0001104659-15-077235.txt : 20151110 0001104659-15-077235.hdr.sgml : 20151110 20151109160923 ACCESSION NUMBER: 0001104659-15-077235 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151109 DATE AS OF CHANGE: 20151109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ONE LIBERTY PROPERTIES INC CENTRAL INDEX KEY: 0000712770 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 133147497 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09279 FILM NUMBER: 151215670 BUSINESS ADDRESS: STREET 1: 60 CUTTER MILL RD STREET 2: SUITE 303 CITY: GREAT NECK STATE: NY ZIP: 11021-3190 BUSINESS PHONE: 5164663100 MAIL ADDRESS: STREET 1: 60 CUTTER MILL ROAD STREET 2: SUITE 303 CITY: GREAT NECK STATE: NY ZIP: 11021-3190 FORMER COMPANY: FORMER CONFORMED NAME: ONE LIBERTY FIRESTONE PROPERTIES INC DATE OF NAME CHANGE: 19851112 10-Q 1 a15-17964_110q.htm 10-Q

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC   20549

 

FORM 10-Q

 

x      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2015

 

OR

 

o          Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number 001-09279

 

ONE LIBERTY PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

MARYLAND

 

13-3147497

(State or other jurisdiction of

 

(I.R.S. employer

incorporation or organization)

 

identification number)

 

 

 

60 Cutter Mill Road, Great Neck, New York

 

11021

(Address of principal executive offices)

 

(Zip code)

 

(516) 466-3100

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes x          No o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes  x          No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer o

 

Accelerated filer x

 

 

 

Non-accelerated filer o

 

Smaller reporting company o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes o          No x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of November 2, 2015, the registrant had 16,703,921 shares of common stock outstanding.

 

 

 


 


Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Table of Contents

 

 

 

Page No.

 

 

 

Part I - Financial Information

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets –
September 30, 2015 and December 31, 2014

1

 

 

 

 

Consolidated Statements of Income –
Three and nine months ended September 30, 2015 and 2014

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three and nine months ended September 30, 2015 and 2014

3

 

 

 

 

Consolidated Statements of Changes in Equity –
Nine months ended September 30, 2015 and 2014

4

 

 

 

 

Consolidated Statements of Cash Flows –
Nine months ended September 30, 2015 and 2014

5

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

37

 

 

 

Item 4.

Controls and Procedures

38

 

 

 

Part II – Other Information

 

 

 

 

Item 6.

Exhibits

38

 


 


Table of Contents

 

Part I — FINANCIAL INFORMATION

 

Item 1.    Financial Statements

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in Thousands, Except Par Value)

 

 

 

September 30,
2015

 

December 31,
2014

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Real estate investments, at cost

 

 

 

 

 

Land

 

$

190,016

 

$

165,153

 

Buildings and improvements

 

470,771

 

416,272

 

Total real estate investments, at cost

 

660,787

 

581,425

 

Less accumulated depreciation

 

84,426

 

76,575

 

Real estate investments, net

 

576,361

 

504,850

 

 

 

 

 

 

 

Property held-for-sale

 

 

10,176

 

Investment in unconsolidated joint ventures

 

11,273

 

4,907

 

Cash and cash equivalents

 

13,896

 

20,344

 

Restricted cash

 

1,108

 

1,607

 

Unbilled rent receivable (including $120 related to property held-for-sale in 2014)

 

13,707

 

12,815

 

Unamortized intangible lease assets, net

 

30,188

 

27,387

 

Escrow, deposits and other assets and receivables

 

4,656

 

4,310

 

Unamortized deferred financing costs, net

 

4,207

 

4,043

 

Total assets

 

$

655,396

 

$

590,439

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

Liabilities:

 

 

 

 

 

Mortgages payable

 

$

325,601

 

$

292,049

 

Line of credit

 

35,750

 

13,250

 

Dividends payable

 

6,476

 

6,322

 

Accrued expenses and other liabilities

 

15,243

 

12,451

 

Unamortized intangible lease liabilities, net

 

14,827

 

10,463

 

Total liabilities

 

397,897

 

334,535

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

One Liberty Properties, Inc. stockholders’ equity:

 

 

 

 

 

Preferred stock, $1 par value; 12,500 shares authorized; none issued

 

 

 

Common stock, $1 par value; 25,000 shares authorized; 16,073 and 15,728 shares issued and outstanding

 

16,073

 

15,728

 

Paid-in capital

 

227,283

 

219,867

 

Accumulated other comprehensive loss

 

(5,860

)

(3,195

)

Accumulated undistributed net income

 

17,925

 

21,876

 

Total One Liberty Properties, Inc. stockholders’ equity

 

255,421

 

254,276

 

Non-controlling interests in consolidated joint ventures

 

2,078

 

1,628

 

Total equity

 

257,499

 

255,904

 

Total liabilities and equity

 

$

655,396

 

$

590,439

 

 

See accompanying notes to consolidated financial statements.

 

1



Table of Contents

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Amounts in Thousands, Except Per Share Data)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental income, net

 

$

15,273

 

$

14,552

 

$

44,159

 

$

42,308

 

Tenant reimbursements

 

835

 

635

 

2,407

 

1,677

 

Lease termination fee

 

 

 

650

 

1,269

 

Total revenues

 

16,108

 

15,187

 

47,216

 

45,254

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

4,435

 

3,685

 

12,090

 

10,985

 

General and administrative (including $503, $485, $1,512 and $1,899, respectively, to related parties)

 

2,350

 

2,153

 

7,132

 

6,497

 

Real estate expenses (including $223, $213, $669 and $638, respectively, to related party)

 

1,415

 

1,085

 

4,022

 

3,061

 

Federal excise and state taxes

 

68

 

6

 

266

 

175

 

Real estate acquisition costs

 

90

 

83

 

417

 

211

 

Leasehold rent

 

77

 

77

 

231

 

231

 

Impairment loss

 

 

1,093

 

 

1,093

 

Total operating expenses

 

8,435

 

8,182

 

24,158

 

22,253

 

Operating income

 

7,673

 

7,005

 

23,058

 

23,001

 

Other income and expenses:

 

 

 

 

 

 

 

 

 

Gain on sale of real estate, net

 

 

 

5,392

 

 

Purchase price fair value adjustment

 

 

 

960

 

 

Prepayment costs on debt

 

 

 

(568

)

 

Equity in earnings of unconsolidated joint ventures

 

347

 

134

 

311

 

397

 

Gain on sale - investment in BRT Realty Trust (related party)

 

 

 

 

134

 

Other income

 

2

 

10

 

77

 

20

 

Interest:

 

 

 

 

 

 

 

 

 

Expense

 

(4,044

)

(4,227

)

(11,690

)

(12,215

)

Amortization and write-off of deferred financing costs

 

(187

)

(275

)

(828

)

(741

)

Income from continuing operations

 

3,791

 

2,647

 

16,712

 

10,596

 

Income from discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

Net income

 

3,791

 

2,647

 

16,712

 

10,609

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to non-controlling interests

 

(3

)

(27

)

(1,386

)

(76

)

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc.

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,533

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

16,014

 

15,650

 

15,892

 

15,508

 

Diluted

 

16,114

 

15,750

 

15,992

 

15,608

 

 

 

 

 

 

 

 

 

 

 

Per common share attributable to common stockholders

 

 

 

 

 

 

 

 

 

- basic and diluted:

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

Cash distributions declared per share of common stock

 

$

.39

 

$

.37

 

$

1.17

 

$

1.11

 

 

See accompanying notes to consolidated financial statements.

 

2



Table of Contents

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in Thousands)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,791

 

$

2,647

 

$

16,712

 

$

10,609

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive gain (loss)

 

 

 

 

 

 

 

 

 

Net unrealized gain (loss) on available-for-sale securities

 

1

 

(1

)

2

 

(126

)

Net unrealized (loss) gain on derivative instruments

 

(3,035

)

120

 

(2,579

)

(1,465

)

One Liberty Property’s share of joint venture net unrealized (loss) gain on derivative instruments

 

(93

)

19

 

(67

)

23

 

Other comprehensive (loss) gain

 

(3,127

)

138

 

(2,644

)

(1,568

)

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

664

 

2,785

 

14,068

 

9,041

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to non-controlling interests

 

(3

)

(27

)

(1,386

)

(76

)

Unrealized loss (gain) on derivative instruments attributable to non-controlling interests

 

13

 

(7

)

(21

)

17

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to One Liberty Properties, Inc.

 

$

674

 

$

2,751

 

$

12,661

 

$

8,982

 

 

See accompanying notes to consolidated financial statements.

 

3



Table of Contents

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in Thousands, Except Per Share Data)

 

 

 

Common
Stock

 

Paid-in
Capital

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Accumulated
Undistributed
Net Income

 

Non-
Controlling
Interests in
Joint
Ventures

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2013

 

$

15,221

 

$

210,324

 

$

(490

)

$

23,877

 

$

1,158

 

$

250,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions - common stock
Cash - $1.11 per share

 

 

 

 

(17,796

)

 

(17,796

)

Shares issued through equity offering program — net

 

179

 

3,596

 

 

 

 

3,775

 

Restricted stock vesting

 

101

 

(101

)

 

 

 

 

Shares issued through dividend reinvestment plan

 

168

 

3,195

 

 

 

 

3,363

 

Contribution from non-controlling interests

 

 

 

 

 

306

 

306

 

Distributions to non-controlling interests

 

 

 

 

 

(199

)

(199

)

Compensation expense - restricted stock

 

 

1,368

 

 

 

 

1,368

 

Net income

 

 

 

 

10,533

 

76

 

10,609

 

Other comprehensive loss

 

 

 

(1,551

)

 

(17

)

(1,568

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, September 30, 2014

 

$

15,669

 

$

218,382

 

$

(2,041

)

$

16,614

 

$

1,324

 

$

249,948

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2014

 

$

15,728

 

$

219,867

 

$

(3,195

)

$

21,876

 

$

1,628

 

$

255,904

 

Distributions - common stock
Cash - $1.17 per share

 

 

 

 

(19,277

)

 

(19,277

)

Shares issued through equity offering program — net

 

135

 

2,799

 

 

 

 

2,934

 

Restricted stock vesting

 

72

 

(72

)

 

 

 

 

Shares issued through dividend reinvestment plan

 

138

 

2,947

 

 

 

 

3,085

 

Contributions from non-controlling interests

 

 

 

 

 

713

 

713

 

Distributions to non-controlling interests

 

 

 

 

 

(1,670

)

(1,670

)

Compensation expense - restricted stock

 

 

1,742

 

 

 

 

1,742

 

Net income

 

 

 

 

15,326

 

1,386

 

16,712

 

Other comprehensive gain

 

 

 

(2,665

)

 

21

 

(2,644

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, September 30, 2015

 

$

16,073

 

$

227,283

 

$

(5,860

)

$

17,925

 

$

2,078

 

$

257,499

 

 

See accompanying notes to consolidated financial statements.

 

4



Table of Contents

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Thousands)

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$

16,712

 

$

10,609

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Gain on sale of real estate

 

(5,392

)

 

Purchase price fair value adjustment

 

(960

)

 

Gain on sale - investment in BRT Realty Trust (related party)

 

 

(134

)

Impairment loss

 

 

1,093

 

Increase in unbilled rent receivable

 

(1,327

)

(1,108

)

Write-off of unbilled rent receivable

 

315

 

 

Amortization of intangibles relating to leases, net

 

(621

)

(144

)

Amortization of restricted stock expense

 

1,742

 

1,368

 

Equity in earnings of unconsolidated joint ventures

 

(311

)

(397

)

Distributions of earnings from unconsolidated joint ventures

 

465

 

399

 

Depreciation and amortization

 

12,090

 

10,985

 

Amortization and write-off of financing costs

 

828

 

741

 

Payment of leasing commissions

 

(709

)

(165

)

Changes in assets and liabilities:

 

 

 

 

 

(Increase) decrease in escrow, deposits, other assets and receivables

 

(178

)

535

 

Increase (decrease) in accrued expenses and other liabilities

 

662

 

(383

)

Net cash provided by operating activities

 

23,316

 

23,399

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchase of real estate

 

(67,548

)

(33,167

)

Improvements to real estate

 

(2,479

)

(716

)

Net proceeds from sale of real estate

 

16,025

 

5,177

 

Purchase of partner’s interest in unconsolidated joint venture

 

(6,300

)

 

Investment in unconsolidated joint ventures

 

(12,686

)

 

Net proceeds on sale — investment in BRT Realty Trust (related party)

 

 

266

 

Distributions of return of capital from unconsolidated joint ventures

 

761

 

53

 

Net cash used in investing activities

 

(72,227

)

(28,387

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Scheduled amortization payments of mortgages payable

 

(5,679

)

(5,675

)

Repayment of mortgages payable

 

(25,308

)

(25,456

)

Proceeds from mortgage financings

 

66,005

 

46,839

 

Proceeds from sale of common stock, net

 

2,934

 

3,775

 

Proceeds from bank line of credit

 

45,400

 

27,500

 

Repayment on bank line of credit

 

(22,900

)

(29,500

)

Issuance of shares through dividend reinvestment plan

 

3,085

 

3,363

 

Payment of financing costs

 

(996

)

(712

)

Capital contributions from non-controlling interests

 

713

 

306

 

Distributions to non-controlling interests

 

(1,670

)

(199

)

Cash distributions to common stockholders

 

(19,121

)

(17,625

)

Net cash provided by financing activities

 

42,463

 

2,616

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(6,448

)

(2,372

)

Cash and cash equivalents at beginning of period

 

20,344

 

16,631

 

Cash and cash equivalents at end of period

 

$

13,896

 

$

14,259

 

 

Continued on next page

 

5



Table of Contents

 

ONE LIBERTY PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Thousands)

(Unaudited) (Continued)

 

 

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

Cash paid during the period for interest expense

 

$

11,830

 

$

12,382

 

Cash paid during the period for Federal excise tax, net

 

300

 

64

 

 

 

 

 

 

 

Supplemental schedule of non-cash investing and financing activities:

 

 

 

 

 

Mortgage debt extinguished upon conveyance of property to mortgagee by deed-in-lieu of foreclosure

 

$

1,466

 

$

 

Consolidation of real estate investment

 

2,633

 

 

Purchase accounting allocation - intangible lease assets

 

5,780

 

1,999

 

Purchase accounting allocation - intangible lease liabilities

 

5,366

 

2,844

 

 

See accompanying notes to consolidated financial statements.

 

6


 


Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015

 

Note 1 - Organization and Background

 

One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland.  OLP is a self-administered and self-managed real estate investment trust (“REIT”).  OLP acquires, owns and manages a geographically diversified portfolio of retail, industrial, flex, health and fitness and other properties, a substantial portion of which are subject to long-term net leases.  As of
 September 30, 2015, OLP owns 120 properties, including seven properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 120 properties are located in 31 states.

 

Note 2 — Summary Accounting Policies

 

Principles of Consolidation/Basis of Preparation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2014.

 

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

 

The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary.  OLP and its consolidated subsidiaries are hereinafter referred to as the “Company”.  Material intercompany items and transactions have been eliminated in consolidation.

 

Variable Interest Entities

 

The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE.  VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

 

7



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 2 - Summary Accounting Policies (continued)

 

Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor.  Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits.  In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.

 

Investment in Joint Ventures

 

The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.

 

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.  All investments in these joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIE’s.  In addition, although the Company is the managing member in certain ventures, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions.  None of the joint venture debt is recourse to the Company, subject to standard carve-outs.

 

Properties Held-for-Sale

 

Real estate investments are classified as held-for-sale when management has determined that it has met the applicable criteria.  Real estate investments which are held-for-sale are not depreciated.

 

Tenant Reimbursements

 

Tenant reimbursements represent tenants’ contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.

 

8



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 2 - Summary Accounting Policies (continued)

 

Reclassifications

 

Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation.

 

Note 3 - Earnings Per Common Share

 

Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock outstanding during the applicable period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security.  Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock.  The restricted stock units awarded under the Pay-for-Performance program are excluded from the basic earnings per share calculation, as these units are not participating securities (see Note 14).

 

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.  For the three and nine months ended September 30, 2015 and 2014, the diluted weighted average number of shares of common stock includes 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance program.  These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid as of the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period.  The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance program are not included during the three and nine months ended September 30, 2015 and 2014, as they did not meet the return on capital performance metric during such periods.

 

9



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 3 - Earnings Per Common Share (continued)

 

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,791

 

$

2,647

 

$

16,712

 

$

10,596

 

Less net income attributable to non-controlling interests

 

(3

)

(27

)

(1,386

)

(76

)

Less earnings allocated to unvested restricted stock (a)

 

(210

)

(178

)

(631

)

(534

)

Income from continuing operations available for common stockholders

 

3,578

 

2,442

 

14,695

 

9,986

 

Discontinued operations

 

 

 

 

13

 

Net income available for common stockholders, basic and diluted

 

$

3,578

 

$

2,442

 

$

14,695

 

$

9,999

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:
— weighted average common shares

 

16,014

 

15,650

 

15,892

 

15,508

 

Effect of diluted securities:
— restricted stock units awarded under Pay-for-Performance program

 

100

 

100

 

100

 

100

 

Denominator for diluted earnings per share
— weighted average shares

 

16,114

 

15,750

 

15,992

 

15,608

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

Earnings per common share, diluted

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,520

 

Income from discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc.

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,533

 

 


a)             Represents an allocation of distributed earnings to unvested restricted stock, which as participating securities, are entitled to receive dividends.

 

10



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 4 - Real Estate Acquisitions

 

The following chart details the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

Description of Property

 

Date Acquired

 

Contract
Purchase
Price

 

Terms of Payment (a)

 

Third Party Real
Estate
Acquisition
Costs (b)

 

Marston Park Plaza retail stores,
Lakewood, Colorado (c)

 

February 25, 2015

 

$

17,485

 

Cash and
$11,853 mortgage (d)

 

$

184

 

Interline Brands distribution facility,
Louisville, Kentucky

 

March 18, 2015

 

4,400

 

Cash and
$2,640 mortgage (e)

 

42

 

Land — The Meadows Apartments,
Lakemoor, Illinois

 

March 24, 2015

 

9,300

 

All cash

 

(f)

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (g)

 

March 31, 2015

 

6,300

 

All cash (g)

 

 

Archway Roofing industrial facility,
Louisville, Kentucky (h)

 

May 20, 2015

 

300

 

All cash

 

15

 

JCIM - industrial facility,
McCalla, Alabama

 

July 28, 2015

 

16,750

 

All cash

 

45

 

Fedex & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

September 25, 2015

 

19,050

 

Cash and
$12,383 mortgage (i)

 

81

 

Other costs (j) 

 

 

 

 

 

 

50

 

Totals

 

 

 

$

73,585

 

 

 

$

417

 

 


(a)         All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.

(b)         Included as an expense in the accompanying consolidated statements of income.

(c)          Owned by a joint venture in which the Company has a 90% interest.  The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.

(d)         The new mortgage debt bears interest at 4.12% per annum and matures February 2025.

(e)          The new mortgage debt bears interest at 3.88% per annum and matures February 2021.

(f)           Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.

(g)          The Company purchased its unconsolidated joint venture partner’s 50% interest for $6,300. The payment was comprised of (i) $2,636 paid directly to the partner and (ii) $3,664, substantially all of which was used to pay off the partner’s 50% share of the underlying joint venture mortgage.

(h)         This property is adjacent to the Interline Brands distribution facility purchased in March 2015.

(i)             The new mortgage debt bears interest at 3.85% per annum and matures August 2024.

(j)            Costs incurred for potential acquisitions and transactions that were not consummated.

 

11



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 4 - Real Estate Acquisitions (continued)

 

The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

 

 

 

 

 

 

Building

 

Intangible Lease

 

 

 

Description of Property

 

Land

 

Building

 

Improvements

 

Asset

 

Liability

 

Total

 

Marston Park Plaza retail stores,
Lakewood, Colorado

 

$

6,005

 

$

10,109

 

$

700

 

$

1,493

 

$

(822

)

$

17,485

 

Interline Brands distribution facility,
Louisville, Kentucky

 

578

 

3,622

 

105

 

95

 

 

4,400

 

Land — The Meadows Apartments,
Lakemoor, Illinois (a)

 

9,563

 

 

 

 

 

9,563

 

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (b)

 

3,768

 

11,262

 

570

 

922

 

(3,929

)

12,593

 

Archway Roofing industrial facility,
Louisville, Kentucky

 

51

 

221

 

9

 

19

 

 

300

 

JCIM - industrial facility,
McCalla, Alabama

 

1,601

 

14,618

 

180

 

474

 

(123

)

16,750

 

FedEx & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

3,728

 

12,456

 

550

 

2,777

 

(461

)

19,050

 

Subtotals

 

25,294

 

52,288

 

2,114

 

5,780

 

(5,335

)

80,141

 

Other (c)

 

12

 

19

 

 

 

(31

)

 

Totals

 

$

25,306

 

$

52,307

 

$

2,114

 

$

5,780

 

$

(5,366

)

$

80,141

 

 


(a)         Includes capitalized transaction costs of $263 incurred with this asset acquisition.

(b)         Fair value of the assets previously owned by an unconsolidated joint venture of the Company.  The Company owns 100% of this property as a result of its purchase of its partner’s 50% interest on March 31, 2015.

(c)          Adjustments to finalize the purchase price allocation relating to a property purchased in October 2014.

 

With the exception of the Lakewood, Colorado and the Delport, Missouri properties, the properties purchased by the Company during the nine months ended September 30, 2015 are each net leased and occupied by a single tenant pursuant to leases that expire between 2017 through 2045.  The Lakewood, Colorado property has 29 retail tenant spaces and at September 30, 2015, is 92.0% occupied with leases expiring between 2015 and 2032. The Delport, Missouri property has two retail tenant spaces and at September 30, 2015, is 100% occupied with leases expiring in 2022 and 2024.

 

As a result of the Company’s purchase on March 31, 2015 of its partner’s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, it obtained a controlling financial interest. In accordance with GAAP, the Company had presented the investee in accordance with the equity method for the periods prior to gaining control and ceased equity method of accounting and consolidated the investment at March 31, 2015, the date on which 100% control was obtained.  In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statements of income, representing the difference between the book value of its preexisting equity investment on the March 31, 2015 purchase date and the fair value of the net assets acquired.

 

12



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 4 - Real Estate Acquisitions (continued)

 

As a result of the 2015 acquisitions, the Company recorded intangible lease assets of $5,780,000 and intangible lease liabilities of $5,335,000 representing the value of the origination costs and acquired leases.  As of September 30, 2015, the weighted average amortization period is 7.1 years for these intangible lease assets and 6.7 years for these intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties acquired during the nine months ended September 30, 2015; therefore the allocations are preliminary and subject to change.

 

Note 5 — Sale and Disposal of Properties, Discontinued Operations and Impairment

 

On January 13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for approximately $16,025,000, net of closing costs.  The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the nine months ended September 30, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt) and a $249,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). The non-controlling interest’s share of income from the transaction is $1,320,000 and is included in net income attributable to non-controlling interests.

 

On February 3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs.  At December 31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties. Income from discontinued operations applicable to these properties for the nine months ended September 30, 2014 totaled $13,000 consisting of rental income of $141,000 less real estate expenses of $17,000 and mortgage interest of $111,000.

 

During the three and nine months ended September 30, 2014, the Company determined there were indicators of impairment at its property located in Morrow, Georgia.  The tenant did not renew the lease which expired October 31, 2014, efforts to re-let the property were unsuccessful and the non-recourse mortgage on the property matured on November 1, 2014. Management determined that the undiscounted cash flows in the test for recoverability were less than the property’s carrying amount, and that the fair value of the property was less than its carrying amount.  Accordingly, the Company recorded an impairment charge of $1,093,000 which is included in the accompanying consolidated statement of income for the three and nine months ended September 30, 2014.  The property was acquired by the mortgagee on January 6, 2015 through a foreclosure proceeding.

 

13


 


Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 6 — Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures

 

Variable Interest Entities — Ground Leases

 

In June 2014, the Company purchased land for $6,510,000 in Sandy Springs, Georgia improved with a 196 unit apartment complex and in March 2015, the Company purchased land for $9,300,000 in Lakemoor, Illinois improved with a 496 unit apartment complex.  With each purchase, the Company simultaneously entered into a long-term triple net ground lease with the owner/operator of the applicable complex.

 

The Company determined that it has a variable interest through its ground leases and the owner/operators are VIEs because their equity investment at risk is insufficient to finance its activities without additional subordinated financial support.  Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party ($16,230,000 for Sandy Springs and $43,824,000 for Lakemoor) which, together with the Company’s purchase of the land, provided substantially all of the aggregate funds to acquire the complex.  The Company provided this land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. Other than as described above, no other financial support has been provided by the Company.

 

The Company further determined that for each acquisition it is not the primary beneficiary because the Company does not have the power to direct the activities that most significantly impact the owner/operator’s economic performance such as management, operational budgets and other rights, including leasing of the units and therefore, does not consolidate the VIEs for financial statement purposes.  Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net.  Such rental income amounted to $460,000 and $1,166,000 for the three and nine months ended September 30, 2015, respectively, and $232,000 and $299,000 for each of the three and nine months ended September 30, 2014.

 

The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September 30, 2015 (amounts in thousands):

 

Property

 

Type of Exposure

 

Carrying
Amount

 

Maximum
Exposure to Loss

 

River Crossing Apartments,
Sandy Springs, Georgia

 

Land

 

$

6,528

 

$

6,528

 

 

 

Unbilled rent receivable

 

441

 

441

 

The Meadows Apartments,
Lakemoor, Illinois

 

Land

 

9,563

 

9,563

 

Total

 

 

 

$

16,532

 

$

16,532

 

 

Pursuant to the terms of the ground lease for the property in Sandy Springs, Georgia, the owner/operator is obligated to make certain unit renovations as and when units become vacant.  Cash reserves totaling $1,894,000  were received by the Company in conjunction with the purchase of the property in June 2014 to cover such renovation work and other reserve

 

14



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 6 — Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (continued)

 

requirements.  An additional $39,000 of reserves was received by the Company during the three and nine months ended September 30, 2015. These cash reserves are held by the Company and disbursed once the renovations have been completed. For the nine months ended September 30, 2015 and September 30, 2014, the Company disbursed approximately $538,000 and $0, respectively, for renovation costs to the owner/operator. The cash reserve balance at September 30, 2015 and December 31, 2014 was $1,108,000 and $1,607,000, respectively, and is classified as Restricted cash on the consolidated balance sheets.

 

Consolidated Variable Interest Entity

 

In June 2014, a joint venture in which the Company has a 95% equity interest and a senior preferred equity interest, acquired a property located in Joppa, Maryland.  The Company determined that this joint venture is a VIE as the Company’s voting rights are not proportional to its economic interests, substantially all of the joint venture’s activities are conducted on behalf of the Company and it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits.  Accordingly, the Company consolidates the operations of this joint venture for financial statement purposes.  The joint venture’s creditors do not have recourse to the assets of the Company other than those held by the joint venture.

 

The following is a summary of the carrying amounts and classification in the Company’s consolidated balance sheets of the VIE’s accounts, none of which are restricted (amounts in thousands):

 

 

 

September 30,

 

December 31,

 

 

 

2015

 

2014

 

Land

 

$

3,815

 

$

3,805

 

Building and improvements, net of depreciation of $275 and $17, respectively

 

7,909

 

8,069

 

Cash

 

824

 

527

 

Prepaid expenses and receivables

 

56

 

42

 

Accrued expenses and other liabilities

 

120

 

152

 

Non-controlling interest in joint venture

 

323

 

312

 

 

Non-VIE Consolidated Joint Ventures

 

With respect to six of the consolidated joint ventures in which the Company has between an 85% to 95% interest, the Company has determined that (i) such ventures are not VIE’s and (ii) the Company exercises substantial operating control and accordingly, such ventures are consolidated for financial statement purposes.

 

15



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 6 — Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (continued)

 

MCB Real Estate, LLC and its affiliates (“MCB”) are the Company’s joint venture partner in five consolidated joint ventures (including the Joppa, Maryland VIE).  At September 30, 2015, the Company has aggregate equity investments of approximately $19,240,000 in such ventures.

 

A joint venture investment with MCB of $3.1 million owns a property operated as a Pathmark supermarket in Philadelphia, Pennsylvania. In July 2015, this tenant filed for Chapter 11 bankruptcy protection, rejected the lease, and in late September 2015, vacated the property. As a result, the Company wrote off (i) $89,000 of straight line rent and $124,000 of intangible lease liabilies, the net effect of which was an increase in rental income of $35,000, and (ii) $380,000 of tenant origination costs, which is included in depreciation expense. This tenant accounted for approximately 1.3% of the Company’s rental income for the nine months ended September 30, 2015 and at September 30, 2015, the mortgage debt on such property is $4,500,000. The Company has determined that no impairment charge is required currently with respect to this property.

 

Distributions by Consolidated Joint Ventures

 

Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.

 

Note 7 - Investment in Unconsolidated Joint Ventures

 

On March 31, 2015, the Company purchased its partner’s 50% interest in an unconsolidated joint venture for $6,300,000 (see Note 4).

 

In June 2015, the Company entered into a joint venture in which it has a 50% interest, with MCB and an affiliate of The Hampshire Companies. The joint venture purchased a retail center located in Manahawkin, New Jersey for approximately $43,500,000, before closing costs. The purchase was financed with $26,100,000 of new mortgage debt which bears an annual fixed interest rate of 4% and matures in 2025.  At September 30, 2015, the Company’s equity investment in the joint venture is $8,808,000.

 

At September 30, 2015 and December 31, 2014, the Company’s five unconsolidated joint ventures each owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,273,000 and $4,907,000, respectively. The Company recorded equity in earnings of $347,000 and $311,000 for the three and nine months ended September 30, 2015, respectively, and equity in earnings of $134,000 and $397,000 for the three and nine months ended September 30, 2014, respectively. Earnings for the nine months ended September 30, 2015 are net of the Company’s $400,000 share of the acquisition expenses associated with the June 2015 purchase of the Manahawkin, New Jersey property.

 

16



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 8 — Lease Termination Fee Income

 

In March 2015, the Company received a $650,000 lease termination fee from an industrial tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $226,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to the sole tenant at this property.  The Company re-leased this property simultaneously with the termination of the lease.

 

In June 2014, the Company received a $1,269,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $150,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable and the intangible lease asset related to this property.  The Company re-leased this property simultaneously with the termination of the lease.

 

In October 2015, the Company received a $1,286,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with this transaction, the Company, during the three months ending December 31, 2015, will write off $179,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to this tenant at the property.  The Company re-leased substantially all of such space.

 

Note 9 - Allowance for Doubtful Accounts

 

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments.  If the financial condition of a specific tenant were to deteriorate resulting in an impairment of its ability to make payments, additional allowances may be required.  At September 30, 2015 and December 31, 2014, there was no balance in allowance for doubtful accounts.

 

The Company records bad debt expense as a reduction of rental income. For the three and nine months ended September 30, 2015 and 2014, the Company did not incur any bad debt expense.

 

Note 10 - Line of Credit

 

On December 31, 2014, the Company entered into an amendment to its $75,000,000 credit facility with Manufacturers & Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York, which, among other things, extended the facility’s maturity from March 31, 2015 to December 31, 2018, decreased the minimum required average bank deposit balances to $3 million and eliminated the 4.75% interest rate floor. Under the amendment, the interest rate equals the one month LIBOR rate plus an applicable margin which ranges from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility.  An unused facility fee of .25% per annum applies to the facility.  The average interest rate on the facility for the nine months ended September 30, 2015 was approximately 1.93%.  Prior to the amendment, the interest rate was 4.75% per annum.  In connection with the amendment, the Company incurred a $562,500 commitment fee which is being amortized over the remaining term of the facility.  At September 30, 2015 and November 3, 2015, there were outstanding balances of $35,750,000 and

 

17



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 10 - Line of Credit (continued)

 

$23,250,000, respectively, under the facility. The Company was in compliance with all covenants at September 30, 2015.

 

Note 11 — Related Party Transactions

 

For 2015, the Company agreed to pay quarterly fees of $633,750 (including overhead expenses of $48,900 and property management fees of $223,125) pursuant to the compensation and services agreement, as amended, with Majestic Property Management Corp., a company wholly-owned by the Company’s vice-chairman.  For the three months ended September 30, 2014, such quarterly fees were $602,500 (including overhead expenses of $46,600 and property management fees of $212,500). The nine months ended September 30, 2015 and 2014 include fees of $1,901,000 and $2,252,000, respectively. The 2015 and 2014 amounts reflect an adjustment to the compensation and services agreement that was effective July 1, 2014.

 

For 2015 and 2014, the Company agreed to pay quarterly fees of $65,625 and $62,500, respectively, to the Company’s chairman and $26,250 and $25,000, respectively, to the Company’s vice-chairman.

 

The chairman and vice-chairman fees and the fees paid under the compensation and services agreement are included in general and administrative expense on the consolidated statements of income, except for the property management fees which are included in real estate expenses on the consolidated statements of income.

 

The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould”), a related party and reimburses Gould annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould were $513,000 during the three and nine months ended September 30, 2015 and $400,000 during the three and nine months ended September 30, 2014. Included in real estate expenses on the consolidated statements of income is insurance expense of $121,000 and $235,000 for the three and nine months ended September 30, 2015,  and $86,000 and $186,000 for the three and nine months ended September 30, 2014, respectively.

 

During the nine months ended September 30, 2015, the Company received a $131,000 financing fee for obtaining the mortgage debt for the unconsolidated joint venture that acquired the Manahawkin, New Jersey  property (see Note 7). Fifty percent of this income is included in Other income on the consolidated statements of income and the balance is recorded as a reduction to Investment in unconsolidated joint ventures on the consolidated balance sheets. In conjunction with the acquisition, the joint venture paid an acquisition fee to the other partners of the venture.

 

During the three and nine months ended September 30, 2015 and 2014, the Company paid an aggregate of $64,000, $528,000, $10,000 and $31,000, respectively, to its joint venture partners or their affiliates for property management and acquisition fees, which were included in

 

18



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 11 — Related Party Transactions (continued)

 

real estate operating expenses or equity in earnings of unconsolidated ventures on the consolidated statements of income.

 

Note 12 - Common Stock Cash Dividend

 

On September 10, 2015, the Board of Directors declared a quarterly cash dividend of $.39 per share on the Company’s common stock, totaling $6,476,000. The quarterly dividend was paid on October 5, 2015 to stockholders of record on September 25, 2015.

 

Note 13 - Shares Issued through Equity Offering Program

 

On March 20, 2014, the Company entered into an amended and restated equity offering sales agreement to sell shares of the Company’s common stock from time to time with an aggregate sales price of up to approximately $38,360,000, through an “at the market” equity offering program.  During the nine months ended September 30, 2015, the Company sold 135,000 shares for proceeds of $3,013,400, net of commissions of $30,400, and incurred offering costs, primarily professional fees, of $79,000.  Subsequent to September 30, 2015 and through October 7, 2015, the Company sold 33,103 shares for proceeds of $725,200, net of commissions of $7,300.

 

Note 14 - Stock Based Compensation

 

A maximum of 600,000 shares of the Company’s common stock is authorized for issuance pursuant to the Company’s 2012 Incentive Plan, of which 359,000 shares of restricted stock are outstanding as of September 30, 2015.  For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares.  An aggregate of 380,000 shares of restricted stock and restricted stock units outstanding under the Company’s 2009 equity incentive plan have not yet vested and no additional awards may be granted under this plan.

 

Pursuant to the Pay-for-Performance Program, there are 200,000 performance share awards in the form of restricted stock units (the “Units”) outstanding under the Company’s 2009 Incentive Plan. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for accounting purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet.  No Units were forfeited or vested in the nine months ended September 30, 2015.

 

19



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 14 - Stock Based Compensation (continued)

 

The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Restricted share grants

 

 

 

129,975

 

118,850

 

Per share grant price

 

 

 

$

24.60

 

$

20.54

 

Deferred compensation to be recognized over vesting period

 

 

 

$

3,197,000

 

$

2,441,000

 

Number of non-vested shares:

 

 

 

 

 

 

 

 

 

Non-vested beginning of period

 

538,990

 

481,045

 

480,995

 

470,015

 

Grants

 

 

 

129,975

 

118,850

 

Vested during period

 

 

 

(71,980

)

(101,300

)

Forfeitures

 

 

(50

)

 

(6,570

)

Non-vested end of period

 

538,990

 

480,995

 

538,990

 

480,995

 

 

 

 

 

 

 

 

 

 

 

The following information includes the 200,000 Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average per share value of non-vested shares (based on grant price)

 

$

17.12

 

$

14.55

 

$

17.12

 

$

14.55

 

 

 

 

 

 

 

 

 

 

 

Value of shares vested during the period (based on grant price)

 

$

 

$

 

$

607,000

 

$

621,000

 

 

 

 

 

 

 

 

 

 

 

The total charge to operations for all incentive plans is as follows:

 

 

 

 

 

 

 

 

 

Outstanding restricted stock grants

 

$

550,000

 

$

419,000

 

$

1,653,000

 

$

1,281,000

 

Outstanding restricted stock units

 

30,000

 

29,000

 

89,000

 

87,000

 

Total charge to operations

 

$

580,000

 

$

448,000

 

$

1,742,000

 

$

1,368,000

 

 

As of September 30, 2015, there were approximately $6,311,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $207,000 related to the Units (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.3 years.

 

20



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 15 - Fair Value Measurements

 

The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability.  As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions.  In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.

 

The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits, receivables, certain other assets, dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value.

 

At September 30, 2015, the $336,157,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $10,556,000 assuming a blended market interest rate of 4.2% based on the 9.1 year weighted average remaining term of the mortgages.  At December 31, 2014, the $300,541,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $8,492,000 assuming a blended market interest rate of 4.5% based on the 9.1 year weighted average remaining term of the mortgages.

 

At September 30, 2015 and December 31, 2014, the $35,750,000 and $13,250,000, respectively, carrying amount of the Company’s line of credit approximates its fair value.

 

The fair value of the Company’s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.

 

Considerable judgment is necessary to interpret market data and develop estimated fair value.  The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

 

21



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 15 - Fair Value Measurements (continued)

 

Fair Value on a Recurring Basis

 

The fair value of the Company’s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):

 

 

 

 

 

Carrying and

 

Fair Value Measurements
on a Recurring Basis

 

 

 

As of

 

Fair Value

 

Level 1

 

Level 2

 

Financial assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

Equity securities

 

September 30, 2015

 

$

31

 

$

31

 

$

 

 

 

December 31, 2014

 

29

 

29

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

 

$

 

$

 

 

 

December 31, 2014

 

27

 

 

27

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

5,705

 

$

 

$

5,705

 

 

 

December 31, 2014

 

3,139

 

 

3,139

 

 

The Company does not own any financial instruments that are classified as Level 3.

 

Available-for-sale securities

 

At September 30, 2015, the Company’s available-for-sale securities included a $31,000 investment in equity securities (included in other assets on the consolidated balance sheets). The aggregate cost of these securities was $5,300 and at September 30, 2015, the unrealized gain was $25,700.  Such unrealized gains are included in accumulated other comprehensive loss on the consolidated balance sheets.  Fair values are approximated based on current market quotes from financial sources that track such securities.

 

In May 2014, the Company sold to Gould Investors L.P., a related party, 37,081 shares of BRT Realty Trust, a related party, for $266,000 (based on the average of the closing prices for the 30 days preceding the sale).  The cost of these shares was $132,000 and the Company realized a gain on sale of $134,000, of which $132,000 was reclassified from Accumulated other comprehensive loss on the consolidated balance sheets into earnings.

 

22



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 15 - Fair Value Measurements (continued)

 

Derivative financial instruments

 

The Company’s objective in using interest rate swaps is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes.

 

Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

 

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty.  As of September 30, 2015, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.  As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

 

As of September 30, 2015, the Company had entered into 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $117,401,000 notional amount and mature between 2016 and 2027 (weighted average remaining maturity of 7.6 years).  Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.55% to 5.75% and a weighted average interest rate of 4.66% at September 30, 2015).  The fair value of the Company’s derivatives designated as hedging instruments in asset and liability positions reflected as other assets or other liabilities on the consolidated balance sheets were $0 and $5,705,000, respectively, at September 30, 2015, and $27,000 and $3,139,000, respectively, at December 31, 2014.

 

Three of the Company’s unconsolidated joint ventures, in which wholly-owned subsidiaries of the Company are 50% partners, had two interest rate derivatives outstanding at September 30, 2015 with an aggregate $11,050,000 notional amount.  These interest rate swaps, which were designated as cash flow hedges, have interest rates of 3.49% and 5.81% and mature between April 2018 and March 2022.

 

23



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 15 - Fair Value Measurements (continued)

 

The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

One Liberty Properties and Consolidated Subsidiaries

 

 

 

 

 

 

 

 

 

Amount of loss recognized on derivatives in Other comprehensive loss

 

$

(3,609

)

$

(357

)

$

(4,500

)

$

(2,765

)

Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense

 

(574

)

(476

)

(1,921

)

(1,300

)

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Ventures (Company’s share)

 

 

 

 

 

 

 

 

 

Amount of (loss) gain recognized on derivatives in Other comprehensive loss

 

$

(122

)

$

11

 

(147

)

$

(37

)

Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures

 

(29

)

(28

)

(80

)

(83

)

 

No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three and nine months ended September 30, 2015 and 2014.  During the nine months ended September 30, 2015, the Company terminated one of its interest rate swaps, in connection with the sale of its Cherry Hill, New Jersey property, and accelerated the reclassification of amounts in other comprehensive loss to earnings as a result of the hedged forecasted transactions being terminated. The accelerated amount was a loss of $472,000 and is included in Prepayment costs on debt on the Company’s consolidated statements of income.  During the twelve months ending September 30, 2016, the Company estimates an additional $2,272,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense.

 

The derivative agreements in effect at September 30, 2015 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to one of the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any.

 

As of September 30, 2015, the fair value of the derivatives in a liability position, including accrued interest and excluding any adjustments for nonperformance risk, was approximately $6,101,000.  In the unlikely event that the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $6,101,000.  This termination liability value, net of $396,000 adjustments for nonperformance risk, or $5,705,000, is included in accrued expenses and other liabilities on the consolidated balance sheets at September 30, 2015.

 

24



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 16 - New Accounting Pronouncements

 

In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement Period Adjustments, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted.  The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company has not elected early adoption and is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which simplifies income statement presentation by eliminating extraordinary items from US GAAP. The ASU retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted; however, adoption must occur at the beginning of an annual period.  An entity can elect to apply the guidance prospectively or retrospectively.  The Company had elected early adoption for the year ended December 31, 2014, and its adoption did not have any impact on its consolidated financial statements.

 

25



Table of Contents

 

One Liberty Properties, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2015 (Continued)

 

Note 16 - New Accounting Pronouncements (continued)

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures.  For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued.  The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.  Early application is permitted.  The Company has elected early adoption for the year ending December 31, 2015, and its adoption is not expected to have any impact on its consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized.  The effective date of this standard will be for fiscal years, and interim periods within those years, after December 15, 2017.  Early adoption is permitted after December 15, 2016.  Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU.  The Company is currently in the process of evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.

 

Note 17 - Subsequent Events

 

Subsequent events have been evaluated and except as disclosed in Note 8 (Lease Termination Fee Income), there were no other events relative to the Company’s consolidated financial statements that require additional disclosure.

 

26



Table of Contents

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions.  Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “could,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions or variations thereof.  Forward-looking statements should not be relied on since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performance or achievements.  Investors are encouraged to review the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2014 under the caption “Item 1A. Risk Factors” for a discussion of certain factors which may cause actual results to differ materially from current expectations and are cautioned not to place undue reliance on any forward-looking statements.

 

Acquisitions, Financings and Other Developments During the Three Months Ended September 30, 2015

 

We acquired two properties for an aggregate purchase price of $35.8 million (including new mortgage debt of $12.4 million). These acquisitions contributed $242,000 of rental income during the three months ended September 30, 2015. We estimate that commencing October 1, 2015, the rental income (calculated on a straight-line basis) from these two properties will be $650,000 per quarter.

 

We obtained $25.2 million from mortgage financings (including $12.4 million in connection with a property acquired in September 2015). The weighted average interest rate on these mortgages is 4.1% and the weighted average remaining term is 9.3 years.

 

A tenant that leases a property operated as a Pathmark supermarket in Philadelphia, Pennsylvania filed for Chapter 11 bankruptcy protection, rejected the lease and in late September 2015, vacated the property.  As a result, the Company wrote off (i) $89,000 of straight line rent and $124,000 of intangible lease liabilies, the net effect of which was an increase in rental income of $35,000, and (ii) $380,000 of tenant origination costs, which is included in depreciation expense. This tenant accounted for approximately 1.3% of our rental income for the nine months ended September 30, 2015 and at September 30, 2015, the mortgage debt on such property is $4.5 million. We are in the process of seeking a replacement

 

27



Table of Contents

 

tenant and have determined that no impairment charge is required currently with respect to this property.

 

Developments Subsequent to September 30, 2015

 

In October 2015, we received a $1.29 million lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with this transaction, during the three months ending December 31, 2015, we will recognize the lease termination fee income and write off $179,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to this tenant at the property.  We have re-leased substantially all of such space.

 

Overview

 

We are a self-administered and self-managed real estate investment trust, organized in Maryland in 1982.  We acquire, own and manage a geographically diversified portfolio of retail (including furniture stores, restaurants, office supply stores and supermarkets), industrial, flex, health and fitness and other properties, a substantial portion of which are leased under long-term net leases.  As of September 30, 2015, we own 120 properties (including seven properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures) located in 31 states.  Based on square footage, our occupancy rate at September 30, 2015 is approximately 98.2%.

 

We face a variety of risks and challenges in our business. We, among other things, face the possibility we will not be able to acquire accretive properties on acceptable terms, lease our properties on terms favorable to us or at all, our tenants may not be able to pay their rental and other obligations, and we may not be able to renew or relet, on acceptable terms, leases that are expiring or terminating.

 

We seek to manage the risk of our real property portfolio by diversifying among types of properties and industries, locations, tenants and scheduled lease expirations. We monitor the risk of tenant non-payments through a variety of approaches tailored to the applicable situation. Generally, based on our assessment of the credit risk posed by our tenants, we monitor a tenant’s financial condition through one or more of the following actions: reviewing tenant financial statements, obtaining other tenant related financial information, regular contact with tenant’s representatives, tenant credit checks and regular management reviews of our tenants.

 

In acquiring properties, we balance an evaluation of the terms of the leases and the credit of the existing tenants with a fundamental analysis of the real estate to be acquired, which analysis takes into account, among other things, the estimated value of the property, local demographics and the ability to re-rent or dispose of the property on favorable terms upon lease expiration or early termination.

 

Further, we are sensitive to the risks facing the retail industry as a result of the growth of e-commerce.  We are addressing this exposure by seeking to acquire properties that we believe capitalize on e-commerce activities, such as e-commerce distribution and warehousing facilities - however, we intend to continue to acquire retail properties as we deem appropriate.

 

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute currently at least 90% of ordinary taxable income to our stockholders.  We intend to comply with these requirements and to

 

28



Table of Contents

 

maintain our REIT status.

 

Our 2015 contractual rental income is approximately $56.9 million and represents, after giving effect to any abatements, concessions or adjustments, the base rent payable to us in calendar year 2015 under leases in effect at September 30, 2015. The 2015 contractual rental income excludes approximately $1.4 million of straight-line rent, amortization of approximately $648,000 of intangibles, and our share of the rental income payable to our unconsolidated joint ventures, which in 2015 will be approximately $2.0 million.

 

The following table sets forth scheduled lease expirations of leases for our properties (excluding unconsolidated joint ventures) as of September 30, 2015 for the calendar years indicated below:

 

Year of Lease
Expiration (1)

 

Number of
Expiring
Leases

 

Approximate Square
Footage Subject to
Expiring Leases

 

2015 Contractual
Rental Income Under
Expiring Leases

 

Percent of 2015
Contractual Rental
Income
Represented by
Expiring Leases

 

2015

 

4

 

336,143

 

$

1,572,450

 

2.8

%

2016

 

12

 

272,003

 

2,092,548

 

3.7

 

2017

 

19

 

137,267

 

2,426,662

 

4.3

 

2018

 

21

 

400,235

 

4,694,625

 

8.3

 

2019

 

10

 

124,648

 

1,620,264

 

2.8

 

2020

 

11

 

192,270

 

4,616,861

 

8.1

 

2021

 

12

 

437,601

 

3,310,654

 

5.8

 

2022

 

13

 

1,835,066

 

11,718,105

 

20.6

 

2023

 

7

 

562,820

 

3,998,783

 

7.0

 

2024

 

5

 

377,222

 

1,512,712

 

2.7

 

2025 and thereafter

 

34

 

2,408,858

 

19,294,239

 

33.9

 

 

 

148

 

7,084,133

 

$

56,857,903

 

100.0

%

 


(1)         Lease expirations assume tenants do not exercise existing renewal options.

 

Results of Operations

 

Revenues

 

The following table compares revenues for the periods indicated:

 

 

 

Three Months
Ended
September 30,

 

Increase

 

%

 

Nine Months
Ended
September 30,

 

Increase

 

%

 

(Dollars in thousands)

 

2015

 

2014

 

(Decrease)

 

Change

 

2015

 

2014

 

(Decrease)

 

Change

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income, net

 

$

15,273

 

$

14,552

 

$

721

 

5.0

%

$

44,159

 

$

42,308

 

$

1,851

 

4.4

%

Tenant reimbursements

 

835

 

635

 

200

 

31.5

 

2,407

 

1,677

 

730

 

43.5

 

Lease termination fee

 

 

 

 

 

650

 

1,269

 

(619

)

(48.8

)

Total revenues

 

$

16,108

 

$

15,187

 

$

921

 

6.1

 

$

47,216

 

$

45,254

 

$

1,962

 

4.3

 

 

Rental income, net.  The increases are due primarily to $1.8 million and $5.3 million in

 

29



Table of Contents

 

the three and nine months ended September 30, 2015, respectively, generated by nine properties acquired in 2014 and seven properties acquired in 2015. Offsetting these increases are the (i) inclusion, in the three and nine months ending September 30, 2014, of $1.1 million and $3.2 million, respectively, from three properties that were sold or disposed of from October 2014 through mid-January 2015 (including the sale, for substantial gains, of the Parsippany and Cherry Hill, New Jersey properties), and (ii) $226,000 write-off against rental income, in the nine months ended September 30, 2015, of the entire balance of unbilled rent receivable related to the March 2015 lease termination fee described below.

 

Tenant reimbursements.  Real estate tax and operating expense reimbursements in the three and nine months ended September 30, 2015 increased by (i) $266,000 and $735,000, respectively, from seven properties acquired since May 2014 and (ii) $96,000 and $269,000, respectively, due to to net increases from various properties. Offsetting the increases in the three and nine months ended September 30, 2015 were decreases of $162,000 and $274,000, respectively, due to the January 2015 sale of the Cherry Hill, New Jersey property.

 

Lease termination fee.   We received lease termination fees of $650,000 and $1.27 million in lease buy-out transactions in March 2015 and June 2014, respectively.  We re-leased the properties simultaneously with the lease terminations.

 

Operating Expenses

 

The following table compares operating expenses for the periods indicated:

 

 

 

Three Months
Ended
September 30,

 

Increase

 

%

 

Nine Months
Ended
September 30,

 

Increase

 

%

 

(Dollars in thousands)

 

2015

 

2014

 

(Decrease)

 

Change

 

2015

 

2014

 

(Decrease)

 

Change

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

4,435

 

$

3,685

 

$

750

 

20.4

%

$

12,090

 

$

10,985

 

$

1,105

 

10.1

%

General and administrative

 

2,350

 

2,153

 

197

 

9.2

 

7,132

 

6,497

 

635

 

9.8

 

Real estate expenses

 

1,415

 

1,085

 

330

 

30.4

 

4,022

 

3,061

 

961

 

31.4

 

Federal excise and state taxes

 

68

 

6

 

62

 

1,033.3

 

266

 

175

 

91

 

52.0

 

Real estate acquisition costs

 

90

 

83

 

7

 

8.4

 

417

 

211

 

206

 

97.6

 

Leasehold rent

 

77

 

77

 

 

 

231

 

231

 

 

 

Impairment loss

 

 

1,093

 

(1,093

)

(100.0

)

 

1,093

 

(1,093

)

(100.0

)

Total operating expenses

 

8,435

 

8,182

 

253

 

3.1

 

24,158

 

22,253

 

1,905

 

8.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

7,673

 

$

7,005

 

$

668

 

9.5

 

$

23,058

 

$

23,001

 

$

57

 

.2

 

 

Depreciation and amortization.  The three and nine months ended September 30, 2015 include increases of $977,000 and $1.9 million (including a $380,000 write-off of tenant origination costs related to the Pathmark supermarket), respectively, related to properties we acquired in 2014 and 2015 and $51,000 and $173,000, respectively, from amortization of property improvements and leasing commissions. Included in the three and nine months ended September 30, 2014 is $260,000 and $894,000, respectively, of expense related to three properties that were sold or disposed of from October 2014 through mid-January 2015 (including the Parsippany and Cherry Hill, New Jersey properties).

 

30



Table of Contents

 

General and administrative.  Contributing to the change in the three and nine months ended September 30, 2015 were increases of: (i) $132,000 and $375,000, respectively, in non-cash compensation expense related to the increase in the number of restricted stock awards granted in 2015 and the higher fair value of such awards at the time of grant; and (ii) $133,000 and $309,000, respectively, in compensation expense due to higher compensation levels.

 

Real estate expenses.  The increases in the three and nine months ended September 30, 2015 are due primarily to increases of $337,000 and $862,000, respectively, from eleven of the properties acquired since May 2014, substantially all of which is rebilled to tenants, and increases of $33,000 and $115,000, respectively, in brokerage and professional fees. The increases were offset by decreases of $34,000 and $125,000, respectively, in expenses at our Cherry Hill, New Jersey property as a result of its sale in January 2015.

 

Real estate acquisition costs.  These costs, which include acquisition fees (including a fee paid to our joint venture partner), legal and other transactional costs and expenses, increased during the nine months ended September 30, 2015 primarily in connection with the acquisition of a property in February 2015.

 

Impairment loss.  We recorded this charge in 2014 with respect to our Morrow, Georgia property - the tenant did not renew its lease which expired on October 31, 2014, efforts to re-let the property were unsuccessful and the non-recourse mortgage on the property matured November 1, 2014.  The property was acquired by the mortgagee in January 2015 through a foreclosure proceeding.

 

Other Income and Expenses

 

The following table compares other income and expenses for the periods indicated:

 

 

 

Three Months
Ended
September 30,

 

Increase

 

%

 

Nine Months
Ended
September 30,

 

Increase

 

%

 

(Dollars in thousands)

 

2015

 

2014

 

(Decrease)

 

Change

 

2015

 

2014

 

(Decrease)

 

Change

 

Other income and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of real estate, net

 

$

 

$

 

$

 

%

$

5,392

 

$

 

$

5,392

 

n/a

 

Purchase price fair value adjustment

 

 

 

 

 

960

 

 

960

 

n/a

 

Prepayment costs on debt

 

 

 

 

 

(568

)

 

(568

)

n/a

 

Equity in earnings of unconsolidated joint ventures

 

347

 

134

 

213

 

159.0

 

311

 

397

 

(86

)

(21.7

)%

Gain on sale — investment in BRT Realty Trust

 

 

 

 

 

 

134

 

(134

)

(100.0

)

Other income

 

2

 

10

 

(8

)

(80.0

)

77

 

20

 

57

 

285.0

 

Interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

(4,044

)

(4,227

)

(183

)

(4.3

)

(11,690

)

(12,215

)

(525

)

(4.3

)

Amortization and write-off of deferred financing costs

 

(187

)

(275

)

(88

)

(32.0

)

(828

)

(741

)

87

 

11.7

 

 

Gain on sale of real estate, net.  This gain was realized from the January 2015 sale of the Cherry Hill, New Jersey property.

 

Purchase price fair value adjustment.  In connection with the acquisition of our joint venture partner’s 50% interest in a property located in Lincoln, Nebraska, we recorded this

 

31



Table of Contents

 

adjustment, representing the difference between the book value of the preexisting equity investment on the March 31, 2015 purchase date and the fair value of the investment.

 

Prepayment costs on debt. These costs result primarily from the sale of the Cherry Hill, New Jersey property, as we incurred a swap breakage fee in connection with our payoff, prior to maturity, of the related mortgage. Additionally, we paid off two other mortgages prior to their respective maturities and incurred prepayment charges in connection with their payoffs.

 

Equity in earnings of unconsolidated joint ventures.  The decrease in the nine months ended September 30, 2015 is due to our $400,000 share of the acquisition expenses associated with the June 2015 purchase of the Manahawkin, New Jersey retail center.  The increase in the three months ended September 30, 2015 is due primarily to earnings from this property.

 

Gain on sale — investment in BRT Realty Trust.  In May 2014, we sold to Gould Investors L.P., a related party, our 37,081 shares of BRT Realty Trust, a related party, for $266,000.  The cost of these shares was $132,000 and we realized a gain on sale of $134,000.

 

Interest expense.  The following table details the components of interest expense for the periods indicated:

 

 

 

Three Months
Ended
September 30,

 

Increase

 

%

 

Nine Months
Ended
September 30,

 

Increase

 

%

 

(Dollars in thousands)

 

2015

 

2014

 

(Decrease)

 

Change

 

2015

 

2014

 

(Decrease)

 

Change

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit line interest

 

$

179

 

$

399

 

$

(220

)

(55.1

)%

$

434

 

$

914

 

$

(480

)

(52.5

)%

Mortgage interest

 

3,865

 

3,828

 

37

 

1.0

 

11,256

 

11,301

 

(45

)

(.4

)

Total

 

$

4,044

 

$

4,227

 

$

(183

)

(4.3

)

$

11,690

 

$

12,215

 

$

(525

)

(4.3

)

 

Credit line interest

 

The decrease is due to the reduction in the annual interest rate on this facility, from 4.75% to a current rate of approximately 1.93%, effected pursuant to an amendment to our facility dated December 31, 2014

 

Mortgage interest

 

The following table reflects the interest rate on our mortgage debt and principal amount of outstanding mortgage debt:

 

 

 

Three Months
Ended
September 30,

 

Increase

 

%

 

Nine Months
Ended
September 30,

 

Increase

 

%

 

(Dollars in thousands)

 

2015

 

2014

 

(Decrease)

 

Change

 

2015

 

2014

 

(Decrease)

 

Change

 

Average interest rate on mortgage debt

 

4.92

%

5.30

%

(.38

)%

(7.2

)%

4.95

%

5.31

%

(.36

)%

(6.8

)%

Average principal amount of mortgage debt

 

$

314,067

 

$

288,634

 

$

25,433

 

8.8

%

$

303,483

 

$

283,620

 

$

19,863

 

7.0

%

 

32



Table of Contents

 

The increase in mortgage interest expense for the three months ended September 30, 2015 is due to the increase in the principal amount of mortgage debt outstanding offset by the decrease in the average interest rate and the decrease in such expense during the nine months ended September 30, 2015  is due to the decrease in the average interest rate offset by the increase in the principal amount of mortgage debt outstanding. The average interest rate decreased during the three and nine months ended September 30, 2015 due to the financing (including financings effectuated in connection with acquisitions) and refinancing in 2014 and 2015 of $126.5 million of gross new mortgage debt with a weighted average interest rate of approximately 4.3%.  The increase in the average amount of mortgage debt outstanding is due to the incurrence of mortgage debt of $46.1 million in connection with properties acquired in 2014 and 2015 and the financing of $49.5 million, net of refinanced amounts, in connection with properties acquired prior to 2014. The increase in the average amount outstanding was partially offset by the payoffs of three mortgages and the foreclosure of one mortgage in the nine months ended September 30, 2015 totaling $18.6 million.

 

Amortization and write-off of deferred financing costs.  The increase in the nine months ended September 30, 2015 is primarily due to the write-off of $249,000 relating to the sale of the Cherry Hill, New Jersey property. Offsetting the increase is a $160,500 ($53,500 quarterly) decrease associated with the extension of the credit facility in December 2014.

 

Liquidity and Capital Resources

 

Our sources of liquidity and capital are cash flow from operations, cash and cash equivalents, borrowings under our revolving credit facility, refinancing existing mortgage loans, obtaining mortgage loans secured by our unencumbered properties, issuance of equity securities and property sales.  Our available liquidity at November 2, 2015, was approximately $58.3 million, including approximately $6.5 million of cash and cash equivalents (net of the credit facility’s required $3 million deposit maintenance balance) and $51.8 million available under our revolving credit facility.

 

Liquidity and Financing

 

We expect to meet substantially all of our operating cash requirements (including dividend and mortgage amortization payments) from cash flow from operations.  To the extent that cash flow from operations is inadequate to cover all of our operating needs, we will be required to use our available cash and cash equivalents, or draw on our credit line (to the extent permitted) to satisfy operating requirements.

 

At September 30, 2015, excluding mortgage indebtedness of our unconsolidated joint ventures, we had 64 outstanding mortgages payable secured by 87 properties, in aggregate principal amount of $325.6 million.  These mortgages represent first liens on individual real estate investments with an aggregate carrying value of $511.6 million, before accumulated depreciation of $62.3 million.  After giving effect to interest rate swap agreements, the mortgage payments bear interest at fixed rates ranging from 3.13% to 7.81% (a 4.76% weighted average interest rate) and mature between 2016 and 2037 (a 9.1 year weighted average remaining term).

 

The following table sets forth, as of September 30, 2015, information with respect to our mortgage debt (excluding mortgage debt of our unconsolidated joint ventures), that is payable from October 1, 2015 through December 31, 2019:

 

33



Table of Contents

 

(Dollars in thousands)

 

2015

 

2016

 

2017

 

2018

 

2019

 

Total

 

Amortization payments

 

$

1,796

 

$

8,087

 

$

8,746

 

$

8,486

 

$

8,676

 

$

35,791

 

Principal due at maturity

 

 

25,678

 

21,921

 

10,260

 

8,355

 

66,214

 

Total

 

$

1,796

 

$

33,765

 

$

30,667

 

$

18,746

 

$

17,031

 

$

102,005

 

 

At September 30, 2015, the Company’s unconsolidated joint ventures had first mortgages on four properties with outstanding balances aggregating $37.0 million, bearing interest at rates ranging from 3.49% to 5.81% (a 3.91% weighted average interest rate) and maturing between 2018 and 2025.

 

We intend to make debt amortization payments from operating cash flow and, though no assurance can be given that we will be successful in this regard, generally intend to refinance or extend the mortgage loans which mature in 2016 through 2017.  We intend to repay the amounts not refinanced or extended from our existing funds and sources of funds, including our available cash and our credit line (to the extent available).

 

To generate additional liquidity, we continuously seek to refinance existing mortgage loans on terms we deem acceptable.  Additionally, in the ordinary course of business, we sell properties when we determine that it is in our best interests, which also generates additional liquidity.  Further, since each of our encumbered properties is subject to a non-recourse mortgage (with standard carve-outs), if our in-house evaluation of the market value of such property is less than the principal balance outstanding on the mortgage loan, we may determine to convey, in certain circumstances, such property to the mortgagee to terminate our mortgage obligations, including payment of interest, principal and real estate taxes, with respect to such property.

 

Typically, we use funds from our credit facility to acquire a property and, thereafter secure long-term, fixed rate mortgage debt on such property. We apply the proceeds from the mortgage loan to repay borrowings under the credit facility, thus providing us with the ability to re-borrow under the credit facility for the acquisition of additional properties.

 

Credit Facility

 

We can borrow up to $75 million pursuant to our revolving credit facility which is available to us for the acquisition of commercial real estate, repayment of mortgage debt, property improvements and general working capital purposes; provided, that if used for property improvements and working capital purposes, the amount outstanding for such purposes will not exceed the lesser of $15 million and 15% of the borrowing base and if used for working capital purposes, will not exceed $10 million. The facility matures December 31, 2018 and bears interest equal to the one month LIBOR rate plus the applicable margin. The applicable margin ranges from 175 basis points if our ratio of total debt to total value (as calculated pursuant to the facility) is equal to or less than 50%, increasing to a maximum of 300 basis points if such ratio is greater than 65%. There is an unused facility fee of 0.25% per annum on the difference between the outstanding loan balance and $75 million. The credit facility requires the maintenance of $3 million in average deposit balances.

 

The terms of our revolving credit facility include restrictions and covenants which, among other things, may limit the incurrence of liens, and which require compliance with financial ratios relating to, among other things, the minimum amount of tangible net worth, the minimum amount of debt service coverage, the minimum amount of fixed charge coverage, the maximum

 

34



Table of Contents

 

amount of debt to value, the minimum level of net income, certain investment limitations and the minimum value of unencumbered properties and the number of such properties. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under our credit facility. At September  30, 2015, we were in compliance with the covenants under this facility.

 

Off-Balance Sheet Arrangements

 

We are not a party to any material off-balance sheet arrangements.  See Note 6 of the Notes to the Consolidated Financial Statements regarding off-balance sheet arrangements on our properties located in Sandy Springs, Georgia and Lakemoor, Illinois.

 

Funds from Operations and Adjusted Funds from Operations

 

We compute funds from operations, or FFO, in accordance with the “White Paper on Funds From Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT’s related guidance. FFO is defined in the White Paper as net income (computed in accordance with generally accepting accounting principles), excluding gains (or losses) from sales of property, plus depreciation and amortization, plus impairment write-downs of depreciable real estate and after adjustments for unconsolidated partnerships, joint ventures and non-controlling interests. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from operations on the same basis.  Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one REIT to another. We compute adjusted funds from operations, or AFFO, by deducting from FFO our straight-line rent accruals, amortization of lease intangibles, and lease termination fee income and adding back the amortization of restricted stock compensation, amortization of costs in connection with our financing activities (including our share of our unconsolidated joint ventures) and debt prepayment costs.

 

We believe that FFO and AFFO are useful and standard supplemental measures of the operating performance for equity REITs and are used frequently by securities analysts, investors and other interested parties in evaluating equity REITs, many of which present FFO and AFFO when reporting their operating results.  FFO and AFFO are intended to exclude GAAP historical cost depreciation and amortization of real estate assets, which assures that the value of real estate assets diminish predictability over time.  In fact, real estate values have historically risen and fallen with market conditions.  As a result, we believe that FFO and AFFO provide a performance measure that when compared year over year, should reflect the impact to operations from trends in occupancy rates, rental rates, operating costs, interest costs and other matters without the inclusion of depreciation and amortization, providing a perspective that may not be necessarily apparent from net income.  We also consider FFO and AFFO to be useful to us in evaluating potential property acquisitions.

 

FFO and AFFO do not represent net income or cash flows from operations as defined by GAAP.  FFO and AFFO should not be considered to be an alternative to net income as a reliable measure of our operating performance; nor should FFO and AFFO be considered an alternative to cash flows from operating, investing or financing activities (as defined by GAAP) as measures of liquidity.

 

35



Table of Contents

 

FFO and AFFO do not measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to stockholders. FFO and AFFO do not represent cash flows from operating, investing or financing activities as defined by GAAP.

 

Management recognizes that there are limitations in the use of FFO and AFFO.  In evaluating our performance, management is careful to examine GAAP measures such as net income and cash flows from operating, investing and financing activities.

 

The table below provides a reconciliation of net income in accordance with GAAP to FFO and AFFO for the periods indicated (dollars in thousands):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

GAAP net income attributable to One Liberty Properties, Inc.

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,533

 

Add: depreciation of properties

 

4,384

 

3,639

 

11,906

 

10,866

 

Add: our share of depreciation of unconsolidated joint ventures

 

229

 

93

 

410

 

280

 

Add: amortization of deferred leasing costs

 

51

 

46

 

184

 

119

 

Add: Federal excise tax relating to gain on sales

 

25

 

 

109

 

(19

)

Add: impairment loss

 

 

1,093

 

 

1,093

 

Deduct: gain on sale of real estate

 

 

 

(5,392

)

 

Deduct: purchase price fair value adjustment

 

 

 

(960

)

 

Adjustments for non-controlling interests

 

(75

)

(30

)

1,394

 

(87

)

NAREIT funds from operations applicable to common stock

 

8,402

 

7,461

 

22,977

 

22,785

 

Deduct: straight-line rent accruals and amortization of lease intangibles

 

(654

)

(403

)

(1,633

)

(1,061

)

Deduct: lease termination fee income

 

 

 

(650

)

(1,269

)

Deduct: our share of straight-line rent accruals and amortization of lease intangibles of unconsolidated joint ventures

 

(9

)

 

(9

)

(1

)

Add: amortization of restricted stock compensation

 

580

 

448

 

1,742

 

1,368

 

Add: prepayment costs on debt

 

 

 

568

 

 

Add: amortization and write-off of deferred financing costs

 

187

 

275

 

828

 

741

 

Add: our share of amortization of deferred financing costs of unconsolidated joint ventures

 

7

 

4

 

18

 

13

 

Adjustments for non-controlling interests

 

11

 

2

 

(187

)

9

 

Adjusted funds from operations applicable to common stock

 

$

8,524

 

$

7,787

 

$

23,654

 

$

22,585

 

 

36



Table of Contents

 

The table below provides a reconciliation of net income per common share (on a diluted basis) in accordance with GAAP to FFO and AFFO:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

GAAP net income attributable to One Liberty Properties, Inc.

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

Add: depreciation of properties

 

.26

 

.22

 

.72

 

.68

 

Add: our share of depreciation of unconsolidated joint ventures

 

.02

 

.01

 

.03

 

.02

 

Add: amortization of deferred leasing costs

 

 

 

.01

 

.01

 

Add: Federal excise tax relating to gain on sales

 

 

 

.01

 

 

Add: impairment loss

 

 

.07

 

 

.07

 

Deduct: gain on sale of real estate

 

 

 

(.33

)

 

Deduct: purchase price fair value adjustment

 

 

 

(.06

)

 

Adjustments for non-controlling interests

 

 

 

.09

 

 

NAREIT funds from operations per common share

 

.50

 

.46

 

1.39

 

1.42

 

Deduct: straight-line rent accruals and amortization of lease intangibles

 

(.04

)

(.03

)

(.10

)

(.07

)

Deduct: lease termination fee income

 

 

 

(.04

)

(.08

)

Add: our share of straight-line rent accruals and amortization of lease intangibles of unconsolidated joint ventures

 

 

 

 

 

Add: amortization of restricted stock compensation

 

.04

 

.03

 

.11

 

.09

 

Add: prepayment costs on debt

 

 

 

.03

 

 

Add: amortization and write-off of deferred financing costs

 

.01

 

.02

 

.05

 

.04

 

Add: our share of amortization of deferred financing costs of unconsolidated joint ventures

 

 

 

 

 

Adjustments for non-controlling interests

 

 

 

(.01

)

 

Adjusted funds from operations per common share

 

$

.51

 

$

.48

 

$

1.43

 

$

1.40

 

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

Our primary market risk exposure is the effect of changes in interest rates on the interest cost of draws on our revolving variable rate credit facility and the effect of changes in the fair value of our interest rate swap agreements.  Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond our control.

 

We use interest rate swaps to limit interest rate risk. These swaps are used for hedging purposes - not for trading purposes.

 

At September 30, 2015, we had 26 interest rate swap agreements outstanding (including two held by three of our unconsolidated joint ventures). The fair market value of the interest rate swaps is dependent upon existing market interest rates and swap spreads, which change over time.  As of September 30, 2015, if there had been a 100 basis point: (i) increase in forward interest rates, the fair market value of the interest rate swaps would have increased by approximately $7.9 million and the net unrealized loss on derivative instruments would have decreased by approximately $7.9 million; and (ii) decrease in forward interest rates, the fair market value of the interest rate swaps would have decreased by approximately $8.0 million

 

37



Table of Contents

 

and the net unrealized loss on derivative instruments would have increased by approximately $8.0 million. These changes would not have any impact on our net income or cash.

 

Our mortgage debt, after giving effect to interest rate swap agreements, bears interest at fixed rates and accordingly, the effect of changes in interest rates would not impact the amount of interest expense that we incur under these mortgages.

 

Our variable credit rate facility is sensitive to interest rate changes.  Based on the interest rate in effect and the $35.8 million credit facility balance outstanding as of September 30, 2015, a 100 basis point: (i) increase of the interest rate on this facility would increase our related interest costs by approximately $357,500 per year; and (ii) decrease of the interest rate would decrease our related interest costs by approximately $65,000 per year.

 

The fair market value of our long-term debt is estimated based on discounting future cash flows at interest rates that our management believes reflect the risks associated with long term debt of similar risk and duration.

 

Item 4.  Controls and Procedures

 

Based on their evaluation as of the end of the period covered by this report, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are effective.

 

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) promulgated under the Exchange Act) during the nine months ended September 30, 2015 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Item 6.  Exhibits

 

Exhibit No.

 

Title of Exhibit

31.1

 

Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

 

Certification of Senior Vice President and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

 

Certification of President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

 

Certification of Senior Vice President and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

 

XBRL Taxonomy Extension Definition Label Linkbase Document

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document

 

38



Table of Contents

 

ONE LIBERTY PROPERTIES, INC.

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 thereunto duly authorized.

 

 

 

ONE LIBERTY PROPERTIES, INC.

 

              (Registrant)

 

 

 

 

Date: November 9, 2015

/s/ Patrick J. Callan, Jr.

 

Patrick J. Callan, Jr.

 

President and Chief Executive Officer

 

(principal executive officer)

 

 

 

 

Date: November  9, 2015

/s/ David W. Kalish

 

David W. Kalish

 

Senior Vice President and

 

Chief Financial Officer

 

(principal financial officer)

 

39


EX-31.1 2 a15-17964_1ex31d1.htm EX-31.1

EXHIBIT 31.1

 

CERTIFICATION

 

I, Patrick J. Callan, Jr., certify that:

 

1.     I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 of One Liberty Properties, Inc.

 

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d– 15(f)) for the registrant and have:

 

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              Evaluated the effectiveness of the registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)             Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:   November 9, 2015

 

 

/s/ Patrick J. Callan, Jr.

 

Patrick J. Callan, Jr.

 

President and Chief Executive Officer

 


EX-31.2 3 a15-17964_1ex31d2.htm EX-31.2

EXHIBIT 31.2

 

CERTIFICATION

 

I, David W. Kalish, certify that:

 

1.     I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 of One Liberty Properties, Inc.

 

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.     The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)             Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)             Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)              Evaluated the effectiveness of the registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)             Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.     The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:  November  9, 2015

 

/s/ David W. Kalish

 

David W. Kalish

 

Senior Vice President and

 

Chief Financial Officer

 


EX-32.1 4 a15-17964_1ex32d1.htm EX-32.1

EXHIBIT 32.1

 

CERTIFICATION OF PRESIDENT AND CHIEF EXECUTIVE OFFICER

 

PURSUANT TO 18 U.S.C. 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

I, Patrick J. Callan, Jr., do hereby certify, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based upon a review of the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 of One Liberty Properties, Inc. (“the Registrant”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”):

 

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: November 9, 2015

/s/ Patrick J. Callan, Jr.

 

Patrick J. Callan, Jr.

