

78.1
%
 
 
Total
 
202

13,607,583

100.0
%
 
 
BY BUILDING SQUARE FEET
Size Range by Square Feet
 
% of Total
 
Total Square
Footage
 
Average
Square Feet
 
Number  of
Properties
>100,000
 
42.0
%
 
5,718,915

 
139,486

 
41

<100,000 and >75,000
 
24.3
%
 
3,306,035

 
84,770

 
39

<75,000 and >50,000
 
18.4
%
 
2,500,197

 
62,505

 
40

<50,000
 
15.3
%
 
2,082,436

 
25,396

 
82

Total
 
100.0
%
 
13,607,583

 
67,364

 
202

(1)
Excludes mortgage notes receivable, an investment in one unconsolidated joint venture and assets classified as held for sale.
(2)
Includes 1,185,863 square feet managed by HR.
(3)
Associated buildings and square footage refers to on-campus, adjacent or off-campus/affiliated properties associated with these healthcare providers.
(4)
Based on square footage, 78.1% of HR's portfolio is affiliated with a credit rated healthcare provider and 59.7% is affiliated with an investment-grade rated healthcare provider.

 
 
 
 
 
 
HEALTHCARE REALTY I 11
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 8
Lease and Occupancy Information(1) 
(dollars in thousands)
LEASE MATURITY SCHEDULE
 
 
 
 
Number of Leases
 
 
 
 
 
 
Annualized
Minimum
Rents (2)
 
Multi-
Tenant
Properties
 
Single-
Tenant
Net Lease
Properties
 
Percentage  of
Revenues
 
Total Sq. Ft.
2013
 
$
49,118

 
443

 
6

 
18.8
%
 
1,858,239

2014
 
46,217

 
399

 
10

 
17.7
%
 
1,864,567

2015
 
29,003

 
286

 
—

 
11.1
%
 
1,139,552

2016
 
24,976

 
207

 
5

 
9.6
%
 
929,068

2017
 
28,810

 
183

 
5

 
11.0
%
 
1,246,360

2018
 
14,250

 
106

 
—

 
5.5
%
 
649,530

2019
 
9,178

 
50

 
1

 
3.5
%
 
356,253

2020
 
11,289

 
38

 
1

 
4.3
%
 
419,451

2021
 
9,199

 
42

 
3

 
3.5
%
 
405,025

2022
 
13,447

 
48

 
3

 
5.2
%
 
557,061

Thereafter
 
25,294

 
46

 
8

 
9.8
%
 
1,004,402

LEASE TYPE (EXCLUDES CIP AND UNCONSOLIDATED JV) 
 
 
 
 
 
 
 
Owned
 
Number  of
Properties
 
Investment
 
Square Feet 
Multi-Tenant
 
160

 
$
2,196,359

 
11,170,229

Single-Tenant Net Lease
 
42

 
595,117

 
2,437,354

Mortgages
 
4

 
162,191

 
—

 
 
206

 
$
2,953,667

 
13,607,583

AVERAGE TENANT SIZE 
 
 
Number of Leases
Square Footage
 
Multi-Tenant
Properties (3)
 
Single-Tenant
Net Lease
Properties
0 - 2,500
 
967

 
—

2,501 - 5,000
 
486

 
—

5,001 - 7,500
 
147

 
1

7,501 - 10,000
 
77

 
2

10,001 +
 
171

 
39

Total Leases
 
1,848

 
42


(1)
Excludes mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale unless otherwise noted.
(2)
Represents the annualized minimum rents on leases in-place, excluding the impact of potential lease renewals, future step-ups in rent, or sponsor support payments under financial support agreements and straight-line rent.
(3)
The average lease size in the multi-tenant properties is 4,325 square feet.




 
 
 
 
 
 
HEALTHCARE REALTY I 12
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 8 (CONTINUED)
Lease and Occupancy Information(1) 
(dollars in thousands) 
OCCUPANCY BY FACILITY TYPE
  
 
 
 
 
 
2012
 
2011
Facility Type
 
Investment at 12/31/2012
 
Square Feet at 12/31/12
 
Q4
 
Q3
 
Q2
 
Q1
 
4Q
Medical office/outpatient
 
$
1,971,001

 
10,657,632

 
86.5
%
 
86.1
%
 
85.5
%
 
86.2
%
 
86.0
%
Inpatient
 
368,144

 
1,168,942

 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Other
 
46,390

 
498,293

 
83.4
%
 
76.2
%
 
76.2
%
 
76.2
%
 
76.2
%
Stabilized Occupancy (2)
 
$
2,385,535

 
12,324,867

 
87.7
%
 
87.1
%
 
86.6
%
 
87.2
%
 
87.0
%
Stabilization in Progress Occupancy (3)
 
$
405,941

 
1,282,716

 
41.2
%
 
37.3
%
 
32.5
%
 
27.9
%
 
20.6
%
OCCUPANCY (2) 
 
 
 
2012
 
2011
 
Investment at 12/31/12

Square Feet at 12/31/12

Q4

Q3

Q2

Q1

 
Q4

Multi-Tenant
 
 
 
 
 
 
 
 
   Same store (4)
$
1,586,046

8,753,434

87.9
%
87.7
%
87.1
%
88.7
%
 
88.8
%
   Acquisitions
55,862

259,691

96.5
%
95.7
%
95.7
%
95.1
%
 
90.6
%
   Reposition
148,510

874,388

47.5
%
47.9
%
41.5
%
43.0
%
 
40.4
%
Total
$
1,790,418

9,887,513

84.6
%
84.5
%
83.7
%
84.4
%
 
84.2
%
 
 
 
 
 
 
 
 
 
Single-Tenant Net lease
 
 
 
 
 
 
 
 
   Same store (4)
$
518,029

2,165,742

100.0
%
100.0
%
100.0
%
100.0
%
 
100.0
%
   Acquisitions
66,290

207,698

100.0
%
100.0
%
100.0
%
100.0
%
 
100.0
%
   Reposition
10,798

63,914

100.0
%
—

—

—

 
—

Total
$
595,117

2,437,354

100.0
%
100.0
%
100.0
%
100.0
%
 
100.0
%
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
   Same store (4)
$
2,104,075

10,919,176

90.3
%
90.1
%
89.6
%
91.0
%
 
90.9
%
   Acquisitions
122,152

467,389

98.0
%
96.0
%
95.5
%
92.2
%
 
91.2
%
   Reposition
159,308

938,302

51.1
%
47.9
%
41.6
%
43.0
%
 
40.4
%
Total
$
2,385,535

12,324,867

87.7
%
87.1
%
86.6
%
87.2
%
 
87.0
%
 
 
 
 
 
 
 
 
 
# of Properties
 
 
 
 
 
 
 
 
   Same store (4)
 
 
162

154

159

162

 
158

   Acquisitions
 
 
9

10

10

9

 
12

   Reposition
 
 
19

19

17

19

 
18

Total
 
 
190

183

186

190

 
188

(1)
Excludes mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale.
(2)
The stabilized occupancy assumes that properties under a Property Operating Agreement or Single-tenant Net Leases have 100% occupancy. The average underlying tenant occupancy of the five properties under Property Operating Agreements, as directed by the respective sponsor, was approximately 76%. The stabilized occupancy excludes the twelve development properties currently in stabilization.
(3)
The properties in stabilization are currently 60% leased. The difference between occupied and leased reflects tenants that have signed leases but have not taken occupancy because of buildout to the suite.
(4)
In order to provide meaningful comparisons, same store occupancy excludes properties that were recently acquired or disposed of, properties held for sale, and properties in stabilization or conversion.

 
 
 
 
 
 
HEALTHCARE REALTY I 13
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 8 (CONTINUED)
Lease and Occupancy Information(1)(2) 
(dollars in thousands) 
LEASE STATISTICS (3) 
 
2012
 
2011
 
Q4
Q3
Q2
Q1
 
Q4
Contractual increases for in-place leases ("annual bumps")
 
 
 
 
 
 
Multi-Tenant properties
3.1
%
3.2
%
3.1
%
3.3
%
 
3.1
%
 
 
 
 
 
 
 
Single-Tenant Net Lease properties
2.1
%
2.3
%
2.5
%
3.0
%
 
5.3
%
 
 
 
 
 
 
 
Newly executed leases ("cash leasing spreads")
1.0
%
0.4
%
1.8
%
1.8
%
 
2.5
%
 
 
 
 
 
 
 
Tenant retention rate, multi-tenant properties
76.4
%
85.1
%
79.7
%
85.4
%
 
87.4
%

LEASE, TENANT AND OWNERSHIP STATISTICS
 
As of 12/31/12
 
 
As of 12/31/12
Multi-Tenant Contractual Rental Rate Increases by Type (4)
 
Lease Structure
 
Annual increase
77.6
%
 
Gross
24.9
%
Non-annual increase
10.2
%
 
Modified gross
34.5
%
No increase within Remaining Term
12.2
%
 
Net
40.6
%
 
 
 
 
 
Tenant Type
 
 
Ownership Type
 
Multi-Tenant properties
 
 
Ground lease
55.0
%
Hospital
39.0
%
 
Fee simple
45.0
%
Physician and other
61.0
%
 
 
 
Single-Tenant net lease properties
 
 
 
 
Hospital
88.9
%
 
 
 
Other
11.1
%
 
 
 
(1)
Excludes mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale.
(2)
All percentages presented are calculated based on total square feet.
(3)
Represents historical rental rate increases and may not be indicative of future increases.
(4)
"Non-annual increase" refers to leases that have a term greater than one year, but do not have rent increases each year. "No Increase within Remaining Term" refers to leases with less than one year remaining or have a term greater than one year, but no increases during the current lease term.














