|
|
(State or Other Jurisdiction of Incorporation)
|
(I.R.S. Employer Identification No.)
|
|
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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
(a) |
Not applicable
|
(b) |
Not applicable
|
(c) |
Not applicable.
|
(d) |
The following exhibit is furnished as part of this report:
|
Date: September 8, 2022
|
URSTADT BIDDLE PROPERTIES INC.
|
(Registrant)
|
|
/s/ John T. Hayes |
|
John T. Hayes
|
|
Senior Vice President & Chief Financial Officer
|
•
|
We repurchased in the third quarter 310,473 shares of our Class A Common stock at an average price per share of $17.43 and
3,071 shares of our Common stock at an average price per share of $18.17 in open market transactions. Included in the above were 45,525 shares of Class A Common and 1,198 shares of Common Stock that settled in August 2022.
|
•
|
$6.6 million net income attributable to common stockholders ($0.17 per diluted Class A Common share).
|
•
|
$14.6 million of Funds from Operations (“FFO”) ($0.38 per diluted Class A Common share).(1)
|
•
|
92.1% of our consolidated portfolio Gross Leasable Area (“GLA”) was leased at July 31, 2022, an increase of 0.2% from the end
of fiscal 2021.
|
•
|
7.1% average increase in base rental rates on 209,000 square feet of lease renewals signed in our third quarter of fiscal
2022.
|
•
|
17.3% average decrease in base rental rates on 45,000 square feet of new leases signed in our third quarter of fiscal 2022.
The decrease was predominantly related to a new lease with a national furniture company in 20,000 square feet of second floor space at our Ridgeway Shopping Center located in Stamford, CT. This lease replaced Modell’s Sporting Goods, which
filed for bankruptcy and vacated the property in 2020, and the base rent on this lease is 27% below Modell’s last prior rent. With this lease removed, the decrease is 8.9%.
|
•
|
On July 15, 2022, we paid a $0.2375 per share quarterly cash dividend on our Class A Common Stock and a $0.2145 per share
quarterly cash dividend on our Common Stock.
|
•
|
We have $12.2 million of cash and cash equivalents currently on our balance sheet.
|
•
|
We have $114 million currently available on our unsecured revolving credit facility.
|
•
|
We have no material mortgage debt maturing until 2024.
|
•
|
On September 7, 2022, the company’s Board of Directors declared a quarterly dividend of $0.2375 per Class A Common share and
$0.2145 per Common share, which will be paid on October 14, 2022 to holders of record on September 30, 2022. As a REIT, the company is required to distribute at least 90% of its taxable income to its stockholders. Based on the company’s
estimates, these levels of common stock dividends, when combined with the company’s preferred stock dividends, will satisfy that requirement (excluding any gains on sales of property). The Board will continue to consider the residual
impact of COVID-19 on the company, and will make future dividend decisions based on this and other information available to it.
|
•
|
In addition, in September 2022, the Board declared the regular contractual quarterly dividend with respect to each of the
company’s Series H and Series K cumulative redeemable preferred stock, which will be paid on October 28, 2022 to shareholders of record on October 14, 2022.
|
Nine Months Ended
|
Three Months Ended
|
|||||||||||||||
July 31,
|
July 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues
|
||||||||||||||||
Lease income
|
$
|
102,636
|
$
|
97,329
|
$
|
33,893
|
$
|
33,051
|
||||||||
Lease termination income
|
691
|
801
|
631
|
96
|
||||||||||||
Other income
|
3,712
|
3,403
|
960
|
1,183
|
||||||||||||
Total Revenues
|
107,039
|
101,533
|
35,484
|
34,330
|
||||||||||||
Operating Expenses
|
||||||||||||||||
Property operating
|
18,915
