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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT
PURSUANT TO SECTIONS 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
[ X] Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of l934
For the fiscal year ended December 31, 2006
Or
[ ] 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)
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
MARYLAND 13-3147497
60 Cutter Mill Road, Great Neck, New York 11021
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (516) 466-3100
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of exchange
on which registered
Common Stock, par value $1.00 New York Stock Exchange
per share
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the
Securities Act.
Yes No X
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of
the Act.
Yes No X
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 ___
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form
10-K. X
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-
accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange
Act (Check One):
Large Accelerated Filer __ Accelerated Filer X Non-Accelerated Filer __
Indicate by check mark whether registrant is a shell company (defined in Rule 12b-2 of the Exchange Act).
Yes No X
As of June 30, 2006 (the last business day of the registrant’s most recently completed second quarter),
the aggregate market value of all common equity held by non-affiliates of the registrant, computed by reference
to the price at which common equity was last sold on said date, was approximately $148.8 million.
As of March 10, 2007, the registrant had 10,034,576 shares of common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the proxy statement for the annual meeting of stockholders of One Liberty Properties, Inc., to
be filed pursuant to Regulation 14A not later than April 30, 2007, are incorporated by reference into Part III of
this Form 10-K.
Item 1. Business
General
PART I
We are a self-administered and self-managed real estate investment trust, also known as a REIT. We
were incorporated under the laws of the State of Maryland on December 20, 1982. We acquire, own and
manage a geographically diversified portfolio of retail, industrial, office, health and fitness and other
properties, a substantial portion of which are under long-term leases. Substantially all of our leases are “net
leases,” under which the tenant is typically responsible for real estate taxes, insurance and ordinary
maintenance and repairs. As of December 31, 2006, we owned sixty-six properties, including a 50% tenancy
in common interest in one property, and participated in seven joint ventures that own six properties (including
two vacant properties held for sale). Our properties and the properties owned by our joint ventures are
located in twenty-eight states and have an aggregate of approximately 5.9 million square feet of space
(including approximately 106,000 square feet of space at the property in which we own a tenancy in common
interest and approximately 1.6 million square feet of space at properties owned by the joint ventures in which
we participate).
Under the terms of our current leases, our 2007 contractual rental income (rental income that is
payable to us in 2007 under leases existing at December 31, 2006) will be approximately $36 million,
including approximately $1.2 million of rental income payable on our tenancy in common interest. In 2007,
we expect that our share of the rental income payable to our seven joint ventures will be approximately $1.4
million, without taking into consideration any rent that we would receive if the two vacant properties owned by
our joint ventures are rented. On December 31, 2006, the occupancy rate of properties owned by us was
100% based on square footage (including the property in which we own a tenancy in common interest) and
the occupancy rate of properties owned by our joint ventures was 98.9% based on square footage (exclusive
of vacant land owned by one of our joint ventures). The weighted average remaining term of the leases in
our portfolio, including our tenancy in common interest, is 10.8 years and 12.3 years for the leases at
properties owned by our joint ventures.
Acquisition Strategies
We seek to acquire properties throughout the United States that have locations, demographics and
other investment attributes that we believe to be attractive. We believe that long-term leases provide a
predictable income stream over the term of the lease, making fluctuations in market rental rates and in real
estate values less significant to achieving our overall investment objectives. Our goal is to acquire properties
that are subject to long-term net leases that include periodic contractual rental increases. Periodic
contractual rental increases provide reliable increases in future rent payments, while rent increases based on
the consumer price index provide protection against inflation. Long-term leases also make it easier for us to
obtain longer-term, fixed-rate mortgage financing with principal amortization, thereby moderating the interest
rate risk associated with financing or refinancing our property portfolio by reducing the outstanding principal
balance over time. Although we regard long-term leases as an important element of our acquisition strategy,
we may acquire a property that is subject to a short-term lease where we believe the property represents a
good opportunity for recurring income and residual value.
Generally, we intend to hold the properties we acquire for an extended period of time. Our investment
criteria are intended to identify properties from which increased asset value and overall return can be realized
from an extended period of ownership. Although our investment criteria favor an extended period of
ownership of our properties, we may dispose of a property following a lease termination or expiration or even
during the term of a lease (i) if we regard the disposition of the property as an opportunity to realize the overall
value of the property sooner or (ii) to avoid future risks by achieving a determinable return from the property.
In 2006, favorable market conditions provided us with the opportunity to realize the overall value of our movie
theater portfolio sooner than anticipated and accordingly we sold one movie theater property and two of our
movie theater joint ventures sold nine movie theater properties.
We generally identify properties through the network of contacts of our senior management and our
affiliates, which include real estate brokers, private equity firms, banks and law firms. In addition, we
attend industry conferences and engage in direct solicitations.
1
There is no limit on the number of properties in which we may invest, the amount or percentage of
our assets that may be invested in any specific property or property type, or on the concentration of
investments in any geographic area in the United States. We do not intend to acquire properties located
outside of the United States. We will continue to form entities to acquire interests in real properties, either
alone or with other investors, and we may acquire interests in joint ventures or other entities that own real
property.
It is our policy, and the policy of our affiliated entities, that any investment opportunity presented to us
or to any of our affiliated entities that involves primarily the acquisition of a net leased property will first be
offered to us and declined by us before any of our affiliated entities may pursue the opportunity.
Investment Evaluation
In evaluating potential net lease investments, we consider, among other criteria, the following:
• an evaluation of the property and improvements, given its location and use;
the current and projected cash flow of the property;
•
the estimated return on equity to us;
•
local demographics (population and rental trends);
•
the ability of the tenant to meet operational needs and lease obligations;
•
the terms of tenant leases, including the relationship between current rents and market rents;
•
•
the projected residual value of the property;
• potential for income and capital appreciation;
• occupancy of and demand for similar properties in the market area; and
• alternative use for the property at lease termination.
Our Business Objectives and Growth Strategy
Our business objective is to maintain and increase the cash available for distribution to our
stockholders by:
• acquiring a diversified portfolio of net leased properties subject to long-term leases;
• obtaining mortgage indebtedness on favorable terms and increasing access to capital to finance
property acquisitions; and
• managing assets effectively through property acquisitions, lease extensions and opportunistic
property sales.
Our growth strategy includes the following elements:
•
•
•
to maintain, renew and enter into new long-term leases that contain provisions for contractual rent
increases;
to acquire additional properties within the United States that are subject to long-term net leases and
that satisfy our other investment criteria; and
to acquire properties in market or industry sectors that we identify, from time to time, as offering
superior risk-adjusted returns.
Typical Property Attributes
The properties in our portfolio and owned by our joint ventures typically have the following attributes:
• Net leases. Substantially all of the leases are net leases under which the tenant is typically
responsible for real estate taxes, insurance and ordinary maintenance and repairs. We believe that
investments in net leased properties offer more predictable returns than investments in properties that
are not net leased;
2
• Long-term leases. The properties acquired are generally subject to long-term leases. Excluding
leases relating to properties owned by our joint ventures, leases representing approximately 84% of
our 2007 contractual rental income expire after 2012, and leases representing approximately 55% of
our 2007 contractural rental income expire after 2016; and
• Scheduled rent increases. Leases representing approximately 93% of our 2007 contractual rental
income provide for either scheduled rent increases or periodic contractual rent increases based on
the consumer price index. None of the leases on properties owned by our joint ventures provide for
scheduled rent increases.
Our Tenants
The following table sets forth information about the diversification of our tenants (excluding tenants
of our joint ventures) by industry sector as of December 31, 2006:
Type of
Property
Number of
Tenants
Number of
Properties
2007 Contractual
Rental Income (1)
Retail – various (2)
Retail – furniture (3)
Industrial
Office (4)
Flex
Health & fitness
Movie theater (5)
Residential
33
5
8
3
3
3
1
1
57
33
15
8
3
2
3
1
1
66
$11,727,402
7,295,933
6,923,408
4,157,444
2,454,855
1,640,441
1,242,019
650,000
$36,091,502
Percentage of
2007 Contractual
Rental Income
32.5%
20.2
19.2
11.5
6.8
4.6
3.4
1.8
100.0%
(1) 2007 contractual rental income includes rental income that is payable to us during 2007 for properties owned by
us at December 31, 2006, including rental income payable on our tenancy in common interest.
(2) Twenty-one of the retail properties are net leased to single tenants. Four properties are net leased to a total of
11 separate tenants pursuant to separate leases and 8 properties are net leased to one tenant pursuant to a
master lease.
(3) Eleven properties are net leased to Haverty Furniture Companies, Inc. pursuant to a master lease covering all
locations and four of the properties are net leased to single tenants.
(4)
Includes a property in which we own a 50% tenancy in common interest.
(5) We are the ground lessee of this property under a long-term lease and net lease the movie theater to an
operator.
Although the main focus of our analysis is the intrinsic value of a property, we seek to acquire
properties that we believe will provide attractive current returns from leases with tenants that operate
profitably, even if our tenants are typically not rated or are rated below investment grade. We will acquire a
property if we believe that the quality of the underlying real estate mitigates the risk that may be associated
with any default by the tenant. Most of our retail tenants operate on a national basis and include, among
others, Barnes & Noble, Inc., Walgreen Co., The Sports Authority, Inc., Best Buy Co., Inc., TGI Friday’s Inc.,
Party City Corporation, Circuit City Stores, Inc., Petco Animal Supplies, Inc. and CarMax Auto Superstores,
Inc., and some of our tenants operate on a regional basis, including Haverty’s Furniture Companies, Inc.
Our Leases
Substantially all of our leases are net leases (including the leases entered into by our joint ventures)
under which the tenant, in addition to its rental obligation, typically is responsible for expenses attributable
to the operation of the property, such as real estate taxes and assessments, water and sewer rents and
other charges. The tenant is also generally responsible for maintaining the property, including non-
structural repairs, and for restoration following a casualty or partial condemnation. The tenant is typically
obligated to indemnify us for claims arising from the property and is responsible for maintaining insurance
3
coverage for the property it leases. Under some net leases, we are responsible for structural repairs,
including foundation and slab, roof repair or replacement and restoration following a casualty event, and at
several properties we are responsible for certain expenses related to the operation and maintenance of the
property.
Our typical lease provides for contractual rent increases periodically throughout the term of the lease.
Some of our leases provide for rent increases pursuant to a formula based on the consumer price index.
While some of our leases also provide for minimum rents supplemented by additional payments based on
sales derived from the property subject to the lease, such additional payments were not a material part of
our 2006 rental revenues and are not expected to be a material part of our 2007 rental revenues.
Our policy has been to acquire properties that are subject to existing long-term leases or to enter into
long-term leases with our tenants. Our leases generally provide the tenant with one or more renewal
options.
The following table sets forth scheduled lease expirations of leases for our properties (excluding joint
venture properties) as of December 31, 2006:
Approximate Square
Year of Lease
Feet Subject to
Number of
Expiration (1)(2) Expiring Leases Expiring Leases
2
2007
3
2008
3
2009
3
2010
4
2011
-
2012
5
2013
14
2014
2015
4
2016 and
19,000
520,272
200,468
19,038
208,428
-
106,996
700,200
150,795
2007 Contractual
Rental Income Under
Expiring Leases (3)
$ 359,604
1,858,129
928,177
349,825
2,080,129
-
1,583,263
5,698,432
1,765,765
thereafter
19
2,407,259
21,468,178
57
4,332,456
$36,091,502
% of 2007 Contractual
Rental Income
Represented by
Expiring Leases
1.0
5.1
2.6
1.0
5.7
-
4.4
15.8
4.9
59.5
100.0%
________________
(1) Lease expirations assume tenants do not exercise existing renewal options.
(2) Includes a property in which we have a tenancy in common interest.
(3) 2007 contractual rental income includes rental income that is payable to us during 2007 under existing leases on
properties we owned at December 31, 2006 (including rental income payable on our tenancy in common
interest).
Financing, Re-Renting and Disposition of Our Properties
Under our governing documents, there is no limit on the level of debt that we may incur. Our credit
facility is provided by VNB New York Corp., Bank Leumi, USA, Manufacturers and Traders Trust Company
and Israel Discount Bank of New York and is a full recourse obligation. The credit facility limits total
indebtedness that we may incur to an amount equal to approximately 70% of the value (as defined) of our
properties, among other limitations in the credit facility on our ability to incur additional indebtedness. We
borrow funds on a secured and unsecured basis and intend to continue to do so in the future. We
mortgage specific properties on a non-recourse basis (subject to standard carve-outs) to enhance the
return on our investment in a specific property. The proceeds of mortgage loans and amounts drawn on
our credit line may be used for property acquisitions, investments in joint ventures or other entities that own
real property, to reduce bank debt and for working capital purposes.
With respect to properties we acquire on a free and clear basis, we usually seek to obtain long-term
fixed-rate mortgage financing shortly after the acquisition of such property to avoid the risk of movement of
interest rates and fluctuating supply and demand in the mortgage markets. We also will acquire a property
that is subject to (and will assume) a fixed-rate mortgage. Substantially all of our mortgages provide for
4
amortization of part of the principal balance during the term, thereby reducing the refinancing risk at
maturity. Some of our properties may be financed on a cross-defaulted or cross-collateralized basis, and
we may collateralize a single financing with more than one property.
After termination or expiration of any lease relating to any of our properties (either at lease expiration
or early termination), we will seek to re-rent or sell such property in a manner that will maximize the return
to us, considering, among other factors, the income potential and market value of such property. We
acquire properties for long-term investment for income purposes and do not typically engage in the
turnover of investments. We will consider the sale of a property prior to termination or expiration of the
relevant lease if a sale appears advantageous in view of our investment objectives. We may take a
purchase money mortgage as partial payment in lieu of cash in connection with any sale and may consider
local custom and prevailing market conditions in negotiating the terms of repayment. If there is a
substantial tax gain, we may seek to enter into a tax deferred transaction and reinvest the proceeds in
another property. It is our policy to use any cash realized from the sale of properties, net of any
distributions to stockholders to maintain our REIT status, to pay down amounts due under our line of credit,
if any, and for the acquisition of additional properties.
Our Joint Ventures
As of December 31, 2006, we are a joint venture partner in seven joint ventures that own a total of
six properties (including two vacant properties held for sale, one of which was sold in March 2007) and
have an aggregate of approximately 1.6 million square feet of space. We own a 50% equity interest in six
of our joint ventures and a 36% equity interest in one joint venture. At December 31, 2006 our investment
in unconsolidated joint ventures was approximately $7 million.
We are designated as “managing member” or “manager” under the operating agreements of five of
our seven joint ventures. We are a joint venture partner in two movie theater joint ventures, each with the
same joint venture partner. One of our movie theater joint ventures sold all five of its movie theater
properties in October 2006 for a sale price of $91.3 million and realized a gain of $35.2 million on the sale,
after the payment of closing expenses and brokerage fees. In connection with this sale, the joint venture
paid $4.9 million in prepayment premiums to its mortgage lender, which is reflected as interest expense in
the joint venture’s financial statements in accordance with generally accepted accounting principles and is
not netted against the gain on sale. This movie theater joint venture does not currently own any real
property. The second movie theater joint venture sold one movie theater property in September 2006 for
$16 million and three movie theater properties in October 2006 for $45.3 million, and realized an aggregate
gain of $20.5 million on the sales, after the payment of closing expenses and brokerage fees. In
connection with these sales, the joint venture paid $5.6 million in prepayment premiums to its mortgage
lenders, which is reflected as interest expense in the joint venture’s financial statements in accordance
with generally accepted accounting principles and not netted against the gain on sale. As a result of these
property sales, the second movie theater joint venture owned one property, at December 31, 2006, a
vacant .26 of an acre of land located in Monroe, New York. This property was written down on the joint
venture’s books to $40,000, and on March 14, 2007, was sold by the joint venture for an aggregate
purchase price of $1.25 million.
Each of the other five joint ventures in which we participate as a joint venture partner owns one
property, three of which are retail properties and two of which are industrial properties. One of the retail
properties, which contains 17,108 square feet of rental space, has been vacant since February 2004 and
we cannot at this time project when a new lease will be consummated or whether the joint venture will be
able to consummate an advantageous sale of the property. The joint venture has recorded a provision for
valuation adjustment of $960,000, of which our share is $480,000, based on an evaluation of market
conditions in the area in which the property is located.