 
 
 
 
 
 
HEALTHCARE REALTY I 14
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 9
Same Store Properties
(dollars in thousands)
SAME STORE PROPERTIES (1) (2) 
 
 
 
 
 
 
 
 
 
Sequential
 
Year-Over-Year
 
 
4Q 2012
 
3Q 2012
 
4Q 2011
 
$
 
Percentage
Change
 
$
 
Percentage
Change
Multi-Tenant
 
 
 
 
 
 
 


 


 


 


Revenues
 
$
55,041

 
$
54,853

 
$
53,636

 
$
188

 
0.3
 %
 
$
1,405

 
2.6
 %
Expenses
 
23,204

 
24,621

 
22,855

 
(1,417
)
 
(5.8
)%
 
349

 
1.5
 %
NOI
 
$
31,837

 
$
30,232

 
$
30,781

 
$
1,605

 
5.3
 %
 
$
1,056

 
3.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-Tenant net lease
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
13,676

 
$
13,641

 
$
13,278

 
$
35

 
0.3
 %
 
$
398

 
3.0
 %
Expenses
 
401

 
414

 
591

 
(13
)
 
(3.1
)%
 
(190
)
 
(32.1
)%
NOI
 
$
13,275

 
$
13,227

 
$
12,687

 
$
48

 
0.4
 %
 
$
588

 
4.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
68,717

 
$
68,494

 
$
66,914

 
$
223

 
0.3
 %
 
$
1,803

 
2.7
 %
Expenses
 
23,605

 
25,035

 
23,446

 
(1,430
)
 
(5.7
)%
 
159

 
0.7
 %
NOI
 
$
45,112

 
$
43,459

 
$
43,468

 
$
1,653

 
3.8
 %
 
$
1,644

 
3.8
 %

RECONCILIATION OF NOI

 
 
4Q 2012
 
3Q 2012
 
4Q 2011
Rental income
 
$
77,207

 
$
75,762

 
$
72,026

Rental lease guaranty income (a)
 
1,226

 
1,286

 
1,257

Exclude straight-line rent revenue
 
(1,095
)
 
(1,459
)
 
(1,173
)
Revenue
 
77,338

 
75,589

 
72,110

Revenue not included in same store
 
(8,621
)
 
(7,095
)
 
(5,196
)
Same store revenue
 
$
68,717

 
$
68,494

 
$
66,914

 
 
 
 
 
 
 
Property operating expense
 
$
30,154

 
$
29,969

 
$
28,217

Property operating expense not included in same store
 
(6,549
)
 
(4,934
)
 
(4,771
)
Same store property operating expense
 
$
23,605

 
$
25,035

 
$
23,446

 
 
 
 
 
 
 
Same store NOI
 
$
45,112

 
$
43,459

 
$
43,468

(a) Other operating income reconciliation:
 
 
 
 
 
 
Rental lease guaranty income
 
$
1,226

 
$
1,286

 
$
1,257

Interest income
 
124

 
99

 
122

Other
 
92

 
137

 
131

Total consolidated other operating income
 
$
1,442

 
$
1,522

 
$
1,510


(1)
Excludes mortgage notes receivable, construction in progress, an investment in one unconsolidated joint venture, corporate property and assets classified as held for sale.
(2)
In order to provide meaningful comparisons, same store NOI is adjusted for certain non-routine items and excludes properties that were recently acquired or disposed of, properties held for sale, and properties in stabilization or conversion.

 
 
 
 
 
 
HEALTHCARE REALTY I 15
 
4Q I 2012 SUPPLEMENTAL INFORMATION


SCHEDULE 10
Components of Net Asset Value
(dollars in thousands)
 
Asset Type
 
Same Store
4Q 2012  NOI (1)
 
Adjustments  (2)
 
Adjusted
4Q 2012  NOI
 
Annualized
Adjusted 4Q
2012 NOI
 
% of
Adjusted
NOI
MOB / Outpatient
 
$
35,378

 
$
1,826

 
$
37,204

 
$
148,816

 
78.4
%
Inpatient rehab
 
5,430

 
486

 
5,916

 
23,664

 
12.5
%
Inpatient surgical
 
2,936

 
—

 
2,936

 
11,744

 
6.2
%
Other
 
1,368

 
—

 
1,368

 
5,472

 
2.9
%
Subtotal
 
$
45,112

 
$
2,312

 
$
47,424

 
$
189,696

 
100.0
%
TOTAL SHARES OUTSTANDING (3)    88,846,951
 
 
 
+
ADD: DEVELOPMENT PROPERTIES AND MORTGAGES(4)
 
 
Land held for development
$
25,171

 
Stabilization in progress
405,941

 
Mortgage notes receivable
162,191

 
 
 
 
Subtotal
$
593,303

 
 
 
 
 
 
+
ADD: OTHER ASSETS
 
 
Assets held for sale (5)
$
3,337

 
Properties not in Same Store NOI (6)
106,589

 
Cash and other assets (7)
71,654

 
 
 
 
Subtotal
$
181,580

 
 
 
 
 
 
-
SUBTRACT: DEBT
 
 
Unsecured credit facility (8)
$
110,000

 
Senior notes (8)
964,737

 
Mortgage notes payable (8)
225,242

 
Other liabilities (9)
91,107

 
 
 
 
Subtotal
$
1,391,086

 
 
 
(1)
See Schedule 9 for details on same store NOI.
(2)
Same store NOI is adjusted to reflect a full quarter of NOI from properties acquired during the prior five quarters.
(3)
Total shares outstanding as of January 31, 2013.
(4)
Land held for development, stabilization in progress, and mortgage notes receivable reflect gross book value.
(5)
Assets held for sale are excluded from same store NOI and reflect net book value.
(6)
Reflects net carrying amount of certain properties not included in same store NOI, which comprises 938,302 square feet and generated NOI of approximately $1.0 million for 4Q 2012.
(7)
Includes cash of $6.8 million and other assets of $64.9 million that are expected to generate future cash or NOI and assets that are currently causing non-cash reductions to NOI. Other assets include prepaid assets of $50.8 million, above-market intangible assets (net) of $12.7 million, equity investment in an unconsolidated joint venture of $1.3 million, and notes receivable (net) of $0.1 million. See Footnote 7 to the Consolidated Financial Statements of the Company’s Form 10-K for a detail of other assets.
(8)
Outstanding principal balances as described in Footnote 9 to the Consolidated Financial Statements of the Company’s Form 10-K.
(9)
Includes only liabilities that are expected to reduce future cash or NOI and that are currently producing non-cash benefits to NOI. Included are accounts payable and accrued liabilities of $65.8 million, pension plan liability of $15.2 million, security deposits of $4.8 million, market-rate lease intangibles of $4.6 million, and deferred operating expense reimbursements of $0.7 million. Also, excludes deferred revenue of $34.9 million.
SCHEDULE 11

 
 
 
 
 
 
HEALTHCARE REALTY I 16
 
4Q I 2012 SUPPLEMENTAL INFORMATION


Components of Expected 2013 FFO
(dollars in thousands, except per square foot data)
 
 
 
RANGE OF EXPECTATIONS
 
 
 
Low

 
High

Occupancy
 
 
 
 
Multi-Tenant
 
 
 
 
 
Same Store
 
87.0
%
 
88.0
%
 
Reposition
 
40.0
%
 
50.0
%
 
Single-Tenant Net Lease
 
95.0
%
 
100.0
%
 
 
 
 
 
 
Same Store Revenue per Occupied Square Foot
 
 
 
 
Multi-Tenant
 
$28.00
 
$30.25
 
Single-Tenant Net Lease
 
$24.00
 
$26.25
 
 
 
 
Same Store Multi-Tenant NOI Margin
52.0
%
 
58.0
%
 
 
 
 
 
 
Multi-Tenant Contractual Rent Increases by Type (% of SF)
 
 
 
 
Annual Increase
 
75.0
%
 
80.0
%
 
Non-annual Increase
 
7.5
%
 
12.0
%
 
No Increase within Remaining Term
 
12.0
%
 
15.0
%
 
 
 
 
 
 
Contractual Annual Rent Increases
 
 
 
 
Multi-Tenant
 
3.0
%
 
3.5
%
 
Single-Tenant Net Lease
 
2.0
%
 
3.0
%
 
 
 
 
 
 
Multi-Tenant Cash Releasing Spreads
0.5
%
 
3.0
%
 
 
 
 
 
 
Multi-Tenant Lease Retention Rate
75.0
%
 
85.0
%
 
 
 
 
 
 
Same Store Multi-Tenant NOI Growth
2.0
%
 
4.0
%
 
 
 
 
 
 
Stabilization in Process ("SIP")
 
 
 
 
Year-End 2013 Lease Percentage
75.0
%
 
85.0
%
 
Year-End 2013 Occupancy Percentage
65.0
%
 
70.0
%
 
 
 
 
 
 
G&A per quarter
 
$5,000
 
$5,500
 
 
 
 
 
 
Funding Activity
 
 
 
 
 
SIP Funding (tenant improvements)
$15,000
 
$25,000
 
Construction Mortgage Funding
$84,000
 
$85,000
 
Acquisitions
$100,000
 
$200,000
 
Dispositions (2)
 
$40,000
 
$60,000
 
 
 
 
 
 
Cap/Interest Rate
 
 
 
 
 
Construction Mortgage Funding
6.75
%
 
8.00
%
 
Acquisitions
 
6.00
%
 
8.00
%
 
Dispositions
 
6.00
%
 
8.00
%
 
 
 
 
 
 
Leverage (Debt/Cap)
 
40.0
%
 
50.0
%



 
 
 
 
 
 