|
17,733
|
5,514
|
5,284
|
||||||||||||
Property taxes
|
17,787
|
17,785
|
5,976
|
6,009
|
||||||||||||
Depreciation and amortization
|
22,360
|
21,773
|
7,644
|
7,063
|
||||||||||||
General and administrative
|
7,673
|
6,876
|
2,485
|
2,139
|
||||||||||||
Directors' fees and expenses
|
283
|
277
|
82
|
79
|
||||||||||||
Total Operating Expenses
|
67,018
|
64,444
|
21,701
|
20,574
|
||||||||||||
Operating Income
|
40,021
|
37,089
|
13,783
|
13,756
|
||||||||||||
Non-Operating Income (Expense):
|
||||||||||||||||
Interest expense
|
(9,750
|
)
|
(10,062
|
)
|
(3,186
|
)
|
(3,329
|
)
|
||||||||
Equity in net income from unconsolidated joint ventures
|
814
|
1,025
|
224
|
365
|
||||||||||||
Gain (loss) on sale of properties
|
768
|
12,214
|
-
|
11,808
|
||||||||||||
Interest, dividends and other investment income
|
216
|
171
|
103
|
75
|
||||||||||||
Net Income
|
32,069
|
40,437
|
10,924
|
22,675
|
||||||||||||
Noncontrolling interests:
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,695
|
)
|
(2,724
|
)
|
(881
|
)
|
(887
|
)
|
||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
29,374
|
37,713
|
10,043
|
21,788
|
||||||||||||
Preferred stock dividends
|
(10,238
|
)
|
(10,238
|
)
|
(3,413
|
)
|
(3,413
|
)
|
||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
19,136
|
$
|
27,475
|
$
|
6,630
|
$
|
18,375
|
||||||||
Diluted Earnings Per Share:
|
||||||||||||||||
Per Common Share:
|
$
|
0.45
|
$
|
0.64
|
$
|
0.15
|
$
|
0.43
|
||||||||
Per Class A Common Share:
|
$
|
0.50
|
$
|
0.72
|
$
|
0.17
|
$
|
0.48
|
||||||||
Weighted Average Number of Shares Outstanding (Diluted):
|
||||||||||||||||
Common and Common Equivalent
|
9,766
|
9,564
|
9,794
|
9,697
|
||||||||||||
Class A Common and Class A Common Equivalent
|
29,800
|
29,722
|
29,801
|
29,828
|
||||||||||||
Nine Months Ended
|
Change Attributable to
|
|||||||||||||||||||||||
|
July 31,
|
Increase
|
Property
|
Properties Held In
|
||||||||||||||||||||
Revenues
|
2022
|
2021
|
(Decrease)
|
% Change
|
Acquisitions/Sales
|
Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
77,056
|
$
|
74,802
|
$
|
2,254
|
3.0
|
%
|
$
|
842
|
$
|
1,412
|
||||||||||||
Recoveries from tenants
|
25,768
|
27,043
|
(1,275
|
)
|
(4.7
|
)%
|
165
|
(1,440
|
)
|
|||||||||||||||
Uncollectable amounts in lease income
|
(172
|
)
|
(1,379
|
)
|
1,207
|
(87.5
|
)%
|
-
|
1,207
|
|||||||||||||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
|
(16
|
)
|
(3,137
|
)
|
3,121
|
(99.5
|
)%
|
-
|
3,121
|
|||||||||||||||
Total lease income
|
102,636
|
97,329
|
||||||||||||||||||||||
Lease termination
|
691
|
801
|
(110
|
)
|
(13.7
|
)%
|
-
|
(110
|
)
|
|||||||||||||||
Other income
|
3,712
|
3,403
|
309
|
9.1
|
%
|
6
|
303
|
|||||||||||||||||
|
||||||||||||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
18,915
|
17,733
|
1,182
|
6.7
|
%
|
32
|
1,150
|
|||||||||||||||||
Property taxes
|
17,787
|
17,785
|
2
|
-
|
92
|
(90
|
)
|
|||||||||||||||||
Depreciation and amortization
|
22,360
|
21,773
|
587
|
2.7
|
%
|
487
|
100
|
|||||||||||||||||
General and administrative
|
7,673
|
6,876
|
797
|
11.6
|
%
|
n/a
|
n/a
|
|||||||||||||||||
|
||||||||||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
9,750
|
10,062
|
(312
|
)
|
(3.1
|
)%
|
-
|
(312
|
)
|
|||||||||||||||
Interest, dividends, and other investment income
|
216
|
171
|
45
|
26.3
|
%
|
n/a
|
n/a
|
Three Months Ended
|
Change Attributable to
|
|||||||||||||||||||||||
|
July 31,
|
Increase
|
Property
|
Properties Held In
|
||||||||||||||||||||
Revenues
|
2022
|
2021
|
(Decrease)
|
% Change
|
Acquisitions/Sales
|
Both Periods (Note 1)
|
||||||||||||||||||
Base rents
|
$
|
25,860
|
$
|
24,790
|
$
|
1,070
|
4.3
|
%
|
$
|
682
|
$
|
388
|
||||||||||||
Recoveries from tenants
|
8,111
|
8,251
|
(140
|
)
|
(1.7
|
)%
|
118
|
(258
|
)
|
|||||||||||||||