Based on existing leases, we anticipate that our share of rental income payable to our joint
ventures in 2007 will be approximately $1.4 million. The leases for two properties (each of which is owned
by one of our joint ventures) that are expected to contribute 81% of the aggregate projected rental income
payable to all of our joint ventures in 2007, will expire in 2021 and 2022, respectively.
5
Other Types of Investments
From time to time we have invested, on a limited basis, in publicly traded shares of other REITs, and
we may make such investments on a limited basis in the future. We also may invest, on a limited basis, in
the shares of entities not involved in real estate investments, provided that no such investment adversely
affects our ability to qualify as a REIT under the Internal Revenue Code of 1986, as amended. We do not
have any plans to invest in or to originate loans to other persons, whether or not secured by real property.
Although we have not done so in the past, we may issue our securities in exchange for properties that fit
our investment criteria. We have not previously invested in the securities of another entity for the purpose
of exercising control over it and we do not have any present plans to invest in the securities of another
entity for such purpose.
Competition
We face competition for the acquisition of net leased properties from a variety of investors including
domestic and foreign corporations and real estate companies, 1031 exchange buyers, financial
institutions, insurance companies, pension funds, investment funds, other REITs and individuals, some of
which have significant advantages over us, including a larger, more diverse group of properties and
greater financial and other resources than we have. We have recently experienced increased competition
for the acquisition of net leased properties. We believe that our management’s experience in real estate,
mortgage lending, credit underwriting and transaction structuring allows us to compete effectively for
properties.
Our Structure
In 2006, Patrick J. Callan, Jr., our president, Lawrence G. Ricketts, Jr., our executive vice president, and
three other employees devoted substantially all of their business time to our company. Our other executive,
administrative, legal, accounting and clerical personnel shared their services on a part-time basis with us and
other affiliated entities that share our executive offices pursuant to a shared services agreement between
several affiliated entities including, among others, Gould Investors L.P., a limited partnership involved in the
ownership and operation of a diversified portfolio of real estate, which owned 8% of our common stock at
December 31, 2006, and BRT Realty Trust, a publicly-traded mortgage lending REIT.
In 2006, pursuant to the shared services agreement, we reimbursed $1.3 million to Gould Investors L.P.
for services performed by personnel that shared their services with us on a part-time basis and for expenses for
the shared facilities and other resources. The allocation of expenses for the shared facilities, personnel and
other resources was computed in accordance with the shared services agreement and was based on the
estimated time devoted by executive, administrative, legal, accounting and clerical personnel to the affairs of
each entity that is a party to the shared services agreement. Additionally, pursuant to certain management
agreements between us and certain affiliated entities, we also paid an aggregate of $308,000 to affiliated
entities for property management services, property sales and property leasing services, and mortgage
brokerage services.
Effective as of January 1, 2007, we entered into a compensation and services agreement with Majestic
Property Management Corp., a company wholly-owned by our chairman and chief executive officer and in
which certain of our executive officers are officers and from which they receive compensation. Under the terms
of the agreement, Majestic assumed our obligations to make payments to Gould Investors L.P. (and other
affiliated entities) under the shared services agreement and agreed to provide to us the services of all affiliated
executive, administrative, legal, accounting and clerical personnel that we have heretofore utilized on a part-
time (as needed) basis and for which we had paid, as a reimbursement, an allocated portion of the payroll
expenses of such personnel in accordance with the shared services agreement. Since Majestic and its affiliates
will arrange for such personnel for us, we will no longer incur any allocated payroll expenses. Under the terms
of the agreement, Majestic (or its affiliates) will continue to provide to us customary property management
services, property acquisition, sales and leasing counseling services and mortgage brokerage services that it
has provided to us in the past, and we will not incur any fees or expenses for such services except for the
annual fees described below. As consideration for providing to us the services of such personnel and property
management services (including construction supervisory services), property acquisition, sales and leasing
counseling services and mortgage brokerage services, we will pay Majestic an annual fee of $2,125,000 in
6
2007, in equal monthly installments. Majestic will credit against the fee payments due to it under the agreement
any management or other fees received by it from any joint venture in which we are a joint venture partner
(exclusive of fees paid by the tenant in common on a property located in Los Angeles, California). In addition,
the agreement provides for us to pay compensation to our chairman of $250,000 per annum, an increase from
$50,000. We also agreed to make an additional payment to Majestic of $175,000 in 2007 for our share of all
direct office expenses, such as rent, telephone, postage, computer services, internet usage, etc., previously
allocated to us under the shared services agreement. The annual payments we make to Majestic will be
negotiated each year by us and Majestic, and will be approved by our Audit Committee and our independent
directors. The annual payments will be based upon the prior years’ experience and a budget prepared by
Majestic.
We believe that the agreement entered into by us with Majestic Property Management Corp. will
continue to allow our company to benefit from access to, and from the services of, a group of senior executives
with significant knowledge and experience in the real estate industry and our company and its activities. If not
for the shared services agreement, as superseded by the new agreement, we believe that a company of our
size would not have access to the skills and expertise of these executives at the cost that we have incurred and
will incur in the future. For a description of the background of our management, please see the information
under the heading “Executive Officers” in Part I of this Annual Report.
Available Information
Our Internet address is www.onelibertyproperties.com. On the Investor Information page on our web
site, we post the following filings as soon as reasonably practicable after they are electronically filed with or
furnished to the Securities and Exchange Commission: our Annual Report on Form 10-K, our quarterly
reports on Form 10-Q, our current reports on Form 8-K, and any amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. All such
filings on our Investor Information Web page, which also includes Forms 3, 4 and 5 filed pursuant to
Section 16(a) of the Securities Exchange Act of 1934, as amended, are available to be viewed free of
charge.
On the Corporate Governance page of our web site, we post the following charters and guidelines:
Audit Committee Charter, Compensation Committee Charter, Nominating and Corporate Governance
Committee Charter, Corporate Governance Guidelines and Code of Business Conduct and Ethics, as
amended and restated. All such charters and guidelines on our Corporate Governance Web page are
available to be viewed free of charge.
Information contained on our web site is not part of, and is not incorporated by reference into, this
Annual Report on Form 10-K or our other filings with the Securities and Exchange Commission. A copy of
this Annual Report on Form 10-K and those items disclosed on our Investor Information Web page and our
Corporate Governance Web page are available without charge upon written request to: One Liberty
Properties, Inc., 60 Cutter Mill Road, Suite 303, Great Neck, New York 11021, Attention: Secretary.
Forward-Looking Statements
This Annual Report on Form 10-K, together with other statements and information publicly
disseminated by One Liberty Properties, Inc., 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,” “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “project” or similar expressions or variations thereof. You should not rely on
forward-looking statements 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. Factors which may cause actual results to differ materially from current expectations
include, but are not limited to:
• general economic and business conditions;
7
the level and volatility of interest rates;
the financial condition of our tenants and the performance of their lease obligations;
• general and local real estate conditions;
•
• changes in governmental laws and regulations relating to real estate and related investments;
•
• competition in our industry;
• accessibility of debt and equity capital markets;
•
•
the availability of and costs associated with sources of liquidity; and
the other risks described under “Risks Related to Our Company” and “Risks Related to the
REIT Industry.”
Any or all of our forward-looking statements in this report, in our Annual Report to Stockholders and
in any other public statements we make may turn out to be incorrect. Actual results may differ from our
forward looking statements because of inaccurate assumptions we might make or because of the
occurrence of known or unknown risks and uncertainties. Many factors mentioned in the discussion below
will be important in determining future results. Consequently, no forward-looking statement can be
guaranteed and you are cautioned not to place undue reliance on these forward-looking statements. Actual
future results may vary materially.
Except as may be required under the United States federal securities laws, we undertake no
obligation to publicly update our forward-looking statements, whether as a result of new information, future
events or otherwise. You are advised, however, to consult any further disclosures we make in our reports
that are filed with or furnished to the Securities and Exchange Commission.
Set forth below is a detailed discussion of certain risks affecting our business. The categorization of
risks set forth below is meant to help you better understand the risks facing our business and is not
intended to limit your consideration of the possible effects of these risks to the listed categories. Any
adverse effects arising from the realization of any of the risks discussed including our financial condition
and results of operation may, and likely will, adversely affect many aspects of our business.
Item 1A. Risk Factors.
In addition to the other information contained or incorporated by reference in this Form 10-K,
readers should carefully consider the following risk factors:
Risks Related to Our Business
The financial failure of our tenants would likely cause significant reductions in our revenues, our
equity in earnings of unconsolidated joint ventures and in the value of our real estate portfolio.
Based on 2007 contractual rental income, 88% of our rental revenues are generated from properties
which are leased to single tenants. Accordingly, the financial failure or other default of a tenant in non-
payment of rent or property related expenses or the termination of a lease could cause a significant
reduction in our revenues. Additionally, approximately 51.4% of our rental revenues (excluding rental
revenues from our joint ventures) for the year ended December 31, 2006 was derived from retail tenants
and approximately 52.7% of our 2007 contractual rental income will be derived from retail tenants, including
20.2% from our tenants engaged in retail furniture operations. Weakening economic conditions (nationally
and/or locally) could result in the financial failure, or other default, of a significant number of our tenants and
the tenants of our joint ventures. In the event of a default by a tenant, we may experience delays in
enforcing our rights as landlord and sustain a loss of revenues and incur substantial costs in protecting our
investment. We may also face liabilities arising from the tenant’s actions or omissions that would reduce
our revenues and the value of our portfolio. Also, if we are unable to re-rent a property when an existing
lease terminates, we receive no revenues from such property and are required to pay taxes, insurance and
other operating expenses during the vacancy period, and could as a result experience a decline in the value
of the property.
A significant portion of our 2006 revenues and our 2007 contractual rental income is derived from
five tenants. The default, financial distress or failure of any of these tenants could significantly
reduce our revenues.
8
Haverty’s Furniture Companies, Inc., Nutritional Products, Inc., New Flyer of America, Inc. and L-3
Communications Corp., accounted for approximately 10.7%, 6.2%, 5.4% and 5.2%, respectively, of our
rental revenues (excluding rental revenues from our joint ventures) for the year ended December 31, 2006
and account for 11.5%, 5.2%, 4.2%, and 4.8%, respectively, of our 2007 contractual rental income.
Ferguson Enterprises, Inc., a tenant at a property we acquired in December 2006, accounts for 5.3% of our
2007 contractual rental income. The default, financial distress or bankruptcy of any of these tenants could
cause interruptions in the receipt or the loss of a significant amount of rental revenues and result in the
vacancy of the property or properties occupied by the defaulting tenant, which would significantly reduce our
rental revenues and net income until the re-rental of the property or properties, and could decrease the
ultimate sale value of the property.
The inability to repay our indebtedness could reduce cash available for distributions and cause
losses.
As of December 31, 2006, we had outstanding approximately $228 million in long-term mortgage and
loan indebtedness, all of which is non-recourse (subject to standard carve-outs). As of December 31, 2006,
our ratio of mortgage and loan debt to total assets was approximately 54%. In addition, as of December 31,
2006, our joint ventures had approximately $19 million in total long-term mortgage indebtedness (all of
which is non-recourse subject to standard carve-outs). The risks associated with our debt and the debt of
our joint ventures include the risk that cash flow for the properties securing the mortgage indebtedness will
be insufficient to meet required payments of principal and interest. Further, if a property or properties are
mortgaged to collateralize payment of indebtedness and we or any of our joint ventures are unable to make
mortgage payments on the secured indebtedness, the lender could foreclose upon the property or
properties resulting in a loss of revenues to us and a decline in the value of our portfolio. Even with respect
to our non-recourse indebtedness, the lender may have the right to recover deficiencies from us under
certain circumstances, which could result in a reduction in the amount of cash available to us to meet
expenses and to make distributions to our stockholders and in a deterioration of our financial condition.
If we are unable to refinance our borrowings at maturity at favorable rates or otherwise raise funds,
our net income may decline or we may be forced to sell properties on disadvantageous terms,
which would result in the loss of revenues and in a decline in the value of our portfolio.
Only a small portion of the principal of our mortgage indebtedness and the mortgage indebtedness of
our joint ventures will be repaid prior to maturity. Neither we nor our joint ventures plan to retain sufficient cash
to repay such indebtedness at maturity. Accordingly, in order to meet these obligations, we will have to use
funds available under our credit line, if any, to refinance debt or seek to raise funds through the financing of
unencumbered properties, sale of properties or the issuance of additional equity. Between January 2007 and
December 31, 2011, we will need to refinance an aggregate of approximately $39.4 million of maturing debt, of
which approximately $3.8 will have to be refinanced in 2007 and approximately $4.2 million will have to be
refinanced in 2008. Our joint ventures do not have maturing mortgage debt until 2015. We can not provide any
assurance that we (or our joint ventures) will be able to refinance this debt or arrange additional debt financing
on unencumbered properties on terms as favorable as the terms of existing indebtedness, or at all. If interest
rates or other factors at the time of refinancing result in interest rates higher than the interest rates currently
being paid, our interest expense would increase, which would adversely affect our net income, financial
condition and the amount of cash available for distribution to stockholders. If we (or our joint ventures) are not
successful in refinancing existing indebtedness or financing unencumbered properties, selling properties on
favorable terms or raising additional equity, our cash flow (or the cash flow of a joint venture) will not be
sufficient to repay all maturing debt when payments become due, and we (or a joint venture) may be forced to
dispose of properties on disadvantageous terms, which would result in the loss of revenues and in a decline in
the value of our portfolio.
As of December 31, 2006 and March 1, 2007, we had no balance outstanding under our revolving credit
facility. Our credit facility expires on March 31, 2007. We are in the process of amending our credit facility with
our lending syndicate which will extend its maturity date from March 31, 2007 to March 31, 2010 and will reduce
the interest rate from its current rate to the lower of LIBOR plus 2.15% or the bank’s prime rate. All other
material terms and conditions of current credit facility will remain the same. In the event the extension is not
consummated, we will endeavor to secure a new credit facility. If we are able to secure a new credit facility (of
which there is no assurance), it may be on terms less favorable than our current credit facility.
9
Increased borrowings could result in increased risk of default on our repayment obligations and
increased debt service requirements.
Our governing documents do not contain any limitation on the amount of indebtedness we may incur.
However, the terms of our credit facility with VNB New York Corp., Bank Leumi, USA, Manufacturers and
Traders Trust Company and Israel Discount Bank of New York limit the total indebtedness that we may
incur to an amount equal to approximately 70% of the value (as defined in the credit agreement) of our
properties, in addition to other limitations in the credit facility on our ability to incur additional indebtedness.
Increased leverage could result in increased risk of default on our payment obligations related to
borrowings and in an increase in debt service requirements, which could reduce our net income and the
amount of cash available to meet expenses and to make distributions to our stockholders.
If we are unable to re-rent properties upon the expiration of our leases, it could adversely affect our
revenues and ability to make distributions, and could reduce the value of our portfolio.
Substantially all of our revenues are derived from rental income paid by tenants at our properties. We
cannot predict whether current tenants will renew their leases upon the expiration of their terms. In
addition, we cannot predict whether current tenants will attempt to terminate their leases (including taking
advantage of provisions of the federal bankruptcy laws), or whether defaults by tenants may result in
termination of their leases prior to the expiration of their current terms. If tenants terminate or fail to renew
their leases, or if leases terminate due to defaults or in the course of a bankruptcy proceeding, we may not
be able to locate qualified replacement tenants and, as a result, we would lose a source of revenue while
remaining responsible for the payment of our mortgage obligations and the expenses related to the
properties, including real estate taxes and insurance. Even if tenants decide to renew their leases or we
find replacement tenants, the terms of renewals or new leases, including the cost of required renovations or
concessions to tenants, or the expense of reconfiguration of a single tenancy property for use by multiple
tenants, may be less favorable than current lease terms and could reduce the amount of cash available to
meet expenses and to make distributions to holders of our common stock.
We are required by certain of our net lease agreements to pay property related expenses that are
not the obligations of our tenants.
Under the terms of substantially all of our net lease agreements, in addition to satisfying their rent
obligations, our tenants are responsible for the payment of real estate taxes, insurance and ordinary
maintenance and repairs. However, in the case of certain leases, we may pay some expenses, such as the
costs of environmental liabilities, roof and structural repairs, insurance and certain non-structural repairs
and repairs and maintenance. If our properties incur significant expenses that must be paid by us under the
terms of our lease agreements, our business, financial condition and results of operations will be adversely
affected and the amount of cash available to meet expenses and to make distributions to holders of our
common stock may be reduced.