HEALTHCARE REALTY I 17
 
4Q I 2012 SUPPLEMENTAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 GRAPHIC 4 healthcarerealtylogotypeq420.gif begin 644 healthcarerealtylogotypeq420.gif M1TE&.#EAS01D`O<``````(````"``("`````@(``@`"`@("`@,#`P/\```#_ M`/__````__\`_P#______P`````````````````````````````````````` M```````````````````````````````````````````````````````````` M````,P``9@``F0``S```_P`S```S,P`S9@`SF0`SS``S_P!F``!F,P!F9@!F MF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9_P#,``#,,P#,9@#,F0#,S`#,_P#_ M``#_,P#_9@#_F0#_S`#__S,``#,`,S,`9C,`F3,`S#,`_S,S`#,S,S,S9C,S MF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F_S.9`#.9,S.99C.9F3.9S#.9_S/, M`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_9C/_F3/_S#/__V8``&8`,V8`9F8` MF68`S&8`_V8S`&8S,V8S9F8SF68SS&8S_V9F`&9F,V9F9F9FF69FS&9F_V:9 M`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,9F;,F6;,S&;,_V;_`&;_,V;_9F;_ MF6;_S&;__YD``)D`,YD`9ID`F9D`S)D`_YDS`)DS,YDS9IDSF9DSS)DS_YEF M`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF99IF9F9F9S)F9_YG,`)G,,YG,9IG, MF9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G__\P``,P`,\P`9LP`F/($.*'$FRI,F3*%.J7,FRI-41M85.?4*-*G4JUJM6K M6+-JWO8,-:?2B1:-F)9HO>,"2VK=NW<./*G4NWKMV[>//2?5J0+T&_ M00\"%CCX7V&^6XX6/O3KSK$GU[Z<>_/MV<.#_Q_?77QY\M_/JT_/'KKY]M2]NT<_?[U5 MB&?SJ]5O5K+>_P`&*."`!!9HX($()J@@2O@,5(5B22WFF(04PN`?4`MFJ.&& M'';HX8<@ABBB7/CM9V):**)%T8@LMNCBBS#&*..,-&[$UXV?X3B;CK_QZ.-` MA30FY&-$#LG8'SDFN:.2/3+YXY)0-AGEDU)62>653F8YI996:7 M8I9)YIE>ICFFFF:RB>::<+89YYMRUDGGG6[F.:>>=O*)YYZ`]AGHGX(62NBA M?B8ZJ**&,DHG5=LD9J)$^E$ZJ8J%U:CIIIQVZNFGH(9ZH"H31F@JA*@Z!@A! M^8CJZJNPQO\JZZRTUIH11"GRIZ*N9=GJZZ_`!BOLL,2:9-U[\S6EBH2-,7LJ MD<[&<-&Q],6'K+754FL?MMMJ"Y^W]7TK'[?B7@LNN>&FB^ZZY[8[KKOFOBMO MO/1F.Z^]]79[K[[YEHOOO_P"[&_`!`]LL+K2^43JKB\Z,U=%JFS MD3L3N06B.`/=:-".%DWTT4,G+?321BO=---(0^UTU$]73?754VI<%"S](KSOP>Q^[GGGH9,N M><&C"YPZZJ6KWCKKIX,>^^JRB_YZ[:;;/OOMM/?.^^^[!Z_[\+D77ZW":QN. M^/)$(0GY\]!'+_WT7U'S\?5Z/ZLX]=QW[_WWX*N$J_(L'VYA^.BGK_[ZP(K] MYU`\Q]^SD4BZ__7]9.<_]O[VZ]\___@#H/\"^+\"$O"``TR@`!=H0`4VD($( MA"#.J$*-M%D0;8<+&?LVR,$.>E!N9<$>WD9HJHM\\(0H3*$**;8P\Y&O9P(Y[K_W`X1"$&T7A'+"(2<:?$)B;QB4R$ MHN^(*$7@&3&*6)SB%;6X1"XZ,8M6[&(8@2.5$KGPC)/2H`W7R,8VNA%!I!+A MW>:(JHAEZHUXS*,>][B5"J*Q?,N[(Q\'2X:,I2QG M24N26"][QL^"&O2@W:,&(!?:,E@B]*$0C:B+1&DF M1EIT?L6DJ$9+V;:T M%5.B.,VI3F%6C8"2,)?3W*E0ATI4BM%3F/64R$V+RM2F.O6&\?Q.4P`:36A" MBX>K>J<[Y:G5J*YSJ]\\IUB[.E:NFC6L9$WK6;_J57B6%:UK=:M:X4I7WERE MI_9D:'Z>RM>^^E5&^-B"0'^JMZ7^];"(32R"#('4QJZ,H(J-K&0GBY&20JFG M%\TLD5R:4LMREJ6>#6UG1PM:TG[VM*(MK6I1:]K4LO8K@*#I3%M)6\/_4O:V MN,UM5I;ET]Y^+(8#P9!NATONY]UN>-=;7O&BU[SPY:96>)M7>\8@J\W- MKW[WVQ&W"<2W@WT6?P=,X`(CQ!!)3:Y$(&O@!CN8C:[%D2HT2V$8*"["K#E=F*]N:KG(_:GRPC&<\V:$0]L9W`RZ- M=\QCO](WP0MU:(^'3&3ON?9>][H9S>*+=7RNJ]LI:G MC&4K(LY[W M7-`JU#>I^.2SH`<]LA(3!GZ-K/"13BSB%!NZT9!^M*09/6E'4_K2ELYTI!DM M%C]>D+8O7IN0"4WJ4NLQ!G;&<:I@,6=3N_K5-9RP@F?M9EC;^M:VHC*VFE+! M'E+WU]`$C*Z'W>4J&SN^Q48VF,W,[&,3>]G.3O:SQ]QL95,[VF($2XG8/,Q` MX_K;X)[>P@"LZE>&^]SH]EXU9LWM&*?[W?#V4*7_\:!$VYMGJIBWOC&]:4WO MV]_\_G>_!R[P@@?\X/I[B_5`7=,66VK4\8ZXQ..V;G);/`:`:?7$-\[QDL64 MW<.T;<='3O*]2%LS-_]JYI*5[,R55WO:9<;VM:T=\ MYSOW^=#QSS/-2_TS?^<\T$/ MO=]B=:,W-JB.C[WL`Z3QKSM=U8N?O>YW/Y>Y)[Y\>>>] M\!E?<(6"_:)Q;WORWZ[VY3N_^=!7?O29+_WJ:[(NBOQTJ.^>O-P/__O@SPK_ M@F\/8$#T+?SH3S]6KOY'];N?ZZJGC>V;O/+Z*V6I\?=\YC_/__W[7_\`V'D" M*'KY-X"HUW\!2("I-RYRL2SLAU2U]GX2.($T07ZI=CX4F($:"!,V]H`LXWT; M&(*FMG83=F\FV!@_\WS6IX+4UX(L^(+3!X,K&(,T.(.0AA<.IWW<)X(\V(,C M`0@7=V(#_9X!7N(4+ MB(!:V(59J(!>*(9AB(4):(:@4Q<=J(0M$WQ.^(8;J`T-<8%T:&'N!H=XN($> M2#YWF(=^R%_,IW(G>&_U(X,N6(.':(.)N(B&V(B(_^B(BCAV>N%I=5>).A@# M3/B'FAA^0!%"%I@]3X%TFSB*C==";*@K$4B*JDA<7#@E]D>%4J@8K5B&LWB& MM?B%8XB&9&B+8,B+N7B+NXB+M,B`=S$^>\@??;B*RKAW&M=,@9=+J;B,TEAX MGL9M:)2,TYB-3>6"]79\C?1(D,B(CSB.D4B.XEB.Z'B.ZAB.*14@LI:#.9B) MVCB/4W=+SSA8HDB/^KAQ`/5[Y`."^QB0$06,O^$?@OB*E7K%NQW@BDI*/`CF2YT95GTA"+X.-)+F2X:9* M_NA"\LB2,NE+BW@YWB@DZ_]HCNRHDSR9CCOIDSV9DT`YE-$%X8\5$A'LYF$3&6-;H M6&Y(F(I)0^*(68.H643YDT(YF9)9F4%IF9%YF9II@P=RE4KYF7:G5(LYFG%6 M9U'Y,5DEF*2YF@9VF'K%FK`Y0W,Y&]7@EV+97&)IGXYWVV5Q`>(\W%HWWV9^* M]6.G")+^.:#0J$5JJ$6.J9HFJ%ENJ82VJ9DZJ9IVE8*LFU8F2N< MHZ5XBE#^,&YU>&-*FJ>`6DL55ZGA_JI?-1K?>I;37%^H'JJLD2G'BHMJ-JJLZ*FGX$/ M?!J+N:DY67>FL/JFNAJGN+JANYJKO&JFPLJFOZJ6&A*@+*.2KKJL:[0Q)HH] MW,FLTII""V>E#W.KTYJM,<*>7KJH%B5VETJIX6JIXEJNY'JNE9JNI_0AOK>I M\!BMVAJOZ_-WU"E"4SD0_B6O^MI!B+>J:A&E^QJP``*L/`*64YB@CG%YQ=JK M##NL<$JPOAJLQ"JQ#QNQ$-NPPL$AK6>M:2.P'LM!&&)[S\HQ\/JQ)OLX[8JL M$9&8)]NR=B&DCEFC.J.NYDJSZ/\ZKC:;LSB[LS6+-"+2K\MCB315LBY;M'\C M>?6:-]!IM$P+/?Z*(DT;M2]KL?,BL@@+BXPQ+52+L17+M0OKL%\[L1<+MA0; MMEU+M@GC(4G(L?G!LE+[MG2#5TE+0LH*MW9;,T#+MFI!M'?;MS5!KN'IK8V4 M@CQ[LSU[N(:;N#J+N(LKE"UR.$(+:I)RKWY;N39#HT_J,1>AFI;;N2.SMH2: M.)X[NEVWM?