 

President and

 

Chief Executive Officer

 


EX-32.2 5 a15-17964_1ex32d2.htm EX-32.2

EXHIBIT 32.2

 

CERTIFICATION OF SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

 

PURSUANT TO 18 U.S.C. 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

I, David W. Kalish, do hereby certify, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based upon a review of the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 of One Liberty Properties, Inc. (“the Registrant”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”):

 

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

Date: November  9, 2015

/s/ David W. Kalish

 

David W. Kalish

 

Senior Vice President and

 

Chief Financial Officer

 


EX-101.INS 6 olp-20150930.xml XBRL INSTANCE DOCUMENT 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember us-gaap:PropertyPlantAndEquipmentMember 2015-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember us-gaap:PropertyPlantAndEquipmentMember 2015-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember olp:UnbilledRentReceivableMember 2015-09-30 0000712770 us-gaap:CommonStockMember 2015-01-01 2015-09-30 0000712770 us-gaap:CommonStockMember 2014-01-01 2014-09-30 0000712770 us-gaap:RetainedEarningsMember 2015-09-30 0000712770 us-gaap:NoncontrollingInterestMember 2015-09-30 0000712770 us-gaap:CommonStockMember 2015-09-30 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2015-09-30 0000712770 us-gaap:AdditionalPaidInCapitalMember 2015-09-30 0000712770 us-gaap:RetainedEarningsMember 2014-12-31 0000712770 us-gaap:NoncontrollingInterestMember 2014-12-31 0000712770 us-gaap:CommonStockMember 2014-12-31 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2014-12-31 0000712770 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0000712770 us-gaap:RetainedEarningsMember 2014-09-30 0000712770 us-gaap:NoncontrollingInterestMember 2014-09-30 0000712770 us-gaap:CommonStockMember 2014-09-30 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2014-09-30 0000712770 us-gaap:AdditionalPaidInCapitalMember 2014-09-30 0000712770 us-gaap:RetainedEarningsMember 2013-12-31 0000712770 us-gaap:NoncontrollingInterestMember 2013-12-31 0000712770 us-gaap:CommonStockMember 2013-12-31 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2013-12-31 0000712770 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0000712770 olp:IncentivePlan2012Member 2015-01-01 2015-09-30 0000712770 olp:IncentivePlan2012Member 2015-09-30 0000712770 us-gaap:RestrictedStockMember 2015-09-30 0000712770 olp:IncentivePlan2009Member 2015-09-30 0000712770 us-gaap:RestrictedStockMember 2015-06-30 0000712770 us-gaap:RestrictedStockMember 2014-12-31 0000712770 us-gaap:RestrictedStockMember 2014-09-30 0000712770 us-gaap:RestrictedStockMember 2014-06-30 0000712770 us-gaap:RestrictedStockMember 2013-12-31 0000712770 olp:IncentivePlan2009Member 2015-01-01 2015-09-30 0000712770 us-gaap:RestrictedStockUnitsRSUMember olp:IncentivePlan2009Member 2015-01-01 2015-09-30 0000712770 olp:UnconsolidatedJointVentureMember 2015-01-01 2015-09-30 0000712770 olp:ConsolidatedJointVentureMember 2015-01-01 2015-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2015-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2014-12-31 0000712770 olp:UnconsolidatedJointVentureInManahawkinNewJerseyMember 2015-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember 2015-01-01 2015-09-30 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2015-01-01 2015-09-30 0000712770 us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember 2014-01-01 2014-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember 2015-07-01 2015-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember 2015-01-01 2015-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember 2014-07-01 2014-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisAndLandRiverCrossingApartmentsSandySpringGeorgiaMember 2014-01-01 2014-09-30 0000712770 us-gaap:UnconsolidatedPropertiesMember 2015-09-30 0000712770 us-gaap:ConsolidatedPropertiesMember 2015-09-30 0000712770 olp:RetailPropertyMarstonParkPlazaLakewoodColoradoMember olp:ConsolidatedJointVentureMember 2015-01-01 2015-09-30 0000712770 olp:NonVariableInterestEntityMember olp:ConsolidatedJointVentureMember us-gaap:MinimumMember 2015-09-30 0000712770 olp:NonVariableInterestEntityMember olp:ConsolidatedJointVentureMember us-gaap:MaximumMember 2015-09-30 0000712770 olp:NoxellCorporationIndustrialBuildingJoppaMarylandMember 2014-06-30 0000712770 olp:RetailPropertyMarstonParkPlazaLakewoodColoradoMember olp:ConsolidatedJointVentureMember 2015-09-30 0000712770 us-gaap:NoncontrollingInterestMember 2015-01-01 2015-09-30 0000712770 us-gaap:NoncontrollingInterestMember 2014-01-01 2014-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember 2014-12-31 0000712770 us-gaap:RevolvingCreditFacilityMember 2015-11-03 0000712770 us-gaap:RevolvingCreditFacilityMember 2015-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember 2014-12-31 0000712770 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember olp:PropertyLocatedInCherryHillNjMember olp:ConsolidatedJointVentureMember us-gaap:NoncontrollingInterestMember 2015-01-13 2015-01-13 0000712770 us-gaap:CashFlowHedgingMember 2015-07-01 2015-09-30 0000712770 us-gaap:CashFlowHedgingMember 2015-01-01 2015-09-30 0000712770 us-gaap:CashFlowHedgingMember 2014-07-01 2014-09-30 0000712770 us-gaap:CashFlowHedgingMember 2014-01-01 2014-09-30 0000712770 us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember olp:PropertyLocatedInCherryHillNjMember olp:ConsolidatedJointVentureMember 2015-01-13 2015-01-13 0000712770 us-gaap:RestrictedStockUnitsRSUMember olp:IncentivePlan2009Member 2015-09-30 0000712770 us-gaap:RetainedEarningsMember 2015-01-01 2015-09-30 0000712770 us-gaap:RetainedEarningsMember 2014-01-01 2014-09-30 0000712770 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember olp:RealEstatePropertyInMichiganMember 2014-01-01 2014-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-07-01 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2014-07-01 2014-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2014-01-01 2014-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:MinimumMember 2015-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:MaximumMember 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000712770 us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000712770 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2014-12-31 0000712770 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember 2015-01-01 2015-09-30 0000712770 olp:UnconsolidatedJointVentureInManahawkinNewJerseyMember 2015-06-30 0000712770 us-gaap:RevolvingCreditFacilityMember 2015-01-01 2015-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember 2015-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember olp:LineOfCreditFacilityVariableRateBaseLIBORRateMember 2015-01-01 2015-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember us-gaap:MinimumMember olp:LineOfCreditFacilityVariableRateBaseLIBORRateMember 2015-01-01 2015-09-30 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember us-gaap:MaximumMember olp:LineOfCreditFacilityVariableRateBaseLIBORRateMember 2015-01-01 2015-09-30 0000712770 2015-09-10 2015-09-10 0000712770 2014-09-30 0000712770 2013-12-31 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember 2015-09-30 0000712770 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2015-09-30 0000712770 us-gaap:FairValueMeasurementsRecurringMember 2015-09-30 0000712770 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000712770 us-gaap:FairValueMeasurementsRecurringMember 2014-12-31 0000712770 olp:BRTRealtyTrustSecuritiesMember olp:GouldInvestorsLPMember 2014-05-31 0000712770 olp:AccruedExpensesAndOtherLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-09-30 0000712770 olp:RealEstatePropertyInMorrowGeorgiaMember 2014-07-01 2014-09-30 0000712770 olp:RealEstatePropertyInMorrowGeorgiaMember 2014-01-01 2014-09-30 0000712770 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember olp:RealEstatePropertyInMichiganMember 2013-12-31 2013-12-31 0000712770 us-gaap:RestrictedStockUnitsRSUMember 2015-07-01 2015-09-30 0000712770 us-gaap:RestrictedStockMember 2015-07-01 2015-09-30 0000712770 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-09-30 0000712770 us-gaap:RestrictedStockMember 2015-01-01 2015-09-30 0000712770 us-gaap:RestrictedStockUnitsRSUMember 2014-07-01 2014-09-30 0000712770 us-gaap:RestrictedStockMember 2014-07-01 2014-09-30 0000712770 us-gaap:RestrictedStockUnitsRSUMember 2014-01-01 2014-09-30 0000712770 us-gaap:RestrictedStockMember 2014-01-01 2014-09-30 0000712770 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-09-30 0000712770 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-09-30 0000712770 olp:NoxellCorporationIndustrialBuildingJoppaMarylandMember 2015-09-30 0000712770 olp:NoxellCorporationIndustrialBuildingJoppaMarylandMember 2014-12-31 0000712770 us-gaap:SubsequentEventMember 2015-10-01 2015-12-31 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2014-01-01 2014-09-30 0000712770 olp:MajesticPropertyManagementCorpMember 2015-07-01 2015-09-30 0000712770 us-gaap:BoardOfDirectorsChairmanMember 2015-01-01 2015-09-30 0000712770 olp:MajesticPropertyManagementCorpMember 2015-01-01 2015-09-30 0000712770 olp:BoardOfDirectorsViceChairmanMember 2015-01-01 2015-09-30 0000712770 olp:MajesticPropertyManagementCorpMember 2014-07-01 2014-09-30 0000712770 us-gaap:BoardOfDirectorsChairmanMember 2014-01-01 2014-09-30 0000712770 olp:MajesticPropertyManagementCorpMember 2014-01-01 2014-09-30 0000712770 olp:BoardOfDirectorsViceChairmanMember 2014-01-01 2014-09-30 0000712770 us-gaap:CoVenturerMember 2015-07-01 2015-09-30 0000712770 olp:UnconsolidatedJointVentureInManahawkinNewJerseyMember 2015-01-01 2015-09-30 0000712770 us-gaap:CoVenturerMember 2014-07-01 2014-09-30 0000712770 us-gaap:CoVenturerMember 2014-01-01 2014-09-30 0000712770 olp:MCBRealEstateLLCAndItsAffiliatesMember olp:ConsolidatedJointVentureMember olp:PathmarkSupermarketMember 2015-09-30 0000712770 olp:MCBRealEstateLLCAndItsAffiliatesMember olp:ConsolidatedJointVentureMember 2015-09-30 0000712770 olp:GouldInvestorsLPMember 2015-07-01 2015-09-30 0000712770 olp:GouldInvestorsLPMember 2015-01-01 2015-09-30 0000712770 olp:GouldInvestorsLPMember 2014-07-01 2014-09-30 0000712770 olp:GouldInvestorsLPMember 2014-01-01 2014-09-30 0000712770 us-gaap:CoVenturerMember 2015-01-01 2015-09-30 0000712770 olp:MCBRealEstateLLCAndItsAffiliatesMember olp:ConsolidatedJointVentureMember olp:PathmarkSupermarketMember 2015-01-01 2015-09-30 0000712770 olp:RetailPropertyLincolnNebraskaMember olp:UnconsolidatedJointVenturesMember 2015-01-01 2015-09-30 0000712770 2015-10-01 2015-10-07 0000712770 2014-01-01 2014-12-31 0000712770 us-gaap:DiscontinuedOperationsDisposedOfBySaleMember olp:RealEstatePropertyInMichiganMember 2014-02-03 2014-02-03 0000712770 olp:NonVariableInterestEntityMember olp:ConsolidatedJointVentureMember 2015-01-01 2015-09-30 0000712770 olp:MCBRealEstateLLCAndItsAffiliatesMember olp:ConsolidatedJointVentureMember 2015-01-01 2015-09-30 0000712770 olp:PropertyLocatedInLandMeadowsApartmentsLakemoorIllinoisMember 2015-03-01 2015-03-31 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2014-06-01 2014-06-30 0000712770 2014-03-20 2014-03-20 0000712770 us-gaap:SubsequentEventMember 2015-10-01 2015-10-31 0000712770 2015-03-01 2015-03-31 0000712770 2014-06-01 2014-06-30 0000712770 olp:NoxellCorporationIndustrialBuildingJoppaMarylandMember 2015-01-01 2015-09-30 0000712770 olp:NoxellCorporationIndustrialBuildingJoppaMarylandMember 2014-01-01 2014-12-31 0000712770 olp:MCBRealEstateLLCAndItsAffiliatesMember olp:ConsolidatedJointVentureMember olp:PathmarkSupermarketMember 2015-09-01 2015-09-30 0000712770 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-01-01 2015-09-30 0000712770 2014-12-31 0000712770 olp:RetailPropertyLincolnNebraskaMember olp:ConsolidatedJointVentureMember 2015-03-31 2015-03-31 0000712770 olp:UnconsolidatedJointVentureInManahawkinNewJerseyMember 2015-06-01 2015-06-30 0000712770 olp:RetailPropertyLincolnNebraskaMember olp:UnconsolidatedJointVenturesMember 2015-03-31 2015-03-31 0000712770 olp:UnconsolidatedJointVentureInLincolnNebraskaMember 2015-03-31 2015-03-31 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-07-01 2015-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-01-01 2015-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2014-07-01 2014-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2014-01-01 2014-09-30 0000712770 us-gaap:MortgagesMember 2015-01-01 2015-09-30 0000712770 us-gaap:MortgagesMember 2014-01-01 2014-12-31 0000712770 us-gaap:MortgagesMember 2015-09-30 0000712770 us-gaap:MortgagesMember 2014-12-31 0000712770 us-gaap:RevolvingCreditFacilityMember olp:LineOfCreditFacilityAmendmentMember 2015-01-01 2015-09-30 0000712770 2015-07-01 2015-09-30 0000712770 olp:PropertyLocatedInInterlineBrandsLouisvilleKentuckyMember 2015-01-01 2015-09-30 0000712770 olp:PriorFiscalYearRealEstateAcquisitionsMember 2015-01-01 2015-09-30 0000712770 olp:IndustrialPropertyLocatedInMccallaAlabamaMember 2015-01-01 2015-09-30 0000712770 olp:CurrentFiscalYearRealEstateAcquisitionsMember 2015-01-01 2015-09-30 0000712770 olp:ArchwayRoofingIndustrialFacilityLouisvilleKentuckyMember 2015-01-01 2015-09-30 0000712770 2014-07-01 2014-09-30 0000712770 olp:PriorFiscalYearRealEstateAcquisitionsMember 2015-09-30 0000712770 olp:RetailPropertyMarstonParkPlazaLakewoodColoradoMember 2015-09-30 0000712770 olp:RetailPropertyLincolnNebraskaMember 2015-09-30 0000712770 olp:PropertyLocatedInInterlineBrandsLouisvilleKentuckyMember 2015-09-30 0000712770 olp:IndustrialPropertyLocatedInMccallaAlabamaMember 2015-09-30 0000712770 olp:FedexAndCHEPUSDistributionFacilityDelportLocatedInStlouisMissouriMember 2015-09-30 0000712770 olp:CurrentFiscalYearRealEstateAcquisitionsMember 2015-09-30 0000712770 olp:ArchwayRoofingIndustrialFacilityLouisvilleKentuckyMember 2015-09-30 0000712770 2015-09-30 0000712770 olp:BRTRealtyTrustSecuritiesMember olp:GouldInvestorsLPMember 2014-05-01 2014-05-31 0000712770 2014-01-01 2014-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2015-07-01 2015-09-30 0000712770 olp:LandRiverCrossingApartmentsSandySpringGeorgiaMember 2015-01-01 2015-09-30 0000712770 olp:RetailPropertyMarstonParkPlazaLakewoodColoradoMember 2015-01-01 2015-09-30 0000712770 olp:FedexAndCHEPUSDistributionFacilityDelportLocatedInStlouisMissouriMember 2015-01-01 2015-09-30 0000712770 olp:UnconsolidatedJointVenturesMember us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2015-09-30 0000712770 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember 2015-09-30 0000712770 2015-11-02 0000712770 2015-01-01 2015-09-30 olp:state iso4217:USD xbrli:shares olp:tenant olp:property olp:item xbrli:pure iso4217:USD xbrli:shares false --12-31 Q3 2015 2015-09-30 10-Q 0000712770 16703921 Yes Accelerated Filer ONE LIBERTY PROPERTIES INC 117401000 11050000 P6Y8M12D 1.00 0.920 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following chart details the Company&#x2019;s acquisitions of real estate and an interest in a joint venture during the nine months ended September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Description&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Date&nbsp;Acquired</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Contract</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Purchase</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Price</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Terms&nbsp;of&nbsp;Payment&nbsp;(a)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Third&nbsp;Party&nbsp;Real</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Estate</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Acquisition</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Costs&nbsp;(b)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Marston Park Plaza retail stores,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakewood, Colorado (c)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">February&nbsp;25, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:07.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,485&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$11,853 mortgage (d)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interline Brands distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;18, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,400&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$2,640 mortgage (e)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land &#x2014; The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;24, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,300&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">(f)</font></p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Joint venture interest - Shopko retail store,</font><br /><font style="display:inline;font-family:Times New Roman;">Lincoln, Nebraska (g)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;31, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,300&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash (g)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Archway Roofing industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky (h)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">May&nbsp;20, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">JCIM - industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">McCalla, Alabama</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">July&nbsp;28, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,750&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Fedex&nbsp;&amp; CHEP USA distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Delport (St. Louis), Missouri</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;25, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,050&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$12,383 mortgage (i)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Other costs (j)&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Totals</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:07.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73,585&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>417&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (b)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Included as an expense in the accompanying consolidated statements of income.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (c)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Owned by a joint venture in which the Company has a 90% interest.&nbsp;&nbsp;The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (d)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 4.12% per annum and matures February&nbsp;2025.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (e)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 3.88% per annum and matures February&nbsp;2021.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (f)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (g)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The Company purchased its unconsolidated joint venture partner&#x2019;s 50% interest for $6,300. The payment was comprised of (i)&nbsp;$2,636 paid directly to the partner and (ii)&nbsp;$3,664, substantially all of which was used to pay off the partner&#x2019;s 50% share of the underlying joint venture mortgage.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (h)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">This property is adjacent to the Interline Brands distribution facility purchased in March&nbsp;2015.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (i)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 3.85% per annum and matures August&nbsp;2024.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (j)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Costs incurred for potential acquisitions and transactions that were not consummated.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 39000 39000 134000 134000 2114000 9000 2114000 550000 180000 105000 570000 700000 5366000 5335000 461000 123000 31000 3929000 822000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 12 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Common Stock Cash Dividend</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On September&nbsp;10, 2015, the Board of Directors declared a quarterly cash dividend of $.39 per share on the Company&#x2019;s common stock, totaling $6,476,000. The quarterly dividend was paid on October&nbsp;5, 2015 to stockholders of record on September&nbsp;25, 2015.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 211000 83000 417000 15000 417000 81000 45000 50000 42000 184000 90000 3000000 8492000 10556000 P9Y1M6D P9Y1M6D -83000 -28000 -80000 -29000 24 0.50 0.50 0.50 1.00 4310000 4656000 396000 175000 6000 266000 68000 64000 300000 5392000 5392000 35000 200000 200000 200000 200000 100000 100000 100000 100000 8069000 7909000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 7 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Investment in Unconsolidated Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On March&nbsp;31, 2015, the Company purchased its partner&#x2019;s 50% interest in an unconsolidated joint venture for $6,300,000 (see Note 4).</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In June&nbsp;2015, the Company entered into a joint venture in which it has a 50% interest, with MCB and an affiliate of The Hampshire Companies. The joint venture purchased a retail center located in Manahawkin, New Jersey for approximately $43,500,000, before closing costs. The purchase was financed with $26,100,000 of new mortgage debt which bears an annual fixed interest rate of 4% and matures in 2025.&nbsp;&nbsp;At September&nbsp;30, 2015, the Company&#x2019;s equity investment in the joint venture is $8,808,000.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">At September&nbsp;30, 2015 and December&nbsp;31, 2014, the Company&#x2019;s five unconsolidated joint ventures each owned and operated one property. The Company&#x2019;s equity investment in such unconsolidated joint ventures at such dates totaled $11,273,000 and $4,907,000, respectively. The Company recorded equity in earnings of $347,000 and $311,000 for the three and nine months ended September&nbsp;30, 2015, respectively, and equity in earnings of $134,000 and $397,000 for the three and nine months ended September&nbsp;30, 2014, respectively. Earnings for the nine months ended September&nbsp;30, 2015 are net of the Company&#x2019;s $400,000 share of the acquisition expenses associated with the June&nbsp;2015 purchase of the Manahawkin, New Jersey property.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 231000 77000 231000 77000 1269000 650000 1286000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 8 &#x2014; </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Lease Termination Fee Income</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In March&nbsp;2015, the Company received a $650,000 lease termination fee from an industrial tenant in a lease buy-out transaction.&nbsp;&nbsp;In connection with the receipt of this fee, the Company wrote-off $226,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to the sole tenant at this property.&nbsp;&nbsp;The Company re-leased this property simultaneously with the termination of the lease.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In June&nbsp;2014, the Company received a $1,269,000 lease termination fee from a retail tenant in a lease buy-out transaction.&nbsp;&nbsp;In connection with the receipt of this fee, the Company wrote-off $150,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable and the intangible lease asset related to this property.&nbsp;&nbsp;The Company re-leased this property simultaneously with the termination of the lease.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In October&nbsp;2015, the Company received a $1,286,000 lease termination fee from a retail tenant in a lease buy-out transaction.&nbsp;&nbsp;In connection with this transaction, the Company, during the three months ending December&nbsp;31, 2015, will write off $179,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to this tenant at the property.&nbsp;&nbsp;The Company re-leased substantially all of such space.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1269000 650000 562500 38360000 1466000 9986000 2442000 14695000 3578000 1999000 5780000 2844000 5366000 196 496 5 6 1 1 1 1 2 1 2 29 5 5 3 23000 19000 -67000 -93000 30400 7300 79000 5675000 5679000 6300000 2636000 3664000 0.013 0.50 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 13 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Shares Issued through Equity Offering Program</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On March&nbsp;20, 2014, the Company entered into an amended and restated equity offering sales agreement to sell shares of the Company&#x2019;s common stock from time to time with an aggregate sales price of up to approximately $38,360,000, through an &#x201C;at the market&#x201D; equity offering program.&nbsp;&nbsp;During the nine months ended September&nbsp;30, 2015, the Company sold 135,000 shares for proceeds of $3,013,400, net of commissions of $30,400, and incurred offering costs, primarily professional fees, of $79,000.&nbsp;&nbsp;Subsequent to September&nbsp;30, 2015 and through October&nbsp;7, 2015, the Company sold 33,103 shares for proceeds of $725,200, net of commissions of $7,300.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 4 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Real Estate Acquisitions</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following chart details the Company&#x2019;s acquisitions of real estate and an interest in a joint venture during the nine months ended September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Description&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Date&nbsp;Acquired</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Contract</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Purchase</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Price</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Terms&nbsp;of&nbsp;Payment&nbsp;(a)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Third&nbsp;Party&nbsp;Real</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Estate</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Acquisition</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Costs&nbsp;(b)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Marston Park Plaza retail stores,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakewood, Colorado (c)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">February&nbsp;25, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:07.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,485&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$11,853 mortgage (d)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interline Brands distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;18, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,400&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$2,640 mortgage (e)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land &#x2014; The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;24, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,300&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">(f)</font></p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Joint venture interest - Shopko retail store,</font><br /><font style="display:inline;font-family:Times New Roman;">Lincoln, Nebraska (g)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">March&nbsp;31, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,300&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash (g)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Archway Roofing industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky (h)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">May&nbsp;20, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">JCIM - industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">McCalla, Alabama</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">July&nbsp;28, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,750&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">All cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Fedex&nbsp;&amp; CHEP USA distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Delport (St. Louis), Missouri</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;25, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,050&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash and</font><br /><font style="display:inline;font-family:Times New Roman;">$12,383 mortgage (i)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Other costs (j)&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:16.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Totals</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:07.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>73,585&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>417&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:16.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:07.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (b)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Included as an expense in the accompanying consolidated statements of income.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (c)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Owned by a joint venture in which the Company has a 90% interest.&nbsp;&nbsp;The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (d)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 4.12% per annum and matures February&nbsp;2025.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (e)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 3.88% per annum and matures February&nbsp;2021.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (f)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (g)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The Company purchased its unconsolidated joint venture partner&#x2019;s 50% interest for $6,300. The payment was comprised of (i)&nbsp;$2,636 paid directly to the partner and (ii)&nbsp;$3,664, substantially all of which was used to pay off the partner&#x2019;s 50% share of the underlying joint venture mortgage.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (h)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">This property is adjacent to the Interline Brands distribution facility purchased in March&nbsp;2015.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (i)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">The new mortgage debt bears interest at 3.85% per annum and matures August&nbsp;2024.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (j)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Costs incurred for potential acquisitions and transactions that were not consummated.</font></p></td></tr></table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following chart provides the preliminary allocation of the purchase price for the Company&#x2019;s acquisitions of real estate and an interest in a joint venture during the nine months ended September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Building</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Intangible&nbsp;Lease</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Description&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Land</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Building</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Improvements</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Asset</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Liability</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Marston Park Plaza retail stores,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakewood, Colorado</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,005 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,109 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>700 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,493 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(822 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,485 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interline Brands distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,622 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,400 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land &#x2014; The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois (a)</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Joint venture interest - Shopko retail store,</font><br /><font style="display:inline;font-family:Times New Roman;">Lincoln, Nebraska (b)</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,768 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,262 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>922 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,929 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,593 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Archway Roofing industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">JCIM - industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">McCalla, Alabama</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,601 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,618 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>474 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,750 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">FedEx&nbsp;&amp; CHEP USA distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Delport (St. Louis), Missouri</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,728 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,456 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>550 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,777 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(461 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,050 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Subtotals</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,294 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,288 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,114 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,780 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,335 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,141 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Other (c)</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Totals</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,306 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,307 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,114 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,780 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,366 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,141 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Includes capitalized transaction costs of $263 incurred with this asset acquisition.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (b)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Fair value of the assets previously owned by an unconsolidated joint venture of the Company.&nbsp; The Company owns 100% of this property as a result of its purchase of its partner&#x2019;s 50% interest on March&nbsp;31, 2015.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (c)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Adjustments to finalize the purchase price allocation relating to a property purchased in October&nbsp;2014.</font></p></td></tr></table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">With the exception of the Lakewood, Colorado and the Delport, Missouri properties, the properties purchased by the Company during the nine months ended September&nbsp;30, 2015 are each net leased and occupied by a single tenant pursuant to leases that expire between 2017 through 2045.&nbsp;&nbsp;The Lakewood, Colorado property has 29 retail tenant spaces and at September&nbsp;30, 2015, is 92.0% occupied with leases expiring between 2015 and 2032. The Delport, Missouri property has two retail tenant spaces and at September&nbsp;30, 2015, is 100% occupied with leases expiring in 2022 and 2024.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">As a result of the Company&#x2019;s purchase on March&nbsp;31, 2015 of its partner&#x2019;s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, it obtained a controlling financial interest. In accordance with GAAP, the Company had presented the investee in accordance with the equity method for the periods prior to gaining control and ceased equity method of accounting and consolidated the investment at March&nbsp;31, 2015, the date on which 100% control was obtained.&nbsp;&nbsp;In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statements of income, representing the difference between the book value of its preexisting equity investment on the March&nbsp;31, 2015 purchase date and the fair value of the net assets acquired.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">As a result of the 2015 acquisitions, the Company recorded intangible lease assets of $5,780,000 and intangible lease liabilities of $5,335,000 representing the value of the origination costs and acquired leases.&nbsp;&nbsp;As of September&nbsp;30, 2015, the weighted average amortization period is 7.1 years for these intangible lease assets and 6.7 years for these intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties acquired during the nine months ended September&nbsp;30, 2015; therefore the allocations are preliminary and subject to change.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 638000 213000 669000 223000 400000 400000 513000 513000 19240000 3100000 31000 10000 400000 528000 64000 37081 P30D 25000 2252000 62500 602500 26250 1901000 65625 633750 212500 223125 46600 48900 42308000 14552000 44159000 15273000 0 1894000 -538000 P2Y3M18D 3013400 725200 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Tenant Reimbursements</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Tenant reimbursements represent tenants&#x2019; contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 27387000 30188000 120000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 6 &#x2014; </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Variable Interest Entities &#x2014; Ground Leases</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In June&nbsp;2014, the Company purchased land for $6,510,000 in Sandy Springs, Georgia improved with a 196 unit apartment complex and in March&nbsp;2015, the Company purchased land for $9,300,000 in Lakemoor,&nbsp;Illinois improved with a 496 unit apartment complex.&nbsp;&nbsp;With each purchase, the Company simultaneously entered into a long-term triple net ground lease with the owner/operator of the applicable complex.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company determined that it has a variable interest through its ground leases and the owner/operators are VIEs because their equity investment at risk is insufficient to finance its activities without additional subordinated financial support.&nbsp;&nbsp;Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party ($16,230,000 for Sandy Springs and $43,824,000 for Lakemoor) which, together with the Company&#x2019;s purchase of the land, provided substantially all of the aggregate funds to acquire the complex.&nbsp;&nbsp;The Company provided this land as collateral for the respective owner/operator&#x2019;s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. Other than as described above, no other financial support has been provided by the Company.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company further determined that for each acquisition it is not the primary beneficiary because the Company does not have the power to direct the activities that most significantly impact the owner/operator&#x2019;s economic performance such as management, operational budgets and other rights, including leasing of the units and therefore, does not consolidate the VIEs for financial statement purposes.&nbsp;&nbsp;Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net.&nbsp;&nbsp;Such rental income amounted to $460,000 and $1,166,000 for the three and nine months ended September&nbsp;30, 2015, respectively, and $232,000 and $299,000 for each of the three and nine months ended September&nbsp;30, 2014.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the Company&#x2019;s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:42.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Property</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Exposure</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Amount</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Maximum</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Exposure&nbsp;to&nbsp;Loss</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">River Crossing Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Sandy Springs, Georgia</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528&nbsp; </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528&nbsp; </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Unbilled rent receivable</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>441&nbsp; </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>441&nbsp; </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Meadows Apartments, </font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563&nbsp; </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563&nbsp; </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Total</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,532&nbsp; </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:12.54%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,532&nbsp; </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Pursuant to the terms of the ground lease for the property in Sandy Springs, Georgia, the owner/operator is obligated to make certain unit renovations as and when units become vacant.&nbsp;&nbsp;Cash reserves totaling $1,894,000&nbsp;&nbsp;were received by the Company in conjunction with the purchase of the property in June&nbsp;2014 to cover such renovation work and other reserve requirements.&nbsp;&nbsp;An additional $39,000 of reserves was received by the Company during the three and nine months ended September&nbsp;30, 2015. These cash reserves are held by the Company and disbursed once the renovations have been completed. For the nine months ended September&nbsp;30, 2015 and September&nbsp;30, 2014, the Company disbursed approximately $538,000 and $0, respectively, for renovation costs to the owner/operator. The cash reserve balance at September&nbsp;30, 2015 and December&nbsp;31, 2014 was $1,108,000 and $1,607,000, respectively, and is classified as Restricted cash on the consolidated balance sheets.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Consolidated Variable Interest Entity</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In June&nbsp;2014, a joint venture in which the Company has a 95% equity interest and a senior preferred equity interest, acquired a property located in Joppa, Maryland.&nbsp;&nbsp;The Company determined that this joint venture is a VIE as the Company&#x2019;s voting rights are not proportional to its economic interests, substantially all of the joint venture&#x2019;s activities are conducted on behalf of the Company and it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the joint venture&#x2019;s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits.&nbsp;&nbsp;Accordingly, the Company consolidates the operations of this joint venture for financial statement purposes.&nbsp;&nbsp;The joint venture&#x2019;s creditors do not have recourse to the assets of the Company other than those held by the joint venture.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the carrying amounts and classification in the Company&#x2019;s consolidated balance sheets of the VIE&#x2019;s accounts, none of which are restricted (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:69.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">December&nbsp;31,</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:69.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.10%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,815&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.10%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,805&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Building and improvements, net of depreciation of $275 and $17, respectively</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,909&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,069&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>824&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>527&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Prepaid expenses and receivables</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Accrued expenses and other liabilities</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-controlling interest in joint venture</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>312&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Non-VIE Consolidated Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">With respect to six of the consolidated joint ventures in which the Company has between an 85% to 95% interest, the Company has determined that (i)&nbsp;such ventures are not VIE&#x2019;s and (ii)&nbsp;the Company exercises substantial operating control and accordingly, such ventures are consolidated for financial statement purposes.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">MCB Real Estate, LLC and its affiliates (&#x201C;MCB&#x201D;) are the Company&#x2019;s joint venture partner in five consolidated joint ventures (including the Joppa, Maryland VIE).&nbsp;&nbsp;At September&nbsp;30, 2015, the Company has aggregate equity investments of approximately $19,240,000 in such ventures.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">A joint venture investment with MCB of $3.1 million owns a property operated as a Pathmark supermarket in Philadelphia, Pennsylvania. In July&nbsp;2015, this tenant filed for Chapter 11 bankruptcy protection, rejected the lease, and in late September&nbsp;2015, vacated the property. As a result, the Company wrote off (i)&nbsp;$89,000 of straight line rent and $124,000 of intangible lease liabilies, the net effect of which was an increase in rental income of $35,000, and (ii)&nbsp;$380,000 of tenant origination costs, which is included in depreciation expense. This tenant accounted for approximately 1.3% of the Company&#x2019;s rental income for the nine months ended September&nbsp;30, 2015 and at September&nbsp;30, 2015, the mortgage debt on such property is $4,500,000. The Company has determined that no impairment charge is required currently with respect to this property.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Distributions by Consolidated Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 15608000 15750000 15992000 16114000 124000 89000 380000 315000 226000 150000 179000 12451000 152000 15243000 120000 -3195000 -5860000 P7Y1M6D 219867000 227283000 1368000 1368000 1742000 1742000 1368000 1281000 87000 448000 419000 29000 1742000 1653000 89000 580000 550000 30000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 9 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Allowance for Doubtful Accounts</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments.&nbsp;&nbsp;If the financial condition of a specific tenant were to deteriorate resulting in an impairment of its ability to make payments, additional allowances may be required.&nbsp;&nbsp;At September&nbsp;30, 2015 and December&nbsp;31, 2014, there was no balance in allowance for doubtful accounts.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company records bad debt expense as a reduction of rental income. For the three and nine months ended September&nbsp;30, 2015 and 2014, the Company did not incur any bad debt expense.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0 0 -144000 -621000 741000 828000 741000 275000 828000 187000 61700 1093000 1093000 1093000 1093000 590439000 655396000 -960000 -960000 6101000 5705000 5300 25700 132000 29000 29000 31000 31000 263000 52307000 221000 52288000 12456000 14618000 19000 3622000 11262000 10109000 5780000 19000 5780000 2777000 474000 95000 922000 1493000 3805000 25306000 51000 25294000 3728000 1601000 3815000 12000 578000 9563000 3768000 6005000 80141000 300000 80141000 19050000 16750000 4400000 9563000 12593000 17485000 2633000 527000 824000 16631000 14259000 20344000 13896000 -2372000 -6448000 2272000 1.11 0.37 1.17 0.39 0.39 1 1 25000000 25000000 15728000 16073000 15728000 16073000 15728000 16073000 8982000 2751000 12661000 674000 9041000 2785000 14068000 664000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Principles of Consolidation/Basis of Preparation</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form&nbsp;10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (&#x201C;GAAP&#x201D;) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three and nine months ended September&nbsp;30, 2015 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP&#x2019;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (&#x201C;VIEs&#x201D;) of which the Company is the primary beneficiary.&nbsp;&nbsp;OLP and its consolidated subsidiaries are hereinafter referred to as the &#x201C;Company&#x201D;.&nbsp;&nbsp;Material intercompany items and transactions have been eliminated in consolidation.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Variable Interest Entities</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE.&nbsp;&nbsp;VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i)&nbsp;has the power to control the activities that most significantly impact the VIE&#x2019;s economic performance and (ii)&nbsp;has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor.&nbsp;&nbsp;Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits.&nbsp;&nbsp;In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1899000 485000 1512000 503000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 10 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Line of Credit</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On December&nbsp;31, 2014, the Company entered into an amendment to its $75,000,000 credit facility with Manufacturers&nbsp;&amp; Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York, which, among other things, extended the facility&#x2019;s maturity from March&nbsp;31, 2015 to December&nbsp;31, 2018, decreased the minimum required average bank deposit balances to $3 million and eliminated the 4.75% interest rate floor. Under the amendment, the interest rate equals the one month LIBOR rate plus an applicable margin which ranges from 175 basis points to 300 basis points depending on the ratio of the Company&#x2019;s total debt to total value, as determined pursuant to the facility.&nbsp;&nbsp;An unused facility fee of .25% per annum applies to the facility.&nbsp;&nbsp;The average interest rate on the facility for the nine months ended September&nbsp;30, 2015 was approximately 1.93%.&nbsp;&nbsp;Prior to the amendment, the interest rate was 4.75% per annum.&nbsp;&nbsp;In connection with the amendment, the Company incurred a $562,500 commitment fee which is being amortized over the remaining term of the facility.&nbsp;&nbsp;At September&nbsp;30, 2015 and November&nbsp;3, 2015, there were outstanding balances of $35,750,000 and $23,250,000, respectively, under the facility. The Company was in compliance with all covenants at September&nbsp;30, 2015.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.03 0.0175 one month LIBOR 300541000 336157000 0.0193 0.0475 0.04 0.0385 0.0388 0.0412 4043000 4207000 12815000 13707000 17000 275000 10985000 3685000 12090000 4435000 10985000 12090000 0.0466 P7Y7M6D 27000 27000 27000 0 3139000 3139000 3139000 5705000 5705000 5705000 0.0581 0.0349 0.0575 -1300000 -476000 -1921000 -574000 -2765000 -37000 -357000 11000 -4500000 -147000 -3609000 -122000 0.0355 6101000 24 3061000 1085000 4022000 1415000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 14 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Stock Based Compensation</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">A maximum of 600,000 shares of the Company&#x2019;s common stock is authorized for issuance pursuant to the Company&#x2019;s 2012 Incentive Plan, of which 359,000 shares of restricted stock are outstanding as of September&nbsp;30, 2015.&nbsp;&nbsp;For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares.&nbsp;&nbsp;An aggregate of 380,000 shares of restricted stock and restricted stock units outstanding under the Company&#x2019;s 2009 equity incentive plan have not yet vested and no additional awards may be granted under this plan.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Pursuant to the Pay-for-Performance Program, there are 200,000 performance share awards in the form of restricted stock units (the &#x201C;Units&#x201D;) outstanding under the Company&#x2019;s 2009 Incentive Plan. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for accounting purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet.&nbsp;&nbsp;No Units were forfeited or vested in the nine months ended September&nbsp;30, 2015.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Restricted share grants</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118,850 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Per share grant price</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.60 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20.54 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Deferred compensation to be recognized over vesting period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,197,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,441,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Number of non-vested shares:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-vested beginning of period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>481,045 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>470,015 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Grants</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118,850 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Vested during period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71,980 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101,300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Forfeitures</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,570 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-vested end of period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following information includes the 200,000 Units:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Average per share value of non-vested shares (based on grant price)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.55 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.55 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Value of shares vested during the period (based on grant price)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>621,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The total charge to operations for all incentive plans is as follows: </font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Outstanding restricted stock grants</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>550,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,653,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,281,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Outstanding restricted stock units</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Total charge to operations</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>580,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>448,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,742,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,368,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">As of September&nbsp;30, 2015, there were approximately $6,311,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $207,000 related to the Units (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.3 years.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 111000 17000 141000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 5 &#x2014; </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Sale and Disposal of Properties, Discontinued Operations and Impairment</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On January&nbsp;13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for approximately $16,025,000, net of closing costs.&nbsp;&nbsp;The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the nine months ended September&nbsp;30, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt) and a $249,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). The non-controlling interest&#x2019;s share of income from the transaction is $1,320,000 and is included in net income attributable to non-controlling interests.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">On February&nbsp;3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs.&nbsp;&nbsp;At December&nbsp;31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties. Income from discontinued operations applicable to these properties for the nine months ended September&nbsp;30, 2014 totaled $13,000 consisting of rental income of $141,000 less real estate expenses of $17,000 and mortgage interest of $111,000.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">During the three and nine months ended September&nbsp;30, 2014, the Company determined there were indicators of impairment at its property located in Morrow, Georgia.&nbsp;&nbsp;The tenant did not renew the lease which expired October&nbsp;31, 2014, efforts to re-let the property were unsuccessful and the non-recourse mortgage on the property matured on November&nbsp;1, 2014. Management determined that the undiscounted cash flows in the test for recoverability were less than the property&#x2019;s carrying amount, and that the fair value of the property was less than its carrying amount.&nbsp;&nbsp;Accordingly, the Company recorded an impairment charge of $1,093,000 which is included in the accompanying consolidated statement of income for the three and nine months ended September&nbsp;30, 2014.&nbsp;&nbsp;The property was acquired by the mortgagee on January&nbsp;6, 2015 through a foreclosure proceeding.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 17796000 17796000 19277000 19277000 6476000 6322000 6476000 0.64 0.16 0.92 0.22 0.64 0.16 0.92 0.22 0.64 0.16 0.92 0.22 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 3 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Earnings Per Common Share</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock outstanding during the applicable period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security.&nbsp;&nbsp;Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock.&nbsp;&nbsp;The restricted stock units awarded under the Pay-for-Performance program are excluded from the basic earnings per share calculation, as these units are not participating securities (see Note 14).</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.&nbsp;&nbsp;For the three and nine months ended September&nbsp;30, 2015 and 2014, the diluted weighted average number of shares of common stock includes 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance program.&nbsp;&nbsp;These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid as of the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period.&nbsp;&nbsp;The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance program are not included during the three and nine months ended September&nbsp;30, 2015 and 2014, as they did not meet the return on capital performance metric during such periods.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Numerator for basic and diluted earnings per share:</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,791 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,647 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,712 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,596 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Less net income attributable to non-controlling interests</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,386 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Less earnings allocated to unvested restricted stock (a)</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(210 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(178 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(631 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(534 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations available for common stockholders</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,578 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,442 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,695 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,986 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Discontinued operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income available for common stockholders, basic and diluted</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,578 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,442 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,695 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,999 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Denominator for basic earnings per share:</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; weighted average common shares</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,014 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,650 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,892 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,508 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Effect of diluted securities:</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; restricted stock units awarded under Pay-for-Performance program</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Denominator for diluted earnings per share</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; weighted average shares</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,114 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,750 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,992 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,608 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Earnings per common share, basic</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.22</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.16</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.92</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.64</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Earnings per common share, diluted</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.22</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.16</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.92</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.64</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income attributable to One Liberty Properties,&nbsp;Inc. common stockholders, net of non-controlling interests: </font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,788 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,620 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,326 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,520 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from discontinued operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income attributable to One Liberty Properties,&nbsp;Inc.</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,788 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,620 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,326 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,533 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Represents&nbsp;an allocation of distributed earnings to unvested restricted stock, which as participating securities, are entitled to receive dividends.</font></p></td></tr></table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 2441000 3197000 6311000 207000 399000 465000 1.00 0.50 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Investment in Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i)&nbsp;approve the annual budget, (ii)&nbsp;approve certain expenditures, (iii)&nbsp;prepare or review and approve the joint venture&#x2019;s tax return before filing, and (iv)&nbsp;approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.&nbsp;&nbsp;All investments in these joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIE&#x2019;s.&nbsp;&nbsp;In addition, although the Company is the managing member in certain ventures, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions.&nbsp;&nbsp;None of the joint venture debt is recourse to the Company, subject to standard carve-outs.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 7376000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The fair value of the Company&#x2019;s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:36.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Carrying&nbsp;and</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Fair&nbsp;Value&nbsp;Measurements</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">on&nbsp;a&nbsp;Recurring&nbsp;Basis</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">As&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Fair&nbsp;Value</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Financial assets:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Available-for-sale securities:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Equity securities</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Derivative financial instruments:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interest rate swaps</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Financial liabilities:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Derivative financial instruments:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interest rate swaps</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,705&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,705&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,139&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,139&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 15 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Fair Value Measurements</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability.&nbsp;&nbsp;As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity&#x2019;s own assumptions about market participant assumptions.&nbsp;&nbsp;In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other &#x201C;observable&#x201D; market inputs and Level 3 assets/liabilities are valued based significantly on &#x201C;unobservable&#x201D; market inputs.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits, receivables, certain other assets, dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">At September&nbsp;30, 2015, the $336,157,000 estimated fair value of the Company&#x2019;s mortgages payable is more than their carrying value by approximately $10,556,000 assuming a blended market interest rate of 4.2% based on the 9.1 year weighted average remaining term of the mortgages.&nbsp;&nbsp;At December&nbsp;31, 2014, the $300,541,000 estimated fair value of the Company&#x2019;s mortgages payable is more than their carrying value by approximately $8,492,000 assuming a blended market interest rate of 4.5% based on the 9.1 year weighted average remaining term of the mortgages.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">At September&nbsp;30, 2015 and December&nbsp;31, 2014, the $35,750,000 and $13,250,000, respectively, carrying amount of the Company&#x2019;s line of credit approximates its fair value.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The fair value of the Company&#x2019;s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Considerable judgment is necessary to interpret market data and develop estimated fair value.&nbsp;&nbsp;The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Fair Value on a Recurring Basis</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The fair value of the Company&#x2019;s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:36.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Carrying&nbsp;and</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Fair&nbsp;Value&nbsp;Measurements</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">on&nbsp;a&nbsp;Recurring&nbsp;Basis</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">As&nbsp;of</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Fair&nbsp;Value</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Level&nbsp;1</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Level&nbsp;2</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Financial assets:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Available-for-sale securities:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Equity securities</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Derivative financial instruments:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interest rate swaps</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27&nbsp; </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27&nbsp; </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Financial liabilities:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Derivative financial instruments:</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interest rate swaps</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">September&nbsp;30, 2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,705&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,705&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:17.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">December&nbsp;31, 2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,139&nbsp; </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,139&nbsp; </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company does not own any financial instruments that are classified as Level 3.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Available-for-sale securities</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">At September&nbsp;30, 2015, the Company&#x2019;s available-for-sale securities included a $31,000 investment in equity securities (included in other assets on the consolidated balance sheets). The aggregate cost of these securities was $5,300 and at September&nbsp;30, 2015, the unrealized gain was $25,700.&nbsp;&nbsp;Such unrealized gains are included in accumulated other comprehensive loss on the consolidated balance sheets.&nbsp;&nbsp;Fair values are approximated based on current market quotes from financial sources that track such securities.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In May&nbsp;2014, the Company sold to Gould Investors L.P., a related party, 37,081 shares of BRT Realty Trust, a related party, for $266,000 (based on the average of the closing prices for the 30 days preceding the sale).&nbsp;&nbsp;The cost of these shares was $132,000 and the Company realized a gain on sale of $134,000, of which $132,000 was reclassified from Accumulated other comprehensive loss on the consolidated balance sheets into earnings.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Derivative financial instruments</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company&#x2019;s objective in using interest rate swaps is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty.&nbsp;&nbsp;As of September&nbsp;30, 2015, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.&nbsp;&nbsp;As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">As of September&nbsp;30, 2015, the Company had entered into 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $117,401,000 notional amount and mature between 2016 and 2027 (weighted average remaining maturity of 7.6 years).&nbsp;&nbsp;Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.55% to 5.75% and a weighted average interest rate of 4.66% at September&nbsp;30, 2015).&nbsp;&nbsp;The fair value of the Company&#x2019;s derivatives designated as hedging instruments in asset and liability positions reflected as other assets or other liabilities on the consolidated balance sheets were $0 and $5,705,000, respectively, at September&nbsp;30, 2015, and $27,000 and $3,139,000, respectively, at December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Three of the Company&#x2019;s unconsolidated joint ventures, in which wholly-owned subsidiaries of the Company are 50% partners, had two interest rate derivatives outstanding at September&nbsp;30, 2015 with an aggregate $11,050,000 notional amount.&nbsp;&nbsp;These interest rate swaps, which were designated as cash flow hedges, have interest rates of 3.49% and 5.81% and mature between April&nbsp;2018 and March&nbsp;2022.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following table presents the effect of the Company&#x2019;s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">One Liberty Properties and Consolidated Subsidiaries</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,609 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(357 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,500 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,765 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(574 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(476 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,921 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Unconsolidated Joint Ventures (Company&#x2019;s share)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of (loss) gain recognized on derivatives in Other comprehensive loss</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(122 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(80 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company&#x2019;s cash flow hedges for the three and nine months ended September&nbsp;30, 2015 and 2014.&nbsp;&nbsp;During the nine months ended September&nbsp;30, 2015, the Company terminated one of its interest rate swaps, in connection with the sale of its Cherry Hill, New Jersey property, and accelerated the reclassification of amounts in other comprehensive loss to earnings as a result of the hedged forecasted transactions being terminated. The accelerated amount was a loss of $472,000 and is included in Prepayment costs on debt on the Company&#x2019;s consolidated statements of income.&nbsp;&nbsp;During the twelve months ending September&nbsp;30, 2016, the Company estimates an additional $2,272,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The derivative agreements in effect at September&nbsp;30, 2015 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary&#x2019;s derivative obligation. In addition, the Company is a party to one of the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:39pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">As of September&nbsp;30, 2015, the fair value of the derivatives in a liability position, including accrued interest and excluding any adjustments for nonperformance risk, was approximately $6,101,000.&nbsp;&nbsp;In the unlikely event that the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $6,101,000.&nbsp;&nbsp;This termination liability value, net of $396,000 adjustments for nonperformance risk, or $5,705,000, is included in accrued expenses and other liabilities on the consolidated balance sheets at September&nbsp;30, 2015.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 0.045 0.0420 0 0 0 0 472000 5392000 -568000 6497000 2153000 7132000 2350000 10520000 2620000 15326000 3788000 10596000 2647000 16712000 3791000 13000 13000 1320000 13000 397000 134000 311000 347000 -535000 178000 -383000 662000 100000 100000 100000 100000 131000 12215000 4227000 11690000 4044000 12382000 11830000 416272000 470771000 165153000 190016000 334535000 397897000 590439000 655396000 13250000 13250000 35750000 35750000 23250000 75000000 0.0025 472000 1628000 312000 2078000 323000 199000 199000 1670000 1670000 0.10 0.95 0.90 0.95 0.85 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 1 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Organization and Background</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">One Liberty Properties,&nbsp;Inc. (&#x201C;OLP&#x201D;) was incorporated in 1982 in Maryland.&nbsp;&nbsp;OLP is a self-administered and self-managed real estate investment trust (&#x201C;REIT&#x201D;).&nbsp;&nbsp;OLP acquires, owns and manages a geographically diversified portfolio of retail, industrial, flex, health and fitness and other properties, a substantial portion of which are subject to long-term net leases.&nbsp;&nbsp;As of</font><br /><font style="display:inline;font-family:Times New Roman;"> September&nbsp;30, 2015, OLP owns 120 properties, including seven properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 120 properties are located in 31 states.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 2616000 42463000 -28387000 -72227000 23399000 23316000 10533000 2620000 15326000 3788000 76000 27000 1386000 3000 9999000 2442000 14695000 3578000 9999000 2442000 0 0 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 16 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">New Accounting Pronouncements</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In September&nbsp;2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement Period Adjustments, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December&nbsp;15, 2015 and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:39pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In April&nbsp;2015, the FASB issued ASU 2015-03,&nbsp;Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December&nbsp;15, 2015, with early adoption being permitted.&nbsp;&nbsp;The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In February&nbsp;2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December&nbsp;15, 2015, with early adoption permitted. The Company has not elected early adoption and is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In January&nbsp;2015, the FASB issued ASU No.&nbsp;2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which simplifies income statement presentation by eliminating extraordinary items from US GAAP. The ASU retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December&nbsp;15, 2015.&nbsp;&nbsp;Early adoption is permitted; however, adoption must occur at the beginning of an annual period.&nbsp;&nbsp;An entity can elect to apply the guidance prospectively or retrospectively.&nbsp;&nbsp;The Company had elected early adoption for the year ended December&nbsp;31, 2014, and its adoption did not have any impact on its consolidated financial statements.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In August&nbsp;2014, the FASB issued ASU No.&nbsp;2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which provides guidance on management&#x2019;s responsibility in evaluating whether there is substantial doubt about a company&#x2019;s ability to continue as a going concern and to provide related footnote disclosures.&nbsp;&nbsp;For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company&#x2019;s ability to continue as a going concern within one year from the date the financial statements are issued.&nbsp;&nbsp;The amendments in this update are effective for the annual period ending after December&nbsp;15, 2016, and for annual periods and interim periods thereafter.&nbsp;&nbsp;Early application is permitted.&nbsp;&nbsp;The Company has elected early adoption for the year ending December&nbsp;31, 2015, and its adoption is not expected to have any impact on its consolidated financial statements.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">In May&nbsp;2014, the FASB issued ASU No.&nbsp;2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized.&nbsp;&nbsp;The effective date of this standard will be for fiscal years, and interim periods within those years, after December&nbsp;15, 2017.&nbsp;&nbsp;Early adoption is permitted after December&nbsp;15, 2016.&nbsp;&nbsp;Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU.&nbsp;&nbsp;The Company is currently in the process of evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 12383000 2640000 11853000 26100000 306000 306000 713000 713000 663000 2 120 7 5 31 10463000 14827000 22253000 8182000 24158000 8435000 23001000 7005000 23058000 7673000 299000 232000 1166000 460000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 2 &#x2014; </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Summary Accounting Policies</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Principles of Consolidation/Basis of Preparation</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form&nbsp;10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (&#x201C;GAAP&#x201D;) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three and nine months ended September&nbsp;30, 2015 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP&#x2019;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.&nbsp;&nbsp;Actual results could differ from those estimates.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (&#x201C;VIEs&#x201D;) of which the Company is the primary beneficiary.&nbsp;&nbsp;OLP and its consolidated subsidiaries are hereinafter referred to as the &#x201C;Company&#x201D;.&nbsp;&nbsp;Material intercompany items and transactions have been eliminated in consolidation.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Variable Interest Entities</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE.&nbsp;&nbsp;VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i)&nbsp;has the power to control the activities that most significantly impact the VIE&#x2019;s economic performance and (ii)&nbsp;has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor.&nbsp;&nbsp;Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits.&nbsp;&nbsp;In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Investment in Joint Ventures</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i)&nbsp;approve the annual budget, (ii)&nbsp;approve certain expenditures, (iii)&nbsp;prepare or review and approve the joint venture&#x2019;s tax return before filing, and (iv)&nbsp;approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.&nbsp;&nbsp;All investments in these joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIE&#x2019;s.&nbsp;&nbsp;In addition, although the Company is the managing member in certain ventures, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions.&nbsp;&nbsp;None of the joint venture debt is recourse to the Company, subject to standard carve-outs.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Properties Held-for-Sale</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Real estate investments are classified as held-for-sale when management has determined that it has met the applicable criteria.&nbsp;&nbsp;Real estate investments which are held-for-sale are not depreciated.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Tenant Reimbursements</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Tenant reimbursements represent tenants&#x2019; contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Reclassifications</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period&#x2019;s presentation.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> -17000 7000 21000 -13000 -126000 -1000 2000 1000 -1465000 120000 -2579000 -3035000 -1568000 -1551000 -17000 138000 -2644000 -2665000 21000 -3127000 132000 20000 10000 77000 2000 534000 178000 631000 210000 165000 709000 17625000 19121000 712000 996000 33167000 67548000 12686000 6300000 6300000 43500000 6510000 300000 73585000 19050000 16750000 4400000 9300000 17485000 9300000 716000 2479000 199000 1670000 1 1 12500000 12500000 0 0 42000 56000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Reclassifications</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period&#x2019;s presentation.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 53000 761000 3775000 2934000 3363000 3085000 46839000 66005000 27500000 45400000 306000 713000 266000 266000 5177000 5177000 16025000 16025000 10609000 76000 10533000 2647000 16712000 1386000 15326000 3791000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Properties Held-for-Sale</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Real estate investments are classified as held-for-sale when management has determined that it has met the applicable criteria.&nbsp;&nbsp;Real estate investments which are held-for-sale are not depreciated.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 10176000 186000 86000 235000 121000 76575000 84426000 581425000 660787000 504850000 576361000 4907000 11273000 8808000 45254000 15187000 47216000 16108000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 11 &#x2014; </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Related Party Transactions</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">For 2015, the Company agreed to pay quarterly fees of $633,750 (including overhead expenses of $48,900 and property management fees of $223,125) pursuant to the compensation and services agreement, as amended, with Majestic Property Management Corp., a company wholly-owned by the Company&#x2019;s vice-chairman.&nbsp;&nbsp;For the three months ended September&nbsp;30, 2014, such quarterly fees were $602,500 (including overhead expenses of $46,600 and property management fees of $212,500). The nine months ended September&nbsp;30, 2015 and 2014 include fees of $1,901,000 and $2,252,000, respectively. The 2015 and 2014 amounts reflect an adjustment to the compensation and services agreement that was effective July&nbsp;1, 2014.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">For 2015 and 2014, the Company agreed to pay quarterly fees of $65,625 and $62,500, respectively, to the Company&#x2019;s chairman and $26,250 and $25,000, respectively, to the Company&#x2019;s vice-chairman.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The chairman and vice-chairman fees and the fees paid under the compensation and services agreement are included in general and administrative expense on the consolidated statements of income, except for the property management fees which are included in real estate expenses on the consolidated statements of income.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Company obtains its property insurance in conjunction with Gould Investors L.P. (&#x201C;Gould&#x201D;), a related party and reimburses Gould annually for the Company&#x2019;s insurance cost relating to its properties. Amounts reimbursed to Gould were $513,000 during the three and nine months ended September&nbsp;30, 2015 and $400,000 during the three and nine months ended September&nbsp;30, 2014. Included in real estate expenses on the consolidated statements of income is insurance expense of $121,000 and $235,000 for the three and nine months ended September&nbsp;30, 2015,&nbsp;&nbsp;and $86,000 and $186,000 for the three and nine months ended September&nbsp;30, 2014, respectively.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">During the nine months ended September&nbsp;30, 2015, the Company received a $131,000 financing fee for obtaining the mortgage debt for the unconsolidated joint venture that acquired the Manahawkin, New Jersey&nbsp;&nbsp;property (see Note 7). Fifty percent of this income is included in Other income on the consolidated statements of income and the balance is recorded as a reduction to Investment in unconsolidated joint ventures on the consolidated balance sheets. In conjunction with the acquisition, the joint venture paid an acquisition fee to the other partners of the venture.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">During the three and nine months ended September&nbsp;30, 2015 and 2014, the Company paid an aggregate of $64,000, $528,000, $10,000 and $31,000, respectively, to its joint venture partners or their affiliates for property management and acquisition fees, which were included in real estate operating expenses or equity in earnings of unconsolidated ventures on the consolidated statements of income.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 29500000 22900000 25456000 25308000 1607000 1607000 1108000 1108000 21876000 17925000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following table presents the effect of the Company&#x2019;s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">One Liberty Properties and Consolidated Subsidiaries</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss recognized on derivatives in Other comprehensive loss</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,609 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(357 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,500 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,765 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(574 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(476 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,921 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Unconsolidated Joint Ventures (Company&#x2019;s share)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of (loss) gain recognized on derivatives in Other comprehensive loss</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(122 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(147 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(37 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(29 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(28 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(80 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(83 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> </table></div> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:19.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Numerator for basic and diluted earnings per share:</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,791 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,647 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,712 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,596 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Less net income attributable to non-controlling interests</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,386 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(76 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Less earnings allocated to unvested restricted stock (a)</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(210 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(178 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(631 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(534 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations available for common stockholders</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,578 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,442 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,695 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,986 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Discontinued operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income available for common stockholders, basic and diluted</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,578 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,442 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,695 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,999 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Denominator for basic earnings per share:</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; weighted average common shares</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,014 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,650 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,892 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,508 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Effect of diluted securities:</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; restricted stock units awarded under Pay-for-Performance program</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Denominator for diluted earnings per share</font><br /><font style="display:inline;font-family:Times New Roman;">&#x2014; weighted average shares</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,114 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,750 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,992 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,608 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Earnings per common share, basic</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.22</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.16</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.92</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.64</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Earnings per common share, diluted</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.22</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.16</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.92</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">.64</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income attributable to One Liberty Properties,&nbsp;Inc. common stockholders, net of non-controlling interests: </font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from continuing operations</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,788 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,620 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,326 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,520 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Income from discontinued operations</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:08.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:08.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Net income attributable to One Liberty Properties,&nbsp;Inc.</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,788 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,620 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,326 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,533 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Represents&nbsp;an allocation of distributed earnings to unvested restricted stock, which as participating securities, are entitled to receive dividends.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following chart provides the preliminary allocation of the purchase price for the Company&#x2019;s acquisitions of real estate and an interest in a joint venture during the nine months ended September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:33.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Building</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Intangible&nbsp;Lease</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:33.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Description&nbsp;of&nbsp;Property</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Land</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Building</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Improvements</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Asset</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Liability</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Marston Park Plaza retail stores,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakewood, Colorado</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,005 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,109 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:08.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>700 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,493 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(822 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,485 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Interline Brands distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,622 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>105 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,400 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land &#x2014; The Meadows Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois (a)</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Joint venture interest - Shopko retail store,</font><br /><font style="display:inline;font-family:Times New Roman;">Lincoln, Nebraska (b)</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,768 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,262 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>922 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(3,929 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,593 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Archway Roofing industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Louisville, Kentucky</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">JCIM - industrial facility,</font><br /><font style="display:inline;font-family:Times New Roman;">McCalla, Alabama</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,601 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,618 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>180 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>474 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(123 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,750 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">FedEx&nbsp;&amp; CHEP USA distribution facility,</font><br /><font style="display:inline;font-family:Times New Roman;">Delport (St. Louis), Missouri</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,728 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,456 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>550 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,777 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(461 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,050 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Subtotals</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,294 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,288 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,114 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,780 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,335 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,141 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Other (c)</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(31 </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Totals</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,306 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,307 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:08.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,114 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,780 </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.38%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,366 </td> <td valign="bottom" style="width:03.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:06.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>80,141 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:33.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:06.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (a)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Includes capitalized transaction costs of $263 incurred with this asset acquisition.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (b)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Fair value of the assets previously owned by an unconsolidated joint venture of the Company.&nbsp; The Company owns 100% of this property as a result of its purchase of its partner&#x2019;s 50% interest on March&nbsp;31, 2015.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:13pt;"><p style="width:13pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;line-height:100%;font-family:Calibri;font-size:10pt;;"> (c)</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="line-height:100%;font-family:Calibri;font-size: 10pt;margin:0pt;"> <font style="display:inline;font-family:Times New Roman;color:#000000;">Adjustments to finalize the purchase price allocation relating to a property purchased in October&nbsp;2014.</font></p></td></tr></table></div></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Three&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Nine&nbsp;Months&nbsp;Ended</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Restricted share grants</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118,850 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Per share grant price</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>24.60 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>20.54 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Deferred compensation to be recognized over vesting period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,197,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,441,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Number of non-vested shares:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-vested beginning of period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>481,045 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>470,015 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Grants</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>129,975 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>118,850 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Vested during period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(71,980 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(101,300 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Forfeitures</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50 </td> <td valign="bottom" style="width:02.50%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,570 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-vested end of period</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>538,990 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>480,995 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following information includes the 200,000 Units:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Average per share value of non-vested shares (based on grant price)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.55 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17.12 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14.55 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Value of shares vested during the period (based on grant price)</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">&#x2014;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>607,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>621,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The total charge to operations for all incentive plans is as follows: </font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Outstanding restricted stock grants</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>550,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>419,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,653,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,281,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Outstanding restricted stock units</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>30,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,000 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>87,000 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Total charge to operations</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>580,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>448,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,742,000 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,368,000 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the carrying amounts and classification in the Company&#x2019;s consolidated balance sheets of the VIE&#x2019;s accounts, none of which are restricted (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 98.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:69.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">September&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">December&nbsp;31,</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:69.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2015</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">2014</font></p> </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.10%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,815&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.14%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:11.10%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,805&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Building and improvements, net of depreciation of $275 and $17, respectively</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,909&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,069&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Cash</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>824&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>527&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Prepaid expenses and receivables</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>56&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Accrued expenses and other liabilities</font></p> </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>120&nbsp; </td> <td valign="bottom" style="width:02.56%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>152&nbsp; </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:69.38%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Non-controlling interest in joint venture</font></p> </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>323&nbsp; </td> <td valign="bottom" style="width:02.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.24%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>312&nbsp; </td> <td valign="bottom" style="width:01.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The following is a summary of the Company&#x2019;s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September&nbsp;30, 2015 (amounts in thousands):</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:42.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Property</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Type&nbsp;of&nbsp;Exposure</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Carrying</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Amount</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 8pt;"> <font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Maximum</font><br /><font style="display:inline;font-family:Times New Roman;font-weight:bold;font-size:8pt;">Exposure&nbsp;to&nbsp;Loss</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">River Crossing Apartments,</font><br /><font style="display:inline;font-family:Times New Roman;">Sandy Springs, Georgia</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.70%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528&nbsp; </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,528&nbsp; </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Unbilled rent receivable</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>441&nbsp; </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>441&nbsp; </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">The Meadows Apartments, </font><br /><font style="display:inline;font-family:Times New Roman;">Lakemoor,&nbsp;Illinois</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Land</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563&nbsp; </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,563&nbsp; </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:22.00%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Total</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:10.70%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,532&nbsp; </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">$</font></p> </td> <td valign="bottom" style="width:12.54%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,532&nbsp; </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:22.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Calibri;font-size: 1pt;"> <font style="display:inline;font-family:Times New Roman;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 292049000 325601000 16230000 43824000 4500000 1368000 1742000 6570 50 0 118850 0 129975 20.54 24.60 470015 481045 480995 480995 538990 380000 538990 200000 14.55 17.12 101300 71980 0 621000 607000 600000 359000 254276000 255421000 250090000 210324000 -490000 15221000 1158000 23877000 249948000 218382000 -2041000 15669000 1324000 16614000 255904000 219867000 -3195000 15728000 1628000 21876000 257499000 227283000 -5860000 16073000 2078000 17925000 135000 33103 3363000 3195000 168000 3085000 2947000 138000 3775000 3596000 179000 2934000 2799000 135000 -101000 101000 -72000 72000 1108000 1327000 <div> <div style="margin-left:0%;margin-right:0%;"></div><div style="margin-left:0%;margin-right:0%;"> <p style="margin:0pt 0pt 6pt;font-family:Calibri;line-height:110%;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Note 17 - </font><font style="display:inline;font-family:Times New Roman;text-decoration:underline;">Subsequent Events</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt;"> <font style="display:inline;font-family:Times New Roman;">Subsequent events have been evaluated and except as disclosed in Note 8 (Lease Termination Fee Income), there were no other events relative to the Company&#x2019;s consolidated financial statements that require additional disclosure.</font> </p></div><div style="margin-left:0%;margin-right:0%;"> <p><font size="1"> </font></p></div><div style="margin-left:0%;margin-right:0%;"></div> </div> 1677000 635000 2407000 835000 16532000 441000 6528000 9563000 16532000 441000 6528000 9563000 15608000 15750000 15992000 16114000 15508000 15650000 15892000 16014000 249000 EX-101.SCH 7 olp-20150930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 00100 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - CONSOLIDATED STATEMENTS OF INCOME link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 00500 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Real Estate Acquisitions (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00205 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY link:presentationLink link:calculationLink link:definitionLink 00405 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Organization and Background link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Summary Accounting Policies link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Earnings Per Common Share link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Real Estate Acquisitions link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Sale and Disposal of Properties, Discontinued Operations and Impairment link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Investment in Unconsolidated Joint Ventures link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Lease Termination Fee Income link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Allowance for Doubtful Accounts link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Line of Credit link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Common Stock Cash Dividend link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Shares Issued Through Equity Offering Program link:presentationLink link:calculationLink link:definitionLink 11401 - Disclosure - Stock Based Compensation link:presentationLink link:calculationLink link:definitionLink 11501 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 11601 - Disclosure - New Accounting Pronouncements link:presentationLink link:calculationLink link:definitionLink 11701 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 20202 - Disclosure - Summary Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 30303 - Disclosure - Earnings Per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Real Estate Acquisitions and Contingent Liability (Tables) link:presentationLink link:calculationLink link:definitionLink 30601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables) link:presentationLink link:calculationLink link:definitionLink 31403 - Disclosure - Stock Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 31503 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 40101 - Disclosure - Organization and Background (Details) link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Earnings Per Common Share (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - Sale and Disposal of Properties, Discontinued Operations and Impairment ( Details) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - Investment in Unconsolidated Joint Ventures (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - Lease Termination Fee Income (Details) link:presentationLink link:calculationLink link:definitionLink 40901 - Disclosure - Allowance for Doubtful Accounts (Details) link:presentationLink link:calculationLink link:definitionLink 41001 - Disclosure - Line of Credit (Details) link:presentationLink link:calculationLink link:definitionLink 41101 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 41201 - Disclosure - Common Stock Cash Dividend (Details) link:presentationLink link:calculationLink link:definitionLink 41301 - Disclosure - Shares Issued Through Equity Offering Program (Details) link:presentationLink link:calculationLink link:definitionLink 41401 - Disclosure - Stock Based Compensation (Details) link:presentationLink link:calculationLink link:definitionLink 41501 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 41502 - Disclosure - Fair Value Measurements (Details 2) link:presentationLink link:calculationLink link:definitionLink 41503 - Disclosure - Fair Value Measurements (Details 3) link:presentationLink link:calculationLink link:definitionLink 41504 - Disclosure - Fair Value Measurements (Details 4) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 olp-20150930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 9 olp-20150930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 10 olp-20150930_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.PRE 11 olp-20150930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R39.htm IDEA: XBRL DOCUMENT v3.3.0.814
Lease Termination Fee Income (Details) - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2015
Mar. 31, 2015
Jun. 30, 2014
Dec. 31, 2015
Sep. 30, 2015
Lease termination fee received from a retail tenant in a lease buy-out transaction   $ 650,000 $ 1,269,000    
Write-off of entire balance of the unbilled rent receivable and the intangible lease asset     $ 150,000    
Write-off of entire balance of the unbilled rent receivable   $ 226,000     $ 315,000
Subsequent event          
Lease termination fee received from a retail tenant in a lease buy-out transaction $ 1,286,000        
Write-off of entire balance of the unbilled rent receivable and the intangible lease asset       $ 179,000  
XML 13 R48.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Details 3) - Derivatives designated as hedging instruments - Interest rate swap - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Fair Value Measurements    
Fair value of derivatives assets $ 0 $ 27,000
Fair value of derivatives liabilities $ 5,705,000 $ 3,139,000
EXCEL 14 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`%R":4```3````6T-O;G1E;G1?5'EP97-= M+GAM;,V9S4[C,!2%7Z7*%C6N?V`81-D`6T""%_`DMXW5.+9L4\K;8Z>`9JHR M@ADJG4U^>J[O.L3ODV M+)G7S4HOB8G9[(0U;D@TI&DJ/:J+\]LUA6!:FEQNA=)[7FGO>]/H9-S`UD.[ MTW7J%@O34.N:1YN7U"E;TU'6J\F=#NE&V]R";7HV"MLCKXO.OL)^;=YE=7X*8?= MA7]+9FP9FA^6?ZPH]__X+#LO<6W[JZ"?S([!^F!C*N?::C/L&]63"ZM?SJV^ M:J6VJD/N3`DLV>7Y.*[K$:66_^7]]M.:5R@3QF6P@-^%)T.U-ZGD.>[ M_]OXO>!P.[%````*P(```L```!?.0Q(OW[CMB`PD.MQ-*O>X^NO`ZIK`XTHO8< M4M?'5$Q^#*G*_=ITJK$"2+8CCVG!D4*>-BP>-9?20D0[8$NP+,L5R*V.V:SG MVL7.U49V[M,41Y26M#;3"&>6X9MY6&3I//B)]!=C;IK>TI;MR5/0!_ZS#0// M>997'L=V+YRO+0O]C^AY%.!)T:'B1?4C9@,2[2F]@OIZ`(4QOCLEFI2"(S>C M@KN_V/P"4$L#!!0````(`%R":4=AI.76UP$``"`>```:````>&PO7W)E;',O M=V]R:V)O;VLN>&UL+G)E;'/%V%;L;B`#-^/[<2*L\HFVZ8W@.RQ ML6(#8J9J??>A7E1NDCG*PM+9@`#IFW?U@(;'+M6K'_'8Y$/?I?8PI-F?T[%+ MJ^G^NFIS'E8AI$T;3TVZZX?834]W_7AJ\G0Y[L/0;-Z:?0Q:UXLP7L^IGAX_ MSIZ];-?5^+*5:O:S&?3W$T+3(_/0_S.\OUN=]C$YW[S MZQ2[_$5%^+=`%J`$20UDK#E)"&N.U@*X%H[7`L`6CM@"R!:.V0+0%H[:`M@6CML" MX!:.W`+H%H[=`O`6CMX*]%:.W@KT5M*W-OK8YNBM0&_EZ*U`;^7HK4!OY>BM M0&_EZ*U`;^7HK4!OY>BM0&_EZ&U`;^/H;4!OX^AM0&\C[96@S1*.W@;T-H[> M!O0VCMX&]#:.W@;T-H[>!O0VCMX&]#:.W@[T=H[>#O1VCMX.]':.W@[T=M)> M-]KLYNCM0&_GZ.U`;^?H[4!OY^CM0&_GZ.U`;^?H/;_2.[7-&+>O>3QT^W3K MFO^&PZ(KO%,^'^/M4RY38<.5UGE:*8;+\>:OCLO4OR'AT\_@IW=02P,$%``` M``@`7()I1UJ>%E9?`P``]0P``!````!D;V-0&ULO5?13MLP M%/T5JT],VI8..C90B532(#I!6RV!/1OGIK5([&`[A?+UNW%H:<')%![&"XYS MCJ_ON:='[5#H_NE#(@$DB^%-M#>_ZPJC(JBHPS:K@4_C5G2FJ9 M&A(^,#)$;!2<;/V^S5F=\MB(D8S"+"6G]),0XUZW;280.8%%6NO M?KKBXE[?%+$<4P.[K/T7]>E+JB#!HGNG;SIE3"OST2DEDE5#U[BNJ.!6F1S1_QL?#7EVVWK7KK-!&^7^DNM=+`*.'WG;3+G>Q MNVL^\`3\2@.Q^1\=#6:!B&)+L,PCKKBR<&<_IL3 MQ?CO.IPB?G9!)M-@]@'.]ZZ<8'8][\RY'$T_P/G9F3.*+IV&':.?$A50)!FLQ!$8RC',O8&'&B M?P/-2*@-QA!6>"BYYM7%W$='&'7VRF.N"ZF1*5/RFNA.SFWUP;M#WD084*!- M[6&$?\;;N>T[$2L$6M-S06X$PPMARPE>,B&_I)-S!?AA(C&HG(M:VPNHBC*9 MNSL?99E\I((!P<\2&Q)0O41M5SR!)C-4@]1DHG6)->(EVF:Q)"'.#8O-4C?'GGV.\B25 M'S"J='-R7&`,DEN:E4"N4=%2034&]]VG\+CG2B4%KED+(RKO-#R4U6##50NJ MT?&81N[Q-[J>',1HOT[>MQ8/W'5:[7S4[S2`^FIN=S;,X87BUJTE6C.&;@-T,YQ&Z"=<_+N6^?NU\4(5E7N0^JKVJ:9M1,4ET-S.IML^GX_3#9F;_!L.Z&^+>.3P;3=E%A#1?N-FED6F[Z M3"`)07CE4%ES$2YAOHD3+.P^/D'@Y:!.F"[;%MK&>AFJ=+^&Z/!RXLK6UK?' MU(_H[%557U!+`P04````"`!<@FE'F5R<(Q`&``"<)P``$P```'AL+W1H96UE M+W1H96UE,2YX;6SM6EMSVC@4?N^OT'AG]FT+QC:!MK03621A'^_1S80RY8-[9)-NIL\!"SI^\Y%1^?H.'GS[BYBZ(:(E/)X8-DO MV]:[MR_>X%#BVR]*+41B1%G\@MNN01 M.+5)#3(3/PB=AIAJ4!P"I`DQEJ&&^+3&K!'@$WVWO@C(WXV(]ZMOFCU7H5A) MVH3X$$8:XIQSYG/1;/L'I4;1]E6\W*.76!4!EQC?-*HU+,76>)7`\:V@S&L%& MKQMUAVC2/'K^!?F<-0H MACA*FNVB<5@$_9Y>PTG!Z(++9OVX?H;5,VPLCO='U!=*Y`\FIS_I,C0'HYI9 M";V$5FJ?JH,@H%\;D>/N5Z>`HWEL:\4*Z">P'_T=HWPJOX@L`Y?RY] MSZ7ON?0]H=*W-R-]9\'3BUO>1FY;Q/NN,=K7-"XH8U=RSTS0LS0[=R2^JVE+ZU)CA*]+', M<$X>RPP[9SR2';9WH!TU^_9==N0CI3!3ET.X&D*^`VVZG=PZ.)Z8D;D*TU*0 M;\/YZ<5X&N(YV02Y?9A7;>?8T='[Y\%1L*/O/)8=QXCRHB'NH8:8S\-#AWE[ M7YAGE<90-!1M;*PD+$:W8+C7\2P4X&1@+:`'@Z]1`O)256`Q6\8#*Y"B?$R, M1>APYY=<7^/1DN/;IF6U;J\I=QEM(E(YPFF8$V>KRMYEL<%5'<]56_*POFH] MM!5.S_Y9KF4Q9Z;RWRT,"2Q;B%D2XDU=[=7GFYRN>B)V^I=WP6#R M_7#)1P_E.^=?]%U#KG[VW>/Z;I,[2$R<><41`71%`B.5'`86%S+D4.Z2D`83 M``>LX=SFWJXPD6L_UC6'ODRWSEPVSK>`U[F$RQ# MI'[!?8J*@!&K8KZZKT_Y)9P[M'OQ@2";_-;;I/;=X`Q\U*M:I60K$3]+!WP? MD@9CC%OT-%^/%&*MIK&MQMHQ#'F`6/,,H68XWX=%FAHSU8NL.8T*;T'50.4_ MV]0-:/8--!R1!5XQF;8VH^1."CS<_N\-L,+$CN'MB[\!4$L#!!0````(`%R" M:4<$!!KE.0(``.<(```-````>&PO-V7+ZL*;4H$YPV21X;4S].0B:?$T%:6:JIA).2J4%,;#55=#4FI*BL4&" M!_,P7`2",(G36+9B*4R#0QJ62TU(LD,;-,]H0 M#OZ1=<\55QH9Z!5H<(@D@GJ/.\)9IID%2R(8WWIX;@'7WMY/,*FTR^TS'.:9 MA6,F764)#OO?R]-E([M;;'F,\VEY`*1Q38RA6BYA@WI[M:VA.*DD]2*=WPGO M2I-M-+_>"W`+Y,V4+J@>,D=X!Z4QIZ6!`,VJM5V-JJUT98P28!2,5$H2;BEW M$;T!M#GE_,%>YL=RPMV5R/O89QQB9%7L3&A$;X[7P#4UV&?SW'NT-V?1HJX< M^"&:U#7??N&LDH)ZK1Y:JGYWBCXZ0I_&9,>*UDJS9_"W]R`'@&J,-E0;EN\C MOS2I5[0S_04.NO*8PG-+_I>:7K]KHQJX@6_=GK.3.^B^%1G52S<7_US2QT^G M'YG[<^(#F6][:\Z0\`K-L:^>_U;:XB^E!?V(VYNCDRDZH"AK&3=,[C00^]Z[ MM[KY9,*-$Q0XBVXJX$B MP:/]G1:L%3=.P?AID_X&4$L#!!0````(`%R":4?5=EZ=G@0``&00```/```` M>&PO=V]R:V)O;VLN>&ULE9==<^(V%$#_BL9/Z4RG@"W(QRP[0\!IZ"3`Q#1] M%K8(FL@2*\G);G[]7MFA>YT(MSQA&^M8NCJZ5_IBKUZU>=YH_4R^EU+9*S.. M=L[MKWH]F^]XR>P?>L\5_+?5IF0.;LU33V^W(NA^&4H?_UQ51 M=7`.4TR8*DBJ'%#(7#63!Z'Q?8"7YT7]87,EX,+,BT$3*@R:+A?9\FX^FZS3 M&;F>W$T6TY1DMVFZSA`D1I#X)`@Y6S$$2A`H^0]0MH:?^W0!D.4-F2^F2P2B M"$1/!0T1:(A`PY-`T^7]"H%&"#0Z#70[62#0.0*=GPJZ0*`+!+HX#33);A'H M$H$N/X.6YHDI\5:;5PMYS?+G)UA9JL`B]K&)_<^8K"I+9GZ029Y#4P>KDJRT M%+G@%F-:0@>,3IE1T-:2%3=DJLL2.I7MF.$8@H4>!(Q^X$R2U#I($="?;Q6L MSSJ'8@9V>1"0.6.2U^&8";O7%H!Z2U8&$BVDAO:8L,V#@,Z/S`@&"0+6."0N M2*C-F@?*[S#$UG+'/@\"0L_5"[2O!"1^\&420K!B!G+IVC!E?>%HSWF,'8X##A]\>=A&Q*PO;-H)'C/D6#;DU"&[B@:$"^,PK8G`=L[ MZP;%ME-L.PW8WJX;[_,F[6^8@36G`Y/RO#3[&7IT.]N_/T] MG)['D3_BPFFVDG(*SY;J3K/Z(-B0#V?CKS\!4$L#!!0````(`%R":4=CK_)? M2P(``/,'```8````>&PO=V]R:W-H965T&ULC97+CILP%(9? M!?$`@VUN2420DE15NZ@TFD6[=A(GH`%,;2=,W[Z^P9`9#[`!^_#_Y_/!MZRC M[)47A`COK:X:OO4+(=I-$/!306K,GVA+&OGE0EF-A>RR:\!;1O!9F^HJ0``D M08W+QL\S'7MF>49OHBH;\LP\?JMKS/[M246[K0_]/O!27@NA`D&>!8/O7-:D MX25M/$8N6W\'-P<8*8E6_"Y)QT=M3PW^2.FKZOP\;WV@QD`JF5SPK1(OM/M!;`VQ M2GBB%==/[W3C@M:]Q?=J_&;>9:/?G?D206MS&Y`UH,&`TDE#:`WA8#"_+C`C MTW5]PP+G&:.=QUNL9AMNI)RI)#*SQW4V61+7P9V*WG.0!7>5QBK02+$W"C@H M`IG;"4"^RXZT'7T-.!A%.`\(>T`XKB#4]FC>'O7V:&R/M#U^'-]8L3>*9!X0 M.P&QMJ>/@%@K&@.P"HC2%,Q3$BD#H!J5D&8()@)0N6RLJ) M6!D_FD!8R8+%LG8BUL8?32"L))Y'0.!DZ+#,D$Q`>DVZ@`+=%+LOIZ:\URR8 M=(C<%+M]P=?+]V`U,$E!N$8+9A^&;I;9R:,,G[=*KP&+YL>]XZ'9T.C#.DL> M_IS5?%QHP>B,K0F[ZKN'>R=Z:X0Y8H?H<+_MD#ZCW^5YUN(K^879M6RX=Z1" MGO3Z6+Y0*HC$@R=9="%OX*%3D8M0S52VF;F33$?0MK]BAWL^_P]02P,$%``` M``@`7()I1TRAM&N3*8^K,DZE=@^I2N60/3-C>4P%C!>8^S_ MV==-E7?]9?.:MJ?&YKLQJ"I39$RE55X<5YOU>.]KLUG7;UU9'.W7)FG?JBIO M?CW9LCX_KF`UW?A6O!ZZX4:Z6:>7N%U1V6-;U,>DL?O'U4=XV'(Q("/QO;#G M=G:>#.*?Z_K'0C!&?)$R'UB2X2\(&G?OE<$ M3B+X7`2Z>+43 M<)K,=4MRKLDA0C.MX4;3G-P2"0HU1FF27DW2:'&*$P-NANY+D0*VDCE.DO8JT4P0!10Z16G&U,')$,F$&21&: MC%>3<9HPT))#@(%640UEWH8RUQ`/=-XA`*AYN.\.%!G348*`>16-MWM)(B") M&.`F6WA%B$3&A8A3!7Y5SO.X#*D">E+,+(@B4,4^*?1KAL4X0\F!B0*!96JXE$(2%.E=^% M$RKHKD">5"\KC5`?T^ MC&2=?_CPG'F:F.P^L[UE[BN17D=!*FAC^N+W2B1S@U!?5$1?;IC[2OPE+%+9 MB:'1UI>BXW9F7`\VD5*CB1MKO^.BLT@9RYU+ MRI"[\6D_0`I<6#4OJ,!877[7Y4B?9"%=M,_0?]LNJ"+359'O.[^S+<'I$SFD MB>I9J466+:B:T*%ZBM/E]UPNJ`@+[9>(4$UWO6$RI?/7=.EL6^J4O]HO>?-: M'-ODN>ZZNAJWH_9UW=D^%?O0=_A@\]WEHK3[;CC5_7GC]N+<15>?IJW%R_[F MYC=02P,$%`````@`7()I1X+Q#IL9`@``20<``!@```!X;"]W;W)KGY/FR$&'8`\'.#.\1?Z(![ M^>9"68>$G+(KX`/#J-:FCH`8P@QTJ.W#JM2U-U:5]"9(V^,W%O!;UR'VYX`) M'?=A%$Z%]_;:"%4`50D>OKKM<,];V@<,7_;A:[0[1E!)M.)GBT<^&P<*_D3I MAYI\K_5QRM(GU(@.SOA(@GB&0.$1N(Z+D_F?R;N3\Q_@5B MKB6]0322*(;/>VRXV`DD8=BJ5AE2)T,J6'8_-\AG3.D=ITIA.NJ MHTNURI(Y63+#DGI8C,3'L52L,N1.AMPP9)X]R9_NR5*QRE`X&0K#D'N^0V'_ M'M"[)R[5*LO6R;(U+(6'Q4BB#.:)A\6JTCPNGK-$T`FCRY)FZZ&QFF7[JP^Y"J<`R!K[(T$;>:X\)P1>AAKD<,W/2FXF@ MPW1Q/6[/ZB]02P,$%`````@`7()I1_#_H=-K!0``/!T``!@```!X;"]W;W)K MS;+Z`6,;;.U;LUG7']UA?RR_-8OVHZJ*YK_G\E!_/B[YTE[XOG_?=<.%U6:]FN*V^ZH\ MMOOZN&C*M\?E$W_(A1Z0D?AG7WZV9]\70_(O=?US^/'7]G')AAS*0_G:#4T4 M_<>O,BT/AZ&EON=_L=&O/H?`\^^V]3]&N7WZ+T5;IO7AQW[;[?ILV7*Q+=^* MCT/WO?[\LT0-17C=Q,4]@TQ?E8"1,O_/&1C8_.XR,3'\U3U"-R-"-A$"Y! M"\;8;3!%,)(22#`S8!1QF9!@CB`(%I^#-S5*IT9I-,IY1_)Z9D@O>6)9Y)@"!+YBW>5,B94^)XN5]11%?/R(#P3,S4@EQ>5Z"9 M2@0U%]<5:*82014E84N/<[=*8S(QIU2B$?75SJ,20>:[EPA&#'PJ#2A8O]2" M5();I3&I&"B5AE&>%6TQCT#T3>59SP.)/R3.,9_&D4U,>?0:+ MN,>/O<%L^-B\81I0_W`71":1B6(0:">_0YN=OZW/;.T;P)?T^1Z<.\.B>2!'";$)A:GU`FA(R(/&4, M.2XB>I[9]KBGCEDN<#,!;A\"]!C"AW)D+C*_W9/;$<#4W81R!&3HBI,BQ6E? MS"#(-_*S/D/$2>=2!5/!$QG0@KMX@\*U00V/8>XB%M&3*)U(`(]M6I)SY=NE M3R@`#]O\@+N`@RF0"57`D;GS/8:E%@3M*>`6C,%3ORVHH[#R#;%;I2G?24RI M-(S0";W:4P1!>0G>>_8W%?'7``B(D='R]9&=O`85]>(/K&C9["VB[E0*N9`TX) M2A$X:V^\+$7W9`&O2X7;.H4U/,H[+:08)[#48E))6YG%\I6A7E/\4R>@=@]P&TJG2A. MM)5-U*6V>*;-4BH*D.8VZ[LH^87;?C_*N++;3CT/YU@U?]3#\YG#/_.CJ MDSVKG`Y,-_\#4$L#!!0````(`%R":4=C,:_I%P(``#X&```8````>&PO=V]R M:W-H965T&ULC57;CMHP$/T5*Q^PCG,!%H5(0*C:ATJK?6B? M#1@2K1VGMB';OZ]O"5E*LOL2VY-SSIP9XB%KN7B3)2$*O#-:RU50*M4L(92' MDC`LGWA#:OWFQ`7#2A_%&]YR_F<./XRH(C05"R4$9!:R7*]D22HV03OS':]Y2&N)PWZE_L]5J]WLL MR9;3W]51E=IL&(`C.>$+5:^\_4Y\"=;A@5-IG^!PD8JSCA(`AM_=6M5V;=V; M>4=[3(@\(>H):)H0>T)\(R23A,03DJ]F2#TAOVV8 MVO7"8=(P'L=L'299I..8PN=*430.VGG0XOD+):4/2TI]26BB)(>)HJF2/`9- M8`J'F)RKRF'AQ5Q`V1U87XI&?6*.^V?.V+J2Z;`^>.+6LV'5!=>5AWR=>792-NUYV:\_M M>LG/LBH;]MPZXES71?MOPRI^6;G([1=^E8>CU`O>>ND-<;NR9HTH>>.T;+]R MG]`B1X%&.N)WR2YB=.[HXE\X?]47/W8KU]EM*(-LA%[?W3&5]S41 M/YFW%4WV)8*^A/,"9+(O!`2BSW5&X[Z0JRWVA4@-\6!!,C*U1\9$WHM@,F^& M3IJA8(98S!CF(?`#B^44E+!O<01*.**)Q150*"31O*UXTE8,MJC%EF$>DL!B M"G0LU68@0RRI%_$E?W;(V9FGP!B!"+-6D`&$:6_9HUN<+?6)I0`Y8XH=WO"00FK:&YI^' M#4`/MBW8,[;;FO60NK&6)SGO,7K'[P7"T[XP^++\75LP&(T/`VE`*$:61Y(69#/D(L6`Y8G,370X`WFIYJUAZZ MN54X6WYNI)D'AM5A-G[">OJZ6M^@18HFUC,]2W?3VH?\>GDJ#NQGT1[*1C@O M7*J9KQO0]IQ+I@KV'U67CVK:'RXJMI?ZE.KVF_G77$A^ZL?YX3_%^C]02P,$ M%`````@`7()I1T93:FDN!```E10``!@```!X;"]W;W)KGIE.#^V9Q'+L*1@72-Q^^X>7 M%<:NM.%B0/[MZJ]=H9587(KR5W4PI@[^Y-FI>IP=ZOK\$(;5R\'D:?6I.)M3 M\\^^*/.T;A[+U[`ZER;==49Y%C)"5)BGQ]-LN>C:OI7+1?%69\>3^58&U5N> MI^7?E9Z358#+S4KFUS]9P?&^] M;[OA-O*?T\JLB^SG<5J+G)K M,@OR]$]_/9ZZZZ7_)R)@YC9@8,`&`\I1`PX&_&J@4`,!!F(P$+B!!`,Y&'"- M&B@P4-<>!&J@P4!?Q]!GJX]NEYM-6J?+15E<@NJ4\47XWCH"AHV8E66$GUE;1OJ9C664GWFRC/8S6\M$?B:Q3#PP M81,39V"8#8P8!X;U#CBY[41WS*D/##"2,>JGUCW%*.'W$1QCFQZ;BQCI\0E\ M\4AK/[4%751&?B@!5Y*048_>('$;)#X.$H<@T8\="&>4!3A@MT+E>,P],Z=: MQ\J/)4[,*T(7$ M3B$Q"-&(D!BR$R,S+G%`7BF4.+5TS:T8+$$#A*4Q<5%^.=0M!Y9P0I"U88`D M]LYN`=-8+@=7BDR)H;MJ4+OT(J_D!J`YE1)Y*[<#ADR.Y.IK4JBY6[5=QY$9 MMK*05`I;^@!C-.(1LJIO@)LS(I`@/-E>E<)"NAU&<%]B;X,%VD0Z'943LXOR5WOJ"UXV$Z!3JB* M:X"81I=W2\5\2B;<18_:JH=M%P#22*C7P,Q'D%^+N^[1^./0K`8(?8-BB(Q` MLQY#I8XF;+:8NSZRH:@AKQ9`FB(3(W%`?C'NZLCHA)T#0'.J-+)6)4[,+\AS M7F(3DF4A+9#YE;@HOQQW26-\PN[!0I+?GTEOPVB+2X3M'RRE-)TBVUU;F)BP M?P!HSI1"7I\ML\4`$SVX$A,6%N8^-3%8XN\+^>U9&2!%-/=C:\`8:^HFPFV` MF\M(H>?EX;1V_V7B]L`,O1*-GIB!DEK\L\T.1Q]?SNFK^2\M7X^G*G@NZKK( MNX\N^Z*H3>.'?&I2<##I;GC(S+YN;W5S7_9?S?J'NCC;CX##E\CE_U!+`P04 M````"`!<@FE'@T>M#/,!``!O!0``&````'AL+W=OF>TD:N@4JI=8BP/%3`B9[R%1N^47#"B]%*< ML&P%D*,E,8KC,'S"C-1-D&*U@T\"R0[QHCXLP'*^U40!4/@I3Y5 MR@1PGN&1=ZP9-++F#1)0KH)UM-RE!F$!OVKHY62.C/<]YZ]F\>.X"D)C`2@< ME%$@>CC#%B@U0CKQF]>\I#3$Z7Q0_V9/J]WOB80MI[_KHZJTV3!`1RA)1]4+ M[[^#/\+<"!XXE?:+#IU4G`V4`#'R[L:ZL6/O=A:II]TFQ)X0CX0QSVU"X@G) MA?`X0^H)Z?]FF'O"_"H#=F>WE2N((GDF>(]D2\QUBI8:+HR(5D;2JNFB21M< MF^@YC](XPVVY%R!]AO.='TKW?W&!852F>G"%-XU!+=0 MO!W:V]AC\[]02P,$%`````@`7()I1XV&50^-!0``@1X``!@```!X;"]W;W)K M1/;RL^9GZ>/%+F^5O7/YE`4[>)7>3HW]\M# MVU[N5JOFZ5"4>?.MNA3G[C_/55WF;?>S?EDUE[K(]T.A\K2"--6K,C^>EYOU M\.Q[O5E7K^WI>"Z^UXOFM2SS^K]M<:JN]TNQ=`]^'%\.;?]@M5FOIG+[8UF< MFV-U7M3%\_WR0=SME.HE@^+O8W%M;KXO>O./5?6S__'G_GZ9]AZ*4_'4]B'R M[N.MV!6G4Q^IR_PO!7W/V1>\_>ZB_SY4M[/_F#?%KCK]<]RWA\YMNESLB^?\ M]=3^J*Y_%%2'P>%3=6J&OXNGUZ:M2E=DN2CS7^/G\3Q\7L?_V)2*\06`"L!4 M8,K#%T`J@.\%Y%#3T=E0K]_R-M^LZ^JZ:"YYW]OBKI/7?9`N\J(9HG55:H:' M#_W3MXV0:KUZZP.1!FXT6]),BE47G4T!2ZXX#,7AZP2[46$@G`%=!KRM!%(E M=#B`=`'D;0`Y!DC3N4DS:,YC-4BCC>CF@T>X<\%TFMT*O[2DV#HIJI,)!]!L MG30%L'.KZK9.HR91F$&45<-F,D.4+/4D&B5)IM.H/);-8\<\^'6>W2A)!,JH M/!F;)QN"6.7)DU$?9QB51Z1LHN%QWT>9I^E(U-4)S*>!-S,U*45JXVP)WA9- M>.7K41)AIXI*!7PJH%3"EVH4)1I$H`%(*&1<]POD31%/%/A,DS&U) ME)CY4L9XTTD7>VZ`GBJHI8R8%G*A!3E?'4"QPI3:"M2:@PKEK``Q4< M4'UK,8FT#O"$=`G:N+4'>/*"(Z]OII`($(4.N)J4D?,7^*T<$"UU3`B>E.!V M:KXUA42)-DJ&QH"#9=<(<;@$'I=`N-0^AI,H`6D"<\XIS;QOOG;%$Q.(<=H' M\4F40@#CI%3"1+853TP@8FH?,4F4Z'XF1"7C60@CO=#;`HYPH&UD>_.[2R#& M:=_^DD2@XU(AST(D%FKMJ1B)C`[L&="A,,X13T(4[BW*YX@(9P!"6UXG!8LV M;KPAL-Q!PJ&V$2'X;2,Z=/F(2J)$Z=#TOE'&+3[(XQ`)A\:WFR=1`EWW!G#X M+I4JI0'TK:>D1N*R5/=TETM[YEAT2)EJ%-N%,"FLCA MSM-=$MVM;]$A$:0H`WAWX;3&N+=QR?-=$M^M;]%Q(K1!-I!2@HH<\Q/?9[LB M27RW&!&")[$D$EO?$N%$8GBG]=:,E(`V;APHGL6*6.P[Y=V2"$/+%NETW*FC M$FQ;*P*QC3C[4#PX%8'3^L#I1#+RW4+Q.%2$0^O#(8E`8]S"J7C"*2*<]1&. M1&HXTO'V%D7+(M<#Q0-.$>`^WGO,+HU(I%!_GK&S2R,2@N6.KE*S: MMBJ'2\+GJFJ+SEOZK6N^0Y'OIQ^GXKGMOYKN>SW>D(X_VNKB+GRG6^?-_U!+ M`P04````"`!<@FE'NDFMLJ$!``"Q`P``&0```'AL+W=O=]?V#,51UHX>ZP!Q/^-&BU M\"&U+7.]!5$GDE:,9]D'IH4TM"Q2[20-/EKA!:V%_GT'A>*0Y70K/ MLNU\++"R8"NOEAJ,DVB(A>9(3_GAO(^(!/@A872;F$3O%\27F'RKCS2+%D!! MY:."",L5'D&I*!0:_YHUWUI&XC9>U+^DW0;W%^'@$=5/6?LNF,THJ:$1@_+/ M.'Z%>0OW4;!"Y=*75(/SJ!<*)5J\3JLT:1VG/_QAIMTF\)G`5\)#EHQ/C9+- MS\*+LK`X$M>+.+O\$.`VB@1EXI):<.A2\12KUS+_E!?L&H5F#-]@SC-F1;"@ M?K,%I[?H/-'Y_^F[A;[;.MS]Y?"?`OM%8+\5V-_>XA9S7C#O7;+-F6JP;;HZ MCE0X&#\=Z5I=;^>)IYF\PB`0``L0,` M`!D```!X;"]W;W)K&ULA5/;;MP@$/T5Q`<$+^NT MZ M$0GP0\+H-C&)WB^(+S'Y5A]I%BV`@LI'!1&6*SR"4E$H-/XU:[ZUC,1MO*A_ M2;L-[B_"P2.JG[+V73";45)#(P;EGW'\"O,6[J-@A)U6 M:=(Z3G_XPTR[3>`S@:^$ARP9GQHEFY^%%V5A<22N%W%VNT.`VR@2E(E+:L&A M2\53K%[+W:=]P:Y1:,;P#>8\8U8$"^HW6W!ZB\X3G?^?OE_H^ZW#_5\._RF0 M+P+Y5B"_O<4MYKQ@\G=-V.9,-=@V71U'*AR,GXYTK:ZW\\333-[@9=&+%KX+ MVTKCR`5]F&P:0X/H(;3/[NXIZ<+[61,%C8_AQQ#;Z4I-B<=^>2#K*RW_`%!+ M`P04````"`!<@FE'6HE,-:$!``"Q`P``&0```'AL+W=O=A&1`#\D#&X5D^C]BO@2DV_5B6;1`B@H M?5008;G!(R@5A4+C7Y/F6\M(7,>S^I>TV^#^*AP\HOHI*]\&LQDE%=2B5_X9 MAZ\P;6$?!4M4+GU)V3N/>J90HL7KN$J3UF'\PP\3[3Z!3P2^$#YFR?C8*-G\ M++PHTK:\'Z6 M1$'M8_@AQ':\4F/BL9L?R/)*BS]02P,$%`````@`7()I1U[^BR.A`0``L0,` M`!D```!X;"]W;W)K&ULA5/;;MP@$/T5Q`<$+[NY M=.6UM)LJ2AXJ17EHGUE[;*,`XP)>IW]?P)=8[59],3/C<\X<&,@'M.^N!?#D M0ROC#K3UOMLSYLH6M'`WV($)?VJT6OB0VH:YSH*H$DDKQK/LCFDA#2WR5'NU M18Z]5]+`JR6NUUK87R=0.!SHALZ%-]FT/A98D;.%5TD-QDDTQ$)]H,?-_K2+ MB`3X+F%PJYA$[V?$]YB\5`>:10N@H/11083E`H^@5!0*C7].FI\M(W$=S^I/ M:;?!_5DX>$3U0U:^#68S2BJH1:_\&P[/,&WA-@J6J%SZDK)W'O5,H42+CW&5 M)JW#^(?/M.L$/A'X0GC(DO&Q4;+Y57A1Y!8'XCH19[?9![B-(D&9N*06'+I4 M/,;JI=A\N<_9)0I-&+["G";,@F!!_6H+3J_1>:+S_].W,WV[=KC]R^$_!7:S MP&XML+N^Q37F-&,>_FC"5F>JP3;IZCA28F_\>*1+=;F=1YYF\@DO\DXT\$W8 M1AI'SNC#9-,8:D0/H7UV>&PO=V]R:W-H965TFJ:A\J57UHGXD]ME&!\0*.V[\O MX$NM-JM],3/C<\X<&,AZ-.^V`7#D0TEM=[1QKMTR9HL&%+<7V(+V?RHTBCN? MFIK9U@`O(TE)EB;)%5-<:)IGL?9L\@P[)X6&9T-LIQ0WGP>0V._HBDZ%%U$W M+A18GK&95PH%V@K4Q$"UH_O5]K`)B`AX%=#;14R"]R/B>T@>RQU-@@604+B@ MP/UR@CN0,@CYQG]'S>^6@;B,)_7[N%OO_L@MW*%\$Z5KO-F$DA(JWDGW@OT# MC%NX#((%2AN_I.BL0S51*%'\8UB%CFL__+E.1]IY0CH2TIEPDT3C0Z-H\P]W M/,\,]L2V/,QNM?5P$T2\,K%1S3NTL;@/U5.^NKW-V"D(C9AT@3F,F!G!O/K9 M%BD]1T\C/?T_?3W1UTN'ZU\._RFPF00V2X'-^2TN,8`0``L0,` M`!D```!X;"]W;W)K&ULC5/;;N,@$/T5Q`<4QTFW M5>182EJMM@^5JCZTS\0>VZC`>`''[=\7\"56%*E],3/C<\X<&,AZ-!^V`7#D M4TEM=[1QKMTR9HL&%+K[6$3 M$!'P)J"WBY@$[T?$CY`\E3N:!`L@H7!!@?OE!`\@91#RC?^/FN>6@;B,)_6_ M<;?>_9%;>$#Y+DK7>+,))254O)/N%?M_,&[A-@@6*&W\DJ*S#M5$H43QSV$5 M.J[]\.<^&6G7">E(2"\(;&@4;3YRQ_/,8$]LR\/L5EL/-T'$*Q,;U;Q#&XO[ M4#WE:;+*V"D(C9AT@3D,F#.">?6K+5)ZC9X.+7ZFKR?Z>NEP/3K\APS,WM="6 M'-'YR<8Q5(@.?/ODYI:2QK^?.9%0N1#>^=@,5VI('+;3`YE?:?X-4$L#!!0` M```(`%R":4>IX',5H0$``+$#```9````>&PO=V]R:W-H965TVRC`N,"CMN_7\"7 M6MVL^F)FQN><.3"0#VA>;0O@R+N2VAYHZURW9\R6+2AN;[`#[?_4:!1W/C4- MLYT!7D62DBQ-DA],<:%ID-_M3%A`1\"Q@L*N8!.]GQ->0_*X.-`D60$+I@@+W MRP7N0,H@Y!N_39J?+0-Q'<_J#W&WWOV96[A#^2(JUWJS"245U+R7[@F'7S!M M81<$2Y0V?DG96X=JIE"B^/NX"AW78?R391/M.B&=".E"^)E$XV.C:/.>.U[D M!@=B.QYFM]E[N`DB7IG8J.8=VE@\ANJE2),L9Y<@-&'2%>8T8C8+@GGUJRU2 M>HV>CBV^IV]G^G;M\0;^<-,(; M20//EKA>:V'?3Z!P.-`-G0LOLFE]++`B9PNODAJ,DVB(A?I`CYO]:1<1"?!3 MPN!6,8G>SXBO,?E>'6@6+8""TD<%$98+/(!242@T_CUI?K:,Q'4\JS^FW0;W M9^'@`=4O6?DVF,THJ:`6O?(O.#S!M(7;*%BBQE6:M`[C M'_YUHETG\(G`%\*7+!D?&R6;WX0716YQ(*X3<7:;?8#;*!*4B4MJP:%+Q6.L M7@J>W>7L$H4F#%]A3B-FLR!84+_:@M-K=#ZV^#]].].W:X?;OQS^4V`W"^S6 M`KOK6UQC3C/F_H\F;'6F&FR3KHXC)?;&CT>Z5)?;>>1I)I_P(N]$`S^$;:1Q MY(P^3#:-H4;T$-IG-[>4M.']+(F"VL?P/L1VO%)CXK&;'\CR2HL/4$L#!!0` M```(`%R":4&PO=V]R:W-H965TEJU3Y4JOK0/A-[;*,"XP40V._HBDZ%9U$W+A18 MGK&95PH%V@K4Q$"UH_O5]K`)B`AX$=#;14R"]R/B6T@>RAU-@@604+B@P/UR M@CN0,@CYQO]&S:^6@;B,)_6_<;?>_9%;N$/Y*DK7>+,))254O)/N&?M[&+=P M&00+E#9^2=%9AVJB4*+X^[`*'==^^+-.1]IY0CH2TIEPDT3C0Z-H\P]W/,\, M]L2V/,QNM?5P$T2\,K%1S3NTL;@/U5.>)C<9.P6A$9,N,(*6X^CB!QV-.4SH5GT;0N%%B1LX57"07:"M3$0+VGAW1WW`9$!+P( M&.PJ)L'["?$4O76H9@HEBK^/J]!Q':8_ M,^TZ(9L(V4*X3Z+QL5&T^9,[7N0&!V(['LXNW7FX"2)>F=BHYAW:6#R$ZJ7( MTB1GER`T8;(5YCABT@7!O/K5%AF]1L_&%O^G;V;Z9NUP\Y?#?PIL9X'M6F![ M?<0UYCACO@_)5GNJP#3QZEA28J_=N*5+=;F=ARR>R1>\R#O>P!]N&J$M.:'S M)QN/H49TX-LG-[>4M/[]+(F$VH7PSL=FO%)CXK";'\CR2HM/4$L#!!0````( M`%R":4<9TH.QH0$``+$#```9````>&PO=V]R:W-H965T<.3!0C&A?70?@R;M6QAUIYWU_8,Q5'6CA[K`'$_XT:+7P(;4M<[T% M42>25HQGV2>FA32T+%+MV98%#EY)`\^6N$%K87^=0>%XI#E="B^R[7PLL+)@ M*Z^6&HR3:(B%YDA/^>&\CX@$^"%A=)N81.\7Q->8?*N/-(L60$'EHX((RQ4> M0:DH%!J_S9H?+2-Q&R_J7])N@_N+L?1?,9I34T(A!^1<L&L4FC%\@SE/F'Q%L*!^LP6GM^A\ M:O%_^FZA[[8.=W\Y_*?`?A'8;P7VM[>XQ9P7S.Z/)FQSIAILFZZ.(Q4.QD]' MNE;7VWGB:28?\++H10O?A6VE<>2"/DPVC:%!]!#:9W?WE'3A_:R)@L;'\"'$ M=KI24^*Q7Q[(^DK+WU!+`P04````"`!<@FE'SE5,[J(!``"Q`P``&0```'AL M+W=O:@4Y:%]9NVQC0*,"WB=_GT!7V*U6_7%S(S/.7-@H!C1O-L.P)$/);4]TLZY M_L"8K3I0W-YA#]K_:=`H[GQJ6F9[`[R.)"59EB3W3'&A:5G$VJLI"QR<%!I> M#;MS\.H/$\4A3NA3>1-NY4&!EP59>+11H*U`3`\V1GM+#.0^("/@N8+2; MF`3O%\3WD+S41YH$"R"AD\^]G320T+H0//C;3E9H2A_WR0-976OX&4$L#!!0````( M`%R":4>I'JE#H@$``+$#```9````>&PO=V]R:W-H965T)W^?0%?8J5; M]<7,C,\Y)XI"E="B^B[5PHL+)@ M*Z\6"K05J(F!YDA/Z>&&5BHYIW:&/Q%*K7,DOW!;L&H1F3;3#G"9.N".;5;[;(Z"UZ M-K7X/WVWT'=;A[N_'/Y3(%\$\JU`?GN+6\QYP3Q\:L(V9ZK`M/'J6%+AH-UT MI&MUO9VG+,[D`UX6/6_A!S>MT)9&ULA5/!;MP@$/T5Q`<$F]VDZVRC`N(#7Z=\7\-JQDHUZ,3/C]]X\&"A&M"^N`_#D52OC]K3S MOM\QYJH.M'`WV(,)?QJT6OB0VI:YWH*H$TDKQK/LCFDA#2V+5'NR98]+` MDR5NT%K8OT=0..YI3N?"LVP['PNL+-C"JZ4&XR0:8J'9TT.^.VXC(@%^21C= M*B;1^PGQ)28_ZCW-H@504/FH(,)RA@=0*@J%QG\NFF\M(W$=S^K?TVZ#^Y-P M\(#JMZQ]%\QFE-30B$'Y9QP?X;*%VRA8H7+I2ZK!>=0SA1(M7J=5FK2.TQ\^ MTZX3^(7`%\)]EHQ/C9+-;\*+LK`X$M>+.+M\%^`VB@1EXI):<.A2\1"KYY+G M]P4[1Z$+AJ\PQPF3+P@6U*^VX/0:G4\M_D_?S/3-VN'F@\-/!;:SP'8ML+V^ MQ37F.&.^OFO"5F>JP;;IZCA2X6#\=*1+=;F=!YYF\@8OBUZT\%/85AI'3NC# M9-,8&D0/H7UV:?D/4$L#!!0````( M`%R":4?;"&`QH0$``+$#```9````>&PO=V]R:W-H965T6C&-&^N`[`DS>MC#O2SOO^P)BK.M#"W6$/)OQIT&KA0VI;YGH+ MHDXDK1C/LD],"VEH6:3:DRT+'+R2!IXL<8/6POX^@\+Q2'=T*3S+MO.QP,J" MK;Q::C!.HB$6FB,][0[G/"(2X*>$T6UB$KU?$%]B\KT^TBQ:``65CPHB+%=X M`*6B4&C\.FN^MXS$;;RH/Z9I@_N+L?1?,9I34T(A!^6<%$6%D?B M>A'/;G<(2#K*RW_`%!+`P04````"`!<@FE':)B=U:$!``"Q`P``&0```'AL M+W=O=] M?V#,51UHX>ZP!Q/^-&BU\"&U+7.]!5$GDE:,9]DGIH4TM"Q2[20-/ MEKA!:V%_GT'A>*0[NA2>9=OY6&!EP59>+348)]$0"\V1GG:'\SXB$N"GA-%M M8A*]7Q!?8O*]/M(L6@`%E8\*(BQ7>`"EHE!H_#IKOK>,Q&V\J#^FW0;W%^'@ M`=4O6?LNF,THJ:$1@_+/.'Z#>0OW4;!"Y=*75(/SJ!<*)5J\3:LT:1VG/WDV MTVX3^$S@*^%+(K"I4;+Y57A1%A9'XGH19[<[!+B-(D&9N*06'+I4/,7JM>2< M%^P:A68,WV#.$V:W(EA0O]F"TUMT/K7X/SU?Z/G68?Z7PW\*[!>!_59@?WN+ M6\QYP>0?FK#-F6JP;;HZCE0X&#\=Z5I=;^>)IYF\P\NB%RW\$+:5QI$+^C#9 M-(8&T4-HG]W=4]*%][,F"AH?P\\AMM.5FA*/_?)`UE=:_@%02P,$%`````@` M7()I1P+"4O*A`0``L0,``!D```!X;"]W;W)K&UL MA5/;CML@$/T5Q`182K:JVH=*JWUHGXD]MM$"XP*.MW]?P)>UVE1] M,3/C<\X<&"A&M*^N`_#D32OC3K3SOC\RYJH.M'`/V(,)?QJT6OB0VI:YWH*H M$TDKQK/L`]-"&EH6J?9LRP('KZ2!9TO6C@@C+#9Y` MJ2@4&O^<-=];1N(V7M0_I]T&]U?AX`G5#UG[+IC-**FA$8/R+SA^@7D+ARA8 MH7+I2ZK!>=0+A1(MWJ95FK2.\Y_'F7:?P&<"7PF/63(^-4HV/PDORL+B2%PO MXNQVQP"W420H$Y?4@D.7BN=8O968RX39K0@6U.^VX/0>G4\M M_D_?+_3]UN'^+X?_%,@7@7PKD-_?XA9S63"'/YJPS9EJL&VZ.HY4.!@_'>E: M76_GF:>9O,/+HAWL/8RZ@$``*H%```9````>&PO M=V]R:W-H965TU% MI=5>M-<.#`>MC:GMA.W;US8VRU8H]":VAW_^;QQK)ANX>),-@$+OC';R%#1* M]4>,9=$`(_*)]]#I+Q47C"A]%#66O0!2VB1&<12&.\Q(VP5Y9F,O(L_X3=&V M@Q>!Y(TQ(OY<@/+A%&P"'WAMZT:9`,XS/.65+8-.MKQ#`JI3<-X<+ZE16,'/ M%@8YVR-3^Y7S-W/X7IZ"T)0`%`IE'(A>[O`,E!HC#?[M/#^0)G&^]^Y?[6UU M]5LUN'I(N0U!D\>GBO^??A\:R9&(C:S@R)"G[K MU-A+4W0:2^?(-N.'/,]Z4L,/(NJVD^C*E6YIVW\5YPHT/GS:!JC1@W,Z4*B4 MV>[U7HRS9#PHWOO).(WG_"]02P,$%`````@`7()I1V?+(/>B`0``L0,``!D` M``!X;"]W;W)K&ULA5/;;J,P$/T5RQ]0$T*Z;420 MDJZJ[L-*51]VGQT8P*K-4-N$[M_7%Z!L%:DO>&8XEQE?\A'UJVD!+'E7LC,' MVEK;[QDS90N*FQOLH7-_:M2*6Y?JAIE>`Z\"24F6)LDM4UQTM,A#[5D7.0Y6 MB@Z>-3ES_.X'$\4`W="Z\B*:UOL"*G"V\2BCHC,".:*@/]+C9GS*/"(`_ M`D:SBHGO_8SXZI-?U8$FO@604%JOP-UR@0>0T@LYX[=)\]/2$]?QK/X8IG7= MG[F!!Y1_165;UVQ"204U'Z1]P?$)IA%V7K!$:<*7E(.QJ&8*)8J_QU5T81WC MG[MDHETGI!,A_4)@T2BT^9-;7N0:1V)Z[L]NLW=P[46<,C%!S75H0O'HJY)'WO('?7#>B M,^2,UIUL.(8:T8*S3VYVE+3N_2R)A-KZ\(>+=;Q2,;'8SP]D>:7%!U!+`P04 M````"`!<@FE'"*W@VR/92,O-Q!*&'/=[@.?'"F]:% M!"ERLO`J+D%9KA4R4._Q8;,[9@$1`7\X#':U1Z'VD]:O(?A5[7$22@`!I0L* MS"]GN`N%>]/`$ M4PNQPE(+&[^H[*W3;(.*5D8UJOD(;DX>0/18XXC9+`CBU2]:4'R) M3D>+Z_3M3-^N*]R.[C_OK@NDLT"Z%DBG%K?_MKC&'&=,>MTDNVB230+9?TQF MS.TW$[(:G`33Q/MI4:E[Y<:Y+=GE"1QH'/P7O,@[UL!O9AJN+#IIYZ]/G'6M MM0-OG]QD&+7^D2Z!@-J%[9W?F_'>CH'3W?P*EU]!\0E02P,$%`````@`7()I M1[/VIG6V`0``5P0``!D```!X;"]W;W)K&ULC51= M;Z0@%/TKA!]0'#M.VXEC,M/-9O=ADZ8/[3.C5R7EPP4<>X&(^*/UF6@"+W@67YH!;:[L](:9L05!SHSJ0;J566E#K0MT0TVF@52`) M3M(DV1%!F<1%'G)/NLA5;SF3\*21Z86@^M\)N!H.>(.GQ#-K6NL3I,C)S*N8 M`&F8DDA#?<#'S?ZT\X@`>&$PF,4<>>]GI=Y\\+LZX,1;``ZE]0K4#1=X!,Z] MD"O\-VI^EO3$Y7Q2_QEVZ]R?J8%'Q5]995MG-L&H@IKVW#ZKX1?$+61>L%3< MA"\J>V.5F"@8"?H^CDR&<1A7[I-(6R>DD9!^(9"Q4+#Y@UI:Y%H-R'34W]UF M[^#:BSAE9(*:(U>CJ6N$Z_ MG>C;I)%LMDD6!;YS2;E5@]PV7$9-] M/4NRN'D!N@D-;E"I>FG'BY^S\QLZIJ%S/N%%WM$&_E#=,&G065G7?Z%9:J4L MN/+)3891ZU[Y''"HK9_>N;D>&W\,K.JF9SS_2XH/4$L#!!0````(`%R":4>4 M5%:MHP$``+$#```9````>&PO=V]R:W-H965T&,"*S5#;+.G?UQ<@)%HI+_;,^)PS M,QZ[F%"_F@[`DCW.DG;7#@3%3=:"XN<,!>G?2H%;<.E>WS`P:>!U(2K(L M2;XQQ45/RR+$GG59X&BEZ.%9$S,JQ?6_,TBU!]#MZ[Z"S?P@/*/J&WGBDTHJ:'AH[0O.#W!W,+>"U8H35A) M-1J+:J%0HOA;W$4?]BF>W"?RV0+P+Y5B"?6\P_MKC%G!?,_E,2MKE3!;H-3\>0"L?>QBM=H^OK M/&5A)N_PLAAX"[^X;D5OR`6MFVP80X-HP:5/[O:4=.[_K(Z$QGKSN[-U?%+1 ML3@L'V3]I>5_4$L#!!0````(`%R":4=&@GXGL`$``!8$```9````>&PO=V]R M:W-H965TWQ8[8YI0$3`'PZ]7>Q1J/VD M]5L(GLL]3D()(*!P08'YY0SW($00\L;OH^:G92`N]Y/Z8^S65W]B%NZU^,M+ MU_AB$XQ*J%@GW*ONGV!L(598:&'C%Q6==5I.%(PD^QA6KN+:#R=WR4B[3*`C M@7XCD,$HEOG`',LSHWMD6Q9FM]IYN`DB7AG9J.8KM#%Y"-ES3M-M1LY!:,30 M!>8X8%8S@GCUBQ847Z+3P>(Z?3W1U\L*UP.=)M<%-I/`9BFP&5N\_=KB$G.< M,'?73=*+)NDH\.L'DQ&S_=X)60Q.@JGC_;2HT)URP]SF[/P$#C0._A.>9RVK MX3H7SKR#_ M#U!+`P04````"`!<@FE'=*Z+X,T!``!K!0``&0```'AL+W=OMV@>UUMT.8W6J@5-U)SIHS4XE M)*?:+.49JTX"+1V),TS",,6<-FU0Y*[V+(M<7#1K6GB62%TXI_+/`9CH]T$4 MC(67YEQK6\!%CB=>V7!H52-:)*':!P_1[A"%%N(0KPWT:C9'-OQ1B'>[^%7N M@]!F``8G;26H&:[P"(Q9)>/\X46_/2UQ/A_5GUR[)OZ1*G@4[*TI=6W2A@$J MH:(7IE]$_Q-\#XD5/`FFW!>=+DH+/E("Q.GG,#:M&_MA)\D\;9E`/(%,!.(( M>#!R,7]038M8_)@,FOJ&19-$C\1[)ND"Z>)3I[4>9+2;(;CC*`9.M6]PO6MQ[BW1=8+O8 MY/;V)J-P,8(KK[7I0?_^"SR[1QT]PV\JSTVKT%%HR:V_%$#R`,XGOWW"ZA%B$<(;0ZQD9]N]=L2O+;6 M=UG_:,Y"M-ZOLJB:E]6Y;:_/OM_LSZ+,FR=Y%57WR5'69=YVE_7);ZZUR`]# M4%GX)`@BO\POU6JS'L:^U9NUO+7%I1+?:J^YE65>_[L5A;R_K&"E![Y?3N>V M'_`W:W^,.UQ*434767FU.+ZL7N$Y(ZQ'!N+OB[@WD_=>7_R;E#_ZBS\/+ZN@ MKT$48M_V*?+NY5WL1%'TF;J9?V+2CSG[P.E[G?WK(+KU4P^M=?1('&&8. M(!A`QH!Q'G,`Q0#Z$1!:`T(,"%UG8!C`'F;PE?:AYIMU+>]><\W[_03/ M'5[W2;K,7C-DZYK6#(.O_>C[AD1\[;_WB9`A$V:K&`[S2*J0#\+O"C!605:F M&8BJ8GZ"G2*X!4D7DV2_)9DMD^HRZ;195*E,V'*"4"<(IPE"[';\N4@V,)7J MA6(@Z/_FL9T;EKIAF1&;%<>,XAB*2RSBD%D2YX:E;EAFQ&;%149QD5<\-2-RPS8K/BN'%?AN(TEDVX16BIA=2I MA=2MA11;F"0.VLS6"^B]W/)HV2(46!Y1.L]OPCX]HY8398@XBAHM]].#&]#: M)DLQG\)L;*"=S6;;"$$40&@W-TVRB"WXVTC&";%;W$BR('9R.3#;'*#/Q2XI MS$8'Z%"QY6FV!>T]"U\$'+G4D`D#?Z/-&*\C0F:8>SP,XR8C8[0Y2^LR%`>6Z@=4B0BEF=] MBA0P2J)Y+--8P(C+IC8;'=&^8KF!D''YJD#,/_8(PU(M+KA%:*F%S*F%S*V% MNBY&'\7YD_.14M2GX62J\?;R5K7J%_\X.IY^O9+^?.5A?`O/.S",I_"=4'=N.IX>8_4$L#!!0````(`%R":4=U2`EHZ`@``#U````9````>&PO M=V]R:W-H965TZ9)'*>' MSG1Z:,]*3,>:2J(K*7'[[TN)"U:T=A>K2VS1#X"7$/!B"2QS\]IM_]H]M^U^ M]L]ZM=G=7CWO]R_OYO/=U^=VO=C]U+VTF_XO3]UVO=CW'[??YKN7;;MX/!9: MK^:F:<)\O5ANKNYNCM=^V][==-_WJ^6F_6T[VWU?KQ?;?]^WJ^[U]@JNRH7? ME]^>]X<+\[N;^5CN<;EN-[MEMYEMVZ?;JY_AW6>P]L`ONY/?90?V7 MKOOK\.&7Q]NKYB"B7;5?]X/^^=>;G,U>VR?%M]7^]^[U\\MWH0_5/BU6^V._\Z^?M_M MNW4I[E\5AC,.['M\>*NEK MGNV.M?7?X^YX\>?#U1]W)H6;^8]#1.:^,)EG/B&3 M&YYY*`SPS.?S>N9]OY&=9TKGV=/.,\<*(,=Z!;94X$XKL*C`3%7&([,9[F1@ MP(04FD8AU9$M.6S)\BW=#TQN3ILYHSX-5+)GE#]5/5`.HEC99Y0%H+HU3]Z: M'SK(!D'.P$0X5SV1,V"VT?5T(.4$[&DGR!F8<%"C:2B2#47\NH1V$`FZ9A(Y MR!/>CZ]7D$F=>:@@\CKO$?%O>O[\AAB0500-*>EX^7!3PIBY1\@;VYR/XHDJ MCN1E`2VK.)+45P4"_J8$/M*: MBA`TT&39DCF2ET6[A8F*-16AV%16+YKC)='&8DI():VH"('+E4B;`7E1=)1F MLF)%1>@Z&5,118/\XQ%M?K91K*>6,3_B4>I2F[2T35JT29"ZP)9@3M$,;9#6 M8#/2@CI"B@75,D^AZ&E@%570GF;=!8_"M*=9#%+`"1X]0E[JDG.(%T.;F<4P M!8(DID!1$G,.\6)H"[.1?L*=CNT!"D'G`I:V)HLQ#R1%%73,8R^(>1P][1T3 M\TQW&`;(.:49.WHN.TW(@Y`)3MD6/:&=)N)!R.F,T]%3VFD"G@*!%/`0$"^& M-@=W0<#C:'-PBH`'F>'14NI@DN,5T0[A-.$.0C;4UDL&Y$713N$TP0Y"0,2% M4TTDQTNB'<5I@AV$#*)-,=+HK>90_$?:4U%*-="#YKC M)=%^%KQB^P"A:YM-9?>'(WE9S&$<8VE3607RM;T6CN1ET:86BJEI9C!M:N$" M4PNTJ85B1<)#[OMP@5]%.KB)@U^]/:D\]9#WA5$>54;:UB(ZD5%T2J3/].,% MA_J1=HS('.M/CV8'2'\&3%M!+%8@'3<7*%C=Z5:DYWC$?14CV,Y#@4+0[=A' M>N)&?"!Z.W$G8[-`5M,.N7N9:*G M8RKA@Q4:0^A-`@??%/U,DLH>J,+G$AT5)%,/E`OC^VD@&SA'\JKH*9[*%)=B M%82\,>D\@IK*8DA>%NT&J;B!V%MCTDVMLVB0%T7;1BJA@12MI---&5$4#?*B M:'])9?M&"@P0NO;65G8F.)*71=M1BHIX!2$Z@6`JBR%Y6?0F3L)M8:MX"$OT MMG"Z8%LXT\:5-<:%D->-CDS[5K[`MS+M6UGA6\A`)4(G,5X/[5A9XU@(024Z M)S%>$.U5V2EF($+7MC+0:8Z71#M5QMC%*@["D$OJBK`+]Q&A MX$$YT.F)GM*>&&W%>X M95H316"")"8QKBG!AIA"V13KJ&FB.$$4DT77:$*-0E4W^QE0D,4DW37%D533 MA4F[:R[Q)"Y'&%2>A!2$J`PY@$W^5;D24D[I2L"X$ESB2EP2+FA<"2$(3A7KK#90R!A6DT5M)@#G']B1; M2$CYIT^8H"04JPR422:&,9M8--"23IP;[9TS^<1@RO&UE,I3J'X().4@8)** MP91'*BF=IU!)Z6F&\33,&I8S>D;*2BEI%"4(\LP0*4ZF64&8G&$H2 MB='/H8(TQDG'I&*Y)S"&U#3$O<95L@O%=X8*=78&.3]YY?EE\:W]=;']MMSL M9E^Z_;Y;WQY>=7[JNGW;U]+\U(M_;A>/XX=5^[0__!K[W[?#R^W#AWWWZ:N0\/"AUO(TB MN3GPNI`WXL@;_68GVKI0^K'=1_+8\F+;!=55A.,XC>JB;,+%K!M[:AB?,\1&$_\%SN#\H,1(M9=(G;EC5O9"F:H.6[>7B';M>8 M&4B'^%GRLQSS>,K7E6&22O_!M(/31,X MO._9'[MR=?HOA>0K4?TJM^J@LXW#8,MWQ:E2S^+\C4,-U!!N1"6[WV!SDDK4 M?4@8U,6[O99-=SW;-UD,8>X`#`'X$H#19`"!`/(1D$\&)!"0^"I0"*"^`2D$ MI+X!#`+8/P&1G=WNO[DO5+&8M>(8)8])A_'K`"3Q..8^QZ#QC$/%H/S"9Y'P&03^:R_\D1Z3IP3 M@_N)(<.)P1T!RO/K!*0G2(8$Q!*DY'.6K,,TMI(>$V,:Q_$X<&V!%#$VQ(UF ME#@S2F#^\;C0@\6@."=?$J+#A-RXT82H,R':D>3YA(Z%(#^5U*F20MGD.@%S MM@+S;X7,F4%VO166F;L51I5RIU(.M2;C4[JT&$IR["6$8J=2-VRDZ(04@!AA MJ9\6(!`!JW%B9;\'4(J83SW8[42,KB_9@/%_ZC:/=E(X,7H?1!NCOU[H107!/% M-WK"#_HC[?)0\9TRMTS?M_:SQ3XH<>R_PBZ?@HN_4$L#!!0````(`%R":4=? M6>.+U@8``.@M```9````>&PO=V]R:W-H965T MM#^KIU7]4A7Y0U_HL%\)QLSJD.^.R\VZ?_:MVJS+UV:_.Q;?JD7]>CCDU7]7 MQ;Y\NUSRI7_P???TW'0/5IOU:BSWL#L4QWI7'A=5\7BY_,HO,IMT2$_\V!5O M]?\S[+\U?W('BZ7K/.AV!?W36%_NZ_[OXOZU M;LJ#+[)<'/(_P^?NV'^^#?])&!3#"P@H(,8"@D<+2"@@WPOH:`$%!12U@(8" MFNJ2@0*&6L!"`4MU*8$"";6&%`JD'PJLAO[K>_\F;_+-NBK?%O5+WHT)?M'B M56>DM;RH>VMMQ]?]PZ_=T]\;P?AZ];LS!(PX8:X&1FH39K8#8R-FW(!$B,Q7 M9$=FU0:"1B.6F*=BB"9)PY5<"Z@D"3,WGHG8V1+JN@4F99%F@;I,A+DCV,F\ M'3[?>-(WGCQ]%>10B4CG#2AO0)T:4."!F'II>^8X]!`P0AO&&6-A+ M^F[!=QWQ?6"XM,S&?:>"C@IF`(J$:U*0"1ID`D&:2)`)M8.HH`N`0=]3U/<4 MQ"OB^H!PSI*XYT3.$;D,.#/MQ&!\G*$!]H_;86PC$7I&2V;B,9))%R+#_G/< M_R'/J5@/`<.U4'+&?RKIR&3F2:$TIT4J\$A]4HIV%60W9F?>1BKHJ&`&(#C<)V1"1N=X6N20%_F'G'X*W7C($.98',],/"&( M'Z2O#SD0>=6(H*."V0@R6OKE>`[CD,1LU*D!LBE+9YP:P(09VJQ/X'E','"* M1]H>H$2H>-,3.4?D,N"TH`UP@:2:PTS-&P##!%FQD)/!\) M,9]Y@>%=1='P:)PCX\00\20D M(`E9&7;=`23LC%X!QXFC!L]``C*05003>`829V0@@6<@`^4A:\/0E@(Y!`I[C"NK],I*F*5(@;:;%&>T M&RX/4E+:S6M(&FLW`N00*.PQ/MJE'^T4$_AVC3QCOT;B&S;2$,860)I0"SZ" MI?63IXAX`\33?D80DV\RZ4)D.`!<'.0X3228P,5!#N)`VX;$Q4'!:/VX$3E) M\P"I+C]$\SP5=`$P[#U'&T!Q^MNJ\&F.$OA[-&T`@/AL`T3`Z3XL#H:]QS5* M@6@DT>X;H(0VH5>!#6O0EB2V<`>(3R?@X:KP*8("#4IB6[X>HBV=%"Y5"J0J MB4UR1XC84[A>*:]7)I(#1HB0.Q4N*PID15!<>L4$)D)*SJU\RZ4)D.`#\ M=$O[J0A!5C4N%]JO*6)-,#"I-C.[?%30!<"P\[@`:2]`E`&`KU'T&6L4C2N& M]AM@,1D$B-"&1-`%P+#WN`YIRK$00`3OB:`+@&'O\3TU#%!''&X`X11P-/F,Q7EMBX@@0-_TN2?1` METJZ$!D.0.']JN@CV^#Z8D!?/MY1F$8V0O&P,"SL4.",'=0JY;$7#<[$DW0F M#0'XEY;Q(Z4[`"E^XQ)I0")CTS=@Y@]PJ:"+@9,K%!ZDGN$:7$H-2&DJ"";P M*9TY8QO)XE,ZZU>*L70$D-%BIK&IH`N`8>]Q*;5^I1A+1Y93O2>"+@"&OX,ID@57)U<]#T7UU%\4KA?WY>NQ&6[GC4_'R\A?17=5],/S M*WYQPY'G6WYQBSUW_.)NN'+Z7NUF_9(_%7_GU=/N6"]^EDU3'OI;IH]EV11M M*.Q+^PH]%_G#^&-?/#;=U_9M6E3#1>3A1U.^^'O5X^7NS?]02P,$%`````@` M7()I1UK>8ZGM`@``QPP``!D```!X;"]W;W)K&UL ME9??20U/4Y#&)J! MMVJ[XW(@FDVBDVY=-:1E%6V#CFRFX0.\7R(@D9[X59$C&]P'LO@/2C_EPX_U M-`2R!E*3%9EP2/8=4!ES1FO6?P>K`.&V,)`P:_*VN5=M?C^J;`FB978"T M`)T$"#H%L1;$OH)$"Y*SH'0*4BU(?3-D6I"=!''L%.1:D/MF*+2@N,H0J>7H M%W.!.9Y-.GH,V![++0[O!=[)(")RP/IH8AU9/_@@1[]F<9E-HB\92#-HP#PJ M!A7Y.#,W<1S,PC#%./.D));7 MQ&B9J;7,M)>75U7FPRH5$BU(8C!,G]JRC0>C$7E*S\X'/1LJL&RE3 M&PF5MP/D5G-RO8:Q8X44`U%69%ZE%M9,A9JN(]%"(1"B//['NHN*7.#0XZ4" MDQ+XF5Q:*R^U1QZG%0+K,O7#GNL$H;4(J)L7NFI>R47#U5#L,5>(['F0?4<, M;7W44";=]_$5VKL8-&W,HP7!Q.YL\A_.VOL#3&\[.S>0E[.9/4]VV]FY@>+4 MUUK[N8;F8&>N9`I"&?1-9C_:4!\SD+L<-%#AD<=^$&%I[2$7K5PS10$*=P\9 M`<=_R8&U)@3TM$K'+\()LM@<#=Z^]GA+?N)N6[4L^*!&ULC57+;J,P M%/T5BP\H8)X3$:0\&K6+D:HN9M9.X@14C*GMA,[?CU\06@%)%K%].>?<V-Y1B^B*FO\Q@"_$(+8OS6N:+MT?*<+O)?G0JB`FV=NSSN6 M!->\I#5@^+1T5OYBERJ$!OPI<:>^T]5*]WO$\896?\NC**19SP%'?$*72KS3]@7;$B(E M>*`5U__@<.&"DH[B`(*^S%C6>FS-D]2SM'$"M`38$_H\XX3`$H(;(9PEA)80 M/DJ(+"%ZU%)L"?$/@FLV2V_U%@F49XRV@#=(O7_^0L*9$I'*@&LUNLU#W\O+;NG8$%VL]]._&HG=C: M2>\+)*,"R?US7"?V@-+X(:?I:*+T_@$]&XR?C+P([J`[$,S.NI%S<*"76IA/ MKH_V=\4*JN[R([[V%UO3\F\R>=:@,_Z-V+FL.=A3(7N7;C0G2@66SKPGV>0* M>2*-0JF`$` M`*L#```9````>&PO=V]R:W-H965T#3('J5DYM\-"#UL<8ZGPA,_="X42%62F==P"0/#1;G`4+(&#O@@+SRPEJ$"((^8-?1\W_1P;B M,I[4[V*WWOV.6:BU^,L;UWFS&48-M.PHW),>[F%L81T$]UK8^$7[HW5:3A2, M)'M+*U=Q'=+.FHZTKPET)-"9D*]^)!0CH?A$(,E9[.N6.5:51@_(]BP\=K[Q M)^MU@Z\0G:VQJCSDS,G`EH7P@L?F_0SI<3I?AJ->3ZK=U!+`P04```` M"`!<@FE'_4\$X;X"``"+"P``&0```'AL+W=O[#2E4?=I_=Q$E0`:>VDW3_?GV#T,HE M;AX"..&`GVJE?]HRW1*I' M?DC$B5.R,Z2V26":YDE+ZBZN2K/VQ*N2G653=_2)1^+W)NY#.[_J0NATP+;EDCS'>T/0O)VIX21RUYM]>Z,]>K_666.IJ?`!T! M#@203Q*0(Z`;`4\2L"/@3X3$IF(V8D,DJ4K.KI$X$5T>X%'!N191RI$P:FH/ MA%E"R`;9#H8XR%@70V4PM!69&EZO,U<&.!`,&/P"\CRKP1 M96[;T'V!W+LG>?B>%-X("AV,VRSGX6(`&\E0!`>"D`Z(^B[^+Y1.$[ MD-W"H)21WPRY\YHXAY4#H6`O?^.#OO/!1`$.(!C@XV]GX/H9316A`V6YKID` MJ]QOE3LK'"!1^"NF^$;%^!L;N*Y%V=3&]J`\P,??VZ!O[H!_!YAZLX5I>+80 M>*.`[E6+9A/9#J!Y@(^_#Z'K0QP2JO]=";_QLH3^IH$X)%L'PI]GBV0TRK24 M'\Q,**(M.W?23C+#ZC!W+J$9A6[PJCR1`_U-^*'N1/3"I!JHS/2S9TQ2Y9\^ MJ'_CHYJ,AX>&[J6^+=0]M[.B?9#LU(^^P_Q=_0=02P,$%`````@`7()I1W<# M".HD`P``A0T``!D```!X;"]W;W)K&ULE5?1DIHP M%/T5A@\H)"&@CCJSBIWVH3,[^]`^LQJ562"6Q'7[]TW(1=$-@7T1B.>>>\Z= MY":97WC])HZ,2>^C+"JQ\(]2GF9!(+9'5F;B&S^Q2OVSYW692?59'P)QJEFV M:X+*(L!A&`=EEE?^I M!X+E/+C&[?*252+GE5>S_<)_0K,-QAK2('[G["(Z[YX6_\KYF_[XN5OXH=;` M"K:5FB)3CW>V9D6AF53FOT!ZRZD#N^\M^_?&KI+_F@FVYL6??">/2FWH>SNV MS\Z%?.&7'PP\4$VXY85H?KWM64A>MB&^5V8?YIE7S?-B_HE#"+,'8`C`UX!K M'GL`@0!R"XB<`1$$1&,S4`B@#QD"X[VI7)K);#FO^<43ITS/)S13\%J3*&9/ M-&RJ:*(9?-*C[\LHPO/@71,!!GPJR::%C2L)0G9!;?N:CJ#`UJH@_(6RV-L"(F/*8D!8 M&W:5!6!TU"I"D5T0]!DZAH+:RT*_4!;[8D:P!BER+"``440^M9>[%=22A:$3 MEX[DV]CY^BW:6P2"'D&QRZ(!(?RY@]Y;-+A)/.`0F@FA`PXA[3U?OT-[UT'0 M=NB(/0_9^P[Z0N/!]L:#H?'0J'\'6@$HCIP;U1I@:&`B`8SBB7O?`QQ!HZJ, M[7T,0Q^CCGT]!1`:FPK;4T&_HP][;!>4`HB0QSQ!YXQ9LOK0G.Z%M^7G2II3 MTW7T>H-X:BX0#^,K-%LCRWBJ;ASF?G"C7\Y/V8']RNI#7@GOE4MU,FZ.L7O. M)5-ZPV_*\E'=B:X?!=M+_9KH6IA;@OF0_-1>>JXWK^5_4$L#!!0````(`%R" M:4>LE$92S`$``)P$```9````>&PO=V]R:W-H965T1+4QW1IC?:A!,#V3';3V32658,8NU1'K3@$K MO4APG!"RP((U;53DOO:BBER>#&]:>%%(GX1@ZN\C<-EOHC@:"Z_-L3:N@(L< M7W1E(Z#5C6R1@FH3/<3K'76$!WXUT.O)'+GL>RG?W.)'N8F(BP`<#L8Y,#N< M80N<.R/;^,_@^='2":?ST?W)[]:FWS,-6\E_-Z6I;5@2H1(J=N+F5?;/,&QA M[@P/DFO_1(>3-E*,D@@)]A[&IO5C']XLR2"[+4@&07(1Q/2N(!T$Z?\*Z""@ MGP0X;,5_B!TSK,B5[)'NF#L=\=KBRIE89Z2]F_T&VA8?F^0C@9T:I`.VUA=AUQZ MI@U;#0R9I:OON]";76CHLB#77;)IE\`L:+8@Y`ZW#5R\2K+L+K@;P"Q;73F& MZ'AR+CIVA)],'9M6H[TT]HCY\U!):<`:D=D\0K6]*BX+#I5QT\S.5?A[PL+( M;KP++A=2\0]02P,$%`````@`7()I1T)UN'\``@``]P4``!D```!X;"]W;W)K M&ULC93-;N(P%(5?Q1%` M'AG#XM^:4#ZL@B@8%U[;0Z/,`BP+>/;M6T8ZV?(."%*O@L=H6>5&806_6S+( MR1@8]BWG;V;RO%\%H4$@E.R42<#Z<2(;0JD)TH7_^LR/DL8X'8_I/VVWFGZ+ M)=EP^J?=JT;#A@'8DQH?J7KEPQ/Q+:0F<,>IM-]@=Y2*L]$2`(;?W;/M['-P M;Q:AM\T;8F^(SX8HN6E`WH#N-23>D'PR0->*W8@**UP6@@]`]MC\.Z*EE@L3 MHI.!M&EZ#Z1=?#2KIS+)H@*>3)#7Q!/->M3$US6;48.N:RJG^4B!FG(6-1Y1 MT10U=O8H^SX`C0')-`!YQN22,;>:SO7A-&B!LE!_OJ^4S%9*?*7TLE(ZJ;1V M&H2B$%U754X5H?0NFG26)O4TV?6^UTZ3QVD\J?-%5CD9"B.4W,.3S?)DGB>_ MP>,T.?I,<[$YF:>YBR6?9OQ@?S"XM!V$FRYTJ?7 M'K6:&UL ME9A+_"L5]#'H`PN6X*C9L[1ZV:FH..V=BRX\:'EX@\>RW7T`M&\>- M4'*(C?SKOUHMJ=5H=:WJ7\U)RM;Y7>1E\^*>VO:R]+QF=Y)%UBRJBRR[7PY5 M761M]U@?O>92RVP_&!6Y1WT_](KL7+KKU=#VO5ZOJO^TT[T61U?]M M9%Y=7USBZH8?Y^.I[1N\]W/A2R;*W4]_PNB]SY[P_%WK?[',-S. M_;>LD=LJ_WG>MZ?.6]]U]O*0O>?MC^KZIX0Q!+W@KLJ;X;^S>V_:JM`FKE-D MO]7GN1P^K^H7X8,9;D#!@-X,;OW@!@P,V-V`&PTX&/";`37W$(!!\*D'3XU] MB%R2M=EZ55=7I[ED_7HBRPZO>Y%.V6D&M2YHS=#XVK=^K'D8K[R/7@@8.F(V MBHG(-)(HY$YXG0.H%]3%>J"#.9WN8*N(R(`DLR+ID\BDFTR[R<;!8BI8D3\O MP+4`'PMP$/@4RFA@2A4+Q03"[_ZFL2U(<6'$$H61B%,CEP+'P@>]R>$%Z/`" M&!XU#$\Q(2/$[#C.33H4H@Z%X!![[&C,))KA\YU$:"<1"`3S`@)=5@($PGF! M&/4@!H'H<9C!.)Z*(32.1XX^82E@1(C`(NK$1_T9FGN'Q&-/8NP00)0OPFDJ MU92_""PFB!#<'\AR46Q8<``Q$D?FK0(@Y=QN:1**SCI1V:C;P!82#!\7)"1! MIF=T`U#`1!S[T]SV+N9SPPI);IP?QZ:51&[9TB<66X/@&9-`GA/4Y!*W6]R: MLUW=>)8CD.8$,[FDH&\1B84AZJGFB$^8U6+"$QV!+":X:885]"TP.@10&-@< MC`TU20(0"V*[KO#\22%_QC8O=#XZ!TQ7JA:U M-\-S"M,YQ51]`V0Q5H97B^P+U2+#JT6F"S=3*06032_XOF>Z8#,=_0`QY"7W MT1N4FW8)WZL,]FK,+"3PO]DKG>RZ?X"(#I3L"0XIUSR1C=UA:R/ MPQUIX^RJ][)5=T^WUML]["OM;_H^M6_(I=?KR[94?Z=U<=S MV3AO5=M6Q7`9>*BJ5G8N=Z_8KG.2V?[VD,M#VW^-^K"INU;UT%87?75\N[]> M_P]02P,$%`````@`7()I1U)ILN/R`P``1Q0``!D```!X;"]W;W)K&ULE5C;=I\=$)<: MVV)M$V;_?FRKY9X=VO;T%(;- MYJ#*O/FB3ZKJOMGINLS;[K7>A\VI5OEV,"J+$*(H#LO\6,T6\V'L6[V8ZW-; M'"OUK0Z:C+\XS-[,#WX_[0]@/A8AZ.=MMCJ:KFJ*N@5KOGV0M[ M>A/00P;$/T=U::Z>@S[X=ZU_]"]_;Y]G41^#*M2F[2GR[N-#K511]$R=Y_^0 M]--G;WC];-G?AG2[\-_S1JUT\>]QVQZZ:*-9L%6[_%RTW_7E+X4YR)YPHXMF M^!]LSDVK2VLR"\K\I_D\5L/GQ7R31FA&&P`:P&@P^J$-.!KPT0"XTT"@@?CT M()P&$@VDKX<8#>+?/(2F6$.I7_,V7\QK?0F:4]XW('OJX'5/TC$'S<#65;D9 M!E_ZT8^%R,0\_.B)$`-7F*7!<-8P&83H;;9/AUW3DF$T\3"$L@K@D$$B2W428#IC+5 M$+;D,NK^[@/7!L@XW`+OAB3)G"2&E$X3Q&1.,1)DMZ'*ZYP,1G*?,!/22V(8 M7`5Y-1B(8Z]RI*2?%/TPAY\4"R^\_&2DGPS]@*-J&;9TXN.&1:2?8;AO>NY! MP<@.8-T`ASGRZ>,@BZC M0`KA02'I*"122%<9#8BSB1H:&&1^9:&USU#8D4]K)'19D@?*0FN66=$ZNFN- M($C\\LWH8*UL/59+H`4)T72P*PM*(NF>101RQOWF$1@=%,.@,@\*($L#X#^/ M0(L,N$=[(VBJO1'FV=Y`;]>`DF4^%/3V"O*!LM`B@]BCO1'DV=Y`:Q&2!]J; MUB)X:'%E0=/MG3[8WO1F"RA;QJ8I>$26AD?^YR1.BXRCR)ACSU\BB"=1ZA,L MO=URJT7'UKA$D.]QB=.:Y:A9QF]=78.6(\A#!)R6(K=2E*Z4QB.Q7TKT+LNM M9)EKGN1#AT!.2YNCM%GLRBI^+"OZ`,T3/`AZ,*2T!%+_E05NN"R]/Q$K!+%(RGCBIYE!IB+SFS-!KQC"KAC9 M?7&M+`BB^Z#U"/)85`2]J`A<5`!C_<6S7!1I^K MUEPPC*/CW=C+<#7VV_B*/;V:&ZY/FL7\E._5U[S>'ZLF>-=MJ\OA7F6G=:NZ MN*(O76\=5+X=7PJU:_O'I'NNS3V7>6GUR5[;C7>'BU]02P,$%`````@`7()I M1_'8L:0)`@``&08``!D```!X;"]W;W)K&ULC97= MCILP$(5?Q>(!UL9`2%8$*=FJ:B\JK?:BO7:224!K8VH[8?OV]0^PI*));K`] MG#G?&/!0=%*]ZPK`H`_!&[V.*F/:9XSUO@+!])-LH;%WCE()9NQ2G;!N%;"# M3Q(<4T(66+"ZBH!32ZE@U2<%Q'F_AY&Q,G\8J?-71Z,D>N^)V4[V[Q_;".B*L!..R-LV!V MN,`+<.Z<+/EW;_K)=(G3^>#^U6_7EK]C&EXD_U4?3&6K)1$ZP)&=N7F3W3?H M]Y`YP[WDVE_1_JR-%$-*A`3["&/=^+$+=Y:D3YM/H'T"'1.HY^``\F5^88:5 MA9(=TBUS+R]^MG+E3*PSTM[-5JA]<..BES*C:8$OSJC7T(EF&S3QJ,#6?19! MH[ETZM.3!;EOD`P&R;3&Q!M0^H!!.ABD4X.TWV1VOHY;7J*EF.VA6]R'+ M6<@R&"3D!F30//#YK68AJ]Z`WH`,FN0^)":S%!]V%ND-S"C*_N'@R=$5H$Z^ M0VFTE^?&A),[1L&ULC93-;IPP%(5?Q>(! M8F,@I",&*:&JVD6E*(MV[1DN`XJ-J>T9TK>O_Z"TF:3=8/OZG./ORD`U2_6L M>P"#7@0?]3[IC9EV&.MC#X+I&SG!:'9^DR5)X&DZ]<05<5WCUM8.`40]R1`JZ M?7*?[IK<*;S@VP"SWLR18S](^>P67]I]0AP"<#@:E\#L<($&.'=!]N`?,?/W MD=.Q)MUPTT&NAJ2/-W#5DT9'\9<"#S?7UDAM65DC/2$W.7 MG>ZL7+D0FXRT3[,M:5^\=]5+762W%;ZXH*BA&\U#T-"W%4U4%*L$6X"K%'2A MR+84-/@I^7=`M@3DVX`LME'^"5EZS1C:"!KRMJ()"EH2\A\@^560/(+]Q@FZ+,T^O`;"F\N>V`F^,G4:1HT.TMCWQE]R)Z4!FT-NB@3U]G-> M%QPZXZ:EG:OPAH>%D=/RO:X_C?H74$L#!!0````(`%R":4=L`DX_[`,``)T3 M```9````>&PO=V]R:W-H965TG<2159_D1=1MK\<9%5D3?M8'?WZ4HELWQL5 MN4^#(/*+[%S.5LM^[%NU6LIKDY]+\:WRZFM19-5_:Y'+V^N,S/3`]_/QU'0# M_FKI#W;[]9W.K1=Z\+_EW*G]W#W_O76=#% M('*Q:SH76?OQ(38BSSM/["LI[IE29 MA*X%Y>@4'*:@TPXB-,D('+!I!S$:00P.POLDXU&2:\4$9F(S2:23Q/:1,"8R M1Q.90R)\VD&"EC)1"XXZ1$`"-(1^N(LA,J^8-4`O[>I/@B`PDYN!Y+$53#48 M\B"PDEM-TCCB8]*<*<$S!3T*8UNF"GKA<3B1*(!A'#V!=XM(@R2A9")13;+[ MDI@3I>BB(-1]@Q&&UTH+T=SV"IFKD!!N;P0$CKM4!EAKY.("[P?I'S2$ M#%&PO`;1BV)3(SKN=^_6-5K9+U M(O_[.KLLUHO5O_WNY/3T=\F7^6Q1_=OOIJO5\H?OOZ]&TVR>5KUBF2W@FTE1 MSM,5_%K>?U\MRRP=5],L6\UGWP^.CDZ_GZ?YXG=_^F.5_^F/JS^]*D;K>;98 M)>EBG%PM5OGJ*;E>\`AYL4@.DVJ:EEGUQ^]7?_KC]_@.OW>>O"T6JVD%[XRS M.@E1X/XEQO64W]?5JDSAO7?I/*L_ M]?[=5?+F^N75AX]_2VX^O+^!'ZZO;I/K=Y<-XUW""LIT!C./LR_)G[.GQF5^ M?%H&T_6/#O_2^,)-5N8%;FV%U/LO*Y!)FOB_*X%`O1J,,OH=OQ_QDTSJ*^1Q`\W95C#YWDUN"S^3] M>E6M`&A@68UGKX_@-7P8++/^I%Q6]-F_#(.3?O_N]OV;ZU<7'Z]>)2\OWER\ MN[Q*;G^ZNOIX"WCTZ?95LK]W$$R9C>#"^X0-Q_4O/V2PB`SVM,AJD_^;%8P73EKG-F%0P] M@H-;S^CJQAG0G%$>Q=?VR8.";$NA9"?<]S6;C0R`!AU4Z"T#VVHX"`P*E M'!6+JICE8UK*KT4.GS_`E^L(#;M,JRD=R@A_R/Z^SA]@@LC!?(`9RGR$(^*C M]:\_+>[RV0R^).R`O6(^QPEF65IE25I56<,97E6CLGCLXIT45;YB&"A64\!" M?HL^<$L.MJXG'F>3#"C`.)GDBW0QPFTA0,1G9F#B20*0R5,XL7R59]4/]>_> MPFSWZ3U@]#)]PB6%+R^RI)@D(UA)'DS[*G_(QT`C&U\'(E.N80_9%V"65:9/ M9.:6M=/YJ_=:CJ)E="1H.6,"PR.P5CC=#,XX>!A9_P_5,AUE__8[P+,J*Q^R MW_TI"5@>'-*;_(Y`3!`)Q@*&!M2F0L(Y+6;CK*Q^3W"_>@KNX:8TMUTQG=WK MPY&6":#(.OM#TA]T3XZ.1#A(TO5J6I1X.G](%@5,G5?5.A0+A'!'!QR<=(_B M`_9/NT=G0SJ8_DGW;/#"/,23\`4V4_^;-!\?`EZ-TF4.]Q"!!TNY&`Q&!=#( M;`K0D3_`Y195<%_ZG35,BM3A;HV_P>T#?,`(`=PQ$,2OI=M\+Z'PM#A$\"B+ MV0P1$(`Q@[,`P,$M;D_[>#GQ.0)XI2../]O&\_9O4J2(TVR5`S,]<#S07N`B M^3@MUA4,#V>PY_V^PT1;T^.MZ>]&9+"`BS0^&<-EI"60'(`>VEI`OX,!`CC? M]HUM,&O7U?EO;UQ:]/%MUB6/MB"K=\NW'^&_MU?O`)3>OT9I_?W;JW8@J@\W MW%I+B8A>@#KK"(/Z`$`%Z,%8'J?WV2(EP,OG=^NRB@M;;XAU`/+.@9F2JC7) M&HA&*4L):/P2A66D`H:9!8M]I60QPF)A8U'A[,=LD:'60\^-85VD4ZV0"FI) MYN1H",AZ_.($27CWI#^@%^#'%^?G75ALMLZSG0Y?;)CK*9CI=3:F_65?1CF*30O$+9QVE7X)3U>O M*QT!\0/Y"4^11)[H;2+I)IH3R*CS99J7)*/&V`G?V)?_!V3 M[":P^#$%K$&\1)H'LI22^>.B^+H<31%>ER`&9\D$=B,$)AW_NF;Q.T+`0`2C M3=.1X7SC["X448FO(!J#6K8@1056M),@[VWG4"D6..K+#Q\3O$N8XV,):TWV MVZ%$GV*H;#"W#0[TBD\Z5-<=MM&-/);Y*CLL)A/<8Y,\'=8*:#;HDD8V6&,-HFH/LQ?L_Q^ MBC>7/L`^[K-DL9[#FZ0-"*,).$QP52_3*A\18^2'0XT\GY$LU_+(#8N)=L9@ M5R/%]T2B`\"\HZD1#L8\1[`X4DFM0(D7!5`R`O:-X&KXM]XO3K`[$VV6S'80 MPF(C;\]2NG7&L`U?\%]J%T;]Y<'B;CY<_73U[O;ZEZM0EGCVMF/CQBF*KU;< M(\G:1VX0`!R&7`)4@ M&!-_SQ=P+^NHH!)!T*??5PX2/=),"M!7SQ@Y+S501,94#\:)6.R9YY.S3VZ# MN*QD'Y=UT+S!Y\^TU;IW(:%MH/S3Q;L?R2R>7/WET_7'OVV/'\H@VZ1^7VY6 MO_G>_2T+*]M_$\,4_?(G3P]'P+^.LS,X^DMU]-=:@?Z98/F7-ITY9"H`W7)L[JLIF6QOI^*60`(`<@R>)Z@6-^7Z1Q6 M'Y$CE2&5]IV@H!91`^-3C<6VAYJ5$_&6T*[("V+*T M)RP+SJ&L;;H-@EI5TB90:WVPU16W$S4(A8:]Y/L&]^`N`^^"*-V$4,,API8& MCI;E7-S^E+Q^\_ZO+3X:FG,R*QX%EIRJEB*NQ`W9%U8SJE@U!1@:Y;-,V0@) MNN`W\C^@7R9'O+Q[VFX"K?54-2TNHA&49'`@'TG=Q<7A^BCC\&M=KA!EZT^B1=VDX:9;OBMD%?NQ&U%Y[$;?)S M\SE0LYCF=3F%`V([EG+)S%I<)/OF-@]0.;#WFM5\/=V='#T60O;-F`>TI&>Y M2]YM"]2;,(WI_`9$L-:)#3B@7)^,D8V/XOKAX5&6C64A$4M)VS)0/0'-Y_>5 MY1:;O).M2_A6MHT`1Y#S]8J]0V3]]X0&`>=ZL-<3\*-3X+B_NZU6MWZ>(SH%>; MGU-M8['-\]<@2J%,@$^(D61WL4H1M@TD4*1],E<]5Q"+V$+BEI6MJ$\,P&(O M:HHZVC9`H#&2`"6PN^P^7RS(8C=!&24O0C=)V_MX-8UOWJZ7RQG1-#AMM/6! M0KHN61X8&1R#O=@(JKC):0E:6C)>DP2/>@5/1FJ&)6`-;'?3^S6K^RK]$L4` M;R.5(#KN@N`%YU!D93'>CF"88`(R/,,*\.UU7DW1;[LD6SZ,^63PPOH$`@3>->`D^#BIBD297-)H?& MO)B5$A-`G\[3!=SBN.$:DA5S39CZP]7U1YR;AR6'3XEK*QX7+/3P2#C=?88J M[G**:M#L">DG$*%\DB/;!;"9P/T7PES3?-:%^<9KI&(I_#R990#_4^394X%C M$!0J+5P=LTNH#5(\P.`X`&!`_\"BH["=7%XOX078JD5;"( MW4LNB!C$[`*X4]H?!B?I:9WWK4+?H_H.GV>"VB(AR,8>LNB+K<)%+_D(Y,-? M#VV30)@A8=AGOUT56+=NU_,Y@$=RX8#_!B:*A-$PP`Z2__J/_TQ:WNK<`$D; MY4O1L#SL_AX]"?0QN;K8L=+!Y2/NS9?IX@F'6B]2.$J*'=/;%OJ%Q`[WP@+, M-(4SN\OHQ'%(WB\.5XZ)2CWF`#9(8-FZ.+)L\370]P0#3SG*C^XO0\S']?$+ M+JB7/1".5Y0903O=SJ?>;2\1L_V,S@0!9^P=CCL3Q)P?+RX8:RVWR.)"Y01>P3;Y`,3:U2,<6SJ<,UN.+HDW M@["/9DK:"P&30%>EH(+X?OHY0SZ1SY'`L-\*1.?Y4C!M"@)9.ID0P45,GR-2 M5`+NO,W&I=!@FC30$2&"K-8$4'QC([J,<8X651:95].B4JOB`]A\&P:_5E,K M#@B?<3`(1P?7`A0?OGH$>7KV=,B$&OE./LX!O(@AP-W+KM%XJ@3$7.88B%'CC..,\-W' M:<96H06?]A.+4'#8/?R'CT6N$(_!7HF][\P$;*`45925(>>T8:(3H%_"*5ZF&J=83O$U$2ID.\`[&^VPIA"P>[HI'R^BVG2Y`J%ZL M`5O'8PK<0=Q8WQ$GJJ,,J!Y(B=BVRS(8^Z0!-_%0\(@L-X(9[VK8=_=$DT=@ ML2MG9J`U)?4"B!(0,?JR?Q./ M=*$XM\(1,Z?C/+V.G[GANUZ)]NUVMUD*!^L'(SA%#X4>I',TDDQ)S!'OL