Uninsured and underinsured losses may affect the revenues generated by, the value of, and the
return from, a property affected by a casualty or other claim.
Substantially all of our tenants obtain, for our benefit, comprehensive insurance covering our
properties in amounts that are intended to be sufficient to provide for the replacement of the improvements
at each property. However, the amount of insurance coverage maintained for any property may not be
sufficient to pay the full replacement cost of the improvements at the property following a casualty event. In
addition, the rent loss coverage under the policy may not extend for the full period of time that a tenant may
be entitled to a rent abatement as a result of, or that may be required to complete restoration following, a
casualty event. In addition, there are certain types of losses, such as those arising from earthquakes,
floods, hurricanes and terrorist attacks, that may be uninsurable or that may not be economically insurable.
Changes in zoning, building codes and ordinances, environmental considerations and other factors also
may make it impossible or impracticable for us to use insurance proceeds to replace damaged or destroyed
improvements at a property. If restoration is not or cannot be completed to the extent, or within the period
of time specified in certain of our leases, the tenant may have the right to terminate the lease. If any of
these or similar events occur, it may reduce our revenues, or the value of, or our return from, an affected
property.
10
Our revenues and the value of our portfolio are affected by a number of factors that affect
investments in real estate generally.
We are subject to the general risks of investing in real estate. These include adverse changes in
economic conditions and local conditions such as changing demographics, retailing trends and traffic
patterns, declines in the rental rates, changes in the supply and price of quality properties and the market
supply and demand of competing properties, the impact of environmental laws, security concerns,
prepayment penalties applicable under mortgage financings, changes in tax, zoning, building code, fire
safety and other laws and regulations, the type of insurance coverages available in the market, and
changes in the type, capacity and sophistication of building systems. In particular, approximately 52.7% of
our 2007 contractual rental income will come from retail tenants and is therefore vulnerable to any
economic decline that negatively impacts the retail sector of the economy. Any of these conditions could
have an adverse effect on our results of operations, liquidity and financial condition.
Our revenues and the value of our portfolio are affected by a number of factors that affect
investments in leased real estate generally.
We are subject to the general risks of investing in leased real estate. These include the non-
performance of lease obligations by tenants, improvements that will be costly or difficult to remove should it
become necessary to re-rent the leased space for other uses, covenants in certain retail leases that limit the
types of tenants to which available space can be rented (which may limit demand or reduce the rents
realized on re-renting), rights of termination of leases due to events of casualty or condemnation affecting
the leased space or the property or due to interruption of the tenant’s quiet enjoyment of the leased
premises, and obligations of a landlord to restore the leased premises or the property following events of
casualty or condemnation. Any of these conditions could have an adverse impact on our results of
operations, liquidity and financial condition.
Our real estate investments are relatively illiquid and their values may decline.
Real estate investments are relatively illiquid. Therefore, we will be limited in our ability to reconfigure
our real estate portfolio in response to economic changes. We may encounter difficulty in disposing of
properties when tenants vacate either at the expiration of the applicable lease or otherwise. If we decide to
sell any of our properties, our ability to sell these properties and the prices we receive on their sale may be
affected by many factors, including the number of potential buyers, the number of competing properties on
the market and other market conditions, as well as whether the property is leased and if it is leased, the
terms of the lease. As a result, we may be unable to sell our properties for an extended period of time
without incurring a loss, which would adversely affect our results of operations, liquidity and financial
condition.
The concentration of our properties in certain geographic areas may make our revenues and the
value of our portfolio vulnerable to adverse changes in local economic conditions.
We do not have specific limitations on the total percentage of our real estate properties that may be
located in any one geographic area. Consequently, properties that we own may be located in the same or a
limited number of geographic regions. Approximately 35% of our rental income (excluding our share of the
rental income from our joint ventures) for the year ended December 31, 2006 were, and approximately 32%
of our 2007 contractual rental income will be, derived from properties located in Texas and New York. As a
result, a decline in the economic conditions in these geographic regions, or in geographic regions where our
properties may be concentrated in the future, may have an adverse effect on the rental and occupancy
rates for, and the property values of, these properties, which could lead to a reduction in our rental income
and in the results of operations.
Our inability to control our joint ventures or our tenancy in common arrangement could result in
diversion of time and effort by our management and the inability to achieve the goals of the joint
venture or the tenancy in common arrangement.
We presently are a venturer in seven joint ventures which own six properties and we own 50% of
another property as tenant in common with a group of investors pursuant to a tenancy in common
11
agreement. At December 31, 2006, our investment in unconsolidated joint ventures was approximately $7
million and the tenancy in common interest represents a net investment of approximately $531,000 by us.
These investments may involve risks not otherwise present in investments made solely by us, including that
our co-investors may have different interests or goals than we do, or that our co-investors may not be able
or willing to take an action that we desire. Disagreements with or among our co-investors could result in
substantial diversion of time and effort by our management team and the inability of the joint venture or the
tenancy in common to successfully operate, finance, lease or sell properties as intended by our joint
venture agreements or tenancy in common agreement. In addition, we may invest a significant amount of
our funds into joint ventures which ultimately may not be profitable as a result of disagreements with or
among our co-investors.
Competition in the real estate business is intense and could reduce our revenues and harm our
business.
We compete for real estate investments with all types of investors, including domestic and foreign
corporations and real estate companies, 1031 exchange buyers, financial institutions, insurance
companies, pension funds, investment funds, other REITs and individuals. Many of these competitors have
significant advantages over us, including a larger, more diverse group of properties and greater financial
and other resources. We have recently experienced increased competition for the acquisition of net leased
properties. Our failure to compete successfully with these competitors could result in our inability to identify
and acquire valuable properties and to achieve our growth objectives.
Compliance with environmental regulations and associated costs could adversely affect our
liquidity.
Under various federal, state and local laws, ordinances and regulations, an owner or operator of real
property may be required to investigate and clean up hazardous or toxic substances or petroleum product
releases at the property and may be held liable to a governmental entity or to third parties for property
damage and for investigation and cleanup costs incurred in connection with contamination. The cost of
investigation, remediation or removal of hazardous or toxic substances may be substantial, and the
presence of such substances, or the failure to properly remediate a property, may adversely affect our
ability to sell or rent the property or to borrow money using the property as collateral. In connection with our
ownership, operation and management of real properties, we may be considered an owner or operator of
the properties and, therefore, potentially liable for removal or remediation costs, as well as certain other
related costs, including governmental fines and liability for injuries to persons and property, not only with
respect to properties we own now or may acquire, but also with respect to properties we have owned in the
past.
We cannot provide any assurance that existing environmental studies with respect to any of our
properties reveal all potential environmental liabilities, that any prior owner of a property did not create any
material environmental condition not known to us, or that a material environmental condition does not
otherwise exist, or may not exist in the future, as to any one or more of our properties. If a material
environmental condition does in fact exist, or exists in the future, it could have a material adverse impact
upon our results of operations, liquidity and financial condition.
Our senior management and other key personnel are critical to our business and our future success
depends on our ability to retain them.
We depend on the services of Fredric H. Gould, chairman of our board of directors and chief executive
officer, Patrick J. Callan, Jr., our president, Lawrence G. Ricketts, Jr., our executive vice president, and other
members of our senior management to carry out our business and investment strategies. Only two of our
senior officers, Messrs. Callan and Ricketts, devote substantially all of their business time to our company. The
remainder of our senior management provide services to us on a part-time, as needed basis. As we expand,
we will continue to need to attract and retain qualified senior management and other key personnel, both on a
full-time and part-time basis. The loss of the services of any of our senior management or other key personnel,
or our inability to recruit and retain qualified personnel in the future, could impair our ability to carry out our
business and investment strategies. We do not carry key man life insurance on members of our senior
management.
12
Our transactions with affiliated entities involve conflicts of interest.
We have entered into a number of transactions with persons and entities affiliated with us and with
certain of our officers and directors. In particular, during the year ended December 31, 2006, Majestic
Property Management Corp., a company owned by Mr. Gould and in which certain of our executive officers
are officers and from which they receive compensation, received from our joint ventures an aggregate of
approximately $1.3 million as a commission in connection with the sale for an aggregate consideration of
$136.7 million of eight movie theater properties owned by two of our joint ventures and $105,000 for
management fees and construction supervisory fees. In addition, in 2006 we paid Majestic Property
Management Corp. approximately $308,000 for mortgage brokerage fees, sales commissions,
management fees and construction supervisory fees. Our policy is (i) to receive terms in transactions with
affiliates that are at least as favorable to us as similar transactions we would enter into with unaffiliated
persons and (ii) to have these transactions approved by our Audit Committee and by a majority of our board
of directors, including a majority of our independent directors. Effective January 1, 2007, we entered into a
compensation and services agreement with Majestic Property Management Corp. which provides for a
continuation of the services we previously received under the shared services agreement, including
executive, administrative, legal, accounting and clerical personnel, and customary property management
services, property acquisition, sales and leasing counseling services and mortgage brokerage services and
the elimination of any allocated expenses to us. In consideration thereof, we will pay an annual fee to
Majestic Property Management Corp. In addition, the agreement provides for us to pay additional
compensation to our chairman and for us to make a payment to Majestic for our share of all direct office
expenses such as rent, telephone, postage, computer services, internet usage, etc. previously allocated to
us under the shared services agreement. Any transactions with affiliated entities raise the potential that we
may not receive terms as favorable as those that we would receive if the transactions were entered into with
unaffiliated entities or that our executive officers might otherwise seek benefits for affiliated entities at our
expense.
An SEC investigation involving us has resulted in significant costs to us, may result in future costs
to us and could adversely affect us.
As previously disclosed in our public filings, we are currently the subject of a formal order of
investigation by the SEC, pursuant to which the SEC served a subpoena on us requesting that we produce
certain documents. Based upon the items requested in the subpoena and the examination by the SEC of
one of our executive officers, we believe that the matters being investigated by the SEC focus on the (i)
improper payments received by Jeffrey Fishman, our former president and chief executive officer, (ii) related
party transactions between us and entities affiliated with us and with certain of our executive officers and
directors, and (iii) compensation paid to certain of our executives by those affiliated entities.
Our Audit Committee has conducted an investigation concerning these issues. Both we and the
Audit Committee have fully cooperated and intend to continue to fully cooperate with the SEC investigation.
However, there can be no assurance that the SEC will not take any action that could adversely affect us as
a result of the matters investigated by it and by the Audit Committee. We have incurred significant legal
fees in connection with the on-going SEC investigation and the substantially completed Audit Committee
investigation, and could incur significant legal fees in the future in connection with the SEC investigation.
Moreover, members of our senior management have devoted in the past and may need to devote a
significant amount of time in the future to these matters, which could have the effect of reducing the time
that they have to devote to the operation of our business.
Compliance with the Americans with Disabilities Act could be costly.
Under the Americans with Disabilities Act of 1990, all public accommodations must meet Federal
requirements for access and use by disabled persons. A determination that our properties do not comply
with the Americans with Disabilities Act could result in liability for both governmental fines and damages. If
we are required to make unanticipated major modifications to any of our properties to comply with the
Americans with Disabilities Act, which are determined not to be the responsibility of our tenants, we could
incur unanticipated expenses that could have an adverse impact upon our results of operations, liquidity
and financial condition.
13
We cannot assure you of our ability to pay dividends in the future.
We intend to pay quarterly dividends and to make distributions to our stockholders in amounts such
that all or substantially all of our taxable income in each year, subject to certain adjustments, is distributed.
This, along with other factors, should enable us to quality for the tax benefits accorded to a REIT under the
Internal Revenue Code of 1986, as amended. We have not established a minimum dividend payment level
and our ability to pay dividends may be adversely affected by the risk factors described in this Annual
Report. All distributions will be made at the discretion of our board of directors and will depend on our
earnings, our financial condition, maintenance of our REIT status and such other factors as our board of
directors may deem relevant from time to time. We cannot assure you that we will be able to pay dividends
in the future.
Risks Related to the REIT Industry
Failure to qualify as a REIT would result in material adverse tax consequences and would
significantly reduce cash available for distributions.
We believe that we operate so as to qualify as a REIT under the Internal Revenue Code of 1986, as
amended. Qualification as a REIT involves the application of technical and complex legal provisions for
which there are limited judicial and administrative interpretations. The determination of various factual
matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. In
addition, no assurance can be given that legislation, new regulations, administrative interpretations or court
decisions will not significantly change the tax laws with respect to qualification as a REIT or the federal
income tax consequences of such qualification. If we fail to quality as a REIT, we will be subject to federal,
certain additional state and local income tax (including any applicable alternative minimum tax) on our
taxable income at regular corporate rates and would not be allowed a deduction in computing our taxable
income for amounts distributed to stockholders. In addition, unless entitled to relief under certain statutory
provisions, we would be disqualified from treatment as a REIT for the four taxable years following the year
during which qualification is lost. The additional tax would reduce significantly our net income and the cash
available for distributions to stockholders.
We are subject to certain distribution requirements that may result in our having to borrow funds at
unfavorable rates.
To obtain the favorable tax treatment associated with being a REIT, we generally are required, among
other things, to distribute to our stockholders at least 90% of our ordinary taxable income (subject to certain
adjustments) each year. To the extent that we satisfy these distribution requirements, but distribute less
than 100% of our taxable income we will be subject to federal corporate tax on our undistributed taxable
income. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which
certain distributions paid by us with respect to any calendar year are less than the sum of 85% of our
ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.
As a result of differences in timing between the receipt of income and the payment of expenses, and
the inclusion of such income and the deduction of such expenses in arriving at taxable income, and the
effect of nondeductible capital expenditures, the creation of reserves and the timing of required debt service
(including amortization) payments, we may need to borrow funds on a short-term basis in order to make the
distributions necessary to retain the tax benefits associated with qualifying as a REIT, even if we believe
that then prevailing market conditions are not generally favorable for such borrowings. Such borrowings
could reduce our net income and the cash available for distributions to holders of our common stock.
Compliance with REIT requirements may hinder our ability to maximize profits.
In order to qualify as a REIT for Federal income tax purposes, we must continually satisfy tests
concerning, among other things, our sources of income, the amounts we distribute to our stockholders and
the ownership of our stock. We may also be required to make distributions to stockholders at
disadvantageous times or when we do not have funds readily available for distribution. Accordingly,
compliance with REIT requirements may hinder our ability to operate solely on the basis of maximizing
14
profits.
In order to qualify as a REIT, we must also ensure that at the end of each calendar quarter, at least
75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real
estate assets. Any investment in securities cannot include more than 10% of the outstanding voting
securities of any one issuer or more than 10% of the total value of the outstanding securities of any one
issuer. In addition, no more than 5% of the value of our assets can consist of the securities of any one
issuer, other than a qualified REIT security. If we fail to comply with these requirements, we must dispose
of such portion of these securities in excess of these percentages within 30 days after the end of the
calendar quarter in order to avoid losing our REIT status and suffering adverse tax consequences. This
requirement could cause us to dispose of assets for consideration that is less than their true value and
could lead to a material adverse impact on our results of operations and financial condition.
Item 1B. Unresolved Staff Comments.
None.
15
EXECUTIVE OFFICERS
The following sets forth information with respect to our executive officers:
NAME
AGE POSITION WITH THE COMPANY
Fredric H. Gould*
Patrick J. Callan, Jr.
Jeffrey A. Gould*
Matthew J. Gould*
David W. Kalish
Israel Rosenzweig
Simeon Brinberg**
Mark H. Lundy**
71
44
41
47
60
59
73
44
Chairman of the Board and Chief Executive Officer
President and Director
Senior Vice President and Director
Senior Vice President and Director
Senior Vice President and Chief Financial Officer
Senior Vice President
Senior Vice President
Senior Vice President and Secretary
Lawrence G. Ricketts, Jr.
30
Executive Vice President
Karen Dunleavy
48
Vice President, Financial and Treasurer
* Matthew J. Gould and Jeffrey A. Gould are Fredric H. Gould’s sons.