_2%+5ZFY078V,KMJ;KNEY;MK+;NF<+NVC[NK4+'R*RAGI+%&Y+ MNL#+0J-J9YX:O,8++$^+%G5[O,P+$C>+:#(K)(58N(U;O=1[O8R+O8JKO9CY M(J#KK@S_-U/%V[SD"RN>.+(5`K"W9:H+P;DSLKP[X;XRHKXP0@U"H0I;\`=; M\'55``CYNP6J\`?V&Q;RVQ,%3!('C!#T.SBFV+LW@*6Q9!$2K`H4/,$6P;<= M40T.0<$;7,$;K+`>T<$?+,(6S,$E[,$3C,(D/,(J?,$.L<`B$5M(];LQH<$N M?,(O3!,KG,(C?,,LW,,F_,,X/,0LO+PKW,(8W!%(W,([H<$R#&2&P!3PJQ/? MBS@^P<-$C,5"O,6JP*`VL<5:',8[/,8^+,82K$&T>QRJ>[5)0;BSB[MFRQN! M:W\"+$1/$;-*MI#B<;!KW,>TNA@.140W`I4(R;KD!)54&,A"_\3'?\S&?MPL MM99DMRE7RH*U1G%>T448_>C(U/4'C:J1\Y>;V#56.@*FEORE$5(%?R#`0.0O M.-+(C\S(I@S!'F)&*EL64[Q'&ZL\X^N\P[2T&Q&ZMXPXP#P31RE,-/P2U6@X MQ=P2PNS`Q*01]B03/>6<9O'%>?O,#YS+U/Q'O:P2T,QN^0L+W"S-X=R[25P@ M&.*,TQ MR2QOVJP?Y?Q&=RE,\RP216H^S8P1P_]\SC/]$@U,/C`,TXYUTRI1TRF-.%J9 M7-WL6#*1LN<\$5N0KSPQJ&@TT":1O![8Q2D1U-#\R=G;)1L3O40"CMS[U84R MQSU3Q_E#R/.CQW4BN%QM46C]/RQG)-,D268=/VW=-6I]US=YHTQB@A`DUO&3 M/P>)UX.(U9($O6&G4FLMV(M&-(K=V#9:(Z88N4EI=R^M1[L,FI7MR[+ETPIQ MI/0IV9X-VC/%V2M1Q9&;SCSMKJ1]$J'-J:X-CY,RU"U6U++E$M60G^`[V:+M M8@"-$[M-*2?-$KK]VN'[V2JR!2MM$,7]V\2MVZA](/9(TA2RTS14HG.4V8\G MT"!1TM(=(5#_#1*V&6#8;2S:/1/H]XR8HPU_=PTU-(L0]\<$=/,L]H'`=1/Z^`G<=D* MIA,,OC(23A(0ON%F,=0,5=0+Q1*&:=7^^-TA8*K>E-I;"WL M',OUA]:V>^-P*M:70];IA,'3I3 MON:<3.4UXI$;3MTR1.$/8^(9L*W[.T1^GWJYD83B':/J>[J?EJ!LK[K='32[`T3[BU"D,[K`%Y"`M'? M*;'JPZOG'U'LSEXJ_H'L=O/LQ![<'^*2R*VU";3P1B+Q4@/Q'$\_7,+7]G/P M1D(T7+ZH%$'!7AP;]KO*G@AV*2\V@NT\#?\D\!UO%$K>)C6_UMVN(!\'V\[M M2Q1>=SM?69=8[JTM$9M^%9-K7[LR]`M^].7^$4'LP51_Q!V<9C0%P#Y<]5LO MPE2=$?-)V^%K$L>$CW?W!&!$Z&V]#'P9'A/#7F_ M]WK?]WGO$`]AW*Z$S\N=9W##Y,X^32+-1M;]6S)ASWJ#SP&6]%2AP?K\%(OO MO*_.%<&NM$PM$M).$+^.TZE6$HT?8(UZP,(5P$]'^0JL%G,;0\G=$:DV^W^! MO[9.T'8F-Y/N>J[O00@.0X^O[A^17+]?1BKK]-Y._%V!YPRC[6#_X37/(,56G_.6FDG?J#\?P MI>,(;TT^WG(V_AV,[!>SV*5J_HH`0>W?0(+_!!8<>!"APH(,"1ZD!B,&C!L2 M+4ZL&&/+0H0).QK\Z-!C1Y$@21+$]T]5QHL46_X9R?%DS)(E6V*\"<.D3)X- M0R)4;]%R/K4(MD ML;94);4KU9Y4QSI=&U.I4:JJRCJ]J&JG5Y\MS;KDVI;NX+UL/QY&G%CQ8L:- M'3\N6(UBC!N4*4^N6#GS9"L,@G-Y0>=A7V'X>GQ[Y-_GU#H]^3KR]``0>$ M++.[SF(IP0-=PL@\`A^$,$()1W-O006OJR\B!1&4;30&/U30MPEGTX8@"P_\ M0S($#PQM0`U/Q*C#$2%##\0%MU+-'\9L7%'`&C<$$348>80!EH)T;`S)Q2(Z M:PL1@4/RCR$SJ^8J(C-R,,`5$522.16OO,O#+3^#84]`#VN-3UM%0G[M!K]88_/_*4LAG! MHHDM7'?:M5==?\TU6%Z!'5987+_,*MF;1_Z2]FMQH6WN'O_ M+59=Z6WWQAN(Y>A$T<.*N#)P:+WX@?'LCB?B>2UV"'__F#*/,^ M_CCDC6&H1J"3)YJ+9'LCO@CC@ZV$.:UZ5W:58H^)?;3GCD"#S;*@=Q,:,Z$3 M]3EII='CJ&59>.U&K; MH*Y/ZNT"3+OLS8(#F^S)L/[M.*2YV\;MS?K+6%/*V.8N;+5;Q"Y5N3$C7+'% MJ\LZ<@F/F[+R%1N7/'/-@0MJS(HP!^Y%SRE]#$R<\-Y\H"J`3+!%?,2;DG3L M1+]2]J1_'/)L]DP'+$#-28QRA`WC\7S?*< M4\<>..]B/73N[+\'?[3M\P3]MT7WT[VQ6)W/_'PU'=R&*4]!C=K4]'W>^C_; ML8L5T^ZOAPSE:E6^\"%$5..A3T$$N)^],>=_`0*$J6(CFEK=X$UJ$4QA"(-! M_[X8QH,;#$P'C46S#[U%67\9RLA"^$$-MI"#+'PA"./BPA7*,(,QI.$,<;C# MCVCL+^8280X%@ZP%$:5@.H18"1?$$!XBT8DW#,Q!(GC"FPA$(29#H44,L:L@ M-E%=6=0(%)_8Q1H6IG-^>8D-R3A#O$BLB6(DR!E-&#,AKL>*<\0C%V%81FJM M$8X=U-A9)K(*`Q[K$C)ELD1GB(1BKRT9*-+*"$@E)!"5X& M<)D$92@'DK\U[2]TM;K?8BK(/LE)D'#=0US45*6Y\5GG017$5"=)(Y[+`&U- M!`RE_/8C.U^.IX&_T65]8/'``DE0E,]4C)*L-[PQ_?\C)=#$9NHJQ#Q@JD9X M%C*E8J8'`U9F#8M#2MDC+5>(`'V30YK['9&Z.9MQ^@AZ%"&-6.HYD"YA\TO4 M)-P9AQ?.V=S3@LJD)H.J=\]L-O0CAN)>1(_I4(J^J9;?F2=JW$>G5#I.@N54 M6I5FV<-:$=2;K>HHH$BY&Y/^IG]P8R9D:O._B8;R.(="3-&T0S_IQ)0[%WT/ M!;MWJYW)S&5&+>JY`HDSF,GFJ#I#:E2A.M6G5C6I5LT8S)Z"56T)#%Y'G!C. M.B95KE;5+EI5H4?T*4BTD!587B476,MZU5\M55]NS1;.J%HON]X$8<)I%EED MM5>\$A9<6H7!%G4%6$,:D:[_V$)L:.8:DWB2BUYZ+>S'*EH?PSVN;I_=;&@? ME3^=#DY`,_5L2A%C-[*!-&E?ZPS0A&9*6!TN,QD-'FNKIMHXQ:VS%,%M:OR& M&?\-MS*C.>!G-1/<[]76;R*J1G5^>P.>,F>Z5?.=;3'3TH)X5C.B;6@UI)10 M\EKHD^!%[X@$>B+FDL:=(.)N1\;IVIZM=T4-7-24S-//U;PW0?$]4SR!Q%MZ MEM>>TQ,-GNY9W6Q>QG,)1,PYQU33YR&X/I3CYD#RX1CKM3`Z_$UOXB+:R8H0 M.,0G_@U0ZW1:E.KFH\^,H*>VH9@%ON].+<[<2E\#8.$Z$Z:M2G`G>=S<5OU) MQT&K_X]/L2-,-IU7?4,]TQL3Z<@_4GG*-MQ58Y7(5B[#8!M2MG*8U2AF(5ZY MS&0&\YC5?&;"^#`G0$1S%$?91H*Q^5U=9@D3+PG':]H9@W:<,YXE`C6%7',; M=)[(E_>\QB\ZA5)I]O.B50)&K:P9THC6":3_/&E$8YD@D-3R#0BG:4E;6LXC ML5(6#RI"$G)9+Z2>22056F4UPP+3-D,B)=%8:B'JD3`H3DU\1ES!]@+;V)`Y M\G9/6\STF!@AJQ3E327%8(0(6U-./N5():?BM=T2RO7AMFM$8VU&4?N90"W: M%FJJN#X-&3+)#!6TF^FI8X/2ON-DGKOKO6_%;!-,6S"$*O_^H(I"")S@!B_X MP!-^<(4CW.$-_T.,8U>:<1IBX1=_.,,UCG&(;SQ#]TRI0/P]/.K.;GKZGI"` M;_2@<:HBX!WG^,8S'O.$&_0Q.G*PZ.R?GPZ+L8FW,G/OO\1XD: M8[V9-QWF3M?XR_G=4TY6/08[GWK6&1/N8?_/ZKQQ=G=)//:O8\9(K^H>A?^Q MND.=/3H;)4[8F=8]E).FZWEU MQN-]U8\U[&0C?]4I,I6I&))\YB&O^I;`I'/ M@V3+.4'764_6^D)J5:ZT]WQ?R]7_>6&IOO2J'UCI_T7$@9F+\Y,W:N4CEE9H M19;SD>6]04;_ZINEWOJJ1Z362>.>TDI7M]ZW3-^UOV_2&E>YW4>_^<$O]X%\ M/_W:=;]QAZZ838)-MFI?RG4U,__#H/;][!\1WV(MPK,[^#L_]7L_[RHMF5(_ MQ8,F`YR@QZBQ[H,!_*N>^(NEV:`&V3(N=U-`!`1!VQH_9#*H:;((:NBS$53! MP"NO$G1!?(,OBFM!&)Q!(,$Z3K&<&U02"9,G$!LZ_RH+\7L0E3L+`)1!$WS! M&IPFF6JYS2J$\K+`?QJ2?P"QU"@ZX.