M\NR1/0;!&`4:NN1*$`#-3E\>0 MZ"I8*80"@92=LA!-:H69#4[B:2G:YXX0QU3,6/'$3)VD2V0<0`IA&Z`VHYXJ M1+4@OBB_Z$MG<"W0<&IMQV0A`@RU.F`MIM%\A>%9P*4,'/'L2$?7X_N,>(%[ M$>V0F^'=<'O94!<%,S2XR4FCI;9+)%?FXGE9#N59NTPAS?<6\]2ZZ1%X1G0S M/AL"'9+LU,@>"!%=7J5?C+']+D/[$9PP\L*N$.<'-S7!B]AX`$L;T,QBN(=E M];G-O9NW\.&$V2"B( M%$@(5K^5G`(0TV4.A':U)<.%B3*4LZRMB98L8H:8_1\*PB]SPT"_@#`8M<8M MC\>#0W`6F@LFF@@-74[WL0_5[4"EE4P(A\T>4?_&7=]'97K2R'!MV-&06AAF%CHSUK.,'G MT+U?LIZ;BQPC^9)T5;N`*Z\)MP*7F!'>L*4B&QOI-U>1H%D0/]UER[_O>Q&; MC_NDE[QS5U>C&F0N)Z$7L*-D.N&I>1Z6<_602;&Y! MR.DT)(#2&8YFP)_9C@I'YB?F`,E?:%5]2HJF,-PQ$YRN]!ANLE3?,[>ZH_KX$!F]0*(-"1!(\/7H)')YKV@98!MB.)"`0J[?_BJTE9 M[7>R.%,W/',,;^:$);=:2E*(<57CE3=@"`07(Q/IQ!`D<,4?,G.X[`BH.I>" M4<:"L4165JPK@+:Z,6,7NV69J5N4]SV;Q^;!6`]"YF#`;B2)Y^Q5(GZJC7.! M&?C*!'[<<#PA!2/?H0>/?$CE2RZZAP=_*] MM$2%6]%57&9W3[3EQ^90=Q/C[KN5=Z26LQ-9/0:CO$\72=IUD;(Q98PX^F,:CBV";LDPU6*&!MA!4_!EX=- MR/-3+_G4N.2P2[$Q]\0RW'7^081IP1F* M_+?#X^[*;/9DH3:\[:Z52--%G6LWGKTU(?O;6R](D'A,B>TX$>(83D-_!G*0\2>L*GGP4FFL?RDQ@M:7^3$*P]`]^6CO% MK[M%G_0TW)^E%]8AI+C(LP&?]XV=Y`OA!D8PX"M;)0!/L@G[78:A1P@IX9M@)T0F;#H]\ M:;E2+\EC!S_`&O&\=&JS?TR==WB,+=_C,>(_Q^JG=W8/*)($J6J1;?S0V9B9 MV-F3/U0E9O&,5,+.@?RA$>PB/-&E66S93P_L`!L7ZW*KC*NYSK^!BT6S*3O_ M]1__:?_J9,=-`W;#@[9']DJ!D;N2R#50$$-`][V,R,X5^RQ)RN'[=!R4!]@* MRUN$BV"]S8`37[!9J7Y<;T+."DZF-QC@O_U3_/>S\\IN#H3.SJ68&!(; M$7B#\DCG(RBL'+0DP;Q((C].\W(,GY142R]Z5'`2Z#/;OSOHO$U+N-P%/O\Y MN9FE_YY*J!O>.1FPWJ2?L\<"M<'+8E:4Z;A(]D<'G=?97;E&#^G@A/<($&=# M7_?Z_>Z+DZ$+LMX?'Q`&H*B#Y_6R3$DW4T:L!(0]\LC`E`6L]`%S5+K)G_'$ M1Y^?<*4`?/T7,IN;:]`]/3Y24V7`7_`+)$P($F\S6/-CE5P@U$J),MS4O$"% MXAHQNL@K&7]P+..C`1E-;X2*^Y.#SL\U=Y0`QV%R.RV6GPOOV&`"Q-P9J%KO MX)S2ZG.:[-\?R!P2_.+FH.]PG@OX^A'$X`]%,6$Z8Z(--YQ.LC_%T>$VCNKK M__GR^BW%BD:&>CNZ!**0=I,+X&SI/.W\O`9)=/"B/@;&_7Y)_FZP%,!&)W`3C3<;AAX49!S:`[?*&A)C_HF`1B M`MA?^9@H>9,)*T+\A8LY!%?6 MB4XL2D<"<\Z/OK,@*6I0`\MRIN0,2Z^<#JT;IJ_&,+0>M9'L[VOV)E(PE"L7 M@AH6BMO.D<[R^ECTRZ40*]C5^("(\R)[=)=+=NF[#)/]]`C'O?[@.V+[Z-*; M2[@NNR`P-NZ>GQUWMC$$7!B.<`Q'* M%A(',N;5J;'L:JV3@XV35BOU]VCN$0YJ2KRLOJ?S`S@6B9<<4JGQB]O$LRY;4QF2HRK1'2 M5+R:;$_V63)X[;%*D@8X>U>YYVPB1=KN2`[LS)J%<-K'$=!8>DJ3S-2Y]TG, MX$@YF]JJPFQ"KE(84FGD519/:KGPZ/;#,XL1&$6!=+ZX"X/Q"?/[T:H@R9`" MP_]JI#$VGBDR%M%(3+R=0(J##B\51L4\H;/!32Z..AN/LR,5(Z47[;XV54&]J2!,!2K@TA4__R4'2Q%)((BIL5U79R(60XG@&1XZ@9_ MR%E;%)\=A^"P\RS[DK.[QXO--^GA^%H-8NU&QD9("Q4U(F7(I*1^A%B6HHC" MF*WDP(8C;,ABI3,[Z9Z]X%/C%+;F/%5Y?#CDFM'!T7E;*,K\WI18%;6,\G`D MG']SEF0T',,O0,!N."`\9[T^Y2[9O"M2Z^-[QF6<]LXV/Z]V[C-Q"8QNNKR9 MY+&["BS636ERB<8J21S(#L9T.7T"1"KBTA28"A"/H$)&Z#6&.;G\*.OD$,>G M2C7L);>L[B_7$C/P)GO(9LD01%*;*80TA@,%3@YL`I7;S32'(P=PK4DP:*#A MN"#*?S.,V@1SB(QA$]*;I`R7(:<33@UT[,C5_U`+)=33<(BW4K4XR,^$T8VH M#$R8T6HR`U[EU;*HTIE28$@^\3Q2[Y4O"]YQ=6>CAO$3SG[]-C-TWB^2G],% MV42P5*]4'FM)$ZXQV:3"\KF*^ZF,WTLX51CWIQQ#T]^!WOUS5E89YVH2='XA M:`9`V,-J\5Q+WGIB,"?45JI@(*+8/AW,D4J-0B8LYP,>P)'^*ME4,[>[4U$V MPX,662W)$H?WB2=978R%9.^L.SP[);)G;0]W7.Z+2;TGR7,J,.L>:;)W?#9@ MM_]CNJR7GC89KGP<3<5[#QCC0:TY/J>AMBIHZX_]O**X!^TF2A*ZK+DH5VXS M"C!0JAD`-\JSBLXH$'\+(DM^#V(B MP;0)6Z'27DRR[9V=ML'VQ"O)EAXW2S-YIOWL&9Y"[\M1H'KK/0HY*92Y% ME#`(P-S*[::7;.&MU$9QML=Y8^R"0\=\2&B2ADWB95+`(`M"A*"J4#L=7_^X M3\]AXI9GI;)QM/34F84,BV).P<4'^C1,K_/JF2$L-&/$GI+C@Z M4-T113I743KYMBBI!-B/65'>8[@SHHPH3B9&!HX%"*B3#R2IDU3(L=6G3;)U M-\DF<">F8M;A3`)L[.RTUO6B6H^0\T[6,RM-(K+8`')[DL7"?Y^MH224O$/K M&TYN$KU!:K4!W_5@;[$(BSBB!1F3N`$;%SNW#:EFRRXMF6#`QF&:Y1`9&:7` M;$@-(4.CR1&024,YRYT%L`DW+F4?^T.%Q1`B>+F(("2!7??HG.'N41*]O/V]+.CG-^",5XI&,U0Z( M(#^O%UF$)#DSUXQJN;"SZ*3/3!.@[18^?DINER4GG`C!,>W%Q.:2)OWS4XHC M`K(O!FJIX/%%A!/E6=F\@G-T5YD51,S<]=F/&V?O)60JY,![F:G&KGT_;[;@ MPD(8/(RIO[;2#@@(2RGJR56.#%DU`AV::\OOF0-R0&#--VR6Y+GX&G);8KG( M!J&0WN@E5)82^TNP:5F@#V:C=%V1K@)$+30>F/0Q(C4JX^T;9K.!AMC@43>B MC0F05>:%;O1DG5',%>I#421%L;B4FHC)/JH(@R'#$8*5!\H<5'`\[+X8'-LG M#*@=,.7%5B/WG,1K%QNW%(H>3@E[MAA=U"]*,&$CK2=K]`PAI#%E%2.2@*[G M"C:CDN0_XWHE&+F`15BP[)HA\JZR<^W<:,GVP&8%2,I_$).?L"E.2,6A*?U< MA&CO6L6UJJ#:.F6EK#>Q1-+YT1=WA]=T5V`;@$4AX?MAHB-"O%1#N2TN!IQJY*P%9/8FWS1GV4OAM*]XU.G^(%(U3\]M6B^ MLRQT4F]!Q+%EPX&;87!^;L]D[)E$5]%P"1()L9@RA5G MYN%==EUPT$9LL'FRBDC59%N);?@"U'R.Z@3+=525KJHDYV$';[YUTF.'77SW M2H;L7)IY+^C-SEN9\TK-B>T".A^P,%]R6<+/]+CRDB?!!KTG%.*8,\E;0R"=0D#L&FB@>C MCU>F*L5"Z`$0/L2:AQ1I58\+KI?<:+)BE9OBF;#?%[-(TJ8B5H+>M.'HORLR9UO#Y=WP))T4++(7M#1D4R#:Q@FTOA@U^`N,^9++DHD_%FBZCKERV2M?+O]&=(>4^>J$)^>G1 MF;'9UBDR>@J\U'+5AH)6$_/2F951Z_2JU_&4K@8MZZFF4>T2C'GRG9._3?P8 MF5JK;('.U*4M3U9[K.O4[[CQ_.=BN01*X>JFMND9)$;65BWUP6JU1)C1>$4D M;$XHK()+E7(0*%(5*]-8EM00(8A3A/53E$R5$T7B.6OLVDZF]3="5P2 MIJ5.G*YTA24:5F$]KF<+=>$&M"CG!#*O)*4IPH,*CU=VQNIQL;)=QCS+F;"N MG$>]]E:+9*8`7^J#>04"(S"Q60S\&#T%+DY>+QI7+S/AG,)ZE5[J--9.TM0T M4CNF75RJ22_2>-DKDF"L:AK@6VB$@B6US@^J@41GNT[:G::. MQ;A?[];H243&-OL6F6UDL51])/]B;[2E`E`CY36A%0!4&*D+(R(E=K2U_GR= M7F)T-,DF7LT;A&P+!B8N6@]EI0*N1F[X%/;-XS97Q2_TI(_^$::PEM,L"62J\QFJ[I\`8HB=[T90N_>4+S^*A%!XHF00$C]P7HP4#?N3/&( MI1`XJ2%HJR<:QU,8A-#O#;^+J>7^FG<)%VB+=]0>%\Y#*`2V=1;$WG'WA(WG MO@`8(VJ+(N*"TC507>#-8XT>>P$(6/5#M^\`7MU&VX/.:Y%RC#;;A*I4V677 M*TDH0Z1J.V2K-;*IXHGH]!U!/,8SI>;MNB!N*SCBS-/4.AC5+$;R"-LJZ2*7 MG_P0T':O%#F*SI+#9(X/3KBG)@9GC06(1GPJG%^&^ MN7#E)/_")\F75LI!''_GI1EQH//)-BR5C<^!%TB@/=`*]UYT7[`2#LQS>P4^ MG))$AO82CFP[IVS8>T>?$HT(AMFTN\.SH;.ZG#< M/8]9'7P":QW[8:$^9EO'+MYD;\BA)=_0'-TP:W]XK&8]/WO^K,?US=LZ#+LQ M.&D>'&&;>\>Z7(WUEBEOCE-!JJK@*GW.TF@I46!S;$!Q"T]UBDQN\^2C"IQ[ MG9D6M5'J_8*<[FVO(:EL@2CE6/W6,WYT(G4HF80J&-_-+= M^@FK,^I@N,8H1%6#FC@Z3!*1`"EF;V\P8!<*RVCP$68VD0'"\\X$,65<+\U% M+QJ?5-SR;OM*"(\&W+6A3<9N%24$'+645L9':H6BIDQN?;@ZDKK7$B^AKPJ( MQ.GYQLNJI;7\$^ZI+R#T&]^3,5;%P][]:_SGW)G*$6O!,+BV%Z?_E&M#)<(] MY*VH&WH='.'$S^O<]`2EHMF,8V@3ON>S\W\Z/BJ]R(\/;+K6J.F7>"XE>`6D M]P)M>;:AQ:MB?;?"6$-IBA&7G<]!=M[PGA=`@-71T$EF"]^X%\?F1<^)[;(H MQ`#+NC*E8AFG-8"0A!U*NHZ4@;6>.:M4<8E3Z64)H%-O:H,V;UM?(DV0Y:*I MTAP\>>%,&?J<^J:I];!$K[0Z68U9G%F-F;^K/6?V++C@WIU;=(-4V2+X2>54 M4#$-H.4;#]N/\V"!"I-9QJ:O']?/D,35\=H6`/1`_AL56G3NLK$I:+?F2J+U M!87R@[3HO(RVZ.04F",`6O\YU.G:A>B:5H5%?6$SIB\!7O/>&1M'*$J:1G6% M#EBK2A=KK)P(XB_H&)QB_;%,J3@IMY:U%.J7=R])6OI;47XF\V$W>8D-2-]D MZWE.*=F4&5*5:3;CY!&,#J!'8$_N38FEBE7JS[ZL^#8(`V2A'*B$6@VNFA"L MEM4&FZT?U(NN[>C)HV$;'(P6L&AG,KJHB:ITV#"P25BZ-[3F/A*H73CL_V<*(]CZZAC6JIZE6BOA=##0F;ZY?OO_`WR]G:Z9(*K@J M+>^MLEQR_V@ZD/[9"55)`Y:)&@VM'U1T_S/8I'`3<7R2KR7,6`L$TDGGZ MC4*?I=%3H_W%W!GYX-<+JO5A`0ZY*4S6&_BE,7![616.@+AO+JFF["Z\1W=3 M.,BF6#/;G0^_ZV&=+$Y>W7AS.`3?O]U&HZ16&\B%1[CTG)/3`1H2N%FX-#;) M,F>@O,O$7X7I,]G8=5YPA3TI)%4N4MU!(XVV(?=#90XP&0BZYK-%"+&TGIVH M,*K!L#LX.8JYWUUM4/\^K7B:2H>V.5R^RS!&>0#C/IA31NV>D9IP+(]P%3-5 MC",;!D4G65Q693+'J?MR07IGG!^Y`H'`,!\AZ!4Y^C:KG/8C88#$OAJ9TB@ MMW=ZQ+BP^11/NZ=;G6*?!C1I9+OP?>,9<(/UX>;Z"OX!_`=-=B!_*- M$UUWJ>/;7RP;ZJG4%OE*T()&?B/;)-&`;X/XLAF.3[JG`_$0,V&J([??%(+= MXP()V.J@'UM._V]Z=UPHV;Z`GW#71*YF8:Z'E>V!T8E0[#%>N98M+YQ MMP8TEWME7]1:N1V?11^9@""8YV#"<2*Y@%]77MJ:')\[S#%E0WZ;:S3I%WQ& M%@*1#@TT%9)R",^U'=,@8@)AI^V+KXB-KIN%=;+D=NMI--0,Q49N$X3)/&,S M0,PLO@O%;&)S%18;3K>%B5CYODKO5?0`S?<]CN\]@B"%)DVS"8-TC-J3MM<_;7*9,]WIF)$EV9 MEIL+U<'*QG(]-\NVB?/9U>C&!GNGQ\R?]DX&+^2G_I%VS#2PKZ`SKMJ(Z=6D MPFJHJ%^$!=B:).YX;&R"I`/'J4FD&5!1-GA]:@#0>O51?E*7I"^E4P[5"Z=` M\5=2LSDNX2`&MWB2EY12"9%$)HF+:D27RB>UQ2.IHOM M#<]5Y?$B%M+GBGAW58#[:?>8*RVP'.?FL,,_IB)N%,[(?.)L$5Z?'[)&(:+B MPV%%V[#P![=FN.;6$Q\EQ^^*[_4]E@;"1=YP[?7X:0^IF)\>9M4^C(L>&$0C MQ*-F)O'(E@R/UN%8F+&YAH'7*1-;3*K>$VT7(H;4?,[4`O]G#5'C;ZU,PGI) MX;&^DW[XHCL\%1W5IB`OL,.S6*PY/`MDFF`'M@7)5[$PJO_0%QXMFQ=J@)G/ MHEEWL6##L2[P@,:`JC*QN'LP^+&)$D6 MO$LES<>!'JN]-[W1N;`)2C#=:=`$I140,8AXO9H6)=E>J`"R:?Y35\SU&'!2 M`Q0%,VZO>0,,M>L"VX8GY[4U!&T8TIHEIBF3BI5O543-Q'QVQ484;X]5+R$@ M*ZFFH/+37&IJ(9Z>5)#@;-2QFCOQ_"&!-[,'[,&J6GL9(4!&L/T">#;.U-'L MV$3NM9W+(M+O@S.8])J=)NC?RM&Y8Y+FDX\D\9:M$EDD21^&Y1!ZI M_[JX0X`\4"B@F0QMK=BW-DCZBO7/$.)K3&]X5J;-DI?_R4U@>%Y3):M@SC,T#A/N%O%,F[Y9'O21,FME7+7)BT@;D=W.M@Y"_X:T$>.V?*D"2:P8(F62Z]P@1B9.BM MTL6VR%:0[!/[>Q1T*^GMEF-;83$[X'96IGL9;![-@*NI@S#:QF_444BE63'P M$IJXAB4W5BJC+YB!VV^Y!8[D/'E6'&Y:K%I=DB'<[WCE#?/.MO?"FC0>Z?F! ML@[DH[OL/E\L)$%:QOG17_,O_*28!6IS84'DUPP,%(SI*@D?Z&E$,I67:Y?O M:N<9.*UB%W8A#A$GV=J2-,$>DWU;]T\=](&M:OR++R2C%186%`WP22S`Y:GR5:R(FX MT07945I+0!JG2$VL/.V:D#W$3)Y#PRJG0ZI8"74[0LO)Z.!Q'=-)5>!;9_#O M#3CBL!X.Q>1H7P2KB05"-HPK-D)=Y9:FC[K+1SK,$(!H2*OI'-A,UG!+%'5R ME\F)TCJV,9N&+BM5F,)'88F;#4IO^D\1V'AW,N@-N:9F($E2=6V&]K=9BKGB MI.#&!H+65F6GPO)F"\6CN*I_GL[34,W>C[U)=,QD` MU[RH+P[MKPNQY8',6=RAHP6C%5"EMKE/7`>62E!Q'=AM]N*GV1:DM:\7+3.( MVZB>XHDJIVD<1#^@&`4S\:X5X\`O082J1E1-3X)"Z!&;_MBU)15XR[R/KM?K M\PF?[)HDOBV2)9-]*\'50@VP9"=V,#`RK&`G)05IHK/@'I7KD@NO(QGH)G?K ME4T5E(;*3H9BT_'*'A+;P!U%5<,WA/FS1+DW')YV^R?,G5QD7%@N3VL;KO>2 MG!:2\SF7S^72?/"VO4<>!@OCU]+ZCKHG)R8(69JF`@V)]$;?.<3 MXW.IWASRG'B$A5U]M/#FL3D7D-Q.I/+D/_=<7G2/SP>['\O)-SN6W=-"@MB2 M?F-L2;W^3.089Q)()R%OZGC8#:I!^V/`OC=?"JZP/@?V=;"WO*Y8TW:TRM!` M4\ZIK7JVJ0T2E+B$+]+94Z4;#]]1Z4\2J&P:OQ%1[K)9GCW0GDT?;>*VS-D, M"^""-#9UR-4;K[(FN0`^Q]CC'./V+$6WX4>1"MY41@-)$.WXU_7XGIU3V!L6 MZX>BRHM.%03*99FM/!&!3@,G*9911&)Y<NXG/GHA^@Q**YJVB;!8E,)`EMI":L,-,C"\0V2*J5>Z8B0 M)/\/.J_MDIEQHD;;LN,?.N*RASJH0%YD4_;S^R'SG7(=>,3:96W M>4*W3<7E?_B6ZS!KB,^O%15;V(UD8BR8%P4;YO^4PZAKY@AV]]KOJ4U`V!Z\ MK8$N-8[76@I?5@<&O\*XELBV\&M+3)BJ;%94AIU4WL*H]-`)>BDV)62O%^BD M)>L4%9:G-P`B8-4WF$[#!2 MFLPA(5W%Q;I+Y#?!>`*7:N(R MZTWJQD)*U2THRGM5>14$_9'GIK1-K9*5(6\H`#CF*%=;IFS.+REO!@^0#(^V M+$HKCO#^'D%NF5$92\3Y<<+V,C)(9Z/I(O_[VI(N?+Q=;C-BQ)=E-O(>L8Y( MM06I/&%?EN#1RMPR-7JFAJNZIJ`:0%L0E3V73ISS*5A+75/XB)-5F18!#9),=P;CRB`@]:6M=T+F8H7-R'17ABM=WGZ:]%J3P>(JJ8 MKJ$L..64S:"N.A!'!VWB*),G$=S==::J6UT]H3AG^#*RKCD3(\T;L9!M#4)1 M98(*T#0=5Q0U9(RMM(!9_AD$]&G!;;#&V23%SDJ1,H%449Y@JB1ZMZEKD56P[%`%>JJD_FZF')*E,B::F8C##1=-EMU^!F#R4%0=52QB8LLNVMW8WJ5Q#<#KAZ[?X$K_>:%U@S.*XAEH?(?A_=K*SGI!#= M[6KW`(RG/9I^J>=(-,U>OW_6/9;X=CAX<7CK(J_D65!=_4XEU&YPENRW&`EL M\A9LX*QWRE;Z`]LC*K*-<+?C#.'`U%ARE'6:C>_)*E>`7%'BUYQ"Q;3+%L05 M#F(4>2ID_B4S`P]X)EPT[H3P@+MD8'$'$R')Z^EU< M?A0YHUT]U$3//Q$\!Z;-OBF9^XV2O<(P8H>;PE!X!%]Z+B-6RBWD"P[&%AL. MBKW1\/\&`9K#F759C&Z?B[=&!@@4GYYXLR/'UAH!J^HA>UDOF*J4;$G?F@C"P:`>V,W"8=X#Z^\R>\H\M?U5Z,C\ZIBW2IXZUQ8VR9)]CKH8>%! ME8TH#_4!:5SL_H:#^G4OM]/X!ZPQ M??VNO_&.K[8)K_:IBSV4=X6H@24/*'J>V6"]H!JA)\QDT[P6U."0HJL,]++3 MR*B(_I,K\9;'`I]K-."9F2,VS/XK`V1-P8V,JSJ))!&AVE%,:4BWY#JS=46F.0Y"+JN6MN[M2-!UU7C"!*`3":.B M=VM:KCY!!E#43G1_U*;!\;NPM*]:GS-HES[4Y*4\]8Y:`P"SKSR,1=7!NULFG7%D-UH,8&TXA@KVTU)@#! MJR[OH@U(F%5*-RYZ42QTY!AV@NI&RB;L8?%"[HB(`,/6;[)I`-X_V%QESR%9 M8CT_H@:N(+>R8Q'&V;R`VFV8!RMJA?YHCMP6]*`$D]5JQN8A!\X5PP"'/?." M\M(K\^1.T)ZTWIR4?VU\WN8U[`W/)1IAFQ-%D[72D&J$?,O`D2U4LNW**""K MO'#1U2"H+N#G45NDW&ERF+2^ABZ!>L5A7.WKB]N7$N.=7-Q^HF\.D76\1(LK M2B\`,'=RVM4/V"EL.92B-ZW`CN/MI9BB1+86"`8BS',%NJ7/NZH M13WDH#)9M2HWH>KV4E`7]MN6F/)@.M41@94E'E?*8"QV$N(-J"QC]I^1$+C( M>84!'&_SCF0T%3GLA5Q:X62T",J1^:5(L'KEP&!P[@Z.)$Q60B7]AUCFQ)MJ[)% M8X?2%0^E@FGQFNWUL3/K3NH^LS"5^LAM(NY$(G<`S:2%;8PV3M6`ZD9XE-(M M-8ADL>2_'5#:-MB;X'+032Y,521;]\F90G"+%^+RB@":]:YX+SC`\=Q490$@ MP/%O%2A&[*_R7K3.-5=7KTB051CO,IKWIOE2,V`3.95)BU4'R[LW%X=%5T'^N M1"`Q.[G$'F!4/F."23 MQ4^WR8\7%S=\*;@CJG2ZL$?NCVHB$Z5]L^Z[9L0HEOW9^6YL':)#BZ!!E>$0 MNA9L4.;VN&FRPI9__"0W0:=-3DK*5!Z1QE",>%DC%!VT+863*)#WW`%Z)2.L MBUKFJ4@Q"_3!SZI"C-*F3<)V&W-'XV%);@NR"V)L(8_47]B(2E16NTD<43FW M]GN2)^F4C,SE9;>EM453"JXD5*#-@+!0TNAGK*-;[%IJ89::3M7E6Q^OQTTX M;>R-%%S,C#\2%FR;TYC73.5-CM!EU(#0QX=X!759R,7U MW3I[V6'R8X''2PA<+I+]V_7=JE@"*QD'QT8W!6#4N6.E))A3#$0Z152 M+9'^BX*)-BI'\!ZGW'[8&E1T%R$JGRJ)+E9ZXJ@[%X$SHO;B:RF:>E]P\0!> MMP3C&+.7<25/BF*%&:0*/2I..J?B_'6QIJO+FSCCGE/2;0R$OQO3WDU?G)'XWH:@V*)`*LES0$A81[3)5$ M78U^QHX:Q_Y31@+%C@U1B1$:.D8:R!(-KARZ08U!!KPEHN)2(Y6H`TR5&@,V MR@G]&5^#M'Y<82/&'IUWDP_0C1RMDD M^I&L+"5U%(0U+F=63_4DD-P$TEJJ6DV)`SD5WPQ/P@I0":;2Q"PGG*T,RYKG M&+YP7Q2<4F^+UR%,FUTP!S*J#*-)+4*,8^Z-Z<+92V5M?$%&O;$)_4ATOHRF M6%]60`!Y5[`8X!W6HF]:"]J#$(RO3%,ZS5TK=G#-EAA3Q:4%HJAVEZT0+'!/!?%Z[-6 MKMY$#'K<;!0E/]N&7%Y')R3%*F8Y!W$DD_5L5E-1D8HD\V(LH=UHRT7Z37&: M,(Y_?5+'`-"K1;V4AZC6"[NF:L(YX[JQ=3.$V#V;XT84II/>33P/RL6XDC97 M#\U&2VRL%#S:49\(UW&]=UV"M)C.I;Z"P#/CB[3]V&_K^7'@)90O"M$#94(N M?_B0.86XP5,7117!?L(Y[6AS2!P$*[4* M$\^)8Y!`4[/DG$@;*:!$-TW^.4]I)B$*BV3>!&(IL!.>3X)O.DZ:>J%OAE\N M=L1R^*)89;Z/Z/V;&R(/%RP$VH$[CZ7BD@8X($63%!E>^,?;. MF-%VNJRQ*)C79U41!&8D"Z\LOUE52#FL1=Y\S,@X;9/=R1"D3742,Z1I([ MW9<9'!U),+9S.8H8/#JLPO*U_],#N5Z2+&G!QN#/QBD2][2%1W%DUXJ!H='Q MD(#+-;1LS\.^B\U/$G@XU5]1[EL1%2LN5$E.751/N@VJA;%.:F7>J0JFXWH/ M_ZFDUR7=/>48F+NT@.*UN:LWUR8",TU1_8$SQLKO;'WSX$='6,JFJ1&+&Z9: M3Q`,2#+BZ5#0R*O/EK3(XBFD>L'"X\IKW(XT@K1T)Y8`W+`MLH9KZR61,!7^ M0[9K0FHRA>MNI*RU^*[O)RD='0"Q:OA*8,XQ+*:5<]`!WC1B9E3?I06\Z?]L M&]][57A,CUHS8;2UNXE-<7WJ:5ZF8TN@<:9_TET6RX[`%^1NR-8?ZPKOK!W/ M&;[7"34_&QK-"2=5W2F\`E:X4NYVUV>U\@HIAI1)966'%(XCXV!&[+Q"TC>G M<>,%8KBEJ=9ANB0_9,8Q8G)WW#EA*:Q4M3)37=;,,%P;Q)8&(:D(?EBGIK)2 MYO?,=NEI%BD9QK@BDNDIO`N`:7@2$''!C7IJ8_K6OC+;.\^QK`V]:]N;U;8] MZV4A;P<6D(0FHM)JOK=(J]9- MC\`SH@_RV1#HD#2I1O9`B-LBI5_0IK(N%Z;?+];WQJJ+3-A3#GN]RSP?L(([8"P"0F(BH/AD;(<[)7584Z.= M>5V$%'DK]QM1>#WT.(+5H#8)->UUZEW94I%#N'0'R326G/2P\5]]7#ZEVG`; MA!M$"C+(_58B#D!,5[P29;%>,ERH6JMJHV9-M&214*0T\T.A7/I%*()2+4U"*#TUABKPA8I`52\A\KFXJZJ<2KE4.![`MH M`'4GCR,A1B`SD%IE5B#N&H9=,E+:&S-*20W#QBYURL$)5T.T86ZYZ5#);8RW,CTS#.1`+VD:7Y7#M.?UX#. M&#NF]TQ`6YC*"V/`LGVW3*0+>7*(U6M;97`N*#?2?*4R5S)7Q`:N91% MY":0X8:9EV*+2".3DTOM*Q803Z:TA:C=2_+8;Y5F^<[N`;$"XS%'0B]G:W%M MU[:!U98X411U80D5H#B9L$;P&W1P+:A,&_?C63$1IO.5\KXQPYS+_Z,17+(8 MW-#(9.K;LOA!#>/]],`.L'&QJJ:<6/9M%P,1+#K4EI5#(K35TE:RQK_OU"XW M#=@-#]H>V2L%1NY*(M=`#1F#W'DS&U7:Z5S9?&%SGZI(&`W04`N?BBUGID1_ MK`Z_M/D(UML,./$%FY7JQ_4FY*S@9'J#`?[;/\5_S^GGT^.V%]W1QE]]UPR8 M\>QCC`P?]>(W*LDLC1"]"]KH)\<[PMX.&['S`;I\R&RBN;3S=BF=5G;2U]J& M@#;^N*H%T3KHX]JL-G9"V=IL2=@(/P66=,5\^L*E1-BD<)P"&=(;:ZS8AK&D M>B1B-$X:L`$+:#,#0NV)BNT\!(W(*`0!.Y]YBB@'6VV8E/(SW;QI74C=+7.X M,7/_%1KF=M6@+$+/#YS]@]X]]3#J1%T:,@A>!-^CE[+#!`[K*8 M%64Z+I+]T4''A'$R=,5;]L<'A%98IQW/ZV6)!^`I!;;E M+DQ9P$H?\AE6(_XSGOCH\U.'ZS1@AVR:S'ZFI,F!:^`52.P2)MQFL M^;%*+A`5)+<*-S4OBA+P$,E$D5%'%49PN_]R4'GYYIYSR6B3(OE MY\([MB[V1!\5,^K"=U>FU>(U7N,) M83.DUM-)]JKS6`Y@HK[`67ZZ*0EJX45`SZ`Y? M:*C)#SJF7@(![*]\3-0<@:DU0OR%BQMPM7!FN6ML@M$_Q6P]7TBC:%.[O(VROCQ!JB(6>]-\^(ZT8EY M6L6Y>G[DFKI+R^`&/NA4\PP[Y9X.K5FKK\:PI5C0@??W-5MGR:'M)?967B4D M"=PV06E+(5:PJ_$!6=0PY-!O",>]_L#KLVX+N%0Z56=P`L-FVP\[ M[+UXLFE`+>'M4AH*A,K%*2'Q"]')YR M?RLVN\ULGK^UR1M_W]ZP>WI*G:^M<0M-0EZ9J]25N4.#?#&9Z+'L:JW1"+]4 M#8_\/9I[A(.:$B_3S7\Q5/?7=)0YI]YV'$4?LFL9B*V,D,+L`$(G32!DP_,' MQS`HD"GFL!9&J+><<5'ZPD<0,,"MLC-E`,2(MY@5QY.B/(G1;%BZ#!J?MQ"C MW^\L_^PL=UG=G?TV$OI0/M762=_&U_K?4%I[N)8]9-8++!WV5E(7L]1G2$TF>6B/"OU\M,=VA M_>#9,A&O81?I!Z7:\=6W$70..I1.0X**D6*0N[OF6S5)QET@GN6U<1$KYN%E MIDF9G,GVS(CEE==!90XIG: M:@I5IS!?F12;AI`]ZQ+3U_,=KDMJJZZ3&6FFKJ--I)T2ZD_8A(GY;#R MD*Z;`!=C`\K,9^G MS!40VS\M[I!FH0&'7"JF74]G![V5!F/F`4.&+:];86;S?0==B:@;D5]U+-]0 MI*M6V<4%B`ES'TF]#^//U8W>K&&KZ09]$[N.$E96=GOBAA>;NL^6'UL#HG6; M"2_?&YR=B'IZYM?S),VU0T'_>:WBC>J\U+G8JB0.=5R,*FR;Q*^F]L'-QK>O M:]9)#YG^CF2MWAVJ_M4@]%\-0O_5(-0Y?7Z+!J%;MI/0]^5]"EMS M>:DOT]%G##%%2_0K=N*&'"I;]BS&$\P;%3Y(HK82DS8=+BWX-3]/3ZKDI:4" MV1(/@\-A_L$/M@056J-*R^EL\WKK\>X0\F4.-3E,/MV^2O;W#I*]Y'LC,\%^ M23+KPH?P\T=#%5H.BE_<.G#%2PDU02M!=,JB-GYH%;&.A/JCSUR*"A+3<3L[ MK^PK3D8E17_=Z3PCN*P^Q+,CR*(#[1A(%J;M?'4L67W(AM"RL,[LSM%E7S>$ M7%&PW&VCT^HO_K4U4"V@&VUQ:V%8T->%L&%2O:PC(/$[1+<=-L6V-1+%AE`W M6L\8X!D]@';\8&F;`]^V'.B?&P:W=5!7(]M]B\4#C/E=>$?]F9_7"\N:CQN> M\=CW%L_L,@Y'H6-*=L0BRL%4-;?`?J/!+9APZQ"K@)^+8QY=YRY`8^T[0A#R:&Y^R'L]FABDI!,:N;/TR M_Y!O-M(V*;:;F@*>:.R1JB1F,9+D1BIV?;PSKH.4]-E3G)Q2D\UO-ZO2>.N# M2I>QY(5Q4O<'T&A,4^(3(;Z(DC,LQP!8]HJSJ$=@@MU;ZVZ7W@+T6O8,O9B(PS[J_1S6W66 MFDV`E*#+9Z]GH_\[QEQU4F83;]UV)]+\(-C!2?R<3?1'@(AH4FF`W9U=R8&< M\-Q@F4!^X[B9ZVWB9@)'`P717*!!;\L0FC>B"V+CC16OST;21'#_)#QM4_\" MU+EE4:4S%85%`K.GYKU7^B*\`T).FI<<0)\T";T_8RF`_K!56'V=W?62HZ$G MK#99I%YE(RM$#QO&4PMC1T^#?>C)FJ&`1OB=Q'X&S+%G\B.G;//O'!%Z]T3) ML%VL!-AX2!N)P8]HGA139>'ZA3?MW*L5[K^)GVRB5-80*_KUR$;:[, M),BH%#/;YA#>YJ-I?H_P_H^F747/H5F04T93M@:8S&!;N^8?C<#R`6GSK,&Q MHG.C37Q%B\3:P`!B9U"49?%HZ6P0^-7WW![!MX/6KV,*=$R6C2G1L>=B"G#L M.4USFI3IMSH*>LMPMR?$`(\]=]F'5>85:ZRU8"K\Z(+##I$`Z_`XX-XFT@JC MJVRX52BL>2.&=N%X9%5X%?&HKFW1K@JL!9%7OV2S&1Q(";S.1$)8MGHGJG87 M\'ZY!*8*P/$$5#$`FO.3F)AA-/5JNX"F\!2K:8@.[0%-(50UCP_'EC0!S6:V MX@A(K;8'B>!1S22N%&Y8QMM\04"P<4$OHG>P:70!L8VCO[U\Z9F3WKRY)"GJ M&J#L8C*A[/=L"V[L%[?:P5OTW`7`)S?I:CI');E:8P$:^(F,FLG--)^E8Q#S MICG`]DVV6%1/LX=T$8JN?\7B48GP<$".E&J;D<*(.-SZ^"X6EFO3=I,\JBV\ MQ9O!E!\K\WLCB\2%"D^9:!V_WQM&8,F"?&J$?S&GVZH36/CVBXI1CH/\SMHP MC/,F0G9!BOEH)]'H)(,R('YU0HYU8;`A5:%2.E*"RC27_9(-RU/;LMH)- MV_,.R]J+=S5PDYA&G?543ZTUA:)9\!5[1L7=&[E$^O9!P:%9I=K" M]O2!GT<2AN')2AY.%^DT??R<+W1[ZO`>[E:FUEA(2;CDW23_DJFD_JVLQ!&F M:]),K-*CTRX;U,2V*O>Q@(C`=#-:.;F]5:AOE>3;H#=XD]>L=>!)IDDPXK@U M2ANJ2OUUZ<6[]1-U56M1`3WE&2-82Z>8VW3-.*6SZ1IQQ\HWG"EB7O,Z'\0< M9H^V?O$K;+HS6=L:R-4VM_U25I9S.0XWVMB,9C(7@CO+.8_ALLR`>6XSU[OB MP5J.`A!X+?:R`.)$;-6]O7;!JK/0CO9I0:F\-G$68:U]F*/>(!S&K!BHFVV9 MF'PL.#^,#Z5I4R])\2:C#4A`H\@3@"XE%\R%FYG+&=CJRL895Z@0:BE[:V"- MHM1&O(Q)PS)\+U:Z\H/<-SE`>N?#&,&:Y\QHN2''"N/I&)\#"%('^.;ZY?L/ MSSE(TY7"`XKZ4X5)A^5YOL$ZG,83X.R2V@K`EL-ZR%L`[##&!IZY0(::\-XB M*/%!^ABPN]]KWK<%8K]-?\4\CB`8J''4^H-_6<,3&.)&<&+-9RI]A"HVFD9+ MMDYOP+L`+Z9X_%:M?_90;UU-PZ];T^44S=MIL.=?T`O=].6/5![ZVA:/?].[ MB92"KM8ET6NO>&$H)(GLX$H,V!AY@YL^QD@P1ES;AZ;Z:*B.HPIBTCIH)99/5F@NA%5]0-&F;_*%5H)7SY/3;8X'XV M$HZVI21X=-8B"0X:A#UC#7()KFC_KB3TPD6+2G5D;)/+^)4N@@7?TIL7MA"X M.KQ0PJB'H]+0+9%W-]@>*QM+R7WCTN&'K6T1[RZO*H/R4EZZ,`N,FTC$3^N] M7FF_43QL3[WG3[#YU>84RB.2>TC0IPNFC;$[$,TK;G54)IVV--^:5M[WR#)-(M MK_$K4TPW0G03D[NWVV9BHNHVX_>0,@2WC%KHG\K7+I@O]8U[U@Q#@ M6C(S@X==20OL3K`IJW8#/U9,G&IW,CVG5A\!#J?4+WBG=SXM,`B4X.9>7M]I MM3;M=:"7'SZ2PXY4R#6Y/[=1C^*RX":0N&&*9@F:5.DP]A8)404IB/A`2:J?Z?DA MY&?IP7#K;,.CJ!QP*:BSR\)9%;KTDAB-T1=]_0?8?KF6">GJ"4E2Y/O+:]LZ M@&O,.#!\Q\+PQ_1+?>HKZ=4WKB6UNSJ5R_0I9M^\^F)ZT^H742JP!5FB^?,O M9US5#)L2V;FM.W87Z^`@-+8<]T["#X,P>"#7*;>*0ZNU`0R[X_K[YUL%VV_B M";G6R(?-F[S.**N;*@^H!3)78+3'=*H M^@:JQQA26E?K]B8E;Y!K)"5=:F?&B,P^(`G^3+&L')7/M6T^FY)%-M&$@"W` M#/2QE?:&!J#O:QGXJ-/O:T$3[K@%WG0:NJNG0M\ MY!K72OEG77$T^P*O/6:S!U-X-(!"]D]0LRR#3R-7/'"2I3$4:B(!XOVU)?C) M]45]KYP!*I629*Z\+;>(-U^K8HJ(B:`\ZY9IN-#`2J8&R-'_FJ(7P!XC=&T+#.QS>[DF9G',L3=N`/ MVS@(C\_C:6?/75G]%_]CRF&N"5<<-A@"437AT&_9:*Z+A)OJ^JU9_^ M+U!+`0(4`Q0````(`%R":4```3``````````````"``0`` M``!;0V]N=&5N=%]4>7!E&UL4$L!`A0#%`````@`7()I1TAU!>[%```` M*P(```L``````````````(`!%0(``%]R96QS+RYR96QS4$L!`A0#%`````@` M7()I1V&DY=;7`0``(!X``!H``````````````(`!`P,``'AL+U]R96QS+W=O M%E9?`P``]0P``!`` M`````````````(`!$@4``&1O8U!R;W!S+V%P<"YX;6Q02P$"%`,4````"`!< M@FE'$)8+K#X!``!I`P``$0``````````````@`&?"```9&]C4')O<',O8V]R M92YX;6Q02P$"%`,4````"`!<@FE'F5R<(Q`&``"<)P``$P`````````````` M@`$,"@``>&PO=&AE;64O=&AE;64Q+GAM;%!+`0(4`Q0````(`%R":4<$!!KE M.0(``.<(```-``````````````"``4T0``!X;"]S='EL97,N>&UL4$L!`A0# M%`````@`7()I1]5V7IV>!```9!````\``````````````(`!L1(``'AL+W=O M&PO=V]R:W-H M965T&UL4$L!`A0#%`````@`7()I1X+Q#IL9`@``20<``!@` M`````````````(`!:QX``'AL+W=O&PO=V]R:W-H965T&UL M4$L!`A0#%`````@`7()I1VU@/1`0`P``7PP``!@``````````````(`!J"@` M`'AL+W=OXK``!X;"]W;W)KM#/,!``!O!0``&``````````````` M@`%2,```>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`7()I M1XV&50^-!0``@1X``!@``````````````(`!>S(``'AL+W=OZ2:VRH0$``+$#```9```````` M``````"``3XX``!X;"]W;W)K&UL4$L!`A0#%``` M``@`7()I1Z*1"$>B`0``L0,``!D``````````````(`!%CH``'AL+W=O&PO=V]R:W-H965T_HLCH0$``+$#```9``````````````"``<<]``!X M;"]W;W)K&UL4$L!`A0#%`````@`7()I1YYP^^ZB M`0``L0,``!D``````````````(`!GS\``'AL+W=OYX!``"Q`P``&0`````````````` M@`%X00``>&PO=V]R:W-H965TIX',5H0$``+$#```9``````````````"``4U#``!X;"]W;W)K&UL4$L!`A0#%`````@`7()I1]$N3C*B`0``L0,``!D````` M`````````(`!)44``'AL+W=O&PO=V]R M:W-H965T&UL M4$L!`A0#%`````@`7()I1QG2@[&A`0``L0,``!D``````````````(`!K$H` M`'AL+W=O&PO=V]R:W-H965TI'JE#H@$``+$#```9```````````` M``"``5U.``!X;"]W;W)K&UL4$L!`A0#%`````@` M7()I1P7E8#:A`0``L0,``!D``````````````(`!-E```'AL+W=O&PO=V]R:W-H965T93``!X;"]W M;W)K&UL4$L!`A0#%`````@`7()I1P+"4O*A`0`` ML0,``!D``````````````(`!OE4``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`7()I1W-8A#FP`0``%@0``!D````````` M`````(`!D%L``'AL+W=O&PO=V]R:W-H M965T45%:MHP$``+$#```9 M``````````````"``61?``!X;"]W;W)K&UL4$L! M`A0#%`````@`7()I1T:"?B>P`0``%@0``!D``````````````(`!/F$``'AL M+W=O&PO=V]R:W-H965TXU0M']P,``$$4```9``````````````"` M`2EE``!X;"]W;W)K&UL4$L!`A0#%`````@`7()I M1W5("6CH"```/4```!D``````````````(`!5VD``'AL+W=O&PO=V]R:W-H965T.+U@8``.@M```9``````````````"``;=U``!X;"]W;W)K M&UL4$L!`A0#%`````@`7()I1UK>8ZGM`@``QPP` M`!D``````````````(`!Q'P``'AL+W=O&PO=V]R:W-H965T2*-0J MF`$``*L#```9``````````````"``5F"``!X;"]W;W)K&UL4$L!`A0#%`````@`7()I1_U/!.&^`@``BPL``!D````````````` M`(`!*(0``'AL+W=O&PO=V]R:W-H965T MLE$92S`$``)P$```9```` M``````````"``7B*``!X;"]W;W)K&UL4$L!`A0# M%`````@`7()I1T)UN'\``@``]P4``!D``````````````(`!>XP``'AL+W=O M8*F<$``#+ M%@``&0``````````````@`&RC@``>&PO=V]R:W-H965T&UL4$L!`A0#%`````@`7()I1_'8 ML:0)`@``&08``!D``````````````(`!>9<``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`7()I1VT>K4P;60``7G4!`!0` M`````````````(`!R9\``'AL+W-H87)E9%-T&UL4$L%!@`````Z -`#H`R`\``!;Y```````` ` end XML 15 R46.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Details) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
May. 31, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Nov. 03, 2015
Fair Value of Financial Instruments          
Carrying amount   $ 35,750,000   $ 13,250,000  
Available-for-sale securities          
Aggregate cost of available-for-sale securities   5,300      
Proceeds from shares sold to related party     $ 266,000    
Gain on shares sold to related party     $ 134,000    
Unrealized gain on available-for-sale securities   25,700      
Facility          
Fair Value of Financial Instruments          
Carrying amount   35,750,000   13,250,000 $ 23,250,000
Recurring          
Available-for-sale securities:          
Available-for-sale Securities, Equity Securities   31,000   29,000  
Recurring | Interest rate swap          
Available-for-sale securities:          
Derivative financial instruments       27,000  
Financial liabilities:          
Derivative financial instruments   5,705,000   3,139,000  
Recurring | Level 1          
Available-for-sale securities:          
Available-for-sale Securities, Equity Securities   31,000   29,000  
Recurring | Level 2 | Interest rate swap          
Available-for-sale securities:          
Derivative financial instruments       27,000  
Financial liabilities:          
Derivative financial instruments   5,705,000   3,139,000  
BRT Realty Trust | Gould Investors L.P.          
Available-for-sale securities          
Number of shares sold to related party 37,081        
Proceeds from shares sold to related party $ 266,000        
Period based on which average of the closing prices considered for proceeds from related party 30 days        
Cost of shares sold to related party $ 132,000        
Gain on shares sold to related party 134,000        
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax $ 132,000        
Mortgages payable          
Fair Value of Financial Instruments          
Estimated fair value of mortgages payable   336,157,000   300,541,000  
Excess of fair value over carrying value   $ 10,556,000   $ 8,492,000  
Blended or estimated market interest rate (as a percent)   4.20%   4.50%  
Weighted average remaining term of the mortgages   9 years 1 month 6 days   9 years 1 month 6 days  