Uncollectable amounts in lease income
|
(21
|
)
|
-
|
(21
|
)
|
(100.0
|
)%
|
-
|
(21
|
)
|
||||||||||||||
ASC Topic 842 cash basis lease income reversal (including straight-line rent)
|
(57
|
)
|
10
|
(67
|
)
|
(670.0
|
)%
|
-
|
(67
|
)
|
||||||||||||||
Total lease income
|
33,893
|
33,051
|
||||||||||||||||||||||
Lease termination
|
631
|
96
|
535
|
557.3
|
%
|
-
|
535
|
|||||||||||||||||
Other income
|
960
|
1,183
|
(223
|
)
|
(18.9
|
)%
|
2
|
(225
|
)
|
|||||||||||||||
Operating Expenses
|
||||||||||||||||||||||||
Property operating
|
5,514
|
5,284
|
230
|
4.4
|
%
|
57
|
173
|
|||||||||||||||||
Property taxes
|
5,976
|
6,009
|
(33
|
)
|
(0.5
|
)%
|
41
|
(74
|
)
|
|||||||||||||||
Depreciation and amortization
|
7,644
|
7,063
|
581
|
8.2
|
%
|
256
|
325
|
|||||||||||||||||
General and administrative
|
2,485
|
2,139
|
346
|
16.2
|
%
|
n/a
|
n/a
|
|||||||||||||||||
Non-Operating Income/Expense
|
||||||||||||||||||||||||
Interest expense
|
3,186
|
3,329
|
(143
|
)
|
(4.3
|
)%
|
-
|
(143
|
)
|
|||||||||||||||
Interest, dividends, and other investment income
|
103
|
75
|
28
|
37.3
|
%
|
n/a
|
n/a
|
•
|
does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of
transactions and other events in the determination of net income); and
|
•
|
should not be considered an alternative to net income as an indication of our performance.
|
Reconciliation of Net Income Available to Common and Class A Common Stockholders To Funds From Operations:
|
Nine Months Ended
|
Three Months Ended
|
||||||||||||||
July 31,
|
July 31,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net Income Applicable to Common and Class A Common Stockholders
|
$
|
19,136
|
$
|
27,475
|
$
|
6,630
|
$
|
18,375
|
||||||||
Real property depreciation
|
17,501
|
17,198
|
5,879
|
5,737
|
||||||||||||
Amortization of tenant improvements and allowances
|
3,154
|
3,312
|
1,031
|
960
|
||||||||||||
Amortization of deferred leasing costs
|
1,652
|
1,209
|
716
|
363
|
||||||||||||
Depreciation and amortization on unconsolidated joint ventures
|
1,132
|
1,126
|
386
|
376
|
||||||||||||
(Gain)/loss on sale of property
|
(768
|
)
|
(12,213
|
)
|
-
|
(11,807
|
)
|
|||||||||
Funds from Operations Applicable to Common and Class A Common Stockholders
|
$
|
41,807
|
$
|
38,107
|
$
|
14,642
|
$
|
14,004
|
||||||||
Funds from Operations (Diluted) Per Share:
|
||||||||||||||||
Class A Common
|
$
|
1.08
|
$
|
1.00
|
$
|
0.38
|
$
|
0.36
|
||||||||
Common
|
$
|
0.98
|
$
|
0.89
|
$
|
0.34
|
$
|
0.33
|
•
|
An increase in base rent for new leasing in the portfolio after the first quarter of fiscal 2021.
|
•
|
A decrease in uncollectable amounts in lease income of $1.3 million in the nine months ended July 31, 2022, when compared with the corresponding prior period. We significantly increased our uncollectable
amounts in lease income based on our assessment of the collectability of existing non-credit small shop tenants' receivables given the onset of the COVID-19 pandemic in March 2020. A number of non-credit small shop tenants' businesses were deemed non-essential by the states in which they operate and forced to close for a
portion of the second and third quarters of fiscal 2020. This placed stress on our small shop tenants and made it difficult for many of them to pay their rents when due. This stress continued through our first quarter of fiscal 2021.
Our assessment was that any billed but unpaid rents would likely be uncollectable. During the nine months ended July 31, 2022, many of our tenants continued to see signs of business improvement as regulatory restrictions continued to ease and individuals continued to return to
pre-pandemic activities. As a result, the uncollectable amounts in lease income declined during such period, when compared with the corresponding period of the prior year.