#!A'([*N2P)$1"&@2@%2P-6,D[2R%` M,40QKBO#_S7D)`!TO,8C,?Z#%%<:#<2,JIYPT<I,HDS,!W$\NI-#"<'`VX\\=(5,L5?,BVC$DU M<<.)G,LU^P7TDS- MYB2^98&PDD$L0)BLX[3.DVF9G9G-ZVR6['O+PR!##/Q`T_K.\2L_"$Q`_4M/ MW7+#`T3/$'P)*A'3/AHP0`:R;J)S,]Q30\230R6!`",S/ M\+%([1K*Q'#/30$.]81/"=4NV5+(S*30`A7/SBI/!JQ*Z&G0#A6M>T/+#Z5! M?1O+%+7!@DC!M4P(RX&:*A2G!3L2C7+*S-%*EN#/"S31$CU+)BPO`)43*TJU M$SFH"QV-7H01(1V(L^S1*<',U'A2)^T1$76,CDS,S9!,*TU#N\S2L:O+S1Q( M^?P'+'V/$`V\_^YA4K8$.UK20P*Q3"]5$V2+%<,$%+\A4U%"\QDD51TI=5%'45*"(Q^)X MNH$#58T+U84;58,;5<:*)%>DLFC4LTW-U*_0%7FTDS=*"63D,BLR1F&D)&)T M54SU(%M5HN&L5#;J5%/-N%(-U8Y#5F/%L'=<,U9,U%ZMQ6CC9X`:D$FG9$4'"\HM=F:9=JEE=DJ,"C' M_`@J5='BD-H9_;D[\5C'H(8O9:FM[5)/,=I#%ES_;P%;D-G0X(T!MOW=U#E/V!C; M_C,_>DU`M%6F#(5>X06_B@!<@]Q/-S6NY$T,]2LN`ZS#Q>%`A,_%*C6T=E(C?BB+1N]!>DMA9'CU9[(':JJ7:#1%" MDJ6(BJT/H6T4EDO+!+["QU#2,;&=COT-"AX-V:/?*>61ZD4(FW2YC'LYC5-* MWD%@A.BP^PU`0B34P4+ABGK(_0U,^W$Q3W%?[.`^M7W$^6-3S]C1!R',2=E# M>OLQ110-A%63&GZ0>^S;?R1>;"5BR-#7Y&CBU0K8P3775\5B<#D1351MBU3`F8S^3$B^.1CL6M+/QHF?D MU3,N8Z!81V&58YOHU#E^(6`U"TLC(C`J"F"<1$?>LSY38SSVUF9\BVU]QB>B M!K^LQD0EUS`T9%[SV!^^.[YLX7>UE!(.B7[UC^Y!XNC0VR4V4(UBY<'\UP'! M);BA2`@FL2DNDX*-Y14FWEUV#*.$)?[QL5.6D"(=8(G84F7.))"U$1ANB/Z5 MRLIY92S,X&;VG#,TX`CD6:ADX)S-+@M+DC@JP<&RX*3Y9@W66/%[X,?80'S3 MWA.&9@B1MKX5WWNFI5N^,1FVNQ?3'!4.YB_MNQW6$^S5%%5>K6066+H%U/]. MVN>>J3%9)E0.;E(@0T@)H@A?[JXJAA#-%>G8-9;0O4Z2[EW85>F4-ES3I=R5 M&=W>0ZRQ8FFLPN#.Q>F!84Y[,6EVJ>G<$\Z53MW875V,4'>D6YD#SG=Z.YN=S@T!JQA<#9-[G&NCAXL`!Y>J% M/@W_)A#_]#ZQ?C8([%[/RBWVS4<"V<"RO.#/T&NU5E^S-@T*Y11+L8RQ M_<"OQF=NWLIL9FS?"=+3LN;2*2_(5@T%WF8!?F;&^&:&E@X%AFL.:^"@C6?' MT)%F;6`06^?$:-%Y%@M0:6T3=NS-'IZ)[HC31C;_$\3MQ;#GR`X0_;!,OP;N MS7EA%@-H/J'AS`'F_QBX=`RXZ$['#Y9NZ*;NZ9;N@+/N@(OBOS$-A+Z,T2XN MMH93A_XIB&:,[AX.T"Z(^A.;,2PI[?Y@Z][N^;YN^ZA3H6S"(\,-[[$.#YP M"5>(E*GDK,A.$'\(HZ2S$A+&$^66GR=$?>+ M*I@+:WW5E&A6$O=&P\#96=1=&]^)RBJB)&\BSMXI834F;OL6;(@!P/_\Q&C8INDP&)KL;,ZS'W5[&-2$W)I5I!#:;8\O00 M\,1HR:I!4L=(-MDBD)9C(P=$E)9R\I6&@6FZX(`6K0SYS'TPN5HT01K;].Y.@IN MT1&^;0*YZ3%!P7Q:]MZZCSM6`A>8>]!!=\_F):T57MGS2Z-3( M9T81==0@<`G)ZI].:F(IA*?>*I2^]W_W]X#/JI,Q/M#L:<C8&`ZXZ.J`9#2-J>!*8L7!!J M_XC/!Q->M_S9F%]T@I0NY!V[!^'8WWO9CSJ$NV00(:O\&_A,XL!I!@5MBP&!XHR%$AS#^$$Q8T>+%@ADU9C1XD1K#D#`> MBG1(L>-&@]0@DHPXTJ7$DB]EMA19DR5,&!P_IKRHZF9,B"<]5B2*D2?*C#F! MZC0ZT.G.HCTK_EP*\^E4I$A5X:1IU2M8ETS'-CQYU",UKC:M9I6:5*O;G5]= M;H%J=^!:L&_C\DUXDVP,B@BQ_^ZU*'9NWL-A$S/&N?$QY,B2)U.N;/DRYLB& M8MS@/-)SYX>A/XL&;5JTJLRJ5[-N[?HU[-BKJYTF37J+[,G41O,V#8AU[]+" M;0_R82R<'YR[_>/FI5.?GWJ]9;"`Y]E@EY'7VWH_X7<@9_^MEA^$ M#$;HW@T`6G@AAH^I$E1+'78U$X@M;>%/AB6:>"**LL'B(8<3G;@2BR%>IUJ( M'\9XHXTYMM@B=/^0^(]:-<9418H5_0B+CB"J\F-E,":)XXY"2HDC04Q>MN&4 M0A69I?]$)V()Y4BOX9,1DE&">>:3.CJ8T9@#D;ABFC'TB"&)U6P1YXR6FMR<>(4*2Z7U24CD99N&^BBL!XKG:)XF3GAB?)P"F.NKH\8ZVA9K3F8( MJ)DJ.IVCJ%XFJH5;/%KK9;U**^JK:)UU+6$[69OMMMIBZRVWWW8[KKCEAOL/ ML3*IF].Z)5%$[KG@R@OOO.;6&R^]^=JK+[[[^MLOP$"VZ](?_-Y[[TH#AX2; MP1ZQB]C#"D<\,4/4T%N(Q`S5]>_!#?\S'<4-I<9OPB%G;#+_R@QU?"V6$@_% ML<<#H;QRP.2V3''-_U93Q\IOSSD[G?3)ACBM M4;IZI]_3;8]]E= M-]YT!SJ9JG.3)G76I'FM=MR4N3UX?X+?K;?B>9,VZ^(CL7UAY*'ABOC@&!K" MN-^=J\UX?0L*2]GFCGJ66(&HI3J;\;?_QY<.XY^7E.FCECFX0>.KSPTS\TI_-9TLYH-7\,7[R/V5M? MZ/A='J3:ETF:![YKPQ.T?73IFYFA_RIWED]]ENPG9/^39@U:I/RFQ+R+;*-Z M^LO,G:JGD\R0KX$*%![R(N@:8DUK0@.4(`8S>)E+V>>"LG%5=PJ'F5]1JX3V MF1/(W`.XK(&P@Y9IH:]B6,$PM29M\D$=Y4!UN0B9B"LS_"%G/+@1&Y*G;,[B M%`XWPBQ-]0U3F0$B":/8EVQ-,2I'J>)="D/%*W)QBUZTXA>S*#`0^8R,'Q+) MQK0(QC6*$8MMZ2(;WQA&.<91C6V$XQWG^)8"W2PH(BD8'?,(+JB=L2$,"R1! M"NE'19IQD8YL)(B(8JU-+49D=80+'K/2K1@\LB;=L1DP-`&,EA"LI8,,02]^A(\4G;JEFYLY?D( M$R11JJ)`\"JE+7&)2I;YA6N1I6B MM-B36D*$#`R?4[;FT$I/[EE(B9PEJC16)HKU]&B%U"G.?&1DF0[DTD-%JM+? M*2]+)]E&AL1GHWU"!G_WNRGQ(E.H)96-&@G\4Y-L>E*5UA3/LJV+SZ]9^5&>Q>$>O7Q!)6 ML8YM+&09*]G%0D<5DW7L.2=5B,M&EJ_*D@PU'LO9T2ZVM*(U;63%@]K+(A4V MI]4KKE:+VDFI8C,@#597(=-9Q>8V0W>5;5\-FY&\[I:X>#613TD[V,QF1+G% M=2YT@;M;HU$79M:=6G6Q:Q%.,O)J+OE/=H\6WO%>5[SE):]VTVM>]:)WO>YM M+WS/*U_VSO>]]8TO??-K7_WB=[_^584J_I#5B6UA"X8HA$KNJV#^+MB__7UP M@R&&&K#X0^AN_V!@X7*XQ"8^,8I3K.*%5H,:+7[Q MBF,LXQG3N"!JM1Y4HE=CS-AI>9]ETXZ#+.0A$[G(61OK_XRLY"4SN5D@[4YO MBQQ:7\VUR5:^,I:SK.4M.&`SU-08O9SX0FLZ$'K>A"`WK1B&XTHP\= M9TGKV=&3MC2;N?IH2BE0>[K4I*9CE]<#UR<+)\I!WASNH)SJ M6=.ZUK:^-:YSK>OS'/'&:2*QE56Y5EB,==?&/C:RDXUJ93.[V6=#TD"=4V4B M5Z6[=OF%K=&^FBUB,0`W`Q^M[OC?6YX MSUO>Z*XWON^M;WKOV][\_K>_`YYO@`]..IGQ3,FE5_,& M(@]%-K'>M;[_K3ORYVKY,][&7GM-G3CO:UBYKM3G<[U\>N]K;3_>UU MC_O9[PYVEW/PHP>:=HQ]2I^XD@?P0#\\XA.O^,4ON=C\\[69;*[200G_'O)_ M4CGC,Z_YS7.^\RM=>,X]4W$B"S[:WAF]YU.O^M6S7H(%?_W!KULR^`/7_B^-S[QCU_\Y2N_^A_C"NKO^ MSE=<>HE;O^'9;SWXPR_^\9--&RFAAB$"7%NKTAJL)Z\1ZFELIZ&>5!4D)3_^ M\Z___2_JP\D!9JKUG>EU1I'9#^&]2OSQGP(N(`.*GQAU"T+4V3:E7##-G=U= MX/[T4C?UTC]AX-Y=DM3]E-*-8$[)'=Q]H`>:H-ZI8`KF70M:(-[!