XML 16 R33.htm IDEA: XBRL DOCUMENT v3.3.0.814
Organization and Background (Details)
Sep. 30, 2015
state
property
Organization and Background  
Number of real estate properties 120
Number of states in which properties are located | state 31
Properties owned by consolidated joint ventures  
Organization and Background  
Number of real estate properties 7
Properties owned by unconsolidated joint ventures  
Organization and Background  
Number of real estate properties 5
XML 17 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } ZIP 18 0001104659-15-077235-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-15-077235-xbrl.zip M4$L#!!0````(`#6!:4?[AO_Z90`!`$.5$@`0`!P`;VQP+3(P,34P.3,P+GAM M;%54"0`#E0M!5I4+059U>`L``00E#@``!#D!``#L7?MSXCCR__FNZOX'7_;N M:K8J)!CRF#"/*T*266;S.LCL]_:GE+`%:&,LGV22L'_]5[+!#]X/@V73NS4S M@&4]NC_=:K5:K<__?N]9VBMFG%#[RX%^5#S0L&U0D]B=+P=]7D#<(.3@WU__ M]M?/?R\4M!K#R,6FUAIH=Y@Q8EE:C3*',N2*"K1"85CPOY>-6\VD1K^';5*BM*C/JZ9TI`=/1NU3NZ+I^O'Y M<:FHGXI/E=)%Y;2D/=[Y)=];S-+$R&S^Y:#KND[E^/CM[>U(_GQ$64>\52P? M$YN[R#;P@5^R8A'[94YQ^;@E.C8J_CY1_JWLE=8O+BZ.O:=!45&128*RT7K/ MCOV'HZ(F'BO'L7'4H:_'XH$<[$FAJ!?*>K1FLL(8B?V*N3N]!?^9;*0<;T3` MH(.0$[S51KSE-3%\X#$A_@KA]*2DG\_KF5]B]`*UG%AA:F.+M#!S!PZCCOB7 M8'YDT)[75O&B7`PHP,DT)H@V]./_WMTVC2[NH4)`!X$.3?LLF5/AWJ,&;FL> MLRJB*?SE@).>8TEZ>;]U&6Y_.1"=*XS:/7KGYH%V[-1Z2[?FRSXF-.:\:_^L33N3KU7?"GT5S MSX_^J`>WU)"`K]NWR#;O,#+I&Z\ZB+E2L/@M>L$]2EG=$KVEA-_AGJ!9T,`- M(NPW9/7QY:#*.79K%A*MR29&)4;-/%K(=JNV>2UZXLBJ_9I\&H?UNKD3"XK+[46A+%DS_&U40^2=S\=#-"<#;@'``Y:T"6-?^P6\)$PF9# MU-7`!B:OJ&5A0/`6$2Q[-X_LZD+WJN];W\^Z^-\#[Q.=@N2F*V9!V4$ID^Z@ M1GN.,+($X6/J4_S1-5S411W! MKT%!;)N18C[C1[]MQOB3*.-/@/$I,/YD.<:?;,;X69/5(V8+ M9[I@U-7>6_&RGMJR\H8E8N73EU4R\02/E<,G3?$O+(5=''&&5BE!JG; MAM67?M1'RCPCV'49:?5=:5(^T3V0W,V(D%MHF*:W)D+6(R)FW:XAA[C(RA?G MYXU1=<;JI>>ROHX%#795DKP\*>BE0EE/B9=[H)Y34K[I\A4LJZQS$$PKE4VK ME+$!MI7:G%W7.0FF5;*L3'#]`Y:5.I95BFP%PRKC#`2[2FV[*DUH@%FE-F,# M@[D,=E6*=E4YT<7/JKS<`_6R2<94R MU/D>]7`0O"M0+KOXBN434;24#69&Q^&'P\X82`XB)V=MX0,O%=N,GV11]0TQ M\VG@X+&%#!=3B>%B,T.&4FPHT77+E+%DCU&+9*EXD0TN+92ET4!49]$9R-(N M&'6VC0@DX%1&]C.!44IZ2,^`4;M@5(*ZKPR90983L"R[F6PD4/A=;MJFU7S529]X4^TVFX3BXB& M>4W\U:&,_(EB9_E_2-\SIQ8Q9:Z0[Y38[F^BGC[+R*G[]88^.O8^?^P`H"4` M5-M;^,P?>0[`LZ/<(*IC9->)/=+VETUQPP#'5>5XHNZ<4,1_0XS(W>G1;O2U M[`_!_'+@I8X1M#8\;?C0]IX,EK`GZO8=LE$7O;T0^QZ_?<>,XT$V\+`.-1:9 M&'/(H:Z"6-*-3USNV-D-K MN6;GO-&IR\P$S&WO(*XUTHIWB'&7VH^(O3Q:Z$\D]>`;I6:-6I0)'3D6+K*W M6[)SIYAU2)ID\`GL%Z^@_TQ,GF]Q1^B'^![1/;6G[J@,=B4"H69&=B<>RW5' M;-+K]]06%4'8RAAA?8@MH&P^)&&EV6G$X'`ZBG%8W?DG%\*$WD&8\BU,40ZK M+DR3AR'6#G.XI^_8LB)70-9MLR\#8)%UV2>6W#[Y3AT'"0ME8'FK8)5%8/,X MA_7HH?JA###WP=S/B+FOZ+5:>[!G#D$6``<5X+!+I_64$.$:PR9Q;Y`AU.+0 M4`K]GZ_4>A74B)<9FP&O<,NM"XW%^I("87BQF!T>VF.UBQ*F+)4-Y$R2)GIL M:@YMDIS*)LD[#&=>3%_5PY=U_;D/>(FDCJ>;JA)HV9>.3#[PR_!+$VX0SFROC':=^)>@1A_8^7\+]A\:%\.FLC" M]]05/\GFB=T7/XLN>C7PB46Q07LX,+PND2577\TNQJZW&!NEUY.5692+Q16_ M',1:YD$TZ_0&9P=YU+J8L<$OQ++N_]BY*S7_UO0"'(7RM`F0DG4%[`*+,P)I M)L&8#R]'GM9?WG)<+R^Q'/>+;35`_4I4]HID3H30YN??$+%O*1>X_`6;'4&= M!K9\Z'6)$P](0;Q[8]&W8;F,J)2UQAR)4YDVZ/T)'`?(9`0RZ@1T`V2R`!FE M`JT!,AF!S"X/V\&:,[TUI_+"`PM%6"AF866V4>)VR!F8SYR!BH9EP/UGF5Z5 M)1&*`1#(NLD\;Y6UO,4\Q;X8-Y[2LY`G#I<-ZO8=,;JD@^QL`'85\W5I5F35 M7%W,SCR)Z.H>^@;A+S'Y'&U?-$0WFF_(F0B9`F=*E&ZA-$TG7++Q5%ESZNQX MMV%UUS'`'^"_QVYP@#_`/^O&S[*G5F?GQ1WWQZLJ*;D]0[Z0-=N6H[V1YU4Z MF/^#[/E6"9D^"0\J(2LJ(4O'\;?C$[E!A/V&K#Z^'`0??Q&B@9C1'=SB5VS% M:@O*U&VG[W*O0&EVE7<821>8[-@-P__K8]L83*\O4I(WL-%G#(SL%?NQ'"O# M'LWAY9:Z-0L.4_HT!P][+Z@@5>E(%YEVL&0CTC:;(THI8G-B)I7VS=P*H@4O$<>W]S^[$`J;G8-[(D*@NB*\#D=YCD=XT*@[4QSZJCVB0%*@/4!]K1]"!^MA0 M?5P\Z\6(_AA^V;H(K4J2BX)>7(HD>D(+^9/421"_2B?!"(>R2D,K)[&EMMHM M0>M=DIR-N64+MT.K[O.8!8$$0F_T/8\12"+D1=_OD('M@WO?D+@?+)\2)0(* M#11:^NC>5@S4'D-Q/WA^.L'R,)EED)Q1VN>7C2>9IL@=/+$^=YMRE%Y4P;A; M20:E8/-1V*VB)+(Y,KP8EF%8=_[.XX&-M63;`X>B4(O>R<9!L'P4+8)QN@,[\W&QI)_BDC-&W M;YBR#D'9P'/J230G2;8_N=0`K@!7%7*?A7`-]KJ\^TS";\&4#^F9%9$$2,^L M3GKF8#-VOI0&Q;::GGF-6SM4Q_HV+N'(8$+B31B>)T;GC\'S@Q%!HG,7/I8` MP_/$Z/PQ>+Z?`B0Z=RO]!!B>)T;GC\'S73D@T?ESAH!$[UZB4V#P1O<1AGZ, M1T3D-:;((2ZRLL'X)>^DFSO&/!EM2=Q."(#(OH:8M6F^=A:;>_J.+:M&F4-] MJ-5MLR^U*[(N^\22+L[OU''0'6(#RSM[U*XY$?,YXG@T MSGQ38]XQ/'GXK$%>,:LQ*D3&[H1'T)KBT:#IR-CF3.WJSSU]M\9X0++_#TQT"[J:Q>E]MC`=E';=E%J?PZT2R:T2V8!`[;+CFV7K/I=@N..=)BI MG^4/'L&IPK$Q[H]?!2ZXR-$%%[E8,X'>@341`&)'@$@A*,7$Y/D6=Y`U-J'< MU2[#XW"WM[6J;=9=7FVWB47$+^,95L),.;QN>P?S7N4Y/?Y$PU=JXJ\.9>3/ M>#:7V@Q-/=9"V!M9O6'T>WV/;5?8$98D\>J\PMQ@Q/'GA-%Z),P\BMQN#[&7 M9E_\+C]@Q?>Y!6\J8[P9+KF68DZRQS#7X:_?V_D,3C9;T@88&69IG042U<.& MLB/2(&X*BYLZR5F2V1S*9N(Y-=.^J;MN!E`H`XI,KG(!%+#2!5#L&!3J'-(" M]T?Z[@\E(I!47SJ!-V3/EV=Y]8:HIPJ6.431P"XB5G"Q#[$-:MGWN,40?T') MZ839NUEYN!=I"2*J(KL+&9$KL8@=*2N*Q59)P;OIECUN)8J=)[JT"(]IJD62 MI0WK9$Z@"2H$)`D^0YY/U30PY/E4)\^GD-!2H5A>8NGK%]OI2N>>VE/#;L9O M)H;=H?!,^5R*J6*[['9;2#U[7O6E?>9POT_+[BS!OQR!?WDB$01V4LV1T3*D8("7XHMQ"N%PH+;RW/BB6 ML+L$,O"HGH&GF(3*G#K;JB4(*DPB:E%DQ]IR2V=^(+F;BLG=%%CYCOFG`6E[ M@+0=N_TO,NEC@?")/??CK-+++(=/7*3N;@VV]N"&X+70!S<$JVUSC>=J3GV! MLX6DPJ'W>&57\HXBH[*YI9*WL*AT]U;*2]R9F;!OXS3JVX#L'7N1O6,9A]%I M8NYUU14OA*0JHGM3#TG=I?I=(!=;T;]3N:\ZNK>C>]<2A"SA:_K)\UE>K86B M!XO@I'U5&VL[6(+O:`F>?FX`$%L06Q!;]3QG"[(W@-B"V(+89BZ_!H@MB"V( M;68SH-Q2NR-8U+O"K*I?'L@5^I]2HLAGB9";NT MY89V27AJBMCXH3U6NRAARE+9`,(D:4(8S*5-LL;?.'F'I[06TS=/\__4[8O4 M`Y/4\PRO=1;66\)8HOPE0[;);ZEXY958%OY5KJV,EXQ$9:QV#G;)0>=)B#:! M#*'LAG`#6;]CQ"+QPV'AC$SO"U"R]#@!&!(8X>F0"0&[,P05+52U4`OU,A)< M,!<<*XX5`.*%L?89$^/:`]VQTD@!'!(<569TW]"@06E;F-*A?(T,VEQ:(NL. M.D^0F;H_JI8YOYNMIUG.+S#&4C7&MG>#T>J!SG>(<9?:CXB]/%KH3R1S];Q1 M:M:H11DR:0XXO$4F(5E\6&=GR5]AR*',#FC1=2XK`'>&<]AG)`0`2HD&^@`%. MCSVPTL%YD:+S8FNL3]T)L85;1T\CWI;3B=B-\(AF$+DAX7W9>)*R+*_4$CQN M8D/H:GG.;FS[?R\NG9LDD2\-\VF4;,:>+%Q[=[J-,-@ MYU\N#"F.U4UQG)G0$0!*ZD#)QLX>N+!3<&%G$RK@15'6BY):\CDXZ@Z'[^#P M7?K>D/6%J"8J96*1NL>"M#Z4X\0#.&]Z8$F8)@HZ]W0QG9:V<[PG]8'NR'+X M>Z'PPR:NUL2>.ZQ0\'_NR]\DE>1#_6-`C1Y&\GI-;S;S]B@^'X]^\BN7+TZK MXCRHPB2O@AAA_V6Y>R%&@ALT)I*CB@FG)R7]O"+,NGAK_MBFO^]5>X5MVB/V MK(JES)$*[R*A-6;5/%G%Y^/("&8/^&PJS5QL"Z0N2[33J74XPR72LK6<3*V% MN+BW;`WEB1I\TCGBX[)UE";JF,G7V97,Z,Y^/W:\JZ4 M'7\B3;C@,-B-A3K:4&H:N+U8=;21Q05A)BH)ZY[8];OV)7:E9@JC\XWS:@S; MO**&-UOY11X]E7`C?N,K-?J?LM_>S-IF-2C[M'IS\N]I#0:U33;G]V4=@D95 MZ,P:)QN46QHKM:,7"_^)MR"K""OVUPTU+&T8JVZ+E>VO>+!2"]&I9V:-$PW2 M7H^*=3$U7IJ>1#WT73FSRBM+8JV/&P6:%#7OB2^EFHD-TA-"\.6@?G\CQGMV M7BQ?E/187^8T-M$Q']L-+!?PXKF\"7I%'/TN]<.B&L?;O2$69L/DJJO1OVH8 MV))3$C8UKY9HX[%JQ]MLX(YT7HA9XA[U5H/5P_VU=EN_O&X\_:X]-AX>Q8?Z M=5.KW]>BK<<;\)LGWCY7Q+:]I[(A9%5[M"^TXR3S,[;`&4-H*0K1H@"H?GY2 MU(7,2&-R+BDVIU>._3$+J5P\+2Y/9"]:0OKZ OB*@0WXJ2IA@8LCND98FO MJ"5=>P3S_\.DTQ5DJ[X*H>M@48T0:S\=LJ^\5Q*DQ[/?/][I)6&6)-J'R6&- MO-WBN2$8(-ZZ%28,7J6W._40CS&X'&6P,/#T(\G<90:8'BG6VE>9-VYA'!>/ M+DKK#7P8W?70CETH%!7^844"7T\R:?.3(,6E)2;-E0#]+\O])%8M_^JXG[3A M9XV[`TLL7GN("0DN6+CM5HK__#3\RB24Y?<#^8Y\Y7CX_AJO_^VO?_F+?,V) MOU0I.JXF_YPY[J>V&$VAC7K$&E1JR"(M1C[)L.="UY.JBM`=__0+#&LW:M>/AVU8!+N6&A0(;:L9#@*U',^V2WN^..1Q:.].W86]#7>GZ+HCZ1_ M@=AR:5\ISQK%VIV.5O9$>IAK]_A-:]`>LOU*GKI8:U-+J&'/0!-6E"MP*>'- M-5<\$R:6@^R!-^Z?W@42+CYQ#45@I]&VQ@3P-.PA3Q/6E_BCD>'4(3YH2/M# M@E%[]=&HF7VY7^M5;XM.:L*&<[M<$XL<(:I-[+B>P(2D+A5T8=/?LUB+,6C8BAKONA-#,]EP5?_NZF]"KIT M;-F`Z]+>0;S#Y;)7Z;!QESH578BF306/?[JZD/]KHX=>BS.?^K5[SSUK1ONI MZ/T7%/"5P^3[0]*,C659#)P=G9TOA,''L:HW$4'OV9O??(M:9J2=H)G(%7`A MG&@[_#R:)F(0B\-K"#?77(V?Q=+1J>!G$D3UU)S75D7.99BM*&VRN;@P;3HX M_2P/8%V9KCN'KY@40LZ-3!O`ZOC@A(86>MR6-O""@5X`;G>`VY%G80*I+:8= MCSYOL?W'/A/6&,>IM<^(,=GXWHOI_"GE'$1S!Z+YA%F/S["%T$!ZH<(?/J"? M`<1KSS6Z/U``])8!W27,C()86O/!5^G626L6\-U):;4><6^EU84:Y6Y$UWQH M@3J)N0B.(SZ"!2X#H3YF^`N0\=)AM&^;TF%!647[J5:[OKZY694DVNB//I<^ M0V^;5O"*K4Z@#5UN0W^Q)AW&FN!=:_ED6?Z4!OYIK4/ MQO8`G1A?UW'3[,Q_H-@@-X3(#6ZQ/F*1Z:=TZGM?`2;K#5(_TDOJ#7)#F/QC M"V@X/_KX<1ZA%L_EWFB]P4;F0<^R_'0@[,HWAIPO!_Z_@5L]XG5O6Q2Y%6G( M3NQ8Z>>')Q]/0V@`ZI=;"2LVR`U1+R,6Y`;7UB;H?^CZX@:]NU6]J^M'977U[L<34+H)+K5RN:`*\MMI?H([S8P$)VGM8732%I=50;J= M0VV4<$=I+T':NGFX=,JD!A:K=Z,;TD/_N.7544;XO>KV99J3RLGA2;&8Y+22 M$1XM8[%G4B:W;Y>7#L].BA&S'*OM!E9)X(=[2*D*?&F/I!V\\FOZQFU3"\-< M3SYI,C3V#B.3OG$MS#BT7>]\CU)V&/*Z;HE7*>'@`P`7_2P+M'0"_OF$0^N4 M=(5<'):3M5HSS]<]]$!7+4LSA+4+PIZ47;K=`4\H@9TC)FK2[`UJ-J39A_9J MRSOPSLXAYO?8V:_@7%A!:W:I\T)CL2];-*[]RVX.M=%U-]J'SMZOX??%25O6 MP4F;-2?M6=+F;D9XE%LG[$`#>V?64AW_CC3:\\D:8D:,[ M;U+:W]<^="$R"[RR49,S&C-=!)_L/OADP2,+'EGPR.[,(YMJ)"I$_X.K'YZ?@T\RA M3Q.D,$/!H(D:SNNLC1L/4RMJ'IGND M>?[(GP^U46)E6'J"'S)`RI3\N9#!83^\D?K%83%9^S+SC-U#A^0.DA3\/WO/ MVMNZC>SW"]S_(*19X!1P4LOR\W1[`"&U(.RY;<4/R)TNXTMF1S.BS/#F6&M8K35)@5V>11VX-'/MEZJE1S-Z8,T MFF_\`>7`[Y[O:9_^_'$"JQ_8.][=D&3.+5?VBBJKVGQE#M:A<<#NAB5+N=R/ M6.*'BN9OR?A9:YDYJDV%A:)1#\2TV5\DO:/1M+](*CEIS>#>?G>[WVM:E0R] M1W;K_B*IY*0U@Y.E:BP9>A>1E)=ODG^>0VV70[8/S"=.V5WJH/('"HD='?@B MRU[A2R)JE^]H:!F51GE'PXZE/^1PXE$JM%*A%:70\/*#YJXJM+K>*K79+AKW MA^,W[0__["_Z=L)/V%_TE=R7BRF05^2N!L\M%CPY=.G074FZS;RMDG3[1[I2 M:>V\:WJXZ"NYK]PR/R;I(G^^)-W>D:Y46DO&/^1'`CPY&3"*GB[&1G75@,T" M1,Q;7@SS2/VDA,!"T06@XA"86-[T\Y^/-),Z3L@)OQQ5Y6=O1,SP19@H/4FQ)ZA3194:?P;Q'-2X^LZ6TP:6!`+<*V5Q@X/G$I M"SQGK+W:_D",0LR_`MNS1<^"<&`R&CFV*:1MQ-F(#YIT3$YFNC M4M+W7=*?2DDO5M*O7-,)+)!C;B+H>E4*.8FNRX8BX8^Q\;#)7),X1 MU`*>#_\1U]*A/.,5%T-:BF\IOFGQ-4OQ+59\;UYQUWT::T3[<^*V&^UU8)MR M]SV70JP-4,BU3O4?\64XIXKE'/^%UT^"9PE>D.MSAA=!]I/;<\27V'X(YCUN M-@VMQ[AF@QK0E6$KX>2O,"']*R".YC,!28_8'-$=4%0;7@#OQ",37[R"^@4? MC@)N`L"E5BFURH16L4JM4JQ6$0H`7HC[K%CTR=>>*.%>2ESK&*W4P'0'T\$- MAMC[11L2U#^>=DF?>$!XJC5]K5$*.2[BC#KI3"7PIP6 MYEXIS`4+,R>N1TP11Y/]CDB_SVF?^&BD']?`'@=?/.`UA"<=N*E06]JQ'Q'NNV&/ M5=%-J?.SIS44WULXY,?B$LM3#2<9D3$&ZH0SCN$\;N-$X&%C]\1X0S^N59I& M$UZV+6!B3DW?&4=>>SBG,`D^V:E?&95FLUX!3_[)\XGKV\2!GQ%Y?)#$``*< M$08#4.!!3QUT>B'>@'`:G1($KD6Y(^*/:3Q$YDRIN4K-E=9<@U)S%:VYP*:( MSNPTM"^L/XF)*B;4%U>HBG!D[0SL%B*,!Z!6,F$^%C:[& M`CPAO'X26/!@#P<1%R$"EXD3/R\8#M$7R4N,)_]6Q%EB1N;(`C+#CS+E%458 MY8YX;HDU0.\O1[KDKWF`KC^Q^G--_?#/GY@S^MQ5L'K3NZ/$^2KR)+JN]1LZ M+W](W^56FDXV]1X0.0_TS3]SF/G\Y7__1]/^*08"#86C$.>.>I2_T#MJ4ON% M6I>,/U`7'*TK\./82YB!@6>R,,@=[?UR=!%P@C]]U.$?M*(>']ACY]&HR@^! M=](G9/1X%GC`4YZG@-Q]L[U'F/WQ&ACB#F;CYYQY\%J_B[Z:F.H>'HWOP85T M^[]2!A@BW\25'T?@J-D2@-_A#[UV!#N':0^)XZ%>_6)T@"]#)*VTMGQQTCHT MG+P0VT$>@O?NB4/O*4B[C9SU*X*)'(C1O5^)[5[#Y^_4?V!WU$%1OB5HO,_C MG+J*I?KK+HPD'=$:PLI9RZX#J_DO$=8ST8^RJ^!/8R]+3% MM5TOMN/0?^,.9#Z/E^`R1'FGQ'<6OL_1I'+]2]LSB?-?<(Z4K5XQ`99$UTU\Q$=7;EWOL.\GIT/]V2%&@TJB4!L@B0 MJ)+09AW'F/YFFGC[.(0J(ZAK:W"]VB@QGH7Q.^J# MV13C'3/8'?<[?>+$>UZ6G1NMDIV70.XWPL&X=<'8?+YUR-_DFCS35\:LC%\8;V<4-H]DL!#&SH-T=W&S!6FL81C$: M]4"P_5XV6[VIEV1X1\NM9I3HGF>_V8SGI&&,DK$+MMN,3JV8R,9!XC@G\ZU= MJVT)YS#+D,$VP\SG"_O%AN$M=5^"OTV'>0%/3F)6.%$Y^A*>(\5G0AN<*6UR M%K8'G3?>'\9Y9Z9BD._,IYI>TTZF3PS7'%;TX@769Y)K/LL,QAAADADUP8V: MN#$[XLF=1&!!1%:OH#":T1G]NU']!@A`1[Y07,GB]&I%0Y&NB"2V,T:X2).] M$-FPC'NHT!R"A^E$^RL@'",TH&R1AE9(0WS_^-3HB-28,)'556MPT^FNIF0& M#YD!9L4[,40>?[-2;S4KU2B#-YDLG@>S:D6N+OS\!J!++:0AUX'I>&+H`7.` M!T6E/D?&%+_*0$`M_.'I'#(?Z-']ZGN$NK]XOG?3D[L4T"^Q_O(\7ZWIB5TX M>\;UH6JM!57;*!2H["UWH6^HM]X?JNV>U.F-'5UQOM&7W:7L>\4]VL5J@?41 MD'?$H;ZK')VGKZ\KO^'IOVBOMC9S6NNZ!/_I4+ MLAW@T<@%-3DZVB#6MFL/@^$=#;WS%\I)G]X$/I:"X8G*!1TQP/(9<8AKTK7R M%,]A8-N/5*@@5I)H]<*<%Y@F_2%I%MJ_OL%#H!00QQ:YN)?$YG]@)YT;S$HDG&.1G/@B(_ZCUZ:RW*Z9 MVP>1'N(T<9Y;]/!;U/5ON72T=KU3FX&)%>`N9NG3/)7GRO5JH]$L;NG_$3YS MS#9W=$B`G]S^`X"_V+G8E.I?;CO_U;\U+[(6-P^RW%7JGQDXBMGMML@_O<`P;SI17;%-2.N MI]CQ2YF>*V/_'`;EQ/2W0(&Z2H&K[Y='7VKU2?0O0DJ"2(GS;]0?,"LIL,'^ MI1S!NZ4<.PC`$-%A;[98&*%%*^0B^1`M[`_"Q;EQA$(A)C8%E)R'/&&*<<`H M7U:`KMRED@P,%5NUHR_5TT;(K"NO_+V1MF&Z14;=E'?E=EVK:[T(E_:!=7L] M\+`!L]XY_%^?!/:C#DWT74!>\JMYS/HL!S*]=/JJBB?P)N"><_D[#4,(7FPBAM_0'F8 M->-:LHP4N2TKISL)#RR.VHJDM`CLI2?-"=`53OZ:2C1F'3CC$$W7^C,(V>.2 M\>_,!9;J,3Y$'L$=.VJS5,F:EQ.L=F33;>0$YI5R_J?T5U&!2 MC'E!P0:P1Q)?D5V8''(3?S`D_/D^@._Q#[K,T1]N>T1Z\(;/Z0OC\6 MEMH^#QX+2ZF<@\?"4AO]KF'A._,3TQASAF&:,!H@PY7@%(HW\]0"^N(U+PU7 MT2M<3\+W:87K2>\^K7`]R2QJA9&=$M6!@S41_:E6A`OS4+4MULJ_6#OZ]YV] M40<6RT=A84F2;QE!^QL;C<@WPL<.<:UETTFKS8Z"U75Q43@^9\1,=@V=K4ZU M*'2"&3T[`GQ@E6L:_CNK+"A53*1'!4\[5-RTA0JVUOL5L"4)3P55L=V^SV;?&&K[X46AC?2-GGB=T+?S,]$N M&'B"1&$<+"O$*L5_PP.;1?+`-R_+%B0M,8@XD&A?G=9HI`-,<66L@;P.( MSC,K8IWR2%.P&AG!QODF$FJ=L79<-RH-R7D5[8G""V!S.LR3"1F>'X(032KJ M)GNVBZ&H\(:DXUJSHH>\"RN9[GXNL2)[H..Z71*6WOG3$E^^A0\]6<>,UP/K>J76,H1D(33']4JGVI*B"K\:R:PK)PU06*$, M/X^!@57)3"U176W46\F(!DR!'U`Q(-[\`8?=!Q^Y>/T(.(;^`);EXGASA4V% MIR(&F#&];M25Z3NM'*:O3Z(CRDR+QUUI,1KZW2[UHRN4,BE]7`]57NJV)?6* MN/`J>'%['$._)+E2CF;L-(F*#<>:H<)C+OQX->:K^G*)%R@ZFV`5/YXQY%I4 MKC0;2DVRTMSK'5JW6CE,O>;YMI$5<4BHZ><_--JNKV6;SD8]E M2S4E[#-KOG4A,AXS\K<60=142F'S!DBO*A#!A\F4LOO@R0-U#T3XBEO:5"G1 MQ/,E*\-J[>9F*Y)'B65H9X%8PU=X3;'/-"X.=O#N(N`V-(Y'8!_#=^C4XU#X)QBM3[)D.KDJ M]`G[$5CBYR%6Q$5@7%YV$=U."$87C=8-CHNOWF:8N=*T=W(BT&2E?P?6Y3!P M?.)2%GC..$&'2H(03O'[TA_?;F2L/EN&P&EM=A9*412[VJH`Z:&X%RQ`XH*P M`88(HU:+X5+EQ>(I^2J%Z>"%::K?W/P]">2IW=R6/`%;*;]+`5G1K(!'$B$C M-TF(!;^?&:1K8#3<<4`2;1'U14EL==Y]*\.U*=L874?P,B_N%K$\O!9SKF0= M:)1FL2,VUVE;K8_#$GVWYSOJJ6+5->AB:CQ0XFZ]@B!-9UK:]O MP+Z>_&5WR(*58CP[WR&H>O2ET:PU8FRMCHT$E=_(&S81ZO;[G/:Q\HH*9-L[DO&X7\T;,^9)[/K=:5, M93.PDN6!B$AU@@G]6)Z.M7VV&\"`-^*T!NNRXBO]'IC2F#1JXYJC>NETE"#5 MYJ`5O\SU0LVUNM)V;A^6N3;#=AI[M<[U0NA&H]4N9IG,Q7;.74>D(HB\P8GV M\K)Z--<=OM-)=OAE`<@9Y%6+DUI*(Y8B0%ZNCG95)="NUU>`.J,8-2_`5ZX% M4_:A]0`/VW3$EQ:C(^#0-YS/NXT3Y#HG6:(B*76E`\.,D^T MUNNC>BV2B8G%7KT$'=A==,@8OW+`"6?VC)X7T\BH;XJ,L+&`(YI1RU2F5/.- M/!I3[4KAX&)T-M+(7(2<[:`3%$!FUOND6[-%/#8WQ6/2QJ`+/@4-%_$?3,2[ M)3QD;^*"`Q4XUIG0>(@-<3H+/D?PY-F63?CX@O9(X&SB`6R\ MG)4ZJ#06\"UA M$Q`GN44$Y",%D2?+UK`=="8`2H>C:">-+`ML,6T.[#YQLT5HFFRU663+0/4T M91Y$R!D`C@#80+LV%['4U&2SX+G':+77]1\&=`VXMGG#0T:;O2P<9"QPB[C( MHUE^QL([:Z]\3@.Y5>HT5[81Y\R;'Y"KFB@%P?@?VQ\HN^RLWI=E_]J9A#&6 M)LQL7"7(`'C]5ZM,+%\^8`XT3B>&LI(%O&1C!&)Z/R:IZB M,-E*],TR,T_!B9<&89UD&#M*6D![\(+(5 M`^0'%D5O;V6MMA<9-O-*B')-^5";^FT&UA:6MTMM@U=NPMV31.S@S"J)AWD0SJDV49WQU2#;@-[ MHE?UT%-;D1+9)+P4_09@7[VD%-`E3+-Y?3GG2\Z=3`%%61\_)*FMX+2J3]+> M*@MQS%=M"K_<,I1E!T^.;49V1,:MR641V_8SR+=0Q*8;[]>@*#25KSPO$)4% MG`7]@2:S#K6(-;4P[W`G<7J8E0/3+8IJU8R>%Q-=:ER-#&7+`ZQ"P3U4G'F& MW1E81$X/&LXUP@17'#@8X;L3;6F,=@5,-=GK(F)!&"29^?SG,&E?[DS)@XN?IQ8W MDKR:F=9_D=0PK-CR0L4Y[,@6"&DC:0DAFT_`S":E5MAYHP+[8@4;1T3M)_:!MG$&6VE`E`:$-"#J[V<_((-J84=_E45W$GN':2I@K5J/.0Y[%?L& M*&,?/!2,"GBS]W&E>9%0QASI*.V%J&==JJWA1+LT:\V-5/M$1+6.)[NPL<"# MR;P?/Q\(NR@Z[]6V_($$*E:/OHR;@JDU(A8>3V)P67S&^L'HBAEG/I6CB^$G5@O^3L*Q\PP1Q+R_>1; MJ]&S6CMM`#WS0*I0G-0V#6E?'Z[NP+FX+2B3.\ MT;#DUYB5'#!0CLEW[X#WT;)F5.<^L2UGS8TBY>9/SK:V-K\&'0I MQ72U+:55BN8[B"86'7@S;"%Y-)A\\8G\6#+QVGN-+A=:,G3!##VPN:4R,5KS M\4>,DFQK%Y#!F6W-KL2$M@6"2-!2U,E3J4Y2(8*?E!C!@I`!J(\9\0)B/O23=9;I'ZJUW9OD1NRR7$!W-`Z;;?G(6KQ7BY6*Q:K[(/"LOSY M".S*5TY&OQS)_\9A=27JWG,8\3^C(3MU)JFW*O5V(V&-DNN7\X1W;)$;R[U;J%Z5]=/C=W5N^UZJ71S=+4.TJ$2*?_X MJG;&,2-`LY2.`5HO;!E0H%N%K0=>L(UP1?LWYCB8S[M]&+MMW1RZ3GNI@2<2 M:_5VP=[1GM![U>/+;6XJ=4R=S7-;V1,:+6.Q[Z5,%F^7URK->E4QR^ENAX%W M2>##,Z2M"GSM`TE[&95?,S;N6NG[OS`U-NP?JB4-1(N-SF-KTHIRT4;8I;2, M`90A^ED6:*U>QN=S3JW;R5!(!PN>RF#(BO;LKBUR0]GO.HZ&3]M4M*B[C?:I_^%]^(\2I(TN$_SH]-ZG(&TS;W-W3VCT_^Q=;6_CMK+^?H'[ M'XA@ST46T*:6Y+=T3PMDLVU/>I)N;K/MP?VTH"7:YD:67%&*U_WU=X9ZL>0X MB6/+L>0,BK9V+)'#F6>&,\,A>;!)VLQU)57-%#00!E9SP`("?&-7X\S68OZ_OL>$R56925+;JO:QS>N7`T#QNL#./#_B$O];`ZN!SFK_&7M'# MI+K3QJ4TS:[1ZU!.\P!SFJ2%#2H&K=21J[F`*-VXD5[K"T@+7,9/^"_#&TG9 M'S=G+[W%*+WOE!W?1"=,YR/?&BR[[91"3\I#YDA9<7XNG>#P.K*1YJG1JM:_ M;+Q@7V%"\@4.*;`,NU\\I$#24MB!9S_[)IF5"MWI@W2:]35ER=4S[/CKVR6N MON+HN+XIR8J/7&F45)[K\U$-UJ$AH+YI2=++9N027U4V?T_.ST;#K-!L%B"4 MM7H@KDUSF?2"3E-SF41(VC"YU^S3[ALM*P)T@_S6YC*)D+1AV3-ZNC<'T[#>.")M5-W)+KMHBT27?-$1T:K]J'IX;*/T$=3YNL471;/D^@:)SHR M6FOF/Y*O'#"YG##*?GV:&ZWG)FR>8,1CP\MIGA:_%5)@J>H"47D*3`_O_N_O MCY@C/"]%P@]'K>2[FG(G_9XW$.:?W"686< MR]QZEB0VEDE)#$4![9K56YB+Q-BEDTS2))XN$@Q9-!;Y7DO%/*DBX0)XX.]2 M805///'93(2"!8.(0S?`93F)O8C[(HB5-VM$6EZTS5]0)J^6TV_\!TO=D%SN6+<9^+; M5/A*)$J.:NL$DRGWYWCRL1/XNG".HQ50$?Q/7TN'^HQ77$P$J2^I;UE]'5+? MW:KOIQG.NH,YX^SKTFTW;#:63C+[GB=*S,:HY.RT]8_\,IR3@N>@WS?=KLV&0<@DF`&ST*R1=CZ##L5?,?=8%&A* MAER&R.Y8H-E0,3R3M\PC_0C:%_QQ&H<.$$Q6A:S*DE5QR:KLUJIH`P`/Y.>L MN&(0L8'@H2JI:QNSE0Q<=W`=_'B"9[^P"4?[H]C/8A#&/"P=36]U2)E)F935)F4N:R,@])F7>LS"'W%7=T'BTY[XB/1J$8\0B=]#<6 M^.,0B\=A"-YYFGR3\(Q2(BKEX'36SN%3&<%8_A8NJ3*IU3NP3'LO26;72[;0,B M^8&*N!])[L%K/%D^6.0`8NP1&@-2X(=AL='[`U%C'HILE2#V71%Z.O]8YD/F MSI#E(LM5MEQCLER[MES@4V1K=@S]"_M MGL^6+D[&4Z-)M4FURZHM2;5KDRSH/)0L.(M'L8I*J8(VJ3*I\5/Q9(*Q2-5JW(1R MP;5H+!ZI8GV+RRAI(J\3!)'A\JL3WV8?WV5S2:ND]+@D[DFKT^\-[9)OSRB)JVWZI M?K]-E'+)(VUJDA@.W]I/IY:J;)0FEA-):H92"DZIB64+JCH.3":X0)'LX M":UD5^N-UC,L82:8$DSK#=-+R0>ZN(V@2E"M-U3U#2P[@.GK2&&M/.J[TE/$ MFG'U^A4/513X[)J'M^S:XW]S%HJ(2P\:#$*AC'L(&X3LN^SS-CU?\ELQ"P+7 M8.?(9^X&.[.YC3V_?EV-I2L;UF)4]\2N[1TT7:/5ZA#4">J'#W6S99BM4\(Z M8;T:1O7K?+58JT5`)Z"_`J-NM$]M@CI!_?"A?MRWK%TBO3&"?[N3]!-I2.,U MQ.P9[?Y6T:S9[-F@JFSD0>88(>9QR"6ZDYZGC#8OW%?FW-;[_6>&J[N M[-.Z='I]DDL-Y6(;W2H!N,%/L M#`]&U%6YNZV=F`1!:"QD?8'W/`12W;M=JTI+T]AX?.,BMEJF5TZ-3I=R[55* MD[P-0LV#&UD(-80:LC6$&D(-H:9AJ&FTETIK@(>[!OCKTFV'Z8F3[]C-.)C> M!J5-"#N,H_'B4\\WX.^#D*M;?N_&6LK3U3I/9QN]+BT&UE$RIFE875H-K.-J M8*=704WRH)F+E"31&I:1F>[' MG"1Y(%IIDBAI,8H6HUZO`;"K*.=LK"RKB@,/,MK[]?SBBKU[V2#ORH&A>=Q@ M9QX?\`G?F?FI.3`;F3LRNJT*?'R23/62:1M=DY8#Z[CF9/9IS:F.*M/NM4DN M-93+L6E54.%/*TZU$:C9-7H=VE*V;J3QRE:B3-`Y'F<;N[T[5_BN8:``+SU&A5$>7BA5:_8UZ"8KDB(I`2D!29&48+]*L/\[C4F* MI`0T$Y`420E("4B*I`2D!"3%IF87:\F^JO*6!UF?V/V][QVP6Q4<&DCH)'3N9/N$W:K@X#Q" MY^&ALW_2W[?M?%4[2`B#$?43="KS.QHAQLZ(R0O7S4-VE MK50-*EY[M5FTNLV_#6928@,KR[%;\+L;Q`-/K)UD)P&MX6N0@&HK(#(S9&:: M+R`R,S47$)D9,C/-%U"21584?%UQH%1]-Z"\(9PF[>ATY_:R7W\M-,[,/,(8&6<8[5F1>SN6< MHHTD5I#X41E11>EMC@O=2=(T.^9O[PEZA:3+W"IK]B.BP-\6GYXIDY(8B@+: M-:NW,!C)'IYTRDB:O/`=+W;A*8=/901T_"U<%H7<5]R)9.`S)U"18L&0O;&Z M-N#)B<,0'IG):,RBL52,*R4BQIV_8JDDOG+R@.E9XN%W"P5ZW-:0'C=?CP>D MQ[O5XY^Y#)'\6*"N1F.1Z*5BTU#Q[P2^WDO)(_CC MUT`")7?"C^(P;^$\F$RY/S]9S+KL\^+/V)QBR(/D>8E]!5,11M`!F`46"A5[ M$?XHD8XX=,9`:,$,`>K@+$O==_=-'X4V#,#+8E50J MB$.9(4$*920(RK\7L`%356$>8BZ\B$B"/_E`*YL`K6/%!/#"93=`C)B48&2W MDNF"<9C3!'?&S`=/U1.Z;20M<)QX*M,YD2EH'`Q])'P.[`$J5(P?`+CZ%4#] MF$GS:O;DZ@##9=8I*$O$I9=1 M@#,)](J$0K^/C,]@,/>>6BZ`]RXA#@T\WX!Q#$*N;CF`#!X<`$#1Q>40M?I1&'@>`@MG M*M^1W,N[/F$7T+?C!*$+OX@$C[^2=Q"R56P!>8C>Q MKZ=0_5B160N2<%I&/7Q`*,FX\"64W&PLP19JE M]%UF7"B0-5H02Y[!K3DU0F1H2IWE.J M@8J2O_>D)_E`>E+[,B+X5.#/!8"::-2?L)@9C*?UI MC".&.>E2W`F/V>P83*8KAGK"@>G@MP`:-SMO\?/2:,826`Y&8UX>/'!;)U/] MR)MG;P&=X%5ID:8!5@:7!T,LM9AG%CYTCIQ-?>;W^$HHH.DDPBOVAUP`,'MR M`B2&<\U#%0^0]SB[`9G^2#QFZXKQV5+^);$HR3(H&)'T:[*J6=SMJLU0]GYB M)T#2/QR923K@L>!Q\XZ+K[/BEW]^%WC3[W\7W/M)SU5G!2-SYKOG@59[D/1E MJ@GSCP!#+U#@Y'P&._D!F'O[XW__%V/_+#=TCK8`6OCIVU3XH"N_8S@MW&N. MCA!.WO#R[V+XP]''.-32^6+"/Q@_?_D^ M``E??@EBS[W0SEP0JLOK*VW?'AUUZ^C'MLYS+0]Z]2"V'>Y*R!_N<%?JS,L. MM[/27.Q4NLT>;A8*J?-"%%:8W7Q77XKY*\;J?R:ANBJQXTQ]^30LC-\5\LNE M&$$#,!$6!GAU_F'1[.7E.;1\`79F.(0Y$MVS9,`Y^PJ47?CP[)E[AR-2GX/% M*^?PGQ&XTXEGF_=4'$F1[O58:IY:[=4JLPFKB.GE'DJ#/'.<>!)K9?B((9,C M=9L?A7)"J?/-GX;7:2HH[^B:1V/TW6]B^'OBQ*\AV'>=HQ]M\P%;6)5@,UJO MN`]A%[:H!YG[AWIFW?'$F+UR'J24ANO!7C-GF35K#:AB3E0V9V[*"7,52/;! MB<>GTS\Y!+D0R%ZDB4ZM^1`/?IB?>Q!KRZ%,8KA/PR6;\$MLX`?,,7VR?\/+A*<)\5J>@O$^/J78R5Y:Q\#P<=!$(+\N!2O,F5>"@VWIY)E2:3:G`'"`.&LR!*F!@ MGK;,?9F#ZKRX+9S%&<;!GT"MW4L>+Z$TQ`,M;O=YT!H>90[Y%%]8-3NGU;%(S_BWH4NL/I- M/&>][LEUQ;9EMXHYD%)'SZ1@LU5CL]TI.>[;4+#92G"[;79.J^7!,RDP.U;/ M7H<"%4%<"T`ZYVH,(>UG7?1[,9F&P5U2B91@HC+//L*!4]WP#/\UOIEC7\HL(PI'DZVE)/NCGCJUZOG0+ M?.GNFR]F_[28DML_=QYW;E^8.^\ZI=*8S;FC$W$ZCX0%8&!XD[6R,,1J*7SU MPWSQR#6?ZR3H#+SR_Z2E>VG>2?_M3Z&K5Y/DU'-,U(_7UO_95V8_37KMCJC" MP*/`N;U0*A;N1UV-ECSP)];&_29F^A<%YB=-FWW016>?L)07GGUN4O_)):V6 M:;>E[8] M"Z%I85Y>9+=%D=XVQ87W:YSU_8L/53*7ZI_-K$:[1O78+U9^K0N_72RFUF+^ M/O9=\#SSD2408F4,U7*0AUD8G_(_+/%_49Z>[N]2Q8T[R381B"1B[K%@X,E1 MH?(8R^9Q$L#ZZ1`,`99F@R5@$?^6UE=C8)-L&A%97*7+KD.A7Q[Y^M")V5CX M3/#0?WR?Q('6#F]H6!>6^0\_K>@7[D5>,'^)!?1G2;7^_5(AT\K6Y)ZN"NW9 M_5[N!CW5UU94K1_,P%S>[V]$U$!Z'E;S(,<=(>\0O&GD_#G((O%_"0]7\VXX MUE,@E[9CH6FU"K1N1L%B#`]5>MPO-8<_)B7H*\L[U(I"=)JM]S])O.RO M=-G"YK=7F,'=N`,9D%F&9)9!&3=*9V!F!33KR:.(9Z8!S3)$5SI/)W=C.;@% M-&R$=U$7-^]AN99A]HN^7IYI0TUNX,NI_(7/?HU]43YTH[PA MFZ[1,9/]C])G.J?"DJ0*J&N:5V$R28>D^_PY,T^[>G)D/,O&P`PSF7KB6[J) M8!$%H%+8LX_;O0*I[]+0?I&?E#DM]XH4^/B*C MHDR;DI/8`X=#)*/Z(0#GJ#9]Z>RD@:*Q/NKK+;%U^ MMD%V(@CN-B\*6^4;QLO"3C95_GGQDV(#X?!8Z5V7,ERQ/1TZ#J6ZQ>VCTE?Q M<"@=*9)S2I*3#H3N%==][A)[BP`+8GC3=76Z%&(T%>-YL;CC&`:S."!!Q5,\ M!62E&MR489ZCUDGJX!"N6DD*&ZR-E;!>G-*`_OH(-R,/PV`"WZ.Q#%U]X0!*Q/14KWW:9'&#QL4XJP MRCO29ZAI^\8Q,/(P&@A!*MG^7D#6%/P'WU/CVH`@^WF1N) MB'0?T^#_V_O3YK:1)'$)$@"8&[O=(LD4)655V5F965*(B$C9=@!EI'3 M.]&(EXH(;2/WVXJX_HR7,H9(RR$HV(9B.XHCGIAC*2$I0RS)$"\W6]V'E-II ME-HH<`7%\LH-F2XOSZCQ@%MLQP_OFX-[Z\Z`K#9'+23_CK57HC<=+E\:L^>P M7ICSPD4E%$/D&TE^2Q26`&#B>!B8>;+%K05Y21[&"Y]>)0!@D]K.Q-2QK(&X MR(\ZT<-K_,"#D_A\O1$%IH1&'`;&4U340/*P\#3!K#%%B514<:C"0U6',*`- M$2MT>5>^D2PV=:%"/"V4.V(U)1M171-402"/RTH\I`4XC=BP-DRV]D)\<0E7 M*[5)N.6X_)G;`8`GU"U^D]N:/$6>",2#!O2*G=)J02 M5$?622/8\YP740P,S2HOF`C]LJHBU9SIA5:18N(J0&\`>5'L4(;#JD=K-5@C M%I=D>]>9Z\Y$!2;!Y.*)"?L)!M$$0]HB>B;JQ#F>D*+5!5F4-W(83Q;]`',* MQO/>OJL)LRTLIIH$^V0UU3654Z,!PJ8&PA::>OQ=]$=8C%/I=T7=_G2D4+!N M=GDK.G,O[`;0UBY;[0+;->#O8BLH4[>&?M&-"&2%H7=#QS)2\\331#'M):?%K?%Z;.[$&V@)Y9Q1\O>'4+\3 MW^87!\H85#:L3GNU>J$J\?`Q>/@FM%+F.'7H*K_L>8BSR?Q7PJHA.=E=3EJ7 M_>K;':67D\_2RLKWRMYN;#Q\^?MP6)4KT/W4E?D(W6KE0XWX!6R%H3U]:I$`K M40ZTDB1!-P[!]&+*Q4>!!]L,"B/H3CW[(()N<30^RJOUOU8XC7 MQ7.#VKSLK434^NT[:2V3VNJ$P?3^%9A++RZ;_OI*_C<.:J5B7B/+8?X[T>PE M7E68W]9M=+1^PAG$],3TQ3"]=ME9:>34A.FE$5LV?CBZ,5M%DW75,4+9@@2G MUGNA]5=)[18EMHO#8;S=$::VGSO!MXV5GE)CM]MJD49*[2@DHW2UH%!Q8:$* M[)MG%@3"A(K/G!G.BY>.`,W?ZR@J!+0B!9OJI?3Z!HU.MT6A MCCWLB]K3E;SY8JV2G1!0]-&KY+QHU",X_(2^"IL6U44?<5^-LL.(BB0$IQ:" MDZ=^$14K;,>6$GU%6X._&B&EZ9PK=1.;AI6!IH>4GA MA85$32_J12&KSDW8#RPLY6)Y45G?U^6V\QRVJF"R4I_H,B$+]PVY*%SWS+"Z MX,(R=]CD"6O.82,G+._I`_+L)ZQHUQ^(LJ.+7GKALJ\%-Y_GBESB"G7'_BNP M15>^I"YIO@1I&B7S99IQM:+IAJQJF"Q3>7'<'^D2AF&;+9>+LJ0B`WAQB4$[ M71WV=4N6T0-@XM6_,&_IJ@S15FB?TGZ7RJ,H7ZAG,(XU<V%)TR M8*E8WE'6-TS(+4I-BGJCL@PK\,BE\C%DN*U`$[.M*!*8+P M>F/.D1<+TGE5T,M'4\-K*O-G6BZP15:S&A^--QW)TP1RX M^3C3*6R_GYD[PUJR:XM9Y\L(BYK6N84@R'_>?4"5L;RNIR,:1LD:O&(CP)J= M""'V^!&[%*A'W,;C:K]Q!=#&\I+=&4BR,Z;J#^-T,*H1"%T&:FS(Q\P:Y0J1 M2B4HZHDNJX8J'",X255T?PP`9(R6S)QG MM>&5OJ)PKJZO]!`BFT:7W&_:RY74"LLF)?IY-2-K=C=D-`,>DUI==L.+#2BJ M$5Q4C>!!?ZY&\/SJMBT1W!U)#$/,<\&S+,PQ'"0^'93JR#OY.+2M/N0`ME<@5!IX,/J+HR3$I<2 MEY:>2]NTH>ZXH27M&2`Y6B:5S\AMQ1[A? MH)Z\>D,E;AX`HDI;IJ;5Z,.&7]#5&6)Z8OJ*,'VS(*:7)D/9^.'HID,M;RA? M!Z8E#@[%,:=LH1Z6$,06YLY(,?C4Y;HISTG@\VNMUPGS1GK9A)%2^U0E]*!. MJ1YZC4%S4.2>2#0JG$;]1K-;$(V*\_HJH*C/K`0LYJ^2?U=86*N4UEQ?:Y,# M4SNJ=K0>6>ADH:^Y:>'R*3,-F<&'27EH>R<]%PY3=9LLNL,(?)=,[E(3J%U8 MZ1*RM^MJ;U_INAOPG$*6R<&6R8:F);*[R2*OM^VF:DVRR.M'U4ZA&T!EJ4H6 M^8H-X(MC`SEMWW4L<5,XOHUEVKF[)V2:5\;R:VF%=3(A"AV&0NH9&^?RXUE4 MMB@4QE7\NN8&-:IYO-.9N4G]+Z'?_Y3ZW2OEDNMYS^]_L(A&>-J,]S0]\V=\ MP2]-H,P&["V_3SWD_@L6CF"VTN_\'4?$^]7)C>G\\_DKSV_,MPF.18&.>,[H M'O/\K4!P%-^8Z1?3L_"?W-5-="A3%YNC:[)@9H0FA[SSG;YF.S][!B/K[]$2 M%Q^+BS_?7"O?.)#A@Z!#0_GTZ2:\80Z4&XU,RQ07I-\DC'.#+R4?;]^_%21> M>ETU>XD:6T+:W$4Y&.'E[56R\B:Y1HZCYXH"(#N_77SG>V5%DGE18D]/+L>" M/DF=@F>0.9%V@C*=JZFB#AI:NRG*E<`J,LQ.K'L\UKV:JU01$4T6.$+6QO2@ MUJ6JP"B62!=ZP9I,2FQ0QN3<=8 M$^HKMVUO9CTSVV27BBBC8]2N<)E M`5\&5FX'><$Y`3VC[+[QNA^78/)\ER&M%:2&;*PMDZRT=O0(8)_93R;>FI:E MM<)P(U9T$`6/`'U\-,(-,KYP_B(J8F&!"%>\`@O#L4$#P5=8&$N0K".K_\SO M3Z];_68T?8A>!XQYV$V2"D:-<"K3"^M0R)HBF;RQ,%:*98T20H67Y$-B9:5> MO6S]/5>`(:OFLJL8[5SS:74Y)8G8B>/Z3^R)PYJ&/E8*$4HHJ=[E*:_;C4Y3 M8$I6;EIE.=B.J/!AND)V]#&(O"B7$I;O`J\W1=5!(F7&+TO@0*0?WVEBB?F>YH7,G'Z=27]X1^_.-;T750Z+:J< M)@JGP98+C^]%=[!A\0B,_I9`6KVVP:&W?#6Y^_P1^ MN25K0U[]-+WO,,]W<.PP9"$C%I\^W8"2N_.]JSA8\5G8SM\#[^*)L>GWN\29 MO[/AV2OC&2MF>8].\LH-_.L)'(G_$_#$,RW3G;D9$FAP>%T/)@$Z:\9MRN.X MY9[NFE/\\W[T-;28XXDBS_,A<3SE''D":VD*-X'`6HJ\&^!_$;4>0D_O$^RO MWX0+0#0JDD;]P0(2Y9&^B#"/PBV]3_S;&U&@E\A3*'E:_>8"^BS&?8Y*#C[Y MAPW"9:&BM&&6*`UVCQU-RVOQEMK)0KABWGTA;*4@;'UOJ>LA!!1J6O<``")3 M9A79%=;!7`QW-V4X=9<93G/:L]/<&.XET!QH.6HS10=5BP@1R\M#,/3`M8,) M/J"[]CB;]_M1 MLN+5)!0FCM;NJ`+L[68M'-(8]\L\M.O93:;(Y_THIY6_.#^Y9=TX[C0,]MS9 M1H#6%[.B:['B#"0Z`=F`JM(BUDZ'G\VU'(#9;I4`T/+246L6@9YH:[W'#&&, M"[M\S&W/?(:%8NSZD^-Y7[@/6R#[N9]H7K3402EWY["] M#^@RE/[1A-G`'G_F*>TI%*>7<\[^\/@HL#Z9HZTLB=^^]OY7_=R]38.]^\RY M-<2=.KXR$P:Y85/39\#FDXEC"]]P/V[1U$&_V\OB?.V4!8"X.5-H6D_KM_:$ M\*\@M*3!>%[\LG"QKV%'-9#'@,$$Q7-^.$+H?#NLZGSK]PU'=BH M=>?)-L,#L5TC;O/JI]7MY]9^U+54!9&)#19EMGP0,7B$P;$1X(REM@3V3?<$ M(DHQ/I;::VN$R/6(/"YWEXLH5MBA9/$,'V1*05$JM[E(N#>"X,!0)[1]8:XQ MYWGF$+UI&+.O5GVEDJ4>_M@P*-@[Z7HW.F?*P]QNGY8=%P)]"'9LJX.J+W0[ M;M1.N][MM^SFHLVA#%`?1#MV.ZVJKW1+[5@*^=N.'SO]9OF`/@0[=CJ57^AV MW-@J9KTO>&;VT7%O1,^O3Z*C69QZLU64)\PJBC.$]L@PVBM,1#*G:DPM;V*+2C(JO,@5SP?$H)$JB M%XVHL<4D9K2:R(L\!:(I+KBETLU#`"-X(P`CD!KI!M$Q>CR1\3I,UK'#-:`U MC8E%HCVL!.\KV$[<9L]<2Z2JI\U659"P9Z9K>$`I0UZ+"*]XR*L]P".!'C%M MYJI&TI][QR;BXHU%+;D-D9-MXD&<@M_D(5O%*35,7M[8%%IN.46;5K1G+4EF MV>KH">R[YF+@EL]6$(0;NQ;[`HCWA<+$K/O1U=!YQO2-:PXC?1:)4B)_8TEB MV6Z'11=JNYTUFC>#H7C`MSP'N.AJ:M&`?Y1[I_VT(G]O-S3WVJN`S8"N.<\`<4\=CUN^N$TRS:4J9>(B`!2\,!=RX MCQN?R[?AF]'U[(%9^21=F>42'_Q=2YOX`3M/BZ3@R%!/;A9YU[,,1,GU@L4` MQ"E423YPE.A[9W\V];'YQ.S-@C9=M9>AS4(L[T&)W7(HFH-<)/<88)6&@([K M.B^_[:8^4Z@R:[=9@?NI-I]I\-^AV.JU! M=\.9/L*Z_V16P).,AD*MV$$^>W'9K'L!%U\0R-P6B-GT.O#`D?8\D8/HF9E[ M(=^XSTPKXJE/Z(M;]A<^=)GW@QWK^LDZKMT/C5\X-[@!?MK=9`)N+L,\$]^W MA,A>125GXK$V2DF^Y2XX>+[(./5\-\"AOIG>C\S>'N4K?\,97]@TA\U%8WB_ M,]-&-_QZ]D]N@%O_](U;4A.,S6EF=.SN\1&Y:HQ/P.EJ7,G'L@>N! M*R^K2_,93],\V-,\N[5L*?>3/+"86?UO#]L%[9,'`HI=,U' MCLOWR4;'[(Q.;]5:MH9EXZ6ED;)@`9VYJR^)IHY/8%%JKK\]HAWASQY=T)?) M!'.7``7H7YF+3S+;8R)D"RR>_B4>]71HJ":# M%8?9!=8Y*KK[471E2-YJ2RGB^>#P4AMJA>4?V_PRB>;._B2NP#'#>?&NL#*1 M0,HG]H-/'+`SL*2Y8WJ;"E\WZV;NN,C%F+IQ)L/P-GB8)`Z;PQT>?IHC<5-0 MVDC1T&`!X8;D9T`7`_7[.CM9J]A0LM%,83HV$C=KH"R7UALV^.,X+Q MDIN6'YDN4@H^.?#*,]Y@_F]T_?0?LTU9*7<0=+88#F^5?C0]G5G_RYF;*M:0 M/+ZIA'8TK=\GQ")B/X(O]1-+=/WSP]<_'M(EXR+FO>76%(S06%4^^!:R\V?3 M\QQ0ZAM?'&YWNH1R1'FB'^:VH<\ZL+?%KF`O99--PIH"M>VN2MP<[NNFXQ:D M)'+W+\X8ISDF%9$B3(ZZ!HO%\';>W%I=32,4;QB(7L^NJM8E="Y`YV?F>KYC M?V7NCZ\6^S^&5OV+XQ@WV'P*+/Y-\=M4FY76"$G)A3WM_E[NDLF!@#PY)DYK M^A]P^ZDX:(%E<-ZT3Y`N])@=&50C)'Y:M8\;/6;A],7B):C(WV+,F6=5O-PX;[3+OZT M?D'G<"<"%4!KL9Z`UM$&A[.;*H#.8QG_K9YVN`AU!?!<>,B_VZR]&BC?=J[6 M=3L__MG*X>S^2F#R0/ZIC&P17@^1U3/H+$GK.1/D%N'OMWK=LV;0@[CXX&95 M=5_ZPO>E1VTA&61:YX"'115#85'G;[UV_W#6^28X??#Y M-+5<>1\GBJG=V>'X_!N?)->!\*9FD:4`M&YK+6/M"F<6`7C/N)JGA1TMFQZ# M*]EH;>6/G/:U]@9+0RL1_H.$?V86[@17_@USW1G,NNSF?%)]:`.3IIN[M+;1 MI,7`N455ES9HX5.!N4VGK&:K/4_5(Z-S@_)8K7ZN'DIA8,I.+7>V[F+QO5LN M_UMH`4.MU=,V`'XQ)`=:P]:U#/,=._9;0U1$@D>U)QZ=:]@4]%"Q<>-_3']L MVH\OW'KFGV7YU!WZ"52U9`:VAYO#]@XXRR'>F4Q,:9TCY42IIB=NZWCC^:=G MOK--Z]=7L$+^:ENE\DN!$ZUBR@7SA+WQ;LUG$ZPN`SE0%--'C&$SISTDN9>F MRMV7CZ"'+E4U190-IB\*X(V*B\T#W+QL]4X#\$9Z9B&&3P3P1H4;%V)X<"B` M;U&XL;;ZLC[MS13$:O$01_,OA1C\JGM7%(\SQ(8;O;B5_EC`!`O!6S99$=!M MPZ'%`"=^]:X"?XREQOCJY,@\5/,94,U<1&K%3/N`M!1/AX3H#MSD/1&D=O*I M2TMFV164C1&C=IN]5@&0W`>^YX/SAJT0#HR9U%1[`54DCC:!J0#_:"5V%OD8 MZV??PNM9A8;%D^?[2"_L8+VG/],?]+4\5,OFW1/`G0M8JT<"<,<.L5JW>RP( M=ZM'W8!?M?!\X*GR"6PW>S.:?>*8V)'>>]N+.]%X"&JI`NO?X6_]!DU MKRM1*Z:C=5Y:TV;NJVO:NCG%6WG.2,EPS2^RJ"M\_=7E4R;?+^7ZZ]LN"]N4 MB095:.T'-@.EX$O?**Z3G>KUYD4EYCUES)ZY,N3<5J:">/`<-D/3L>N6Z(;V M8OKCL/L<1EQEZ59LZ/;1<2<)+M7FQ?\3+;-,H9(X]E-#EI!OCN!9P1;B$2.I M7Y^TK!O.E#\N'RZ5W[G-77AYABT,L3V7$?4RQ*6EV/"-F/QO/T']W+S__>KJ M:_+Y]OU;T<7-1)5G3F`2S(>"]R_%6"YJ3&LF&GO-%,.)&GKEX5X&)TXFQD>< M6]SGBU";?OM2N;/%B,[4M$W9K0S(QY[$DPTQ)XN+CGN*S77N>[-)<+/$:P`[O"O(8X%P4X0I1&SC0)8^HPS5X#F\31K>F.L!"S[`3+! MEL#.?P6V;/@6\^5Z'L?%N++4,(((U(P0@H/>?TIQSN"]IUS9-B!0^2:81H&I MYCC]OV/X$?00.A;L(>E8*AA&B'LNZE9#3N M8!GUZ91+^E[H? M"(F7DJ0+(3%,F-B-6H4Z7@I0XK[C-E-%Z">FULQ/?%Q M"CLQ;FE#V.!')N#$G2WD;UBV-"1D4>($E^F5B^T&.[D"?D<`)(@#\#_NSR"H M3$Z8!C6$)0WMPLD_,[081!=1^$./5@"4DQ3R4_7K4QLLM\P))EWQ:)M*K.,S M;0>ZRJ]B3#X'($PS/8WT=>\0F0AUF*?%68< MY@R3X4Q,OF!3;H0XB[9M;,XBC=LWYML$\>-PEYTZ+S`YS!!B*[1JXC6)-R?8 M:<8SGVR1*&O[Z!O"UAI:R@!NU@,#L;>=B:DK8`^)T`'B"K??-^8B$)RA93Y) M;R%*QK((8(,P!F4I#A"-$+(=F$:L?O7=&( MF8?(0B]6FMN[#4]V^?$T5=([,0S[Q,8I0R[QN)?9$Q)PW=R=L)A4"6V!("\O;@AD==Z$Z"SM?XQ@H3^+2`'?%?T%U^EP7 MP13!D1XH`9@ZE`')I,#M'K.DK,AP"W#L5'P?#<,]W75>0%U.'0]X>"$4=S;P M+'B9TLQ]03L[LT3#`1@S^E-J`><950&W$3?;J8"TH(A?7+[@UPB_HJ)]P5QM_/8_-VB0T*X MXT%I1\VG?!PWO%T4EV\^=B)\,8&]KYML+`0#.B\#P:Y*][ MG09H'OR?H@M"*J.P*(*,[W]F=@#?8*34]7*F#_Y/>709L(6GB):62?CTSR_7 M`N[_==P?#>73IYN&F^#'2D?`9Y*WA3F M8@//!L#&E'X;WA-Y\AH*4$$>)(E#@A#JK%\T83[V?)M)Q^,S=K>;0UD'<;$4 MH?T&JFIQ$4A.A%[W))@DOB)8="Y[`B<'80^M1/@@FN>*<]_7+7@)G.+P,#<5 M^L3QVI>]SM\3>]=%ZVQD.6#N*G^@P(5'(R'=&N'Y0RJ>[ MZ_MO\O>I%7B"^-,I6#+"O);<'=KB+K.Q_[I`D=KK`.R8G3#%(+F`'[:F['>P M2"[39!UY0B,41&2&SD6.D1"^XX,3;L!F)1PZ\>D9DT##0+L,9P!*TJY"FJZ+ M3W9LV%@#I$S,M",NE-*E!DB=BJB(#<022Y?46#NHR`X(:9I%=+C:9*[0W]WN MW/<%79HI&.L_Q7$3F/7JY:#U]X6PB'IW$=0KF0!'E:P4KWJ9IP*F@.3"!M/R9')E=>=KM;HH)J([T<)9,>QCR$7I^E1L]C0MQ$^U83)4!52.3Y@ M7$E8?_71.8C1%Q@_][/\5:P`_*\7_)>3RNF.91(@>-WJ-'H=J?=PM-=:JZ') MSPT\*9Q*QQ&=WR"6PAADD140.U@L/!B=`(\E&2"8HJ`#C.AG>1C96K&@,W6^ MEMBN\P9N4?MFIO[,?N(.DWLNO=B5$Z4?!'1QL1/@A\6W M-UMI7T3#"U;-5I9$FV#_[&DFK8)3T*PM:`8;=[%4N\6XESF5-1IR\)D[W6(>R9O5$OD$!C+NKSA(W'0^9D_8E)_`H-FDD%%3 MU-[KY*X;+(%MUP7,A\+>Z:J>W+_SIJ_4?1)H26`1?N:MC6N'39JLZ(<]O MHC0&2U7]FL7O@3?\6BC04&<>4Y5L@)/V+N2L;K%U=?YPTX? M:_X+/;H_92;4G0W./ANSEQ^F#0[XO\"KYYO@31H-[4VPEE]J@2@J14W(UH+[ MZLU6?R..*@UNBJH\N`09_4HAHXB*;`L1T5:U(A`AD_AD4@D7QP:+Z]!M<6VX MW6RW>[DH&Z M#5E@BR/KYJ"_'*3H0[?(F>MV MTTA3WW+CRPD>3N38L=Y@W/=8OO\P(BV&X!K?^#.W%J/PSIX& MOB<>T,Z5)(>I@7IX%7!(7$45UV=UTIDMM378AL5B))0==4<7U7/`9&7UZ.F) M4U6-VNDU\UY;+3!W=!8\`T165CT43YNM?'R#F]\_\2=F;7Q"Z&W@@I:A0OVF MR54;1!`Z?74A?38-'1!)MLN=VH`DK?9@+Y+\TWP:3IK@X?76=RI>O!)!`7F.YO[F!D1]9D3%(H9"W&_''8ZLAOZ3E^ M?5L2-=_C]%!H/27Q%I[1U(!X[5ZW]K2K87\:*7@#+9_=6#_B+3S9JP'Q.KGJ MWN6@7=0\T;['VR<+*A"?_6ZG];K+O)WB4%HNHM77G%]/[M:R,X3J$[NN)DUK M+F>^[C0[8P%5M[.`JD3KNIJM[UL M\^B\W'SU6U=M+C,(-\/.4MP&./W]*+64?W)K91?*2K)H>XY%M?9";"[&1PY] MI@MJ0%QONA^)$I?&E2UN]7`CNHMV[V+K\BF.4&3"?*N9Z^ZW)2P'6,ANUSS4 M9C[Q_^0+V>TZ0+N9WV5.OI#=;HVH[?S]N?T6$E6.N1_A3@K;J``NK)4H1A7M M5K%\@_&5S82L487$$A72.T6%Q/;Q*B2*5K>*8#\ES:&E1%\]:R5>*1.9\(-% MO[IAH4-/-&%>6:].%[V*85:D(-;33_J*BSYI'A:IT_E\`! M&`#*5XO9C:3S2ZLSR$&%UHQKZJ*%BP"`Y2J9,?'8RH)B"XJJ?<2ZW$G!;@!] MZGC8$R?L,Y:=T_327=[B9DPAE-[8>;$%'"FPPOIX89TU>(:#)XFS6;)Q'/82 M>*_`F_R9NPT%M*`)?&'(=@139AK1"(%H.X"@B-F6U?YCD1&*V&CU\\2=1Z-H M:Y;[$O>L[#*2@F]+J-D<)/T1(J("5]JRNC=B;<9])5R":`SGI#L4L!?1Z0%+ ME@^Y\N0RW.[B6;',(HQ%Q>Z/IR2^YH08;(4+D/*+KZD:ZV".`*4F47%!Y%@M M5"?I4NR"^R(*1_W+'%GU<`GKO+1"9EW,(+YB(;BWA5A^V6(@_+]3B0-6?8;-0K#&,+54%4Z'@OYB> M8$%L"H<#1"I`<,Z[FM`ZY9V\F(8_ED#%CHSHE:WHW+*FN*G93Q@_$I^]*=.C MS^$`V(N'NQ[\4?Y&5ON6>:3C1/X MOC-YE06XK8I!0_AR`VY*B.YEM[>6%OWGD&]LAHJE= M=@I"A!!N,=<[E!;N;LFF.%UVI1LL#M@%F`I6UWFU>J%:5RPT9#??F;Y306QM M+-+XM]L!_J-$/PH>6_JK'%W\+LXNE+^),]=F_(!TS>??/PF.=V*_)3I4_/8B M`1J"K;"(5Q^QUW&J^:/8!9//'W`[G./BH:O\LJ>CO0ELBW=ADBF2J7++U!<8 MY-Q%JKC]^J@B)3^[F<]DJYR[7M76Z%55$Q0GO7I8Y87N-W$I<6GIN;1-7$I< M6GHN)5U*7%I^+CV$+CT/YP2X07N>(GQ+G=*)PSQQ0.L=3/L5AMY=7,*3:,&#+C@E M8D(7'I^!DN/8]N&\9.(:XAKBFCVX9KVQ(:`60,]QQRNPKEY<-OWUE?QO?#:: M.CH=60[SWZ$Y-Y<"JFJ#QJ#7(7K6A9YJO]'O-/>W,2M+SZ)LS5I:E%^YFS8E ME2F8E[S4WG0))9]V>>(`XH!Z<<"Z+5'53K64/8G\NGC*JLW+?O_O)S5SM/9E M=R\CAYB3F/-@S-F\[+3+$>6M@)U]9C'=J"TB7NN*;^'A]88A7GR*JC(HSC.7 MR?[B6@)W36<^\XI",13`HP`><0UQ3)NI_2:.JU^8S"@$$%=Z-GN M@P_)2DX;BG[MI'+_E)$O(W`I0_&8/AAMV,0U MQ#7$-76/][SIJ8U!_Z#Q]DEDA&)".2$%;'Z.;`Z:75B]3-A]7VU>AFR*.OD-]8GC;0ZJK+"Z`N5,.6?5XYTT;9` MI*L2CBFWCDA&)".2$"S&6( MJ97`5-S5(-3*;!#>![[G,QL7IKC<\UU3%[T[?$?_(>_/>><>+MODF(=2KC-' M)Z=,K.YTFL7<(B#V)/8LGCW;ZH#8D]BSK.RI-KJ=%C$H,6AY&53K%W1SJN0, M6MX0=W4]FL`V#^C05-9%+CX2+D$""AESFIUU$&IT;>UHBDJ\1U_]QS+-"COG82`A("$@(2`A("$@(2` MA("$@*X!GN,UP%:9CPX>EV;&'TQ/ESRX08>DE3PD[?0I!XK8L[3LV6[WB3V) M/\%]L.G6=G^:$^=R:*:^[C98J;NGB M&&'!06(\\D^)DHT9FFB7+<`B<[W+%0R: M%JC<>81D5;D+`'>&'Z52A\^O,OP=O2\9$*CUZRM5/+&L=N2>$Z=?5](?_O%+ MX%T\,39]=VMZNN5X0/S[T4V*<-\DQ]P@^1Z`:OR:>=SXRF83$#SO$83PVG+T M'[_]YW\HRC]2@TT=CUF_NTXPO8O8$*>`E9EVP(W[*'?HS@:F`=I\"&F-3\"@ MW_CHUU>W@7SFNPK_8`/H[X_.]\'W5E-^"&?[GIGMQ@)>-4>F+MZ\^FEZZ>?F MY_?DV_#-Z'KVP"S^6P[>`HS$KP MYUW/,A!YJQ'@"1@=:_K]&V?6!P]G^NIB;I4_N[,_@ZR93\R64+T2-[0%;E!T M5>V58G`=6-CR?GW5?/6;JH)J;&:(NB,==J9G^(?]1`0M@J"]7>F9I\/.!/T& M2&*6Q!H16SC015E!RW6(2-,2*>R5).VF2=E[]%FX]\3:RQS:TS_:Y M)(%VF1&8,1W5R+PMD2E[7,OUB^-SI:.(9?SM)\KJ`K-CQPF$40Y,[T@^>A>` M?>XFJ$,)%H9>Q+5H=H;B9'*OH:395DGX5KQS-YDRTT4Q+R7>Z^GFW-O*OY@- MIOTL69K:BCP4,`B&L$EX0K$\#EV%.XC:^O<`POE3MTAVP;_1<8_L7TQV(4 MG*>1P1DPO`$S2T2^[C5:O:YPXR:.ZS^A5S.4&QY"Z8_!IXFQBP(#_E_@NK@6 MY76[)Q:H>"]LJH"E!WZ6],M&G"MOI*%O9FBQ)HIL\-Y3//11<#136BPCUYD(](%3"2Z-1#E@ZK7::&DB#5SBRE/2 M@")KA0,PWW?-82""*I$KO@B,E8XCJ:7"U=)'/G2S>DFJI79C7NWX+TXD&K#- MI%5/9,%)71/&8E`0499,G8?Z0>WUMM0Y5[YRR_6\"E`%B*TLB(G.45YWU0:8 M_(H9[W71?1N02N`R;#L!T^+;`($GY9['&LH7<9=DI:AJ$BDPTIMKJJT%J%@+ M+/*0O_-C[*3DVA*3\,QK5=1+%!N%*4,P0I6B/1N)&.(8C&/Q'&#>2VO:*`CD MR:=ZL<3&.C`20/F`C*N1+!Y/%L%IB'C2'[M<&GA;,4M6'`PN]R<,#R815%@? M>HV.*Q@A)1\,-+7O+;0K/CNNZ[PTE-^Y`]AC2VT#G\-^XX-\&"*8"LP)*Q0R MQAG(@@QX`A^:N#G=Z[ZS2*AA%7P$L@*P@!2Y''P97PP20R;6$=A>H.O`Y*-` MQCS]<&M#+1"`V9,P=BC<\?M@`P4(`7S_Q7G.X3($XE+YS&QX6:`F@TDFH0&+ M'-5`8"..=.:-E1%VK4%T"0JB(*'$(S@8.AV:EAG!+F031LK"E=U_=0:F'/(# MF^`DC7"-X>PCH!H>Z`2Q>9A@!RRN9`(D:6ZHQ6I61]T)#UFS94K57J!-A:IH M-`=2-TD"YTP`'(SINAQ.ZOJ4J>M%(8>TJ1$JRAVE8"E[9E#$]'\'@@^',S%9 MQ"V"7>9,]:XT.1$D)W@:PPX#0/(P!H`#ZYPC]JJN+^L=F-\KP),/%SV;L%$8 M'L@),.8#EOV\02VP>61O99CKHH5!R]Z@FXMT+9ZU<-CBP&`<$OP`XN+/4"LX M-IY89&*.W[C/4#U^8"Z>*GD;Q/&.OL!<#&XM;`.MEP\:'PFV(R'_*`L; MJ16J&V"_^>JW;KNW%U]\93,TPV_0;;C[ZKVO:5N M)I+=EJ8M!FS%E(4`N3GG+D?>QC!&K/25N]%9I:GOH=IZ:1BU5[\U+[OM!+Z% ML^T,4&\W@-3NH0#:2/_,`S30#HRA;0'2"@`(>.[6M`)A,Q^3FY)Y"P#R4!Q6 M*)"'XKI#8+)P3MP4R&/SXOY`'8#W"L-4D;Q6&*:*Y*V-@*(3X1*%]$YP(MQ2 M+HYU#!RQG@*\ITC+6!$\6$KTU3-J*^TL'E%B"I201V<89$H%#HHB,'0MH+4\-.-/'4<)E&*Z:R\NT`_3Z,(HFIA?1W?1X MBI-J6&+(4+,7Q.->PKIBH#"IT_*<$+A4GFM@A\FS"B:$]W_0M.9W+=8Y9J4;DO$3'BR*6C=$W>10"2!(G/E/F^J9N3D6N MEN)Q\&O`95X8"_QCZ2I@>`Q<)^M&2N$!$1?3_X)G6_9,X3\Q\"R.6F/H0$HM M)J+*F&2;4/B]Q+(,O7HBW3<9'A?LXGE\B-\%#-!0'%QQ$BZ.&`-F7TJ.I2'0 MQ9UJ9"XT?"?TBY@%7,4+0/+%UU3R\M1UGEPV$6L`%,@(;WPN/%PF"#JS],`2 M"BRBOL>CB5V9=[V0>GAH]L;C7!%Z56V_K7ITM4IZ+;*M%A`4Q,_BNB_E>`JT M`2YF%L@"O&&*PQ:&$8S``F'0@9**.4J3%(1(LK2P04#J?W)7-SVA)(#7&O@` MB/8S'IOB=Z;M.XVL+A.G*.%[*'+Q"_*#&/X%?LHDJB"TIN<%,M$CIQT%S&)Y M\;/QRK,).`MEZ^->1Q8=\49R@F>$N-]>R8<'+QYP@\S)")][`P^"_F!/3RY_ MPM-@^*QE'GD[-Y8T-F:1*E^C.J:!BZCU(U6&"N3C8@6R3#L!O7)@3]A,7#A0 M@JG('_)-;Q2FGH1$"1,-$H4)$P`**THR-N+LB;(P?,H!?!$-(^=!T4(^`R M<>9LZZ9ELK2H@Q3C\9RPP8"9N.V(Y#O'E3*VRNX`!1@98$*Y.X$'8X!MA98< M^+?)2^%C;]_5A!M2@8#H)FXZ9B!1KW/+"F]^XO&+^.Q-F1Y]#@<(+]CJ0#@V M]?B[Z(_W(2:2;B,+>\%775%MY,[72.=3.UO\O-5/%J_.9!K^BV"D-$ MJE*@SC'M:TLVQ>EV;T3665<0?W#J@O@GP?%.[+?J8K0T']\-P2Y:Q*N/N`X>.@JO^P9U-H$ML4V`,D4R52Y9>H+#'+N(E5<)8FCBI3\ MO'$-6+)5SD*OKFO>T^R37CV"7D7GG[B4N+3T7-HF+B4N+3V7DBXE+BT_EQY" MEYZ'0H->=`%SS6[.0(&B,Q$9B(SD9G(7!LREZ&#Q2>S&?\*KA+G54*9)]^*#(*=7&F]8A M25F9/>'M3GQ>$Q;0"C"YB0>JS0-JH]7?RWH@-J@#&_0*L"#/C@WU2K*4%/9)#5IY%UV>RI4B/IS)+^*TTK8FABZ%K1BAB:&+I6M"*& M)H:N%:W*DG112B05Y:F=63K'VJ1TA3TSTXJJX2XJ"7TPY4R)':4XRFLU.D7$ M<(F:I:"FUFBW"T@])6J6@IIJN]$==(B<-2'GH#'8+W>&[@_6-__A=G&?]TK[ MQB>0_))<'-Z3&?XK[L[=KG9TA#B`.(`X@#C@C)+6341+ MC20ZQ*@.K8BAB:%K12MB:&+H6M&*&)H8NE:T*HL_54HD%>6IG5G>1*H]^=H$ MB<9\J>>#*>;*'OUL*JQ8+*ALB]R3EPY71JBZG5*:#S?BVX':89,)".2$Q\(TO?-E1>!(6XH M[)F[[(G'B<\(`]6$*TQ1E3,!1NTV@`N(G'4A9Z?1[130>(?(619R]@>4=EPC MUV8*$-HK0068RUOHGT8C;CN*\XHNENF>%P/7-,WN7I#SDZC1]D0 M=2+G@+(AZD3.+F5#E,E6K(\97AUU4&KTG(0=7SGC:1C$A&)".2$+_4O'_`5"+B?>+]4O/^ M`9-_B/>)]TO-^P=,URDY[Y_(3:R/GUTV/5AA))T^@DH$*GF`S]*9\1[D'K^F3.>2N/U.^NLX4_C"YUT@0?V?KEW&^L._H/\:.!9Z7 MUU!L&-49H>,%O&+[KF,!-$\PD<]=[OG>.Z72`9(3Z)QZ:A8B&9&,2$8D(Y*= M<[9<\;&R5IE-KCMI;HU<9Z*@=63:`1I':&`QWW1L:KV]W^%/R1:Y)[>C"'P]+>?6E-M5SM]E#B` M.(`X@#C@R!QP4I.O1<'^PQAU]6ITA7$7/5K94YN=]>"9W88A,A.9 MBH3B-1,R0E$:H;43/4)1&JFY`2B_-1T!%!^Q!/[?$0T^G4] M-IK;ABS7(&+5\F*8I^E/J1BOI#("%<=X94+"W._O7RDZMZR0$WY]U92?O2G3 MP\_Q`&[\EY$=I]6-R9%&5>K'!`O-]*,2_A1Q%D5>P[]%P#H[M*)B)A$,J$2X M4]+(B[$<0[03Q5(4?Y7EJ#3U=N<+,8D<6F%OY^B\@-!99&4%>P4E\+?DKRU) MDJ%"FCZ'QO0>^D(F6(4[AASR&Y^ZW..V[R6BQ6Q8G>7HHO()U@R'*60.#S<4 MSEP;!,'#5)[`?N8>?HD%Q%U3QS]%T?&&\C(V];'"/&7*7-_4S2D,9C\I'M<# MUQ0)/PISN0(3F[X%K\%H+M>Y^$ M5AH&`>[SJ*\R2XS>ET`!R+^^4J4HK4+F[A.G7U?2'_[Q2^!=/#$V??/2:>=RX<293 M;GN"&Z]BOKP??>.Z\V3#$@T8V73@.<_W;MC4](%L\.W5Q`D`"5C-!V;\QD>_ MOKH-9#F?[RK\@Q4=OC\ZWP??6TWY(03E^]4+A=AZIN2]V![0ZQB@H@17Q[WQ[^D#P;/_758O87-I&O.M;T M^YVMX^[VS/$7K=D<;*@PFCOP^!$(]^_`]&>?N3]VC#LQV016=QMMU??N;60C MS&%[M=)=B8^+%DC]8)!%R%:0'&P5676W=A7M;N?`J[A_L;GKC`?H@5&]S\_HD_,>L#6IVS>)5_P+)L<=N7@0C]RS%M_T\8+@"K M-B?DM[!K/#,4ZCL;R!,@%-],[T=&7]R%'76^P6@/+VRZP1C>[\RT/SF>=SW[ M)S?`RGKZQBU9>!"6EQG]AGGCCY;S$CZW&1&:EYU#$<'["HC39]O(RF^AG1G; MC'O8G/O8RDLN5\3^>4<7S7994?*=+L@,$<2>9W@6UP-UE9 MPAR*:2M"GI1(H$JYU@/1(WT1I[6,JPY"(#'(XY@K:`0P>P:.N,?Q_Q78Y!6F MZVCFHC_NNYQ)2HT<%WQ[\-G_$O1ZEO0"`D:TO%0>QZ87CA025[<"`P9EX+L_ MFS"[,UHT!HQLF1,3HP.6R8:F!6H$>Y1)R)Y$'R>S`:8F$U-G5F65%V@ M?Q4=-CG\;VJ4<&POD,$,`14'/>A*D`$TG`04I\*F\-HSLW`9'K>LAC(R;08V M($+B\N@#CC`-]U.Q%GA\R@`&Z80H_"<8;88I9$7\'I:@!5IE?G("WP-3`2$0 M)!6S`X*'@?&$C=[5`-AV`.#+Z?&Y10]&"$ZO1#R;?GCJ\BES0[0)KD+( MTG-EN.N_XO*,@_=`(/83WH+O;67(@:4Y4`&DY:DA!GEC/B^`2C"7Q<$25I@/ MO!R1IY%!C^$`UFU'^,"1K3`/3<0DT5OXL(G]]_!;3]Q_&W)@IZ'G,^$(G9> M04PNK#-E(LPSI'"BY2]3"(S_NK*L_%2217,SC-DS,NP(>,I$E1?.@_P)AJ]0 M7ZBR)9.)<.X,OXST':XHQ:@O)H`7@)09AO`T0&6`,#BN`8_C\N1KIOAZ.G5< M'^6V@5+%%+PE/)5"&3:UC!@Y!Y,`60J+/X:7GL;*LR,T821>L-.`"@\E(P6> M'`^0$"W_4KF2VQN*8D,>J<8/Y3"%2NO/NP\9A;00]:")H_7#TBS$"("85ANF MU"+`,`R-?*`J6OE*:H^*9FT`AA/=Q'^"[6YZ*0T#F$PV@K#O9ZQ"O)!B,AR/ MFQ'N"D)MQM0TPY7E5)\A]E./9W@(GW/1+#2`E"8X(J;87QF^Z?F"C-MPMX0) MEP($YD*A,>.O0)PXH+0`C*8KE:,P$B07X/X21IP;L*UZ8[GLV*G',8VT<[V0 M1E\22NG:-=`@/\2O`6&`-#`8*X!<+C/_`(W[55ZMLZ' M`*N`\#7QYU;L928?8G\;E+/C,>MW5!\W%MBO8G^, MXQP+GY,?N'$_NIX],(M_RTE M;I8)/C+3_9-9`;\"?\/W`.9/H>M@8E2&(>J,>_L;GB>Z,"(\`"+K1A^OF6=Z MCW@8&)\V482"["Y0TR-@+#RO#V+U'BKNK"/!GIEI(?]-$U.N^P4W]@!H\W0%UXT6I_8.T;6B)(NK M.N4V+J:E:J>CXD[2NRJW\T4"-`1W=Y&HWS`P^&"5Z=0M@Z1^*>]TUO".UA4+ MK7@5X=*S+=KV"16%E9]\#&U[84+-L?+057[).K<'`="Q4Q*5_!D[&\E7PL\X M@,05EXY^5(E+I6.2L77N:G<38XM4[6$UV54JK=L9$8_N:U82OQ[?-""F):8M M-=-^XL_<2LBH$L<2QU:*8S7R8';T8.9+X87N2[T:M>R1#/HQ/AMAXB3OW<&T M8V4KR6_E,)U9DX":D';K#9#(3&0F,A.9*TGF<^_LLEL(N_26GHPHKDJ,.9QQ M5W*6H02#:M'IQ.D$)='31#(B&9'L.-90R4E6WKB75F9K2%YK2%E`%-TJ;W3K MZ-SQP*>^N":18*O5;"AXQ8#X9%=E*BK=EFR1>_+)`9HGJ4U9<78IHM:?(1VP M7:*:L`5Q/'$\<3QQ/'%\\1Q?$G]J3\PE%_/:AZO\739N(\=M+Z8Z5G)V9=GF MC+VR6Z[GG3)5.&5M8I.B(GGEM,*T`5EA1%0B:J5R$\AZK(#U6,M4A]LU%3XH MV^%(V0ZG7DJUJ$*GKD0R(AF1C'(;*$2VC_D3]3%07"QU[+VP*64W4!R-LAL. MJD[IY&LC@:*3+Q(I$BD2*1(I$BD2J5J+%$78:^A\4GX&^964GU'&4]^3'N7W MZ"C_($0E0X.XYCQ5`5F/MNZRD$VJLQX%B$3(C.1FQ(GR)VL",FWC26=4C.W&FJKT*I&-:41F9#G MS@$UD=(JVD_R(W:"RB,F^G4]S,UM`=[#S(EAGN;AS9%<0BO["P.`X4?9+Q@^ MO\HL,7I?`@4@__I*%4\H2T1YSXG3KROI#__X)?`NGAB;OL,>ZJ)S^I5HN'IE M&Y^2),C/G'F!RXU[^QOVK'"!W^"!+X[M1A^OF6=ZCTC71Q"8:\O1?_SVG_^A M*/^8&__6]'3+P>&\^%&08!L%[1L?_?KJ-I#IF=]5^`>CF=\?G>^#[ZVF^/#J MMW#]\5KVP,4^-%QBLW>7V.$9%E8C%CXLNYY.I-9N7U\@2B<]AA;R_CT<"1_''/EQIG`1CU3)I($GN+#ER,D MS;,@C3-:G(:D#)G'#<6QQ0O,\X+)%*F,`S!?@57_X+XR9:YOZB;,`&^\.(%E M*(''81QEZL+W]E/T-CSKN'&6]^PRA>OXKRM/83BMZ2DC>!@TE&<"1^$H\]-E M0(+Y4DN:I+BM`4.F?AJ;W&6N/IXI@$L?1@Y,;PQ(&7+_A7-[W3PQ3L+G#.8S MQ1GZ#,AA*"/7F2B>$[@Z1Y`,/N6"](AC1(/+IXZ+DRKP);8C8K:Q\(?$TAR\ M]Q3GQ3'^<9X88/0U%M)Y7U+`;^"^I M_'R%N5P^;R0(^7<`ZL405.>2?"8NW=1S7&4B#"+Y32[`BV;2=IMI;CPQMV>" M4#`W/7-CX;L6][QH`(39S@,'7\)[#N#)51*RW+QWAAYWGX55%7][^SZBBFE/ M`P`%Z2M7U]IH=1Z8GN8(<&;[U@SG3<\8V)O,>4GJ]:CJ56>N.T/)91,G0`8' M6=>9-Q:T%W_P?P= MNZA<0@:4/`0/F\\H788'XC_#)QMB.A!N%YF)_P3%XW')?_+---N]X3]U*T`/ M!GAF+GGA;4/PI>WXD1Z%@?W,C@$BI\1FJ%38#64(.@E?C+0VO.8[H%?Q25`Y MYR0-P5&LY&O8OV7YF4`JGVI_3UKQ0PN567&85]X$31`GGR&#>\)F70" M8B;L%>Y.HB7%T"\V5WQE>1@W0EX30&^KIT1>O]$>:-OCKE,<[DB@RR'08C]8 MS[*=1J_3E`P#S[]66PU-?A;;UY0+"\D"$S&W]ZWD981?[(VP,9@9W0]V&%IM MM`&E5@$FB&6"#8YL!L8)>JC2 M89,.4.0IH.J2!A/,'O:(O50`/QY?YEK"]Y8E1H'!(C,_1.$BGXH8^WB,?1-: MH8*W_@J,)Z08;I\VJ#_/8^X,K5.Q[4U=[F?\><%W2$YGNG#/7F@,H"1AY`/H M;YBC$>RF=CQJQGFWC5_`IPS'13:?<'_L&([E/*%Q/F$S90P[*^S1.*^+41D. MX^E^M!$O-"-"P_JL6.QH'+5YG%.X1G'`7A$A^E(NMYY2O\5V%N\\%[#A7'C@ MGZ>:@X4%-C"#X\8AHG]RMQ/*W[$LN1N%V]V;R.\U482=P(/QO;?O M:L(9J>.<*&&[ZZZOF*_'9FS(]^AP.,,10@8OW8RPV]?B[ MZ(_W:6MR);;.&Y[FX)8[N3=T+&.1J-^$#G:"3M@X2.J7\DYG M#>]H77G?5FXROC-]ITY]Q7;`A_W;[0#_4:(?Q-4_/)V*JSVMVH&@NIVH-JLBLOH9LS(A[=UZPD?CV^:4!, M2TQ;:J859SL)&57B6.+82G&L1A[,CAX,%:WW_X=X`7]1,+B*);Y8UN'9T[3E$/O&PH/$CUV;(M4V4(AL'_/GF)W+*VM`GW$E1?H^.\@]"5#(TB&O.4Q60 M]5C+_(R-BXZE&IM2N@:E:Y1P*7203"0CDA')*%VC]!&SLEI#)\Y6K:QU7>4@ M&U5F/(N0"9&9R$QD)C)3<*OXX!9EWU;+ARMO_&I/6I\BD[8.-`\SD2I)\\/E M&YWRV*;3Z#4[11[B$IO6E4U+8I+MB9^CG$F3$-12"+JUT=5G%5>NHKMQK'S+ MDK-`[3V)$^1.5H3DV\:23JF96PVU56A5HYK2B$S(<^>`FDAI%>TG^1$[0>41 M$_VZ'N;FM@#O8>;$,$^WAC%MH+6Z6YMG^RJ(QS%7;IP)R,5,,1SXW79\Q7FQ M%?QBX5F_XH^9KS"7*[K%/,\(OK]*Z[(HQ%2!>$>CU9JT]AJP@(TJ=;@8%BIKP&FQM;C9OV,_=\%$CX M4^'Y5C'*F_@=^-F!>=VP1[+BV`(,W;%%\W+FPS-#9H&@PYQC#H^\O510+;"G M)Y<_X0F1[GB@%$;XGIVS`Y;QL.G6=G^8D?-_#*6T%<.(B-8`[?W!?^7?@^/#\R'4F*37J.8&K M\U"%^B[3?R@>KB]!Z5FISQ-+ZYVM?&:S9%EH)6=D%.AE&8KO*+\[`?QQ)V3. M<6&ON_QZV0!I=+EDN2ES_5E#:?4:S;X*O`1LXJ'`7'][5+X!YX)L/KJ!YR]X M!^0=^+_;%5+])F8GA((]4E.60R/=8FAI5QO/;79XS+; MPAG^Q75!(I#;0*@07&H&!_8Y&W63 M"6((OSA>`#MC^G$Q\L1YYH(/I$4QYV@$,)X1LU"HTUPFM!C\Z4UA7[0D>TT# M%V:A#?*8++72\I&<]&(:W)JA_86&GXA%!$)3*#[7Q[;Y[R"V7_%Q@$!W`AN? MU)DW5D:6\P("=^&67CRQXS8MV#32O_`#4 M$3#D9-$`C11<^-,4?G)"WO;1'(/=&9D=F!2%R./N,UKHH85W(;=JTYX&?F:H MK`2`78>,C>.8DZF%6^"S@RQMD;EW;.?,\L=.\#3.V#5C,%`,CBP"8QBA83Y& M(O_E(`M$?"/IC+P@.$0(A5!^&?7%+`LDPA^#HI7A$"UZ?Q2+DC(VP:QS]?%, MVIJZ"U:;GQ(<9OP52-?.0Y_-@3T5A0''A1F%S@QC+3'W"2<"5@)L)Z13L'OD MD803>&!@,0,>1IM)SL8%`);Y@UOFV`'>A[<,/F*!Y2O#609/@H$!("F]KC!> M%YJ75V+N3;U@@7]T3#V!6#10!I8C[6`*TC^C=$(+%[B8@$)T$#XB0154>NMQR MDHE`&:8L[LUXD131$171MB)B*%QL*H;T>+1V;I/);&K(=+$C]L)%H&3.VFO$ M;J@:VH]YR;;0OG\'8?I7/;@ M#Q$Y4^:PDET;+*A]V>W^?4V,;;G+GQ+Z4`TL=!;2VUD6;8@L:=\D1P$8><.H MHEA#5`YAEM*LH5$F1\B&(=WP"W2C&3L`5`UE6Z.A7;; MFDBD>%OKQ:&.U^+`;T[]U^6K>#>P,X_SE@`@ISP`N*"-AHDQ8UNS"><&MU`N&GFF8(.OR_Y-WEJ M+ERL61O-3G.18ETFV-X2_;Z%^ANS9YY76(")UF5[(+53Y[*O_GV19K^:NJ:5 M":#VQ6.?T:9(?Z]I)"K'#06-@,>=%^';BDT,K'\O/+X%#WLTXHE!O68C6'(, MO$A7`^?[//QYA#ZQ,^%QH%KZUUX$"3S^1K*VV$?0-_.`=[RW[VK"*:E,CR@O M%X"*4STD671N66%NQJ^OFJ_$9P^\G>AS.,#0<8$@>`?/`NGF[Z(_WLN182U- MD>8AT7&!.27OYI>W(B-U8>Y(^VBY(_U=$I_$J_&;%"?V6Y49)JWY=T/',A;QJK!E$C)^AB?&7O+Y`^PXF?:#PD#J=.YCBK&R1NYT5 MZ)G5,B0R$YF)S$1F(G.%R'SN!6AW"VA7HY_`E70'JH(EXZ\^;DU4O?M!K=YF!_[JP,&=\>)(1`7%TRKN[T MB*>)IVO%T^U&I]DDKB:NKA57:XU>M[._0U89,F['U66.\E?*D0LOGNKR*NKF MY5[$S<:[7+$)"OD?/GIT4J74Z;4/2=[K3/#:LH&YWS<4*64^A*:AO4\/B22$#.(H.+R$QD)C(3F8G,%2(SI=U6 M-@ZVQ6GM&SQS?2M;>5#V+67?UC[[1=6T_7FS,D0\A--&/%TRGE8+."ZMB+:M M4NO6-VJ;4J))U12K:KJG3O/?BZ4IP'7[*#B/-`Z9%"\ICR0,VWE1VQ; MD4=O]&L5VG)4H8'+%R?LLNU*$S=LHQV%Z47CH+!-%?81$XU\P/:5;5W`,+:Y M)SIL84/?L,4*_XD-2J,.W-DG?>P;B2UW[>7]8/)M@^*V+K[HRX25V\#LQD9H M6'A=X5AO?67W(]D0#GMH+6AL=!NX45O6K4;-=LZ3_1*E]V#SJ`'CPG9)@&QP M%6Q$"F!!(#AJHQZ]=P/^ASM3_FE:5D,0[%_<]?A,F2]N]FU+A7-I'\ZO(IFTU$1U''DPV`##[T5W/- MNNY`ZZCOOW#K.4U__&$Y`W2S#)#T0\4V6^![A2VU7FL-+5SI"Y`3T+6@2_TB MTH0MC<+C,R;&A>]Y9H+A0X;J#2%HP.O\:/ZL"*0YZ,`J^*ML`)R%G13*'*&8+Q M([33I7*7"$I6EK)+"_6IOQ3G0H.(![`#J9<"-.PLG$:EU"#8;Q2__BO%@:P M#$3\F%NR!Z8E6YY)Y"^8N(&PP:OGJQL&1]<-&[;J)4/"F)(B-9D0`!FB/9 M0ILH06J,_#7K?1R;WJHA&HK-A5R_;@VZTJ39!._P?;JI;,X$BJ@;;NY2R>W4 MQ7;U/K1*,Z3=KIS_FVG^%_<"E*7,T^7H/W[[S_]0E'_,/7IG M3P/?PQ=0D7]#BQ[9%-[ZQD>_O@)+4K#'=Q7^06_C^Z/S7=6^M\)/X7C?/SGV M$W+3+>ROC[,IO_II>O&/GZ/>SI\%O5Z!E)ER^#_@#[7U"C==D%/+^_55Z]5O MS8WF3"-)D%9YZ3'[AQ/[J>/3"+?W%\H?]LW[3!.+B?Y$Z.`ABH%<2X/@`>V!*]NXBH,3JI:9V;N+[,S%$PJ8'6OZ/>RH,/OD MZ&A\W-DR=(61JR]_S8$%IJTTB^YL`<@SPN4].E>C$5@T&#VY@7\].:[Y?PEJ M<)ITIP9QH2R\3[890[1[&MA8"[EBGKS+.`$)<#]*=9`@-J@8&W1:@V5\D"?N M/!-XGX1'?6]_^(D![,#TQKB$^Q$:/5ML%BN!O`";[J+3[<]!N7+V'+"@TEQF M"<0"3YN@=87^_2`]B2VLG[6@=MN#7A;4U7,7`.A"FV0MH)K::1T9T-V(WU-; MVFDPNB6@6JO3W!U0J9F0IS^ZSN1&*A;@ZT2S%,FF:K.C98%=/W\Q\.[(K=T3 M@;L;SX)L:=U3HG=+>%N]?O_`X,;;YE=P?G$#\WW7'`;B0/O1^>+8(K[E6!8\ M$A>B+);C!]N29!>83X>7726KW:LU6G:4X&Y/U6J-EUTUQ4`],5H6V]W@L-Z/ M'MG/0G5&:\525X-QE`7LXD,MF#GO3)W.9_K&F?5!)"I$WM.=_=G4Q^83LS=S M:$Y"LKV4$_G&)_*-XQGB)N-%_WYZZB>/<;GZ*2 MMI\^P`O^K"3*="6,JY8N"?J9^V/'2/%1D9'4="\Q8P`YI;*PWK34$6R6VW7/[WS@Z%PWZZ\CQ>+"=?=$0`(P/P MZMF+!'9;^[PWY[`6!.NG5"Y!D=AM]><4X`8@%`[VEGCN=N>\H-V@1NYF%NRM M$\=^P-)V7E:KB^^N843CJ\QSO7)=9C_Q?15V>D%W7SYB(&!N*]X3NN.L=B-5 M7YO5;L2MM5GM1OO+"58KC4LPNC]R'FU?S/9P=.[J)K,2AVV7Y`!QQHV`@"OP MF$J@OYZE?\F>?CNA#>]N:GGG[88MUK08'0]?BX*L,F<0.4'W]%_C!W+X*X7UM#8:_6=0;/=&BR#9.&$>X.W MA2_1Z;1R9W#;0F?S^]&-RPW3WY/U6UKNL#X]]HZS)D:*>/8CTT5*?,9^^<:? M'>L9!#O[S,9AQ**@WH*[.[W")STXI@H$6E6_MXX#M+8C>>-9V$]S$DRN'==U M7A`&-H5?UNB4O5>5RFL=^DE&:QR$7P3I%3QAX%.;(4;2+^L`/P MAZ+GT1,PQ7X,'L)7\`G0HWK:R<$IBE,6W`AH:IW5Z-AH43G9GTW9<$X\P%YP`[F"L:=F(9W[X M/2:/\?0G<\45RMC#P1,6$\_YLH>/]R-Y]A(+^1?G)[>L&\>=AATP[FPC`$*! M.QU9LO]RIE/VF;DS"ZR_#2@@H_Y:L6O>(INOV2L8W_.243IT:ZT]EAR%A,/S M/!ET0FE<=FCY3VGI%>HE#P8K5[`KC"=?^;$.JVN&Q.VSOIKU7/I1^>$9V/H3\^9ZEAU//K*1;KX./!/W]"L=\"2OFJ?2E'QF6E$2"RA9SW?LK\S] M\=5B_\<^L1_\Q7&,&ZQ2Q0SG5'<],D:CAD:CNH(F&V-O!R(`:F3AFCS:NW/J M[<1;XCS.!ITM<2876R26SH,Y!]LRYR$1;7#S^R?^Q*PY+K,7%SY\TMHW M/+3+WBJ7_F\E&;N2^#;M;?#=+P+?7QB"=C_:[=K*;V'EB+@*Q!Y5)/:I?E&7 MLCK'+DOH2R[B-=.TA_5)YDU07NWE__^EK\O'V_5M1SPAKYTG;2%;340=]#?\;V4,+ MZ_S`2+*RE\>MT04+;S%R+#>$#"&^!4@9%D,$B]["DG^8"V+&ZECQ7;#"LO!] M^W#WF`%PZ=Q,%\6-O(;BO-BRX(^<#F%ZXLZ3RZ9CL`@M:Z:`,@(=*BL(8H+P M")2Z@S6(7&$089VHR"!L*".+_VPH8P#9'XMA1Z8OXIM)3:%I@FQ$0#"$I<'6 M@V6:Y#T6'%L60A-%SI+*:99C/UU@\1=1!N\LN>DBU+ M":TLN(7H%4A5M69FK4DY+0_+6*5^4V05ON$L6UPI6]<_Q.8S7_CBRI8`LDQF M%AZ!6TM>$T!V;:FRD*5WIE6:Y@V`G('`?8Q0?Y6E%(WKV1\>WJ_X:-I@#V%J M`0:K"T]NU;JY$_[-P3@(^-MF^&CM;NN0\$OS]&#HO]#ZK7YODP4L`.0@"]BV MP$-/R^>=%;R`)!O\,`+0:N6"IIO#<1#XMZY=T-I,@C>!/[GH4/`%[M:$6PF+J5;QFZR M4N0R7JYDG7VLP.(Z-ORIR_L$5[9Q,\9C#3PS23UC@HL[M5+5G^MQQB"Z* MZ7E8B/_JX0\13+[`QC]12@(V.QB&=6.]=\J#.9E:YF@6=11*T1C;`'SF#`O) MB)."K]PU'1@UZ130"./KW#)E(Q`O;.HD3@7$2S@(=A>2!P6N[!(QC$UA$ M-ZZPX0B^-$G-/)4SIWL4N!QL=-'BRWSFU@P[LW@^9T8CGLI3)GBR$3<&2X]X ML6!$(VFK%/X*L,:-5&:P`/PZ;*3C9!OMBL8685/$;RDW'(]QZ/(H5K4VDSTBP'T.U,!KRF6/#']N!E7JF^- M'KAXT"[:=C`K$-$MV?L,1.,I,`W1.@+8)TLA8&P&I#!]9<)F$M$2O-S,:1+2`NU3^$#U= MI+J0S?DB=L4C2SWJC84R&`X(=B98+*MA8?F>&6D%+Z55 MI'ZWL3N.&]5]BO7%YDJA(9L*YM2";#.5:(;%K6Y(69R3]?.1#]T@:M>VD;[0 M&DI\G\V+.J?D/F2H%!_@"XD<)_N_B6%#D$C![XK'I\P- MZVZD7F3A3`I*%F;+BH0$,)^0O;`_6YAHELYT\.!GB[D*#W-M$\6"N1\QZ%N. M$N_]"*!IR*01Y<^[#]@F2_0]Q:9SN3$5=&639`L0DQ^F_N/""<#00BX1[?OP M81-<5"E\\OMYE;-0ARRR.O;5(DLLBS&H4MOQP7@%,/B<21)J.M(G-=RBJ38RYH4,!"GQ'8ZLK3&<*1]"3RGB(E!#.KASN$]_^.F[#%P! M^-F=*7VP(.D[171,U!PO= M*]MY49CE.0"CA9V916H":CJM!]E9HJU$X;.$KY%S;79PL-G@_+7:?W MH)Y?@!1N(_E=.,$"@Y&CF,PO"9.!;W$>G"UWC9EHHRH4IG#7P5R4W4IC13A- M.^5(X[R?OLZ$0_]VB4:.6FJCQQGVNIY'74L5J&N'=$&+.7K?,`VA\(4V%N:B M5-*DF$NIF*^")V#=C,)M;Z:7VQDT_:%\KN#DB#TL&LK;QZ" MH>],P2S3FIV+=O-MI(+#WL=>PNHH6R+7%4?*-@_&YO-H5(4M-['!)WEN<^_H1I`V[H6ZEF"@*P,DJU<). M%)M&J,5=9GK\0*@(M3$V91:Z(_:614A,=+9=(.X"8,EE2[462_P*H>Z!FL%4 MC(HO9RU<$09(J]JH7_N:7:`K55G*2(YVF44[C\"U&''5YH%^OKRGEPV]K=?. MWJ;:&5>V5#UW%JAG,S3'?T[E^$!4TM25T-2?V6PW-=T<-)1OJ`5`;H50WCAA M#V7IR-W`!@#6KNLMU\(C86/((<)0/W*3--]TQT63)#POC8+?&<_-#/4/BTT< M;RRLQ^3<(!I>.'FP-4@K2ABZ(RZL6`!K`NK+`+V#,HCMS;G[;.IHQ"W1$9'/#X/2=JXA[!)X8C"=>)+2QX=\)^Z."H.Y1#MSCE@ M+I6D24#8K3U!1*C!/90UK&B7MHS%A&-N397`PW7`DA=JS"'W496)HT-QQ"#Q M+0S^1KANF!8=E">A`/`$T47/PY_)FR`AID/'(:;!C*UC^`@`RX5,I!9OX*D6O"SY+T911#G4 M%()HA05-ZGS;I(#DD5PZ"MA,S!O?NUC:-_R0NL6.9R57H-(GW%!WJ6ZQZF+\ M1V[PGPCV/S]\_>,A77C28&NN18LX\<(]^QIV)L/[A)AY!D'B_XW7M_0?FQ2Y"QN.-2N/G5V*+&Q2 M7K=3%L;IIE#3G4/-SE4Z_LC<_TM?M[^S/X/;-V8O/TP;U,Z_8(?GF]9-[.8K MH>^%M_GT[*CI`=:KB;@BE>92:#N99G=N)5L#=-PU';.T4"70LWV#VZJMZ9@D MKS)ZJE^G9T%#F.+)$>#,]Z-T#="DX*?W3VZMK$"^M'C,\LTFW_JN*B5*V_F= M+T6']4ABLER^_;(Z^RQ+Z']00?^#D20I?O*&\'8\U)^#JJ7.@[5BLBQT]Z,1Z-,? MW/^$.N@/>\2>08F"O;IG"=YFODS`THEVAV>;FV']W'703<&)[G"'#4R*O0FO M:3DG9FZZG:#9[6Y37\TU32D&F!TOV;?53O]PJ-D2FGX[UR=C4V`.<[T?2P^K MB^%9=JE\8XAVXQV0K24(VAN@78LT-)?Q3U$HVM9UZ?:6R/I:@(2*\G(]A\67 MT8G-#A[H5@&M3Z(**-C6+]X5IA0*@PWM[HGCN'=HSCHFACGQN6]87.K&A>5@ MZ8OXZ0?X:?:`)T!/OW/'?3+9AA&+W/71S;%2+#87"D;UL-E:HN./C,T"@ZTG MQ*:J=KNE0.="E50Y=+:[S6*PF:K&F$DNQ[OQWOTHG8X4X>:6>[IKBO,OC!$D MIS3PLF[2!=]2Y5FK[$$PFF"^J\A M1W)DBV?D&=7RB]`M^#5H%W'=!+XLY?KKF?OT&-[-%!S0+##&M-K,Y8 MD/D-XBKO5!!/YO'@<*[,PQ`I4")O0L0KHYQW1_GHN)-4VDCSXO^%R2QX$PD@ MLJPHUWG1:C-I+8J M=W:8+6/:89I)DK[:$'.F+X';''-74/N)A"%FNMD;`V^2ZUXV8A83;3`#1B0T MZ;H;@%GQ-D7:<&WAU2,8*;!\(;!.4B`\RISTQR[G@DPV7B.:`/>-O3#1?46I M6)%JBGB,8#=%+HZX2R%R?T;AI7PY=S2;R!+"%"0HU$V8U2@82HAVG(282C$'A3OU4;35I(IJA%=D$W4,?`N*J2'R#E_&#NR'%[(\-EY.,`T3 M%*PHPPT_YRIKI^N%1"F2#;R08'"`AAL-D3_/E-1YK-PH@6-D/NISF+<3?YW< MULULNG_>??"RFVYY9*5=:7V687'=+&?$/85J\IUP[\)\& M)H;C-8W&DIL5T:7V]+VUY*:$Z#P!JFBA/*.*$KHB5'ZH&V)E%FM*+KN6RWX4 MCNM%/D&G] MB&W)<#V@P.1H7-Y,2BIYHX4B[J'%]R=0)\J;U;G-)I@*XU78`V&C"N;*J@U7 MHKJ"Z65NRPUS^]9P)B9?H+.C2S"15F?8/?.B;`5 M;GKQFN3E:=<*GP9PLP8ZB+WM3$P=;S,(SQ)QA=KYC;D( M!&=HF4])=:^AY[A#!3PS3\8RPBDD)-*:FH+Q):[_6;CT-&11X0Y\(22;"#SB M]^"#<5&D1B#+]Y(;?KL,?U;[QHDUU?R%I,AV8<@E7EA1+E4`S0>7U$^5EIO% M<@]"$[A8+,G/WIV*1HPK<;`%=I8PS+#LB;/XXJ0\#1!CH#PQ-#;DU254G7YX MSR:L@2(J#80R()D4N-UCEI05Z8T#Q\JZ#]$P>!;@O.`5,\R)T-/.L' MH:7Z(N[5II=H.-S+ZD^I!9QG5`7<1MQLIP+2@AZ*;-C\)4>OJ.9"NE(.C^9, MS.NS$JZR&&5)-BKNO"+14HDR+4NYUGHJN\>MU9NX@)_Q,E.MNS!PAR:8&"DD MKG!O/5&][=F$V?$2WOP8,')4V"FN"1>7HV-/+H\C+]FJ1E&)IW!0:8&@2DMN M^F,`)'R,BC92D MG!WMN0%4@KE$6S:TU-F2#2?>ZS+[31Z:B$FBMZ([UN);CX<6>+J@68I) MP6X-^2V\K(V!/U2AWEB<@&9T#.&WQEI^<739LO)321;-S;#&IT7U):Z:'\JS!;EM MA%567">82J$,*]Q'C)R#28`<^J-C>.EIK#P[J>*`8J>1-4US.1(&+D:6$D51Q+(-P3<>"DI/:H:%:, M#">ZB?_DKIZO;)-L!)%K'JD0C\'=;B\ZF$Z^64BC+PFE$MU]D#&.]*7&A)JS1N%#&EX&4=/'-@A*I08.#C:J;0@N> M$P>519H?993G&SV%!+1TM$B&PZ;;AX,PM=H*]*"O#Y:FB35)5X-Y/@71,E(46\7L)GS>4G;Y(JZ/+4WA^]GTI?6#R:/!#'V$%G*<=5G408M&\!) MIS^>:96M@U[MR-TB087@^[T1+$"O("2JA3P_T!CRW+C5QX6(^#>%^[? MCQ[9SZ^8:@OS';E][X6:N^5\I#64"7,[WV`]<[SM>-%6/7O$[78?^")7JZ=< MF,LTT/SHN!@0>,#T>A'T2OK.10`4J\1R'=N+`O*82]]-"UUL)DUE7OB.:J3R MZ]Y-"YR:WAMIEV*%N]WM;+SHC<`[RFIWDV=5:U9PK;N)\(76Z0TJN-H=M^]6 M,U\3YGBK/8Q@=KK]C1=T%)BW+)UXY>CF770G<`N+:,-J?H"@SN;JNHP(VG/Y MF[E(AUC\CLJW=7)^WEJ%=MOMX7"G(^J)Z8P5E.]NK^Y"ZWE^U%B+Z]>:">E:SI1O<,%Q60?9U,>5]&Y_O:( M!Z;^[-&%^9.IY;NGG<]2_\2C_H[YG'?1?=Q/GW=L"A1OL33 MH?"W@$S`W4ZVK%FA=>\6&-/S,^X!UH[[S*'!VK%6]@+!.P2V]O?TUT'U-9VK MG/!AW):"&U>V\8=M))\_A$E.HIXP\TR]2#;LM+)[=`'@'6F]._)WKU_1]>XF M.-V66M'U[BB1.05V@/7.Q'$G["7B[A9L1A,3=AW,<2A0+M6<:;ABVF+@VU8A M-P?[P7<_NC7Q9K!M8('XB6,_^.L*TFTMZEUM,1(7SUT8G-N&30>JEA?27>`, M;V;;3S>.YQ?*C#U56P)?=LX"(-L2=X-!=P_('AU11=+EH`-N^3.WG&E2`KW0 M[BXMM=M;".A*$(J&>MN]H]=IYW?+_:%.6D6D.S,4*E!:M[^8+=8`<6C(=^@/ M\@D;LUOV%SYTF?>#%=<.9&V3C`U,BV9^KSTVEENA3RO0G'R(T'.0=E4+*;+. MCRT!KJK4V4N6J"\>7^OT9#>EW;MS@>E54GN`"L+=SIPMNW0Y>ZY[=VUUY>KC M%S;[YC@CX?`:`1K2S(I:*^[<+G"MP)1@\3M58-4'ZQ$J M#HPJM_J-JLQOB(%!%?3>8;J@]MI'4W^M[ZO,QI,0OUD,[>>\L2O/XT5'`Y8Y M5TLF+Q+6K5LO]1;'J;8&]C,0TH7=[0%O(4?7THN,5@V6`;IHYL*@W-:U%F&, M7<&,2GJ*,!;HBWM7G#,;?S(KX%^Y*U[=JE=;;[X)80JVC>8K",:E.#PPB.(! M[RKPQ^CC\T4=,Y>C;SYR,N=WK9QL3\"6XNSP<-UY7K`GLM9`(V?8`Y*-L;,W M((+9E)^>^<5N*-S;GB8S">S4C^+$FC)&5A\6'[OIN.2WC=1)_!^=!.67BPT?2JW*Q4$ MXRF6OG4/6/78:T=+%L\WX='#I(RT>KW.TD4MG+U(8+>-;0SRN7L%`QO1ZQM/ MBB9]!9.MV,R([G(1V@JJ8RQN2PJUFOF(YB$7)[+;N'&+9>L*I%"[VV\--EA% M:OHBH=TV9Z6;[]Z]![2?'/OID;N33Q@.!CK!"V:AN-5Z\W&--=,7">V6N&UW MYHYG=H?VT/'45C/O,*Z>NT!(M]U(U>4:<#M(Y>6&Y9>K"V7=[G+\KH.CZ!54 M_IK+(9&9''!@14QP5Y*=I5!+6,W=T=@*DL(7H7UOQ8N(_XYH"M;GU/&8]3L6 M&LZ&LS+WV^`Y'-RT`V[AZAM#-Y>3IZ<[>U\S"'>=AS+DO,O2B M>LBW23?1ZUD&(B^^=+@8@-0Y;(25Z%CRSOYLZF/SB=F;,5[)J+;KH50SG^A] MZE6TXF4D'W;@ON2Y/--]=_=.TK"]_%9>X>K,DW7## M"X4%\\K(]/&B2*$GP6"YS!G]:RH6#FC8[;3G_"4Y9B-BO>?_+3M_(KW MU_B\;6,EO$IW`UX%6K=,!\I;46K.%%PXR3(X[FQP3$27H1W,P^/4*>DO6UX, M^XZ+6V@V'G=Q!UO;:DOJ.)&W7.&[P@EWRL7E[Y5OM;CX^"ETZZ]T/9@$`K;; M2+7F\Z2V5@R];J>WG``;@G"(-6QN$_?;;6VY@!2_!!\OM.^']4Y?;6M;H%U, M60"(6QWC]?J]@T'XA>^+P::\K+(A?##?OL!MCKM.K]OJ+A?\G6#SLM=\4Y(ZQO,_*@3E:U7JO"ZROIC?%^O]D_$E:_@15M M!SPOIONF672T3GO)"I(9=X5IQV)9'76I$MX?IAV3$'J:NFR[+0Q/6T=)U:7< MMQRFQ09@08#CI M/HGNO=Q]-G7LUX=`XBBRFS/\97"C(1I"*Y_97[`5F[H2&9_*YV12O#)T"2\I M81:^\C)V+&MVX;Q@"'$X2Z,BFUN/$U_H8V9BV_.%0<2/LHLPMHGF7)D`^L>> M(B!3'OC4%R9&\G2KV4#LM['%KS[.(_H%S!U`=5-K@`>P`:J[C>Y&J%;%@&]% MOV7%!C;9%,Z.&!P!5B0P/!E5!3JKC68(P&NMH74T_-C`5M=3CAVQN363UM%TVET-?GVZZ[@VRQ#-7+-LK/R&HEJR)-=8,J(/SOSS+EZK)SL$PL=K3DL MBG^:D!E*2%8)6\W+#WA?4Q'&QL:J`\]R0I4F;FD]<9N[S)(]88V):>,U$M&* M)-*YBK/@+ECJTA8PKRE2HAKPA@XJ-6HPOUPY)P=-:5#2_6L3?;_AY,2GQ^73 M2*\Y0TR[\!137"0,Z6W&<7Q31(+_"FQA[TJ3143>E3CTKGRZ_'JIO$ETT,U[ M\43RQ>W[MVC$N*$9/15F-#)LW$;9"P=EMATP"]5JR((+%9R9.F;P?#DN6AN@ M%%/+,+EWJ5S%6W8XDU#A2D\+@(F29G%M#!JT`!*'A-D#$U6 M1V`"]P`;;PT)M/'H91+?DXCO/AO>O*L4,\`36*U/N%\)_Z@M_9C7':T?_J4V MD]U`2OX"-P=W]#R#1;PCY-YT%19GR`MEL,AN%?9QEB.]1FC("D-@F24;MRY) M[;JNPD4J*S[+PWQ57&1.YE9*V[9&<*VSLC8._.=/#*9Q=?O#WTP=Y&^FKIV^ M2&BWO0JO#8J#]D#WJ+5.NY,_N%HXZ?Z0;8N]3FON^&HCR+"&@PZ\?,.\,98$ MAO]@UOLSLX2D[Y0)5@K5T7@O&+D>.93DOPGD1 MER7"0F*>,++ED5KD5RZ,'QJQY*3*F)F)$&WNH,>1:6Y[OQ1_D9W"_`RY.-$_B^,WF5!;BM MBD%#^'(#;DJ([F6WMY86_=S0&XF`>#5^0;VR&BJ5UV"D*$4`UB MKG<8$N/NEFR*TV57NL'B@%V`J6!UL/NN7*C6%0L-V)?A0\MO17.;KX7:@'Y6_"TVK&#\A=:_[]D^!X)_9;HH'%;R\2H*%C&8MX M]1%C20D9/XM84O+Y`P:5YKAXZ"J_[)G#M0ELBV-9)%,D4^66J2\PR+F+5''[ M]5%%2GYV,Y_)5CEWO:JMT:NJ)BA.>O6PR@N#&L2EQ*6EY](V<2EQ:>FYE'0I M<6GYN?00NO0\G!/@RL6>R9#I/YY<)[`-#.,Z[COE;S2;OSV9K;@O<@5)_,H4A`2M7OP@2D=*%.Y2$8>J9A,A=^ M/9CB+(PRNWB3)U&@!UUP2CJ%&CT&!HC,1&8B,Y&9R%P;,A=L-1V;S$69C;L; MAQN:AD7#;]]97\;YS( MD\KS&5D.\]]A[&$NE>]-J]%M#O;GSLJ0\>U!0@C$U27CZDZ/>)IXNE8\W<;" M),35Q-6UXFJMT>MV]G?(*D/&[;BZS%'^2CERF2*NRLAU)DKJNDYXLWW>FP-/ M3]S.ET5AHVO$%/(_?/3HI$JITVL?DI@U558U8X)VKTM,<.Y,H#8&FDIL0&S0 MVL_W6F>&U90-SOFXH4HI]24T#>MY?$@D(Y(1R8AD1+*#I>%6('OB?,)Q:Q)N MLRV,%-&Q2(D;-[U96`+$&S.7'^)P@&)P9Y'!160F,A.9BN;Y5GI@HY$S9MY1]6_/L%U73]N?-RA#Q$$X;\73)>%HMX+BT(MIV M6Z/MM*JF32G1I&J*537=4Z?Y[\72E#E*H>H#9XY^V*373+:_$P6V#Q\C.6W& M>P'7[*#B/-`Z9%"\ICR0,VWE1VQ;D4=O]&L5 M&KFDX]VA96Z6H$1.\\X!)(M?,,_4KV[@UK0`,[4?D$6J>1`V) M5CW%FHH_*?.@8[)2^%CU'2H-$V'.ATJY"^MCE8U"Z;.68[K M&J2H`RKKNZ=Q)WZCID,D4R131Y4I:CIT+G6]R58Y"[VZ+LK5[)->/8)>/5"C M#.)2XM+R-\H@+B4N)5U*7'IN7$I-AW9U3N:3RD+/Y,R2RK[$1P8C^-\03Z7D MX8$\EUIP:O#N8)KQ?++`(@UY9C?EB,Q$9B(SD9G(7"$RG_OUYMTBUK'UIY79 M^KNS=6?"YG$<-SX/% ML$OMQ7SBGJ?8W%=,Z^8@G=9>36ZI>F+Q M!ME.J"HZ(UJR7#1J1:[G51I)9Y;T7VE:$4,30]>*5L30Q-"UHA4Q-#%TK6A5 MEJ2+4B*I*$_MS-(YUB:E*^R9F9;([L!+B_#TQ+%E<'WL6""OE-A1\Z.\5J-3 M1`R7J%D*:FJ-=KN`U%.B9BFHJ;8;W4&'R%D3<@X:@_UR9^C^8'WS'VY-+[30 ML-T0W1K<4?)+/K;3RQ+4^WH"'$`<0!Q`''`&26YJ04T^RDY64YD MR-4GG%DV$2TUDN@0HSJT(H8FAJX5K8BAB:%K12MB:&+H6M&J+/Y4*9%4E*=V M9GD37U(5,-8E2#3F2ST?3#%7]NAG4V'%8D%E6^2>O'2X,D+E/.6DA!)B]3-A M=GVVQ:(=-4C'2DM4EKG23I26I4E'2DM4EKG23I26I4E'2DM M4EKG23I26I4E71EBHJ5$7U'1UBKV5*]30N/Y7G0[2#-D(AF1C$A&)".2G>?= MT.(SCD]IZ*S-L;CEMC,Q;>8[KD@TECG%<3^4*7<5;\Q<_F[.1AJZRB_1W_M` MD+YOKKP(#'%#8<_<94\\3GQ&&*@F7&&*JIP),&JW`5Q`Y*P+.3N-;J>`QCM$ MSK*0LS^@M.,:D;/3W.O"1!E":R6P&&MY$^W#:,1U7W%&T=TRQ>-ZX)J^R;TC MV8)S7?<"V_0]A;TPUX#O@.'`./W*9A=@MUY\Y2[\!P;2N3)UG2>732BJ5Z'B M1][2)9$0R(AF1 MC$AVSFGU9U;`XD,Z*2-=+2+LCU=3O_0(,D,=939"U+J.,B51J7MB[E+32))( MDDB2]I7-3)(:_/T4UU-'&%T4?] M)BI+.NHW45G2D=(BI76>I".E55G2D=(BI76>I".E55G2D=(BI76>I".E55G2 ME2$F6DKT%15M/;?]$;F)]_.RRZ<$*(^GT$50B4,GC MI$0@4C.D9FI.(%(S)2<0J1E2,]4G$*F9DA.(U`RIF>H3B-1,R0E$38W*=2VO M%"DDYY%N6<"A27'M*DIREG"0\F9$9B(SD9G(3&2N!)G+D%5$V?S"%W_9GRU76F\(?)O4:"^#M;OXSS MA7U'_S%V+/"\O(9BPZC."!TOX!7;=QT+H'F"B7SNW7*)58G5J\&JVN-KD8MVXG5SX#5U4ZC MI76)UXG7SX#7FXW.?GJ=`NY[!=PKX_W!NZ$#R(UC^'\EYYN*AX#V9`R!I[_] MU)IJN]KIH\0!Q`'$`<0!1^:`DYI\+0KV'\:HJT]F<=E$M-1(VCHEJZ@+!?B[ MYUBF0?<)B*&)H<^25L30Q-"UHA4Q-#%TK6A5%G^JE$@JRE.C*XR[Z-'*GMKL MK`?/[#8,D9G(3&0F,A.9*T1FRJB@*XS+KC!6VJ4^4DH:)9YE$L].>=984((\ M,29BT\1;E$1W(E:E/>+]LFJK"2*)JL24G$%6+ M+3F!2,V0FJD^@4C-E)Q`I&9(S52?0*1F2DX@4C.D9JI/(%(S)2<0Y:>F(X#R M(Y[8YR.BT:_KL='<-F2Y!A&KEA?#/$U_2L5X)941J#C&*Q,2YGY__TK1N66% MG/#KJZ;\[$V9'GZ.!W#COXSL.*UN3(XTJE(_)EAHIA^5\*>(LRCR&OXM`M;9 MH145,XE@0"7"G9)&7HSE&**=*):B^*LL1Z6IMSM?B$GDT`I[.T?G!83.(BLK MV"LH@;\E?VU)D@P5TO0Y-*;WT!20W_C4Y1ZW?2\1+6;#ZBQ'%Y5/ ML&8X3"%S>+BA<.;:(`@>IO($]C/W\$LL(.Z:.OXIBHXWE)>QJ8\5YBE3YOJF M;DYA,/M)\;@>N*9(^%&8RQ68V/0M>`U&<[G.S6<.LSV;!K<-;UD64(X8OR2" MN%AGY?].Z06)8;GI`E'"CW(/15V047G1^Q+[0*9?7ZF2355](=_ M_!)X%T^,3=\]Z&-N!!:_'WT(Z?*5NP]C0.TU\TS]RC9N30OI]HB(>>0__6L@ M[(_?_O,_%.4?\X-\X[KS9,/*C#M,'S-')C>N/(_[WI7^[\!TX9-M?#+9T+0$ M$>&W8)(?7!10A0_?^.C75[>!+*#S785_M*;:^?[H?!]\;S7%AU>_A6B)E[@' MBO8A[9(\NUA5YP0U(\UJ),W'V=4VVGG3.8"M9:O8&>BUI\&/8ZZ,'-`A+RCT M.O"CKTQ=!^4:%`?\"$K',B>FS=Q93M>(7P,7WO'P,5/'D5SQ]8TSF3)[]E]Q M08[!>T]AR)B>*8HTX?LN9Y8"ZHCY7&$VZ&D[;G$`?RA,^ M3.:]?5<4`!\9+K(BPO$J"A8QF+E/=U8%JX2E+=2]FELXY=:G%]O_2< M>F?[S'XRT46.:?F)@Z%-K$O[U8'#XD==7"Z921/$:N6G%4?'9]9!V#3\PAAS=_)CN)7 MM:H8NC;SY#-S/=^QE:_,_:%\M=C_,<7E/C,M3$QSL+T81/5+W$BWUZ3NZ,3HYZ#4&^W!7I6_B-6)U:O!ZF_ZFG9(3J\, MX=\>)/Q$$E)Y"5%[C79_+V_VW(O=[W8=IQHQQSN,!>.CRK6+M\"2^[)XIVW$ M='$"<\#(HQ.8WK-I6;RA_#?>:]-_E/N\IX2G.Z?4+IW>^=2.KQ)=6HUN$891 MW2@3YD.=-N)60&BY;G0I@<0,B"Q'NB"R:P^G/4V-Y.Y]N]Q7E4O(`:<4S':C MO5_@]CSJV)]GS@3>9%#2DJU@_8[/G!G.BZ=<804?D95[V-R)B>.XZ2Y@%KSJ MF)[R)E<#JDA-4UE_?.QL[TAY.YA'!`/QI[;EMV`[X?NLS[ MP90WP\-YSR7GURK&Z5J-7I<.`\M(&55M:%TZ#2SC:6"G=S[MK:LD,@,Z/2\E M7=ZT&@.M@/LJE4E7W,T$JA))5:W1V2]=G0[XZGO`=^7JXQ_^ZN?NL7!S7R?NLP](LUE"N+#9D$W8P]5-RQJQD[*C1 M;19@XQ-EBJ=,N]%5Z3BPC&=.:I_.G,HH,NU>F^A20KJ\4;4",OSIQ*DT!%6[ MC5Z'KI1MZFFID150D(2`A("J2$)Q6"$[?TYBH2$)`.P%1D82`A("H2$)` M0D!4K&ITL93H*RIN6]@:KGD4>TJIIQIG88VH/3.,I*FHS6T M/F6JES%376NH*@E-*86FT:-;!*6DS)M.H]4JH)<-93B4AJ3]9D-M[Y7.0OGJ M]Z+O)0?G#-)33%BCJN[=)6J0LEK9QM%*]O^6V$D M21U86(Q=@]\-)QA:?.,@.Q%H`UN#"%1:`I&:(353?0*1FBDY@4C-D)JI/H%D MS)D(5%H"D9HA-5-]`I$U4W("D9HA-5-]`I&:*3F!2,V0FJD^@>3!'!&HM`0Z MWJEC*9&4.\^4'QGP5_QR>+X;_;H>&\UM#V#7(&+5\F*8I^E/J1/KZ'9N\^_Q MB;58WOSO[U\I.K>LD!-^?=64G[TIT\//\0!N_)>1&Z<5DR.-JM2/"1::Z4[GPA M)I%#*V_8VSE"+Z!T%EM9R5Y!"OPM^6M+FF3(D";0H5&]A\*0=WC"+4,.>6?K M5F#`4SJ;FC[`\7_<4'R7V1[3?=.Q%=WQ?$]Q1LIKK=L"?M(#UX5'7DQ_K/AC MTU.8YW%?8?J_`],S\97+):HGA\-?$@%:K6M(CJLOQT.2X\/*\4=FN@A^P%%6 M_3&7;%!Y2,A^^_,LQ`9)G;ON!&X]P MXTRFS)Y=)KNN\IA\C<-Y"N)`/F_B7,Z4NSY,`&I!<;D76#[^:"(<@:N/F[^5UPD;?#>4SHP&`#"X55XT58^,W@IF;ZE-A1XLD,:AC1,7L/HI&$. MJV&NC+\"SY^`BO`4WU%&IBVL!:$I8N&>NJ8.JL>R')T)\\'E%OQA/^$K+%$0 MT0L&\)URK_O.,%0%0LZQ9&)1,I[_.R7K$FG2Y08\AQ^E!YW.K!;DB=Z7"(6% M__I*E:RW"M#=)TZ_KJ0__..7P+MX8FSZ[D$?=)QMMMSN\_VN. M3&Y<"?U_A789&&Q7MO')9$/3`A.->_!;,.'&(R+LD?_TKX%>/W[[S_]0E'_, M#_XP9BX?(K%0\W.P#)&RWT!%`[%A\WCPX648/_?-'[:)T_OFL^G/LC.!46EC MYO$W/OKUU6W@B@&_J_`/:O?OC\[WP?=64WQX]5N(NQ@/>^!Q'_K/JRMQ';L; MZ8.<@&:D6(VD^#B.[T;.>?JZ>&O9*G8&>I5N$8.@(3%R0$^\H')`-T(!E@2` M9[']$K).])D#(\,G\$"0PY]!UUC@I2C\)SHP,$@#_^1`$C`^'.S9\&*"0K(= MX,>&&$!K-AL8*A.,^:XH/)8QR/$^9[NLL5.B`<(0(NA^BTT]_B[ZXWUD-#1E M>;.,W,PM;T4>_,+86_MHL;?^+K$W\6K\YD&#D%IA=P)2USI06KB[)9O^_[:Y M#!$M+BX+TUE3%D;KGKHLS$EPO!/[K0K]ODB`AHYE+.+5Q['+>4+&S_#$V$L^ M?P#=;\QQ\=!5?LF:.@>![0$4-9]DC+Y6LT$R13)5;IGZ`H.E2XM+R<^DA=.EY M."?S!47:!1?LK4:]V>3(2?'PE$IYV#A<13-5&S0&O0[1LR[T5/N-?F>OLJ!EZ(U0`ENSEA;E5^ZF34F9T%9J M;[J$DD^[/'$`<4"].(`*\6Z.#K5Y^L+\[09+_9E[XG+)E+NF,Y]Y1:$8"N!1 M`(^XAKBF9+98V1996BNMG#'45D,=]/`N%;$[L7O]V5UKM-OJONQ.AP;U/33X M$N"]"[RH:COV!3HE44)*[I[I&<8-*QHY+G@?()(1R8AD1#(B&45RBXSD:J4V MBQ)C:,@!C9!/DD M>M:&GKUFHZGN14^*4>T5HRJU,?;[86]&E9PU*NYT[4E[RF,D#B`.V)4#3KFI M%W;[B&A3WIM$):<-1;]V4KE_RLB7$;B4H7A,'XPV;.(:XAKBFKK'>][TU,:@ M?]#X>F4RTM[NQ.PUX0.UJ39:ATU.JRDC4,!P!2H_.NZ(F]@/BJ*&%#,B#JA, M7.+-?C$)29>::GR2:)+H"DITM]'I%6#@U52H3V3&U:?]=]G$N]1(.K-"PI6F M%3$T,72M:$4,30Q=*UH10Q-#UXI694GX*"62BO+4SBR5)'61BML&7:$Z@,8L MY=$>7:&J%SWIRDV]Z$GR62]Z%B"?=(6J!`@HI>U;'7U0:O2=S!?6X'?#"886 MW]@9)C*2%)`4$!E)"D@*B(PD!20%1,8*^Y6E1%]1'FL5"]/6Z0#V?-/TJ0@F MD8Q(1B0CDAV69&=5;*.*YLS:/(C',5=&CF4Y+UA2P[1'CCN1[<%,6[<"`][P MX1&MV<1N#JIL MQN^F8D5];#=!5*G[V*H]H"*Q.K'Z&;!Z^[)#]ZR(U<^!U4FK$ZN?":OOJ]7+ MD$59)[^Q/FFDU5&5%49?J(0I_[QRI(NV!2)=Y4A'2HN4UGF2CI1694E'2HN4 MUGF2CI1694E'2HN4UGF2CI1694E7BIAH*=%75+2UBKDXE'1,N75$,B(9D8Q( M1B2CI./S33K^,THQ#O.*PRQC(W#Q#CI>-Y>U^"GAF/)URIBO4Q*-NR?F_NL8 MG4O+QFTD4B12)%(D4F<@4J?,*NTV>U@NB)B=F/T,F%U3]V7V,AP8U,D/KL^) M276498711Z?D524=G9)7EG2DM$AIG2?I2&E5EG2DM$AIG2?I2&E5EG2DM$AI MG2?I2&E5EG2EB(F6$GU%15NKF%M$2=29I5"N()&,2$8D(Y(1R2B)^JR2J+%Q ME^_XS%+T,8".'Q1GREW1O,M31HZK,,O"+EX`I?G,%1@=OC<]A7EAQR_OG5+3 M8,,)-$CI$[^@]Y?\X[]W#9)L<\E'*=.3HY96)UI],LYA8!L2>Q9_'LV58' MQ)[$GF5E3[71[;2(08E!R\N@6K^@FU,E9]#RAKBKZ]$$MGE`AZ:R+G+QD9!3 MJHA600X`D;,4Y-0*,IB)G*4@9Y_(62MR[EVS@<++)4!`*7-6JZ,.2HV^K15- M48GO^+OG6*9!>>\D!"0$)`0D!"0$)`0D!"0$)`1T#?`KKDP0TZ)*WD(6FG3SE0Q)ZE9<]VNT_L2>Q95O94&[VV1@Q*#+J40;NG9M!6 M=V\->E8Y4&?K[Y5-65482:,TY422;D(H/S(@+_R0='HUV79!]TE M&0493*G-OZ\(7:Y!R*IEQK!/\W#GPKX2:BEL`$SX46%:B;\^)TZ\KZ0__^"7P+IX8F[Y[T,?<""Q^/WK`/NVB%_N-,YERVQ.I M%-_B*YD/>"/SRC9RW_R!5S2O=-]\-OW9(U+ZD?_TKRWXZ;?__`]%^6'CD6F9S.?>#?SKR7'-_Q,#7OTT MO>^.-?U^X]@BSPM^-?[EF+;_)XP2N/PSGPRY^^JW$/,Q%O>@PC[<4P%!60%K M3L4ULRE$K66KV!GHM6=-6%M3ELC$J\=8,E/Q@@D`/%.+#KSISW1G^R"9. M`'RE,-M0=(MYGCDR=<%#BFF+1U%DF#W[K[@W]."]AUP<\Y4R9!;RH^*-.8>A MPBG^O/N0?8?INIBK(7==>.QE;.IC!60S?3WZ3022F-\)/`#->_NN*-(42HGM MV2L<)O]]57SE?CL39D>?0X'"*T9'2C-IAY_%_WQ7HZL M#/IBP\Y(XMSJ5IQA+;0"NH/+5O\H5D!_%RM`O-H_EM?5+;SR,E:[Y>XQ3MJW M23[6VB=:Z$X\L,H2?)$`#1W+6,0P#WSJBZTQP6>KV2#F(>;9@'ENN9[G'?40 MO`-^6$%9,$?EG9S_1+L/*9#-%<@)K[ZY"AY.XE+BT]%S:I@UUQPUU/B4Q MW$T/T7GD4EV%H=3M*O'@]DC:,T+RB=G&P=1=90O(;'R0UB[?(O=DB$.D9P.B M2ELLJ=7HPX8?F)8JVXJ&(.9FZ MSC,7IV\-Q>8^'EP8?.IRW93G)/#YM=;KB*=?J[T&'F9,.1X;F2ADX6^6KU_=?F4F8;"?V(V'Y?I2V"1<_,9$V@.5"2)++J#"'R7 M3.Y2$ZBMD;U-]O9JA7REZV[`^P*LMKF-9XM)!>`$&L_C_PHLGRK.\>4*F>74LOY;6 M(MN\W!12S]@XEQ^WO(%9FAM!:7AS!*_/S34-<4,0V[SD:F; M\'=#>-3X(WMZ%G;QLM^=NW@I6#>[O&WOOK2URU;U<\Q+EE'^U<76"OYA\G3Z!5U5.LG= MAY6+TT[>D.8L[CL\SJ8\H9PS2O[^$.IWXMM]W#?BX9_TI8-20GN\M)Z[)??;NC]'+R65KNIQ*3>$.)&7&!5Y"K_5JREP9C)DODE``TXLI'\"'G2D/X%#; M3^!O_\X=0!D[V&90V;.MK8S^DBUR3Q8YV%70^C,$Z.]6_1CB,)UZ>J6]%==M M=+1^4>=\Q/3$](E_W2EM4DN!3"^-V++QP]&-V2J:K*N.$+M_HE"$9M=OHM`JZG$Y\6E<^E2E"=>'3LSJW/%L#LFPZJ[I(.J(M55TD M$2=MOJ\6%JC0X'?#";`F0(DNQU>80%$&/!&HI`0B-4-JIOH$BNX<$(%*2J`C M^DBE1%+.^Y(?J81=C4K8<3UPN7'+AWZF1-V5]_U^]%W5OK=$A;KV*R6P3?G3 M'_"'JKU2#*Z;$V9YO[ZZ:+WZ31MHS?8`-$X*J&3L;2:-"^&MG;.E=;I-M=`Y MX^)[UX$'W.5Y5_J_`],S,]7U,/=2W`Z/+H\P!W>W@X+[JU:2_/5 M;VI7:S6/OY*HGM0G1\="@74D1XG(FRVIW>IK[6*79'#S^R?^ MQ"S!U;-X&9]OKK]Q^-;S816?/MU(8$&A]?U M8!)8^,IMJA/?+?=TUYSBG_>CB!`)99@_!FWPXR&`[_$/[F^(]DYS4T8:,Y=? M,X\;6!20VYYL$+BJ4F4[7:ERO5)06]U^%I:%4^X-5K:`YGJP>FVM(+"N7)?9 M3Z+?XO4L>>0KF^%75R_,-3Z`V/FS.]OSW4#PW#TV&G@<,_M>$-_[Z+@C;@KQ M^\I=TS&V($',<6(J+,`E."CA0YC5U&'L!Q]T_V(.2J/G[LO'5[]U.[VUR#G( MPDN&\=[1,-XA?*\MA[L1OA&]WK>'/W+Z^*O%["]LPF/U>F=CW1W8P_$74`:# M#0E5;SK]#D/@GE@.-:2J_?YQ!".[[A)B>XE(%,'6S2,Q=55Q7"A':X-!KW,N MV/X?X?)SXPH\)?;$Q8^W8`5_9*;[)[,"?F0%TTO30P.7M7G9:1^?&&O14D5J M%2\\<]1J7W9/H*A*0ZTOCO!:N?$E0'2MBM:T#J*\VKTFD/88%,@MM3P8[A[4 MWFGWU6;[O!%\6(.RW6\.!N>-X"2B2Q@^K(XXC`79:?4'@Z-L@Z5%\&'<(('= M5K^Y05SPS+!+[%L&!!\ZL*7E3PUJ2YGM')T#V"5YST9M7W:.NV>6SZG9AR@' M<3?5WJ6JG2=1_A3@E"8*#/[L<113=MTEQ/81(I0]==`G9-,I5$DH)"[XGBI> MG,^LZ&KJD4RD54@H/2&*UU)SA&CVZD,(:07?C\2OWE7@CS'KB!N%>+ZJMFG* M1U'F_[+E%(0M.>R=YP7[J?'"$-?J#(I!W**5Y9"&$C)V+(.[GN3\Z-FK$C+:^,@R1/\JL MK\P$+KUA4Q-4X@9:6Z!-;;;R&:'G@39'-W>!84.\7K3/DAGAZXEC;VHVB+S/ MCK96V]014WMQEZIV^F>(LV_<9Z;-C0_,M;$;VZ8ZKM7O]:J+KLU3N[7V8-"N M,&/,>XK'V0+[K;YVAE@[\`ZH-=L55NR[8G67';#;'9P?HO;;`"MMM.Z*LAWW M/[7;52N,K:V\9_#\:['4(^^`@WZWPA;2[F@[\!;84@>=,T3K+GM@3ZNPX;HS MIO;;!+MGB;-=O4"UOS:P6F)T;1/`[8$?6(.5'G`CO];H4# MH;MB=8<=L-OLG2'[[<5<6K-7X0UP5Y3MZ@7V!MJ1C%%Y8'H;8,45>6@J#U*_ M\!?QD[='X8CY7+36@E6MA:!`J)LIL.%#;S.P6RVUV3H(U"(1XM9\-@UN&]^X M&1=6P5/T(BN)M%K=!1IK2X".NJ2C6A2+G;\:H6>736Z!OBX71K8L6]-J]DM/ MY"7I-D>QJ@?M!7&E&J%G!QEH'5,&-MMRMU7\O=[F3+_#YK4+T,=5[9W!@E!" MI1"P`^/V%@05CKWF+=6S-F@M.`XX+=#'5<"]1:&@2B%@%Q5[4/64RX^6*;;< MOQ^%-:("M[R:ZT+-%^?<O`R/*97AU M\9-IP]NV7Z3YIZK-O`F;G6P/4+:M&MK2\O[%2E""HV(OOB^%Q1>\K% M?('P'8<5;<6`/1W)/>\"V^!N@K"$]Q3)?*7$VX%HFVY,VEK&H8 M&;-GK@PYM^$+T+!8!UIAMJ'PGSH'(6*>`G/HEN/!]Z:M"&[I*V\^<>9QY9&[ M$].6)9`_"]VI[B2M3*"*6S=9);B13N0!Z\R'\:"G0CF8/%.'4$+&\'EF5;; M7Z;:LSO`(P>D@IHW)\/`]4*D%KDW=G.IYHLFW!6DA;6/UX+4S7E#14*THU?> M;AX<25N"U-\:20N;.LSDOS^SG^8DF'QR/._#SZD0RZN)$]C[)7:HW4XK:S/N M!,.!EW&H;@WQN/%EW^O9E>=Q_\9BGA>/_(<]-"V+&VC\?>,Z-Y]Q=1N:Y.U< MQCKA-X/?Z(FH,0*&HOTK6US9GN+@&Z*YV\DEKE46S_OTZC@BP@>=W$GMP1`N MX,V4\,(%;G'44';@#'$993?UUX]G@^LDZL$+[KI1NW1GRN=%A4 M@^/6M`*,XXG$GOO`!]_.QHRK/9R0!1?*<@&Z+6$YP$(VF#+,^MWUPFF8A--);^)S\P(W[T?7L@5G\B^/#5SB] M:0?P-6R\8H3Y9GX8$(T/SJZ9A;`_C#GW16N_*&QY&TM99F8O3D5>/.%R M*^-F#$B;_1,,WR]_':O'X+KB:%JN"^=Z&DN>^/]?7'QT'-_&Z/,#UQ&BBPOX MZ1^__!RZ%OSQ_P%02P,$%`````@`-8%I1\=(0(+D#@``..(``!0`'`!O;'`M M,C`Q-3`Y,S!?8V%L+GAM;%54"0`#E0M!5I4+059U>`L``00E#@``!#D!``#M M75USXC@6?=^J_0_>S,ON`P%"TMU)=>\4":2;+1*RD,S,VY2P1="VD5C))LG^ M^I6$`3M8MFP,")/JJDX"DJQSS[$^KJZDK[^^3EQK!BE#!'\[J9_63BR(;>(@ M_/SMQ&<5P&R$3G[]YU__\O5OE8IU0R'PH&,-WZP[2"ER7>N&T"FAP.,%6)5* MD/"/ZW[7UTWJM<5I;Y;X&C*?FY5^&_( M'VJ],G3%[#&<@"ZQ):9O)V//FUY5JR\O+Z>O0^J>$OK,RZHUJLM>97VEQ(5].+)D&5?>VQ1^.V%H,G7% ML^5G8PI'WTZ(.ZT(!FJ7C9J`_\O`XTP*>=P0S(B+'$'L-7!%V8,QA!X[L43A M3_U.I#8$0Q<-(>6/HF3*?R+(3FTRJ8K$59U2)4XMDU>W@7'Y(>N-.OQ=F\#" M@,85;1#:&S*94CB&F*$9W"+TV.>89`?`QK2E.X8K2=X>YA9CM$N93GAVX M;2;JT[3_ZR.&1"O*6M`#R,T%6+OHS&AMX-J^*YOY+O\N0"@>6G2+$S(G?/4@ M=J"S_!1YXGF\_:[Q+M!:%L=_O^G=#WK=3JOYV&Y9U\UN\_ZF;0U^M-N/@PQH M)5:.UB5VI"*NZ.$(C1(;%">+&@$VE.7Q<<`S`%/9@U:AZ['%)U(#E5H]Z-)^ M"3[^L\E8"+<+AM"5HXG(E]4]5&REH`Z>0>8)0S_,27V[AYZBQBFY_OS4N/AR M=B'^.V\TZO4OEV\AF0JG@[<$^L%HN>Q)[\QCA/0&ZJ`KH`.PJ.Q5>'Q6*"_=>)5,(SE:H5WFL?N6)^V<3.XM<.'Z^1 MV7P`H^!3.W^)2=_,!H$RSDQ31J)Y;-N?"+Z@TX)\3&\C:>P\[7I\28>EEH(: M^@RF2!5-9>^J^0%=9T0H`ZM)BE(7H;3F,:\S:DL#<$@O.7OB4_/5G"DTN\-. MSQM#^B^"L/<;3\GG?JI^8?."#U,(A:(-5-,P337"E<%1B!]M/N&?<=5SO+S/ M!)2^\3[O-^#ZJI=>*^\A<9\?4$#ON6GT]KF"*;*Y:..Q*5_YY&R'1&HN+`&? M%TE\3BDB%'EOLB_8![DM.(*4BO8(>WUH0XYHZ$*F]K*H,QP2H1E1!%1^*N[5 M7'/-\@_^?,)@0JB'_@>=#O8`?D:\4ET(&(QUU>EDB<(Y,Y*4W#@"6CYOF98V MX^A>^""<,,2;\J"_GM>+_Q723PQ!^ID/A:H-$06D?3&MFULT";<(BT4!,>'7 M:`;?I3X$#O-`"$B[-(VT+@)#Y"*QUL.E-_"(_7-,7%Y7)GIG[TWE=DS))FS` MVX!S;NW:>9W_:WS:.[YT*.:)+Y>=8]RH*1A-]:8.H,TGS% M5FZ=J#0XIA+511CV1C>\ZDC%5#A)&:A*Q6.JCZJ%9LB!V&$/X$V,,FY\WHEA MC[:'0' MZ$_HR;G@$QZ!&:%"TPJRE>G+P&\V<#K^I[V,BM:&@1ULN[Y8'7T0+@!.@>=1 M-/0]`>V1".42['&[NF(!%7N00F702#&%&RV634;26S2/J>,%[4EAO%'-DL$6 M^=,1RT$-ZA]HX."0.)(6H6)2'@+UFC3JHC.5QQLRF1"<2N+[9"5B4`N:J>UO MTW'0O"H/`#D=?`.FR`-N")-JW)Z:,6J'QB%3G!.LP1.V1?"27!V(V>O1)4RX MFWNC1_"JGKEE*:5,P#'1(F;Z]3W8(A&YQ!*YE#OV._VOUW5ZJ;6^PBMWI&&))N"1_[AKWS\.K-ZMU;F_Z=VU3XS>:\5;ZE6S_4[\[[[;SUR)C)`74[?U!.:\ MDK$VCJ6X^3ODX>PSQN/'G_II"U8@0ZS[3S,')%H:F%=/#LT MC*E"#*"*VBN:KH24YDE@AXS&^.XU+62J%E8!ZWTX@]B'.AMQ5TG-4X,N(7%# MQSDI,"O/(T#;IB@U=7#HD[#T,^Q%B("*1T63H4Y:X MQ3(N:2D(S0Q09^*S`;.Q[YI<>7V$=(*P-,$M5+QR\0E+051&>#H^RKV_@,O> MH/TZA9@IPRW7TIG':/Z.30^;87Y?!6 M`X@8^M2)RT%81GRF+LFU$.\AO`",'-HYJ/G2\EWT!L3)W1HB-:BC2*O>=3OU0&?WV:F1M9]!P@S M`0BR'FZ_BG?*1VPL@/1&"9L.4_-]*"O*":--^+21U%_/G9M9+-3ZC2@LH5% MC>8,(%=`O25T`%PHMW'+O4;?*3>:F-2*@UE$.QA$G3Z2/I2QB`^`KFVH*:+( M#Q$MYR];,:7.E,>`(?+<2,D>WG>I/I3S;MB;;IW4^=*^5G3":Q6]T?R@&FX" MZ6EI8D?<.4!\]31)-_N'9*(]UB9F2SW>*;N68ONL17/7P[P^\B@J6=M$;W1J MGBBB+\:):L-8V!QP376A1$+( M-XBBSER..:)(C:(O!EN&J)&];E.)OY4J1(!RSTHCRYZ5F][=0[_]HWT_Z/S6 M/H@=+#&&4322B2GWM(-<5:$"=U(4_!1S6@@-YM_M5M^Z'4R-4[12RV^='<7M;ESYQS$4 MV0%^&XP!A<)Y$+[F)L9%M^U'EE)L>S.<(N[5 M0,;N7_IP1F;54:&N274KIHBYV*^?,G1_O(YW\B*3=[(Y^&'==GN_&WZ#>?QM M7`^\%1%1G385D=\M./^I\MIE*&)YR.[%^5G][/SSWJX%X;H7%7Z@1!ST[ER_ M/3%Q;](RM+II\S8TZ=80_0+,:1L*8RRV'=G$'*9.^0[:&[DA)P8X&K7B%H"[ MZ.`6+;K8XV#'[3#ON7#*`XSO+94 MNMB:>5(#]XUH.@8>!:(Z?.H!8_9XJI*56!"9(&O%WY=B+V@I.^\,$A&H][H"0^1Z[Z_@#BFI4_+4F)2<\,_B/V_T2CKYI#,Q(D?UY"/7T.7 M/.F%MBMSEU@=15C"U+N(Y0K,M3A'0CA$(69)AUC%)SX"YC,`-_7^XAT?`E!* M&>2WP\+E4S-NM!>/8GFO9X^VQ/E>8K5#A-XK!)*MD"-02@$&64C&.%]O^)0_ M_KL+)5693T%493T"=>0VPT(3QL4:/H`WV?C=$BH'0>(V*<180I.1D.,(%)`5 M_8)XW97C?7F3$_9S:DTOHEF.0`B9X2^48-RI'N\71,-6D8YS]>`R.=\1J""? M#192,,^%F(`G=+UP=D$H+[(^-E6D&6(A#>,.&E08:3Y&WB">)*8`\Q2RNW@2 M77.8NG=E,3YZ)/,#;X6CK05GT"53Y;D+F?*:)XX-F52/,;/;(35`95_]R@K2 M&I#$,49JOH@9SFOEED,6&VPAA#EVO6I5NP>?VF/>`(KE<0PI6P34=O"3B+-= MAJBF;._8K,`2ZV%+QLD;VKSG?F6%-T%/&7.76#Q%6")C=,N^E$*)#:$C/?TB ML"=\(-$/Z#HC7KVE8U<=]*I?QC&H9F-[F'KI]#HR=6"8MEC411RE5C*:(UO4 MC0&ZR;9FU(>\@<5B=\X4>0)6JJ@V*O_(%%>\K70BA0QRR"P]T7D=,C$%F*>A MW3ED=,VQHZN5%N,WWJI&%B#N^!_/X!DRGD`1)JB;U3RV-Z0F?@J5RPS&.ECZ M<+K$)?M7Z"1<[Z!(76+F\R`W=A=XN,/K,.9S6T`=VE/S'8$`\MG`U%,LXM&( MH`2"!QZQ?V920BC?T2HAS0:FWLT11M,E^%ELD#?PI48Q;<@=PA+IZO<5"-N2X54QR<>E^T8 M^,]C`E,W(:V6#;.((#'3,4@@NP',W6^T:L^6WG2->69BIB.20`8#I.\?VLT] M&.(.%YIA4$7(A[WT-1 MP/P[?P(=+CS%*U3P4X+5D(N+\\OZ^46C]KFQISB-(G%U`79V8#[Q&//:K%T( M9+UAVXE=33TUKTCPUSYRQ<4(JE'45I[UH>)=&W='Y[%O!5!GPL<',QAWTL!. MGGGL:MV?D4U=]RK2&AWL`?R,>.)=-,&AIT4M?G9TLMZ'>8M?OMMZ,[R")'>< M+Q+$G?FXB\<>NVKW:N<,9P_&N0:^5N>*"2;-_)/_`U!+`P04````"``U@6E' M'&,^P,DL``#@Z@(`%``<`&]L<"TR,#$U,#DS,%]D968N>&UL550)``.5"T%6 ME0M!5G5X"P`!!"4.```$.0$``.U]7W/;.++O^ZVZWT$WYV5/U3JQXV1F,C5S M3\FRG6BO;?G(3N;LTQ1,0A(V%*$%2-N:3W\!4A1)"0#!_RW'+S..#8#=_6LT M&HU&X[?_>EYZ@T?,.*'^[V].WAZ_&6#?H2[QY[^_"?D1X@XA;_[K__[O__7; M_SDZ&HP81@%V!P_KP35FC'C>8$39BC(4B`$&1T>;AO]S-KT:N-0)E]@/!LZF MUQ,)%MM^9XRXG;X[3W&>*BM1@O&N;]VY/M7Y+O4__7P MHBOJ1#S]_F81!*M?W[U[>GIZ^_S`O+>4S<58QZ?OMKVT+>2_CI)F1_)71R?O MCTY/WCYS]\U`B-[GT;5 M3;^33Y\^O8O^NFTJ/D\,!.T-+?[J!ML.V<8?W\5_?",$/1C\QJB'IW@VB#[W M:[!>X=_?<+)<>7*LZ'<+AF>_OZ'>ZDB"=?SI]%A*ZC_N`@&ZU*01]3GUB"MU M8/M+/IF-%LB?8S[V+_X=DF#]9B`_]74ZSK%!?>R1!\S$AQE=B?\3S-\Z=/E. M-GY7_AL1^U;(O:O)_SGACD=YR/`WQ`AZ\/#8#S##/+CP`R+Y$$0'8LH*2J_$ MWXD7_7+HNUEF_D&)'WP33<0X_%Z.PJL(JD5B^I#HA,V13_Z*YKJ@\0PYW^>, MAKY[C@-$O)HB*AZ]#YZG&'D77.KVT!'*S(DDCS?"<,'0?7![ASPL9"]^L:(< M>9/9[98#V2A2UA"[$_&["">IJN/E"A$F9WXC4FF(A(.V.$!L33]2'/N/@F@) MYMC_*OPK#7&-*%O9;_4ACRLL!KS';$G\2.$OL2!;\((;D4#QZ+WP3'PLW`B& M7=*,55$.V,]ZXDGUND6"Y'N&?(Z<)E>4@L%[65,"ZGR/MBDCNEQA092DJ9FU MPCQT']Q>BH7H&_)"?"TFEOAWY!$WPJQY9&B\OF^/V??PN#UMC]M3>-Q^:(_; M#Q6XC1A"S$FXWOR8)6\[@EC4W[ED^6[3YAWRO#>%8M*0DFS99;#B8R2^:+0& MJ!(_"V,F3-F12Y>(^`V2N#]T$_1&0QTM\5+`WR2Q^7$;H'0AB&).^("/MH)H MD%[EZ,WJ`YZAT`O:48AD[`W%XM_$CS:EPGOZOAE=TM-NJ"C#&'X.L.]B=_M; M$LBO'Q]_.#X>'`VVXXB?1Y.;N\G5^'QX?W$^N+L7_[N^N+F_&TPN!Z,OPYO/ M%W>#\#35#_"$:+^1';&.=_;'[]YY:K*-23?,%##]B+PLS*1N_Z)#2&3KI@0AD$ MJL-GPHOH5O?9LI'JWI#E&1)S(AE[,STJSGK*7,Q^?W.2C#9C=*D7\(8$:LU* MR`5A="590%X_`.T0=IY;2W:`T;1M"9#]5<@2#9.J9<'1L/,20/GSI]./O[S_ M*/_SX?3#^Y-?/KWO`J=D<>@"*"6+`+`39"ZI'^TZKW.^S@YNBG9M`93WD,S@ M&%4O"XJ"?@#2'[HNB;]_BX@[]D=H10+D&9$HZ-,I*N]KHE+`"P2$J$/&ON.% M\DS\EK)(GD'`R$,8R&7TGMY0&64-A)3$Q^=)A-H,8U#3=!T3```H\)\`S2;/M8$!OQ<>!B%\E0&*??^%%37]_P_%<_I#^W:,< MN[^_"5C8TSY7V&,F3\G.P9+:@G9,1C99P*%;ND[`DQ5X-@Z5$@^"9V M0)=F;<4(9>*7D8*!F(:[Y%99@[53MYG!(>P@*DZ%O%5H1AS0=.B,.3H],.F(P1;T`#V-JR"Q36S*1XAOBA";,L/%W!X2 MP%.Q+C#B1`=,HM50LGZ#@\E,B&&&29+25A9[NV$A;%A;5@L[01R2QB2&;8K) M-A'PUD.Z<'RUH2#LF%O6##WST+1![4TFXKD40CL+N=CK<+G6/6QR(DL%2@K' MZE0??FI-'RIR#TTAKHD?T9,PD$A$,G!.>+P3D3F4NIW(EUAF&AUI;OA.U>;G MUM2F.8%`TZ2A^Z\P-GV"=LU9S=T",;R7L+JSL'X5Z/(ICJ^$X#O,'HF#8VL[ MQ0Z=Q^!K#[PZIJ)3O?RE-;WL7&[0U/>6T1D)KBC7F;)L@TY!_]0:Z%F6H.$Q M"1:823UC>"%S,!XW]S(DM9'7?8^>-4C9=>TV'G'<&HAVW!;#^]N[?,)C4CUF51P"VOCSIQK3!ZL,!2?>LI_OUE`)0JB@0M_:N98E?_*F_GJS,YK'K`N%,JJZ62PSMN&T>%)U_IH6DJ`.,@]YF`"GB M%8"%?],MGFEIH+3ZC7'#:M.SGV3P?7(,^U1] M/*[E8^P-G/-0*9D M$0"*?RRHYZTG3SYV4Y*-5S&,/2#LW8H5,PN9D1T``&4W+)8(F;M`@,A"Z_)7 M/TT,`0`IO\VWA*FH$P2?OR1012P!@$IE'8HVV@5]^MMS6S&CWIT9_,1#W9/? MA%++U*SITN6,72#,P-(0FUF"EE&04!L%%_C8_V-!G$44*5C'U50+H3/VA)`8 M7QE!(V\S4*_OD:,!]2_1>S[K8?^0E?H.WZBU!U1CS+D M4NV1;+5A(&SMK34U.9&MQFIS?JP2QH2?C_R?-CY_M:"V7UH2!L/TK#69W=KB&]$N1<8Z%33WRX0BQ.+I#ZMJ24C>7] M#DK4$9SZPT'8E]2'MA3++<.;-R-B;^-0S[_!#PSQ[\C2SFIZ0;A&6].L:CAK M&9-1R)A0B4NQM4/>/S%BZNVB/C&I7'\(EUI+XU22Q]:-I!B^,EZE>D.XY^EL:O$ M:?.P"4$MGM!Z2NDLND'JAO*J'O(ND2-OM:Q+N);5AX)P0;(T@-79;7DFIJ3L MN4C7CC`5'AH*U-!2/PM+CP#ALF-I`$MSV3)NE]C%S_)&VY>+VZ]WV9O>B4J= M8V]%6;`E\R[PI))=$\YIR(@6S\9&!G$ALC30C;$/[;CJ1[T`ITL);B!2_GI% M[O6*7`-*T4BP_@7>IVGY@E.K]VE*WCG3;TPM^D`(MK9_ZPQ4)I9\9,F4=Y_^ MO8<53Q,T;6+%RS`&!09S/?QL"R!+S9[R[`D8FJ;;BCA_4/DSK!-96[$KF0"` MQ+40WC)<&K'8:0-AM58HT$[]LBS%`.2L,(Y7!4FVYB[]Y=C:L*).L;5=(0XU MW_86K9/:9'$T(`V':S`V]H#@@94%V\@0M.#%'K%I@?V)\059W8K=HC`$:([/UD*9XM58 MXT+:CP#T(-PXITHQ>)#XY@O]QDWJH*T>#^A!>GWLU>Q"TX0?K?*Z_4E\X8KZ M`LJLRY5_['.Q@9*^7\+&5*Q)T1E!@!Z8&_$N0Q_T,!5\"I]D,0% MP6Y\H>Z>(9\C)_ESB>"$W6A0S^^-N%?F%IH2Q+6:KW&PH&YZN*)8L#2PE^C? M+=`-Q:I*\-=VXNEV`WX;,FH2`W MBKW_R4/\QG@=`/>&ZA;'!D);U5F%YBX-.<SCWG$8>\;'!0\!]S:U[I5 MDX8"8*U)XR4KF;Q]TX%VQ9^!D+/1\@QM2R%C`;YD33P+B2=?=B^*]33\+4CI M#0>FDQDIMNP!MT+U>+EB]#%*X]G5N8Z^"2DEHT7=ZTB:+]DXCL5.Q9^3[$-N M+9K'W-<@Y98R34PJMMYC'T67MY+[[0I#9FC;[;:U9C)(`2^=2OQNA1P! M>'"_P-:25_;I%H&::1J6/+6,1#+YD@^F\>YH+5`=#A1WZ7:S7#-MPHXE:"MA M0O&EE*]8LA^SRWAL5__`9+X(A%U]Q$QP\I7C6>A=D9DN7:+>D-UBWE`&13V6 M.YJ:2N(R*^4.A<,E9<'F@K'08T)-<[B!L;L%OH%4BP9YAU'&_0X)9?5=\8L5 MYD8_&UP&.7AQ[[``&_?4SQ#GKSF?[?`PBN6M_Y=$JM` M*B1^MDYD\YG1<"5<+<<+96Q*C8^IJGQG7^^G)$O;S!D+^G3S<3BE\CO6Y'R) MF&Z$#&MCBZBM\VRI[O/"ZU'OO7Q%F0.?(- M5<^+.T%(5V@(&AMV.T*&,D:?BDHR6_>$<*S?)D8JGJ$MI2,/<4YFQ"FJ]EG8 M"TY9SQZ]^D(IP<;?WFE2]P/B8EMJN"5P4+W@)J$#[=FV`6?SSF<+",?_$(9G M=K:60<8;&JCMD;$@7+TAP?FX)K77JD!IMF&H@H+`74Z*H"\Q!#B?N034)=@$ M`.V/6H==XX3W&H9]+=]>=S@@7M]K^?;7\NU-EF]OZ"WMQ*K%]VQ'=+FBOF3< M8-$+^O1@N#7YYCT:[@(9`4!^AS"C\=6T!6)9K71XOS#+'CL`0%'7_C(ZT>8N M$,RI4=.**Y\!LI;M&Y2K@CK>G5+07UGP'@3=;?;#H1&+J'S/+*H+OJ2AUCJ8.D"XR]HS]B;Q0,,^U=.H M1A-R@GO,EN9ZOP5](-PD!3/[E1*"I@1_"&*$C9I)59UAQK`;U;_E/)12DQ5. M-9I@TQ'"!U<%&3-!T(A:95&+IT6B26K"P;O?H>1C$K]Q*O_F>JG>*QCU3 MDY^!4%@>Q!:I2:%V=*<1HM$)MKMR.ZQA"*S_=L#72B@89W&:O5P&H"I$+]`2T5\%0F)P>S&*;R M3KH7LVN3[51F-!`5\'M6I,K".V"=VOS@SR^>5]CG#>C5_H@@JO$?CF[M"_"` M]2OQOQM3K[T!03P"<#C:M2<_&$4,OB$6U83:DBOQQ95[/_I][3N4Q:$DBT#R]D*69O[SQ$XS;*B4EK.2AA:`< M]96S:JW-'RWLT6?&DTY1ME&R(N*;E_#UZ"Q-$KBZ&LG:0@%/\UBU@K;MV&=> M1I&\;7D`X+(K*F094G"UK>%<]X22D;RU,F2O1VKMYP$/)KK5526TVC%,LM MG]-)6J;D$;,1HUPP-D\INA-_6M^MY`OW154>*HT"(<6P-)B5.(4R*V5-Z4;P M[O;S$)(/.YKU544$+22J&;56`<`_RYYZFV8 MT8,K-P009ZZ.VF>!+\?\CP=X/E[R,XR83Y]*H!1(&P&D9^QY(\I6-#D^<4,> M"+J\Y'VI?]#5"ETCMO:B]4X;5ZHV$(0-0!5=3T-2U?@&,,6GR)]CPSJ=^3N< M.\DU%M\,/U"D;[R9FFL!9#W+TQ>S#C(X M$,V0E:A3THWVN_IP0.QW(S.EK(JH)?*J'>KHTR=8X3@P&J.44@M'@RA8+!'[ M?A>*;\L?L+JB54%;"!Y`7?7>GL7IV81V<':)"/N&O!"?K:-;?E&PT;#*&]KW ML()K+D_76,$-_$%"*WX=\QHCF3SO3N0+SR&3Y[1GB!/^U:0?PJ_]`/`^[\E*N(!F3B`.M M#VAN#B'RW@5>Q9*`YBFJCYVO"BJ:%O;JKPJI)4.YNL^VCN7!5OY$ZR@`>D\W MV8;IEDAG@4T](,SF"C`;>>JHD-$V"U-65O;P\U!.%8]*F_;$4)V M:PE,RK`&S63>R?4B+M6FF3VY%A`*7U8QBED>H$&PK>9P)59QS'<*!42_G.)' M[(4>E5,5-B7R M\60>?%I8X)YNLBMD5:.+YU54HF#XP*-B9Z4A"UR?].XO&(JA0A-OY(RL?F]I2S$IE$@4P>X;GS7&F*2$C054$ML M4Y%`P;:I7GO%L>#N-6"8ED(!MKS93"MC3;$,9>%8I[%[2=D]]I$OJWXR^A@Y M@KM+3Y4!X&YQNE*(*E)K60L$$0$C3K2V\862!L'L)%A@MJ%7H0E5!H%0:+MD M**(*F]`6ACP/LIJ;^)\\*'A$GF*>VW>#4"6[PGZDF#%H"%X3/Z(G87+RY&/& M%V1UBYDC2$9S?+:^10QK%_12(T`H@5T!UU(\0H,X*0`@%J*'S;,?\GQI[I._ ML#MV!UL#IMB^:XS&(CBU277\3K\0C,58DC'U MT,1]R_`*$7=3P3?Q]F*K,`J98=&UZ@FBH'*50U,;YJ!A.70<%N*L!=^0*NB7 M.T(CG+:=NT6TN8,]6_Z@@;KK]UFZP%T#U=P!WCXGT"`Q>!_J)MU"T=S95EN> M@C%79+3_X):R*+LB6Z2X:[=(-!.EL><.VD1),XTRUU&_YD*3N5LJT2)K`KO) M@;M5A28#//5Y;ST&JR!Q5!GU9H;L%N_Z@9]FN&X9Z?0IS[N`(3)?!)*7Z;Z; M6=2XVU/9^H&6(GXZD[N@%?ES(JB.33US,5H=COW\5B#G#I[C`!'/]EFSG_>?-4N_,R#^(/^EG??*!G_;?.T_W[R^7`8H M9^Z%UQ%O[F6T>JP#L->O=<0/IHZXYBJRSI"/Y:+A4,^_P0\,\>_ZMR8JC`$A M@[Y.E>@*++?L()LHND8^6J"G[T00]?0/S#C6OR=7<1P(">]M`6I@&YK[_'KE M'/25<^7,E7F3\L7#8$'=U/=5I-XE"52*65MA#`@SMN3NM@*7T";HWD7YA/6Q MGS4ZNG08V]YPKY$8IZXU?]!@EP'^!`[\6781$:OJ]Y M!,W?6S^H-(*D$)AT]^>1\Q?5--V:)]V)3^D1#O(25TD>882LH\/9>\R6F[.J M2XSCDY!R0>I?]H/4T2#2W0,$*@`%4E+8Q:')% M3W\"]GYC$W`I&82'H+&6JZ8MA.!ZH2(:0`+T[$M:TZL@A*IJV%_45$]V3NP[ MJQ"0>*C":?LL']I6N-[ZIA"BFV84S/1WD=A&93Z7NJ2N\.EW4ARCW!1=OEN5 MD2"$*(L1JLQ>SP!60`I&6+$^)&`VGX*!R6S$L$N"4OO-DV/%?E,,-J"S03S< MH>PPLR*X1++0=[`V;38-[7M);LD18MARJAK"V6T6HI!+2%&P`L`1RY-ESB=2 M-@6RT]2KE!X$0/O+FC"`WE56AP;J7G**'ZGW2/QYGFCS(^7F/A#VEB8ES)\^ M&%D!`%`2A9[O\!:3JI!HF2I^>VC:M9FB3F3EQK'9Y.I_(M72@Y%EX^5``GK= MJ0=3C^O/4%#B:M\OM.X%87TITC/3*K/'$(!Y,T7^W+1!R?R]AS5$$TDNM89D M.(`B;_,V/=L"R`*QIR5[`@:DTIOB\T8A[[2!8%D4FI&K:Y>G&(*8H!R%EE[:X*DA8*^O27OV#%3!8/@ZT_U(=%52QMIO<998P^R<`F M6HF_!.L2^.J'@##M&@%>SV++A_)YM^\<)S6+-M9BBC<%T!\QDQ5:PH`'R)?E ML\_QBG(2G"$/^8ZRJ%9S0T/(N["&N5G6H5TYV>6,.XRL\G>7-[$FRS!.T1`0 M$CQ*3_%R+,+&.'LEZF(VPTY`'G%Z*TK^.O8\8MVV`KWTF!`NE]74@M(\PU:+ M2'?O5L*PN1,_J]2ZVZ+VW2'<'*L)MHD]V+@6J&D3TQO&=;)VIS,\F%7\?O4% M86[B;([H$*L$;?=DE_(JF"!+HRWP6H!UOH^2D5=J@]# MW[V0F;,\3IA7OL):>100;W&5VAY58A-&AO04>U%5`"1:WC/D<^3(H9(<^E,SIM(B13DAGZ]Q?K.I'EAJKGXQ%&P)-)U$E!H"3H5T+ M[7S*HSW[`-;.+%'&DWA50RBG7J555@<8H$2)&L#D,@A^/H:5'-$T6$IFFW>( MKM&_Q.Z(./O%-T:4K;3Y$G;=0!QK:O4M<7/L>`$P=8Z;M#@+-I6@*P5T^.WQ8 MDX=,YLY,,5D^A(SCC57>1ZNH"S2GPPZ;(JZ@G44I*-:Z(XJ6$'(%JO@B2F9> MZ\:V<=!??0XU5CBVVRF5I"8(8K?58Z^H8%R>L6'F$.2E/&HF6\DQ()SH5YF& M)=GL\,7(2^(+HT#\N5Q`QWY49EK[;JIM1PCG^&6GHRUO,,Z'[P+J?)A,MX*X\\>;[V&=Y9:#0,E**Z^SBXDHLU?%U\5?WVL/1K0M(9S' MJG4E\QJ[FO36Y7G\R5:>:4L(X=A2\DQ)!V`UXC5E;7QQ8:<-G.)DK:ZG.UP# MP*HZDRDOOFNU3K3S*2"+NU+GYJ*5/.`$2?` M;K0;+RA)JFP+P4]J<[[D(]Q*$<`#\JL`@D_OOI8!=+M)V!W10$`X$)) MZ`2Q%X0LNP!8#-SC$RN-B46=55/;83W4NB>5!7L3RCFSD1P?AL&",O+7WG/9 M+7[G(`Q7-;UL7EC0#OHJLQBS-N8\Q.[8O\6"K\9U3OT-""E+P/1-+:@7HVL7 M_PX%&^G%>1Z=VMTOD#^)&.)#UR4Q9^F1%Q\^B/;(T5U/[HT:"`E;P/2WKDA_ M'$W_+(8(>%L&M_3G#V(WVJY9Z68"[`K^1]7X/S"9+X)MW;/HC^(L&_( M"[6G^W#H.VA_^7#GC`4RT";5Q7+ET37&=Y@]$@=K).5%%!!9&6Z*'3KWY4XC MYCG*+ARA%0F0)W^KK!K2^M<.VF%O7N%;DS,T]6U/YC9#TZ5OA$X#^.KG^+^.YM`[O[ M^9?MC/>OZ;OR_G$478A[ADF?NJZ@X&6[XOVKNT+DT#3>;OLQGS,\E^\$6L?3 M&Q@7PDW,=GSG!H0#38\ZF,;P@GUE2(/@1#5#W5/`^3U-P/, MQ$!PIP],Y\T"A:;EF[@D=M4"V91;T=V8L.P,P4MM18ML!0`-=2MA;(UWI/<\ MTN3LWV78^H8&_\1!&M!.1XH[[4Z..KYF._1`*$?1HX_:CE!;+HI065X[;DCT M.VFOB3]7[NG;_AB$&AG-*E_;$H-1TF&[H%]C)/\=.0+E*CI\W*_H($<=1,,. MLN,>2D&'K5#.UIO'ZNX6&`>?&0U7`D%3K0:[KKV\BT+]>8#94K[T4W!_5-T4 M3EF&,OCD'DU1\@7`B]DES'A13]<8R&5-DYZ9P`!TZ[(!.++W_#Y^`';SL1Y$ M2M8`H'9-63`7BRTWOVV]VPI",,RL<+F'KG?)!R#XN!ZW7.$+UA550SC%":JN M*BJNP*$R$GO[N;SJ$WFPQAEBTQ'(6J/7/#U`:H9>-F"@5Z.F0&Q^75(_;S&] MEU4397V_D`=WV`G%+HYH5AV;#A`6('O=VSYS4<`5@`GUTA\OT\2'JZYCKV^5 M=;Y^`7NK[`6\+%/Y/2O`+\MD)G0FFG;)\+]#[#LF`V;5LP?+I;G[6=5R6;$) M"4@5E48;9M43B%$KH:Y*$$TLOG00\S[L*2Q'O3U@E6P#Q9I/I:_+A#TR;LKL MND)8&TLH=!&L^PQ"`O%LO?WQ"\%,"&NQOL*/V+-;08V=>UA$-5>L&EA$C9Q" M0C2K>OM$ES;&AC'@K:T6NEPX7?7\_H@H'\KBVR;RX%?BL;\*`QXQ?&*W`*MZ M0%UW"_5;":R*0Z"8J>NO6_6`D,';"F;-E&MO!K-SS,@CDK7/T\3@*>'?#2Z2 MN4L/CI'F_DQ5Q\C,'RC,1M2/,GP+DQ;,78`X.S:ZJ`9*Q=3+`PJTO](D>%"= MDN2!M2D*\-T36A62`2>7?RP4ZYH(Y0?$_EJJ"T>_UA^ROLWI1(-+%.@W4] MU(KM,HLT=;J*+N1J6X/:;S<(OI;AEN]ZY;][\>Q@SB>S"QZ0I<1L MA!A;"Q95P-4<"\(5UB9AK2D.:!=:=P)$\EJ5K*$XU;]F;>P!H:1WJQ9',-7>&4+&QW:EJYA_:W)1,36:Q\ZB9C/DF$,H&M3'[ M\EQ"@VG(.4W2$/IRGH13!; M=(2PJ[56XQR0%LQ!0S*-/J:.VBS]922'PO"XJ2L(-*W551T5-_$'#5`]KW'- MH?3?I:?H_@`0MJG5P"W#)32(KPAZD,$S05SYA=:V,X2B(NVX3W;\0P.]P!HE M;*VK&>M,=P@&NYR&ES#:&3ZA`;RU2#/*>,XB19614O8CU;;ULTH.UBGXGSKT ML2O*`ZR2;):MW<5JN*0LD-6U9,6M,\2U)[!5!H)@&>K-$I,'8".!EH-;FBN) M^7=#[ZBG*C!6HB\HKZTRCB69AC:3;QEU,';YI1"+5+_)3.^2:N9PN2$@G#TT M-WO+\=[/O(VKS47UZ2;^'POB+#:AUI%@4E:C8\3!?"36+B*$AEU!>,*6_02O M]1$()Q2M6H):TH%F,@P[W>Q:53[TEN\-X>2CO65>RW;+-D)/AW!M.9?U/"0M MGX6,KL2_;W!P3[-*K;`(]8>$<$;2S/RO+PMHLSWB7I8^97@A\^1D,J]#E_@J M8L?Q$.=D1N+7`(?NO\*XA(Q<#X>3T7@C!N$#;04A>)[,[M&SQCZT^#T()S?- M6906!05-!PW&TW'"91C-GVB"??599HJ=22ECO:XU,"Z$^&0GJY2M0.#7--YN M!6-X#$6-WY@VMT>+%&A1>;YP!2.]_<3?.LA=U M$A*M;RGM=H`0>ZUS4VF7'P#XJ!2.)QN$L_47[,Z)/X\V"?)\84%6)2V@S6!P M2O!6M(TV3`(`6T&;T60:V@.VE_;JFX75P.M+0BY_D_43_"N[#:.IY!\`P"/$ M%Y<>?=H0;EPB-6TAK(Z%>IJ[I:CF`P`:V5P)\\4V9O80=_TRQA M)#GNS%B.+WCOD+A$/P@'Q*7AU'+3^HV470J2=R*N*/+Y)`QX@'Q7S')%"+], M9P@'N`6HE&6IG7@GQ\[;.7T4G,J*PG)&G6Y^ENB=9N92_-LLR33^_'`I;S3M M`%;8&L)Q:@%"A3Q`"T%G$JYW[BE=HT#&2-,"4_F:7[>H+X1"S-(1&CN""^(7,%Y51-'>&<$A8&D8S2W!Q MW%B0/<)M3:FB(X0#N:J65,$._..TK8M6>)QV6OHX[13X<=I6+CS%DF?SQ:]H M?`!_ME9'K;/`"8 M^'W2;(*EBN9`HMQF/36#`B^(71>67`CWXS&L$'9]J)3L`4`O(12[0[ZA/8TR M&>/55CT!1:^U"IIWGRR8`@';X2>R%-7FZF2]>\V)`73&^V)R8EZK]D(SD^EE M:_NS/V4?"*>`!F:4Q9EU(PJ/)YO!M%2Y MB+[C@=L#P<)XX(?2\<`/P..!Y=.GSM;QK9UM'0F5G<][77:9^^T3\+J7:NE2 M0%>Z\[JW>MU;O>ZM?JR]U>L=`Y"F]O7Z`B#S^Q*O+[QFMT/*;E<%=@P65]^\ M!YM:N.?MPZ;J)004;:/9-'4`8C>+-+@('$"FL4%X\B?')[`.QIN!3,EB"W6* M'(>%V+UX7@DF,1_Z;E3+(E.15;F$E>L*844KUKYM;2%KOMJ]S^!B(B?7!_F# M!.Y#9DZ)7_UYA>?(N_`#]=N+RA8]+&.%]Q:Z7,:40ND>UR&# MHB4"S=/;O(GZ*F#W.?6(*W-0_D$%*]\$P"$SV":+/GT:)9T6)";(@GP`"WJ4 M]FYPIS-_[\'P%-Z^Z<-_SH@$"H#F%TFS+8"XQ'MJMR=@0'/D6@AJ&2Z-0MYI M`\%;4FA&5LH[%$.0,WHNEG.^#82LA"(YYRD&(&>C^;RR3B,R=X:03V3#7KUH M<_5UI?M$(Z5CEESX-G@K?Y!@DA/E<7G\:8!Q:#E+\M,(U#A;4 M'4<7T*48)D\^9E+O;X7+)OZ-M%=(2_2'E854UF:48!0:QFGYC?0P-J.?AH(D M5CUAE58HBZL5BZ_%,%JLK&"+V`'7QRA_F;OO6]R%Q12J^UR5;G0#\IRGV*%S M7Y9Y'ONZ@N,7LQEV9/];^9`!]6\LLK*;_!2LB@V-^N>597)H2K:I5H_=J#Y] M6FM\,AJ+V4.;5K3JGX-57J)I9:LNE\ZJFY4DW"&2\-BAO4!,EBGBQ7K4S2%@6TZ0@CFU8"V M#*O0<$WX,M.M=PI+](<0OFL`Y1(<0P-;R>L]/<-9[T(&GXE__X2]1WQ-_6"A MF]F51X,0[VM`$2KS#TTM5*Y(?#FTP/.RZ=CMLMW)2=\NBQWY5YGKZ'.&XUN\ MX_CATUO$Y&OI=+E"_GI$0\\]B^XW>X+JBT=YS#"["Q\X<0EBZ_,DLU7KC37^ M)0B^F[V6[[IKC8L#K@$8,>R2Z/1Y\X"FO*4G]I/RD4.,HL-):YM0:JQN-:2Q M`]V:7,-5!.&_;`LDW%(>`S(7ZC\7/&TK%13J@.TPL`Q$A5F@>;?`DGUH>A#5 M.Q$^+':C9[/'RZ40B+R!BX,@SCBQUH5J0T'8$3:F#]5$T+)7L?U2^HPM%\3= M4'^%V8RRI;Q`(5D>^XX7NO*P)(E/$%GO1%U:IM&1(6P8:RM!HQ*I5*CFMW$7FUK5JW22FK/V7#NBWT7"@A=* MR#]]\]TW[[[[TS??E;TOO)2WYN.)8;[_YEWQC:(?1W\A[]Y]^\_??O_=NS_S MO_[RI^_^\OV_D/L/1WO[YO-S$GX3)R]\K._^]&W1J[$%_.M,-3N#C\[>?7_VIW?? M?$Z#/Q"N^B@5M`V(J.:1U3R?N]^ M^.&';\6W15-./LB*MCHW?_Y6?OD'KCA"_C6)0_I`5T1T_TNVW])_^T/*-ML0 MR(K/U@E=U.'[007+I/7M+)DT7.M_RORH"TL\9 MC0(:*!&!9LO0@B5A!&)D&#OV*P.&``=Q4E59'&[/`%6^^^%/WPE]\`_^ZRI' MO?,HN(XRENUOHE6<;`28G#^G6>+YF1I&,"_&,>W64T<@"=`X3ZKB>(FO>.!_ M=F@G;_&M'W-$V69G8?Y[B>ZK)-[TDD!R$9OW^:_P><#L4))7Q$YH&N\2G_:: M%KJT/7^P@G7>$194&IU]?.PAR_]21(@7!422(1J=?Y7<]9JT.JZOO/19D.4K M_8OG;<4:^2T-LU1](N;WV7?O\D7K?^0?_]=CQLT7.'ORGDLDR=73V`CI[&T7 M"N9J?0N$,[.#T:'SL!B._"(&_/\0S#P.^O2&_YEVJ4!O.)<9>"1<[2PL6LUA M)AXS:V$VPJ!$C'HT):U(END.RM3BG6ID*?6_>8E?OPTH`_OZ1_@#S.H?-;/B M'_V77%@>Z`N#92O*[KS-(:2W-$-J4EV"@4$UM4%H3IVL#IUMN5=1CDI@V&FG MWB6?[(D7WG"7_?._TWVCZ,?MT$^^!M&JL^^@$>KIU\3KB?,O'Y:(<0D?>*H9 MJ%SL)SYLC=`'7R.>;W6"J&FF?X=T=M6R>/*^"4:;>B;=TX3%?%,87/%UO$72 MPW8SF%NUHAU.LDHCY+.MGM>3IYTQZ$SJQB-P'!3S:?+79*`!"SUO?`_J9&:VB&=>YWL#IV&^8-.\.SP*,FB.>'*: M"'JPCZAMBW22&K%\ZJXBGZ_%\$2./^U;.'K,8O_3X]KC"EON,@@*@-".9FML[X1^ M2IH(?0"9+3U03U@CQD^%3T&#""(+(LD0C<[4.^O2H7G//ZE;[9M;(IZ['>(= M[J\/FB&=I5W9'/N-1QREJBD7IV13J+ARB@]HZ]I1_".3Z(_<&G`@H#&04J=P9T0/UPNL4,.0F>J5I)JY*DGA+DVQ_1[,. MZS+OC=SL>JI!MT?#KH@-M:\$0^!>K/F\TVB5^%J]T4B-RG/W(;ZJT*W=",.R.VQOXR#)WSVE*H MQA>O0(I_Z-37;)%^L!OD31$3D0F`MOZA3+7HA- MOP?SH[G"W`N\K/$"[9A[G'GA4!_8D@*>@`>2H'6"6U7@^[O-+H1GK5=TFU"? MB3=Z0Y39.-*<4:%=/<8P43_,7'&C0YK1@$0C3'3*^';78ZGHEJ;D*;%-,9=ID MW2:CV\4U_1CQ^9W&(0O`#2B;G$?!,EO3Y*\QB[*?>#8'$RM1?O7#7Y'68]D4.4;U4 MH*.044?$0-./_\'Q7GQX`0[B#XV0/)C,:1%!;!2LV*K7NFUX,;$N?/B#EH1` M%91_'J^(9'=$33QF7I(AU\4S?6%1!/-B7(UTKB..=>'2ZTVSA/E\K:I70>.Z MV]D-^7)@*GC5'VWO@W@1,&9]N"^I")#&I<#=!G8ZX<&TW9GS%5W1)`&G%Y[- M^I1+^!S2M/EPN+4#%20Y$)5^QR`]W(D#H']Y]_QW_2MYN93'9UI[&P8X6 M'KE]/031:C,@?XR\#;RV_SL-;J*,R\4\RW#V@^T9=@%*5#U$5AE/>YJ M[QBL5-[^NO"%7NP/C@)9LY304*;X3.!:-A6[B6S-9VO`_V0K)B8[*\@3#TB+ MJY_GD*5K/N-WVS@BGL]=`/GLB3RKL@(>67FO<2*&"-B*&RGEOR_?J61OE$:" M#(>Q30H[%B\?`U`T!!F%UP--_#RWQ,9+/G'2L@>W*OXEW_;D;3/15.<"#HT6 M_.N#V^=(KE,N]@9!3_KEL1)9I=&@)04B"!!ZA_>C+LR3BZU-H7R M:2IH#+XEK5T%KE..G6]7=`NO#E-U+IN_DXH";3VL44>OSHA7AOY*4&N$>4_D MJ\4`0<98-SATLI<<*SFLKW91D$JD]A+*_YE$9YK'+4>\.Y1E(3%?I%X$,ZFL MBL-9W5(_DP3!4%^\%\Z-@FCW+OC MW,3B\F:[2WAC3CO=^7RSSE7C)1%GBH\?T;T\I(K%4@'Z4M)\0VX.EQRNR*W' M`KYZ;&F4YL)D-()DP5HL-N\5QF\@GQB#ZU2P40SCJP-BCD0[T%NP`^@IU.>% M0C?\9^#+*2R3!`R),\9ABW<'(1.^BO(!Q.>0K#CU?*G$*,ZDU&^,XQGH4E;_ M8?ER[GV.HW@CA9;:D9@W[=HVH2WD\T71TN[T\A>S\(%&>:((Q_+C``!S6Y^E61M:\+R,=8QYBTL2O,A M/]!,X931Y8W\&$+Q'>KQ;S3ENAO1Y>J22\6:%]Q*$^184"=0=8DMOT>,!K5L M#EYTXNCE#&Z8"0P+)^9R8%?+JDW1K#R+04`2%?8R*",8&M;6U1V[%0Q-CSS+D9W8[_C"=L:TJ@9K>.;8@VYNH\I\5MGC3@-!^"( M+;".2PL'PF[ND6T*(R^34:QX4'R,R6P/\)Q/12KZS7;4W@.Y71F(6\E8T-P< ML=V9<#WXU*4<6[Y,U40A3##X\YYSK,X2LT1'7*4V[*HQ8)X(<',91:K7>E4T*B"%H)$$'7_1I M[/PQ#^)8D((EDO-$=*;@E4"5+:+X^+1*3XSMZ:&943)+7L6+]7S!)(02\1AY!N25E1$71OW?9(' MIPMUM"58JV^)W)Q;Q-/MN*898@-NXW9XGE/U2"$OE2V&Y8?3_2=Y]O_CS=]^15%8*]W;9.D[@?.Y_DBCF9LUJ]3'M MD4)>,[TU&^)Q,^26VB38X8F!W@:QC3:R>LI>N2QDC\(ZQY*QUBZ___/BNWJ[ M?/=/B^_^^4_B`.'=GQ?__/V_J$;25N4UV"Y+,_X'=]`=WGL'@4B@X87W'@MN MHDMORS(OU-38=(%HTA&Y?9L+7[GK[NR%&`-Z,#_XSK<@08`&/!;/J2R(CAB. M+K['5P`,?,:E]N703H-:5.H9\0J<"[E-Z)I&*7NEW/./-_0V3N%MZ7+UY'UN M#A7H.0IVLQ^FEH-XESY#8`:$@9*<$!%2I$.2F1,J%(DD2;X"HE_+*L7QBG#* MSN)DG*E'QLGX%?6$G)C+G+>9QR(:7'L)Y!Y.*U6D5LQOC)4WZH@<-LR%KV:^ M[>J%&!QZ,#\\`:PD010-\E6UBIH@R/2F MXR"[83FHWX,J!GCA3I0@/7?7[GA7NJH&'1IT0[Y`F0K>)ST;XD7%F/5QTY%- M8^&C"WOT2D:(/-R6&\JHR!(OU>HQ#[*>RU.L:BM#O>;W\E[RA!O2T.=OQ"%A>/P2B?>GHJH,!,"RES6? ML)#3ABN#I0MH+Z_'TGV:T0WGSY?9QKT\]$"T@YS_M*Q9(*7(9C_#Q-0>Q$_$7I0I4WX#R%^V_((]0CT&I6 M,?@E@IV?_Q"JB@"4#ZWL+1:BT@&+(!C)YZ/*E$$D8>DGR'\;^TP<)(B""EY. M>^KB-8YLKJ@'=E#IC>2TR5.L3H;W!,B?'4B"#GYGQ^DD)I:QDZ.ZB0XAC@(,1/ MSXM@7R,UUG2:%1@T"=T,`H<]9F/\C8Q;,WI)@90D,!CZB&+G!GX4)H_+HN6[ MA1ZZ*CK,T)*KPG99L6P],PL^8-JV]8[XS&60Y5H7MVJUB-Z8]?3.S7HBM^$> MXC<\3INA4]Z'>SM/V!"ZXQ,J`;TCKNG"T`MO[S$?HS?QOUN:S\/(K;N@5>-& MXG9/(#`^A_M(Z%9ON[GUW"RVV<]N:#HG2[7DWHD MR_?DYNYR^>':Y6OB5QKM.@M;UC1#/E&;!*N^"ZZV03PU&UD='LHD!W2>;V\T MR09ESZN-5WP085(2'>[HH8W4MT!J'BWBJ*#!@Z^1QP(V<3M\]N2!:JD(^))U MSB`LK!HK%^P2".F3071;"*[G_Y)O%::-R[(OOQ`S3P%R=UQ>8OSHJ9%$DK^< MXY(93S3R(":,;9YW7`4B6+,!&!N:(@46$P'UM;>N'>+UMY7=P<'V8E!2'=75 M^]@Q)4Q:)1R\+HNZ.T\TV;!(+`_O:[:N(0//-H2UK0@?Q'"M:[/HTJ8:1*NJ,.T.P_4"Z_%8XU\0W$,+1U-D8*+ MB8#57?)Q.\0K=2N[PUU([D#*44D^[&(\X^MZ!3B*B/+E7Y)OGAV6@^2[*`^V M4]=YO'E2&N MX(`$WJ-!.H$H.)>%*NMR&W40-Q*>?7FYHCMU(3KH9-7'WM!^+]"*IP[ M>"FJ$UI`?I5M$@<['_[IJ.3Z1(H0TGO:Z.[L^4<:<70)0=J`>]Z0_%*\T]&!__DO/_Q0?4.^@">ZZK7NUA/I+AV&^UXQ MCEG999QFZ7(E=N@!UR6)I!\9`LG/DVPVGL4Y.@Q4"T53Z'?$(C1 M9:@D@Q=208\(@G`S)TD*BY)$RWP`<4(*NJX@:&KU/&AI1M1^H0)&WW\/8/3] M._C??_JG'R04_=.?_J4#B/:#8*CVX/X]#0`UKS_[+*4BD1&G\N1]AJH=_)_+ MY-SWD^/8Y)Y=D6+($`6HXW[3?L@O`'J+8?TV?R4Y@.P\#$Z=O<]\CC,!(M]R MT/`D??V:7U[N0SH=YE)(HSLJ<9T;/(Y\Y^3EI:)A^$ MFR70_%84HCJBZ2*88++?)2=$)"6A($$+BHS(BD6Y4G*"TU]R3*X*6JI"FR'6 M(#=??\Y]R`O%YU=YAEPC?&MCQ+#:+:0"TN:6R*'3@/&A,S'?$\G<9*DX;^1P MY0&E5-3K*K,()5Z4>N*""_-2.\\ARZ_ZQ/KG].EE/BTV!W)P/Q]OBNN\1HVJM*)4`%/4E MHZU+1&?>W4P/'1ZBF%) M.2[)!W94?'$<(37Q?#&DJ].Y\>5S6R[R*"JA00]U[9!#2Z-HK6$SB`&EF5=[ M83)N(M;L2R;#U>*CR!@$EE:6I.W21J7E7*SM6+Q:>RN;S<'B:K@]W>8J=90= M&]XH`KHNC7H71W%5P!Q?.F)&3?HA-T=CT77C[.R$V%3->1\ZKW4*A>WF1+YV M'EXZOORR%'Q^JR7*OIP2;5I[*O:CQR+`H&5TQ=)M+$_>EJO6RPB3/DB-M9?( MZD2MLP/R4S9S_@?OD(N[U(9J*+Z7)'NPXOS65=4[@4('*=DFS*?R27=Y$KPM MB@N3-`XGOG<=7V5`(7=$R#(B&AFR7+F]XIA(>$@;!'4NJK^[X^?@XO0A?>^Q M1&03/0]^W:592R!=6WND&&@LZM%98%UCQ`Y*-\\GG0BF"P)CYQEQR]'M&NP/ M4LZ(OL`=1N?!V2CBWG-NU_`65`+U"J26R7"]D:3N=1B*1N8)WPAP`$T!HRE' MZ>O/X(+N6+H&II:K*_KA7A*)VJ$<\790BYMO/5D@HD=^C1E'!Z@)NDM%)*VJRWJ'XKR,HPBW&HS&9 M/Q[.^X\>.SJ,(X%KN./;OJ8+_L;62+T(0S$K,27U31%OJ;HX/NV*MN:BVE'* MHU'%=!U==-0V16R(71P//\V0XZJX2N?A(6,+ MZC#CV(%H9@J8G=T9V-M\[,RZ?;D[$;0K5X,X$T8<:$G'EJOW+/(BGR_11(IP0K%40@I.B@E2>P`<.EPIJ MSH(9G&@#1'_C.U]Z%J]6(IQ-%?Y>%4H:_"IYC'O!RSCB7OZ.\Y7'@,=1>J,2 M"]V#9'%TGLF\)[#!?XKYYH#;8L9_AU!L#R2:&MTW6"2&'(K&57+S5:4M2HAA M;F2!+5Z&EKR1DKD%*=@C.7]$9Q".K:HL$L4CABM#;/H6BO9+1<<%5VY>YWPI MVG*U'HEU6?!'@U)G=S1;KIZ\ST9*[QQB5FN'F4*:5X3V_K/!>4,Q+**W3K&" MWW"MQST[3G;F6#Z-3H4R`UV9N##Z"]6"053DI'JX,I-]NG7G/HE7+&MYTUUI M@'S-.!9&7Q'*;Q'C?0V3@Y]]0K85'=%G!]26E5%_[S8-VDXBRH0/U&E6XN8) M)R-#QD$.0H-54WG0WG<0Q)`V7!9KR.<&YLR/:=VH2+V(/]!-%$=GNG)83G/4 M0VS.#RX%7<:;;4+7-$JAY@4F53UU9E287%FW-$WAP?')>G*T@IDHJ M,I<58X+5X-ZK2Y@YC6-H7]8&&UQ&E-RR9U$^Y+Y("B'V!$>![-.9X=\H>UES M4#OG.W7OA=[M-IS#Y>I11+`N=UF:>1%L6#J"U`8,@]R8ARI&M_>^8R"&A,&B M#+4D19#D%(DD"6>>DBC1J"[(%0M%20S7X7+N].3E>HH*/7$8VI31Z'%)_"CF M;JJSOLFUYI(B05 M4"DB<063#2KK[H4<'`S%UL&@HPMBXS?E?/!;"[5]X`2D>>?.4!YS[M"VQQ8= M)-;=@*-3+O5E%ON?H!0.9YB[)]P:P737U"!93ZGL]"A`HB)6J1N(&(2 M/5RI*K407<4!0(>%7`/%V8MP#((X#+U$.Y%Q5-=@FED"\@<5%074Y_)#DHA" M+=H)'K#C$C'E:R558Z4E495A%_0(V2UP%1F;VZ-&1`.VAR.A>H2GAE^,F8/( M'/U&E/E'4;$[E'6Y@PV+P,0]*'N_J"2!818SS97IS'N8::^.2(VUO_`J-YQ9 M+^09X'H*<<*[4BAT4"1Y8WG5>K\P[^-26>*F12MMKQ4NU0H\I^2-96O1[L`V MILWK-I$B]4K(R+!Q:BWDE3%H(3N2!%F/P);,QBQ#0K@6*F%H^:?MH1#]1T$* ML">J17>0>@Z!V&<:*LE@-VIY][B\O;DZ?[J^(H]/_#\?KN^>'LGR/;ELT+3@!B-2K:`XXGGZ$PU> M:%>Z#!OCSA@->ZG.%`:-!ITI_O63;43@TQ@A)2?$2XGD!3?@3:/&`Z3+0>XE MSX\>%#P0%G'?]1/1B9 MJ:8.)_3KA.*BO%+&:<$[INPE$JU@S-\J*`U22!/./;=]GC&\)U1[P5AV#MTU(H2.]!01`"=R79_H]IR2-\J$I202D- M2OFW:J]-XH2H_38HI\C8":P`XU)#O)54T+1W).AG7.>RW;EJZT\*[P0Q30]QAZIGL2 MR]N.ZLDHF(.;(#AG(FL0X.J-E3/941R$UPBNA+:8C]L^%>30.9):#Z*S;9)` M#,AC26HG4U'C!2"Z['\&H="(]>PZ`U_3.F'DAY\.H1.21XZM4_\0)JZM;=J( MT7AR%=@\(OA*\OJUJ)3;[V1_X1;$S7,;SN8'^E@>!8`73+X"C_CKYJ.`.62Y M:UE#^Z^Z^+'80%Q#GQ4QXIEP/;HOB2F%WG0*F55J/2U4^%%[#GTM[@#,@\A; M^R+'@UXJ:`@8;^Z(&"/Z\3]&6HY!<8]RB`>L+T,54Q MK^(-]U$;=-/4%OG<;16QDB"FKB'BN=K.KZTY2GZ1`SN*\GN<`X+>@:Z,V;6'8(]T(SO+FB@TEFV(E-C8^2(TRZDCB3U+1$C1`?#P[/'R&%) MD8'5K3&/)*9NI!^C(D\@_U=92LEAX:[^OL.\/8.^Z_Y,5_51UQVRE,2A_$)AZD^;J+CZZH'+L#[.'GSDJ:\R/U'06[R`]6BHT#/(1`# MPU!)AAI.\23N*T7Q:S`9G>@?27XB_0L0)CEE1RB"6#_N@*5(GGRQ?^*TSD.N MQDB$<'5$/AAU1`X?YL+KB-'="S%(]&!^>$[Q(IOZ\YX`%:*1<9Y?:Q(--&=5 M1V#JVDT(9#COTM-Q\[F8=8.@M<9\T'8.)MS$L@7#O:S41X#1785%CR:M2.Y_ M1O[AW3?O_EED'X"_WFEY_55VY(A%E'#2V3HEG!&^O7_D$U!L/LB?OEL0,+>% M&,&@Y3]"%MUT*Y,:A(Z2JX^FT__8>0FG'NYECH8@IU-437`9W,9EO$G3'0VN M=@FT3?Q37.0FUE?Y+#82P75H#>#CH@!LQ__0^>^C'&09(BD M0R2A!1&D(##\3388Z;UXE]U/I`A92(])363K)-Z]K%5*E7BUHD(UVR1^2;P- M1^"('L7#X\"%!PING`_%]J#5.>P*1<`\WR&N*!-'0@,T;3CLC-&DC^),@<9D MS)EB4"_11H2GDH\\8$MP4KQGT;C!!U^3Z%!3D-C+$4@/Q?G`"5_*RWN@,H\5 MA'_?<\D':+=EJ!G#5)>"3*&I:9R9PE&G."-"D*)-=.($J..#G/'T5.M`%9NI M1%?-MD8UKN^8U<$WI"V[V*5\4YS"3O.91769$D\="SD`G:2B[NOJCH$00]!I M\EB^X%Z4"1Y%"D%%FFBT,=U]CZTF<2%>G&`+E2!\M?^!17'"=Y5**^J>#;12 M.8-OBM;[25[#-:C>XO#(0"^30ZNAGJ;Y^FI0%Q$#M2A/#7V@5_`+J'#[8*A\Q M+63^ZS/H%A"=\9IC/6`>,I0WG?<5U'5!#L(YW-^>-/Y/WM M\F^/#@^E:`8RWRR=%C[3!\T$/+Y/UPYE;.H MWJ,@MI43A#FE[)*(/U)$(5+R*Z!+()5B09J4M)W'33I0TZ4J])(?094E[+V" MV%]0[+A@^\F9O>&@RST3<"$BGX607J_,2O\4VX&E"<@B![&I%-^PB1J%)F*` MG$QT"]ND!FY`/*>?`_2;%.J'0D)Y:E`X0^/_ M$K_45M.]-8BOK3CXH\DLBDY;(EA(_#YU!. M..46`:,9>D<1A,6UEN,LW]*,KK2'!>1D11$]"]E&7? M!&`#22)I3GT],;T^X/&0F!C5*>'RW"CQV,LZNV41?>`&UW@,<=0,*3AV"58] M$ZJV0>RZ-;(Z/(9+#DA@1/)@/9>Y^>6@==&*"!!N<+OHF84AA6`K4BUPI MU^L5#D?3U"5OG*6,0@5=[I7(Z$OHN16W'M-Z$Z-K1Q`X`TE;-#+M]FUZN:&T M<<+=3H\/)MU)^+UM0INE<[0-Y%?[NS"EY>K\.7ZEYU%P0;D3]<%+/M'L%F"Y M*4K+O#=2=!RHALKAE%E7Q(Y*7PE.V)@5=$2Q;Z`D=E_/0(M(8D12(5;'Q])M"0_QU2D9HY"G24 M;-"O85?DN-)'`9541P;]$&-(+_8'FX1&!%Y-Y&3$!D$GY"AOS]0J$')[+7*[ M.B1XSR(O\CE67<9I9G8R<-0%N9F;"-Q\!E!MC]BLC=BVY3D7PQ,Q/H;]_9@2 M@_6^Z2>"JT)^OT[^Z:SYWMN+^)#W<2).,R`1&4O3EMU!>P_DMFP@KF[*+9R(M0LOP!3D?X:J\! MD-MU?V6TIQYOZHW8Z@<(83FA=AFD650O\'Q6U"KPTI1PA8=$/ MF??,0M?Q\2UJ.!>\]E=?T6^^P%`5W1`/9*=YPL`![Z-9OZ3CRA<87P%?*1)? M0S[=(E2)IGQ6OBWX9]LX91`!'XN"81H;5!OKP&0 MPT5_90Q[I8L8-@8(,>&KW'$0).8[A#8$F5@G1H^TT"&&O$"U\-Z_?:!Y(HB! M<@R0I&64^2&*B3`C(4M!&M,S4P=J.GSOSPJ]H'COKXY[G^)S_[<=2R`L\XJ^ MTC#>/E`OO!9OLCJ.BKOZ(H>37BJHN])H[8@8-/KQ?_(U!R3[DG2$?YY3(D"* M7->^_9OZSF-D17#.U[!YP?+@L13[2-C6LTR3?K.Q^0[1Z^V]H=,L;+V+=QMV M7F/;CH\RQY?_9@/;":JEB,!@XGG4*&27??1"NER55.W+O)5G$55*FX?]8"9(6Y>+S:O$'"K,R(%*XL*9;#9AIO"&`)^:4#>6+8F6\WYWDK._I@6*<[A$N%M MS?RU>$V7%R])O-M. M^P#=\4]0^']/,2FV.HJ#,OW^342J3!#!!QVH\:PL<[/$TK%M*RF_7LC73H'JJ'U:*V^*V;ONJ<$-H_7;C3L<(JN M4RNC?!9N.XB1=IS62*R?>%D+E4GOB&8J$1FT!GH#JE.BIG5WE"3W)& M6&49OGAX$N=\?&/\E.PXVGY54102K.V7I^"!\F4B@D(DXNF#P6]QZO@S0FDK MJFR"\),&GPF^VY'17:81*+<%/,&BD7/E_B3?K5*/\I(DA8;\_(47Y@0EYH%3 M#;]$KP&08UU_90R+.T2,5@.$F##.$%4$\U@Z$=<=.ZF&VJA"=&A1I(4X-7JY M?:!YHH>!<@Q0I&64^:&)B3`CH4J95`5_]/*8:CJ,7BZ3K8Q1RD8="/(]:R6? MS`?^CQ?OA::\04,B^1Y=D>+#$`4"Z7\\Z M7PDC@-0L"7W9A5Y2R1E&MNJ`G3OP&\4>?"K2TFNIZ,M@`A=)Z2?3Z+VFC\,, M504QDE-S>_34-=I",WGS"N'/5'NBV4(PX&*3!%7UN\L>:6R,%54,Q M=<^JH2EB]ZF+XQ/*<6B3-A^9P-"N[I%'EQ29=>KG5S=INH.:%R9V:M(/N<4: MB]YT4%S;";$5F_-NYV!7T1C7MH>2^.'B$;?B^E M5?O-TLQK1.\V18QTS6]*9^,S+V5M&;C+VVTTR,O9UW.],=:)QQ(]R(4I;" M;9=TW%O[%.(_>]$G$D(13S#Y6L'=[*S[V+E)/^1V;BQZT[Y[;G9NSKN=O?A$ M=CYL8SZR`B#.#)6A=_HT*L;D@9:!61P-DZB7$,,G5&[MQ@B1[/E`917Q5 M,4-(781<"UU$<72F*X,U*C>\KL<,K+N#<1LN^3()N*>: M[,MW5XL1+_2&^.BCJ$!$(`>'IJ[?Y^5X,H?G#@TJ[#4`BXT:<_8N08),9)*RMD8A=_:/061%(D-76GW*#'I'H!_-"+T?E*3^(/ M6M)WAQ^/N^U6OE[Q0E#*^S!^NXE6<;(1CPTZ7E6:]T:.&CW5H`.&85?$6-%7 M@L'O630Z$BJ`$M%(.7\8Z405?$_BAW$*>1ED%H?\I22'C(*RTT*U\O#CWF-! M@]H.FB`W]CJ!JL4DR^\1FVTMF\/S'>8)[&`T5P?Z5B42`+/E(^EO*.7+2?$8 MLTC9E]=ZM/;V^#T-:.*%UY]]EM(G[W.-W;0T0VH[78*I]\-U;9"_%6YE^90T MXMXFWLF;8;]N+OJ[)!'!'').9C%924[XC`162.9]GO:-[RB:R`#5SQ\#_+G#)14'.$M`Q/L`FOS?U9R"Z8RGGZ>,VCBYCSLA>!FS>)U"`-]N_CQ/^_VFN ME)KUX.0!D0*6/64II^ZTT9"[?Y:$L^,H%H^)`\X-=QI*=LB.\P.12#E#HE)% MSA+XCJHGA3N*@/(.9RPB9R&C.Q&;6+(LZMR##1^8,/=62@OF"!*E8,9Q-*T/ MZOCG4.3%`W:B,T"``U*R0)8KHI@@[\'5*]F8WKG%HK;3YRV?MG6SUIW'?+%+ MX?T1Q"(\<_L`DWC,Z%94&H"DXG$D$\*6-0?R(@3T@2^>'C`/^/.CQYK>Z=BE M@'19&E&=NDMM<7C$WO484@ZU?<4+T9A9$&"':/PL5/YGO:2,8@K2/&ML$>#+ MC=.-2;&71?[F//V95L91RXP_Z/:PUL7.=QKGH>@BDIIQ.3GS[#FDMW"+65O- MN6=7I/@T1`'*03;MA]P5[BW&T)E=4E`E$"'<+V,K)I(>LH(H5%^DF9CSSZ'F M3WBE/1(8,H"WO!Y9>:]Q(O,FLM6*&R@X',\T>Z,T$F3@I;.X9/,B5=G:RU3;3#35N8`LZ]\033`O3&,NB1_N`IKJ(L4) M>\FA13X4*O-&BDJ1W!O?B)3M\DON(]'/U-]QFT_9AD'^2,%$.JU?/MG<4(#6VZN+.2K MX2`]Z;UGO28-#X#J&B(WF&;A*@]ZCEHAGLHMS`Y>7L60XOU>,2CYY8E^SL@%GWF?QKFE M-HC:&T%6E#9X7BSD]QR9_.Z:0ZT=D-MDM["Z;3:W1FRC!DP/CYS8;."!;4F" M*!H(7;L++V4I7`V62ZPZ!K^BJ9^P;;X('VL,X$>@3]\EW1)-Y%8TBTD$U0+N:2*RF71X$RW-D:-@EZ`Z@#6U18P]G2P/G;5J8'A$6R3H``IXYFS7 M^M_6?F:SMG7=;6P\HWEK#VXK$U>,C6"%FDC<4^VT]BKN@7KAM8C[T`)14GC' M'HO5C*^LQ*>-AOQ:SY)PPS.QP[LP&<^D,R!S210L MC'QEU'1WAE0YCD&E:<6W,^(7!RNU7H.%X;Y(8+&W)&O/N"#2W&.1>-005T(H MM:OYB8.I7*NG$7C/&X"W\B[.X9T#9N6YVY6!E$+V'0W*6QBN$?[%-DZ]\,4$D&'[E!O3SPX]3X\HA3//QA-%T0G2'] M2A/ZW&RV'DM@@7%J5)I>;D0@+T>7>CUV^T<6A\5O=E84=V"')XV)VS#MB':" MKR0-5'*P(`4/33:ZF-0=Z#S9<:Y!AUA7N[/[V4M$K*QZI'3-20,CQPX27'H+ MQRF_L*'!7V,693_S)I".S.@L:5QJ2,%N(C6KW>*(I)#O)*>0?*C=*][*-XV* MNT7=+@IN:O.3K8)%(G@DBDD-6"?=D/ZWEA%B;MM1V\CD?E^HVWA(-R:MWQ_N MVG.XGN)JWE3PM^S#Q+1G@J@5WJS<)MV>&T.PPQW$C/4^=%);6_!NR@0$-]%' MJ!=5KY:6G<.`(1`O3$,5HA:;OOV1+R"#Q1G^_I`$=,4B^=;2>_58"*8S+8I/ M+G5)$!*J5"DZ-OTV_W7`$/,W_48_LV__+\/T+?J#:Y82EM%-F4HC/7`/M5SZ MO%$HS".+]30Z8#^[JOW\*NSGU8D_.+D2;ZJJ:(,2YW?`#I4S'4^ZD^O&&&AW+]NN-&%P'J$'A:H^NR"%UB"1#Y[K,TZ`1(YP:D>0FA4"L M0MNWZ#97R:C3'.VWT1WJ[C%7:[7I\E#".6`)U1T=R$$CLXEDVDQ>44B;`_2G M=6$F4$.;V3H^6'(LO370@G0Y;Y"Z]WV<7,6[YVRU"_.'=&87Q+T'0`QFPY2A M@*U?;X1!*R<(<4HZ,$%.@)LBJ)YR.HRZU/5PF="`9;=QFG:_B3?IA]0">HM> M21+1U0GA?._/NYUI+FD0201!B-74\B,R<\BH;UP&J;$QQQ1JS/OR1F;RB$A2(3@+?Y#9? M?OJ-,-,I;[A,]>@^0T,8Y^%EDTU@>9Z*2RLNW\Z]0L[V()794!XS+FCGZ]/6 M+LBQP$3@ZGNVYO:(K=V([>'ECF3F'!B4B.JMBIRUHVR-;34V-\DL8<\[L!BS MT/M!@R"=OZUEE/LCYE:4H^)@!]4,OD04P?&EB*0@V[56@`XU6\$01)3I5''MC M#.H9!V[O=\\A\Y=0925_C]MY5VC0!3&4F@JL@+.K/4)7H!?;@Q]40_:\E-RD M*3R8?EHG\>YEK0I(*KKPPOHE\3:C3]BQ(\[_RZ9NOW_J:S-=K,>.?]^(K&";;+\C;FOGKLI8@?!7M-L\T@3%2:2MY MS[Q"%4NTHN+;)/8I#2:.7QY?TY)"B0=H5O/Q11\=(*WET,E%7ZZXO[&E42H, M,S^SN(0"ET(44:+MWMN;E)$Z>5"D>&Q7:8=9K(:/B-`)L2S88"L4F'T!8Q.= M_`P,[D)7B$'.JA-'_5),KEUM@VRN?L@OP>@Z)+.0VQ-N?#4.B#H+%SPL9!+N M,UG^4_&!X1+^%.>]C1Y05T=$$.."8"ZVC2UAXQ5!BQ/70: MP^!$C$X^4`_&%G:":Q9W+:U=?68XCUN7Q=8.,YO)]A!9F\K:^"BNLB<3'(<- MW]$WK1!5$D?\3S^O,!L%EVLN)DUO(KT-BWRV#3L7+#LC(\<#B^JKU'X]?5C$ MV&)3NL')4^A;I3I:A8M9FF/7RFMIZ"_7(%O7<1OC?IDF:6]Q;+5)F>=+,@)1 M`96&BA<$FUW\FG2';H^[YY3^MN-,7+\:''RW-$>.0EV"ZLC2U!8Q6G2R//BD MIAB8R)'QS-6NY;6M_**-C\_$QU5$-=WKZ?E=;3W`5I5/?Z)A`.FWZ"L-XRWP>1X%4(:LU*-L\[[C4`NR6JU+`Z\\0QT73]IW_:2,AQ00+ZE'/6P8.@_S1 MRZE2#7X*(^B2*F'84^N0HHA/AAIUJ(I/2\L&+2F(=9R`'Y6RW'ED]PF+DWO* M_S=X@'?6:![\NI,NY!5-_81M:XSSA&&08O&IBM'=M+YC(/;6!HLR MW&FK4L'GFSE7B/AAQ$3E13Y9IVV%"((>54B09?>>9TP8]3E`DG+5_;+(B@GE=#%_2YKR). M2)TC#@:-)13F/0N9?+#$/XFXZYX`T`B=!32*13+_6#SNIDK!?',I7WH3WPO] M73@