|
•
|
We adopted ASC Topic 842 "Leases" at the beginning of fiscal 2020. ASC Topic 842 requires, among other things, that if the collectability of a
specific tenant’s future lease payments as contracted are not probable of collection, revenue recognition for that tenant must be converted to cash-basis accounting and be limited to the lesser of the amount billed or collected from that
tenant. In addition, any straight-line rental receivables would need to be reversed in the period that the collectability assessment changed to not probable. As a result of continuing to analyze our entire tenant base, we determined that
as a result of the COVID-19 pandemic, 89 tenants' future lease payments were no longer probable of collection. All such tenants were converted to cash basis after our second quarter of fiscal 2020 and prior to our third quarter of fiscal
2021. As of July 31, 2022, 33 of these 89 tenants are no longer tenants in the Company's properties. As a result of converting these tenants to cash-basis accounting we reversed straight-line rent receivables in the amount of $1.2 million
and reversed billed but uncollected rents in the amount of $1.9 million in the nine month period ended July 31, 2021. There were no significant charges related to cash-basis tenants in the nine months ended July 31, 2022.
|
•
|
A decrease in variable lease income (cost recovery income) related to an under-accrual adjustment in recoveries from tenants for real estate
taxes and common area maintenance in the first quarter of fiscal 2021, which increased revenue in the first quarter of fiscal 2021 and caused a negative variance in the first nine months of fiscal 2022.
|
•
|
A $797,000 increase in general and administrative expenses predominantly related to an increase employee compensation, state tax expense related
to a capital gain for a property we sold that was located in New Hampshire and professional fees in the first nine months of fiscal 2022, when compared to the corresponding prior period.
|
•
|
A net increase in base rent for new leasing in the portfolio after the first quarter of fiscal 2021.
|
•
|
An increase in lease termination income in three months ended
July 31, 2022 when compared with the corresponding prior period as a result of one national tenant exercising a termination right in their lease for which they paid a termination penalty.
|
•
|
A $346,000 increase in general and administrative expenses predominantly related to an increase in state tax expense related to a capital gain
for a property we sold that was located in New Hampshire and professional fees in the three months ended July 31, 2022, when compared to the
corresponding prior period.
|
Nine Months Ended July 31,
|
Three Months Ended July 31,
|
|||||||||||||||||||||||
2022
|
2021
|
% Change
|
2022
|
2021
|
% Change
|
|||||||||||||||||||
Same Property Operating Results:
|
||||||||||||||||||||||||
Number of Properties (Note 1)
|
72 | 72 | ||||||||||||||||||||||
Revenue (Note 2)
|
||||||||||||||||||||||||
Base Rent (Note 3)
|
$
|
74,063
|
$
|
74,566
|
(0.7
|
)%
|
$
|
24,462
|
$
|
24,641
|
(0.7
|
)%
|
||||||||||||
Uncollectable amounts in lease income-same property
|
(172
|
)
|
(1,371
|
)
|
(87.5
|
)%
|
(20
|
)
|
9
|
(322.2
|
)%
|
|||||||||||||
ASC Topic 842 cash-basis
lease income reversal-same property
|
(66
|
)
|
(1,882
|
)
|
(96.5
|
)%
|
(56
|
)
|
(27
|
)
|
107.4
|
%
|
||||||||||||
Recoveries from tenants
|
25,363
|
26,803
|
(5.4
|
)%
|
7,935
|
8,191
|
(3.1
|
)%
|
||||||||||||||||
Other property income
|
1,262
|
359
|
251.5
|
%
|
132
|
132
|
-
|
|||||||||||||||||
100,450
|
98,475
|
2.0
|
%
|
32,453
|
32,946
|
(1.5
|
)%
|
|||||||||||||||||
Expenses
|
||||||||||||||||||||||||
Property operating
|
10,982
|
10,996
|
(0.1
|
)%
|
3,180
|
3,276
|
(2.9
|
)%
|
||||||||||||||||
Property taxes
|
17,554
|
17,655
|
(0.6
|
)%
|
5,876
|
5,957
|
(1.4
|
)%
|
||||||||||||||||
Other non-recoverable operating expenses
|
1,624
|
1,480
|
9.7
|
%
|
662
|
464
|
42.7
|
%
|