(`K&X`FR M(`VNH`O>X`O68`[.H`_:X`_V8*5E!NAQBB%@_]Z0P=H`BIZ0><\2V@<2-J`4 M3B$5MEY[#-4?1&&-)5"$9EJ$9KEX_/WAIU$=+NK1GS09_-]*'+`*+SB>"Z[=X?2I_S*2(A-B(C M/F(B1N(B2J(C4B(D3B(F5F(FJ@8Y<9_MZ)R5-5SWW(G(HX\Y2$K MMJ(K9ELAB&%0!`N3/1[(<4@"4EBZW*)0O:(O_B(P&IL<^AUR;,'#"1G.$6-M MK"*'F:(RQHH6!J,T3B,UOI4A,Q]9XY\N`YQO\C/,XC#LIC/=+C#MZC/N8C/^J@/[[C/O[C-PHA0=IC M/P*D($U&%3RA=Z0V3`)5)F4Y8T/X#!)DG&D3,XD31Y/[$2DM&R86^%D=42C!$';`=)3 M+M8D41:E43:/OR3=(2ZE1`"2)3[8@`DBNYC%4_X+-DKESRS-)E:E)G;E)7HE M5WZE6(8E66ZE68+E68YE6AJ,90`"*L;:*4[<#0PEA\$)[\AEV%`84,;E*%H' MPXGD40:F8`XF;/B)+$Y5#+#?1<2D2)GDY541!K'D1Z8),Q*F95XF9K*&6\[_ MX0P96(S=Y!/JI-GL)4]&2&5F)FJFIF`^X#_T&M6%(VR*A#O^0SD.I#=FT\V( M(S&%U$&R&;QFF149%`^&2VB&.+PI$].5'E:I&>B&A6"A?N9P-MS'V^)X$6*%&F86GZ'2!(WME$5'C21SK%QX/V M"GL:*(900RI@J(9F*(=BJ(5^:,O%C"%B)5.R2QJ59<"4J,18S%IB"Q^J*,H0 M)UK26RKX08W>J(WF*([NJ([V*(_^:(?6FX\.Z8\2_ZF1%BF2$JE`O!XU'*F. MID(F)NF.+NF^-:F4.NF59BF6*JE%8.B6WBB4-J*6@FF+SJA:FBF*GFF\74;I MI")>ONF%K2%=61B=\*E"?IIB7CNF7UNJ.9FBGLHFM[BJM9FFN9L:L;NFOLL:8#BMH M\2JR]NJ7/L:?VJJQ4L:N/FNH9ID/3:BU#DLJIB- M#FJY"NJY!FJZ`NJZ-BNAMO^KJH$INKXKO9IKO8K9"!LOTIK9!0JP?H!Q$ZKC+'F4QBB;JYC<([2%E!E M-TYGV%6##\4FU8T-=WX1S[RF<#;&WJ3L=2:$LLYLLAJ%IR4KSM)LAL9LMO`J ME3+G110KSUIISA:MSO(%T6IIHEIGL/HJTVXGU`+MTTJM=E)M=WKJ,*IGZ&4K M.C4'7!*C!(%K@A:'JHSKBF4JVF9JKGYJVK:MIBZ*VE*JHUJJV]8MVD8&V\[M MB7"JQ6:%8)!JWLJL*`MY:-X0+N\.Q-C36MT4;NK7:8Y%8NDE8L M1-'_+*5^*>9^A.5^KI3B;:_ZJZ;8*NGV;<)M7[BN;A5T;H)P:VB@Y(F(K=82 M!V"NE,/F[L(JK+LFK.[JZVOD;<'V+N\.K_%.[+LNRJS."6I4>.+TS\K)JN+/KV##>BZ;WI M+.@>*91F%S[,K_Q>KB*ZJ\\ZG]#.6]+B+_[2"_\Z+805L)/B0YHN<)FJ*0/# M+VS``NUZ(ER^Y5V:3A9F$++LZ9[>+H9LL`53\**ZAO"B,`M# M:I&LL*2Z;L/J[8NTL`T;*F7PK87`L*'*L/=J62&$(>,>_ZZ'`-*IH@W9E&S@ M=LC5:8U2$K&:D%[^"C"0ML;]3C$68ZD/$T3^GBZ*".V+4#$5&TZTMDVO;O$/ M8QG)PBX;"\>=GLCJCL1Y7L@&CRUXE+!;6:_T[C'Q3N_!:B]KS"KW]C$?'^\? M]W&17/$@&R\:5P0A(S**8*@H'+(A+[(>/S*9&HXEN_!Y".HH$.HG_VDCIS&% MB5FW/+')82?J/)<*";,*J4LMZPEP:PN9S$O:W&EB3$OJR]U M(O#,6NT__*]R!G`O+[./NA'D2NFD"ITRT^_55NW47K,U9W,U;[,KKU%L5`-X MQO$`XK',M;'LGD<=UVY_O#%=/?^JQ;PS/,>S/+\SA]9M;_$PH5*I/FO$/OH0BTG%0**I,T2OV#^4G9F'[0,]?J:DQS%5^LY'IQB8"Q!A'S MD#:R3B-I1=/J*%]TE\'"9MJQ.,>`9YI-.ELK.1>5.NM'D_FQ3;L&\5ZRIU9O M4,.MO%[R5D\UAE@R.BWOO8ZRQ.XNQ798(:=K5@NU.LU;C^F>^,8U)]'R)'Y< M^[[$(JH;4]QU8#CP).(T?,ULS%PQEM9O`Y-73R/KTLX;,D.PMR0VCB88\
YW_L5\[]@-G-F=O-G1>:(A5<)V*=E\^Q."F"FES\$@D;HEP30CKJ6BS M,X<9M!F#*K`ZZEJGB*,V`VU_,0VG*FXKKT7'=`RS]>+=)$IS]$BT;M:,-,MNT_M^HT?H=8:SX\+P MK(J7FGA[8WH/::-]J65C\]6^>&0/A'G7J&1+9V/3^*'E^%G[__@Q`W6<`;F. MZW+4"CF2&_.*)[DV"QH`92U\EY.J<.VQJ"==YL:JQ3=OG//9_K:%%'>K!+>* M-;3`/D5OWS288Y"9`[+SKKDFNS.%>Q[Z/;=R=T@&%\D5)O<"E#W:YV+B. M]JR6(E^/EZ6D:R*W3ZF]L'=G'[:Z2_\[NZ?[A&G-1MO&"*@-EY M=4?)X!ZQ;("X+(IZ1XA&QG-)?7)\DY6[C9K(N%\&MB-IJZM3CGLQRK\\;#AZ M!*V\W!ZZ;A!YQ3O@MI;Z`!HC_:CG=5]$CP&]:7AZC?%W3$DX\$ZT]1Y\;?/N M+!*XRBFOX:Y[V"KI8Q\KR]I2: MQI[XVT-$BY5]-[,XM1?DS`N:C#@^O(F9/HXO M_(6P_O%$/*]GC0Y?NIR//?C!3PJ-O'(#TGE0=^">>E'8XIW;_>4C3]^KN;!B M!^&7&)!+1N*'^=YC4/1/RLRGO.TW/^[O'YUR.>P6/4'`MVQT#Z!D?FF0_HX1 M.,-O/7:\^NH?^,26BM.K>IA7K\-3[^4++_,ZA?[7Z_;;&D!0^S=0(,&!_PHB M/)B0X4*'!B$JC-APXK\_,6!@U)B1XT:/'4%^%!F2Y,B/@`12E+A294%`)6&: M+/F'Y<.:$[?$U"F3)T=5+6T"K3CT9E&A1H,F)=HRE9^F3YU&?7J4_ZI2A-2D M9H7:M?_BTADV5"NE2JU[+IJ6(=:O8E$K;QG5*%FW=@7+COC6[5^U9OV/% M9NWJEZ_=B(#Q9G5(+7%;:H;[%B8N5!TZ=1 MIU:]FG7KT]14Q;@A6S:,V;=KX[YMF_9NW;E[`]?->_CO+89<)Q^HRG?P&\1[ M0V^.>XORUH"$2Q<>_??S[MIA61<_GGQY\\G'IE>_GNQYZ^SAIR?/./[ZA.[Q MYU==GWUR^OSETX\U`-43T$#K_@/PO@/Q(W`]TQQ,;T$&*:S0P@LQS%###3GL MT$,&_3GH(MLX>@XC$TD\L<0556PQQ1=1C/^111A]FO"T$%VCT449=YSQN6K< MP\<0'8GDL4@???I0R0P9"VPK#9ML;"[RP))RK"6AM-(/&U-#S,DM,]0R%2ZQ M?$]+,LM$Z,NMNEI3*C33C%/..>FLT\X[XZ3FI>F(ZY///[,#U+M`L]M"E?R& M%-1/0@?U#KGS8FMT44D5K32&\/#,E+6YUN,T0`P[A6\N.%.+DCU/TT,5L5-% M;;6_+)]B]4KE$AS%U3!C#?5335=+<%7[-'5U/5OO2L]66;?C8Y5;9]KNM) MP;:44D;#!L[0\\@6>](8[ATO4N[2CGOL0=/5.M@(,6PFPET1W-OOO^O3<._Q M]B;5O<'M=MA!P[$$'/'$(8]<\LDIGQ.6&'K,_$C-C>P)=->$W-QUSS5_M'(YHUS3PMK/+"_DC7G/."HFQ23/=U`S9OS.F`,S_WY) MY'N'2OG9H8]>^NEGY[KLN:_/7FT^41J/FNWEYJTZ\2+5/GQ+9:=^^51OI1!9 M]5`USU=5T(0=-$0&11-# MTL#0*":384*85[S05,EWS>OA[VYH%9YQ!G=.TLL,'Z(R#2XQB#ET3!"A6,,? M-N:(-+0B$Y$8Q2MJ$8M;S.(7O1C&+EK0-(;H&MR*XQSM-`J-;9P.&GGS0N5P M\#MU5&,=:9*<:MR1CVGTX]IFDSXR6T,-5[;R M1?-R#1U7FNY3G_W\58$N5,!JDB<5QZ)GLMR7SW\>L("<[*1"(:HJ=TZ4HMG, MFM2P5K6,3N0/[HK71ST:TGWYBZ0PV`(LVU:05)+K12-M:49HDI"4KK!?+RTI M2UEJ2Z9I%*,]I=I.@6K_M6D.DZB"N>A`CIE4BO&4:M"$"E/_X=0W075"2@SJ M1H4Z-*ERY:H^O=K%E+JEHW[UIUGM:EFQFE:OCI6M5'7K6$.HBAF)4F)!T;6M&.MG*JZ.@N=4E+5GKN;*8T33E3N]H5`=:PJHTMZG1* M6O<,-:Q%'8M#%]);X^YI= MOF[W-E58$!W7J3U8VBN\BAW4"*UK'G[^TY\1C2=[E7N>^;W7O06$Y_X8M-Y8 M_^GG/_>-;V;UZX?.^A>X'NHO?0N<7@4OV$!BY.*#BV(]EK*0PB&<,$?^4#=9 MMI#"#*F&2#G\I$;PMNX]&S')'9RDZ%,9"DC.[+!W&#B2O8/9RF'&#J7]LHX]KL]C)[V[?& MMJ]\U_0YAB@A MOD&J[X\DV]T%E^M;S9KP=@=0Q6OM7OL-NL\Y\->%,'5 M?1H[/Q+=U1HTY?(\=$\:*-#-2KIZB@X\SP:=ZE5?,'8QG?5'9]JV6]??