IS_/N_[5@J*N=5W#BN$[V>4KG+;04F.R,B!2>+ZBK*`IPV'/+=IRWI M!F\9O&=N+\E!-H8$-E=4;J[`\)BZOV%1M>P;\33^2;`3+^LA!<-6^"Z+/"\# M?`K5P,B6ZV\-;^L6A,\B$0=&M@GS.31"31:Q_]W*-WUYM@:6!/P3R-ZGD>*= MTVSBE`VN?RF=_N$&&.H)5VO0:4=NKE<8#,K35YG*E.TSV3&XQ-Q/CU\B]G<: MW`20`67%:'">IC1+A8H3_J\HT&LRIRG'G[ZNLBTJ2%>ID=5:[UI;(3$+E]NN MI#9,ON2(E"P1R1-13`GCKU1IEWPY!]`Y:-@+!?SE;KM:YN7:+NY[\FQ.6R_: M_S'MQ&`OP@W#M6$SK/M=5;\19@.?QNJHA\;.[K.`/7,I;!A<@;$2^W^^N49QQ%DF8*HF.X'TIGY&`YE%.@H./OD8 M,<#ZC+VR;-_3N1N%Y&R@:CR%UV.;?7JS`,,1Q;:!GGKR(YW!!2D9RK/_@CMR M]*'@DRA&$2(N1OV7$`W.H*>4E_^;RO!*QFV9@_0K]QTYG930S^H`"1KQ(1?? M??<=V0&?")+9Y$YWQ=G.#YAA-JC$$*.U>,I MMS;7CC4JB'%Y1&$M)[9&6L%=/H.R*15[D,[[]9A%?"G8RP&J3"T&\C*S@EWH%<3$XS%<%ZSRBJZ###.5P5MFL6R]8SF\<'3%N3+,#XOO(PWFSB2E=C/LRQAS[M,1+S%1\5;SY,$ZMR(.(D&-5L9&#F$V%.> MCC"GCXH8@"P*-SP7;L$"D3S(MP4IT;D@62P3OD"XT'410U13@IGHW+G!-`1: MU2!/*M-[\Y*`:XGO4OCGG*0(;=7"O0`+7Q)ODR>\F%$S"D\F-H5XQ^!'H&ID7N2 M+)4!K320;[."0+S-YXM:WI8O8,^T`J[B07^9;DO$Q.9X>WW_2#R.(7R7FN[" M3+WPVL89/.WRX,XW4*MA&5$K,WC)U;#(`:2IBNQ2]0PL2\3[A'T.61N1Z'[: M=$`(?WIS7T1\3"X:'0]2\I8/,7W*((0*_MAB3,,\E`8#ZNVPV%YI[^+L)F?S M)H(7I#N)@45V0)4+J6\=R!&W%":B:4KH"LFPITTTGS]XBXXBO5KNA^F>;7B M/!#%!/^#:&Q`XKN,AW1ILJ:J:AW[@8,A/C,\7:;!-DL%K''2ZLUE01Y\ M+,DNTXL)9H7IG6BLR0$,6N>,DT']Q6/'"2S+FLRU'?;[I M*-[<7[%4;EI$7CZ^BRC_K9)M@UY%HNV&'\#.R,C!RZ+Z*J4R3A\6,:#9E&YP MP*#.`RF9```KR`JSK3!2I,BW"VH_2*5%]`6N0]M@#8/N;FF:EBB6Y]&$<[B8 M.W-0:)'_G1P-WG8;)_"GM'Q?.H.IIH!ICP>0 M_&!5?UGHKV2$E)QTNM+CN,UQYH5-9P0(-'C3/>T*M8%W73/KYK#I;_.;^X^" M=.$Y42W#MO78?=^ADDRYA1>4IX4?E^K)E[I.8%G(O?P<\"4_TK!U-/(E8'A=BQQJ:*S-$FJ%?.A.E`\ON57]8 M%OGLN,HX?53D6&1);974(Z<-B1BG;$EFXTY7\4)R9DSCHEU?=;C681D>KJXX MRN2]@ZXV:@_^:J5!68 M%-RR'-X7U`;UP[CWWEZP51NGN"(^33+($:P'*_D>7,>(`2^E4UAN=]HP4 MYWP\6G?+":JB"?*5N."-*.:."YWD334&IS])Q:GG*\V*818V!R20LV-#-##MG'LM/TLLKGUS&RUY5RQH>F,[-76`5B=Q8YZ!MC79JT+>FRU M:M7%9K?5X]`^XQE11W48`MP=\]&@ M=J..R"'!7/B#'"4=O1"#10_F3PSC,0B"J@449UE$)M)+91-/RM,L:#*9N@Y8?#9()0-&2T"F7>,[3`C&N(="F4&.@JQ$#`):%QRX@;0?EGJ3_VXZE(JU(>K'7_F56 M>N:6R.W MC`XQ=0-H:(IXGG=Q/'0ZUTUAY]7JZH2%/Q-*6XO6F?2;X22N%;UK.E^Y0>N%_4B\I$YGKJV1M`9TA_9': M\V!5J`"M7IV1!UX-D\5"!D/OY241K[CK\MWOB:<1+R*!?,DL60ENR9ZS.VU8 MT+3:RJD128X`O4H]!)VDHZI%TROEK?>)OL5Q(%L2'D M&0\S&PSLIYAZ4#0;8U8HV5.D\6$S9PAN33\1P5+%DE)N2CF+"Z*8=`FADRFP MBJDU:E*4"[6@P=F)=#1DZEC<G)PTW)_@>H*A&".\QUMQ@?(AH$QQ.P+O[G"U2 M\B4]).!L011OCI%[2OW5H7>#I@I%%7K"!.%3*DTHZ(P\\0EG-J%\IU;+F!@'*5QR`+PA_X:LRC[&7:."6V. M!.SJ@!1"S(4M8OU:6R/?7QDR;V$'Q2*11$Q,SZW,+"8*^L;$@_>;!1?D5V"# MO$H^)@[>&U<;^O!$C$]R`BYC\Z:4^6=WSM,#5`9NV7_HWR/%ID91='^E^!*Q M`W+,XV"`@9&<.^:"B]JEL+[%'.;7\6)7\S7V.69K&9.SS`E&CRC/"4ZB';OY MP'V`S6[3:CF';9#;3JU(NO54&B"VGWH^!\<2R-$"].-9YBO/' MG.4;@`8%M?=`;K@&XE9K]C8V1VRV)EP/ODK-QQ;'?G)T_6&+&YL=4V#(&0:I M!\F6L[WF'\$#)I^2K[2'3RXS?/(Y[Z7K90)%A/-_:,AR19^S\S3=;6CPKD%Y M_49`;M\#U%')$6K>';']#Y%B<$)-.3P4LP5J1/V[DB<`*)*T^Y?J.,_RP7>YFXK7EKUF,$Y'`X0!T'1P2FW1'#X1`I3H%#+16P(KD@!5%2 M4H7W@B,F$31`B"E54VI`)4@698<:;]P@-9K(I!%OMEZT)U]Y*?'@Q@X8<^AQ M&>FL.@]DDU-^@X;QO@3X:5-5;S"J&VSNT-0JTV1`==!!-G-V>NI(:T,PK"D] M/!I``]?M)DJS1`1H**4^<&D>87,;E%IM^#UZ#8`=EW&?!%:Y6>/@4RL_91X4>KYZNL>]V"&HR$'TA/5U'%[9C(48H@]52*[ M:3PU,D3007/S-HE2+KTMR[R0_9U#3J:IPH?1BT,\\L:RM=B0>FE*,SWKH\.Z M?)R';/^!9NLX*&.T:_SA!I7WZ8\<;WJKHE+-S[0S8DSI+\-0@Y&4B"1%2EKU MFT='10`GTX:V3>:[O5C;(9)=U+PUM/?2O;C\O,]O*!]WSU!?.&->J)RUF^AC MA1<]P/I`@[;&1(H75E56/'P_=4#DKS/LR3?4RN`9LKQHW&6K,'Z#53CVF;`K ML3(7U_/<"-.2N+==N)7],Y_AR+^XRDFB@>B,5'NX&\B4N6C^M+$P6MZ+,J#V)EBNM;- M56MK@_$JJ%SL&K4-&0,Q]@]6B<+ZW@,@Q_;A\IR"Y=L&KXG_0Z^U"CA+I;L) MN,M\MI4O]XJ' MX.DU4_7.JU.$::^:O0:=C`^]E]+E6#[#2]33$/AXJ"\!B!L4U!N/#\;Y4F"Y M22R7Z%RXT3E3LT9IVPKN!]8Y=:+((P9MVXHRQ>[#V>;^;N@RWCRS2-C"`_7C MEP@.EV\"V$ZN&-1Q/(0#W&"WR\G\SM"8%VQ M8T$OT/B=8&Y%5&1@"[S-'V*M:+A.%?,$QHL="P.^?>L*<;)-ZW<$D4I:CF3ML'84,6\VVR1^I>*,HN9890J:2"%R4I6K M<^+1"2(_4)Y.?DME#KP-G`N+(^(@R$-564EO043UV2A^E3M4DL>T7F=_O![#NJ7H[8J:IX[BQN.9M$+XXVGV%M4J2%=.B=2\UC[ M"XW4[V2'42Q:QC)[=\C42[B,+?N>_Y;"I_'(L<,FX@BR"W[M_@`_R!\@HB\0,C[%5F*TW\%<9?/<4MS1 MB:)I\"YZ(ZMUQ.B9W\F609<4V5;A[MCCM;,KB#,OG#!$YG3/`!BVYOS?[2`1 M_'+U1"-/%/=2E3]KEI&VMD@1QTA$Y1LW-D3NT';S;>EUKT<3^Z[0M"G4E`U^O1'P5,(VO"+C@0TCUO/YZB8\6V.,>#4]YD-\+2( M7`]`-1UF!41M_-N:KR051-2%&08<&E=L28,\5L3&@DP.?W%K.*7\-R5`^11$ M[$KK7LD9=$&,4J8"*Y#J:H\>S,DM[M\H>UEG?(O[2A,NR<>4KG;A+5LUY?HZ<4BDV&E38?K)U2GC(3ZF MLB+6R6"37SB'!Q?.^3'4@B@62,X#D4P0X,+-I;13O17J\')U>!M(7O3WHH8U MBV6LFWXG)0[O1:K"03#6ZI75:D$[9SM0Q;G&[KW@M@7T;8R-%*M&4>&A0WCR MP#/Q'.W):HQ+Q4)%X1O MZB(/&9X?X6!-(8=!3/HUQO'"LB`Z2T3RY,[A=:_.X4N--GW=NIHY]C6J0JR/^NT>I8"_-!K-N1JZ$;%'^9TP_TZ'%W%'Z%0M=\@Y2?(@O_ MOTG1T.=FL_58`C*Z6R%^]%AT&Z?I,@)1EJN2]X9?I[4#^6.I6N1 M&'$E"BN+5P,-2FKM@-QJNX6M%%9I;(W8:@V8'IS[LS(T3%\87!Q#[=R5`1Y1 MX*(8^G/N*O%%%HY!5Q@669&PU/.S)YIL\J#B3EBK[X/<:(U$KE]M:SH@-ETS MOBVMN8H$T6BX,N%Q!7]\\[8D*P[$"L%I1*-`F MJE2FZ0Y0!@K#-2C*J"-R`L5T"@%+#B-A_Y<$SAU]6&G/KX%$#N/;>&^K.$.\K=ER?O\WF6 M)>QYE\&)[U-HM^^-RGM1/RH*A^,IS^ M"&1;T,DKN_AJ*P35%SDM-T]_IA*_I$,$H7(GR+\$6NZ>`*&9`>[\Q,KE4_O= MTP/85"B7DH9U9OAH2('2DIITYV[@4(A]N%,E&FI@U4OB[CMB2.D`Y(FD[\85 M?"Z'#(NM(>M-I'^>&XPZ.R'II0^U]KB'0\X)<#2`W*&HA'!Z-]&7#4)-1T M:%14H)\+&-E667'G?DH]>3M`].BO:;"#0*"?O43DYRJ$Y5J`[6/;@PKSWL@A MIJ<:=#PQ[(H8//I*,/B2.J<#)Q"*D@8&.:U3G@'4GK>J+`6WT`,>;D%EKP_4 M"^*W]!Q>Z8F$_+?>)[J)X^0&#H=CED)B.M[N@;W2Y#*)TY2#0]GZD7^U?]PF M_,,?*1>5>1\HG+S4'/Q,3!ZIH;GZ(=0A\I2TD9]%.U&%A3>\+%K%R:9XZ`BE MI,'+R&+R'&=K<5VC%S@MLH;`:TC($YV+2$JNH=ZAE)([);F<(M2\=2RA`J)T M4!E.J(%(/?!_YJJ8]JQ]5C]OD=4FYY8O!Z(&9^VHPMBK]:4 M\Z'6T>#![L=_%-:YM74D^L#,`JU!$@6*7,:;;4@_?XQ8EM[GA<[KTM08=T1J MJ_V%/XR3:.^%W#GM*83UC,V>HDMV0%'E^?4E%V2K."#!3K@4>>Y"%@=N(BI& MUE,>3[!$;?,C@V[3.&10`"L`*.7MTCA:KBZ])-G#EE.\..1X*RMX5"IW M/,4?O,]LL]M`P._UYZU(-'#^G(J0LUYNZLB,(, MFR[(`=L+4C(.'HYB/7_O#!_EI8<.*PYE,: M)?`8JJ@;=#H&FAW@F,IC'VP>Z!;RRD+$J#S5OHE>X_`UW\?5KORC)DD9B#]C M*U`I0@T+;A&0L9?1OA!`\YVP+ MVRO^H5NEL$&9\ZL49%I`=ZCPDC11!`6(%_^HP#OD1UI">KB2@^D!WJ&V%!4) MY9VSR-UI*2Q]#6[)*&-Q^IF/9%/O![BZ_/2H!OB:=N'^^&O400-]2Y9(*C<*JC"ISDE M5TF$IU2"2I(@M"`WHG"^[C)I0O-VH*$).V^3BG/PX MXO(X2^9?8Q9E/W,<@#H_-9YICZY(C6>(`@Z?2'3U0[[[[2V&]6<2OP(9\IK3 M@5WLVYKY:T+E9?&:;X'K4JVZ>2,QNIK*%P(:J?).71`CBIJ[=Q(3ZN%@?KRQ M;%T[(2S>[GCAM7BL7>Z]TTLM]*ALH-RF+JBT,"1B"+6EL/(>Z+3QD$.N-?%. MN8$_.&FL.4O4@^TJ&0S*<_T#TXSBC*3J+QU==IY[.&.K M<]/:XE"6YGC,$@\*J-^RB#X<'Q-U-D8,Z-U"*JAN;HD?R7- M62`A//>'HY=I,7!$950*[:C1"0POLAE/CUFCRAJ7LA[_IB-@$/>].:OL.:3B MM:'VJ*95\M9NL\"E;L&/$:JYSVRPRD"$Z5"+%8_>D\I3PZ-BXYD?4U77E)(RFFXB'E\=(:$5%0U:EW M-)K.?4.E.1D*6Y!P6_`$YD%5:O;*XDX\Q1IYWNE(091<[',X=9!EV*E>QO$`U27VQTI""=-PE_9>B)&RA]B'02XM79`C8A\) MK(>V[**6*RGUL"./MFF5L4==*@,T#3 MTY767)RZ[X@SP6(+`EJ':JW&<0Q,R2B7G"UP2BEGK-4>79?!GER7M36REX7R MEIKR@)-6),=01-NA`D^??2-$/ZH"(Q^\B+OC8-A<.><^=T-2UG9:VG\$Q#`_ M4!W'H8Q&W9$#^%!I+*&U5SR7%B=J?'<8"D/(8K(I^!"FXY6<')B7EFL_*?*2 MN MI&O8BXI=9JD%6E]D=<(2H[OGE.^#N>S7L.X]<7KGGUE3UMWFUD@7'$,Q*R5# MZYLB?N+7Q?'0F5N.2\3`!$8FO\#8@PJ`CC9CK^*-QYI>G;:UG]^LK8K:,6]E MXWG-W`.>+<]=.;JCRE]8I'5FJ[5E>+O:SLM&CPO*%SK8_3,PA!>(T;90Y%]AN^>#Z+E1?*; M&NT-'PDQ=IVHGDJP:/]AD"/?J5*=%$&IHD85:1$61$KBXG#JZ`&*8&#Z>%)7 M2@(=+5MT=#ZMCCKP%\5\@D"3I$PDFH>?[)0&(=9*2\XE9ADT.'KJX]5I<<)= MFK^FP2ZDRU4>?9;>Q1E-;V.^A'`]ON<+4>2SZ*74[A/\3Y-+/7@TI-AN24V5 MO>"PH3#O%D^4:/!6*ZJ:@*2A`" MOR6#MZHF?(/.>W1';EI]%:';DFE?Q,;36X3!Z;'[6@B0)H*VHP.:Z503AO&; M6,8A2/0JWCUGJUU88(I#D%",O8\3Q9;BJE1$D_I,.V,'B%Y*J,"#44_,X-!/ M@-/G__NZ^:^A@B,@F$8-%[DO#T)L'1#UDLQ-E&#N_=ZJ\*V1)O4-D0^89N% MJU0A.&J%>(JV,#LX)NIP3CJ.*:F*V!I.TM!T5M.R.8BDKMULIJ:E8(JCR>DT M:,2IB--9X`.%"L9\^UF5MS5BI*L/>CM/0 MDG&E5L.YLUA5T_L!*V.6VW#&4W%9J?MN-5,IJ,E;^9@0CIUUYR)-SRFL.8$0I?B`K)>WEPL'^`? MM?[8\%&0FM^):BF"%/L/@3R*YQ2)ADY_J*T@QB2[5#Y-]+W0W\%#11%-\:K, M0Y4M(8E6_S6@SQ`?EV:)$&S:%XDNU"6._9;'QWY5%`'*Y);J#W+R,1.ZZ#KN=032,&=_6K\5N78>Z3"DW+LO-X>0B3I+X#4[, MO"W_)MOW4%3+$#.TZRZ%=)EY4_^967VG&)9!8$'48EV0)(HF'DP832NET'Z# MT(,/&:[X-NRFV(5=497I_@.+0)8'2,7(A3Q_I0DD1MUE:>9%`6?EBF[CE&5Y M6$[=0T>+0R-%BC$4J,XH;(V+_.#"NIB6$C`%M"S.L)&\D"1GAGB2&Q*7[/`. M@A_UYB0EWBK+TYEZ7+1`Y-KAR.9+9%LU7!.->NR!1MG`""DY(8H5_AG)F2&* M&Y*S0S1^2,X041Q-?S2"2)>2=#I\JG9/R^GR]7!R5/CS6;/ M(9`N+JC,EDV,0$ZT(D;)2Z*5!_I8H$(5 M9P=YKU/7WG<-U>E6K[&@EX"6Q_Y M%L0+EI$.W>^,E-S:?5:8U*V(9OAI[CL;I#$0P1JHR/5<$B/1*%8D4ZRC`9"ZFXJ/$81LJ?N)RWBS81FH[#WM!I-3QD,.+">KJNOZ MSV@PQ(!SNDS6+P8E^>(V<$%*#D0BPI('/!>%TZ@LUXPZTA7I"D\')>-0Y5*L M\RBX_IS1*)7I&,\W\$R_YDA]V"A(,>5$M;2%*G<,@?S&[Q2)!N?0*,JI>&)` M<>-1X@2DV:&**MB)N$OA/VY$1:).\L:RM7:-!Z'.U?L2]^'+8ZNP`8!UN`4U M%I0%^$K:..*6QU;09=M\PI!#\$'6$+KWDFS_5&:A32_VE6^,,@CV&PLI1%M1 M47WVP!X#(7;W3I/'1N;`?'0BAB%G7L;L/\BU'+Q$L!1#^I@976PZ^:7BF9.NQ0*MT[O%]B2S#)[88LE:CG/Y; M,?TAPQU\ZN\2D;5ZQ5+?"\F>>LG411PGT6$3[A5T8%_AI%CC!.*70HH]J)PF M?)\*I0AER0G86:0T>64BPE1-GDF![@$,(BWZW,#R"QLU@F2C*1)'&"=36%;0\ MFH0VB0%U]QJXL-W&X86_"DN%XFZ42\U]&RJ*,T&``DU\YH6E M4AJTUG<,Y(8[2"6Z2?<:`+&Q#Y/CY`!I4<:,`A8`P;RXF8S4E$071(,,-T`Q MK6K*HFYZ$6EK>XPRBG2Y*DC!_NDF6O)M<2+%J_%9C#LBM?C^PJM=AUDOY'N/ MGD)8NNK8)*@M2T%G`"Q4B2$&:$4G,446C*=10 MGD'[7KHF`4NSA#WO1$PG9-T25&!)(:G:9OE2O9"F]PGS.3X*1:1/\05]C,/@(YP<7_^V8]E^N5K1A,/9?1*_)-YA M:A&+PR*%#]N*4SZ9C3&1>VQ61;3DSVWR7)M>\6HF!:[(%M@"@Q0VE^9700CDB`Q6D].Q1*51E+R[='@@URK[3XJ&OQL=2B9(Y0F7-MX'R-&AY:?(<=^QS1A$T7\Y9FNZ@&M(ZB7B*V\IP"#K4%8NZ1#)*$\ M/=`B=WP7A%.3+1PE3YU(%7<[*.VCN:K"207?4_[;WN%%@T`_>^&.%O+:BG/%YUW&=X?`1;D20QA<2F`>\-YO\G2Q6+X#B5CY[1:7;=H##`0* M;@9P(MC0T)O_F9&<%:7F8L\MN)G^[`*!!N_5?!1S#$XMRC5@(6:LRD(C9JF( MDJB=I/;"`KP]F/5R=5G:QC*"4Q%UH%-W0VC2"3&^FPM=A`)T]D".SST$&#JY MH?BKN,")=]DJC-_$BPL=[&/J2[/ZJB.("O4FTL#!/+$"?=9OGH"3"P^RDFI/ MX$]UT539<`=VVN"8SR6MRVCE?@WH MG,'G`=&Y(3H[?&BFD'39#;6IU`NKGHWR.> M\;5L#EYO>#\"HY%?8#P$T^TJWGCLT&-K;#23*5<5JF[2R18SF'8'C%J8>')$ M1VD))Q=K\`[U)H)0>*A%P6GP;[__0.&"J,93;6Z)U%P,Q%-;SX9FR'>;75Q; MNLZ`D4E!BP"Q1;ESS-V,;>YF>*4K`BX+](=^4V\LQU)-50U",[_(H2=&FC&% MK/G!Q\*;[WXPQ1NMY7SPYE"\!KQ1S>:%-T=<6\.;[WZ8.=Y84\TAWG#-H,$; M:T+6_.#N=@QR[\ZIM.Q0#]L@!:16D?3M0J4!XMU"/9]#IYT\$8'AG&]3AY\R ME2J)`J/-[DBDD)O`F`JN'(Z.0`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`?]K MN7J@?OP2P5615*1((W/I;5GFA?#IN2A@W_#KCD<-^-7=$5%-C)?7U)E MD92D5&K,09^\\HV&R$U?NY']$O87=W$$0M+@@2\X[^,$.DV^[#8P@1ROW?PH MTVP'ZCA`C.Z.%('?L2_8KXEY^@5$(KE,7]PUS2@_7*G#*([.Y/CYJ=U?ONC5 M00KN[D#B3QW_=*<*"#&2X"HV"]])&OH\`QWEOZ>>Y*@*=1 M`)`O!1S]HD:2>!?/27C8X4S_"!_DT@4\'6T=%K^:7*%Y86B?A\HSS>8*\I< M`GT=![];K&_\.::!^R/ROTO$;]8"?M`O>/^2<=_^#Y2/*"+`42"^V274RTLB M?@?SURPVQD6.SM94U__BN650Q$AJ3[8I+I,5'ZA>;;A7X5.<>2'Q.>$7"I?" M,?=?!=545*&,Q5H1%(3%4V@O#`\?9BS@@W`7J%*IG,KBN^^^D]F#^)=\M)3W M#0@C41++JXB_CM&U9)Z\'OCV@7&[S,N=<)?5>FU"#PE MKZ*H==V=-_E*_JK\-]?B5[]&%\`ZU=&9(+7HM&_E[A-J5QZ'E3ID(#,-ZA5_ M_1G^;%H2C#LCA_!^2J@4_3#JB1@B>PHPV#M39)KKK^:DW,#.1&H0HQ,I?"6, M7Q[2G0Y!^I3SM9'X08Y= MSG^JWL?D8S"#&&'=ZV2"8_F"?^F`PG,N'=XXZV1/,^WQUZ(RF.Q4XZ(B/LY' M^9-5M.[#0S22T%`LO'QIT0Y"/*EQKNN,K+U7RK^3/]$SI9'VGLQ:S?W."02W5`+4VVZ3^#/;P!'SFSI^ M]O)CTNH+47$=*$N#*F00VU/>81<%`I-IM71HQ7O5ZH=.6S$4\8\A7?T+LT.< MNOII-7<&LCA"SJ>3+%7(E7YN/N7=;:Z*4Z>+_8470B[RQS6EV8])O-MR_IZ\ MY[#IP,6P*](5:H@"]-V%23_$&X%>[`^.9"O.;Q>`+CDA(B@118K\(H@Y+#!X M&TV2QMKLE;WW)&,]52H58UK)BJ^4QU6LYV1#F/;=)Y8=H/<9*]<&=P*N1TVB*4;X$$3Q);7Q.G0J5B,Y[ANY7AR;;T]^&/NS.I&'&7"1JW# M&:MMB-RXFH73[>NX%6(3:V%VZ&PLA\3A?U5%O.0[^A>HXB7.&EK!WZCCK*9L MF_#-4[BNUVRF="OSMJ9XE8CCU652^=.37+G:^YV+AZ<'ZH79_BG9I=DC]7<) MRUB#HV;4`:F-F@NK[DK:6R._[S!DWL*=!8M6<;*1MKBE2<:GIPB>BPGG@4@F MB.""I`4;T]XWC*R,"_)`#B0M:3C"IRG$/OAY41S-?Z`>/)0#TWB?T-]V-/+W M+8ZQ64^DD#9`_(9S^:9NB!V//MP/WNJ5`Y-B9.`B._V!=__L1HPLUDO;^EK]S:C)S: M]LYS,70C)32XMBT]YV#L9@+86.^*X5$ZN.FQ&GJ[NFUCS,44^JBD<_%K&F`. MAM%+#MO+H?:Y9C;HW.-)%-.M``?(<1-M=UDJ@/*=F4M? M@\6W<&UA&LO1B1P>BY<[@LAB,/(.EXU^W]M&OY^SC7[?ST:_GZ6-'G)MV4:_ M1VBCMD26-OJ].QN]H@E[]2"_8)F9XX&EGUHVG1U=D%NIB<"ZF;:U1VRG1FP/ MKW2H!M<2V#C?3)9<7<:12-K9&1;>T64V4[E9X/JI?-Q^%E.YA6T+4UF-CB%H M?'*9W>_H;B*N%9IF#UY&']^\;4<,84-CY";;+F0U5K"N)6(S[6!X>$R<');` MN`0&=AX'.*Z<"MA17?\,Q;$S$D&%--!NW(O4O<1>DX(,4C!#%"?D%>"&"&=>[4_.A=2"K:A(O6,8/!#R)PZGRV4K8],FWO'EGQM,P%8K[J^#P_!, MLS?(R08--*N"JBY^SHS\:-JG$.Z4=@"L1-(&K97PHWL-G`&B.'"1VMJMMDKM MZ)`,.JG.'@3;07D!`FLCF`%L@,VN3`YZ((7B'N*VW./IS1$[529<6[O'6Q`U MOCC%07&-9U7BBY!&`62-3P@M(&[C)9_X3I)5#G:^\E+BP>LYJ.HU**V\@9=U MD,?M@6[D4[TGFFPZL:^C,U+C'::$>L>IK>>L/"4C02RY1D?9_!)%C8@L-7Q] M@V;E1D.FJ8PC\K9F_EI^66`H&OW:%1E M_*WG1')8FB--J19Y69X9=-1X->F'%&9[BUZIQ='5";&_9,[[X-2H@D+#*93S M`JKCRU^>''N"EL/JI>>O'@OA%.Q]G#QZ(2T?U'=9MDE'[*9M+'S%MCM[839N M<^8'6[<:S*C\4N-=X2&_4%;F] M]U%`?31993:.#5;'$L^;+82NB\ZW# M56[:@&#W-G1R,/HXLU%C^N_>:43,`<@SLKPPSW^>P-V(\'"#$*+Y0 M41JU_,AACG'F/;-0,-%_FV_<&;EQ]%-")2>Y44_$1M%3@,&O@$HR6/?_$VFB M/`0(2X)X=P=**_MA/H;>'3D(]%5$CYU"T19J2:K<:O49" M#*PG"C32%D36N=7<+T'=N1.&1UDI@LW9X8[U<)]Z#E?$4"(7"OU>>&GC@_9! M`\T%+;AIC9B[D%6W;[W$LB:[D4I1THH&KZ#UYS+E2B0FC[&85WUZCY]D>+$ M(!6H<#GCCLBCY?K+82E8+A(48+*G@@9).1$HI`!?JGKP6V!KVIBW*14BA12D MB$:+2&)DN9*5EU,"]*:/>)M.%7=-DZ$R$<8&/EG@^0*",I?1WR`D,X_NN^0N M)12`3IA/T\LX2AG?A-*`KQ#W2>Q3&ARZ5:,1F1^46E!J!^:>0&&>X&Q#8$LH M+NN4'P8RJ[#5/$[5EVR1K>`+HIG]@C?"'1P24`AKE0&NVYQ3\<4LE@:W/T?3 M&B*Y(H(MLHR(8*P(ILY9(Y(W4C)'.'=$L8=FR7&IXOL!4_Q@?I=SFJ/EZ6O: MZ!&>^A:G]UWY86^D2]9`-1@&?.I=9W0>T"7!2&>->'?_8RGD,M_HVW9W[4"# M.$J]C#=\J5]3CF200=&/-_0V3J'^1.BE*5LQ7[@MY\&O.UFP\3VWJ_/EY4VN M.KY!*)1W1[/EZLG[W*#U,>DAAY_15:T#UFC$$$/<^#(/Q0!YPU)AC4C>R%?` MW=<+C]F3\2& M&L88;$^%36J^^T_T*+:Z3[_9V&6'Z/56VM!I%C;;Q?OI%KP@92OI28-1WN\+7V6/X34@H?BO0A3[EY&WM1NMQE:>9%`?<9#G32NS-24QZF MA#*EL&E/Y'&X`P2Q_DI")7LE(9`D<4FSB!K*8LT4]!?BQ,O$:,]Y?:=4U'<* M>*>I\PE/ID?-UREA0U$C@AS1Z+E()SR9+NX,)M&I'E)*_6]>XM=O6<11.`/_ MZ$_YWP"K?](\(_FI+G\,9N>%YZ*RR(&JNELCA4Y#,0$K.YHB]'A,.;;BY^1# M$SGVM)8ZMJ`=PKG8IQQF-/_@91!GL7_7Z?>U]41JI0/$K]^M-'9#:+U#N+=A MR<>9_!4=USN6\>0_2N6_:1#9R7%@_$:3]^PS#?2+^`38`8:*$>H1HZSD+B#`2P`9&2$)X06)41;2@Q%KJ M!3E,Y,[3D7I,O:ZZCK.!AR[A6W<+1[UF`0N=S-O<*]1@@FLT&$W^H[U"+2A@ M`8`BZ6=:JB:]D"?,CW#`?!O+1VL7^[*!"O)]XMP5$8M7-&4OD6C;]HQB5(+( M`6=\9=?6<[5.#3'`32#TZ5$-*=&86Y":^W*8'_@TOVCE6,M MM82Y-S9&;K#M0M9$[!ZT1&PH'0R?&KZJC8LEREQCR23(O*[Y[*9K9XCY4=M9 M35G+,=>528LAOMRMJ%-N0R4W-#A/]&GKQ5[F2GK,."I!\[KM M>3G8`TL_F>7HF("!V<#+5#_&:<^VAU*?!?!-I@0+D;8:KPN1SRA/9&;KS$D% MF0:4`;3\(_P!B/*/&J+PC_[KEKYXX764L6Q?<[14WP*I3;:(`T93\S7"6=W& MY=!I)\8C'-U-+ M,_A%U,<(4EO'(8/'(\%?8Q9E/W.XYPYD6GO88MH'J9'T$ED]>^KL@/RUDSG_ MEAXYL6@5)QMYHKBE298'!VDX#=,"<9;N7F=/QD),.H6"M6AU*CJL'@Z5>O$ MJ`>7+5#V-Y:MM2.X]I?>IXZ'U/ZMJ4HY1B<-AMQILB.;]5?C/1PHLO:"QL0* ME??F^6ORA&ZA)`;_8/J7Y&[573ZH;O?2WC@+U8`MIT_.L2BMSZ04*FQ.]V'Q M!?MP+[',=U(&`VM*;,GR8]83Z?HP0'S=.33HAM@S[,/]Z193?1.C7\R[R_S#\HRE=4_[0/WX)8)* M)#=14R&IZ]6*^M#_'KSA.+JC33431R(U&[BPKV#CPZ:!=&8!4".(.^9!5LD; M7]>)01&T@E&2DU+/<51-#)=KW:]H'7KA MA>&\#!X-1&6^LA#5\O*&KRNQ;2@^@=S,X?A41?>!Y*&T9@S+)XL\,C07_.7U M);6*=5!JDN_$XAR?YP7,SO1>@C,`+*!RM:+GD9KC!FQ6NL^=Z.O/6_[ET6;! M0J[;G@KT&2CP^K<=R_;77@)7]VDW$$]$$BD83ZGPXVR\X]!#?D$SF?A#@>() M#KT+1-W*@0$W(IH=.G8'*.UUP`>3#K4`$"H$`2>0YL(8',E'38F%]7=!44!^ MVWDA6^W%)5'M,R%7^8:1_N;UB[)EPY-5B4+0:\Z0H.WIEBT$_VLIO/0"JX>KNB28;)A;UEB`"D[Y( ML6"0"@Z#F#H[(O>'^\LQ4MF6JD.9%70AB9$6"((HZ&@RE2W;;OY+<,E3V;.S-7WE^[Z,U74'WZ(S?ZWJK0 M;=^X,V((Z"_#4$O0MT?=@.#P0F9BE<1)<82C;KU%Z#"7;]9)@EXAWT?#"AW[FW:0.-[4Z=!NZ%KY5RSR(I^),@#E.8=6\K7MZM;ZB;%6!>$EH?)= M[DWTMS7SU_=>PO\%(8]>M+^,=V%P06\9Y'VZB:Z!G^7JF^?)060/:DC50I%3Z@<(O ME<)O"X5?*X677)*<37?'\GCU/7: M24`[RO_V2^VL)#T,V'-',\!T%K)L?Q^GXK3A_(7C[0MGND@GW:EHIB`V+NH$Z5HDD4T04IR&J)V%V#RT3J$0*_BG1750^)>SJ> M\'JDLK:%LECDASN9BL?WDQW5\O9`%#;]7'P=_+I+L]+)BN)H2Q.1;1'*A@&4 MN<.K\S2E67I':4"#]W%RL]EP?.6:?:19%@K/T!BS!@Z%'+=.49".74/&08Q? M)XDS^-!>$"62JK"E@BXI"6/",2=J4I%?$+Q:!VG%IL_:R63!^WF)=5S9;.![3GAEBT:F6A%3CA'!62)47N5U6W/`_B`Z"!4/3GP9BT>3Y.$YH MS_ST`]+3SSL[?=_D]#//36\_-7US6GH`V;9K5RRYZ"=(18\R$SVF1/2U,'7+ MM^D/W!].+I,X3?FL.M]ZB83(1_[5_G$+D3X_4LX4\QJ1:]@HB,'L!+4H?!LP M!'+(.T4B2PXEL$#.B.""*#9(R<>""$Z(9`62RDAN%OF3+2\D-(6Z9&2;Q`"E MC*;$\W_;L>3PG=>TT.E"MT*9C:JL:%+IT2'(.M/0@.EF#9XYUJW?O/U#'*]$ M8=V`^Z\)\\+WGB]W9'CLE#I;%6XZXPA@*50\D`(.\'_Q)86)"OES0?N^=[4(>?A%+%W@T8#^OD\"BY_NK[_^'C%@/+S#LQ( M+1E7-(2L&X7LCUD(,/Z!I:!OUHBF]D9&C+*6U5?_V,;IU[X8Q+OMNF-BH&# M-B(*=T>#Y1:2A/"N*12$;PB,F8PXTD7+S8^@!Z1-0QEQ"-O$"A@BD24D[-SE)WM5C&QS*6G1K:]&NKL$;Y*.]_^6:)LG^)Q:&=[\V;G[- M>B&%D9YBJTVK01?D&](^$EB.,=)R.M0=$4I&"'`"SVC>R%_!^AYE"/75' M@IKPY.Y7ASO!2170^.O_U1JV/5`OO!:Q&8KJ3?2!^6OVXD6-T&;4"3&RF0NM M@*V[!W)+!6$PE4O07)&9H6TR91#1=Y>2"&PI]B-YUO'7>9RCM7"N:7S MWRH%7"?!5=[,SWP;^LUWEAN>X]9UFN=,'^6X\6BNXSF"122](UN7_Z#!A=G]:?1M1Z_I2'GA!`#%=8('CW'FPNN#!7+DM$I\E#VZ6)/@`/"66B\ M&W+C82/4W*)47;R"5PK`PJ)-=TZ!K$8MA_KK`JX^0^`'JMX*.0`FX_ZX@:B_ M&">83RVBU"&0+&763V.?O:2/`.O3.)V+1Y8-1Y7=O=`:O(]Q"TR MEK6GH]/%(&R3J8D MX?#XT:78UE#IP^5%>8QZ>WMY'@4W67J^6K$0EXB4BM]RU#!P**7#:4)"^KQLR#N+] MW4GB##6F!C>!B13^;B]O#J6N=YE:[W%Z#H'<;H8HI%+0LD=_Q'8R2(S!%1VJ MUQS+5>7[F+A*>N/K?LG0@0OP)K M\IF,:J"IG["M7.Q4G%W+5NK4,9'"OE65Z<[B20,B]A[MR#78%.'U8;PJHV)= M;[),U`%,EWIHW7"=,-P78&!MBNIK6W5CS=RL6D6R$6L.IX`:;:(3EP]_E[KI M.=VO.5/8,019?PSM9>N-EWQZW'$"\`?-FI]`M[1%B@A&(A;/G9L:(M\O=?,] M:OD$19ZD)7UX/'&_9J$7T'"[AM3A]S2*TGWXZD4U[RA&W?",IYY""E+/T;Q8$K=9-5#0=R*HMU#V7!K+R7?^V8UOPJEN#\[M[(8<\ M0[%UY.KH@AB`3#D_^8FX("".,`H2CB/KQQ;]=N`E0T-9QV!'9Y=R0!,PR*?B9NHSCB#I1@Q,8G93#.RW?.(6\!S_I!(5F;Z); MQK\,HSOZG'CII^:\0T/&0(U=`U7279NV80#T*#=4'FM%9X96L-5SVN2L0M)) MR2R6\K9C:;&UWNU-H9!"'RAKX(ZEG,=UO/T$J?SX;`I)RM&2IHOC.3()T'[P M(F_MO7UB7,@WF0YU$-BVC3-3P.U4C0GH-@XR8^#ME@D5^);LNDOZZT:=72A< M4M84@Q2*QYQT`H=]"K':W1/'8>(+^IS=1&F6",MM2T%7UQ`I"G<+5TE5<=0* M\=%8"[.#\ROP(4DYIO-KM*J(W;5"FIO/:GIV5/MH:#N;J6JS!,7!A,50C0.% MK(.]>;Y/H,O594(#EJG2:>><7M!XL6+>"ZD1]A1;^>4&79![X7TD&,_G3L'C MYAU$6*0OF"F+-WJ*G6D=ZBDT`S0@(E92*0LM%G0TFV?TJ\*/5\D6?J8J]_T_K:I<<`2%%QN#*JL?:FO1&[+P.$&`Z7 M,G9>C.C<_];%ZWAX4M-P1A.[[;'(8:N93%1K#SPJ$]+QHPU'X@W/TN7]2M., M^2J6`\Y\7D1%47@.VIRCRZP;4@/K*WB1G\N@#W*/NI<(HS[A4)R4#XU*7L1; MY(D3=4VAF$Z976;GFE(![CR&B]A+@N7JBB74YR32R[7'^`2MKU1GW`DIT/43 M6O1Z'_/[,?-IJC,:=D!IC M/Z&5S]'=`[G'T4.`4?V-,O?-'U,"3!2&.ZVC,8$^:D"J(K!#+V,"Z2NB6H.K M'^-=&-Q$KQ3BE=+;^T:(:FR(&);:A5-05-\*.?QT,#TJY`C:I"!.;K^YGQ9K M1A+^2"YR[Q!2IA*RYL>;,-EIG$<"):T;E9IF2&&G2[!*8M*#-HBW'XVL#O:[ M8Q6QECC>8%@7[:^5B,6MEV01Y\'AT8#'!?'IXYK2[#;N+'3:TARYS74)6CD( M:&B+V`8[61[L5\N!B1B9J*&=7X+5R=MZ&=;:889SM_ERK+GUS.:OI=NDIAGL M]-8,C[R#=X?GOI_L:'#]>4NCE*;G4;#,UC2Y9=XSA(JPEG(W/;HB-9O<6P.Z$GW51.)FM.B"A*(OF!H$4T8@YWGM@T(:GI>OC7;TN>;_E? M_$/U43XX_^3_!U!+`P04````"``U@6E'IA==]")/``"_K@4`%``<`&]L<"TR M,#$U,#DS,%]P&UL550)``.5"T%6E0M!5G5X"P`!!"4.```$.0$``.U] M6W/C.);F^T;L?]#6OO1$=%;ZFIFNZ-X)^9:I&MORV,ZLZ:<.FH0D=%*DFA?; MJE^_`"B*I`2```D*(.28B2ZG#8`XW_EP<#LXYV__^3;W!R\@BF$8_/V7PU\/ M?AF`P`T]&$S__DL:?W!B%\)?_O/__>__];?_\^'#X"("3@*\P?-R<`NB"/K^ MX"*,%F'D)*B!P8#3KP>_ M'AX<_WI0U#YW8E0:M4>:.?KUGZ*??C@]^._HR MN+]=E[Q%,DQ@?5$?!C]_P__SC#XZ>(OA;[$[`W/G)G2)3'__998DB]\^?GQ] M??WU[3GR?PVC*6KKX/CCNA:S!/[7A[S8!_RK#X=''XX/?WV+O5\&"/H@)M\6 M^$A>'/6P4OKU."][^/%_;F\>2><_P"!.G,`M:FU]957O\.SL["/YZ[HH^CSD M=&C=-$)O,/A;%/K@`4P&I(W?DN4"_/V7&,X7/OXV^=TL`I.__Q+ZBP]8`P=G MQP=8_/][N6)'_M]AX%T%"4R6HV`21G,"_B\#W/SWAU&E/V$`?/@,(O2Q*%R@ M_T(0_^J&\X^X\$>Q=HFL0K!_;"GG8X(8BSMR$09QZ$,/$_C<\3&&CS,`DKB) ME"*MFB3CO1.A/\]``EW'[T;@C4]HEG[]RW@\&2&+.@?*I*8U;9RTW2B\]CL& MX7`1SA<1F($@AB^@0PI0OV,2#C,GF()X%%S].T5FN!L,-K]AKOS=#PS^!TU" MQHEGUW[XJFX&9+2^.YDO8>SZ89Q&8!Q-G0#^2=8;:`UR[K@_IU&8!EZC18U( MLSJD?$SG=A\#A# M@ZJ=B*PV=8SV.@N]H M9<;H73N0A#^B`X$;@!I\`M$LPN@S3YV22 M^JNYJZ5R^2UKT2@,`%I<1<"#+2UCM24]\YZ/QPE:(2?+I\@)8L=5,O.Q6M4A MXVIQD83N3[PBOH0OT`-M5Z',1K7,[GCA%(_B&$VC3S.T&)[.LIW/>#(!$5X\ M1N$T#JI;UXVZT9M0?N>"]L MXI[X"2_76PK,;]F<_7&VX=C8B"Q5(-#D>[W>)ZH`37EGS)G'5<##;]F8.5V% MJ-R&C3H+O@2)`_V6XM:W;L[\H$3@FJ;-F2&42%O3=/_.4Y6@HJ@+O9XU#9DO MC3Y;54(VV6\9==*J!('ZUDT[=U4BMM`'=)_"JE$PK4&3SF05S:4UC1MT0JM$ MX+JV33ZO5;-.D/V8.;L^-?+SFS9FWZ=$6'[+ILEZU)VP1^9)>]R=M,?F27O2 MG;0G#:1=(!N(FB!C'\WT/U$C3;`&_]6YC@+QX<')P=##X, M\H;*/SJ!-\A:'33SV"<2(YG]T*WTQ<IOJU$)6+&P/UU&KY\]`#$#UE.\`^XXR?CG\B6*XZ$$H*%$8>B/[^R^$O@S1&W0P7 MN%7L%[LKW5P@R2+''Z%A\?9?8,E4SD8Y"[0C(M%*/4<:U),+]H2:I6BE_.=> M*Z-6D)4.CC7JX!XMS4,DDG>)MFL<953*6:&5>HE6ZCG1H)XAZJ&'>WGM.U.* M6BI_[[4ZZB59J>%4@QHNT@C+>HV6BX[_#^!$[('"*MIKY4@)M=+3)WT3?M;; M![`((WRPCM^HI#%[WJ<6[[6^I`5;Z>RS-IU=0Q]$%XA2TS!B+]$JI2S04+T\ M*\5\T3>8BO/,[&1OG";X/3H.6,`>4IQ*%JA-6KR5%L\T+O`*VWV-?D.SAHR2 MO=:7C$SY1O5`NY:R):F8GDIEJU*=]5E3=5+ENF*=*OSMX^8!G,IC.:%8$"*' M0:!@@)B+089KXSC",\N:K- M!V%SH89QC)19T_UJ(6,&81/%X,$H(1;S:`^).0%H\>G=9%`QQ2`R)""*`2FI M1\N%OU?A=K)R;EK>@:1&_8*UC>.%@'ZW2=%&6$O8XR9R25;2Z2X#$0LNYLA>`#)'H+1G' M+.4+%1G!]\`2H='9;&EK/U-80EIG9[X!WYN$4>SXFW=:W+*V,:!.-.9-L)S> M7T#T'!IG#^+J0XO2*ZC`&R)7LX,=C:1D7O2WF<$6$0PCF"S)S*B#)Y>KOC\0=P<7(`CPVW/VRI9=P0YN M2,K']#+8W;J&ZA?^/7#FV'?E3^"-$.K!%"(IR,O(#)4-[8I4Z;=^&TO(]$#8 MU81`U>]5C%!Z19MP?!\5Y\N@%2*!5V(N1=/BE?NO\Y:RLET;^K4>R,U:=I$) M\#F@@)'?*-UO-C01CNTMT2_U4XU^]8\5^3\=]%2Y'%ER7;8^D=1\]E0-=4%\ MZ6:ACV2+L]?"-;?NHM6-XT-3=XQ6`EMRBEW&0)P>IC*AE4;Y!!'@0M_G@D?@ MIA&^P'EFNI45)8S6O9R:ZZ2R1+TWU5#5]#%>%+%(P;5B66+,\\@H\;VSQ#N7 MU6L59`KOPL#-_L%:V`M4M8@1C<55=4VI>]GONE&*^EH`*,$5LP/905W9)5YC9NH\#U4X]$]8^(.I,D M@L]I@HWA4XAG2(0-ZKN/'957D5IK'S"I_(CM3-P!6I8L?*5/17MU#MHY"T2H MMP]'9?=Y;XGX/-\J2LD>$$>2!*)"*M*^?F?/4K@"KF/=1C'[-"\DH:*%CWZU M#ST/9GV_=Z`W"BZ3)>6,?MGCFF\N9J`EWFK4Y]1?MXTU!F M2T[IMN$3WMW81P5!&2TYP;N%`7$PF15"I9/5;.'O?V2* MR6B"=Z>G>>\<[1A+2][@UAVN-O1_-(Y^'7J[";N"?PSD$`7 MBU-6)R?VW*EX[+G!7RJ?^(]?;(M%UT4,.L:3)L1;?_-EUBI-UE.81Q[`+]&O MPP@G71P%.&`D]:E3LZ:,L0VROM#*A;;R@!^-U'%$H/7(*><]B$B46J$S?U;E MWG)&@9B67(57$<@"%P_39(:6\G\6\P.7'9N5+&.%D'B6'/G2),^2]DDP(:M@ M)0LXHEER1%NZVY"<,@1J]IX3366TY%!V*\1][4S!J6$3&63FB+Z'7]D2FSM! M,$K;I_SZJ:%M>!7C%,].^B%2Q3X*U`FG**#*-@\TG#2M?QF/)]DEMN`)TQ$_ MN\'C$_K/[=7=T^-@?#T8W5V,;Z_,/E?*I%\+Q#A*8I;2)%DZ<5[;OJI67K^`I;.F0==0239W5/()JC907N MWS5@#&1ZP;XK55*R#L[0"H4>ZPZIN\).)*YV4;3O#)"6K8/+6.T<&*,5M8,? MUEV]+4`0URZ[F.6-88/$^DM.&$LN5 M3\C*R2-Q/(,$>+D/PSC"ODR+.2\0CE0KUE%(A?R*UJ*L[<6IDNW%-?#P6+EZ ML@WM5[6\92*S? MT7SAP(C(%A'!3$)5=VW:GX,LA:V M>"QHBKYG4-MX#9TD>KM$:AWB5#KU_I5F>0-[: MCU;>.IXTD[CMV>!9QI$`3+'7TQ9+SC2=):/Q$N,!`]"0N7K#D*8PGF5.;)SH M][7UJA@>V\.:9I)W?`RH*3%>L:RZ1EAG3V-O03(+O5):4@:#A.I:RZ+FTINY M0AF^.-#'3R57KR))'@GR?OIKA(3$\R]V9\^GYSN0/(6K5Y7W3K3U#EU%D]9Q MIS-0.GA4HMTTD0A9VXBS]KOTTM91J(F\EKPVR:-]B&V)&:6M)82,O!V\0M%N M+C;D%V.%<6R0T6(M!WBZ;[Q3KMD%Z;HD*7D.K=_N!%-R_S<,O$L8NV'*7LJ* M5K>,+ZW$[G@[K8E(U65]E@8A19BL#J+#(%882:R;CQE#4HFSWATBH6JMK/FJ MH(H8&:H$-.`5F-7$XY5IHO^D:B"?)5$T[Z-P`A/.96%1H(]JKNF]JL6N[JM! MD!1\;C'G2+?31TJH$;*MTP!UA:.=.R*\Z+W.>?H\Z[DE^`/`Z0P1:OB")K$I MN$OGSR`:3[8"#]0&;DO2D#:J:)[HWRTK MH4-SEK%!L>1=$P.(2^BG.$Z(8*08R5;VG&52L%CRJ#+/@Y$'6B,#BQQ8$2P8 MO*JI90R/).:W)B+EMJ;OQJ8441_O2DA'0 M*G?GE="I>,4^:;:E5)TMZ31;;DIN/$'+?2P35A#9[?N'JV]7=X^C'U>]"#)8 MBE&9P4+2M6^!59_'0JQVKRXL-([TAFH1N<@PQ9(K].NKR7R)%JT0.]*Z$7[R M>PFR_]8%2VK=L$UDZ@@-2TX0>.BP/72+!R8U-^NJFC>&D!VS2HZ^K1'<`TMZ MB93P0L(EQ?^=.CZ<+/&)8_P->%-0YQ?2NMUWVJJ%3KO1I>[A6LOZ-`.XNA,L MR0D5=M+Y/81!\@-I,]U*+K*+3^X?<;6AVO%[.DWNHR+Z:K%\W3]^MD:GLYR> M.[_MV!0]%UNA0[+BKQA#5P7[J5U`8TL4$S-<%?O--S7"M[5^51=&U"<#MSM" M2Y3VMG%7G[>)Q%HQ:_O0PQCW7<[4(S^/5Z$Z[36]9,7L[#V'[KNRF1.@@3,* MLC`4@O=D)U+W9-^&=U^O'@>CN\'5?W\?/?VC-Y=DQ!T&1PT%49SA4W\UQJNC MPP*LN_:$K2!CT%<+F3C.ZU51'MT"\C`/-PB(:I=623]TMP"ZW]3Z%63ESM2>L"*Z'(4=*2^Y7AIX'LYYCQ\E1 M<.$L()KYN33@UK&2$O(2:[_.4$2/T(5-CG[X_&G5J)T$4P])!_GE]*242QP8 M`"]_!L!E%KVPE8R1$%5[,#YE@:-E+V9&F5D)E5#TMKZ6JD%V&MX^"[=.7!V0* MK\/HU8E8+^4D6S&7*'R=;Y-%A>"6;(.W!5?H<:"F<>-XIX(^-`O6&5B*N+H@ MOCYHU$4Z;XK7CU_/ET_H6T,?"1Z0Z\::)P3U%?>$:0V!L&3N7$M?.N[$[Z?K M6+-1W#BN--0JAQXB$G<2<5;;1#B*XQ1XERE.)YEY-I+<(W?@E?R%O:@6J&L< M83JC4D,,,O%P0(!/`,3.U4T()]+L.Q>; MP]3!H:+V;%0\H/+IX`'`=>Z3>]]A'3(U:>J=CG+06')V2=_!Y-CCAR;G:8RV M]C%>B3S#@#!`ZL"[IJT]X9TZ;"PY+;V%`;&W.10YW*M(TMDN&P>09NVROV4* M87!15?-[0L].X6H;(-J8_4GQ^AGAP'#+R,/$`>)K"X*8D&-CI?,]@$G\`)"R M8IB`1Q"]0!=D,]$#<,-I`#EF=L>]V),18`*JJI)H:S;MC:/+?+*57#4"JXJ; M3=W.[,-#76N)TQ@*53&U#7O^W;NK,FN9V2%8J@+H9G=E5T%UR6C64Z(FD5-/ M9"*G;KTKZE<05&8D$$*Y__R`8>UBC[6G\)JFQE)WY@NBV%TCH:S]\C06- MPZG4H\/AX[?!]6($U'C6>!OPJFJ(V$`9'(>:U=[[\CC:2HV"<)Z<= MN@EB/(FRQA=-OB%C[(*,0C>"-:@0V1*'L3YOL!5ILND>N^^J+QU3X14U0I(X M7>(4]FAY[4(?5.*:/(5J3$[7G]T?FFI!4KO;^X5<'!EC&<7`)XT48.WY^ MI)'/":/Y8IN3,E6-XY46]1!A^5! M:`+X0HG$)5+EG33;TV`CS#B.AIIO@8=S?,/X)U'B>#)\#E]P;,-S@+8NMT[T M$R0W^)Z3.7>)U:YB\GGO>:0"OK:>@(8: MH#?%3I7SGF[>59>YUS!P$/C!E*0/%MI85*N\\TQD-R&`66!/SK M,"(;)NSX!N.8,[5R:KRSB^$3(@E93JZNCO8_F1*J;`WMZF53C?N'>`/&,;$S M1XZ6F%@2(9>#0G;G*\^HK)YQ1&JI;RD"<2#HV`%#TP41!XL;Z#Q#GXQ0>2Z5 M*N\UH>IPT.X@MFL7Z]:NU<;1J;.)KB4FEN0'9:"0G@!\NL#_258S1K=D#V'4V0%\LPIQ]QX__U^];?P]A MD/Q`==*(YN'5KD'[V=411FI369L25G-KB5#@PZ&A9.TJGE\LY)P*0$SS2.UJ M^F0_.A">/=E-[!'5VJ*B*%*F82&0RK#(^8D\`#0T`[QG)Z>+`F1LU?Y^,E4] M9!TXS6J?E<55T?H4;7]HV!(35?ZT9A[4KEU+VA[4S9"PYJ#UP>P6.-`%J+`NP3/ M+&/"*&T_89H`8.71*DXZ@3`$(FRIK;<_O&D&A?89J$O^E&(D2O&G5&_?^5,' MA259R\O"WX3!]`E$\QN<900A@&2`(O:'6F\_^2,.A279@)AEF0TWGYXQV"73A''\DKU,;2VL)2^GZ#@,T9B*HB4:/B0BM!1A-NI: MRA01*16=,V:9TE"WHV3/B'*X'TPY5.8-24^JM^/XB^EBX1/8''^=LR"8A-$\ MTUU-9BBQVKVW*FWDM.2@+W=.YZ35*Q>I0/'YP`"5MU#A-B%J1564(ZG-T0O5 M<^L:H'XY_M6;"V/PY+Q1U,DJ9JE*I<3M-)V&)B_X'+H\NM3:QS7P*/NR2QB[ M?ABG$:B9&]HV:Q[=&BPPE`.@/5(OU:KD[HK8B>CJ#0N9PG@&O.^+,+@(D>#+ M[++L/DO;N;P.(_3_8"4PQ?ZT:]`XZG1"A:H)ZP"Q#O+\:7\M<9[&V&,`GV,^ M(^2Q1(\)6)`7>#'$_\PS<.=O\5:/\\`#&OL.Q@J;`)SEAF'W%'YAWWB\*P@[ MG<6E'4*H%G6%\-`G58A/.)+6":;PV0/^G$9A&A39TGDYU`\/T/\- M/@R*]M`_RDT.G,`;5!HU.'5ZN>-%COD,F/L2[FO7'LV"U3%SJ-^D*%5QY>)33/8.CXUV93$>T_GP2B6[HFK[$81]L68]7DH&AS4&K48(NQ#4)=SIT8QG@W69`G M7[5?@MB-X&(U:K8E>D*J/_?9WC>=?M,XBU-/D;(9V3TV'1P"[-8>73E1@*3% MW@(KYR7L_29HC(ZWC5'>W@`U.,A:'.1-&FR*2C"0WC(,$;N8ECQ*&[VI,QW, M\L8,^SHU5%(724G3^X%:"A59'/2(KAI.M@O*EJUA@;IU*_VVN>3F#J_=+HAQ-!'`8HO_"Z0E#@LMN3`-X_ MDLF!&JPV%EU.?=HV?7D?!GDG!GDO_CHH^C$H=808O7)7!J0O@[PS.UV(*8-0 M:)76Z=<4+.$ZZ!]O?=?EYXPQC#MB6;XRW#FFO;>B10Q17D!O41/Y>=M$%A\8 MP&!0_81.VU=*PLV5G&/0Y)M08*4$/\JS/+)-&&5-FNHM-Q%*A+=@MT@NZG&T MF)4ST34`6<)4P:'^97NHDR8'I38'J-'!NM7=C6VF;$+K%(G:V0+^\/3D`/W/ MEY.SPT]J/)V87>`-Z_I*52X?Z1W(;6&N#NN&PO=^_L9>.*_8B_4ZC"[#]#F9 MI/[J.DMTTC[;'LGK5@>3,!KD[0Y*#>]N,/,DK!W/LI6UI((O]3&+V85S5M?? M"=?6,V:X-U-A)8][(UE[/[I1&V`S%AY_-!\>4.9EU`H^DUVW8_(Y*WA.A)_3 ML`IK.2*M]*7VY)->VI@1*Z:.RB&EA$2]'YR4^KB5:,&ZLBZJR&GZTG;P6;*1+ MT9^P\WT>%4K0%%`\.W/_*=SB`#OE&C!G3(KK(M\Z*Q.S]I$[\R6(S[$G=>(+ZCYU#HW`:.7/! MD4UQD\R^,,@^,5A]8Y!]9)!_95!\9G>;[/OTV8=NW@6A8[+Z*BJ2ZC`^PANV MM76,&:4RR*^SXS22KO^#$YNGJ*'' MANN1U=D*;ITJWX_U[^E%U%0>[_+26;"#OP.OI1=@41B@'UVI44UQ#42-5MYF M;C9K\-CFX(%]IF9.,$7[I*!HR:L7"4-%<=`K6AJLFS+8.&T*7AN-E55<3V39:F_J M;`2SO#$#7U0MUDX*>=FTQQY4Y762/V?_!GP/NTB"%^"'"RP^VN7@ MY]5<4@C7[SE!VLFI/>4V]7[S"01.D#P`.'].4<.KS&*%I%=O^,A]M5!D+BI: MM-133JB66%&B&_U+D'L<O-#.JI>A7#)LBVTQ/ M::147$49<$R+"O:$%V=B.]3C`_1_PK'!!G_)FC9\=RH8)*R^N)8#)W<&O-0' MX\EFOW!P/)=$IO#3!'A$%;7'4SA>:2FH.W4E\*CV3[-X&JE)D2/-P_$1W+#M8*624&=M1!"D))#@SK.;, MA97X-CBVN?>"W\W'3^%P,D$0(='B"_0_4]3-50J3-\C*3M&L,6.X(Z'0;18H ME-TFMER&MZ;-&<<8A%C;`PDPFLN9C)`WZ%?6)!`R0L\8U83]AH-P9&Z$?6`F6[H'$$:;3X$)2+ MJ6Z]QS6L];KX44QM"^:JF:\QWHE*,Z$[S4A\;,8[7YESD$/*70+KM6]/KB"5 M/OM5U:A>$U/TK-IW'+?"1=W/(EX$WL9OO@<0GT^2_*=+R>-A]9\TSHBI?T"\ M<_AZ?\=*?5TL90!/MPT@XXUQ3^R?78^-5Y\]B"9A-,=[8/&I5=%W>L_3W2#2^_O5,2L!^R5('.B+S9,GDGG8 M!W]9M6[X9#DV/2,[YN3IP=G)R?$ILK95K.4R,;KEGNSR:Y0%?94OWZE MM"*F5(ZDEJQY_YB%OK\WRTB^W):0 MY"[%PX`.((,CO"K&441>L=ODD!;8D@DFEYOLP>-1\,<,NC/B$;#,DGW74H13 MTVJFR,K=^^-0^KMMN;-02K8"SL/M?IR$]OKE]BAPLTM:QR\I-1XF66(.'D81CHE9B5V[Y:/=MF'CK(?,>^Z.Q-<^ZS"21;<5]CNR%I&_1.AF52D. MN^H_TDN"[1`*[?-+]G6*&:@RI.+>$F;2-2.\$M MB9=V!Y(LM3.^"A^^H(5(-JY*>:QFH8]$C5>1.6KF_<;M]9)=W4BM/;J:LD77 M"I%K!&SVO#1%B&;[!_QV/AM^)*Q41#1;,>UW(3[P2I`LJ&O3W(^;O1#KX&/& MD5(MT:@+NEW!J'V1UX4!;4Y@Z7;VCIMJ$&J[W#O+:!>`*3Z%?Z(^]#C1%*[0 M02/2A0L'O^-_Q/Z6Q"5SG7^2!!%!:^+BW_DJ!6F(=F#&+$CQ\6R&#O`*P=WU3@HRK.<,FT:8]#(XV[JK.<=P8V M0FC%P<\V4]N,3*BXKN[V-^3J301,+)MYJ%?]/ M^T7*EC!U<+.KG:1]\63YXO/5=W_?58 M8PB MG_>^\Z=SX_P$KV&([*(?1HX7,K._-&FF%ZRHUVOU&%P9$)WN;Z6G$2IWV@'3P(EDUIZIV&.V1 MW=`/[L!SY,0_'<%IC%JK"LB1'0QI*G<'[X=5$^$BC3""UV@;Y_C_`$Y$W_RQ M\]K)U+>2'.T14.0IVNTB7LI M=G-R_&O')6>*$ANCIDU9R1JE8&AW,V!$8\J%VEJUW[K(O/K.$+'#F;--C&0+ M5A)%!0:J+O74\N,:>.`-WU1\N[K__KA^XH^ZE@^"2^#C6^FUP(^)CX?%+8SC M,(T@DS>*6K:23UUBDQ_T'?3>WTDVHS;G"JE98\9QKZ,;)H7H&)6*NFE2=F4D MHAD$`VBD4-\JR,1!R'&X8\\$F9R MH)K3HBP*^UBGMLX^,:$9&-ICWBK*"X*?T/&RR.5_-XX1'2U!^`(S+XBTZ8Z; MX*=4PCC]\8%F*,9DZZQ&J;,C'P)+PSZN'[GB1DQWL%/=/#+9P:E2!.M9/%FFM;A-#5EQ+S,B6 MV'FXWE%07KZ*