** Mark H. Lundy is Simeon Brinberg’s son-in-law.
Fredric H. Gould. Mr. Gould has served as Chairman of the Board of One Liberty Properties since 1989
and as Chief Executive Officer from December 1999 to December 2001, and from July 2005 to the
present. He also served as our President from July 2005 to December 2005. Mr. Gould has served as
Chairman of the Board of Trustees of BRT Realty Trust, a real estate investment trust that focuses on
mortgage lending, since 1984 and Chief Executive Officer of BRT Realty Trust from 1996 to December
2001. Since 1985, Mr. Gould has been an executive officer (currently Chairman of the Board) of the
managing general partner of Gould Investors L.P., a limited partnership primarily engaged in the ownership
and operation of real properties, and he serves as sole member of a limited liability company which is the
other general partner of Gould Investors L.P. Mr. Gould is President of the advisor to BRT Realty Trust
and a director of EastGroup Properties, Inc., a New York Stock Exchange listed real estate investment
trust that focuses on ownership of industrial properties in major sunbelt markets throughout the United
States.
Patrick J. Callan, Jr. Mr. Callan has been President of One Liberty Properties since January 2006 and a
Director since June 2002. Mr. Callan was Senior Vice President of First Washington Realty, Inc. from
March 2004 to December 2005, and Vice President of Real Estate for Kimco Realty Corporation, a real
estate investment trust, from May 1998 to March 2004.
Jeffrey A. Gould. Mr. Gould has been a Vice President of One Liberty Properties since 1989 and a Senior
Vice President and Director since December 1999. He was President and Chief Operating Officer of BRT
Realty Trust from March 1996 to December 2001 and has been President and Chief Executive Officer of
BRT Realty Trust since January 2002. Mr. Gould has served as a Trustee of BRT Realty Trust since
March 1997. He has also served as a Senior Vice President of the managing general partner of Gould
Investors L.P. since 1996.
Matthew J. Gould. Mr. Gould served as President and Chief Executive Officer of One Liberty Properties
from 1989 to December 1999 and became a Senior Vice President and Director of One Liberty Properties
in December 1999. He has served as President of the managing general partner of Gould Investors L.P.
since 1996. He has been a Vice President of BRT Realty Trust since 1986, has served as a Trustee of
16
BRT Realty Trust from March 2001 to March 2004 and since June 2004 and serves as a Vice President of
the advisor to BRT Realty Trust.
David W. Kalish. Mr. Kalish has served as Senior Vice President and Chief Financial Officer of One
Liberty Properties since June 1990. Mr. Kalish has served as Senior Vice President, Finance of BRT
Realty Trust since August 1998 and Vice President and Chief Financial Officer of the managing general
partner of Gould Investors L.P. since June 1990. Mr. Kalish is a certified public accountant.
Israel Rosenzweig. Mr. Rosenzweig has been a Senior Vice President of One Liberty Properties since
June 1997 and a Senior Vice President of BRT Realty Trust since March 1998. He has been a Vice
President of the managing general partner of Gould Investors L.P. since May 1997 and President of GP
Partners, Inc., a sub-advisor to a registered investment advisor, since 2000.
Simeon Brinberg. Mr. Brinberg has served as a Senior Vice President of One Liberty Properties since
1989. He has been Secretary of BRT Realty Trust since 1983, a Senior Vice President of BRT Realty Trust
since 1988 and a Vice President of the managing general partner of Gould Investors L.P. since 1988. Mr.
Brinberg, is an attorney-at-law and a member of the bar of the State of New York.
Mark H. Lundy. Mr. Lundy has served as the Secretary of One Liberty Properties since June 1993 and a
Vice President since June 2000 (Senior Vice President since June 2006). Mr. Lundy has been a Vice
President of BRT Realty Trust since April 1993 (Senior Vice President since March 2005) and a Vice
President of the managing general partner of Gould Investors L.P. since July 1990. He is an attorney-at-
law and a member of the bars of New York and the District of Columbia.
Lawrence G. Ricketts, Jr. Mr. Ricketts has been an Vice President of One Liberty Properties since
December 1999 (Executive Vice President since June 2006), and has been employed by One Liberty
Properties, Inc. since January 1999.
Karen Dunleavy. Ms. Dunleavy has been Vice President, Financial of One Liberty Properties since
August 1994 and Treasurer since June 2006. She has served as Treasurer of the managing general
partner of Gould Investors L.P. since 1986. Ms. Dunleavy is a certified public accountant.
17
Item 2. Properties.
As of December 31, 2006, we owned 66 properties, including a 50% tenancy in common interest in
one property, and participated in seven joint ventures that owned a total of six properties (including two
vacant properties held for sale). The properties owned by us and our joint ventures are suitable and
adequate for their current uses. The tables below set forth information as of December 31, 2006
concerning each property which we own and in which we currently own an equity interest. We and our
joint ventures own fee title to each property.
Our Properties
Location
Baltimore, MD
Parsippany, NJ
Hauppauge, NY
El Paso, TX
St. Cloud, MN
Hanover, PA
Plano, TX
Greensboro, NC
Los Angeles, CA (3)
Brooklyn, NY
Knoxville, TN
Columbus, OH
Plano, TX
Philadelphia, PA
Tucker, GA
Ronkonkoma, NY
Lake Charles, LA
Manhattan, NY
Cedar Park, TX
Ft. Myers, FL
Columbus, OH
Type of
Property
Industrial
Office
Flex
Retail
Industrial
Industrial
Retail (2)
Theater
Office
Office
Retail
Retail (2)
Retail (4)
Industrial
Health & Fitness
Flex
Retail
Residential
Retail (2)
Retail
Industrial
Grand Rapids, MI
Health & Fitness
Newark, DE
Atlanta, GA
Wichita, KS
Saco, ME
Champaign, IL
Athens, GA
Greenwood Village, CO
Tyler, TX
Onalaska, WI
Fayetteville, GA
Melville, NY
Retail
Retail
Retail (2)
Retail
Retail
Retail
Retail
Retail (2)
Retail
Retail (2)
Industrial
Percentage
of 2007
Contractual
Rental Income (1)
5.3%
Approximate
Building
Square Feet
367,000
5.2
4.8
4.4
4.2
3.8
3.6
3.4
3.4
3.0
2.8
2.7
2.4
2.4
2.2
2.0
1.9
1.8
1.8
1.5
1.5
1.5
1.5
1.4
1.3
1.3
1.3
1.3
1.2
1.2
1.1
1.1
1.1
18
106,680
149,870
110,179
338,000
458,560
112,389
61,213
106,262
66,000
35,330
96,924
51,018
166,000
58,800
89,500
54,229
125,000
50,810
29,993
100,220
130,000
23,547
50,400
88,108
91,400
50,530
41,280
45,000
72,000
63,919
65,951
51,351
Location
Mesquite, TX
Richmond, VA
Amarillo, TX
Virginia Beach, VA
Selden, NY
Lexington, KY
Antioch, TN
Duluth, GA
Type of
Property
Retail (2)
Retail (2)
Retail (2)
Retail (2)
Retail
Retail (2)
Retail
Retail (2)
Grand Rapids, MI
Health & Fitness
Gurnee, IL
Retail
Newport News, VA
Retail (2)
Batavia, NY
St. Louis, MO
Somerville, MA
Fairview Heights, IL
Bluffton, SC
Ferguson, MO
Retail
Retail
Retail
Retail
Retail (2)
Retail
New Hyde Park, NY
Industrial
Hauppauge, NY
Vicksburg, MS
Florence, KY
Killeen, TX
Houston, TX
Flowood, MS
Bastrop, LA
Monroe, LA
D’Iberville, MS
Kentwood, LA
Monroe, LA
Vicksburg, MS
Rosenberg, TX
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
Retail
West Palm Beach, FL
Industrial
Seattle, WA
Retail
Percentage
of 2007
Contractual
Rental Income (1)
1.1
Approximate
Building
Square Feet
22,900
38,788
72,227
58,937
14,550
30,173
34,059
50,260
72,000
22,768
49,865
23,483
30,772
12,054
31,252
35,011
32,046
89,000
7,000
2,790
31,252
8,000
12,000
4,505
2,607
2,756
2,650
2,578
2,806
4,505
8,000
10,361
3,038
4,332,456
1.0
1.0
1.0
.9
.9
.9
.9
.8
.8
.8
.7
.7
.7
.7
.7
.6
.6
.5
.5
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.3
.3
.2
100%
19
Properties Owned
by Joint Ventures (5)
Location
Lincoln, NE
Milwaukee, WI
Miami, FL
Savannah, GA
Shreveport, LA
Monroe, NY
Type of
Property
Retail
Industrial
Industrial
Retail
Retail
Land
Percentage
of Our Share
of Rent Payable
in 2007 to Our
Joint Ventures
41.8%
38.9
10.7
8.6
Vacant
Vacant
100%
Approximate
Building
Square Feet
112,260
927,685
396,000
101,550
17,108
-
1,554,603
(1)
(2)
(3)
(4)
(5)
Percentage of 2007 contractual rental income payable to us pursuant to leases as of December 31, 2006.
This property is leased to a retail furniture operator.
An undivided 50% interest in this property is owned by us as tenant in common with an unrelated entity.
Percentage of contractual rental income indicated represents our share of the 2007 rental income.
Approximate square footage indicated represents the total rentable square footage of the property.
Property has two tenants, of which approximately 54% is leased to a retail furniture operator.
Each property is owned by a joint venture in which we are a venture partner. Except for the joint venture
which owns the Miami, Florida property, in which we own a 36% economic interest, we own a 50% economic
interest in each joint venture. Approximate square footage indicated represents the total rentable square
footage of the property owned by the joint venture.
The occupancy rate for our properties (including the property in which we own a tenancy in
common interest), based on total rentable square footage, was 100% as of December 31, 2006 and 2005.
The occupancy rate for the properties owned by our joint ventures (except for the Monroe, New York
property which was vacant land at December 31, 2006 and was sold by the joint venture in March 2007),
based on total rentable square footage, was approximately 98.9% as of December 31, 2006 and 2005.
As of December 31, 2006, the 66 properties owned by us and the 6 properties owned by our joint
ventures are located in 28 states. The following table sets forth certain information, presented by state,
related to our properties and properties owned by our joint ventures as of December 31, 2006.
Our Properties
State
Texas
New York
Georgia
Pennsylvania
Maryland
New Jersey
Ohio
Minnesota
Tennessee
Louisiana
North Carolina
Number of
Properties
10
2007 Contractual
Rental Income
$ 6,017,299
Approximate
Building
Square Feet
519,523
9
5
2
1
1
2
1
2
5
1
5,550,014
2,444,346
2,230,019
1,924,423
1,874,901
1,522,776
1,509,499
1,319,356
1,263,882
1,242,019
20
615,754
266,691
624,560
367,000
106,680
197,144
338,000
69,389
64,976
61,213
Other
27
66
9,192,970
$ 36,091,504
1,101,526
4,332,456
Properties Owned
by Joint Ventures
State
Nebraska
Wisconsin
Florida
Georgia
Louisiana
Number of
Properties (1)
1
1
1
1
1 (2)
5
Our Share
of Rent Payable
in 2007 to Our
Joint Ventures
$ 603,594
562,500
154,488
123,750
-
$1,444,332
Approximate
Building
Square Feet
112,260
927,685
396,000
101,550
17,108
1,554,603
(1)
Excludes vacant land located in Monroe, New York, which was sold in March 2007.
(2)
This property has been vacant since February 2004.
At December 31, 2006, we had first mortgages on 57 of the 66 properties we owned as of that date
(including our 50% tenancy in common interest, but excluding properties owned by our joint ventures). At
December 31, 2006, we had approximately $221 million of mortgage loans outstanding, bearing interest at
rates ranging from 5.13% to 8.8%. Substantially all of our mortgage loans contain prepayment penalties.
In addition, we had one outstanding loan payable with a balance of approximately $6.6 million at
December 31, 2006, bearing interest at 6.25%. The following table sets forth scheduled principal
mortgage and loan payments due for our properties as of December 31, 2006 (assumes no payment is
made on principal on any outstanding mortgage or loan in advance of its due date):
YEAR
PRINCIPAL PAYMENTS DUE
IN YEAR INDICATED
(Amounts in Thousands)
2007
2008
2009
2010
2011
2012 and thereafter
Total
$ 4,717
12,942
9,998
22,264
8,538
169,464
$227,923
At December 31, 2006, our joint ventures had first mortgages on three properties with outstanding
balances of approximately $19.1 million, bearing interest at rates ranging from 5.8% to 6.4%. Substantially all
these mortgages contain prepayment penalties. The following table sets forth the scheduled principal
mortgage payments due for properties owned by our joint ventures as of December 31, 2006 (assumes no
payment is made on principal on any outstanding mortgage in advance of its due date):
YEAR
2007
2008
2009
2010
2011
2012 and thereafter
Total
PRINCIPAL PAYMENTS DUE
IN YEAR INDICATED
(Amounts in Thousands)
$ 387
410
435
462
490
16,954
$19,138
21
Significant Tenant
As of December 31, 2006, no single property owned by us had a book value equal to or greater than
10% of our total assets or had revenues which accounted for more than 10% of our aggregate annual
gross revenues in the year ended December 31, 2006. However, as of December 31, 2006, we owned a
portfolio of eleven properties, (leased under a master lease to Haverty’s Furniture Companies, Inc.) which
had a net book value of 13% of our total assets at December 31, 2006 and revenues which accounted for
10.7% of our aggregate annual gross revenues in the year ended December 31, 2006.
On April 7, 2006, a wholly-owned subsidiary of ours acquired the eleven properties leased to
Haverty’s Furniture Companies, Inc. which are located as follows: three in each of Texas and Virginia, two
in Georgia, and one in each of Kansas, Kentucky and South Carolina. The properties aggregate
approximately 43 acres and contain buildings with an aggregate of approximately 612,130 square feet.
The properties are net leased to Haverty’s Furniture Companies, Inc. pursuant to a master lease,
which expires on August 14, 2022. Haverty’s Furniture Companies, Inc. is a New York Stock Exchange
listed company and operates over 100 showrooms in 17 states. The lease provides the tenant with two
five-year renewal options, and under certain circumstances, three additional five-year renewal options.
The lease provides for a current base rent of $4,066,148 per annum, increasing on August 15, 2007 and
every five years thereafter. Pursuant to the lease, the tenant is responsible for maintenance and repairs,
and for real estate taxes and assessments on the properties. The aggregate 2006 annual real estate
taxes on the properties were $749,000. The tenant utilizes approximately 86% of the properties for retail
and 14% of the properties for warehouse.
Upon the acquisition of the properties, our wholly-owned subsidiary assumed the existing mortgage
loan which is secured by mortgages/deeds of trust on all eleven properties in the principal amount of
approximately $27 million. The mortgage loan bears interest at 6.87% per annum, matures on September
1, 2012 and is being amortized based on a 25-year amortization schedule. Assuming no additional
payments are made on the principal amount of the mortgage loan in advance of the maturity date, the
principal balance due on the maturity date will be approximately $20 million. Although the mortgage loan
provides for defeasances, it is generally not prepayable until 90 days prior to the maturity date.
Item 3. Legal Proceedings.
In July 2005, Jeffrey Fishman resigned as our president, chief executive officer and a member of our
Board of Directors following discovery of what appeared to be inappropriate financial dealings by Mr.
Fishman with the former tenant of a movie theater property located in Brooklyn, NY, formerly owned by a
joint venture in which we are a 50% venture partner and the managing member. We had reported this
matter to the Securities and Exchange Commission in July 2005. The Audit Committee of our Board of
Directors conducted an investigation of this matter and related matters and retained special counsel to
assist it in the investigation. This investigation was completed and the Audit Committee and its special
counsel, based on the materials gathered and interviews conducted, found no evidence that any other
officer or employee of our company was aware of, or knowingly assisted in, Mr. Fishman’s inappropriate
financial dealings.
On August 12, 2005, the former tenant of the Brooklyn, NY theater property, Pritchard Square
Cinema LLC, and Pritchard Square LLC, commenced litigation in the Supreme Court of the State of New
York, Nassau County against us, certain of our affiliated entities, Mr. Fishman and Britannia Management,
LLC (“Britannia”), a company which we believe is owned and/or controlled by Mr. Fishman. Pritchard
Square LLC was the seller and Pritchard Square Cinema LLC was the tenant of the Brooklyn, NY property
which was acquired in a “sale and leaseback transaction” by the joint venture. The former tenant and its
related entity allege that it or its affiliates paid $815,000 in the aggregate to Mr. Fishman and/or Britannia.