`_MI>;IO7I18MO+GA:*M M"H\^Q*0W?>E1+\XJ>Y[U35:F5S3&Y`>+&B\LOO+JU9YV(&91R*T7C9%]3YH> M!Y_XJS?^[9$/^N,K/_F@8;"$=X[FZ,/9CELV\QJQ7WTW9]\YM.5\TUWSM\0_ M74*34_KYRP]HS2:._-;.Y-$Y'W_Y4[1\7K=_U_'/=?W'UON;'[M3\*F'HH[V M3$URG"OW>&>Y9.V9XLY9WF[^(#`"1XEK?([O++`",?`&^H_S&.\\`@^@*,14 MZ$GS__C'G@H(VM8#!=5#!=.#!1M/\-2KVO[KLR*/!$,P\&Q0`G5P=DRN!UT. M8H`"-BQLWP#NWFSJ".LMX/B-")'0^WR0YF0.YGH0UE;F`,7*Y23N![4PJG0/ M`:=$XW3H":5P6AXPYE1.:MY.#*-P#<^PY:"P#60#>L0#GTFT:`O M[RZ0#S,0YS8P_L!/.0SM!J>.`=$O$4&M/`916=IO$9T._G9P$BEQ>EP+(1+E MZ_;O_C8Q_V)KO"3P_V:05GIH%.7G[!BP"U61JV+-2G(POQJP6O?3RP&/\'+('8C]M>T1:I ML4Z*K_F6+PA/*_6X\?2\L1MAZ1J9;QPQZ/4T*/:&C`"7C!R;K-36L?G$1/8B MH_>R\<<^3AS18OCJ$1OYD1W[$1_WT1\%TOFHKAJXB?NL3_H2DOJF#R&WK_J( MPQ=WL!$'SV\([1&G$?(XZZ'6CQ$[4FLPDOTDL1I)LB2UQK0\D1,U<25W22)U M4!0AKX<,1!VUPA3Q!"8-S-8\<`'ASDTRJP"S34@W_\9"JJ)!HW+'LXA!CK,3VT#(O46-X\-(@ M#G!!:&;C"',P$3,6#_/ETM`N&_,N*?,.,?,O(W,S+U,S.Y/N+H<7_Q`IQ69\ MJI$BQ>,1!\B1#G%9+&E]6I,0/_)90O+]8I,L<3,WL>0/,;'#.DJ4D(YG;,YH9,YI7,YJ;-O>+)#^K(MU"LY5ZT[5>T[7=#!@MT/PT5!O>C0.?D/[3M5YX'&0N50+^-2L5- M),/R3C$U33B3#CV34[-&6^+R+45U"=L2"6$@G3;5,3M55=EJ+^E*8T8!YLY4 MQ:!F,CVU8&22K-Q4F`9*:,HP5;'*5EFU,X&U,HTU,XL568EU6?\YM18I\#U) M,YRV`3>=]$B9U#645$H!!#U&4E.K55LAB5(5Q%())$$S]5SG[Q)-0QL&XG*\ M]#??]51Q4TQO4`"7:5>%"UO9U%OW=4!FM7G@-%%],G'H%%T-]F!/@]&B%5JW MH[%,DCY+T+\XY7GP\U`C]6(1(_QR!?-6,TW\IU7$0S\EE5#_B4H)+!KCR5P1 M5C=QE$9O%#-HJD)E-H32I65M]F4=!D6KS`J3Q2O,%%^U!"D2TV4A(CN-BC"` M]IA8M#-<-$)MFJE=AQQTQ#$)@82ZT>]=B'CR&'G\UIA\34K M$ER7+DJKM'&0%&T925SY0V4'=6U7MF[_#Y8:5@HXX;65:**P5H<2Z;6X=`9! M_C5?>V5X\&1HT:-P>2=@N^1,U%46Y=1N*1=A#W)AX9.-`K$6_U3J.K?3`C5T MES%_U/;PY#8U7!"B9%-T119C!16?:I!<"ZI53K=RQS)95]4R;Y7FJ*&C0I54 MY;)4X_*D;.(20FE/?A(_\YF6@5X MCNF8TPIX@)75@*7&>)<#>$?5+?T8>,EX?_,8CPGYD.\8@0M9D1%9@1-8CQ?Y MD0TYD269D2DYDC&YD2%9DR>Y91JTC16RA?>T3\ZFCDWYE%$YE94%C+]4;UU9 M%6!8E65YEFFYELOCL$;YC?NJE&VYEWWYEY?%B9%XF#^,AW?XF$5"G/^$F8FA MF)F'V9FA>9FEN9FG^9FK.9JI.9OY8H&ON)NK&&R%E"&'X^^`N9S-^9QCV(R+ MN97#V)5WA)Q)&)WE>9[I^4YQV8%%F6$!(8+KN9_]^9\[>9,O>54I8IU_%Y`1 MVE2%=R[A)8LYV9(=.9,'>J(C^J$K^:(ENJ(I6J`UNJ,Y^J,#.J0A&J2?!C?+ MS*1R.:7Q&98!NJ5=^J6KL0K:>:;9^77B&*9Q.J=U6M=.6I?S^:=G@Z5W>JB) M>H:O^:A'0Z:1>:F-^1MO(*:T&9NM.:J1>JJM6JJQNJJSFJJY^JJU&C),^IN] MF8K)6IS'VJQQ(Y:+>JW9NJW)2*G%V)UK.J[_782752,?W#JO]7JO[::G51JH M_[I2T(NO";NPTW.C11JCTV)$#EJA@_>Q_]BQ([O>?-AB,IJD%1NQ1SJQ+YNS M+;JS-SNT,]NC/5NS1QNS0?NT2]N3JQ$7$1*P\=FG;V,+1-BP;?NV<;LL!X*Q MY9JNY[JW9V20XSFWB;NXC7LU7%NV`WNYV>FFC_NYH=NZOKJK*6/>F/JZFQJ[ M8>(GMMJKJ7NZO3N\NWN\P9N\O_N\Q;N\+=L6M;:L'7(WS@B^&>6LW]N]P[F^ MCR.Z]7N_]9ITVL6W`1RX:3K35.\@(I>_$3S!_YDYF-M/_B!1&ERYS\FN%;S" M+1R43#NU.SN'$[JQ_Y.0)OZ;H1=ZQ"$[D/&-MC+\LU4\Q5F<1>0S;Y?\R5,R M=(8;R:F\RFFXQV';3X@4RR4\R_>J>ZP\S,6<3M0;O1'BPK);(^JR(;0;([8Q MS=MW[CHCT("!W[;E0K]()2\IL<';P7\TE.D$$[CP&^&TDW]U(FS@;T\ M!EH#MI!2="Y7R'>QP%&]UFU==V0 M7+*+W<.9<`M$/<=S_<9I7,=QO-JG/=JI_=JA?=NM?<:]7=>Q?0<#?=4')9:_ M1Z73";M"N(79?=@&F^`EOLK[W)H[N,UAHAKJ`LYCX"B8`^-/#\UA MP(?SO.+WW,]+'N5//N59?N5=WN1)+/ZVX>#ON^;Y2.%?"]'K^T>VQCD>G;[O M.[Z=>^*)ON@I:M[_W74B>,I-@Z;^/=-5@]&@/,`CW>BM_NJQR>!E?3;X&4$6 MUGAXU,<=>.BQONSW.MN_?26$'2'VQ-JV/1/D^@1KJ6P.5HD/5 M'QY[`M[L/?_S[69U,G'J.:+K,7@A!MQ&2/@^5ICTXW5S03_V9?]._$WL%\7T MRR/6WQ/V68?Y&\P7D26*0,X/8>9C5,X,:E#_-E5GE MC[_EK__EK7_[L9_[M;_[KQKR?][1Z>9`\B&^QU\X$FP/N3;]==[F`ZEVBW_^ MRQZ77!\&!$D_#K*=\]\\_*'^``+@Q!!(T6'!@PH,*$3IL")&AQ(44'VZA M]B^C1G\:.WK\"#*DR)$D_TN:/(DRIHT*M2I3:DN-82S6M6M3[E*]:ITBTU#6[YV M/6LVK56U8-LN!831J-RY=.O:O8LWK]Z]?/OZ_0M8;ER/@SL6UG@X8^)_BQN# M=/P1,N''E!4C1JS*8<&*FS5//,CY,];+D2M/5JP4].?.#5FK3JC*M&&-U4@S M9IRY<^C=GGFW7@U\]Y]M@XO+MCV[M/+3S),W1P[=\G+GU*/?GFY=/7SS\NO'OT\??WK[^?OOU^^>?P'^)^!X M!?^V9R"!"@[(8((-(FA=8(!1PQ9::UWH5@RCY?3'5$E5".)`L>'488886FAB MBBBBJ$IM$KX(8XPRSDACC3;>B&...NXH5V815?3C0Y\%V=!%&]VD%9!#+JED M##'H1(TA0C8Y995$,FGE9UO\<22/7GX)9IABCDEFF6:>B:9+%)X8HHI1;>'B M3F6Q22=8(^JTQ8IMZEDGGQFVF&:@@@Y*:*&&'HKH7,9QMRAXC3YJ&Z2,1DKI MI)8Z6BFFBB7Y6J>Z>0KJIP49>:FDFF+ZAZBAKOHI(*5F:BI&JOS!:JVJWFKK MJ@K%%BNLOKX*[*F]!CNLL+\:2^RQQ2ZK;+/)/HMLM,S_0CNMM,Y:2^VUU6ZK M;;?9?HMMN-R".ZZXWII+[KGEKJMNN^LEVM(V4GWHH87T5G7OG/G&P.5/2-D+ M\+P!^UOB4_<:''"]`B^L<,-5P0EOQ!)/3''%%E^,L9=:74DEQUF..A@^/6WQ M<I0K+'+F/Y4I]8],]67XUUUEIO+=B!\RWH8-@0!OO/QIW^YMO9:B?4 MJ-A?=[3-VJJAW9M#_ZC,WX)X&\>RW*Y]2G?@?@?GV1^\9NIVW@^^G3B`C7NM M^.-@CQTYY8Y;#OGEC&,^^>:>_U?^N>:@CRYZZ9F?WCGIJ"^N>NJFN[ZZY*SW M'/2<0M^.%JE#`3*UT#3[JXI:!_<>M=)/]>6)._%O+A94_4// M58V4Q>L/0*@A3WX$+*`!#XA`FK`K70Q$EP,Q0C]<23!7@%O@`TDVP0QZJA#N M>F`U4D7!$&IPA)U2!48LB,(.IK"!*WR@"E_(0ABZ,(8TG*$-6XA#&>:PACN\ MH0Y_R$,@^C"(9.L9_1#&,'PE+$/8,XKVE)A$)#K,577I7Q3I=46$0=%A4MQB M4[;`M/\$BG&,9"RC&1$5OG]$D'ML/%G-BE*^-A[$(T8;2C7*(D?SQ?%\!X%% M2O!WQD`*_B&RE@2[C=B:9TH-5)*Q01/<(!39=UX MF;B8&?HR6[([)N5O";IG*;"8R0Q>[9#[3EM-T)3296Q@EER:IJ<2R795,>[L&R=BJQG4P!1S$_J/ M$NEQH%:Z4_369\>.