>R_X(B&ZH@4_*YJ$IISC..RS$\_&$8ZUN_I'">!+\)P, MXSB=`^^0]1Y*O`4;*=56?.U),!@'2W$2CR?9*('!E#GQ\`O;I/`&DEJR#$'+ M$5K;V]9)@R&)0%IZ&DM2,`Q)P;X77R._$4X?X8!T3EGI2/=EHU,4P=$!VYN MVH,(X"7?*(B3*,5[C1R=![1(()E@O6(X,G@FWH"-Y&HIO7;OM\Y."O'B,U][ M`B^+S/$4.4'LN/F?)0X115JSD5XJH=#N2:@F06>L4]*V7YP&"7 M<'T;^=1.^"Y\Y%I$>Z*_(%D?FMVGD3M#,SP^ZL#R%3,_^PZ=]JBD58,VD:@C M-')6=?/&6GI9)7I]I(1>PF8YG_8I M=))NPS;ZJ`$@IXO)KZJ%);W(]KWCY\1!0+9BS4935>Q.]H<\(CCD'#+D0;:: M=?A8,.=-["E`Z1GL` M;C@-X)_`&WD(#3B!V)$F0RLWP\/`R\.\01"OKA_O0%V>E8Z^9B,[=PE5SNV^ M'\6KQ`P_L]X!B_%GC*7O+KC7+?.9\%KBIZ42J_,4$0)']MT![=??>N=^9]SG M8ZS]=0EUE]2)_*/Y(@I?J(FU=O+-=XZOMVQZL-;N`6>>L1\AQ@53B`KOPMR7 MOO8^&#HS^'4H:W<6[-SD%PC<8#^1=23RCJT^Z[/O7._$\$O!W=:SD7ILTW?K MCW2WFQ.:]Q'0Y:$.C_"MSW*V,JJTLO)Y4LLG$#CDA7T>78IBFIEEJ_(:D/R[ MY06&G*#YD44WKHQJ;KFJ$CTN'!#1?.##" M)YER&01/MS,(XL\/G,`;Y!T8A)-!T86_#LJ=&!2]('6*?@S^,N@ZXZ"B1S$L M3'/YOT9ANJC+'BW9"J8N,D6GGSX?GYV>G!U\/M8TF69I-LG[%:RU<\?'P M9P#M47$L,P]FPZ>@2'R^K,J$FO!3?*!.QX"7TG!'7Z\:BD_Z+:@*MFS/VCK1 M-"JK7O=`<./H[N+CQE%:)_ET#`6F$HP:"5(BW3ES?M;)AJWM(5>9[-BFJDI0 MM7LGB26;NYBAOBR_0=^_^Y=X3KGM6L812Z4NJYNFIFB8R8@B.DTNURBXA0C8 MJ1-P,L755=HC/C0$PTSO+:HP812%KW7)G01K[CLQ!!&QQ-^I`NZ%[\0QG$"W M+O]%32WC*&36@KL)>AQCI/F*@2.-^`*95L\X%C71FY3V35ZM=D"6[!]H%$W. ME_@D]2Y,Z(.+&T:[39-]HIC0K-89*/;PCR+W)D!U?!-NPF9^M0-!^^+:TJQB M!G#,K,660E`Y2W[-:S`C,Y,9045ERE?!+)/7=[O/3-9+?@B?+31`0CL'U!BC MM>7/8H=Z-[MHQ4YNWR@W=-=0`QIHUY>G6 M1">I'+1/OO=1Z`+@Q3CT.SZ^&4^*"[)OP/S`_&O/=_4539D,@3E,8 MSTCXRPE)"#8/4Z8=9%>H8O;YG7"4_8X<>(I<,5BS\:EN&T="JSIN\@2B.3^W M#;?.._$D+)TH?HKBO1B63_(/]'5DZ"=XZ&52D'PN<9QB#>%4&@P"UE=\9V$M M"QN"J&A30I]W-1G!3#EX2.(%,,/E#Z`IXLEY&R9)!)_3!.\CGT+Z,0EW9Z_N M,^\D%]S"=PQY!^GO6@P);C2/8E']/4"=SN>?\02ON2DW;4+UWGG(O:-KCF&G M&>]TQ8K`L0J*1\D7,R>:,C?4],+O?*NU>Q+`=9`$3WNV!!FSKV"R?B>DTHF8 M1]-NXN9HV@!5$.<#_H`9Y&6R':;Q4^3O94`:/5#,+UZ M6X`@5D#FS1;?":V2T$+H=IM$T'Q2Y]M#99S>:/"=TBHI+0)NMWD+UXS>502K M'TY$HM&N1<>)BU'9"P+.%'VJ')8V\%A^I:)1K#YM1['*NS#(^S#(._'70=&- M0:D?)'Y5N2<#TI5!J2^=1+&BGJ`H0[``A1'`JO.O:7'7=6?`2_&]+DLT7E0J MP=K5D?Q%GYG<$6$J_KDM(.(X;V@^+:($-N3X=S-*&T,+%;K:UKR,U$:%0J)U M/(M$R0]Z5%O/.(7+J$A,P?7R:G?(%8L\A/.ZW0+'"U_C(0(R>R9SX_P$\S", M1OCR)83TI]EMF^L%2^KU7+UL4`Y(IXY]:D+58Q$?X`N(+J(P1A!."T$?T9^6 MC^B#P;0N<$V#5JQDD"H>M9*=V`#N(R*3HI"L&[J_3 M\.6C!R!>@YW@'_``."DMO="O_GD#IHY/%II+REJ:4L(X(JE9/XM*VG50)%&] M9=VDKHPW_VR,QD0QKFJE5A0SU[9W84#EXY(Y'=34,$J-M4K9\'II()J9:KV] M."]>P]S<7.#@_DEL8I^5W$)"[S2>,&?<-DT9 M0YYNCK:406)N4)U-0>A&DWL>)M.$<811IN)M]K3&Q2+MW\/%PKEUHJ5/=D?,U4>3AHQC4&LU;RY/P%@9PGLZY:JV4,5.Q MG+YMJ[9>'EN4Z[S5*[=HKMVPOR2&LN`VO&RD0M"M=C1&Z M=F#TP_%3<+XDS^G).3-G\F*6-XXI:B-L'?8N1/#^'L0/L<@>LE@6Z0)^G,8N&09B40I@\"=E+KZG'%LD^,'AU^[ M`,H2VY5;^'O?"?"+3!P*?($W0-SSQ9I:YC)K%\S8)F83N+3SB[H@^AX\0]\' M'HY>@,`!D&#%7!/QBK^3I%@V2>-DR7$W_0;^IB;P?4TMXXBU`U>G&ND[#=VD M:15V[RS)0=U3N'H;4&QK6+,6NX9QG&FB9@*6\:0F`HH#D1F5?H`.;Q0%> MW_%ABXO*Q?AP_<*)HB5^24B2!B"S3#88^*UA$=CC*5PYN>#0AU=O"U[@%WT= MJ>CX[,`6DAL"I+D.)6(`54#)(&G%7$I[/2'@SJG3E-.B$'<:W4&3'<_3&51/ M77!T609KV17>:2E*2TD,;1-?-ZM$K!6!>8J=&;;VSM9T1;0)OI^$@I(E, M/6445#L(Z3&8A6,%#H)]](3R@H<_2G"(1.4]5HFG>KT.!( MFN@_^"[VQ?$I%DVTFF4D:B6VHD0TAN4^O(4!Z4`.Z/@U0+R>P<4]B%RLW"DX M7]X3O;!?VXFV8"F=VB*@Z`JSRBR=P4S10N)YE