As against Mr. Fishman, Britannia, us and our affiliated entities, the complaint alleges fraud, breach of
contract, intentional tort, negligent supervision, respondeat superior, negligent misrepresentation, tortious
interference with prospective economic relations and conduct in violation of the Racketeer Influenced and
Corrupt Organizations Act (“RICO”). The damages sought in the complaint are $9 million plus punitive
damages, interest and costs and a demand for treble damages under RICO. The Brooklyn, NY property
was sold by the joint venture in September 2006.
22
On the same date that the complaint was filed against us and certain of our affiliated entities, we
filed suit in the Supreme Court of the State of New York, Nassau County, against the former tenant of the
Brooklyn, NY property, Norman Adie, the former tenant’s principal, Mr. Fishman, Britannia and others. Our
complaint alleges that Mr. Adie, Mr. Fishman and other defendants conspired to defraud us. Our lawsuit
alleges commercial bribery, fraud, breach of fiduciary duty, tortious interference, intentional tort, violation of
the New York Enterprise Corruption Act, respondeat superior, unjust enrichment and violations of RICO.
The damages alleged in this lawsuit exceed $1 million, plus punitive damages, interest and costs.
Motions were made by both parties to consolidate the two actions and the court ordered a consolidation
of the actions for all purposes. Effective March 14, 2007, the consolidated actions were settled with respect to
Pritchard Square Cinema LLC, Pritchard Square LLC, Norman Adie (the principal of both Pritchard Square
entities) and certain other persons associated or affiliated with the Pritchard Square entities and Mr. Adie (the
“Pritchard Square parties”) on the one hand, and us and certain other persons associated or affiliated with us
(the “One Liberty parties”) on the other. Although the Pritchard Square parties entered into an agreement with
and released Mr. Fishman, his wife, and Britannia, the litigation commenced by us and certain of our affiliated
entities against Mr. Fishman, his wife, and Britannia continues. Under the terms of a settlement agreement
entered into between the Pritchard Square parties and the One Liberty parties, a designee of Pritchard Square
purchased from a joint venture in which we are a 50% joint venture partner, a property located in Monroe, New
York for a consideration of $1,250,000 and satisfied or caused to be satisfied two (2) mechanics’ liens filed of
record by two entities against the Monroe, New York property. In addition, the parties exchanged general
releases and stipulations of discontinuance. Mr. Adie warranted and represented to us in the settlement
agreement that he had no knowledge of, nor did he make or cause any agent of his, or in which he is or was
affiliated, to make any payments to Mr. Fishman or any of his agents, entities or enterprises other than those
payments described in the allegations contained in the litigation, and such representation of Mr. Adie is stated
to be a material representation and an inducement to us to enter into the settlement agreement. In the event
that such representation turns out to be false, we may reinstate and pursue the claims we had asserted against
Mr. Adie.
On May 26, 2006, we received notification of a formal order of investigation from the SEC. We b(cid:1)(cid:2)(cid:3)(cid:1)(cid:4)(cid:1)(cid:5)
that the matters being investigated by the SEC focus on the improper payments received by Mr. Fishman. The
SEC has also requested information regarding “related party” transactions between us and affiliated entities
and with certain of our officers and directors and compensation paid to certain of our executive officers by those
affiliates. Our Audit Committee (and its counsel), having previously conducted an investigation regarding Mr.
Fishman’s inappropriate financial dealings, has also investigated the related party transactions. Our direct legal
expenses related to these investigations totaled $726,000 in 2006.
Item 4. Submission of Matters to a Vote of Security Holders.
There were no matters submitted to a vote of security holders during the fourth quarter of the fiscal
year covered by this Annual Report on Form 10-K.
Part II
Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase
of Equity Securities.
Our common stock is listed on the New York Stock Exchange. The following table sets forth the high
and low prices for our common stock as reported by the New York Stock Exchange for 2006 and for 2005
and the per share cash distributions paid on our common stock during each quarter of the years ended
December 31, 2006 and 2005.
23
2006
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
2005
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
HIGH
$21.00
$21.00
$22.40
$25.53
LOW
$18.33
$17.91
$18.66
$22.01
HIGH
$20.70
$21.40
$22.64
$20.19
LOW
$18.50
$18.65
$19.20
$18.41
DISTRIBUTIONS
PER SHARE
$.33
$.33
$.33
$.36
DISTRIBUTIONS
PER SHARE
$.33
$.33
$.33
$.33
As of March 2, 2007, there were 426 common stockholders of record and we estimate that at such
date there were approximately 3,600 beneficial owners of our common stock.
We qualify as a REIT for federal income tax purposes. In order to maintain that status, we are
required to distribute to our shareholders at least 90% of our annual ordinary taxable income. The amount
and timing of future distributions will be at the discretion of the Board of Directors and will depend upon our
financial condition, earnings, business plan, cash flow and other factors. We intend to pay cash
distributions in an amount at least equal to that necessary for us to maintain our status as a real estate
investment trust for Federal income tax purposes.
Equity Compensation Plan Information
The following table provides information about shares of our common stock that may be issued upon the
exercise of options, warrants, rights and restricted stock under our 2003 Stock Incentive Plan as of December
31, 2006.
Number of
securities
remaining
available for
Number of
securities
to be issued
upon exercise
of outstanding
options,
warrants and
rights
(a)
Weighted-
average
exercise price
of outstanding
options, warrants
and rights
(b)
future
issuance under
equity
compensation
plans (excluding
securities
reflected in
column(a))
(c)
-
-
133,000
-
-
-
-
-
133,000
Plan Category
Equity compensation
plans approved by
security holders (1)
Equity compensation
plans not approved
by security holders
Total
(1) Our 2003 Stock Incentive Plan, which was approved by our stockholders in 2003, is our only equity compensation plan.
Our 2003 Stock Incentive Plan permits us to grant stock options and restricted stock to our employees, officers, directors and
consultants. Currently, there are no options outstanding under our 2003 Stock Incentive Plan.
Purchase of Securities
In 2006, we did not purchase any of our outstanding equity securities.
24
Item 6. Selected Financial Data.
The following table sets forth the selected consolidated statement of operations data for each of the
periods indicated, all of which are derived from our audited consolidated financial statements and related
notes. The selected financial data for each of the three years in the period ended December 31, 2006
should be read together with our consolidated financial statements and related notes appearing elsewhere
in this Annual Report on Form 10-K and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations.”
As of and for the Year Ended
December 31
OPERATING DATA (Note a)
Rental revenues
Equity in (loss) earnings of unconsolidated joint ventures
(Note b)
Gain on dispositions of real estate of
unconsolidated joint ventures
Net gain (loss) on sale of air rights, other and
real estate
Income from continuing operations
Income from discontinued operations
Net income
Calculation of net income
applicable to common stockholders (Note c):
Net income
Less: dividends and accretion on preferred stock
Net income applicable to common stockholders
Weighted average number of common
shares outstanding:
Basic
Diluted
Net income per common share - basic:
Income from continuing operations
Income from discontinued operations
Net income
Net income per common share - diluted:
Income from continuing operations
Income from discontinued operations
Net income
Cash distributions per share of:
Common Stock
Preferred Stock (Note c)
BALANCE SHEET DATA
Real estate investments, net
Investment in unconsolidated joint ventures
Cash and cash equivalents
Total assets
Mortgages and loan payable
Line of credit
Total liabilities
Total stockholders' equity
OTHER DATA (Note d)
Funds from operations applicable to
common stockholders
Funds from operations per common share:
Basic
Diluted
(Amounts in Thousands, Except Per Share Data)
2004
2006
2002
2003
2005
$33,370 $27,232
$20,833 $16,170 $13,718
(3,276)
2,102
2,869
2,411
1,078
26,908
413
31,882
4,543
36,425
-
-
-
-
10,248
19,182
2,098
21,280
73
7,733
3,241
10,974
14
6,406
747
8,525
(29)
5,133
665
5,880
36,425
-
21,280
-
$36,425 $21,280
10,974
-
$10,974
8,525
1,037
5,880
1,037
$ 7,488 $ 4,843
9,931
9,934
$3.21
.46
$3.67
$3.21
.46
$3.67
9,838
9,843
$ 1.95
.21
$2.16
$1.95
.21
$2.16
9,728
9,744
$ .80
_ .33
$1.13
$ .80
.33
$1.13
6,340
6,372
$ .85
_ .33
$1.18
$ .85
_ .33
$1.18
4,614
4,644
$ .89
_ .16
$1.05
$ .88
_ .16
$1.04
$1.35
-
$1.32
-
$1.32
-
$1.32
$1.60
$1.32
$1.60
37,023
6,051
7,014
34,013
$351,841 $258,122 $228,536 $177,316 $140,437
23,453
2,624
284,386 259,089 179,609
77,367
124,019 106,133
10,000
-
90,915
138,271 113,120
88,694
146,115 145,969
27,335
26,749
422,037 330,583
227,923 167,472
-
241,912 175,064
180,125 155,519
24,441
45,944
7,600
-
$13,707 $26,658
$16,789 $11,776
$7,757
$1.38
$1.38
$2.71
$2.71
$1.73
$1.72
$1.86
$1.85
$1.68
$1.67
Note a: Certain amounts reported in prior periods have been reclassified to conform to the current
year’s presentation.
Note b: For the year ended December 31, 2006, “Equity in (loss) earnings of unconsolidated joint
ventures” is after giving effect to $5.3 million, our share of the mortgage prepayment premium expense
incurred in connection with the dispositions of real estate of unconsolidated joint ventures. This expense is
25
reflected as interest expense on the books of the joint ventures and not netted against the gain on
dispositions.
Note c: On December 30, 2003, we redeemed all of our outstanding preferred stock.
Note d: We consider funds from operations (FFO) to be a relevant and meaningful supplemental measure of
the operating performance of an equity REIT, and it should not be deemed to be a measure of liquidity. FFO does
not represent cash generated from operations as defined by generally accepted accounting principles (GAAP) and is
not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an
alternative to net income for the purpose of evaluating our performance or to cash flows as a measure of liquidity.
We compute FFO in accordance with the “White Paper on Funds From Operations” issued in April 2002 by the
National Association of Real Estate Investment Trusts (NAREIT). 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, and after adjustments for unconsolidated partnerships and joint
ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect funds from
operations on the same basis.” In computing FFO, we do not add back to net income the amortization of costs in
connection with our financing activities, or depreciation of non-real estate assets, but those items that are defined as
“extraordinary” under GAAP are added back to net income. Since the NAREIT White Paper only provides guidelines
for computing FFO, the computation of FFO may vary from one REIT to another.
We believe that FFO is a useful and a standard supplemental measure of the operating performance for equity
REITs and is used frequently by securities analysts, investors and other interested parties in evaluating equity REITs,
many of which present FFO when reporting their operating results. FFO is 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 provides 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 to be useful to us in evaluating potential property acquisitions.
FFO does not represent net income or cash flows from operations as defined by GAAP. FFO should not be
considered to be an alternative to net income as a reliable measure of our operating performance; nor should FFO be
considered to be an alternative to cash flows from operating, investing or financing activities (as defined by GAAP) as
measures of liquidity.
FFO does not measure whether cash flow is sufficient to fund all of our cash needs, including principal
amortization, capital improvements and distributions to stockholders. FFO does 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. In evaluating the performance of our
company, management is careful to examine GAAP measures such as net income and cash flows from operating,
investing and financing activities. Management also reviews the reconciliation of net income to FFO.
The table below provides a reconciliation of net income in accordance with GAAP to FFO, as calculated under
the current NAREIT definition of FFO, for each of the years in the five year period ended December 31, 2006.
Net income (Note 1)
Add: depreciation of properties
Add: our share of depreciation
in unconsolidated joint ventures
Add: amortization of deferred leasing costs
Deduct: (gain) loss on sale of real estate
Deduct: gain on dispositions of real estate
of unconsolidated joint ventures
Deduct: preferred distributions
Funds from operations applicable
to common stockholders (Note 1)
2006
2005
$36,425 $21,280
5,905
7,091
2004
$10,974
4,758
2003
$8,525
3,473
2002
$5,880
2,617
716
43
(3,660)
1,277
101
(1,905)
1,075
55
(73)
790
39
(14)
268
-
29
(26,908)
-
-
-
-
-
-
(1,037)
-
(1,037)
$13,707 $26,658
$16,789 $11,776
$7,757
Note 1: For the year ended December 31, 2006, net income and funds from operations applicable to common stockholders
(FFO) is after giving effect to $5.3 million, our share of the mortgage prepayment premium expense incurred in connection with
the dispositions of real estate of unconsolidated joint ventures. This expense is reflected as interest expense on the books of the
joint ventures and not netted against gain on dispositions.
26
For the year ended December 31, 2005, net income and FFO include $10.2 million from the gain on sale of air rights.
The table below provides a reconciliation of net income per common share (on a diluted basis) in
accordance with GAAP to FFO.
Net income (Note 2)
Add: depreciation of properties
Add: our share of depreciation
in unconsolidated joint ventures
Add: amortization of deferred leasing costs
Deduct: gain on sale of real estate
Deduct: gain on dispositions of real estate
of unconsolidated joint ventures
Deduct: preferred distributions
Funds from operations applicable
to common stockholders (Note 2)
2006
2005
2004
2003
2002
$3.67
.71
$2.16
.60
$1.13
.49
$1.34
.55
$1.27
.56
.07
.01
(.37)
(2.71)
-
.13
.01
(.19)
-
-
.11
-
(.01)
-
-
.12
-
-
.06
-
-
-
(.16)
-
(.22)
$1.38
$2.71
$1.72
$1.85
$1.67
Note 2: For the year ended December 31, 2006, net income and FFO is after $.53, our share of the mortgage prepayment
premium expense. See Note 1 above. For the year ended December 31, 2005, net income and FFO include $1.04 from the gain
on sale of air rights.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
General
We are a self-administered and self-managed REIT and we primarily own real estate that we net
lease to tenants. As of December 31, 2006, we owned 66 properties, including a 50% tenancy in common
interest in one property, and participated in seven joint ventures that owned a total of six properties
(including two vacant properties held for sale). These 72 properties are located in 28 states.
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 currently distribute at least 90% of ordinary taxable income to our stockholders. We
intend to comply with these requirements and to maintain our REIT status.
Our principal business strategy is to acquire improved, commercial properties subject to long-term
net leases. We acquire properties for their value as long-term investments and for their ability to generate
income over an extended period of time. We have borrowed funds in the past to finance the purchase of
real estate and we expect to do so in the future.
Our rental properties are generally leased to corporate tenants under operating leases substantially
all of which are noncancellable. Substantially all of our lease agreements are net lease arrangements that
require the tenant to pay not only rent, but also substantially all of the operating expenses of the leased
property, including maintenance, taxes, utilities and insurance. A majority of our lease agreements provide
for periodic rental increases and certain of our other leases provide for increases based on the consumer
price index.
During the year ended December 31, 2006, we purchased 22 single tenant properties located in 11
states, for a total consideration of $111.9 million. These purchases include our April 2006 acquisition of 11
properties for a consideration of $55.7 million that are net leased to a single tenant under a master lease.
An aggregate of $35.9 million of first mortgage financing was completed with respect to ten of these
properties and we assumed a pre-existing first mortgage loan of $27 million on the 11 properties
purchased in April 2006.
We are a venturer in two joint ventures organized for the purpose of acquiring and owning megaplex
stadium-style movie theaters. We own a 50% equity interest and are the managing member in each of
these ventures with the same co-venturer. One of our movie theater joint ventures sold all five of its movie
theater properties in October 2006 for $91.3 million and realized a gain of $35.2 million on the sale, after
the payment of closing expenses and brokerage fees. In connection with this sale, the joint venture paid
$4.9 million in prepayment premiums to its mortgage lender, which is reflected as interest expense on the
27
books of the joint venture and not netted against the gain on sale. This movie theater joint venture does
not currently own any real property. The second movie theater joint venture sold one movie theater
property in September 2006 for $16 million and three movie theater properties in October 2006 for $45.3
million, and realized an aggregate gain of $20.5 million on the sales, after the payment of closing expenses
and brokerage fees. In connection with these sales, the joint venture paid $5.6 million in prepayment
premiums to its mortgage lenders, which is reflected as interest expense and not netted against the gain
on sale. At December 31, 2006, the second movie theater joint venture owned one property, .26 of an
acre of vacant land located in Monroe, New York, and sold this property in March 2007. Our equity
investment in these joint ventures at December 31, 2006 was $284,000, net of distributions. As of
December 31, 2006, we are also a joint venturer in five additional joint ventures, each of which owns one
single-tenanted property. Our equity investment in these five joint ventures at December 31, 2006 was
$6.7 million, net of distributions.