^&^/>T0>0.N2FSQ*E(]-@M@;_8G1C&K_=*-94Z<]+[G( MOCP1I'6JI5_Z1M)WJM00\>2H2U\*TT[V<*9"Q`@(A2E""B*/IM#**0FIP=,' M1I2$1/5I,%]3M2$J-:A,K:E3B;C4IT85JDVEJE2K.M6L8G6K5^VJ5;^:,8\. M3XM=+"L6IS)`ONQRK&Q=XO%>U*%$MC6+<^6BAK81T[SJ=:]\I5$:!3I1AB8D MK6JEJ/5J^="]1$FP@27HE6Z`E<3BM:^4K:QE+]N3D=)3:(3MR],VBQ9`\N6# M'P7MU&+03LRJ=K6L/50Y7[NZ.`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`GHZ`]O"I\#A19!HYWJ$!][7SO.]>FG=VV7?VXA/_MB`"OZD4%"=6J MY+&SEVT:XU`CHKO&M>5?_;?A"+[:G(]VYQ'_^?1"_O'6)GWH3>_YU(->]:(O M/;59CWJD?\E_>6\+W'>$<'(W)9)I*I'MY@[\KRS<[\0O_FJE1/9"#[]&X:-& MV24RJ.+X]OG)QU*8G0;>('X(C'F5SP6*()+AT6WUWXGB()E%']> MIT>\=R989VA3DH%F@E(QR()L%'&"]A$FF((]Z(-;XR/G)WR&DGO!YX*'XC3H M)WYFD50_Z(1/F!>K%THJ4W*8QVNR1$52V'K>83:Z1GA;"'O-9!Q_`(->:(:Y M=842\0<8X5RC]WI:&'M@"(=O*(=U&(=W2(=XZ(9[Z'I\>'IY&!X[`@M+6"!OU*%`3A!1M*` M7Y5GO@@:6!&,"WAK\D>,&N1KQ^B,N_B`T1B!TOB,U`B-TXB-U6AS.[(Q'#B" M=.6*$:,]3N=F'Q*)$Q,EWDB"ZTB.2`1&N0B/\2@FG$**,I-B$D-]!L&#B'(S M=]2)]?@Q57!F\DB0!?DB_R*$5!&.$\-]XJ>(B))MW?>(.6B0%0F%<^@@*L,I MC'>&L@2,=@B(B2-C'(F&%4%?&-F'[;$WP4.2+9F&EW<#59`8*/F'?AB&-DF3 M-YF2-;F3.LF3/^F309F30\E;,X*0$HE)^T@HCIA2MB-T/:-TLXAW<&'_D55I ME49!CS;(4&<7,3=#2?\X$>/H M=I+F,V0!EX_(4FW)EU.GC8/1:LJ8*T>7C;M8-P$8%W\YTJY,Z35G-K&;\J)G8Q&E!\1F"X)DZ]Q.'K8DP"R*"M8>"7))=L9DJ^4 M*?_WDE;XG:Y&D>,)DCA9G_0IGD"IGO:9GT)Y_Y_Z^9_^V9_F!1B?^99S]WL/ MF66TZ)M;`X+564\'0YK92:&4*(IFR3VQH987,SW/-Y`[0Y8=`5`.)IP8&A'S M6:$I"H5%F)`"H:#B.(MBN35K`J'D=H\JBJ.4=8SWYYBA$IZ8N9F-J1N<":3< M`5A"VJ.=L8:;R:25V:1%"J5$*J5/.J5.6D.`L9JN&9KU\J(34V+EN$3Z\IQ< MDV8'VH[J>*9*(:,YRJ93=Z'!R3%KFC.49Z($P272J36`A9MUNA"F*!)CVJ:! M*FI!JK`CJKHTJK_%FKFZJK`[JK MN3I>>!&5M&@5A[J;;A9`#>H^XR:L$]FEDNJL_\6;?/HQQ+HS.8:;@.HSH.@/ M^":M>YH0U_FLX;IH=%FC-T"M/.-1NM>L9/I[+:II*"JN\5I`.&>I2'HK8E&E ME-F+(8>O5.JOEK*O]JJ,%Y&O!?NO47JP!FNE"+NP"IM5P+JE8,H4MM.N3X&L M#JJE:$J89X12&BNQK9FF&H*M\DJR,!5?)5I1\:.G=1I)&\H^D]>AWEIV-UHV M)6NS>T5B[NH4%YL\JSAP/&M`=^>H2^BG-VNTR3-MQ?$;F,JTK]&OO`JUQ:;_ MM"6YJJ"Q>;<*J[BJ&(P)JAW9M:"A>;21M6,KJUI+MEA;MF=KJVO;JV:;MF\[ M.D61LT-[%D"K/(`@D>O:/NG*9>7*,.!ZM('K3R2FM^[SH,L:?)][N:7[)5$VC$D**M7@ ML/MWI/(W$%F8L+/[*NXIL$@Z@+3+L+O;NKK;NPWKN\$+O')1#;QS(:PIL9O+ M-=T(FAZ[%/QD7R:"O!%+O6"FO*:+O3/:,I-;):PK1GN+,<6KLU!QO6Q"MZJL% M[(:YE)4"7#=HR\#J"2F%D+KQ2;4!C(9+.H%JV[88'+5NV\`9#+=LN\$:;,`B MG#@]X;YT&Q4?BD"=^W#U6T",R)3ORUG\2\-;$[GFNV!C!%"$)KF5&TAOBK+Z MMGS!J6<3SBVQ&35Q9P;K)]D.5 MIXS--^(/?H;#HK%/-UQV/AQ(@P%0C,B]WII6ZIO-ZRP8U0S-'"N1=KM1HHR_ M`"2;[(S/+X%#`4O&NM/&:`P>9.R];DS0"WC%MYND._7&!?W/#;W0`.W0#'UC MS>R\%B+&15:O` M7"G_S,4LM8AQT$Z=6PIMS%&=S+917+TLP:E:)%^,S%I-ULMQ"QKBRL1#]T-R28XVI M%(Y'VA(MC3R*T,1XS:LMVQ$]VZ5MVZQ=VPO[$@8JTA;](93M3Y_5O,U[V'P5 MA+T]W-/K9=?GV#\C>#$O-52G>`,KN"K=Q*\;:PM7%G?%I?:9MVM-6X6MQYE5A`->+9K6.!Q)RCVVG4W.'V$]XQ M'J_,XMJA31!B3=L%R\\F5W=%?MLS=.1"KG%PHN2X'>6Y3>53;N5(=A)XJ]S) M_10U/DA<3F9"S5I*%R);;N9=L=T^GKT;9 M.^..BMF(G7>,BVY(H]>5E.9Y'JZS=1D_YM6K*EP%WN`+CBDGR\MKBV M+'GF.>F;OLN:ZN"?#NF6_N"./O_J^UWJ!WZV'Z%A1=WG&$6H(#;GEK7GYUWF ML6[H5TE;=LX0K>Y/^+"*W?HD`#?3NMZ)S'WK-KOJ"I_K^TI!K;D5YX101Z`^K?MX7YD)(KMQ)B[4B[N59[NW*[NZ*[;`@;F MR$TO&ANMC[FY"O)&`H(!D4? M_\Z6$6D0CDKOE/7JFO;.Z7:_FYUI>`[QM7E"B_>UJ$;PH4[JH"X9Q9&X(P\< MIW[I)Q^&I42&+"_@WTF55ROJ*`_S.6_RIJ[S/M_S(RSQ15WQEM7LH(7P_07# M.UY:/?[_\179;G9>\BH6YPP_=8]<]6YN:#2CSD^?BN#+\1\BYO4.B\2W6&'? M7DGO]7YW0EV,[8FY[G'_+&X?O+9%<[B&GVGCO[NT.^'X?^'*/+1OO MVTOG@8Q&YAG;91D_<>;-^/=N5UOPE&M?D0(O$6-?65WX?)K/:/U8V)C_8"-R MR9:?BQ>?=_[>:8CH<&J_8O2,]FYB^E5IK0%>M?'$\[F?7HU2"#5?-U"]\\$/ M]-0E6RQ)\^\]2\6)ZC^__$'_\L,O_,VO^UDMV:+/1M]OD$"#Q#4_@T42'#@OX((#R84"".&0X@/)4:D.-$BQ6H&-2K=%G3Z`_)ZJZ61-GT9Q)D2X] MVM3H4Z5.HT)E2E5JU:E9L6Z]VM7J5ZU>PX+E2E9LV;%I6=Z(P=8M#+=MV\*5 M^S:NW;IS,Q[DV]?O7\"!!0\F7-CP8<2)%2]F'-A0C"US[TK.>X/NWOY_FW=OW;^#!2<.% M:/FA<>+'BR]7WIRX[&W"I4^G_EF5<__DV9DGYXY<5<+JX<6/YPUK)_;MVM&O M[[Y=-GGX\>7/IU_?_GW\P%7OSWRZ/V7^WLMO0`(Y`_`__OP[S9`"&W1PNFI, M0W!"!0^L<#\&']1P0PX[]/!#$'W;;B+D2.2IQ.4`&6BOD?@"3R07_WIQHQC] MFK%%&'.D44<<=_2Q1R!O%%)&(FTLLJ\A-3+D1"8O0E$Y`7],$LDC:Z322"RO MU-)*+GF;;!.&*-$T<\P[R]P2SSWU M//-+/O\DT\X^"14T3T,#5=3/11-E]%%'(P44TDDE';123"_5%-%,.=VT4&HB M2]!"4D>UK,[_$%.E3Y4+*2P5+E15E756&[=X2U1735MS%5W'WUM&OGU1>X:J[3]=U[*=MB7X(+-OC@>:D1*BB& M'U+Q+(C-DEBMB"F>&"V,25IX8X;WNKCBC#\6V6*20RX9Y*:,;7CEC?\X>623 M8T89YIE?MEEFFG.^N6:<=]:Y9Z!Y%EIG0$R%;;748'@88:;_LM4U`(_&[-:F MJ_:MWJ2S7DW4UKBV^FNPPQ:[/G#'I7:+C*(;V^!ZIW4[N7C7EILS_VHB-/MM ML^.>>V^^^_;[,'_MU=7EO_6E!N!_*2M\<<.H"1SQ7=%F?'+**_^:S3@SGW,+ M@50Z%-1//Q>]T4Y!]_1TTU/_W*,_X)Q3\XD,*7UT2D,GW?;:4:?=4MUO[UW/ M@JJ)['7B79>(J-E]5UWYW9//??GGF\>==^BIE_YWZYG7/OKML^?^>^_#=U[\ M(X4/6->E+4]7:L'IDEQ]^!?:Z=;S8<#U!L+CUW]__H,-M>RSE8LO:NL?B,!# M#7$!\#CY*F#3FN67!Q)$6@E!G.\0A#VER'AM:)'\Y)*(/B]A# M).HPB06I(<<>L@7D&5&*2YRB$JUXQ"M6$8M;U&(7J?C%+(+Q1@,Q!-_R5\.[&'[A"4O4?G+[KW22IX+IBY[>4Q@@D^8 ;Q?0E,Y'IS&3B\IG*-&8TETG-9F)SFI(*"``[ ` end