Q!,`_@G\$8>DA]."-ZK MU41V<>=55Q7H;^DF&4LZP",;M/":%J9X:4%PX[A/U6!..P[*VI%XV5)T>UU$X&% M`[U51HQ\)Y$9QXLTXBR!!&I:JN>FDJM*+6+8:GKHNE$*RO/G"@2$##YLX;)( MK+*E1&HA?,ZE;LX?#=F7"6Z^+&6'D)@Y#[HY#-3$`\YRE%;$4OW7BICKWI"4 M[%Q?SXOME-K4]%(4;\^ZJI:IO[7H.2TL.^O-'9U+,1V^5VYR*L]@R9*,QS!U M#5O&OXZ!R=G936YS:8=DQNT51?2+QE13T:1E).L,DIQ>AF0UI]+K#]08&$\F MX\EC$CEP.DLP;`_;FR1^80LI(2ELKFR3#V(+D1`L3C"%""#B95W:]7'5SJY6 MQ>3(+@)(BIW[E1F279MQ)N]&6)81+ZD[NZ"%ZI80-%>PR?G("O9F3AKC"$Y7 MEU`784QUL:JK8J'2&XFY4![WR9R4UA@V0+ M%I)#!0(Y5PQ,U=7BE!U?+XSF"P=&Y`'HS(FFS$TMO;!E=&D@;,Z,CI^O[2JY M>[%O&@75G7DUCS1('.B+9G#_O)W!O?C.``:#ZI/#IZ-/AP>=C-:ZS^=D?IPNJ(.-8W_)6A M33\TE87`["`)]VL+@#WLL*-2]H(7SX%7CCMC2\MA2?-&]X5$BA&R)+Y/M@K# M+Q^ND1*P\S!.ZY?,0J^D"L::1*BNS?1J#T2G;XZ^:(KE(19,B4&J)J&8+*55 M&RB,2F%D4F9%G5Q1H=AMFBB#A+-LVN/,BB801IF*M]G3&A--:N=6EM!I`^D>86R=P9L[K3XC$>_T=?Y>=![Q1 M._M,'#E0+-EV=1]6U006[6"=4R.]=KI0;0U]ATAY;YD_9J/8&>DVC&-'$WU6 MS8H:#&P,G+055C8'>11P#A0E:UO&*!72=QH,Z;,>+N%W*TX\&T?W3I2L_D&0 MB6&6I.@Y63VO/63P2:(%2SG5%@$[8[]BL4=!G$1I=N.9(?R`UH@D?*E7&'#F MFQ'1!BSE54L`%,4=,HQ6O7E98`T-.P*&$VW5%`^Q0JP\A0S>STY)O`"2NVUM MXUG^@I(M6,8@50@HBH95:\EVY0A$7*2?0#1?^5%>`Y#=,LJY_GS9=OTA+0]* M30]0VX.L<4V^/FQAUQWGN/E(U,;4^71Z=/`9`7-V]NGT[).F"XUU>';N56BE M4)7V)WIO/-MB3KGLK!?6W/NIQ_0Y!O].4>^O7K`(Z'N<.TQ&:6,4+*$2BAXE MA!-0J";?7(H4W-M%9GGSE"JA'R'M1>I9?M``HX::VG`D=(6 M"JS3J=1Y<1;:REO>3G#XR1[U<96/&?S-E5MY4-A>XLS7\S@Y3D;$<3RY0 M1V$B-=H/#RCGIZBQ03@99,UU/[C57;76CGI^X?S5PJ>SDY//7TZ;/(]4(TM9 MG=<.SNN>+'GGJ,SRQ@SO!L!OCW`Y,9F#6HM_?Z73G*/3[8+&Z5!.#=MJ%!31 M8/WQWV%0BAJG0T$=U"G/_J/1!_`2^B\PF%8%YQZ1X2 M@/V0!-[RY<6,TWU;4RXD(/-L1;?FN&9\NZ!QVA-"GZ\TDPTX_5BE*L"=,^<;>%9QXQ0KJ)@ZC=9(J'U$"YO[(9+&F[/\%`1K&:[E&F75&W41 M<;6K7-$6S0FFO%7X^N_&Z;RMR>9+9E2$%-)5_JZY*&&6Q1+@SJE5LN8X-R:^71_MZ^NQNFFQK//VX=XY3?=FZ5 ME[:#QURF4&-E],[#*`I?\7FOLT!_29823&$UT0OB\!4O1AXI`+3/(=3=6'6/ M<@GR3`@KL_D`5IFI7T"$HZ&G29PX`8>L$T%(HK"/A@5\:B*$AEZCT@JE1IL)V[0&3FB"@*)"#;CK1P/P>()&\?&-S$<[GD$1*N0;UU&K< MGI4T4XO&BG(J\]?JIIP`BZPG!D_7*I/)=G2/6S!X&'A7^(%"G#WO',[QHPW! M>]V:5JPB@4H,5CSI.`_MKA[`/`"?1(-S4,FGR`EBQ\5-RSU].SSW"QI'@)9*XFN=([.9UU:WSK_0 M'AVZV\$7+\)HP?0B%*EFM.8YBJJN*1M+JEW?:H;^>>A$WGAR"2/@HD_$%S.< MF-<)N+XO_$K])T8+.;4[R5#-P*8@/Z`+N)H6J]1_3;>04_L]'U737\/47^7+ M0*+49)9<9S&6N.NC-+E= M'>,$S@`R:-C+\<'HU&=(^FZ=$;.>*M=_I^@7(/*7UX#J@R92S3A^--)A=:9H M+'>GB:54I2^HEVW\`J(9<+RKMP4(XL;4V&QF7ZDBA$.G5F1WU"EVRBUL2K61 M?:6-``J["=FH*%W**(C3"+O>/@`X?T[1)[%L5(KPJ]A)B`8R=^K5IRD./P4( MYLIUJZ1MS)`5M=/T2:J6HEK3)_6?$ZH@Z,#M3KOQR-T/$0;K_#0W(8(8.X2` MR(6.7T#',"M2;=A&+G4@=.!BI]H4%4Z"X\DU#)!5A<$4K[5&`4E7EXE-L4!B M%:NP?.X]-UI*WH$?GD;_*CP.PN`Q"=V?%TX\NX0OT`.!)^=>=;3M7I6U.R`- M#W#+@[SIOKA7Y?V-2Q#511_F5M%S3OKJRAQ;B)A!8;3:02F."VVXX/X/H(N6K)DN#Z%Y^`Q]+WO2!T1 M58%4YZ?VS1HSW&7T5_A$=01`IYAM,=>"5_8F>4 M$ZG<6S(I$--,?RJ&0#\>Y`@@:#"X!W#B9A!'+,6*==[1OM+5$Z%-], M-ZU[9XE/\,83\GXIQF^6XG&`#6UN8FF3:FVE7A.@H7C:/;CX"JXP5%S%G&IV M*%E6P,Y\MW:VI<#V#0<9]Q"_L7L`:5EN`W%"V4"0\R/2[J#<<'\.D7)AR,!? M]W]UA$GH06B!.^BMZ%/W@J]=HYA_."?3YZ//)P='1_J2814.<*2S6^091A$. M!T,Z?[XLRJP$&KXZD2?V#+!E^\:8I`X)0%G6=@J?P',Q37=O][X3X"C=G!>$ MY2+&D:-;O6WSI!8,H_)]Y;WE/@2L%C).P[6(LY7$D4C[B39UI3D*\#T=#KZ# M)$!_/6(^^6"4K,KZQ1SM<511753*"-8+)1ZI7A0YU.=U=S#N^VHC\X0K8J3'Y*7$ MT\P)Q@2*>.AY,,.DN*"JN\O4U)OW<6("X/N^"JJ%]"MJ(HF[FD`D/V_/F.F` MRKL<:`)J4;3^>@'1<[@78^L/`*>S9)UNC?SQTDG`M0,CXJ2I>?#5]N]]=!HY M.IOIS9*EYM5\X8=+`!Y!]`)=P,#<)SV`.`?=`W##:8!WE1EZQ)/IPEG`Q/'Q M;ZD))#K^VOO`DAI8N]3"^_JQ1J%W(0D3"KR'T/>OPPA7VOE$1NN$/8/*G/V7 M,,[:WQ3T9MAD9Y[Z1DSV?7L&BSH.:QE8''4HVG`MLJ>#B1,E5HXLTP\T#M\' MEDD'&8?6;(6Z`_$'4:NV(57]_/M4I7=$"6BC[:;I+!M0`0F>X%DYI)`V)P#J M'%5;/7@?6'H'EIA"VNZL]F!LF;^W>E\#FK6Y.E3V/#[;75T%.D>6V/EH'IQ( MW)&B=;OVS#"R1W+=0&=).IX=C'SS[E[%NU95_9G^4=,-F;7,",W`MS(,VXXV MC$]AXOCZAAVO,^\#33_;VT32T5E?1P*/CO,IUQ'J^+%1Y;ZG;`AY+KO:% MD%Y/>&38QF0@EO^./2+NPN0?("E\)8J6LDJ;8[O-+J&+_A@W!LS:7>P,\@ZR MI:B(.-I4&1M+1/([/*VM`VQ28HQT][']([D&/#M(R++;4(GK-=8M9P`D7Z,P72">\^(7BE0USN)(*V5[PFPLMU&!YF["8(ILS/P2/"@]^&43)%ZY28&^YEHY3Q M*N?H;5OI(L)9HNT1V9#A-52-]=XN:)S.%=IN06F-BE-7[?.%DX`I#EU!-,`= MR_45C5.UH'[J%"LLJ_;13CU/.']XPFD]<7K(-$X>@9M&$&_'F'%'^14,U[*P MLJK[]@8R:]>V\DU9::]\'8%_IR!PEQQC+U"S#-RG@P/]9%%H_9N*SSS-UZI] MF@C<5;U`39.U+Z4RCO(EI;?-:)2/UQZPU<2)7KCK")&JYA)'4MUBQ!$2WQ+F M,/)5Q^?+\E\XLXYX`^:RJ/WDTQ(%CF^V9A>$Y\\]V0>/TW5))?*V;/,E0 M]R%?P]3WLL5Z&,4W]\S]![V@T=H5F@(D9=.N1>7[B_6/WR"($-"SY0UX`;[8 M%H-3V3AJ=+/+D$6`Z71MS(IQ6R+I+0>S#9-)(:M)P66D%!2VF9=1L$B3F.!X M*+8!V:YA+F<:JYE#'4'Y+28*/8&60(V])0I/?DNB$UR""+XX.#U5X2[^`..? MG&4*KXJY5&F_.)&6F^EQJ5?1%V%`G')J71EX58Q3M+1V>`H6E->2R6(4H!Z@ M/=H#VN$]OCJ+FIM16F&#Z2"H2]J]J+"DEA#A`G44)M>."WW(/9;<+F@<`10: M?D%IF>[)^E7)-?.THL:I4U`'=DZB,4\=P*DB9='E! M+6%%80TIMO`:!NAWT/$?D1[)9NK"R1X2W=2D&6O;K''W;.*%T%Z-`D\BC4.&V;(@Z'=O-%O1RK2G#UYH(X'D^NX@3.\273 M6J3Q"X@NG"A:(OQH!&G5UK[11SU8EAR!;9S\X>=+..X\WO:)G966:^P;JYI" MHOV5OX!AVGBE^@#P2A.O`D`TK[5$O,K[1A(%Z%@2N1XC-IYDNP^&<2D7V3>B M"&.@*,1:-AU&CXX/BG<>=72JK6@NV1@E.!0D#@]Y[L1,3QWYAJJP M'NDGH4)VU"^Z&N*CW092C[,93_*R?!OC"8G-&#^&!?"ETVSANOO!E_:0=!I" M6].!Y7T4N@!X\352`!X]XPE[$\,P4#)-[`?5E"&CZ(YM$<:0K`(W27?6I9'* MXL"2R+'CX(\9=&>KNZ(+A"B.$QM!%\07:+4!D93`0Y#D@(E;LQ8?V0\N[A"[ M#F[XM-M'SME0>5TA?PY?KKT?3%0!2@>)F5I0C&H-V>*A;5<4K&-!GTWX.H-.S/L58`FZ:MV]TO.G8#EZ(S0);%/34I;40! M:UW>B"/9O!&#HSW-'/'IZ.SHRV=]F2.*BQ=>DHB-4M61<*S?<$A#S;N68HMH M5*:`3J,I&*!3$87PU"@HHJ$Z[2!P@E$Z%=0.3\&"\FJ_+E$?."&77#AX0K6" MP;00U.DV+22EM804M/$4YT<&Y\MOP)O"8$J.#?!=^0PN)&>'^L8,)E/;>:.A M\$9EI:!TG#N=,,L;K.?6&MNF@QP,EEB3"R>>7?OAZTIX[NQ"+6L<1^34N$T# M<2DMH4#9#X\?CH%2TCCUMYT*^)(INO*N'OWH57KN7E*RJ-_`ELN.<#V#"<%7 M+8\4,K)JMPJ,E\>;LN09UVY")XC':1(G3N`A@T>YX1.O;('V%0AL5.""&+B_ M3L.7CY#$2<<6XGCU,V;)<W`K4@O6;[!Z:PQ6WB5K:2+M,"6Q!?8LJU;$(A.05L5K>2)E+"=O%X7YT6SCY]1AM*;4X+ZT[&!>/C\K/!FS!S*SM?TJ^6UL?# MER"&TX"4Y?D_=/?!ZH`\T6]]I`FP;89VC)91-_C;'>?B3>1LC M@I/A9!"Y>]LJ;APA)/0AHDR.E-H/4%4M7S-A@3>,5_(7Q\?<>S:!FCV@!T?# MM%5L,Y&MX4J'?GT&L$/[;"*-EE$.'9VZ"!I`#VGM\!0L**\EED-Y;B6CZ""H MRVTZ2$AJ"1%*AG5M;<7].2AUC*.%09.(*%P6NHOL('*G`5R35S6/+I*"*[)( MQK.FF]AY^\$>OO"*'%!H##+A?/]$^'S_1/I\_\2>\WU^45/VN7S_[?-E]H!\ M'0.0-LE7=PUBCQJ[[H`Q1DF$,.U>12B%R*C#7-O/933K6MTYC6ET>3^G>3^G M>3^G>3^GZ<'S3:.(9/`TU!!7HRX2.GH9VDL*R5]?"\)@B:%2_#+4`([(J7&; M!N)26D(!VN$Z9S9B%3>.",;--U+(<2X5-$>]HXG!G5_8%8SCC)2*Q#1L\AQ" M#Q[KNE$*O*NW!0AB$`\#C\3H*Z6*HA6:.UU-HY0'M%Z@&([<$) M_@$3Y*1D!M"O_GD#IHY_%23(#%%F"DH)XQ1NS.0@"A;S+6'WVLYZ1C7QFW^N M=OU4GYY%8:TJHE84[:.5:K&_(V(&<>A##_M6_A["(/F!<,%W`$Q375O'*%76 M*J9JD9L)IUVY:M9GY,D@9P&__KLQ&C;.*(M!Q7FQJWF)3OK-WWP+&3Y"L*UOUYV"K./P:H'ZA`7T/(A?KG!GN1;B^G=Q2`X,E]QWM`PN!-X(J?N4_O"R8X1LRZ6 M'AVO56)&X)%4C$5NO/'%"(WW4#6AFWYNOTFM%+7.`@`J"E,N"8$+,039?NG* MB7`$WKB>K[OXI)V_@E$0@C7WQ-JM>@O/3$UV\P>'H%_@NX#8-DQK)A#5O;$_:I1,>Z$^1BN9H% MD:E9I]=7-(Y4G1]S",B?K[@.S%R.EP)[32.0114:!7_,H#N[)_CB0T@G6%Z$ MJ>^=D_A-/@+@Z@5?Z$X>T^<8>M")EI=@XJ0^[:"BHR_U@FP"_*"O[G;/81#R]9U M0+O[,(9$QU,T8*<(GG4`JUJNB35C,,W:,H/'NA;@6&+@2,1-M$4"'O"NPV@T MGR.T<>`9D"0^F1J$.=>DJ;WBG3*`M#NQ45=]ZSX/O7^EF5=>C,2\"X,%B"9A M-,=OAC&>H\#U4P_?1.<'BA#'QZ0'/E78\EZ0K6N\.CTU61_R4B.J_NUC1@R8 M11I%O_G_4$L#!!0````(`#6!:4?#=30&H!4``+CI```0`!P`;VQP+3(P,34P M.3,P+GAS9%54"0`#E0M!5I4+059U>`L``00E#@``!#D!``#M75MSVSBR?C]5 M^Q]X_)13M;9\R^S&E>R6;,N)9FW+8SG)[-,63$(2QA2A`4C;FE]_ND%"I'B! M2(F*Q5G6;&UDLM%$]X=+H[L!?/SGZ]2UGJF0C'N?]HX.#O=;=E3JA?F31;ESP9PQM:R?#@X/C@Y/#@[CTN=$`C7P4VR.#XX6 M;_3WN7=F'1UU_M8Y/CQZ#[_.3@[/CO]NW=TL*&]`AA%;3?HJG3-I3^B46#X1 M8^K?DBF5,V+33WL3WY^==3HO+R\'W*,N>Z3"G\\$G\&_C,H#FT\5U\,/)Z`W MXON"/08^O>)B>DE')'!]T*'W>T!<5150K4M1(4L$B=>`A2?/H$9+GWXY.>!B M#!\Z/.K\>G,]5)75Q,Q[IM)?T+\^"O=`4OM@S)\[X3NLX.&DN$=T[SOA2TWJ<<\+IOEL'5]T0'&T`T3[0$4%LQ>? M<`NKUTE=,?B"`Z^O#A M0T>]U:32GXE\$?FH:A6]4`66OP5O$!R96T:]R2\DN%M02+W) M*>31,0XZAL:')3L1V1Z,*I:EQA7B>=Q7(Z-ZII_.9LP;\>@1/,0&M\OIT?UX2%\0XTK%]R3W&4.5N.HE*Z60T?, M8TH$:%F',$A;"S;P^V)P.QQ<]R^[#[U+Z[Q[W;V]Z%G#+[W>P_!C)\T@S3N` M47[@_4/]G@DJ@:52%G;ZJ'1$8BII$]<.W#4*QC4K+A<]U>!L&;/%0SD8]6$6 MGE(#<#G$9O2.S>@-'^"?F][MP]`:7%G]VXO!3:_%<",,+_@4=#*AGF3/M!*@ M>27-Z)Y401>PO;OO?>G=#OO?>BW6M6!-Y.3*Y2^FL3:?WHSK^TJX=H=?K*OK MP?=V]#6B>'1X!= MS`O^0'96R,]*,K3>12S_KT71B&*TOM3_=CVGY_G,G_?!O!)3)4X$81E*8X7SV8X_QY60,I5=>V06L^\\9W MT!MM($[#5DQHANTX"UO$RHIY69I9"ULYV'I$>*`W>4?%!9].N3>L@*N"'Z%%J^282%P*,Q,\F'%)W,'H M;D&.1!R'K``J!<^4D!*(^],980+MC<':"^4BL>@E&MXSUSU$*!- M&KP_<^;YWX`$^,C,<%`C9W,C^BG;B/2W+?UQ2W_]KU;\?2M1`=5\DE6P5!TL M78FV/95K3WV5I($]L.]]]>PB3-.-I6PQ6YJ<74&W'*]OQF$<'HPM!'98QTY;>&0$Z M.LSI7E`:[:RP?(M'V661B]/('0'*!T$\2>R"A5$!G1FG'(]1Q,E2K*PDKQ:S M/,''@DPS"]>RY%LAHC+E,5F,PL"6R'=8166&,,?'%/;',#$_R:E%JQQ:5X2);\0-Z`T8 MYO"W"GNEP)?T]`.%[SWF(9=Z;8J=_M3D`&T4E']"1G`'32&O"\>00_BL=H;3>A2Q;##<*58;AA538 M89Z/[!HWH!\2X6J;6"TKUOSV M8J0U@G^4,WP4K5Y;".M8QN8C:"(U`_@^"V#!DK;%KZZLS8(=3ROI34B>5LSA M;/<]U6.`%V!I)C8#625)L(7QQR:@%.IKUSFI;T1M9\%NSW5>T MIC8O;8=:4\D$LX+!IV)I<[O8+$NMG8YJRUBMEK+9YUYK$50%JF MB!G5ZEEM+;";Y+<5]OKBL7-6&^:-=?"7T\TH@AL([$9V@K9="V*M00D"D`T MTIHQ+)]EUT)8)X3'53`\7@EB)A]H%8C6<0MC#3">5('Q9"6,Y<.#&L:3%L8: M8#RM`N/I2AA/*\-X^M\`(_X?GD]^3T>6.DS\##"CG_8DF\Y)VZF@+9&X[Z5KBG%11]5[,@PLYPR9QUWHD;5$?7?<_JU"45 M(%%5JA1X.R@4M)*J0BTWK!V4R26/566"(M3=CC@?.^FSUJ,GRV>RJQ/903(N M?,O+O?G!&_$-;<5OW*E]O'`^/VCX_VCGP[@V[K":]4C>9M"M;IP[[:N MZF0/P"]5%U>(I5)K5<1X)4%!+7++X(_]N/":- MYE`&$54$_UK<&H&8G"`FE362N22D9`5T`?SR^Z5O%G[/>%6$2?VY!3O4]:5^ MLA^S"NNB[H,H M$O+37EEBYKH8(O^TYXL`_@Y':W71QQGS?#JFHN_3*1H:H(_@4?K,#U`;GP4/ M9@M*(`'YU&_X&N/.@^+C!"+:5UA5=FPD6OYE@1ZH1\"LZWN19-&)H$D%Y9!L M(A>!MZBS3WLCXLH0_!0SEKD/N=$ M.(/1)1/4]KF0WYA-+R:8N$.\&XH`QK*6H0WE"R\0.G/XE##O;05,>.T7'GLF MPXMYT.VWP.B!OOKG+I#%`J]3=DD!OGY>6@Z\V ME2`"U)I-$9O%TGSP#',&$6(.0DO%+ZVF M[Y2-)R!:%R0B8UAR8/L$J3#5I$@OYC))16C4WGA>,MURD)V-RE'OVAS4D[!" M?+FD,RZ9CTF'`W]"15=*JOZZIS9ESXE]"2AIE3(_M'T7#@/IYIVV)S_SP'7" M7#B86Z_O]"`KQKEI?UXF\NBMBJSW':/HS7\^EKS[>WJ:R8;M3 M7-LE9%RG<),TH=/V[Z'A8I;#=?]\<(]_I`>YM0KOW%A^0WZ#7LML[:RX(1X8 MBN%U%V*6EKD<]8Z-\C?DE4V#:7<\%LI?B[XG>2=@-3\8A8E*#_R<#J'?*B=5 MP8%C6EVU\#(,?)7[AW&H*UB,;.H+Y)Y-Y`2=0:%W$B\W`FMOS$`H-0HN#C-8 M>`0K%6F8?G+\A=0/4_ZON917@D_#'3\!M(+$KK5GPI2<#SSA>L$)A(J$[5\' MKVV.P,5+W)5=CFKS.%_"5Y\)&M-=&'-H9%]]GS![ M$M[^@TEXQ(-)&%9,YZH7X78W=;X3C$D@&',8"'L97LB=]5?7_H'=\W9GPQ&# M%X\ZN(Q6'8@ZY_,>L2?%5FM6;9OP^L$:6NUI6HY=##%();O^PX2N"G/DDNYN M`UAY2GU20B-Q(V7\SOQ)W-WE(/"Q83@PD522WL3FK?62GF&4GRSG2FJ<2Q,R M_!(0EXW02=R57Z@SIA)F76CDY!5:=C0`*OL.Y]_ESAQJ_P=\IV%&41J).S*? MJBE#+1E*/\LVM"+@S".8]:'F;9A&LF.8)&<&,V:6HLE2NQ(T*?$.'X7/+K,UE";@O&K*7PFZ@J!=Z`BW?D\)HFZ M9_>%""<5BE3/OJ$SR1O?J2K$.MKF-]X\YIF>"+Z"7M7011WCTK<$W78G@,4J M8ELK7H/%F?9#EB#=,2=DJFDN%M_,#?`ZX7!#IF>[`9K17U4HA3KW%`=M6]TW M#"-;2+5D;H>:VQ9S4WPF9+H;`2L[W&U!W,3A8+`H#3.70J=8=L"(AY,P.=%% MJWS9\-H*YV8H5;'GU68*^,4F?5Q3`@^GZU682SR-3 M]W3#4NV.,.7O$5W;!A$2,U?Y$KN1I%$F4U0EEE'G"G=PT&M8Q";GG_CPJO3< MF[#'T_-[C2PWFL[KR2B]?T";#H^["*0_I'8@5.4SV:0KZ'8N,AA[+73?UJNJ M:TZ\?.=1E3*;]/OJ/L_T^*;FO/!\@LM`+`Q$E2)X2U_4&_3-W`EN4^J^6C@U;.V>UF:\JM%>X+YWP^P)&\>ITNGUDH&RL4E>>F33LD%3P$PH M;/]HJ>>,@<64D=0@\BQ\]\;^Y6*;N[QUOK.#W7D@F4>E!#/O,3JW[9[:?.RI M]9:#V6PC%?B*4BXC]&!.3YX?"5U]"CT\8"X.<;(_G0G^G+Q^1TT$V__4;A@7 MJ\-.=:JB.)M@&XHO_MK;1-I737=W0"JNF+2)^V]*1/Z]%\LC=;4B-0[9VUS6 M7`0"0]K5-%&U4$-T4;"ZO>5^Z"O`5HX.N,"/O.K1L=DP52G*%:OD*GR:L29> MY-A<<8&QE]B(AXI(B:T"AY+/`#"&_<#F>^#+7MW(2MB<3\/MQ9QC5T%*K9_" MMPV7.O:XX?%W`'Z80Y&Z"N]W%B3 M2S-2U.M17F:?P^9LFK/MH?@DZ,+&5:U(,UM2H8R9QE**LM'M0(MAGC91DX$431\#(6F4EQ.+J?,%1 MJ,)S`AS\B:L].3_SV8S<0$N'QNDLMYBU2S>D`>F007<&BYQIE'CNTM>O'O/E M72#L2>@870XXKJ3>T7!C9KX!Q.X9GE:`LP@FB&K!Y!!>S8@&VI]INQFQUTY%D M#L5P*Q=1#$JNT-5FG`U*K1RBW:9:];RKCMA23BI8/HOY%ZC_[6]I7V@9TH;T MJ.4C0BXIV(V`-(;A/-S;>$\COW<(>2)F&QT_<1X:3HM&5"._9EN`>3N"NT#A M(%5JR"Y%VI`&=:]\O^%B+^'&RSYN^,(H/N%`VUMXKVCT,^F+4WLZH'4+:K.H M2NDS$M;@T.S.L90:%:5$:;44O&MX<[GE7N[U@_.T6;^*K"'I$)E]]Q?G\?+M M^OH"%_Z^[(Y&,-K!DU20K31U0[5QK\X!CP].$-('0XN(ISN7_$&NR1-]X=RY MX"XL[AR>]A6L5;8ATT?&N%+=P(49\AQ,4D=>\X#)9_0D_0NS2.RG^0KCK'SY MIFKH6BWO`>L7&:_UL!U,.1=]S+[E+!/.WXA'0S15VWVOQ5[_[7ZBF5&"+>@D MXR#<\C>:XT74FQX?N'9SX?K=HT)JU9C.WTIM*EV?2\.M,YV8C*O7WBNV()@E M)M3Y.N,>-)UG.L?O+;W1#_0EWXK4-'H@A MY(3-XJ16G4RG];9.P?P>ND9^[#8[9VG!HHTR@T*S=![4GKKT MU+\YFR;/[GC$$B;W,G2F;3+!5V?4\#F^(+SQ2P`/<%OF%:6K0B%IVF;/UV6$ MQ!/3)[`NU`'W*@K**?OG5UA\"&;5]I0IV71EI5-:8@%AJ$Z,XDL;Z*H7:[:: M%G<3=)W?@NC$9%@4W'(/:J'.KX>OW3/Y%*?/)_+,,B=KUL>NV6K5Z?(#O*AD MQB5Q]=%:*F?:Y2_]Z2SAQZE`W_!IL'B*[^.%?#9WO5OZ*(A\(FE#O'K!AECG MJ[(4RV8S_NFZ#0OWZ"2OD\HL2R)P^R3?L2EI8?:;I%[&$8-?!IU MED^Y17YD$<%Z))KFOU#7B;9`]?&:B%.S`Z!4^4;K;3G.9QR:RY$V9##NPOKT MA/=V#8!(;H@!YFF6DGU8@W1A\DR MP=7#A+P\,>@/+S]3(>F\O%EC*MP0W:P7Z<5M[NNG(/_@;S8%B86W?C"Z@@67 M9X,LN-3O>VK2#W/C%CHL2]T(1W_LN8YS0Z6V(6%2=PG`/6+4P9..N[8=3`,U MO0]LUO=\'L9!HIWBLC<:45M=*(5'0'$OD67X`[[3<*NVZSC*5B=NM#*-+?O%V@Q#] MO%&K7+%&#%^8DOJ*621?>G=?A\EK<+51>4E=O-9[,>,-?1?-S!LF)0\$6VXN M];%K:/KC'?$G4R*>A@'PQQ\TE1%O(FBHS,IW-$#?T1"^B6<98MI_>#E6K>"P)!8[3$K2-EPCZJ``L``00E#@``!#D!``!02P$"'@,4````"``U M@6E'QTA`@N0.```XX@``%``8```````!````I(&O``$`;VQP+3(P,34P.3,P M7V-A;"YX;6Q55`4``Y4+059U>`L``00E#@``!#D!``!02P$"'@,4````"``U M@6E''&,^P,DL``#@Z@(`%``8```````!````I('A#P$`;VQP+3(P,34P.3,P M7V1E9BYX;6Q55`4``Y4+059U>`L``00E#@``!#D!``!02P$"'@,4````"``U M@6E'`L``00E#@``!#D!``!02P$"'@,4````"``U M@6E'IA==]")/``"_K@4`%``8```````!````I(%*S0$`;VQP+3(P,34P.3,P M7W!R92YX;6Q55`4``Y4+059U>`L``00E#@``!#D!``!02P$"'@,4````"``U M@6E'PW4T!J`5``"XZ0``$``8```````!````I(&Z'`(`;VQP+3(P,34P.3,P M+GAS9%54!0`#E0M!5G5X"P`!!"4.```$.0$``%!+!08`````!@`&`!0"``"D %,@(````` ` end XML 19 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
New Accounting Pronouncements
9 Months Ended
Sep. 30, 2015
New Accounting Pronouncements  
New Accounting Pronouncements

 

Note 16 - New Accounting Pronouncements

 

In September 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement Period Adjustments, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The effective date of the standard will be for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs, which amends the balance sheet presentation for debt issuance costs. Under the amended guidance, a company will present unamortized debt issuance costs as a direct deduction from the carrying amount of that debt liability. The guidance is to be applied on a retrospective basis, and is effective for annual reporting periods beginning after December 15, 2015, with early adoption being permitted.  The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under this analysis, limited partnerships and other similar entities will be considered a VIE unless the limited partners hold substantive kick-out rights or participating rights. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company has not elected early adoption and is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements.

 

In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items, which simplifies income statement presentation by eliminating extraordinary items from US GAAP. The ASU retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. The ASU is effective in annual periods, and interim periods within those annual periods, beginning after December 15, 2015.  Early adoption is permitted; however, adoption must occur at the beginning of an annual period.  An entity can elect to apply the guidance prospectively or retrospectively.  The Company had elected early adoption for the year ended December 31, 2014, and its adoption did not have any impact on its consolidated financial statements.

 

In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures.  For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued.  The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.  Early application is permitted.  The Company has elected early adoption for the year ending December 31, 2015, and its adoption is not expected to have any impact on its consolidated financial statements.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized.  The effective date of this standard will be for fiscal years, and interim periods within those years, after December 15, 2017.  Early adoption is permitted after December 15, 2016.  Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in the ASU.  The Company is currently in the process of evaluating the impact, if any, the adoption of this ASU will have on its consolidated financial statements.

XML 20 R42.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Majestic        
Related Party Transaction        
Quarterly fees under compensation and services agreement $ 633,750 $ 602,500 $ 1,901,000 $ 2,252,000
Overhead expenses under compensation and services agreement 48,900 46,600    
Management fees under compensation and services agreement 223,125 212,500    
Chairman        
Related Party Transaction        
Quarterly fees under compensation and services agreement     65,625 62,500
Vice Chairman        
Related Party Transaction        
Quarterly fees under compensation and services agreement     26,250 25,000
Gould Investors L.P.        
Related Party Transaction        
Insurance Reimbursement 513,000 400,000 513,000 400,000
Share of property insurance premiums 121,000 86,000 235,000 186,000
Joint venture partners        
Related Party Transaction        
Real estate management and acquisition costs $ 64,000 $ 10,000 528,000 $ 31,000
Financing fee received     $ 131,000  
Percentage of financing fees in Other Income     50.00%  
XML 21 R37.htm IDEA: XBRL DOCUMENT v3.3.0.814
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
item
Jun. 30, 2014
USD ($)
item
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
item
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
Variable Interest Entities                
Mortgage debt $ 325,601,000     $ 325,601,000   $ 325,601,000   $ 292,049,000
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Carrying Amount 16,532,000     16,532,000   16,532,000    
Unbilled rent receivable 13,707,000     13,707,000   13,707,000   12,815,000
Maximum Exposure to Loss 16,532,000     16,532,000   16,532,000    
Restricted cash 1,108,000     1,108,000   1,108,000   1,607,000
Land 25,306,000     25,306,000   25,306,000    
Accrued expenses and other liabilities 15,243,000     15,243,000   15,243,000   12,451,000
Non-controlling interests in joint ventures 2,078,000     2,078,000   2,078,000   1,628,000
Investment in unconsolidated joint ventures 11,273,000     11,273,000   11,273,000   4,907,000
Impairment charge         $ 1,093,000   $ 1,093,000  
Noxell Corporation industrial building, Joppa, Maryland                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Ownership interest in consolidated joint venture of the company (as a percent)     95.00%          
Land 3,815,000     3,815,000   3,815,000   3,805,000
Buildings and improvements, net of depreciation           7,909,000   8,069,000
Cash 824,000     824,000   824,000   527,000
Prepaid expenses and receivables 56,000     56,000   56,000   42,000
Accrued expenses and other liabilities 120,000     120,000   120,000   152,000
Non-controlling interests in joint ventures $ 323,000     $ 323,000   323,000   312,000
Depreciation           $ 275,000   17,000
Non Variable Interest Entity | Consolidated JV                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Number of joint ventures with controlling interest | item           6    
Non Variable Interest Entity | Minimum | Consolidated JV                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Ownership interest in consolidated joint venture of the company (as a percent) 85.00%     85.00%   85.00%    
Non Variable Interest Entity | Maximum | Consolidated JV                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Ownership interest in consolidated joint venture of the company (as a percent) 95.00%     95.00%   95.00%    
MCB Real Estate LLC And Its Affiliates | Consolidated JV                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Number of joint ventures with controlling interest | item           5    
Investment in consolidated joint ventures $ 19,240,000     $ 19,240,000   $ 19,240,000    
MCB Real Estate LLC And Its Affiliates | Consolidated JV | Pathmark supermarket in Philadelphia, Pennsylvania                
Variable Interest Entities                
Mortgage debt 4,500,000     4,500,000   4,500,000    
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Investment in consolidated joint ventures 3,100,000     3,100,000   $ 3,100,000    
Wrote off of straight line rent 89,000              
Wrote off of intangible lease liabilities 124,000              
Increase in rental income 35,000              
Wrote off of tenant origination costs 380,000              
Percentage of rental income           1.30%    
Land - The Meadows Apartments, Lakemoor, Illinois                
Variable Interest Entities                
Contract purchase price (real estate)   $ 9,300,000       $ 9,300,000    
Number of apartment units in the complex purchased | item   496            
Mortgage debt 43,824,000     43,824,000   43,824,000    
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Land 9,563,000     9,563,000   9,563,000    
Land - The Meadows Apartments, Lakemoor, Illinois | Land                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Carrying Amount 9,563,000     9,563,000   9,563,000    
Maximum Exposure to Loss 9,563,000     9,563,000   9,563,000    
Land - River Crossing Apartments, Sandy Springs, Georgia                
Variable Interest Entities                
Contract purchase price (real estate)     $ 6,510,000          
Number of apartment units in the complex purchased | item     196          
Mortgage debt 16,230,000     16,230,000   16,230,000    
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Additional reserve received for tenant improvements       39,000   39,000    
Restricted cash for tenant improvements and other reserve, net     $ 1,894,000     (538,000) 0  
Restricted cash 1,108,000     1,108,000   1,108,000   $ 1,607,000
Land - River Crossing Apartments, Sandy Springs, Georgia | Land                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Carrying Amount 6,528,000     6,528,000   6,528,000    
Maximum Exposure to Loss 6,528,000     6,528,000   6,528,000    
Land - River Crossing Apartments, Sandy Springs, Georgia | Unbilled rent receivable                
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure                
Carrying Amount 441,000     441,000   441,000    
Maximum Exposure to Loss $ 441,000     441,000   441,000    
The Meadows Apartments, Lakemoor, Illinois and River Crossing Apartments, Sandy Springs, Georgia                
Variable Interest Entities                
Revenue from the ground lease       $ 460,000 $ 232,000 $ 1,166,000 $ 299,000  
XML 22 R47.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Details 2) - Interest rate derivatives - Cash flow hedges
9 Months Ended
Sep. 30, 2015
USD ($)
item
Fair Value Measurements  
Number of interest rate derivatives held 24
Number of mortgage loans outstanding 24
Notional Amount | $ $ 117,401,000
Weighted average maturity 7 years 7 months 6 days
Fixed annual interest rate lower end of range (as a percent) 3.55%
Fixed annual interest rate higher end of range (as a percent) 5.75%
Weighted average annual interest rate (as a percent) 4.66%
XML 23 R9.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 16,712,000 $ 10,609,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of real estate (5,392,000)  
Purchase price fair value adjustment (960,000)  
Gain on sale - investment in BRT Realty Trust (related party)   (134,000)
Impairment loss   1,093,000
Increase in unbilled rent receivable (1,327,000) (1,108,000)
Write-off of unbilled rent receivable 315,000  
Amortization of intangibles relating to leases, net (621,000) (144,000)
Amortization of restricted stock expense 1,742,000 1,368,000
Equity in earnings of unconsolidated joint ventures (311,000) (397,000)
Distributions of earnings from unconsolidated joint ventures 465,000 399,000
Depreciation and amortization 12,090,000 10,985,000
Amortization and write-off of financing costs 828,000 741,000
Payment of leasing commissions (709,000) (165,000)
Changes in assets and liabilities:    
(Increase) decrease in escrow, deposits, other assets and receivables (178,000) 535,000
Increase (decrease) in accrued expenses and other liabilities 662,000 (383,000)
Net cash provided by operating activities 23,316,000 23,399,000
Cash flows from investing activities:    
Purchase of real estate (67,548,000) (33,167,000)
Improvements to real estate (2,479,000) (716,000)
Net proceeds from sale of real estate 16,025,000 5,177,000
Purchase of partner's interest in unconsolidated joint venture (6,300,000)  
Investment in unconsolidated joint ventures (12,686,000)  
Net proceeds on sale - investment in BRT Realty Trust (related party)   266,000
Distributions of return of capital from unconsolidated joint ventures 761,000 53,000
Net cash used in investing activities (72,227,000) (28,387,000)
Cash flows from financing activities:    
Scheduled amortization payments of mortgages payable (5,679,000) (5,675,000)
Repayment of mortgages payable (25,308,000) (25,456,000)
Proceeds from mortgage financings 66,005,000 46,839,000
Proceeds from sale of common stock, net 2,934,000 3,775,000
Proceeds from bank line of credit 45,400,000 27,500,000
Repayment on bank line of credit (22,900,000) (29,500,000)
Issuance of shares through dividend reinvestment plan 3,085,000 3,363,000
Payment of financing costs (996,000) (712,000)
Capital contributions from non-controlling interests 713,000 306,000
Distributions to non-controlling interests (1,670,000) (199,000)
Cash distributions to common stockholders (19,121,000) (17,625,000)
Net cash provided by financing activities 42,463,000 2,616,000
Net decrease in cash and cash equivalents (6,448,000) (2,372,000)
Cash and cash equivalents at beginning of period 20,344,000 16,631,000
Cash and cash equivalents at end of period 13,896,000 14,259,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest expense 11,830,000 12,382,000
Cash paid during the period for Federal excise tax, net 300,000 64,000
Supplemental schedule of non-cash investing and financing activities:    
Mortgage debt extinguished upon conveyance of property to mortgagee by deed-in-lieu of foreclosure 1,466,000  
Consolidation of real estate investments 2,633,000  
Purchase accounting allocation - intangible lease assets 5,780,000 1,999,000
Purchase accounting allocation - intangible lease liabilities $ 5,366,000 $ 2,844,000
XML 24 R43.htm IDEA: XBRL DOCUMENT v3.3.0.814
Common Stock Cash Dividend (Details) - USD ($)
9 Months Ended
Sep. 10, 2015
Sep. 30, 2015
Sep. 30, 2014
Common Stock Cash Dividend      
Quarterly cash distributions declared per share of common stock (in dollars per share) $ 0.39    
Quarterly cash dividend declared $ 6,476,000 $ 19,277,000 $ 17,796,000
XML 25 R29.htm IDEA: XBRL DOCUMENT v3.3.0.814
Real Estate Acquisitions and Contingent Liability (Tables)
9 Months Ended
Sep. 30, 2015
Real Estate Acquisitions  
Schedule of acquisitions of real estate and interest in joint venture

 

The following chart details the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

Description of Property

 

Date Acquired

 

Contract
Purchase
Price

 

Terms of Payment (a)

 

Third Party Real
Estate
Acquisition
Costs (b)

 

Marston Park Plaza retail stores,
Lakewood, Colorado (c)

 

February 25, 2015

 

$

17,485 

 

Cash and
$11,853 mortgage (d)

 

$

184 

 

Interline Brands distribution facility,
Louisville, Kentucky

 

March 18, 2015

 

4,400 

 

Cash and
$2,640 mortgage (e)

 

42 

 

Land — The Meadows Apartments,
Lakemoor, Illinois

 

March 24, 2015

 

9,300 

 

All cash

 

(f)

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (g)

 

March 31, 2015

 

6,300 

 

All cash (g)

 

 

Archway Roofing industrial facility,
Louisville, Kentucky (h)

 

May 20, 2015

 

300 

 

All cash

 

15 

 

JCIM - industrial facility,
McCalla, Alabama

 

July 28, 2015

 

16,750 

 

All cash

 

45 

 

Fedex & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

September 25, 2015

 

19,050 

 

Cash and
$12,383 mortgage (i)

 

81 

 

Other costs (j) 

 

 

 

 

 

 

50 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

 

 

$

73,585 

 

 

 

$

417 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.