At December 31, 2006, excluding mortgages payable of our unconsolidated joint ventures, we had 36
outstanding mortgages payable, aggregating $221 million in principal amount, all of which are secured by
first liens on individual real estate investments with an aggregate carrying value, as adjusted for
intangibles, of approximately $351.8 million before accumulated depreciation. The mortgages bear interest
at fixed rates ranging from 5.13% to 8.8%, and mature between 2007 and 2037. In addition, we had one
loan payable outstanding with a principal amount of $6.6 million, bearing interest at 6.25% and maturing in
2018.
Results of Operations
Outlook
We anticipate that in 2007 we will use any available cash (after taking into account required cash
distributions to shareholders), funds derived from the placement of additional mortgages and a credit line
to acquire additional properties, either directly or through joint ventures. As a result, we anticipate that we
will acquire and own additional properties and unless we experience an unexpected number of lease
terminations and/or cancellations in 2007 (taking into consideration the lease expirations and terminations
that we know will occur in 2007, and without giving effect to any re-letting of such properties), we anticipate
that our revenues will increase in 2007.
Comparison of Years Ended December 31, 2006 and December 31, 2005
Rental Revenues
Rental revenues increased by $6.1 million, or 22.5%, to $33.4 million for the year ended December
31, 2006 from $27.2 million for the year ended December 31, 2005. The increase in rental revenues is
substantially due to rental revenues earned during the year ended December 31, 2006 on 30 properties
acquired by us between January 2005 and December 2006.
Operating Expenses
Depreciation and amortization expense increased by $1.6 million, or 28.8%, to $7 million for the
year ended December 31, 2006 from $5.4 million for the year ended December 31, 2005. The increase in
depreciation and amortization was due to the acquisition of 30 properties between January 2005 and
December 2006.
General and administrative expenses increased by $1.1 million, or 26.8%, to $5.3 million for the
year ended December 31, 2006 from $4.1 million for the year ended December 31, 2005. The increase
was due to a number of factors, including a $495,000 increase in payroll and payroll related expenses
resulting primarily from compensation paid to our president (elected effective January 1, 2006) for all of
2006, while we did not have any payroll expenses for our president for five months in 2005, as well as from
staff increases. An increase of $166,000 relates to professional fees incurred in connection with an
investigation by the Securities and Exchange Commission described elsewhere in this report (Part I – Item
3 – Legal Proceedings) and investigations by our Audit Committee. Similarly, there was an increase of
$72,000 in legal fees relating to a civil litigation arising out of the activities of our former president and chief
executive officer. Additionally, for the year ended December 31, 2006, expenses allocated to us under the
28
Shared Services Agreement among us and various affiliated companies, increased by $109,000 for
executive and support personnel, primarily legal and accounting services, a significant portion of which
relates to the SEC and Audit Committee investigations, as well as to property acquisitions and the overall
increase in the level of our business activity. Also included in the year ended December 31, 2006, is a
$222,000 increase in compensation expense relating to our restricted stock program. The balance of the
increase in general and administrative expenses includes an increase in directors’ fees.
Federal excise tax of $490,000 was accrued at December 31, 2006, based on taxable income
generated but not yet distributed. There was no such tax for the year ended December 31, 2005.
Real estate expenses decreased by $74,000, or 21.5%, to $270,000 for the year ended December
31, 2006, resulting primarily from unusual repair items incurred in the year ended December 31, 2005 at
three properties.
Other Income and Expenses
Our equity in earnings of unconsolidated joint ventures decreased by $5.4 million, or 256%, to a
loss of $3.3 million for the year ended December 31, 2006 from income of $2.1 million for the year ended
December 31, 2005. This decrease resulted primarily from $10.5 million of prepayment premiums, of
which 50%, or $5.3 million is our share, paid by two of our joint ventures upon the sales of its nine movie
theater properties. Such sales also contributed to an operating income decrease from these ventures of
$1.3 million, of which $646,000 is our share, caused by a decrease in rental income, offset in part by a
decrease in mortgage interest expense and depreciation. The decrease in earnings from unconsolidated
joint ventures also resulted from a $960,000 provision for valuation adjustment, of which 50%, or $480,000
was our share, by one of our joint ventures which owns a vacant property. These decreases were offset,
in part, by a $2.56 million provision for valuation adjustment taken in the year ended December 31, 2005
by one of our movie theater joint ventures against its vacant parcel of land, of which 50%, or $1.3 million,
was our share. During the year ended December 31, 2006, the joint venture recorded an additional
$600,000 provision against this property, of which $300,000 is our share. The joint venture sold this
property in March 2007 for an aggregate consideration of $1.25 million.
Gain on dispositions of real estate of unconsolidated joint ventures resulted from the sales of nine
movie theater properties by two of our joint ventures. On September 13, 2006, one of our joint ventures
sold a movie theater property located in Brooklyn, New York to an unrelated party for $16 million. The joint
venture recognized a gain of $6.6 million on the sale, of which our share is $3.3 million. On October 5,
2006, two of our joint ventures sold eight movie theater properties to a single unrelated party for an
aggregate of $136.7 million and realized a gain of $49 million on the sale, of which $24.5 million is our
share. We wrote off the unamortized premium balance of $924,000 in our investment in this joint venture
against such gain.
Interest and other income increased by $585,000, or 186%, to $899,000 for the year ended
December 31, 2006. The primary reason for the increase was the investment in short-term cash
equivalents of the distributions received from the movie theater joint ventures upon the sale of its nine
theater properties.
Interest expense increased by $2.8 million, or 28.3%, including an increase of $2.9 million on our
mortgages payable, principally resulting from mortgages placed on 20 properties between March 2005 and
December 2006 and the assumption of a mortgage in connection with the purchase of 11 properties in
April 2007. The increase was offset by a $215,000 decrease in interest expense related to our line of
credit.
During February 2006, we sold an option to buy an interest in certain property adjacent to one of
our properties and recognized a gain on the sale of $228,000. In June 2005, we closed on the sale of
unused development or “air rights” relating to our property located in Brooklyn, New York for a net gain,
after closing costs, of approximately $10.25 million. These gains are included in “Gain on sale of air rights
and other gains.”
Included in gain on sale of real estate is our sale of excess acreage at a property we own to an
unrelated party. We recognized a gain of $185,000 in July 2006 from this sale.
29
Discontinued Operations
Income from discontinued operations increased by $2.4 million, or 117%, to $4.5 million for the year
ended December 31, 2006. This increase was primarily due to the $3.7 million gain on sale of a movie
theater that was wholly owned by us and sold for $15.2 million. This sale was part of a sale which closed
on October 5, 2006 pursuant to which an unrelated party purchased one movie theater from us and eight
movie theaters from two of our joint ventures. This increase was offset in part by net gains of $1.9 million
in the year ended December 31, 2005 on the sale of five of our properties. The increase in discontinued
operations also resulted from an increase in income from operations caused by a $469,000 provision for
valuation adjustment that was recorded in the year ended December 31, 2005 against one of the
properties which was sold later in that year.
Comparison of Years Ended December 31, 2005 and December 31, 2004
Rental Revenues
Rental revenues increased by $6.4 million, or 30.7%, to $27.2 million for the year ended December
31, 2005 from $20.8 million for the year ended December 31, 2004. The increase in rental revenues is
substantially due to rental revenues earned during the year ended December 31, 2005 on fourteen
properties acquired by us between March 2004 and November 2005.
Operating Expenses
Depreciation and amortization expense increased by $1.4 million, or 35.4%, to $5.4 million for the
year ended December 31, 2005 from $4 million for the year ended December 31, 2004. The increase in
depreciation and amortization was due to the acquisition of fourteen properties between March 2004 and
November 2005.
General and administrative expenses increased by $1 million, or 32.4%, to $4.1 million for the year
ended December 31, 2005 from $3.1 million for the year ended December 31, 2004. The increase was
due to a number of factors, the largest of which (totaling $560,000 and representing approximately 55% of
the increase) relates to the fees of Special Counsel retained by our Audit Committee in connection with its
investigation into certain financial dealings of our former president and chief executive officer. Additional
legal fees were incurred relating to a litigation arising out of the matter involving our former president and
chief executive officer. In addition, for the year ended December 31, 2005 expenses allocated to us under
a Shared Services Agreement among us and various affiliated companies, increased by $228,000,
primarily due to an increase in our level of business activity, including property acquisitions, mortgage
financings, Sarbanes-Oxley Act compliance, and activities related to the Audit Committee’s investigation.
Also included in the year ended December 31, 2005 is a $73,000 increase in compensation expense
relating to the restricted stock program established in July 2003. The balance of the increase in general
and administrative expenses for the year ended December 31, 2005, as compared to the year ended
December 31, 2004, is due to increases in a number of items including auditing expenses, fees relating to
our internal control audit, as required by Section 404 of the Sarbanes-Oxley Act, an increase in directors’
fees (resulting primarily from additional fees to members of our Audit Committee in connection with its
investigation), an increase in directors and officers liability insurance, and an increase in state taxes.
Offsetting these increases in expenses was a decrease in payroll and payroll related expenses resulting
from the resignation of our president and chief executive officer in July 2005 and a decrease in public
company expense as we incurred a listing fee in 2004 in connection with the listing of our common stock
on the New York Stock Exchange.
Real estate expenses decreased by $151,000, or 30.5%, to $344,000 for the year ended
December 31, 2005. This decrease was primarily due to real estate operating expenses incurred at two
vacant properties in 2004, one of which was sold in 2004 and the other renovated and relet.
Other Income and Expenses
30
Our equity in earnings of unconsolidated joint ventures decreased by $767,000, or 26.7%, to $2.1
million for the year ended December 31, 2005 from $2.9 million for the year ended December 31, 2004.
The decrease resulted primarily from a $2.56 million provision for valuation adjustment taken by one of our
movie theater joint ventures against one of its five properties, of which 50%, or $1.3 million, is our share.
The decrease in our equity in earnings of joint ventures year versus year was also a result of the vacancy
(due to the rejection of the lease by the bankrupt tenant) of a retail property owned by a joint venture in
which we have a 50% equity position, and the sale in 2004 by this venture of its bankruptcy claim against
the former tenant. The decrease in our equity in earnings of unconsolidated joint ventures was offset in
part by our share of income earned by two joint ventures organized in the second half of 2004.
Additionally, in 2005, the operator of one of the movie theaters owned by one of our joint ventures sold its
business to an independent third party, which sale resulted in the payment to us in 2005 of rental
arrearages totaling $592,000. We have a 50% interest in this joint venture and the payment resulted in an
additional $296,000 in equity earnings to us for the year ended December 31, 2005. An additional
increase in equity earnings to us in 2005 resulted from rent payments from the new tenant of this movie
theater and the write off during the year ended December 31, 2004 of the entire balance of the unbilled
rent receivable relating to this movie theater.
Interest and other income decreased by $72,000, or 18.7% to $314,000 for the year ended
December 31, 2005. The primary reason for the decrease was the receipt by us in 2004 of $134,000 of
net acquisition fees from a joint venture we organized in that year. The net acquisition fee reflects a 50%
reduction based on our ownership in the joint venture. This decrease was offset, in part, by an increase of
$57,000 in interest income earned in 2005 from the investment of funds obtained from mortgage
financings and property sales.
Interest expense increased by $1.6 million, or 19.4%, $1.4 million of which resulted from mortgages
placed on twelve properties between September 2004 and December 2005 and the assumption of a
mortgage in connection with the purchase of one property in November 2004. The increases were offset
by a $432,000 decrease in interest on a mortgage which was paid in full at its maturity during May 2005.
Interest expense related to our line of credit increased by $229,000 due to borrowings made to facilitate
the purchase of several properties.
On June 30, 2005, we closed on the sale of unused development or “air rights” relating to our
property located in Brooklyn, New York. The purchase price was approximately $11 million and in addition,
the purchaser paid some of our closing expenses. The financial statement gain of $10.25 million,
recognized in the year ended December 31, 2005, has been deferred for tax purposes since we entered
into a 1031 tax deferred exchange and used the sale proceeds to acquire an additional property.
Discontinued Operations
In May 2005, we sold a property located in Jupiter, Florida for $16.5 million and recognized a gain
of $582,000.
In September 2005, we sold a property located in Cedar Rapids, Iowa for $1.8 million and
recognized a gain of $639,000.
In October 2005, we sold a property located in Houston, Texas for $1.5 million and recognized a
gain of $324,000.
In November 2005, we sold a property located in Chattanooga, Tennessee for $3 million and
recognized a gain of $369,000.
During the year ended December 31, 2005, we determined that the estimated fair value of a
property held for sale was lower then the carrying amount and we recorded a $469,000 provision for the
difference. This provision was in addition to the $366,000 provision on this property recorded by us for the
year ended December 31, 2004. In early 2004, the retail tenant at this property filed for bankruptcy
protection, disaffirmed its lease and vacated the store. This property was sold for a loss of $9,000 (after
giving effect to the $835,000 in total provisions) in December 2005.
31
The operations of these five properties that were sold in 2005 and the one property sold in 2006
and the gain or loss recognized on sale are reported as discontinued operations. For the year ended
December 31, 2005 these six properties generated net income of $193,000 as compared to net income in
the year ended December 31, 2004 of $3.2 million. The net gain on sale of these five properties in 2005
was $1.9 million. Accordingly, we reported income from discontinued operations of $2.1 million for the
year ended December 31, 2005 as compared to $3.2 million for the year ended December 31, 2004, a
decrease of $1.1 million year versus year.
Liquidity and Capital Resources
Our primary sources of liquidity are cash and cash equivalents, our revolving credit facility and cash
generated from operating activities, including mortgage financings. We are a party to a credit agreement, as
amended, with VNB New York Corp., Bank Leumi, USA, Manufacturers and Traders Trust Company and Israel
Discount Bank of New York which provides for a $62.5 million revolving credit facility. The credit facility is
available to us to pay down existing mortgages, to fund the acquisition of additional properties or to invest in
joint ventures. The facility matures on March 31, 2007. Borrowings under the facility bear interest at the lower
of LIBOR plus 2.50% or at the bank’s prime rate and there is an unused facility fee of ¼% per annum. Net
proceeds received from the sale or refinancing of properties are required to be used to repay amounts
outstanding under the facility if proceeds from the facility were used to purchase or refinance the property. The
facility is guaranteed by our subsidiaries that own unencumbered properties and is secured by the outstanding
stock of subsidiary entities. As of December 31, 2006 and as of March 1, 2007, there is no outstanding
balance under the facility. We are in the process of amending our credit facility which will extend the maturity
date from March 31, 2007 to March 31, 2010 and will reduce the interest rate from its current rate to the lower
of LIBOR plus 2.15% or the bank’s prime rate. All other material terms and conditions contained in our current
credit facility will remain the same. We will pay a commitment fee and other expenses of approximately
$650,000 in connection with this amendment.
We are actively engaged in seeking additional property acquisitions and are involved in various
stages of negotiation with respect to the acquisition of additional net leased properties. We will use our
available cash and cash equivalents, cash provided from operations, cash provided from mortgage
financings and funds available under our credit facility to fund acquisitions.
The following sets forth our contractual cash obligations as of December 31, 2006, which relate to
interest and amortization payments and balances due at maturity under outstanding mortgages secured by
our properties for the periods indicated (amounts in thousands):
Contractual Obligations
Total
Less than
1 Year
Payment due by period
1-3
Years
4-5
Years
More than
5 Years
Mortgages and loan payable –
interest and amortization
Mortgages and loan payable –
balances due at maturity
$158,422
$18,432
$38,005
$26,909
$75,076
171,302
3,831
8,776
26,817
131,878
Total
$329,724
$22,263
$46,781
$53,726
$206,954
As of December 31, 2006, we had outstanding approximately $228 million in long-term mortgage and
loan indebtedness (excluding mortgage indebtedness of our unconsolidated joint ventures), all of which is
non-recourse (subject to standard carve-outs). We expect that debt service payments of approximately
$56.4 million due in the next three years will be paid primarily from cash generated from our operations.