||||||||||||||||
30,160
|
30,131
|
0.1
|
%
|
9,718
|
9,697
|
0.2
|
%
|
|||||||||||||||||
Same Property Net Operating Income
|
$
|
70,290
|
$
|
68,344
|
2.8
|
%
|
$
|
22,735
|
$
|
23,249
|
(2.2
|
)%
|
||||||||||||
Reconciliation of Same Property NOI to Most Directly Comparable GAAP Measure:
|
||||||||||||||||||||||||
Other reconciling items:
|
||||||||||||||||||||||||
Other non same-property net operating income
|
1,445
|
882
|
695
|
132
|
||||||||||||||||||||
Other Interest income
|
470
|
349
|
184
|
118
|
||||||||||||||||||||
Other Dividend Income
|
60
|
36
|
60
|
36
|
||||||||||||||||||||
Consolidated lease termination income
|
691
|
801
|
631
|
96
|
||||||||||||||||||||
Consolidated amortization of above and below market leases
|
698
|
455
|
301
|
165
|
||||||||||||||||||||
Consolidated straight line rent income
|
(48
|
)
|
(2,702
|
)
|
7
|
(371
|
)
|
|||||||||||||||||
Equity in net income of unconsolidated joint ventures
|
814
|
1,025
|
224
|
365
|
||||||||||||||||||||
Taxable REIT subsidiary income/(loss)
|
(180
|
)
|
419
|
(45
|
)
|
165
|
||||||||||||||||||
Solar income/(loss)
|
(233
|
)
|
(159
|
)
|
59
|
88
|
||||||||||||||||||
Storage income/(loss)
|
1,572
|
805
|
571
|
360
|
||||||||||||||||||||
Unrealized holding gains arising during the periods
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Gain on marketable securities
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Interest expense
|
(9,750
|
)
|
(10,062
|
)
|
(3,186
|
)
|
(3,329
|
)
|
||||||||||||||||
General and administrative expenses
|
(7,673
|
)
|
(6,876
|
)
|
(2,485
|
)
|
(2,139
|
)
|
||||||||||||||||
Uncollectable amounts in lease income
|
(172
|
)
|
(1,380
|
)
|
(20
|
)
|
-
|
|||||||||||||||||
Uncollectable amounts in lease income-same property
|
172
|
1,371
|
20
|
(9
|
)
|
|||||||||||||||||||
ASC Topic 842 cash-basis lease income reversal
|
(66
|
)
|
(1,882
|
)
|
(56
|
)
|
10
|
|||||||||||||||||
ASC Topic 842 cash-basis lease income reversal-same property
|
66
|
1,882
|
56
|
27
|
||||||||||||||||||||
Directors fees and expenses
|
(283
|
)
|
(277
|
)
|
(82
|
)
|
(79
|
)
|
||||||||||||||||
Depreciation and amortization
|
(22,360
|
)
|
(21,773
|
)
|
(7,644
|
)
|
(7,063
|
)
|
||||||||||||||||
Adjustment for intercompany expenses and other
|
(4,212
|
)
|
(3,035
|
)
|
(1,101
|
)
|
(954
|
)
|
||||||||||||||||
Total other -net
|
(38,989
|
)
|
(40,121
|
)
|
(11,811
|
)
|
(12,382
|
)
|
||||||||||||||||
Income from continuing operations
|
31,301
|
28,223
|
10.9
|
%
|
10,924
|
10,867
|
0.5
|
%
|
||||||||||||||||
Gain (loss) on sale of real estate
|
768
|
12,214
|
-
|
11,808
|
||||||||||||||||||||
Net income
|
32,069
|
40,437
|
(20.7
|
)%
|
10,924
|
22,675
|
(51.8
|
)%
|
||||||||||||||||
Net income attributable to noncontrolling interests
|
(2,695
|
)
|
(2,724
|
)
|
(881
|
)
|
(887
|
)
|
||||||||||||||||
Net income attributable to Urstadt Biddle Properties Inc.
|
$
|
29,374
|
$
|
37,713
|
(22.1
|
)%
|
$
|
10,043
|
$
|
21,788
|
(53.9
|
)%
|
||||||||||||
Same Property Operating Expense Ratio (Note 4)
|
88.9
|
%
|
93.5
|
%
|
(4.7
|
)%
|
87.6
|
%
|
88.7
|
%
|
(1.1
|
)%
|
Urstadt Biddle Properties Inc.
|
||||||||
Balance Sheet Highlights
|
||||||||
(in thousands)
|
||||||||
July 31,
|
October 31,
|
|||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and Cash Equivalents
|
$
|
12,170
|
$
|
24,057
|
||||
Real Estate investments before accumulated depreciation
|
$
|
1,185,415
|
$
|
1,148,382
|
||||
Investments in and advances to unconsolidated joint ventures
|
$
|
28,252
|
$
|
29,027
|
||||
Total Assets
|
$
|
990,324
|
$
|
973,852
|
||||
Liabilities
|
||||||||
Revolving credit line
|
$
|
10,000
|
$
|
0
|
||||
Mortgage notes payable and other loans
|
$
|
304,315
|
$
|
296,449
|
||||
Total Liabilities
|
$
|
347,949
|
$
|
330,553
|
||||
Redeemable Noncontrolling Interests
|
$
|
63,243
|
$
|
67,395
|
||||
Preferred Stock
|
$
|
225,000
|
$
|
225,000
|
||||
Total Stockholders’ Equity
|
$
|
579,132
|
$
|
575,904
|
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