(b)

Included as an expense in the accompanying consolidated statements of income.

(c)

Owned by a joint venture in which the Company has a 90% interest.  The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.

(d)

The new mortgage debt bears interest at 4.12% per annum and matures February 2025.

(e)

The new mortgage debt bears interest at 3.88% per annum and matures February 2021.

(f)

Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.

(g)

The Company purchased its unconsolidated joint venture partner’s 50% interest for $6,300. The payment was comprised of (i) $2,636 paid directly to the partner and (ii) $3,664, substantially all of which was used to pay off the partner’s 50% share of the underlying joint venture mortgage.

(h)

This property is adjacent to the Interline Brands distribution facility purchased in March 2015.

(i)

The new mortgage debt bears interest at 3.85% per annum and matures August 2024.

(j)

Costs incurred for potential acquisitions and transactions that were not consummated.

Schedule of allocation of purchase price for the company's acquisitions of real estate and an interest in joint venture

 

The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

 

 

 

 

 

 

Building

 

Intangible Lease

 

 

 

Description of Property

 

Land

 

Building

 

Improvements

 

Asset

 

Liability

 

Total

 

Marston Park Plaza retail stores,
Lakewood, Colorado

 

$

6,005

 

$

10,109

 

$

700

 

$

1,493

 

$

(822

)

$

17,485

 

Interline Brands distribution facility,
Louisville, Kentucky

 

578

 

3,622

 

105

 

95

 

 

4,400

 

Land — The Meadows Apartments,
Lakemoor, Illinois (a)

 

9,563

 

 

 

 

 

9,563

 

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (b)

 

3,768

 

11,262

 

570

 

922

 

(3,929

)

12,593

 

Archway Roofing industrial facility,
Louisville, Kentucky

 

51

 

221

 

9

 

19

 

 

300

 

JCIM - industrial facility,
McCalla, Alabama

 

1,601

 

14,618

 

180

 

474

 

(123

)

16,750

 

FedEx & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

3,728

 

12,456

 

550

 

2,777

 

(461

)

19,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotals

 

25,294

 

52,288

 

2,114

 

5,780

 

(5,335

)

80,141

 

Other (c)

 

12

 

19

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

25,306

 

$

52,307

 

$

2,114

 

$

5,780

 

$

(5,366

)

$

80,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Includes capitalized transaction costs of $263 incurred with this asset acquisition.

(b)

Fair value of the assets previously owned by an unconsolidated joint venture of the Company.  The Company owns 100% of this property as a result of its purchase of its partner’s 50% interest on March 31, 2015.

(c)

Adjustments to finalize the purchase price allocation relating to a property purchased in October 2014.

XML 26 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Common Share (Tables)
9 Months Ended
Sep. 30, 2015
Earnings Per Common Share  
Schedule of reconciliation of numerator and denominator of earnings per share calculations

 

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,791

 

$

2,647

 

$

16,712

 

$

10,596

 

Less net income attributable to non-controlling interests

 

(3

)

(27

)

(1,386

)

(76

)

Less earnings allocated to unvested restricted stock (a)

 

(210

)

(178

)

(631

)

(534

)

 

 

 

 

 

 

 

 

 

 

Income from continuing operations available for common stockholders

 

3,578

 

2,442

 

14,695

 

9,986

 

Discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders, basic and diluted

 

$

3,578

 

$

2,442

 

$

14,695

 

$

9,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:
— weighted average common shares

 

16,014

 

15,650

 

15,892

 

15,508

 

Effect of diluted securities:
— restricted stock units awarded under Pay-for-Performance program

 

100

 

100

 

100

 

100

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings per share
— weighted average shares

 

16,114

 

15,750

 

15,992

 

15,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, diluted

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,520

 

Income from discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc.

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

Represents an allocation of distributed earnings to unvested restricted stock, which as participating securities, are entitled to receive dividends.

XML 27 R44.htm IDEA: XBRL DOCUMENT v3.3.0.814
Shares Issued Through Equity Offering Program (Details) - USD ($)
9 Months Ended
Oct. 07, 2015
Mar. 20, 2014
Sep. 30, 2015
Shares Issued Through Equity Offering Program      
Maximum aggregate sales price of shares to be sold under an Equity Offering Sales Agreement (in dollars)   $ 38,360,000  
Number of shares sold (in shares) 33,103   135,000
Proceeds from sale of shares, net of commission and before offering costs $ 725,200   $ 3,013,400
Payment of commissions on sale of shares $ 7,300   30,400
Payment of offering costs on sale of shares     $ 79,000
XML 28 R30.htm IDEA: XBRL DOCUMENT v3.3.0.814
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables)
9 Months Ended
Sep. 30, 2015
Unconsolidated JV  
Summary of our variable interests in identified VIEs

 

The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September 30, 2015 (amounts in thousands):

 

Property

 

Type of Exposure

 

Carrying
Amount

 

Maximum
Exposure to Loss

 

River Crossing Apartments,
Sandy Springs, Georgia

 

Land

 

$

6,528 

 

$

6,528 

 

 

 

Unbilled rent receivable

 

441 

 

441 

 

The Meadows Apartments,
Lakemoor, Illinois

 

Land

 

9,563 

 

9,563 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

16,532 

 

$

16,532 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated JV  
Summary of our variable interests in identified VIEs

 

The following is a summary of the carrying amounts and classification in the Company’s consolidated balance sheets of the VIE’s accounts, none of which are restricted (amounts in thousands):

 

 

 

September 30,

 

December 31,

 

 

 

2015

 

2014

 

Land

 

$

3,815 

 

$

3,805 

 

Building and improvements, net of depreciation of $275 and $17, respectively

 

7,909 

 

8,069 

 

Cash

 

824 

 

527 

 

Prepaid expenses and receivables

 

56 

 

42 

 

Accrued expenses and other liabilities

 

120 

 

152 

 

Non-controlling interest in joint venture

 

323 

 

312 

 

 

XML 29 R31.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2015
Stock Based Compensation  
Summary of the activity of the equity incentive plans excluding the 200,000 units

 

The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Restricted share grants

 

 

 

129,975

 

118,850

 

Per share grant price

 

 

 

$

24.60

 

$

20.54

 

Deferred compensation to be recognized over vesting period

 

 

 

$

3,197,000

 

$

2,441,000

 

Number of non-vested shares:

 

 

 

 

 

 

 

 

 

Non-vested beginning of period

 

538,990

 

481,045

 

480,995

 

470,015

 

Grants

 

 

 

129,975

 

118,850

 

Vested during period

 

 

 

(71,980

)

(101,300

)

Forfeitures

 

 

(50

)

 

(6,570

)

 

 

 

 

 

 

 

 

 

 

Non-vested end of period

 

538,990

 

480,995

 

538,990

 

480,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following information includes the 200,000 Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average per share value of non-vested shares (based on grant price)

 

$

17.12

 

$

14.55

 

$

17.12

 

$

14.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of shares vested during the period (based on grant price)

 

$

 

$

 

$

607,000

 

$

621,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The total charge to operations for all incentive plans is as follows:

 

 

 

 

 

 

 

 

 

Outstanding restricted stock grants

 

$

550,000

 

$

419,000

 

$

1,653,000

 

$

1,281,000

 

Outstanding restricted stock units

 

30,000

 

29,000

 

89,000

 

87,000

 

 

 

 

 

 

 

 

 

 

 

Total charge to operations

 

$

580,000

 

$

448,000

 

$

1,742,000

 

$

1,368,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 30 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY        
Distributions - common stock, Cash per share (in dollars per share) $ 0.39 $ 0.37 $ 1.17 $ 1.11
XML 31 R32.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2015
Fair Value Measurements  
Schedule of available-for-sale securities and derivative financial instruments measured at fair value

 

The fair value of the Company’s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):

 

 

 

 

 

Carrying and

 

Fair Value Measurements
on a Recurring Basis

 

 

 

As of

 

Fair Value

 

Level 1

 

Level 2

 

Financial assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

Equity securities

 

September 30, 2015

 

$

31 

 

$

31 

 

$

 

 

 

December 31, 2014

 

29 

 

29 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

 

$

 

$

 

 

 

December 31, 2014

 

27 

 

 

27 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

5,705 

 

$

 

$

5,705 

 

 

 

December 31, 2014

 

3,139 

 

 

3,139 

 

 

Schedule of effect of derivative financial instruments on statements of income

 

 

The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

One Liberty Properties and Consolidated Subsidiaries

 

 

 

 

 

 

 

 

 

Amount of loss recognized on derivatives in Other comprehensive loss

 

$

(3,609

)

$

(357

)

$

(4,500

)

$

(2,765

)

Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense

 

(574

)

(476

)

(1,921

)

(1,300

)

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Ventures (Company’s share)

 

 

 

 

 

 

 

 

 

Amount of (loss) gain recognized on derivatives in Other comprehensive loss

 

$

(122

)

$

11

 

(147

)

$

(37

)

Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures

 

(29

)

(28

)

(80

)

(83

)

 

XML 32 R40.htm IDEA: XBRL DOCUMENT v3.3.0.814
Allowance for Doubtful Accounts (Details) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Allowance for Doubtful Accounts    
Balance in allowance for doubtful accounts $ 0 $ 0
XML 33 R2.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Real estate investments, at cost    
Land $ 190,016,000 $ 165,153,000
Buildings and improvements 470,771,000 416,272,000
Total real estate investments, at cost 660,787,000 581,425,000
Less accumulated depreciation 84,426,000 76,575,000
Real estate investments, net 576,361,000 504,850,000
Property held-for-sale   10,176,000
Investment in unconsolidated joint ventures 11,273,000 4,907,000
Cash and cash equivalents 13,896,000 20,344,000
Restricted cash 1,108,000 1,607,000
Unbilled rent receivable (including $120 related to property held-for-sale in 2014) 13,707,000 12,815,000
Unamortized intangible lease assets, net 30,188,000 27,387,000
Escrow, deposits and other assets and receivables 4,656,000 4,310,000
Unamortized deferred financing costs, net 4,207,000 4,043,000
Total assets 655,396,000 590,439,000
Liabilities:    
Mortgages payable 325,601,000 292,049,000
Line of credit 35,750,000 13,250,000
Dividends payable 6,476,000 6,322,000
Accrued expenses and other liabilities 15,243,000 12,451,000
Unamortized intangible lease liabilities, net 14,827,000 10,463,000
Total liabilities $ 397,897,000 $ 334,535,000
Commitments and contingencies
One Liberty Properties Inc. stockholders' equity:    
Preferred stock, $1 par value; 12,500 shares authorized; none issued
Common stock, $1 par value; 25,000 shares authorized; 16,073 and 15,728 shares issued and outstanding $ 16,073,000 $ 15,728,000
Paid-in capital 227,283,000 219,867,000
Accumulated other comprehensive loss (5,860,000) (3,195,000)
Accumulated undistributed net income 17,925,000 21,876,000
Total One Liberty Properties, Inc. stockholders' equity 255,421,000 254,276,000
Non-controlling interests in consolidated joint ventures 2,078,000 1,628,000
Total equity 257,499,000 255,904,000
Total liabilities and equity $ 655,396,000 $ 590,439,000
XML 34 R45.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock Based Compensation (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Total charge to operations and other disclosure for all incentive plans, including the 200,000 Units, is as follows:        
Share based compensation charged to operations $ 580,000 $ 448,000 $ 1,742,000 $ 1,368,000
Compensation costs related to non-vested awards that have not yet been recognized $ 6,311,000   $ 6,311,000  
Approximate weighted average vesting period     2 years 3 months 18 days  
Restricted stock grants        
Summary of the activity of the incentive plans        
Restricted share grants     129,975 118,850
Per share grant price (in dollars per share)     $ 24.60 $ 20.54
Deferred compensation to be recognized over vesting period     $ 3,197,000 $ 2,441,000
Number of non-vested shares:        
Non-vested beginning of period (in shares) 538,990 481,045 480,995 470,015
Grants (in shares)     129,975 118,850
Vested during period (in shares)     (71,980) (101,300)
Forfeitures (in shares)   (50)   (6,570)
Non-vested end of period (in shares) 538,990 480,995 538,990 480,995
Total charge to operations and other disclosure for all incentive plans, including the 200,000 Units, is as follows:        
Average per share value of non-vested shares (based on grant price) (in dollars per share) $ 17.12 $ 14.55 $ 17.12 $ 14.55
Value of shares vested during the period (based on grant price)     $ 607,000 $ 621,000
Share based compensation charged to operations $ 550,000 $ 419,000 1,653,000 1,281,000
Restricted stock units        
Total charge to operations and other disclosure for all incentive plans, including the 200,000 Units, is as follows:        
Share based compensation charged to operations $ 30,000 $ 29,000 $ 89,000 $ 87,000
2012 Incentive Plan        
Stock Based Compensation        
Number of shares authorized for issuance 600,000   600,000  
Shares issued pursuant to plan     359,000  
2009 Incentive Plan        
Summary of the activity of the incentive plans        
Restricted share grants     0  
Number of non-vested shares:        
Grants (in shares)     0  
Non-vested end of period (in shares) 380,000   380,000  
2009 Incentive Plan | Restricted stock units        
Number of non-vested shares:        
Vested during period (in shares)     0  
Forfeitures (in shares)     0  
Non-vested end of period (in shares) 200,000   200,000  
Total charge to operations and other disclosure for all incentive plans, including the 200,000 Units, is as follows:        
Compensation costs related to non-vested awards that have not yet been recognized $ 207,000   $ 207,000  
XML 35 R6.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Net income $ 3,791 $ 2,647 $ 16,712 $ 10,609
Other comprehensive gain (loss)        
Net unrealized gain (loss) on available-for-sale securities 1 (1) 2 (126)
Net unrealized (loss) gain on derivative instruments (3,035) 120 (2,579) (1,465)
One Liberty Property's share of joint venture net unrealized (loss) gain on derivative instruments (93) 19 (67) 23
Other comprehensive (loss) gain (3,127) 138 (2,644) (1,568)
Comprehensive income 664 2,785 14,068 9,041
Comprehensive income attributable to non-controlling interests (3) (27) (1,386) (76)
Unrealized loss (gain) on derivative instruments attributable to non-controlling interests 13 (7) (21) 17
Comprehensive income attributable to One Liberty Properties, Inc. $ 674 $ 2,751 $ 12,661 $ 8,982
XML 36 R35.htm IDEA: XBRL DOCUMENT v3.3.0.814
Real Estate Acquisitions (Details)
1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2015
USD ($)
Mar. 31, 2015
USD ($)
Jun. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
tenant
item
Sep. 30, 2014
USD ($)
Real Estate Acquisitions              
Contract purchase price (interest in joint venture)           $ 12,686,000  
Third Party Real Estate Acquisition Costs       $ 90,000 $ 83,000 417,000 $ 211,000
Contributions from non-controlling interests           713,000 $ 306,000
Payment to purchase of partner's interest           6,300,000  
Purchase price fair value adjustment           960,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       25,306,000   25,306,000  
Building       52,307,000   52,307,000  
Building Improvements       2,114,000   2,114,000  
Intangible Lease Asset       5,780,000   5,780,000  
Intangible Lease Liability       (5,366,000)   (5,366,000)  
Total       $ 80,141,000   $ 80,141,000  
Number of tenants in the property | tenant           1  
Weighted average amortization period for intangible lease assets           7 years 1 month 6 days  
Weighted average amortization period for intangible lease liabilities           6 years 8 months 12 days  
Marston Park Plaza retail stores, Lakewood, Colorado              
Real Estate Acquisitions              
Contract purchase price (real estate)           $ 17,485,000  
Mortgage incurred           11,853,000  
Third Party Real Estate Acquisition Costs           $ 184,000  
Interest rate (as a percent)       4.12%   4.12%  
Allocation of purchase price for the company's real estate acquisitions              
Land       $ 6,005,000   $ 6,005,000  
Building       10,109,000   10,109,000  
Building Improvements       700,000   700,000  
Intangible Lease Asset       1,493,000   1,493,000  
Intangible Lease Liability       (822,000)   (822,000)  
Total       $ 17,485,000   $ 17,485,000  
Number of tenant spaces at the property | item           29  
Percentage of property leased to tenants           92.00%  
Marston Park Plaza retail stores, Lakewood, Colorado | Consolidated JV              
Real Estate Acquisitions              
Ownership interest in consolidated joint venture of the company (as a percent)       90.00%   90.00%  
Ownership interest in consolidated joint venture of non-controlling interest (as a percent)       10.00%   10.00%  
Contributions from non-controlling interests           $ 663,000  
Interline Brands distribution facility, Louisville, Kentucky              
Real Estate Acquisitions              
Contract purchase price (real estate)           4,400,000  
Mortgage incurred           2,640,000  
Third Party Real Estate Acquisition Costs           $ 42,000  
Interest rate (as a percent)       3.88%   3.88%  
Allocation of purchase price for the company's real estate acquisitions              
Land       $ 578,000   $ 578,000  
Building       3,622,000   3,622,000  
Building Improvements       105,000   105,000  
Intangible Lease Asset       95,000   95,000  
Total       4,400,000   4,400,000  
Land - The Meadows Apartments, Lakemoor, Illinois              
Real Estate Acquisitions              
Contract purchase price (real estate)   $ 9,300,000       9,300,000  
Capitalized transaction costs incurred with the asset acquisition       263,000   263,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       9,563,000   9,563,000  
Total       $ 9,563,000   $ 9,563,000  
Shopko retail store, Lincoln, Nebraska              
Real Estate Acquisitions              
Percentage of ownership in unconsolidated joint venture       100.00%   100.00%  
Allocation of purchase price for the company's real estate acquisitions              
Land       $ 3,768,000   $ 3,768,000  
Building       11,262,000   11,262,000  
Building Improvements       570,000   570,000  
Intangible Lease Asset       922,000   922,000  
Intangible Lease Liability       (3,929,000)   (3,929,000)  
Total       12,593,000   12,593,000  
Shopko retail store, Lincoln, Nebraska | Consolidated JV              
Real Estate Acquisitions              
Percentage of equity method investments control obtained 100.00%            
Purchase price fair value adjustment $ 960,000            
Shopko retail store, Lincoln, Nebraska | Unconsolidated JV              
Real Estate Acquisitions              
Contract purchase price (interest in joint venture)           6,300,000  
Payment to purchase of partner's interest           2,636,000  
Payment to purchase substantial interest           3,664,000  
Percentage of equity method investments acquired 50.00%            
Subtotals              
Real Estate Acquisitions              
Contract purchase price (real estate)           73,585,000  
Third Party Real Estate Acquisition Costs           417,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       25,294,000   25,294,000  
Building       52,288,000   52,288,000  
Building Improvements       2,114,000   2,114,000  
Intangible Lease Asset       5,780,000   5,780,000  
Intangible Lease Liability       (5,335,000)   (5,335,000)  
Total       80,141,000   80,141,000  
Other              
Real Estate Acquisitions              
Third Party Real Estate Acquisition Costs           50,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       12,000   12,000  
Building       19,000   19,000  
Intangible Lease Liability       (31,000)   (31,000)  
Land - River Crossing Apartments, Sandy Springs, Georgia              
Real Estate Acquisitions              
Contract purchase price (real estate)     $ 6,510,000        
Archway Roofing industrial facility, Louisville, Kentucky              
Real Estate Acquisitions              
Contract purchase price (real estate)           300,000  
Third Party Real Estate Acquisition Costs           15,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       51,000   51,000  
Building       221,000   221,000  
Building Improvements       9,000   9,000  
Intangible Lease Asset       19,000   19,000  
Total       300,000   300,000  
JCIM - Industrial facility, McCalla, Alabama              
Real Estate Acquisitions              
Contract purchase price (real estate)           16,750,000  
Third Party Real Estate Acquisition Costs           45,000  
Allocation of purchase price for the company's real estate acquisitions              
Land       1,601,000   1,601,000  
Building       14,618,000   14,618,000  
Building Improvements       180,000   180,000  
Intangible Lease Asset       474,000   474,000  
Intangible Lease Liability       (123,000)   (123,000)  
Total       $ 16,750,000   16,750,000  
FedEx And CHEP USA distribution facility, Delport Located In St Louis Missouri              
Real Estate Acquisitions              
Contract purchase price (real estate)           19,050,000  
Mortgage incurred           12,383,000  
Third Party Real Estate Acquisition Costs           $ 81,000  
Interest rate (as a percent)       3.85%   3.85%  
Allocation of purchase price for the company's real estate acquisitions              
Land       $ 3,728,000   $ 3,728,000  
Building       12,456,000   12,456,000  
Building Improvements       550,000   550,000  
Intangible Lease Asset       2,777,000   2,777,000  
Intangible Lease Liability       (461,000)   (461,000)  
Total       $ 19,050,000   $ 19,050,000  
Number of tenant spaces at the property | item           2  
Percentage of property leased to tenants           100.00%  
XML 37 R22.htm IDEA: XBRL DOCUMENT v3.3.0.814
Shares Issued Through Equity Offering Program
9 Months Ended
Sep. 30, 2015
Shares Issued Through Equity Offering Program  
Shares Issued Through Equity Offering Program

 

Note 13 - Shares Issued through Equity Offering Program

 

On March 20, 2014, the Company entered into an amended and restated equity offering sales agreement to sell shares of the Company’s common stock from time to time with an aggregate sales price of up to approximately $38,360,000, through an “at the market” equity offering program.  During the nine months ended September 30, 2015, the Company sold 135,000 shares for proceeds of $3,013,400, net of commissions of $30,400, and incurred offering costs, primarily professional fees, of $79,000.  Subsequent to September 30, 2015 and through October 7, 2015, the Company sold 33,103 shares for proceeds of $725,200, net of commissions of $7,300.

XML 38 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
Sale and Disposal of Properties, Discontinued Operations and Impairment ( Details)
3 Months Ended 9 Months Ended
Jan. 13, 2015
USD ($)
Feb. 03, 2014
USD ($)
property
Dec. 31, 2013
USD ($)
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2014
USD ($)
Sale and Disposal of Properties, Discontinued Operations and Impairment            
Net proceeds from sale of real estate         $ 16,025,000 $ 5,177,000
Impairment charge       $ 1,093,000   1,093,000
Income from discontinued operations           13,000
Property located in Cherry Hill, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Consolidated JV            
Sale and Disposal of Properties, Discontinued Operations and Impairment            
Net proceeds from sale of real estate $ 16,025,000          
Gain (loss) on sale of property 5,392,000          
Mortgage balance paid off 7,376,000          
Swap termination expense 472,000          
Write-off of deferred financing costs 249,000          
Property located in Cherry Hill, NJ | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Consolidated JV | Non-Controlling Interests in Joint Ventures            
Sale and Disposal of Properties, Discontinued Operations and Impairment            
Non-controlling interest's share of income from the transaction $ 1,320,000          
Property located in Michigan. | Discontinued Operations, Disposed of by Sale            
Sale and Disposal of Properties, Discontinued Operations and Impairment            
Net proceeds from sale of real estate   $ 5,177,000        
Number of properties under contract of sale | property   2        
Impairment charge     $ 61,700      
Income from discontinued operations           13,000
Rental income           141,000
Real estate expenses           17,000
Mortgage interest           111,000
Property located in Morrow, Georgia.            
Sale and Disposal of Properties, Discontinued Operations and Impairment            
Impairment charge       $ 1,093,000   $ 1,093,000
XML 39 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements
9 Months Ended
Sep. 30, 2015
Fair Value Measurements  
Fair Value Measurements

 

Note 15 - Fair Value Measurements

 

The Company measures the fair value of financial instruments based on the assumptions that market participants would use in pricing the asset or liability.  As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions.  In accordance with the fair value hierarchy, Level 1 assets/liabilities are valued based on quoted prices for identical instruments in active markets, Level 2 assets/liabilities are valued based on quoted prices in active markets for similar instruments, on quoted prices in less active or inactive markets, or on other “observable” market inputs and Level 3 assets/liabilities are valued based significantly on “unobservable” market inputs.

 

The carrying amounts of cash and cash equivalents, restricted cash, escrow, deposits, receivables, certain other assets, dividends payable, and accrued expenses and other liabilities (excluding interest rate swaps), are not measured at fair value on a recurring basis, but are considered to be recorded at amounts that approximate fair value.

 

At September 30, 2015, the $336,157,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $10,556,000 assuming a blended market interest rate of 4.2% based on the 9.1 year weighted average remaining term of the mortgages.  At December 31, 2014, the $300,541,000 estimated fair value of the Company’s mortgages payable is more than their carrying value by approximately $8,492,000 assuming a blended market interest rate of 4.5% based on the 9.1 year weighted average remaining term of the mortgages.

 

At September 30, 2015 and December 31, 2014, the $35,750,000 and $13,250,000, respectively, carrying amount of the Company’s line of credit approximates its fair value.

 

The fair value of the Company’s mortgages payable and line of credit are estimated using unobservable inputs such as available market information and discounted cash flow analysis based on borrowing rates the Company believes it could obtain with similar terms and maturities. These fair value measurements fall within Level 3 of the fair value hierarchy.

 

Considerable judgment is necessary to interpret market data and develop estimated fair value.  The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

 

Fair Value on a Recurring Basis

 

The fair value of the Company’s available-for-sale securities and derivative financial instruments was determined using the following inputs (amounts in thousands):

 

 

 

 

 

Carrying and

 

Fair Value Measurements
on a Recurring Basis

 

 

 

As of

 

Fair Value

 

Level 1

 

Level 2

 

Financial assets:

 

 

 

 

 

 

 

 

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

Equity securities

 

September 30, 2015

 

$

31 

 

$

31 

 

$

 

 

 

December 31, 2014

 

29 

 

29 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

 

$

 

$

 

 

 

December 31, 2014

 

27 

 

 

27 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

Interest rate swaps

 

September 30, 2015

 

$

5,705 

 

$

 

$

5,705 

 

 

 

December 31, 2014

 

3,139 

 

 

3,139 

 

 

The Company does not own any financial instruments that are classified as Level 3.

 

Available-for-sale securities

 

At September 30, 2015, the Company’s available-for-sale securities included a $31,000 investment in equity securities (included in other assets on the consolidated balance sheets). The aggregate cost of these securities was $5,300 and at September 30, 2015, the unrealized gain was $25,700.  Such unrealized gains are included in accumulated other comprehensive loss on the consolidated balance sheets.  Fair values are approximated based on current market quotes from financial sources that track such securities.

 

In May 2014, the Company sold to Gould Investors L.P., a related party, 37,081 shares of BRT Realty Trust, a related party, for $266,000 (based on the average of the closing prices for the 30 days preceding the sale).  The cost of these shares was $132,000 and the Company realized a gain on sale of $134,000, of which $132,000 was reclassified from Accumulated other comprehensive loss on the consolidated balance sheets into earnings.

 

Derivative financial instruments

 

The Company’s objective in using interest rate swaps is to add stability to interest expense and to manage its exposure to interest rate movements. The Company does not use derivatives for trading or speculative purposes.

 

Fair values are approximated using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivatives. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.

 

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with it use Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparty.  As of September 30, 2015, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives.  As a result, the Company determined that its derivative valuation is classified in Level 2 of the fair value hierarchy.

 

As of September 30, 2015, the Company had entered into 24 interest rate derivatives, all of which were interest rate swaps, related to 24 outstanding mortgage loans with an aggregate $117,401,000 notional amount and mature between 2016 and 2027 (weighted average remaining maturity of 7.6 years).  Such interest rate swaps, all of which were designated as cash flow hedges, converted LIBOR based variable rate mortgages to fixed annual rate mortgages (with interest rates ranging from 3.55% to 5.75% and a weighted average interest rate of 4.66% at September 30, 2015).  The fair value of the Company’s derivatives designated as hedging instruments in asset and liability positions reflected as other assets or other liabilities on the consolidated balance sheets were $0 and $5,705,000, respectively, at September 30, 2015, and $27,000 and $3,139,000, respectively, at December 31, 2014.

 

Three of the Company’s unconsolidated joint ventures, in which wholly-owned subsidiaries of the Company are 50% partners, had two interest rate derivatives outstanding at September 30, 2015 with an aggregate $11,050,000 notional amount.  These interest rate swaps, which were designated as cash flow hedges, have interest rates of 3.49% and 5.81% and mature between April 2018 and March 2022.

 

The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (amounts in thousands):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

One Liberty Properties and Consolidated Subsidiaries

 

 

 

 

 

 

 

 

 

Amount of loss recognized on derivatives in Other comprehensive loss

 

$

(3,609

)

$

(357

)

$

(4,500

)

$

(2,765

)

Amount of loss reclassification from Accumulated other comprehensive loss into Interest expense

 

(574

)

(476

)

(1,921

)

(1,300

)

 

 

 

 

 

 

 

 

 

 

Unconsolidated Joint Ventures (Company’s share)

 

 

 

 

 

 

 

 

 

Amount of (loss) gain recognized on derivatives in Other comprehensive loss

 

$

(122

)

$

11

 

(147

)

$

(37

)

Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings of unconsolidated joint ventures

 

(29

)

(28

)

(80

)

(83

)

 

No gain or loss was recognized with respect to hedge ineffectiveness or to amounts excluded from effectiveness testing on the Company’s cash flow hedges for the three and nine months ended September 30, 2015 and 2014.  During the nine months ended September 30, 2015, the Company terminated one of its interest rate swaps, in connection with the sale of its Cherry Hill, New Jersey property, and accelerated the reclassification of amounts in other comprehensive loss to earnings as a result of the hedged forecasted transactions being terminated. The accelerated amount was a loss of $472,000 and is included in Prepayment costs on debt on the Company’s consolidated statements of income.  During the twelve months ending September 30, 2016, the Company estimates an additional $2,272,000 will be reclassified from other comprehensive income (loss) as an increase to interest expense.

 

The derivative agreements in effect at September 30, 2015 provide that if the wholly-owned subsidiary of the Company which is a party to the agreement defaults or is capable of being declared in default on any of its indebtedness, then a default can be declared on such subsidiary’s derivative obligation. In addition, the Company is a party to one of the derivative agreements and if there is a default by the subsidiary on the loan subject to the derivative agreement to which the Company is a party and if there are swap breakage losses on account of the derivative being terminated early, then the Company could be held liable for such swap breakage losses, if any.

 

As of September 30, 2015, the fair value of the derivatives in a liability position, including accrued interest and excluding any adjustments for nonperformance risk, was approximately $6,101,000.  In the unlikely event that the Company breaches any of the contractual provisions of the derivative contracts, it would be required to settle its obligations thereunder at their termination liability value of $6,101,000.  This termination liability value, net of $396,000 adjustments for nonperformance risk, or $5,705,000, is included in accrued expenses and other liabilities on the consolidated balance sheets at September 30, 2015.

XML 40 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 41 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Common Stock
Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Undistributed Net Income
Non-Controlling Interests in Joint Ventures
Total
Balances at Dec. 31, 2013 $ 15,221 $ 210,324 $ (490) $ 23,877 $ 1,158 $ 250,090
Distributions - common stock            
Cash - $1.17 and $1.11 per share for the nine months ended September 30, 2015, and nine months ended September 30, 2014, respectively       (17,796)   (17,796)
Shares issued through equity offering program - net 179 3,596       3,775
Restricted stock vesting 101 (101)        
Shares issued through dividend reinvestment plan 168 3,195       3,363
Contributions from non-controlling interests         306 306
Distributions to non-controlling interests         (199) (199)
Compensation expense - restricted stock   1,368       1,368
Net income       10,533 76 10,609
Other comprehensive gain (loss)     (1,551)   (17) (1,568)
Balances at Sep. 30, 2014 15,669 218,382 (2,041) 16,614 1,324 249,948
Balances at Dec. 31, 2014 15,728 219,867 (3,195) 21,876 1,628 255,904
Distributions - common stock            
Cash - $1.17 and $1.11 per share for the nine months ended September 30, 2015, and nine months ended September 30, 2014, respectively       (19,277)   (19,277)
Shares issued through equity offering program - net 135 2,799       2,934
Restricted stock vesting 72 (72)        
Shares issued through dividend reinvestment plan 138 2,947       3,085
Contributions from non-controlling interests         713 713
Distributions to non-controlling interests         (1,670) (1,670)
Compensation expense - restricted stock   1,742       1,742
Net income       15,326 1,386 16,712
Other comprehensive gain (loss)     (2,665)   21 (2,644)
Balances at Sep. 30, 2015 $ 16,073 $ 227,283 $ (5,860) $ 17,925 $ 2,078 $ 257,499
XML 42 R3.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2015
Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS    
Unbilled rent receivable related to property held-for-sale in 2014   $ 120
Preferred stock, par value (in dollars per share) $ 1 $ 1
Preferred stock, shares authorized 12,500 12,500
Preferred stock, shares issued 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized 25,000 25,000
Common stock, shares issued 16,073 15,728
Common stock, shares outstanding 16,073 15,728
XML 43 R17.htm IDEA: XBRL DOCUMENT v3.3.0.814
Lease Termination Fee Income
9 Months Ended
Sep. 30, 2015
Lease Termination Fee Income  
Lease Termination Fee Income

 

Note 8 — Lease Termination Fee Income

 

In March 2015, the Company received a $650,000 lease termination fee from an industrial tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $226,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to the sole tenant at this property.  The Company re-leased this property simultaneously with the termination of the lease.

 

In June 2014, the Company received a $1,269,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with the receipt of this fee, the Company wrote-off $150,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable and the intangible lease asset related to this property.  The Company re-leased this property simultaneously with the termination of the lease.

 

In October 2015, the Company received a $1,286,000 lease termination fee from a retail tenant in a lease buy-out transaction.  In connection with this transaction, the Company, during the three months ending December 31, 2015, will write off $179,000 as an offset to rental income, representing the entire balance of the unbilled rent receivable related to this tenant at the property.  The Company re-leased substantially all of such space.

XML 44 R1.htm IDEA: XBRL DOCUMENT v3.3.0.814
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2015
Nov. 02, 2015
Document and Entity Information    
Entity Registrant Name ONE LIBERTY PROPERTIES INC  
Entity Central Index Key 0000712770  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   16,703,921
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q3  
XML 45 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
Allowance for Doubtful Accounts
9 Months Ended
Sep. 30, 2015
Allowance for Doubtful Accounts  
Allowance for Doubtful Accounts

 

Note 9 - Allowance for Doubtful Accounts

 

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its tenants to make required rent payments.  If the financial condition of a specific tenant were to deteriorate resulting in an impairment of its ability to make payments, additional allowances may be required.  At September 30, 2015 and December 31, 2014, there was no balance in allowance for doubtful accounts.

 

The Company records bad debt expense as a reduction of rental income. For the three and nine months ended September 30, 2015 and 2014, the Company did not incur any bad debt expense.

XML 46 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Rental income, net $ 15,273,000 $ 14,552,000 $ 44,159,000 $ 42,308,000
Tenant reimbursements 835,000 635,000 2,407,000 1,677,000
Lease termination fee     650,000 1,269,000
Total revenues 16,108,000 15,187,000 47,216,000 45,254,000
Operating expenses:        
Depreciation and amortization 4,435,000 3,685,000 12,090,000 10,985,000
General and administrative (including $503, $485, $1,512 and $1,899, respectively, to related parties) 2,350,000 2,153,000 7,132,000 6,497,000
Real estate expenses (including $223, $213, $669 and $638, respectively, to related party) 1,415,000 1,085,000 4,022,000 3,061,000
Federal excise and state taxes 68,000 6,000 266,000 175,000
Real estate acquisition costs 90,000 83,000 417,000 211,000
Leasehold rent 77,000 77,000 231,000 231,000
Impairment loss   1,093,000   1,093,000
Total operating expenses 8,435,000 8,182,000 24,158,000 22,253,000
Operating income 7,673,000 7,005,000 23,058,000 23,001,000
Other income and expenses:        
Gain on sale of real estate, net     5,392,000  
Purchase price fair value adjustment     960,000  
Prepayment costs on debt     (568,000)  
Equity in earnings of unconsolidated joint ventures 347,000 134,000 311,000 397,000
Gain on sale - investment in BRT Realty Trust (related party)       134,000
Other income 2,000 10,000 77,000 20,000
Interest:        
Expense (4,044,000) (4,227,000) (11,690,000) (12,215,000)
Amortization and write-off of deferred financing costs (187,000) (275,000) (828,000) (741,000)
Income from continuing operations 3,791,000 2,647,000 16,712,000 10,596,000
Income from discontinued operations       13,000
Net income 3,791,000 2,647,000 16,712,000 10,609,000
Net income attributable to non-controlling interests (3,000) (27,000) (1,386,000) (76,000)
Net income attributable to One Liberty Properties, Inc. $ 3,788,000 $ 2,620,000 $ 15,326,000 $ 10,533,000
Weighted average number of common shares outstanding:        
Basic (in shares) 16,014 15,650 15,892 15,508
Diluted (in shares) 16,114 15,750 15,992 15,608
Per common share attributable to common stockholders - basic and diluted: $ 0.22 $ 0.16 $ 0.92 $ 0.64
Cash distributions declared per share of common stock $ 0.39 $ 0.37 $ 1.17 $ 1.11
XML 47 R12.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Common Share
9 Months Ended
Sep. 30, 2015
Earnings Per Common Share  
Earnings Per Common Share

 

Note 3 - Earnings Per Common Share

 

Basic earnings per share was determined by dividing net income allocable to common stockholders for each period by the weighted average number of shares of common stock outstanding during such period. Net income is also allocated to the unvested restricted stock outstanding during the applicable period, as the restricted stock is entitled to receive dividends and is therefore considered a participating security.  Unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders, other than the holders of unvested restricted stock.  The restricted stock units awarded under the Pay-for-Performance program are excluded from the basic earnings per share calculation, as these units are not participating securities (see Note 14).

 

Diluted earnings per share reflects the potential dilution that could occur if securities or other rights exercisable for, or convertible into, common stock were exercised or converted or otherwise resulted in the issuance of common stock that shared in the earnings of the Company.  For the three and nine months ended September 30, 2015 and 2014, the diluted weighted average number of shares of common stock includes 100,000 shares (of an aggregate of 200,000 shares) of common stock underlying the restricted stock units awarded pursuant to the Pay-For-Performance program.  These 100,000 shares may vest upon satisfaction of the total stockholder return metric. The number of shares that would be issued pursuant to this metric is based on the market price and dividends paid as of the end of each quarterly period assuming the end of that quarterly period was the end of the vesting period.  The remaining 100,000 shares of common stock underlying the restricted stock units awarded under the Pay-For-Performance program are not included during the three and nine months ended September 30, 2015 and 2014, as they did not meet the return on capital performance metric during such periods.

 

The following table provides a reconciliation of the numerator and denominator of earnings per share calculations (amounts in thousands, except per share amounts):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Numerator for basic and diluted earnings per share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,791

 

$

2,647

 

$

16,712

 

$

10,596

 

Less net income attributable to non-controlling interests

 

(3

)

(27

)

(1,386

)

(76

)

Less earnings allocated to unvested restricted stock (a)

 

(210

)

(178

)

(631

)

(534

)

 

 

 

 

 

 

 

 

 

 

Income from continuing operations available for common stockholders

 

3,578

 

2,442

 

14,695

 

9,986

 

Discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

Net income available for common stockholders, basic and diluted

 

$

3,578

 

$

2,442

 

$

14,695

 

$

9,999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share:
— weighted average common shares

 

16,014

 

15,650

 

15,892

 

15,508

 

Effect of diluted securities:
— restricted stock units awarded under Pay-for-Performance program

 

100

 

100

 

100

 

100

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted earnings per share
— weighted average shares

 

16,114

 

15,750

 

15,992

 

15,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, basic

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share, diluted

 

$

.22

 

$

.16

 

$

.92

 

$

.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,520

 

Income from discontinued operations

 

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to One Liberty Properties, Inc.

 

$

3,788

 

$

2,620

 

$

15,326

 

$

10,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

Represents an allocation of distributed earnings to unvested restricted stock, which as participating securities, are entitled to receive dividends.

 

XML 48 R11.htm IDEA: XBRL DOCUMENT v3.3.0.814
Summary Accounting Policies
9 Months Ended
Sep. 30, 2015
Summary Accounting Policies  
Summary Accounting Policies

 

Note 2 — Summary Accounting Policies

 

Principles of Consolidation/Basis of Preparation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2014.

 

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

 

The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary.  OLP and its consolidated subsidiaries are hereinafter referred to as the “Company”.  Material intercompany items and transactions have been eliminated in consolidation.

 

Variable Interest Entities

 

The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE.  VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

 

Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor.  Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits.  In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.

 

Investment in Joint Ventures

 

The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.

 

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.  All investments in these joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIE’s.  In addition, although the Company is the managing member in certain ventures, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions.  None of the joint venture debt is recourse to the Company, subject to standard carve-outs.

 

Properties Held-for-Sale

 

Real estate investments are classified as held-for-sale when management has determined that it has met the applicable criteria.  Real estate investments which are held-for-sale are not depreciated.

 

Tenant Reimbursements

 

Tenant reimbursements represent tenants’ contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.

 

Reclassifications

 

Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation.

XML 49 R23.htm IDEA: XBRL DOCUMENT v3.3.0.814
Stock Based Compensation
9 Months Ended
Sep. 30, 2015
Stock Based Compensation  
Stock Based Compensation

 

Note 14 - Stock Based Compensation

 

A maximum of 600,000 shares of the Company’s common stock is authorized for issuance pursuant to the Company’s 2012 Incentive Plan, of which 359,000 shares of restricted stock are outstanding as of September 30, 2015.  For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however, dividends are paid on the unvested shares.  An aggregate of 380,000 shares of restricted stock and restricted stock units outstanding under the Company’s 2009 equity incentive plan have not yet vested and no additional awards may be granted under this plan.

 

Pursuant to the Pay-for-Performance Program, there are 200,000 performance share awards in the form of restricted stock units (the “Units”) outstanding under the Company’s 2009 Incentive Plan. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for accounting purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet.  No Units were forfeited or vested in the nine months ended September 30, 2015.

 

The following is a summary of the activity of the equity incentive plans excluding, except as otherwise noted, the 200,000 Units:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2015

 

2014

 

2015

 

2014

 

Restricted share grants

 

 

 

129,975

 

118,850

 

Per share grant price

 

 

 

$

24.60

 

$

20.54

 

Deferred compensation to be recognized over vesting period

 

 

 

$

3,197,000

 

$

2,441,000

 

Number of non-vested shares:

 

 

 

 

 

 

 

 

 

Non-vested beginning of period

 

538,990

 

481,045

 

480,995

 

470,015

 

Grants

 

 

 

129,975

 

118,850

 

Vested during period

 

 

 

(71,980

)

(101,300

)

Forfeitures

 

 

(50

)

 

(6,570

)

 

 

 

 

 

 

 

 

 

 

Non-vested end of period

 

538,990

 

480,995

 

538,990

 

480,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following information includes the 200,000 Units:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average per share value of non-vested shares (based on grant price)

 

$

17.12

 

$

14.55

 

$

17.12

 

$

14.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of shares vested during the period (based on grant price)

 

$

 

$

 

$

607,000

 

$

621,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The total charge to operations for all incentive plans is as follows:

 

 

 

 

 

 

 

 

 

Outstanding restricted stock grants

 

$

550,000

 

$

419,000

 

$

1,653,000

 

$

1,281,000

 

Outstanding restricted stock units

 

30,000

 

29,000

 

89,000

 

87,000

 

 

 

 

 

 

 

 

 

 

 

Total charge to operations

 

$

580,000

 

$

448,000

 

$

1,742,000

 

$

1,368,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2015, there were approximately $6,311,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $207,000 related to the Units (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.3 years.

XML 50 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Line of Credit
9 Months Ended
Sep. 30, 2015
Line of Credit  
Line of Credit

 

Note 10 - Line of Credit

 

On December 31, 2014, the Company entered into an amendment to its $75,000,000 credit facility with Manufacturers & Traders Trust Company, VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York, which, among other things, extended the facility’s maturity from March 31, 2015 to December 31, 2018, decreased the minimum required average bank deposit balances to $3 million and eliminated the 4.75% interest rate floor. Under the amendment, the interest rate equals the one month LIBOR rate plus an applicable margin which ranges from 175 basis points to 300 basis points depending on the ratio of the Company’s total debt to total value, as determined pursuant to the facility.  An unused facility fee of .25% per annum applies to the facility.  The average interest rate on the facility for the nine months ended September 30, 2015 was approximately 1.93%.  Prior to the amendment, the interest rate was 4.75% per annum.  In connection with the amendment, the Company incurred a $562,500 commitment fee which is being amortized over the remaining term of the facility.  At September 30, 2015 and November 3, 2015, there were outstanding balances of $35,750,000 and $23,250,000, respectively, under the facility. The Company was in compliance with all covenants at September 30, 2015.

XML 51 R15.htm IDEA: XBRL DOCUMENT v3.3.0.814
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures
9 Months Ended
Sep. 30, 2015
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Disclosure  
Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures

 

Note 6 — Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures

 

Variable Interest Entities — Ground Leases

 

In June 2014, the Company purchased land for $6,510,000 in Sandy Springs, Georgia improved with a 196 unit apartment complex and in March 2015, the Company purchased land for $9,300,000 in Lakemoor, Illinois improved with a 496 unit apartment complex.  With each purchase, the Company simultaneously entered into a long-term triple net ground lease with the owner/operator of the applicable complex.

 

The Company determined that it has a variable interest through its ground leases and the owner/operators are VIEs because their equity investment at risk is insufficient to finance its activities without additional subordinated financial support.  Simultaneously with the closing of each acquisition, the owner/operator obtained a mortgage from a third party ($16,230,000 for Sandy Springs and $43,824,000 for Lakemoor) which, together with the Company’s purchase of the land, provided substantially all of the aggregate funds to acquire the complex.  The Company provided this land as collateral for the respective owner/operator’s mortgage loans; accordingly, each land position is subordinated to the applicable mortgage. Other than as described above, no other financial support has been provided by the Company.

 

The Company further determined that for each acquisition it is not the primary beneficiary because the Company does not have the power to direct the activities that most significantly impact the owner/operator’s economic performance such as management, operational budgets and other rights, including leasing of the units and therefore, does not consolidate the VIEs for financial statement purposes.  Accordingly, the Company accounts for these investments as land and the revenues from the ground leases as Rental income, net.  Such rental income amounted to $460,000 and $1,166,000 for the three and nine months ended September 30, 2015, respectively, and $232,000 and $299,000 for each of the three and nine months ended September 30, 2014.

 

The following is a summary of the Company’s variable interests in identified VIEs, in which it is not the primary beneficiary, and the aggregate carrying amount and maximum exposure to loss as of September 30, 2015 (amounts in thousands):

 

Property

 

Type of Exposure

 

Carrying
Amount

 

Maximum
Exposure to Loss

 

River Crossing Apartments,
Sandy Springs, Georgia

 

Land

 

$

6,528 

 

$

6,528 

 

 

 

Unbilled rent receivable

 

441 

 

441 

 

The Meadows Apartments,
Lakemoor, Illinois

 

Land

 

9,563 

 

9,563 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

16,532 

 

$

16,532 

 

 

 

 

 

 

 

 

 

 

 

 

Pursuant to the terms of the ground lease for the property in Sandy Springs, Georgia, the owner/operator is obligated to make certain unit renovations as and when units become vacant.  Cash reserves totaling $1,894,000  were received by the Company in conjunction with the purchase of the property in June 2014 to cover such renovation work and other reserve requirements.  An additional $39,000 of reserves was received by the Company during the three and nine months ended September 30, 2015. These cash reserves are held by the Company and disbursed once the renovations have been completed. For the nine months ended September 30, 2015 and September 30, 2014, the Company disbursed approximately $538,000 and $0, respectively, for renovation costs to the owner/operator. The cash reserve balance at September 30, 2015 and December 31, 2014 was $1,108,000 and $1,607,000, respectively, and is classified as Restricted cash on the consolidated balance sheets.

 

Consolidated Variable Interest Entity

 

In June 2014, a joint venture in which the Company has a 95% equity interest and a senior preferred equity interest, acquired a property located in Joppa, Maryland.  The Company determined that this joint venture is a VIE as the Company’s voting rights are not proportional to its economic interests, substantially all of the joint venture’s activities are conducted on behalf of the Company and it is the primary beneficiary of the VIE as it has the power to direct the activities that most significantly impact the joint venture’s performance including management, approval of expenditures, and the obligation to absorb the losses or rights to receive benefits.  Accordingly, the Company consolidates the operations of this joint venture for financial statement purposes.  The joint venture’s creditors do not have recourse to the assets of the Company other than those held by the joint venture.

 

The following is a summary of the carrying amounts and classification in the Company’s consolidated balance sheets of the VIE’s accounts, none of which are restricted (amounts in thousands):

 

 

 

September 30,

 

December 31,

 

 

 

2015

 

2014

 

Land

 

$

3,815 

 

$

3,805 

 

Building and improvements, net of depreciation of $275 and $17, respectively

 

7,909 

 

8,069 

 

Cash

 

824 

 

527 

 

Prepaid expenses and receivables

 

56 

 

42 

 

Accrued expenses and other liabilities

 

120 

 

152 

 

Non-controlling interest in joint venture

 

323 

 

312 

 

 

Non-VIE Consolidated Joint Ventures

 

With respect to six of the consolidated joint ventures in which the Company has between an 85% to 95% interest, the Company has determined that (i) such ventures are not VIE’s and (ii) the Company exercises substantial operating control and accordingly, such ventures are consolidated for financial statement purposes.

 

MCB Real Estate, LLC and its affiliates (“MCB”) are the Company’s joint venture partner in five consolidated joint ventures (including the Joppa, Maryland VIE).  At September 30, 2015, the Company has aggregate equity investments of approximately $19,240,000 in such ventures.

 

A joint venture investment with MCB of $3.1 million owns a property operated as a Pathmark supermarket in Philadelphia, Pennsylvania. In July 2015, this tenant filed for Chapter 11 bankruptcy protection, rejected the lease, and in late September 2015, vacated the property. As a result, the Company wrote off (i) $89,000 of straight line rent and $124,000 of intangible lease liabilies, the net effect of which was an increase in rental income of $35,000, and (ii) $380,000 of tenant origination costs, which is included in depreciation expense. This tenant accounted for approximately 1.3% of the Company’s rental income for the nine months ended September 30, 2015 and at September 30, 2015, the mortgage debt on such property is $4,500,000. The Company has determined that no impairment charge is required currently with respect to this property.

 

Distributions by Consolidated Joint Ventures

 

Distributions to each joint venture partner are determined pursuant to the applicable operating agreement and may not be pro rata to the equity interest each partner has in the applicable venture.

 

XML 52 R13.htm IDEA: XBRL DOCUMENT v3.3.0.814
Real Estate Acquisitions
9 Months Ended
Sep. 30, 2015
Real Estate Acquisitions  
Real Estate Acquisitions

 

Note 4 - Real Estate Acquisitions

 

The following chart details the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

Description of Property

 

Date Acquired

 

Contract
Purchase
Price

 

Terms of Payment (a)

 

Third Party Real
Estate
Acquisition
Costs (b)

 

Marston Park Plaza retail stores,
Lakewood, Colorado (c)

 

February 25, 2015

 

$

17,485 

 

Cash and
$11,853 mortgage (d)

 

$

184 

 

Interline Brands distribution facility,
Louisville, Kentucky

 

March 18, 2015

 

4,400 

 

Cash and
$2,640 mortgage (e)

 

42 

 

Land — The Meadows Apartments,
Lakemoor, Illinois

 

March 24, 2015

 

9,300 

 

All cash

 

(f)

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (g)

 

March 31, 2015

 

6,300 

 

All cash (g)

 

 

Archway Roofing industrial facility,
Louisville, Kentucky (h)

 

May 20, 2015

 

300 

 

All cash

 

15 

 

JCIM - industrial facility,
McCalla, Alabama

 

July 28, 2015

 

16,750 

 

All cash

 

45 

 

Fedex & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

September 25, 2015

 

19,050 

 

Cash and
$12,383 mortgage (i)

 

81 

 

Other costs (j) 

 

 

 

 

 

 

50 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

 

 

$

73,585 

 

 

 

$

417 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

All of the mortgages listed in this column were obtained simultaneously with the acquisition of the applicable property.

(b)

Included as an expense in the accompanying consolidated statements of income.

(c)

Owned by a joint venture in which the Company has a 90% interest.  The non-controlling interest contributed $663 for its 10% interest, which was equal to the fair value of such interest at the date of purchase.

(d)

The new mortgage debt bears interest at 4.12% per annum and matures February 2025.

(e)

The new mortgage debt bears interest at 3.88% per annum and matures February 2021.

(f)

Transaction costs aggregating $263 incurred with this asset acquisition were capitalized.

(g)

The Company purchased its unconsolidated joint venture partner’s 50% interest for $6,300. The payment was comprised of (i) $2,636 paid directly to the partner and (ii) $3,664, substantially all of which was used to pay off the partner’s 50% share of the underlying joint venture mortgage.

(h)

This property is adjacent to the Interline Brands distribution facility purchased in March 2015.

(i)

The new mortgage debt bears interest at 3.85% per annum and matures August 2024.

(j)

Costs incurred for potential acquisitions and transactions that were not consummated.

 

The following chart provides the preliminary allocation of the purchase price for the Company’s acquisitions of real estate and an interest in a joint venture during the nine months ended September 30, 2015 (amounts in thousands):

 

 

 

 

 

 

 

Building

 

Intangible Lease

 

 

 

Description of Property

 

Land

 

Building

 

Improvements

 

Asset

 

Liability

 

Total

 

Marston Park Plaza retail stores,
Lakewood, Colorado

 

$

6,005

 

$

10,109

 

$

700

 

$

1,493

 

$

(822

)

$

17,485

 

Interline Brands distribution facility,
Louisville, Kentucky

 

578

 

3,622

 

105

 

95

 

 

4,400

 

Land — The Meadows Apartments,
Lakemoor, Illinois (a)

 

9,563

 

 

 

 

 

9,563

 

Joint venture interest - Shopko retail store,
Lincoln, Nebraska (b)

 

3,768

 

11,262

 

570

 

922

 

(3,929

)

12,593

 

Archway Roofing industrial facility,
Louisville, Kentucky

 

51

 

221

 

9

 

19

 

 

300

 

JCIM - industrial facility,
McCalla, Alabama

 

1,601

 

14,618

 

180

 

474

 

(123

)

16,750

 

FedEx & CHEP USA distribution facility,
Delport (St. Louis), Missouri

 

3,728

 

12,456

 

550

 

2,777

 

(461

)

19,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotals

 

25,294

 

52,288

 

2,114

 

5,780

 

(5,335

)

80,141

 

Other (c)

 

12

 

19

 

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

25,306

 

$

52,307

 

$

2,114

 

$

5,780

 

$

(5,366

)

$

80,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Includes capitalized transaction costs of $263 incurred with this asset acquisition.

(b)

Fair value of the assets previously owned by an unconsolidated joint venture of the Company.  The Company owns 100% of this property as a result of its purchase of its partner’s 50% interest on March 31, 2015.

(c)

Adjustments to finalize the purchase price allocation relating to a property purchased in October 2014.

 

With the exception of the Lakewood, Colorado and the Delport, Missouri properties, the properties purchased by the Company during the nine months ended September 30, 2015 are each net leased and occupied by a single tenant pursuant to leases that expire between 2017 through 2045.  The Lakewood, Colorado property has 29 retail tenant spaces and at September 30, 2015, is 92.0% occupied with leases expiring between 2015 and 2032. The Delport, Missouri property has two retail tenant spaces and at September 30, 2015, is 100% occupied with leases expiring in 2022 and 2024.

 

As a result of the Company’s purchase on March 31, 2015 of its partner’s 50% interest in an unconsolidated joint venture that owns a property in Lincoln, Nebraska, it obtained a controlling financial interest. In accordance with GAAP, the Company had presented the investee in accordance with the equity method for the periods prior to gaining control and ceased equity method of accounting and consolidated the investment at March 31, 2015, the date on which 100% control was obtained.  In consolidating the investment, the Company recorded a purchase price fair value adjustment of $960,000 on the consolidated statements of income, representing the difference between the book value of its preexisting equity investment on the March 31, 2015 purchase date and the fair value of the net assets acquired.

 

As a result of the 2015 acquisitions, the Company recorded intangible lease assets of $5,780,000 and intangible lease liabilities of $5,335,000 representing the value of the origination costs and acquired leases.  As of September 30, 2015, the weighted average amortization period is 7.1 years for these intangible lease assets and 6.7 years for these intangible lease liabilities. The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 (as defined in Note 15) in the fair value hierarchy. The Company is currently in the process of finalizing the purchase price allocations for the properties acquired during the nine months ended September 30, 2015; therefore the allocations are preliminary and subject to change.

XML 53 R14.htm IDEA: XBRL DOCUMENT v3.3.0.814
Sale and Disposal of Properties, Discontinued Operations and Impairment
9 Months Ended
Sep. 30, 2015
Sale and Disposal of Properties, Discontinued Operations and Impairment  
Sale and Disposal of Properties, Discontinued Operations and Impairment

 

Note 5 — Sale and Disposal of Properties, Discontinued Operations and Impairment

 

On January 13, 2015, a consolidated joint venture of the Company sold a property located in Cherry Hill, New Jersey for approximately $16,025,000, net of closing costs.  The sale resulted in a gain of $5,392,000, recorded as Gain on sale of real estate, net, for the nine months ended September 30, 2015. In connection with the sale, the Company paid off the $7,376,000 mortgage balance on this property and incurred a $472,000 swap termination fee (included in Prepayment costs on debt) and a $249,000 write-off of deferred financing costs (included in Amortization and write-off of deferred financing costs). The non-controlling interest’s share of income from the transaction is $1,320,000 and is included in net income attributable to non-controlling interests.

 

On February 3, 2014, the Company sold two properties located in Michigan for a total sales price of $5,177,000, net of closing costs.  At December 31, 2013, the Company recorded a $61,700 impairment charge representing the loss on the sale of these properties. Income from discontinued operations applicable to these properties for the nine months ended September 30, 2014 totaled $13,000 consisting of rental income of $141,000 less real estate expenses of $17,000 and mortgage interest of $111,000.

 

During the three and nine months ended September 30, 2014, the Company determined there were indicators of impairment at its property located in Morrow, Georgia.  The tenant did not renew the lease which expired October 31, 2014, efforts to re-let the property were unsuccessful and the non-recourse mortgage on the property matured on November 1, 2014. Management determined that the undiscounted cash flows in the test for recoverability were less than the property’s carrying amount, and that the fair value of the property was less than its carrying amount.  Accordingly, the Company recorded an impairment charge of $1,093,000 which is included in the accompanying consolidated statement of income for the three and nine months ended September 30, 2014.  The property was acquired by the mortgagee on January 6, 2015 through a foreclosure proceeding.

 

XML 54 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investment in Unconsolidated Joint Ventures
9 Months Ended
Sep. 30, 2015
Investment in Unconsolidated Joint Ventures  
Investment in Unconsolidated Joint Ventures

 

Note 7 - Investment in Unconsolidated Joint Ventures

 

On March 31, 2015, the Company purchased its partner’s 50% interest in an unconsolidated joint venture for $6,300,000 (see Note 4).

 

In June 2015, the Company entered into a joint venture in which it has a 50% interest, with MCB and an affiliate of The Hampshire Companies. The joint venture purchased a retail center located in Manahawkin, New Jersey for approximately $43,500,000, before closing costs. The purchase was financed with $26,100,000 of new mortgage debt which bears an annual fixed interest rate of 4% and matures in 2025.  At September 30, 2015, the Company’s equity investment in the joint venture is $8,808,000.

 

At September 30, 2015 and December 31, 2014, the Company’s five unconsolidated joint ventures each owned and operated one property. The Company’s equity investment in such unconsolidated joint ventures at such dates totaled $11,273,000 and $4,907,000, respectively. The Company recorded equity in earnings of $347,000 and $311,000 for the three and nine months ended September 30, 2015, respectively, and equity in earnings of $134,000 and $397,000 for the three and nine months ended September 30, 2014, respectively. Earnings for the nine months ended September 30, 2015 are net of the Company’s $400,000 share of the acquisition expenses associated with the June 2015 purchase of the Manahawkin, New Jersey property.

XML 55 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Earnings Per Common Share        
Number of shares awarded under Pay-for-Performance program included in diluted weighted average number of shares 100,000 100,000 100,000 100,000
Underlying number of shares awarded under Pay-for-Performance program included in calculation of diluted weighted average number of shares 200,000 200,000 200,000 200,000
Number of shares awarded under Pay-for-Performance program not included in diluted weighted average number of shares 100,000 100,000 100,000 100,000
Numerator for basic and diluted earnings per share:        
Income from continuing operations $ 3,791 $ 2,647 $ 16,712 $ 10,596
Less net income attributable to non-controlling interests (3) (27) (1,386) (76)
Less earnings allocated to unvested restricted stock (210) (178) (631) (534)
Income from continuing operations available for common stockholders 3,578 2,442 14,695 9,986
Discontinued operations       13
Net income available for common stockholders, basic 3,578 2,442 14,695 9,999
Net income available for common stockholders, diluted $ 0 $ 2,442 $ 0 $ 9,999
Denominator for basic earnings per share:        
Weighted average common shares 16,014,000 15,650,000 15,892,000 15,508,000
Effect of diluted securities:        
Restricted stock units awarded under Pay-for-Performance program (in shares) 100,000 100,000 100,000 100,000
Denominator for diluted earnings per share - weighted average shares 16,114,000 15,750,000 15,992,000 15,608,000
Earnings per common share, basic (in dollars per share) $ 0.22 $ 0.16 $ 0.92 $ 0.64
Earnings per common share, diluted (in dollars per share) $ 0.22 $ 0.16 $ 0.92 $ 0.64
Net income attributable to One Liberty Properties, Inc. common stockholders, net of non-controlling interests:        
Income from continuing operations $ 3,788 $ 2,620 $ 15,326 $ 10,520
Income from discontinued operations       13
Net income attributable to One Liberty Properties, Inc. $ 3,788 $ 2,620 $ 15,326 $ 10,533
XML 56 R21.htm IDEA: XBRL DOCUMENT v3.3.0.814
Common Stock Cash Dividend
9 Months Ended
Sep. 30, 2015
Common Stock Cash Dividend  
Common Stock Cash Dividend

 

Note 12 - Common Stock Cash Dividend

 

On September 10, 2015, the Board of Directors declared a quarterly cash dividend of $.39 per share on the Company’s common stock, totaling $6,476,000. The quarterly dividend was paid on October 5, 2015 to stockholders of record on September 25, 2015.

XML 57 R26.htm IDEA: XBRL DOCUMENT v3.3.0.814
Subsequent Events
9 Months Ended
Sep. 30, 2015
Subsequent Events  
Subsequent Events

 

Note 17 - Subsequent Events

 

Subsequent events have been evaluated and except as disclosed in Note 8 (Lease Termination Fee Income), there were no other events relative to the Company’s consolidated financial statements that require additional disclosure.

XML 58 R49.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Details 4)
3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
item
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
item
Sep. 30, 2014
USD ($)
Derivative financial instruments related to unconsolidated joint venture        
Number of derivative agreements for which the Parent Company could be liable in event of default by a subsidiary | item     1  
Cash flow hedges        
Reclassification of gain (loss)        
Gain or loss recognized with respect to cash flow hedges' ineffectiveness $ 0 $ 0 $ 0 $ 0
Interest rate swap | Cash flow hedges        
Fair Value Measurements        
Amount of gain (loss) recognized on derivative in Other comprehensive loss (3,609,000) (357,000) (4,500,000) (2,765,000)
Amount of loss reclassification from Accumulated other comprehensive loss into Interest Expense (574,000) (476,000) $ (1,921,000) (1,300,000)
Reclassification of gain (loss)        
Number of interest rate derivative instruments terminated | item     1  
Accelerated amount of loss     $ 472,000  
Additional amount to be reclassified to interest expense during the next twelve months     2,272,000  
Credit risk related contingent feature        
Fair value of derivative in a liability position, including accrued interest and excluding adjustments for nonperformance risk 6,101,000   6,101,000  
Termination value of derivative agreement $ 6,101,000   6,101,000  
Adjustments for nonperformance risk     $ 396,000  
Interest rate swap | Cash flow hedges | Unconsolidated JV        
Fair Value Measurements        
Number of unconsolidated joint ventures of the entity with interest rate derivatives outstanding | item     3  
Percentage of ownership in unconsolidated joint venture 50.00%   50.00%  
Number interest rate derivatives outstanding | item 2   2  
Notional Amount $ 11,050,000   $ 11,050,000  
Amount of gain (loss) recognized on derivative in Other comprehensive loss (122,000) 11,000 (147,000) (37,000)
Amount of loss reclassification from Accumulated other comprehensive loss into Equity in earnings $ (29,000) $ (28,000) $ (80,000) $ (83,000)
Interest rate swap | Cash flow hedges | Unconsolidated JV | Minimum        
Fair Value Measurements        
Fixed Interest Rate (as a percent) 3.49%   3.49%  
Interest rate swap | Cash flow hedges | Unconsolidated JV | Maximum        
Fair Value Measurements        
Fixed Interest Rate (as a percent) 5.81%   5.81%  
Interest rate swap | Cash flow hedges | Accrued Expenses And Other Liabilities Member        
Credit risk related contingent feature        
Termination value of derivative agreement $ 5,705,000   $ 5,705,000  
XML 59 R41.htm IDEA: XBRL DOCUMENT v3.3.0.814
Line of Credit (Details) - USD ($)
9 Months Ended
Sep. 30, 2015
Nov. 03, 2015
Dec. 31, 2014
Line of Credit      
Line of credit $ 35,750,000   $ 13,250,000
Facility      
Line of Credit      
Minimum effective interest rate (as a percent) 4.75%    
Unused facility fee (as a percent) 0.25%    
Line of credit $ 35,750,000 $ 23,250,000 13,250,000
Facility | Amendment To The Credit Facility      
Line of Credit      
Borrowing capacity     $ 75,000,000
Decreases in minimum required average outstanding deposit balances of credit facility $ 3,000,000    
Interest rate at end of period (as a percent) 1.93%    
Commitment and extension fees $ 562,500    
Facility | LIBOR | Amendment To The Credit Facility      
Line of Credit      
Basis of interest rate one month LIBOR    
Facility | LIBOR | Amendment To The Credit Facility | Maximum      
Line of Credit      
Spread on variable interest rate (as a percent) 3.00%    
Facility | LIBOR | Amendment To The Credit Facility | Minimum      
Line of Credit      
Spread on variable interest rate (as a percent) 1.75%    
XML 60 R5.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
CONSOLIDATED STATEMENTS OF INCOME        
General and administrative, related parties $ 503 $ 485 $ 1,512 $ 1,899
Real estate expenses, related party $ 223 $ 213 $ 669 $ 638
XML 61 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
Organization and Background
9 Months Ended
Sep. 30, 2015
Organization and Background  
Organization and Background

 

Note 1 - Organization and Background

 

One Liberty Properties, Inc. (“OLP”) was incorporated in 1982 in Maryland.  OLP is a self-administered and self-managed real estate investment trust (“REIT”).  OLP acquires, owns and manages a geographically diversified portfolio of retail, industrial, flex, health and fitness and other properties, a substantial portion of which are subject to long-term net leases.  As of
September 30, 2015, OLP owns 120 properties, including seven properties owned by consolidated joint ventures and five properties owned by unconsolidated joint ventures. The 120 properties are located in 31 states.

XML 62 R27.htm IDEA: XBRL DOCUMENT v3.3.0.814
Summary Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2015
Summary Accounting Policies  
Principles of Consolidation/Basis of Preparation

 

Principles of Consolidation/Basis of Preparation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The results of operations for the three and nine months ended September 30, 2015 are not necessarily indicative of the results for the full year. These statements should be read in conjunction with the consolidated financial statements and related notes included in OLP’s Annual Report on Form 10-K for the year ended December 31, 2014.

 

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

 

The consolidated financial statements include the accounts and operations of OLP, its wholly-owned subsidiaries, its joint ventures in which the Company, as defined, has a controlling interest, and variable interest entities (“VIEs”) of which the Company is the primary beneficiary.  OLP and its consolidated subsidiaries are hereinafter referred to as the “Company”.  Material intercompany items and transactions have been eliminated in consolidation.

Variable Interest Entities

 

Variable Interest Entities

 

The Financial Accounting Standards Board, or FASB, provides guidance for determining whether an entity is a VIE.  VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, which is the party that (i) has the power to control the activities that most significantly impact the VIE’s economic performance and (ii) has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

 

Additionally, the Company assesses the accounting treatment for any interests pursuant to which the Company may have a variable interest as a lessor.  Leases may contain certain protective rights such as the right of sale and the receipt of certain escrow deposits.  In situations where the Company does not have the power over tenant activities that most significantly impact the performance of the property, the Company would not consolidate tenant operations.

Investment in Joint Ventures

 

Investment in Joint Ventures

 

The Company assesses the accounting treatment for each joint venture investment. This assessment includes a review of each joint venture or limited liability company agreement to determine the rights of each party and whether those rights are protective or participating. The agreements typically contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget or operating plan. In situations where the Company and its partner, among other things, (i) approve the annual budget, (ii) approve certain expenditures, (iii) prepare or review and approve the joint venture’s tax return before filing, and (iv) approve each lease at a property, the Company does not consolidate the joint venture as the Company considers these to be substantive participation rights that result in shared power over the activities that most significantly impact the performance of the joint venture.

 

The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting.  All investments in these joint ventures have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support and, as a group, the holders of the equity at risk have power through voting rights to direct the activities of these ventures. As a result, none of these joint ventures are VIE’s.  In addition, although the Company is the managing member in certain ventures, it does not exercise substantial operating control over these entities, and therefore the entities are not consolidated. These investments are recorded initially at cost, as investments in unconsolidated joint ventures, and subsequently adjusted for their share of equity in earnings, cash contributions and distributions.  None of the joint venture debt is recourse to the Company, subject to standard carve-outs.

Properties Held for Sale

 

Properties Held-for-Sale

 

Real estate investments are classified as held-for-sale when management has determined that it has met the applicable criteria.  Real estate investments which are held-for-sale are not depreciated.

Tenant Reimbursements

 

Tenant Reimbursements

 

Tenant reimbursements represent tenants’ contractual obligations for recoverable real estate taxes and operating expenses and are recognized when earned.

Reclassifications

 

Reclassifications

 

Certain amounts previously reported in the consolidated financial statements have been reclassified in the accompanying consolidated financial statements to conform to the current period’s presentation.

XML 63 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.0.814 html 193 299 1 false 60 0 false 8 false false R1.htm 00090 - Document - Document and Entity Information Sheet http://www.onelibertyproperties.com/role/DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00100 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS Statements 2 false false R3.htm 00105 - Statement - CONSOLIDATED BALANCE SHEETS (Parenthetical) Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - CONSOLIDATED STATEMENTS OF INCOME Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfIncome CONSOLIDATED STATEMENTS OF INCOME Statements 4 false false R5.htm 00205 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfIncomeParenthetical CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) Statements 5 false false R6.htm 00300 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfComprehensiveIncome CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Statements 6 false false R7.htm 00400 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfChangesInEquity CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Statements 7 false false R8.htm 00405 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfChangesInEquityParenthetical CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) Statements 8 false false R9.htm 00500 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.onelibertyproperties.com/role/StatementConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 9 false false R10.htm 10101 - Disclosure - Organization and Background Sheet http://www.onelibertyproperties.com/role/DisclosureOrganizationAndBackground Organization and Background Notes 10 false false R11.htm 10201 - Disclosure - Summary Accounting Policies Sheet http://www.onelibertyproperties.com/role/DisclosureSummaryAccountingPolicies Summary Accounting Policies Notes 11 false false R12.htm 10301 - Disclosure - Earnings Per Common Share Sheet http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShare Earnings Per Common Share Notes 12 false false R13.htm 10401 - Disclosure - Real Estate Acquisitions Sheet http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitions Real Estate Acquisitions Notes 13 false false R14.htm 10501 - Disclosure - Sale and Disposal of Properties, Discontinued Operations and Impairment Sheet http://www.onelibertyproperties.com/role/DisclosureSaleAndDisposalOfPropertiesDiscontinuedOperationsAndImpairment Sale and Disposal of Properties, Discontinued Operations and Impairment Notes 14 false false R15.htm 10601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Sheet http://www.onelibertyproperties.com/role/DisclosureVariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturess Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Notes 15 false false R16.htm 10701 - Disclosure - Investment in Unconsolidated Joint Ventures Sheet http://www.onelibertyproperties.com/role/DisclosureInvestmentInUnconsolidatedJointVentures Investment in Unconsolidated Joint Ventures Notes 16 false false R17.htm 10801 - Disclosure - Lease Termination Fee Income Sheet http://www.onelibertyproperties.com/role/DisclosureLeaseTerminationFeeIncome Lease Termination Fee Income Notes 17 false false R18.htm 10901 - Disclosure - Allowance for Doubtful Accounts Sheet http://www.onelibertyproperties.com/role/DisclosureAllowanceForDoubtfulAccounts Allowance for Doubtful Accounts Notes 18 false false R19.htm 11001 - Disclosure - Line of Credit Sheet http://www.onelibertyproperties.com/role/DisclosureLineOfCredit Line of Credit Notes 19 false false R20.htm 11101 - Disclosure - Related Party Transactions Sheet http://www.onelibertyproperties.com/role/DisclosureRelatedPartyTransactions Related Party Transactions Notes 20 false false R21.htm 11201 - Disclosure - Common Stock Cash Dividend Sheet http://www.onelibertyproperties.com/role/DisclosureCommonStockCashDividend Common Stock Cash Dividend Notes 21 false false R22.htm 11301 - Disclosure - Shares Issued Through Equity Offering Program Sheet http://www.onelibertyproperties.com/role/DisclosureSharesIssuedThroughEquityOfferingProgram Shares Issued Through Equity Offering Program Notes 22 false false R23.htm 11401 - Disclosure - Stock Based Compensation Sheet http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensation Stock Based Compensation Notes 23 false false R24.htm 11501 - Disclosure - Fair Value Measurements Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurements Fair Value Measurements Notes 24 false false R25.htm 11601 - Disclosure - New Accounting Pronouncements Sheet http://www.onelibertyproperties.com/role/DisclosureNewAccountingPronouncements New Accounting Pronouncements Notes 25 false false R26.htm 11701 - Disclosure - Subsequent Events Sheet http://www.onelibertyproperties.com/role/DisclosureSubsequentEvents Subsequent Events Notes 26 false false R27.htm 20202 - Disclosure - Summary Accounting Policies (Policies) Sheet http://www.onelibertyproperties.com/role/DisclosureSummaryAccountingPoliciesPolicies Summary Accounting Policies (Policies) Policies http://www.onelibertyproperties.com/role/DisclosureSummaryAccountingPolicies 27 false false R28.htm 30303 - Disclosure - Earnings Per Common Share (Tables) Sheet http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShareTables Earnings Per Common Share (Tables) Tables http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShare 28 false false R29.htm 30403 - Disclosure - Real Estate Acquisitions and Contingent Liability (Tables) Sheet http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsAndContingentLiabilityTables Real Estate Acquisitions and Contingent Liability (Tables) Tables 29 false false R30.htm 30601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables) Sheet http://www.onelibertyproperties.com/role/DisclosureVariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturesTables Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures (Tables) Tables http://www.onelibertyproperties.com/role/DisclosureVariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVenturess 30 false false R31.htm 31403 - Disclosure - Stock Based Compensation (Tables) Sheet http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensationTables Stock Based Compensation (Tables) Tables http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensation 31 false false R32.htm 31503 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurements 32 false false R33.htm 40101 - Disclosure - Organization and Background (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureOrganizationAndBackgroundDetails Organization and Background (Details) Details http://www.onelibertyproperties.com/role/DisclosureOrganizationAndBackground 33 false false R34.htm 40301 - Disclosure - Earnings Per Common Share (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShareDetails Earnings Per Common Share (Details) Details http://www.onelibertyproperties.com/role/DisclosureEarningsPerCommonShareTables 34 false false R35.htm 40401 - Disclosure - Real Estate Acquisitions (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsDetails Real Estate Acquisitions (Details) Details http://www.onelibertyproperties.com/role/DisclosureRealEstateAcquisitionsAndContingentLiabilityTables 35 false false R36.htm 40501 - Disclosure - Sale and Disposal of Properties, Discontinued Operations and Impairment ( Details) Sheet http://www.onelibertyproperties.com/role/DisclosureSaleAndDisposalOfPropertiesDiscontinuedOperationsAndImpairmentDetails Sale and Disposal of Properties, Discontinued Operations and Impairment ( Details) Uncategorized 36 false false R37.htm 40601 - Disclosure - Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Sheet http://www.onelibertyproperties.com/role/DisclosureVariableInterestEntitiesContingentLiabilitiesAndConsolidatedJointVentures Variable Interest Entities, Contingent Liabilities and Consolidated Joint Ventures Uncategorized 37 false false R38.htm 40701 - Disclosure - Investment in Unconsolidated Joint Ventures (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureInvestmentInUnconsolidatedJointVenturesDetails Investment in Unconsolidated Joint Ventures (Details) Uncategorized 38 false false R39.htm 40801 - Disclosure - Lease Termination Fee Income (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureLeaseTerminationFeeIncomeDetails Lease Termination Fee Income (Details) Uncategorized 39 false false R40.htm 40901 - Disclosure - Allowance for Doubtful Accounts (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureAllowanceForDoubtfulAccountsDetails Allowance for Doubtful Accounts (Details) Uncategorized 40 false false R41.htm 41001 - Disclosure - Line of Credit (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureLineOfCreditDetails Line of Credit (Details) Uncategorized 41 false false R42.htm 41101 - Disclosure - Related Party Transactions (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureRelatedPartyTransactionsDetails Related Party Transactions (Details) Uncategorized 42 false false R43.htm 41201 - Disclosure - Common Stock Cash Dividend (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureCommonStockCashDividendDetails Common Stock Cash Dividend (Details) Uncategorized 43 false false R44.htm 41301 - Disclosure - Shares Issued Through Equity Offering Program (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureSharesIssuedThroughEquityOfferingProgramDetails Shares Issued Through Equity Offering Program (Details) Uncategorized 44 false false R45.htm 41401 - Disclosure - Stock Based Compensation (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureStockBasedCompensationDetails Stock Based Compensation (Details) Uncategorized 45 false false R46.htm 41501 - Disclosure - Fair Value Measurements (Details) Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails Fair Value Measurements (Details) Uncategorized 46 false false R47.htm 41502 - Disclosure - Fair Value Measurements (Details 2) Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails2 Fair Value Measurements (Details 2) Uncategorized 47 false false R48.htm 41503 - Disclosure - Fair Value Measurements (Details 3) Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails3 Fair Value Measurements (Details 3) Uncategorized 48 false false R49.htm 41504 - Disclosure - Fair Value Measurements (Details 4) Sheet http://www.onelibertyproperties.com/role/DisclosureFairValueMeasurementsDetails4 Fair Value Measurements (Details 4) Uncategorized 49 false false All Reports Book All Reports In ''CONSOLIDATED BALANCE SHEETS'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''CONSOLIDATED STATEMENTS OF CASH FLOWS'', column(s) 2, 3, 4 are contained in other reports, so were removed by flow through suppression. olp-20150930.xml olp-20150930_cal.xml olp-20150930_def.xml olp-20150930_lab.xml olp-20150930_pre.xml olp-20150930.xsd true true XML 64 R38.htm IDEA: XBRL DOCUMENT v3.3.0.814
Investment in Unconsolidated Joint Ventures (Details)
1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2015
USD ($)
Jun. 30, 2015
USD ($)
Sep. 30, 2015
USD ($)
property
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
property
item
Sep. 30, 2014
USD ($)
Dec. 31, 2014
USD ($)
property
item
Investment in Unconsolidated Joint Ventures              
Number of unconsolidated joint ventures | item         5   5
Number of properties owned and operated by each unconsolidated joint venture | property     1   1   1
Equity in earnings of unconsolidated joint ventures     $ 347,000 $ 134,000 $ 311,000 $ 397,000  
Variable Interest Entities              
Payments to acquire interest in joint venture         12,686,000    
Investment in unconsolidated joint ventures     11,273,000   11,273,000   $ 4,907,000
Shopko retail stores, Lincoln, Nebraska              
Variable Interest Entities              
Percentage of equity method investments acquired 50.00%            
Payments to acquire interest in joint venture $ 6,300,000            
Retail center located in Manahawkin, New Jersey              
Variable Interest Entities              
Percentage of equity method investments acquired   50.00%          
Payments to acquire interest in joint venture   $ 43,500,000          
Debt financed   $ 26,100,000          
Annual fixed interest rate (as a percent)   4.00%          
Investment in unconsolidated joint ventures     $ 8,808,000   8,808,000    
Company share of acquisition expense         $ 400,000    
XML 65 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
Related Party Transactions
9 Months Ended
Sep. 30, 2015
Related Party Transactions  
Related Party Transactions

 

Note 11 — Related Party Transactions

 

For 2015, the Company agreed to pay quarterly fees of $633,750 (including overhead expenses of $48,900 and property management fees of $223,125) pursuant to the compensation and services agreement, as amended, with Majestic Property Management Corp., a company wholly-owned by the Company’s vice-chairman.  For the three months ended September 30, 2014, such quarterly fees were $602,500 (including overhead expenses of $46,600 and property management fees of $212,500). The nine months ended September 30, 2015 and 2014 include fees of $1,901,000 and $2,252,000, respectively. The 2015 and 2014 amounts reflect an adjustment to the compensation and services agreement that was effective July 1, 2014.

 

For 2015 and 2014, the Company agreed to pay quarterly fees of $65,625 and $62,500, respectively, to the Company’s chairman and $26,250 and $25,000, respectively, to the Company’s vice-chairman.

 

The chairman and vice-chairman fees and the fees paid under the compensation and services agreement are included in general and administrative expense on the consolidated statements of income, except for the property management fees which are included in real estate expenses on the consolidated statements of income.

 

The Company obtains its property insurance in conjunction with Gould Investors L.P. (“Gould”), a related party and reimburses Gould annually for the Company’s insurance cost relating to its properties. Amounts reimbursed to Gould were $513,000 during the three and nine months ended September 30, 2015 and $400,000 during the three and nine months ended September 30, 2014. Included in real estate expenses on the consolidated statements of income is insurance expense of $121,000 and $235,000 for the three and nine months ended September 30, 2015,  and $86,000 and $186,000 for the three and nine months ended September 30, 2014, respectively.

 

During the nine months ended September 30, 2015, the Company received a $131,000 financing fee for obtaining the mortgage debt for the unconsolidated joint venture that acquired the Manahawkin, New Jersey  property (see Note 7). Fifty percent of this income is included in Other income on the consolidated statements of income and the balance is recorded as a reduction to Investment in unconsolidated joint ventures on the consolidated balance sheets. In conjunction with the acquisition, the joint venture paid an acquisition fee to the other partners of the venture.

 

During the three and nine months ended September 30, 2015 and 2014, the Company paid an aggregate of $64,000, $528,000, $10,000 and $31,000, respectively, to its joint venture partners or their affiliates for property management and acquisition fees, which were included in real estate operating expenses or equity in earnings of unconsolidated ventures on the consolidated statements of income.