We anticipate that loan maturities of approximately $12.6 million due in the next three years will be paid
primarily from mortgage financings or refinancings. If we are not successful in refinancing our existing
indebtedness or financing our unencumbered properties, our cash flow, funds available under our credit
facility and available cash, if any, may not be sufficient to repay all maturing debt when payments become
due, and we may be forced to sell additional equity or dispose of properties on disadvantageous terms.
32
In addition, we, as ground lessee, are obligated to pay rent under a ground lease for a property
owned in fee by an unrelated third party. The annual fixed leasehold rent expense is as follows:
Total
2007
2008 2009
2010
2011
More than
5 Years
$4,223,976
$237,500 $237,500 $262,240 $296,875 $296,875
$2,892,986
We had no outstanding contingent commitments, such as guarantees of indebtedness, or any other
contractual cash obligations at December 31, 2006.
Cash Distribution Policy
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 our ordinary taxable income to our stockholders. It
is our current intention to comply with these requirements and maintain our REIT status. As a REIT, we
generally will not be subject to corporate federal, state or local income taxes on taxable income we
distribute currently (in accordance with the Internal Revenue Code and applicable regulations) to our
stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal, state and
local income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent
tax years. Even if we qualify for federal taxation as a REIT, we may be subject to certain state and local
taxes on our income and to federal income taxes on our undistributed taxable income (i.e., taxable income
not distributed in the amounts and in the time frames prescribed by the Internal Revenue Code and
applicable regulations thereunder) and are subject to federal excise taxes on our undistributed taxable
income.
It is our intention to pay to our stockholders within the time periods prescribed by the Internal
Revenue Code no less than 90%, and, if possible, 100% of our annual taxable income, including taxable
gains from the sale of real estate and recognized gains on the sale of securities. It will continue to be our
policy to make sufficient cash distributions to stockholders in order for us to maintain our REIT status
under the Internal Revenue Code.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
Significant Accounting Policies
Our significant accounting policies are more fully described in Note 2 to our consolidated financial
statements. Certain of our accounting policies are particularly important to an understanding of our
financial position and results of operations and require the application of significant judgment by our
management; as a result they are subject to a degree of uncertainty. These significant accounting policies
include:
Revenues
Our revenues, which are substantially derived from rental income, include rental income that our
tenants pay in accordance with the terms of their respective leases reported on a straight line basis over
the initial term of each lease. Since many of our leases provide for rental increases at specified intervals,
straight line basis accounting requires us to record as an asset and include in revenues, unbilled rent
receivables which we will only receive if the tenant makes all rent payments required through the expiration
of the initial term of the lease. Accordingly, our management must determine, in its judgment, that the
unbilled rent receivable applicable to each specific tenant is collectible. We review unbilled rent
receivables on a quarterly basis and take into consideration the tenant’s payment history, the financial
condition of the tenant, business conditions in the industry in which the tenant is engaged and economic
conditions in the area in which the property is located. In the event that the collectability of an unbilled rent
receivable is in doubt, we would be required to take a reserve against the receivable or a direct write off of
33
the receivable, which would have an adverse affect on net income for the year in which the reserve or
direct write off is taken and would decrease total assets and stockholders’ equity.
Value of Real Estate Portfolio
We review our real estate portfolio on a quarterly basis to ascertain if there has been any impairment
in the value of any of our real estate assets in order to determine if there is any need for a provision for
valuation adjustment. In reviewing the portfolio, we examine the type of asset, the economic situation in
the area in which the asset is located, the economic situation in the industry in which the tenant is involved
and the timeliness of the payments made by the tenant under its lease, as well as any current
correspondence that may have been had with the tenant, including property inspection reports. For each
real estate asset owned for which indicators of impairment exist, recognition of impairment is required if the
calculated value is less than the asset’s carrying amount. We generally do not obtain any independent
appraisals in determining value but rely on our own analysis and valuations. Any provision taken with
respect to any part of our real estate portfolio will reduce our net income and reduce assets and
stockholders’ equity to the extent of the amount of the valuation adjustment, but it will not affect our cash
flow until such time as the property is sold.
Purchase Accounting for Acquisition of Real Estate
The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of
land and building, and identified intangible assets and liabilities, consisting of the value of above-market
and below-market leases and other value of in-place leases based in each case on their fair values. The
fair value of the tangible assets of an acquired property (which includes land and building) is determined by
valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land and building
based on management’s determination of relative fair values of these assets. The allocation made by
management may have a positive or negative effect on net income and may have an effect on the assets
and liabilities on the balance sheet.
34
Item 7A. Qualitative and Quantitative Disclosures About Market Risk.
All of our long-term mortgage debt 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 credit line is a variable rate facility which is sensitive to interest rates. Therefore, our
primary market risk exposure is the effect of changes in interest rates on the interest cost of draws on our
line of credit. Under current market conditions, we do not believe that our risk of material potential losses
in future earnings, fair values and/or cash flows from near-term changes in market rates that we consider
reasonably possible is material.
The fair market value (FMV) 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.
The following table sets forth our long-term debt obligations by scheduled principal cash flow
payments and maturity date, weighted average interest rates and estimated FMV at December 31, 2006
(amounts in thousands):
For the Year Ended December 31
2007
2008 2009
2010
2011
after
Total
FMV
There-
Long term debt
$4,717
$12,942
$9,998
$22,264
$ 8,538
$169,464 $227,923 $229,803
Fixed rate
weighted
average
interest rate
6.51%
6.50%
6.50%
6.39%
6.33%
6.33%
6.36%
6.25%
Variable rate
-
-
-
-
-
-
-
-
Item 8. Financial Statements and Supplementary Data.
This information appears in Item 15(a) of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
A review and evaluation was performed by our management, including our Chief Executive Officer
(CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure
controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on that
review and evaluation, the CEO and CFO have concluded that our current disclosure controls and procedures,
as designed and implemented, were effective. There have been no significant changes in our internal controls
or in other factors that could significantly affect our internal controls subsequent to the date of their evaluation.
There were no significant material weaknesses identified in the course of such review and evaluation and,
therefore, we took no corrective measures.
Management Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under
the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, a
company’s principal executive and principal financial officers and effected by a company’s board, management
and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with GAAP and includes those policies
and procedures that:
35
• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of a company;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with GAAP, and that receipts and expenditures of a company are
being made only in accordance with authorizations of management and directors of a company; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use
or disposition of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that
controls may become inadequate because of changes in conditions or that the degree of compliance with the
policies or procedures may deteriorate.
Our management assessed the effectiveness of our internal control over financial reporting as of
December 31, 2006. In making this assessment, our management used criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.
Based on its assessment, our management believes that, as of December 31, 2006, our internal control
over financial reporting was effective based on those criteria.
Our independent registered public accounting firm, Ernst & Young LLP, has issued an audit report on
management’s assessment of our internal control over financial reporting. This report appears on page F1 of
this Annual Report on Form 10-K.
Item 9B. Other Information.
None.
36
Item 10. Directors, Executive Officers and Corporate Governance.
PART III
We have an amended and restated Code of Business Conduct and Ethics that applies to all directors,
officers and employees, including our principal executive officer, principal financial officer and principal
accounting officer. You can find our Code of Business Conduct and Ethics on our web site by going to the
following address: www.onelibertyproperties.com. We will post any amendments to our amended and restated
Business Code of Conduct and Ethics as well as any waivers that are required to be disclosed by the rules of
either the Securities and Exchange Commission or The New York Stock Exchange, on our web site.
Our Board of Directors has adopted Corporate Governance Guidelines and Charters for the Audit,
Compensation and Nominating and Corporate Governance Committees of the Board of Directors. You can find
these documents on our web site by going to the following address: www.onelibertyproperties.com.
You can also obtain a printed copy of any of the materials referred to above by contacting us at the
following address: One Liberty Properties, Inc., 60 Cutter Mill Road, Great Neck, New York 11021, Attention:
Secretary, telephone number (1-800-450-5816).
The Audit Committee of our Board of Directors is an “Audit Committee” for the purposes of Section 3(a)
(58) of the Securities Exchange Act of 1934, as amended. The members of that Committee are Charles
Biederman, Chairman, Joseph A. DeLuca and James J. Burns.
Apart from certain information concerning our executive officers which is set forth in Part I of this Annual
Report, the other information required by this Item is incorporated herein by reference to the applicable
information in the proxy statement for our 2007 Annual Meeting of Stockholders including the information set
forth under the captions “Election of Directors,” “Section 16(a) Beneficial Ownership Reporting Compliance” and
“Governance of the Company.”
Item 11. Executive Compensation.
The information concerning our executive compensation required by Item 11 shall be included in the
Proxy Statement to be filed relating to our 2007 Annual Meeting of Stockholders and is incorporated herein by
reference, including the information set forth under the caption “Executive Compensation,” “Compensation of
Directors,” “Compensation Committee Interlocks and Insider Participation” and “Report of Compensation
Committee.”
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information concerning our beneficial owners and management required by Item 12 shall be
included in the Proxy Statement to be filed relating to our 2007 Annual Meeting of Stockholders and is
incorporated herein by reference, including the information set forth under the caption “Stock Ownership of
Certain Beneficial Owners, Directors and Officers.”
Equity compensation plan information is incorporated by reference from Part II, Item 5, “Market For
Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities,” of this
report.
Item 13. Certain Relationships and Related Transactions.
The information concerning certain relationships, related transactions and director independence
required by Item 13 shall be included in the Proxy Statement to be filed relating to our 2007 Annual Meeting of
Stockholders and is incorporated herein by reference, including the information set forth under the caption
“Certain Relationships and Related Transactions,” and “Governance of the Company.”
Item 14. Principal Accountant Fees and Services.
The information concerning our principal accounting fees required by Item 14 shall be included in the
Proxy Statement to be filed relating to our 2007 Annual Meeting of Stockholders and is incorporated herein by
reference, including the information set forth under the caption “Independent Registered Public Accounting
Firm.”
37
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a)
Documents filed as part of this Report:
(1) The following financial statements of the Company are included in this Report on Form 10-K:
- Reports of Independent Registered
Public Accounting Firm
- Statements:
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Stockholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
(2) Financial Statement Schedules:
- Schedule III-Real Estate
and Accumulated Depreciation
F-1 through F-2
F-3
F-4
F-5
F-6 through F-7
F-8 through F-30
F-31 through F-32
All other schedules are omitted because they are not applicable or the required information is shown in
the consolidated financial statements or the notes thereto.
(3) Exhibits:
3.1
3.2
3.3
3.4
3.5
4.1
4.2
4.3
Articles of Amendment and Restatement of One Liberty Properties, Inc., dated July 20, 2004
(incorporated by reference to Exhibit 3.1 to One Liberty Properties, Inc.'s Form 10-Q for the quarter
ended June 30, 2004).
Articles of Amendment to Restated Articles of Incorporation of One Liberty Properties, Inc. filed with
the State of Assessments and Taxation of Maryland on June 17, 2005 (incorporated by reference
to Exhibit 3.1 to One Liberty Properties, Inc.'s Form 10-Q for the quarter ended June 30, 2005).
Articles of Amendment to Restated Articles of Incorporation of One Liberty Properties, Inc. filed with
the State of Assessments and Taxation of Maryland on June 21, 2005 (incorporated by reference
to Exhibit 3.2 to One Liberty Properties, Inc.'s Form 10-Q for the quarter ended June 30, 2005).
By-Laws of One Liberty Properties, Inc., as amended (incorporated by reference to Exhibit 3.2 to
One Liberty Properties, Inc.'s Form 10-K for the year ended December 31, 2004).
Amendment to By-Laws of One Liberty Properties, Inc. (incorporated by reference to Exhibit 3.1 to
One Liberty Properties, Inc.’s Form 8-K filed on March 14, 2006).
One Liberty Properties, Inc. 1996 Stock Option Plan (incorporated by reference to Exhibit 10.5 to
One Liberty Properties, Inc.'s Registration Statement on Form S-2, Registration No. 333-86850,
filed on April 24, 2002 and declared effective on May 24, 2002).
One Liberty Properties, Inc. 2003 Incentive Plan (incorporated by reference to Exhibit 4.1 to One
Liberty Properties, Inc.'s Registration Statement on Form S-8 filed on July 15, 2003).
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to One Liberty
Properties, Inc.'s Registration Statement on Form S-2, Registration No. 333-86850, filed on April
24, 2002 and declared effective on May 24, 2002).
10.1 Amended and Restated Loan Agreement, dated as of June 4, 2004, by and among One Liberty
Properties, Inc., Valley National Bank, Merchants Bank Division, Bank Leumi USA, Israel Discount
Bank of New York and Manufacturers and Traders Trust Company (incorporated by reference to
38
the Exhibit to One Liberty Properties, Inc.'s Form 8-K filed on June 8, 2004).
10.2 Shared Services Agreement, dated as of January 1, 2002, by and among One Liberty Properties,
Inc., Gould Investors L.P., BRT Realty Trust, Majestic Property Management Corp., Majestic
Property Affiliates, Inc. and REIT Management Corp. (incorporated by reference to Exhibit 15 to
One Liberty Properties, Inc.'s Form 10-K for the year ended December 31, 2002).
10.3 Compensation and Services Agreement, effective as of January 1, 2007, between One Liberty
Properties, Inc. and Majestic Property Management Corp. (incorporated by reference to Exhibit
10.1 to One Liberty Properties, Inc.’s Form 8-K filed on March 14, 2007).
10.4 Purchase and Sale Agreement, dated as of November 6, 2006, between FR Hollins Ferry, LLC and
OLP Baltimore (incorporated by reference to Exhibit 10.1 to One Liberty Properties, Inc.’s Form 8-K
filed on November 8, 2006).
10.5 First Amendment to Purchase and Sale Agreement, dated as of November 21, 2006, between FR
Hollins Ferry, LLC and OLP Baltimore (incorporated by reference to Exhibit 10.1 to One Liberty
Properties, Inc.’s Form 8-K filed on November 27, 2006).
10.6 Second Amendment to Purchase and Sale Agreement, dated as of November 29, 2006, between
FR Hollins Ferry, LLC and OLP Baltimore (incorporated by reference to Exhibit 10.1 to One Liberty
Properties, Inc.’s Form 8-K filed on November 30, 2006).
10.7 Third Amendment to Purchase and Sale Agreement, dated as of December 6, 2006, between FR
Hollins Ferry, LLC and OLP Baltimore (incorporated by reference to Exhibit 10.1 to One Liberty
Properties, Inc.’s Form 8-K/A filed on December 11, 2006).
10.8 Contract of Sale, dated as of June 12, 2006, between OLP Brooklyn Pavillion, LLC and HID
Acquisition Group, LLC (incorporated by reference to Exhibit 10.1 to One Liberty Properties, Inc.’s
Form 8-K filed on June 16, 2006).
10.9 Contract of Sale, dated as of June 14, 2006, by and among OLP Chula Vista Corp., OLP Norwalk
LLC, OLP Austell, LLC, OLP Beavercreek LLC, OLP Southlake, LLC, OLP Roanoke, LLC, OLP
Lubbock Venture Limited Partnership, OLP Live Oak Limited Partnership, OLP Henrietta, LLC and
ECM Diversified Income & Growth Fund, LLC (incorporated by reference to Exhibit 10.2 to One
Liberty Properties, Inc.’s Form 8-K filed on June 16, 2006).
10.10 First Amendment to Contract of Sale, dated as of July 20, 2006, by and among OLP Chula Vista
Corp., OLP Norwalk LLC, OLP Austell, LLC, OLP Beavercreek LLC, OLP Southlake, LLC, OLP
Roanoke, LLC, OLP Lubbock Venture Limited Partnership, OLP Live Oak Limited Partnership, OLP
Henrietta, LLC and ECM Diversified Income & Growth Fund, LLC (incorporated by reference to
Exhibit 10.1 to One Liberty Properties, Inc.’s Form 8-K filed on August 1, 2006).
10.11 Amendment to Contract of Sale, dated as of July 26, 2006, by and among OLP Chula Vista Corp.,
OLP Norwalk LLC, OLP Austell, LLC, OLP Beavercreek LLC, OLP Southlake, LLC, OLP Roanoke,
LLC, OLP Lubbock Venture Limited Partnership, OLP Live Oak Limited Partnership, OLP Henrietta,
LLC and ECM Diversified Income & Growth Fund, LLC (incorporated by reference to Exhibit 10.2 to
One Liberty Properties, Inc.’s Form 8-K filed on August 1, 2006).
10.12 Amendment to Contract of Sale, dated as of August 9, 2006, by and among OLP Chula Vista
Corp., OLP Norwalk LLC, OLP Austell, LLC, OLP Beavercreek LLC, OLP Southlake, LLC, OLP
Roanoke, LLC, OLP Lubbock Venture Limited Partnership, OLP Live Oak Limited Partnership, OLP
Henrietta, LLC and ECM Diversified Income & Growth Fund, LLC (incorporated by reference to
Exhibit 10.1 to One Liberty Properties, Inc.’s Form 8-K filed on August 10, 2006).
10.13 Purchase and Sale Agreement, dated as of November 22, 2005, between OLP Haverty’s LLC and
HAVERTACQ 11 LLC (incorporated by reference to Exhibit 10.1 to One Liberty Properties, Inc.’s
Form 8-K filed on November 23, 2005).
39
14.1 Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to One Liberty
Properties, Inc.’s Form 8-K filed on March 14, 2006).
21.1 Subsidiaries of Registrant*
23.1 Consent of Ernst & Young LLP*
31.1 Certification of Chairman of the Board and Chief Executive Officer*
31.2 Certification of President*
31.3 Certification of Senior Vice President and Chief Financial Officer*
32.1 Certification of Chairman of the Board and Chief Executive Officer*
32.2 Certification of President*
32.3 Certification of Senior Vice President and Chief Financial Officer*
* Filed herewith
40
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
ONE LIBERTY PROPERTIES, INC.
By: /s/ Patrick J. Callan, Jr.
Patrick J. Callan, Jr.
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the Registrant in the capacities indicated on the dates indicated.
Signature Title
Date
/s/ Fredric H. Gould
Fredric H. Gould
Chairman of the
Board of Directors
and Chief Executive Officer
March 14, 2007
/s/ Patrick J. Callan, Jr.
Patrick J. Callan, Jr.
President and
Director
March 14, 2007
/s/ Joseph A. Amato
Joseph A. Amato
Director
March 14, 2007
/s/ Charles Biederman
Charles Biederman
Director
March 14, 2007
/s/ James J. Burns
James J. Burns
/s/ Jeffrey A. Gould
Jeffrey A. Gould
/s/ Matthew J. Gould
Matthew J. Gould
/s/ Marshall Rose
Marshall Rose
/s/ Joseph De Luca
Joseph De Luca
/s/ J. Robert Lovejoy
J. Robert Lovejoy
/s/ Eugene I. Zuriff
Eugene I. Zuriff
/s/ David W. Kalish
David W. Kalish
Director
March 14, 2007
Director
Director
March 14, 2007
March 14, 2007
Director
March 14, 2007
Director
March 14, 2007
Director
March 14, 2007
Director
March 14, 2007
Senior Vice President and
Chief Financial Officer
March 14, 2007
(cid:1)
41
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(cid:12)(cid:15)(cid:15)(cid:29)(cid:3)(cid:9)(cid:4)(cid:22)(cid:23)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:12)(cid:14)(cid:14)(cid:3)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4)(cid:17)(cid:25)(cid:6)(cid:16)(cid:15)(cid:6)(cid:8)(cid:12)(cid:16)!(cid:4)(cid:20)(cid:8)!(cid:7)(cid:16)(cid:12)5(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:1)(cid:8)(cid:3)(cid:7)(cid:9)4(cid:7)(cid:23)(cid:4)%(cid:6) (cid:12)(cid:15)(cid:15)(cid:12)(cid:6)(cid:16)(cid:4),(cid:14)(cid:2)(cid:3)(cid:4)%(cid:20)(cid:17)(cid:20)(cid:4)(cid:13)(cid:8)(cid:12)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)/(cid:28)(cid:4)(cid:4)
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(cid:7)(cid:16)(cid:9)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:12)(cid:14)(cid:15)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:15)(cid:15) (cid:3)(cid:16)(cid:14)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:16)(cid:3)(cid:15)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:28)(cid:4)(cid:20)(cid:29)(cid:8)(cid:4)(cid:8)(cid:3)(cid:15)(cid:25)(cid:6)(cid:16)(cid:15)(cid:12)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:23)(cid:4)(cid:12)(cid:15)(cid:4)
(cid:14)(cid:6)(cid:4)(cid:3)6(cid:25)(cid:8)(cid:3)(cid:15)(cid:15)(cid:4)(cid:7)(cid:16)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:16)(cid:4) (cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)"(cid:15)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:15)(cid:15) (cid:3)(cid:16)(cid:14)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:7)(cid:16)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:16)(cid:3)(cid:15)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)"(cid:15)(cid:4)
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(cid:4)
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(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4),7(cid:16)(cid:12)(cid:14)(cid:3)(cid:9)(cid:4)(cid:17)(cid:14)(cid:7)(cid:14)(cid:3)(cid:15)/(cid:28)(cid:4)(cid:1)(cid:2)(cid:6)(cid:15)(cid:3)(cid:4)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:7)(cid:8)(cid:9)(cid:15)(cid:4)(cid:8)(cid:3)8(cid:29)(cid:12)(cid:8)(cid:3)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)4(cid:3)(cid:4)(cid:25)(cid:19)(cid:7)(cid:16)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:25)(cid:3)(cid:8)(cid:10)(cid:6)(cid:8) (cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4)(cid:14)(cid:6)(cid:4)(cid:6)(cid:22)(cid:14)(cid:7)(cid:12)(cid:16)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)
(cid:7)(cid:15)(cid:15)(cid:29)(cid:8)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:7)(cid:22)(cid:6)(cid:29)(cid:14)(cid:4)4(cid:2)(cid:3)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)4(cid:7)(cid:15)(cid:4) (cid:7)(cid:12)(cid:16)(cid:14)(cid:7)(cid:12)(cid:16)(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:19)(cid:19)(cid:4) (cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4)
(cid:8)(cid:3)(cid:15)(cid:25)(cid:3)(cid:13)(cid:14)(cid:15)(cid:28)(cid:4) (cid:20)(cid:29)(cid:8)(cid:4) (cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4) (cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:3)(cid:9)(cid:4) (cid:6)(cid:22)(cid:14)(cid:7)(cid:12)(cid:16)(cid:12)(cid:16)!(cid:4) (cid:7)(cid:16)(cid:4) (cid:29)(cid:16)(cid:9)(cid:3)(cid:8)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:12)(cid:16)!(cid:4) (cid:6)(cid:10)(cid:4) (cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4) (cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4) (cid:6)(cid:31)(cid:3)(cid:8)(cid:4) (cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4) (cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:26)(cid:4)
(cid:3)(cid:31)(cid:7)(cid:19)(cid:29)(cid:7)(cid:14)(cid:12)(cid:16)!(cid:4) (cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)"(cid:15)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:15)(cid:15) (cid:3)(cid:16)(cid:14)(cid:26)(cid:4)(cid:14)(cid:3)(cid:15)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:3)(cid:31)(cid:7)(cid:19)(cid:29)(cid:7)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:9)(cid:3)(cid:15)(cid:12)!(cid:16)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:6)(cid:25)(cid:3)(cid:8)(cid:7)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:16)(cid:3)(cid:15)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)
(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:25)(cid:3)(cid:8)(cid:10)(cid:6)(cid:8) (cid:12)(cid:16)!(cid:4)(cid:15)(cid:29)(cid:13)(cid:2)(cid:4)(cid:6)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:25)(cid:8)(cid:6)(cid:13)(cid:3)(cid:9)(cid:29)(cid:8)(cid:3)(cid:15)(cid:4)(cid:7)(cid:15)(cid:4)4(cid:3)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:12)(cid:9)(cid:3)(cid:8)(cid:3)(cid:9)(cid:4)(cid:16)(cid:3)(cid:13)(cid:3)(cid:15)(cid:15)(cid:7)(cid:8)(cid:23)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:13)(cid:12)(cid:8)(cid:13)(cid:29) (cid:15)(cid:14)(cid:7)(cid:16)(cid:13)(cid:3)(cid:15)(cid:28)(cid:4)
(cid:30)(cid:3)(cid:4)(cid:22)(cid:3)(cid:19)(cid:12)(cid:3)(cid:31)(cid:3)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4)(cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:15)(cid:4)(cid:7)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)(cid:22)(cid:7)(cid:15)(cid:12)(cid:15)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:28)(cid:4)
(cid:4)
((cid:4)(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)"(cid:15)(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:12)(cid:15)(cid:4)(cid:7)(cid:4)(cid:25)(cid:8)(cid:6)(cid:13)(cid:3)(cid:15)(cid:15)(cid:4)(cid:9)(cid:3)(cid:15)(cid:12)!(cid:16)(cid:3)(cid:9)(cid:4)(cid:14)(cid:6)(cid:4)(cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)(cid:7)(cid:15)(cid:15)(cid:29)(cid:8)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)
(cid:8)(cid:3)!(cid:7)(cid:8)(cid:9)(cid:12)(cid:16)!(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:8)(cid:3)(cid:19)(cid:12)(cid:7)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:23)(cid:4) (cid:6)(cid:10)(cid:4) (cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4) (cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4) (cid:7)(cid:16)(cid:9)(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:25)(cid:8)(cid:3)(cid:25)(cid:7)(cid:8)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4) (cid:6)(cid:10)(cid:4) (cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4) (cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4) (cid:10)(cid:6)(cid:8)(cid:4) (cid:3)6(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)
(cid:25)(cid:29)(cid:8)(cid:25)(cid:6)(cid:15)(cid:3)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)!(cid:3)(cid:16)(cid:3)(cid:8)(cid:7)(cid:19)(cid:19)(cid:23)(cid:4)(cid:7)(cid:13)(cid:13)(cid:3)(cid:25)(cid:14)(cid:3)(cid:9)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:25)(cid:8)(cid:12)(cid:16)(cid:13)(cid:12)(cid:25)(cid:19)(cid:3)(cid:15)(cid:28)(cid:4)((cid:4)(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)"(cid:15)(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)
(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:3)(cid:15)(cid:4)(cid:14)(cid:2)(cid:6)(cid:15)(cid:3)(cid:4)(cid:25)(cid:6)(cid:19)(cid:12)(cid:13)(cid:12)(cid:3)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:25)(cid:8)(cid:6)(cid:13)(cid:3)(cid:9)(cid:29)(cid:8)(cid:3)(cid:15)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4),)/(cid:4)(cid:25)(cid:3)(cid:8)(cid:14)(cid:7)(cid:12)(cid:16)(cid:4)(cid:14)(cid:6)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4) (cid:7)(cid:12)(cid:16)(cid:14)(cid:3)(cid:16)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4)(cid:8)(cid:3)(cid:13)(cid:6)(cid:8)(cid:9)(cid:15)(cid:4)
(cid:14)(cid:2)(cid:7)(cid:14)(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)(cid:9)(cid:3)(cid:14)(cid:7)(cid:12)(cid:19)(cid:26)(cid:4)(cid:7)(cid:13)(cid:13)(cid:29)(cid:8)(cid:7)(cid:14)(cid:3)(cid:19)(cid:23)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:10)(cid:7)(cid:12)(cid:8)(cid:19)(cid:23)(cid:4)(cid:8)(cid:3)(cid:10)(cid:19)(cid:3)(cid:13)(cid:14)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:14)(cid:8)(cid:7)(cid:16)(cid:15)(cid:7)(cid:13)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:9)(cid:12)(cid:15)(cid:25)(cid:6)(cid:15)(cid:12)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:14)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)
(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)9(cid:4) ,1/(cid:4) (cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:4) (cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4) (cid:7)(cid:15)(cid:15)(cid:29)(cid:8)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4) (cid:14)(cid:2)(cid:7)(cid:14)(cid:4) (cid:14)(cid:8)(cid:7)(cid:16)(cid:15)(cid:7)(cid:13)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4) (cid:7)(cid:8)(cid:3)(cid:4) (cid:8)(cid:3)(cid:13)(cid:6)(cid:8)(cid:9)(cid:3)(cid:9)(cid:4) (cid:7)(cid:15)(cid:4) (cid:16)(cid:3)(cid:13)(cid:3)(cid:15)(cid:15)(cid:7)(cid:8)(cid:23)(cid:4) (cid:14)(cid:6)(cid:4) (cid:25)(cid:3)(cid:8) (cid:12)(cid:14)(cid:4)
(cid:25)(cid:8)(cid:3)(cid:25)(cid:7)(cid:8)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:10)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)!(cid:3)(cid:16)(cid:3)(cid:8)(cid:7)(cid:19)(cid:19)(cid:23)(cid:4)(cid:7)(cid:13)(cid:13)(cid:3)(cid:25)(cid:14)(cid:3)(cid:9)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:25)(cid:8)(cid:12)(cid:16)(cid:13)(cid:12)(cid:25)(cid:19)(cid:3)(cid:15)(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)
(cid:8)(cid:3)(cid:13)(cid:3)(cid:12)(cid:25)(cid:14)(cid:15)(cid:4) (cid:7)(cid:16)(cid:9)(cid:4) (cid:3)6(cid:25)(cid:3)(cid:16)(cid:9)(cid:12)(cid:14)(cid:29)(cid:8)(cid:3)(cid:15)(cid:4) (cid:6)(cid:10)(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4) (cid:7)(cid:8)(cid:3)(cid:4) (cid:22)(cid:3)(cid:12)(cid:16)!(cid:4) (cid:7)(cid:9)(cid:3)(cid:4) (cid:6)(cid:16)(cid:19)(cid:23)(cid:4) (cid:12)(cid:16)(cid:4) (cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4) 4(cid:12)(cid:14)(cid:2)(cid:4) (cid:7)(cid:29)(cid:14)(cid:2)(cid:6)(cid:8)(cid:12)5(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4) (cid:6)(cid:10)(cid:4)
(cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:9)(cid:12)(cid:8)(cid:3)(cid:13)(cid:14)(cid:6)(cid:8)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)9(cid:4)(cid:7)(cid:16)(cid:9)(cid:4),0/(cid:4)(cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)(cid:7)(cid:15)(cid:15)(cid:29)(cid:8)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:8)(cid:3)!(cid:7)(cid:8)(cid:9)(cid:12)(cid:16)!(cid:4)(cid:25)(cid:8)(cid:3)(cid:31)(cid:3)(cid:16)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:8)(cid:4)
(cid:14)(cid:12) (cid:3)(cid:19)(cid:23)(cid:4)(cid:9)(cid:3)(cid:14)(cid:3)(cid:13)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:10)(cid:4)(cid:29)(cid:16)(cid:7)(cid:29)(cid:14)(cid:2)(cid:6)(cid:8)(cid:12)5(cid:3)(cid:9)(cid:4)(cid:7)(cid:13)8(cid:29)(cid:12)(cid:15)(cid:12)(cid:14)(cid:12)(cid:6)(cid:16)(cid:26)(cid:4)(cid:29)(cid:15)(cid:3)(cid:26)(cid:4)(cid:6)(cid:8)(cid:4)(cid:9)(cid:12)(cid:15)(cid:25)(cid:6)(cid:15)(cid:12)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)"(cid:15)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:14)(cid:15)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:13)(cid:6)(cid:29)(cid:19)(cid:9)(cid:4)(cid:2)(cid:7)(cid:31)(cid:3)(cid:4)(cid:7)(cid:4)
(cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:4)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:28)(cid:4)
(cid:4)
(cid:5)(cid:3)(cid:13)(cid:7)(cid:29)(cid:15)(cid:3)(cid:4) (cid:6)(cid:10)(cid:4) (cid:12)(cid:14)(cid:15)(cid:4) (cid:12)(cid:16)(cid:2)(cid:3)(cid:8)(cid:3)(cid:16)(cid:14)(cid:4) (cid:19)(cid:12) (cid:12)(cid:14)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:26)(cid:4) (cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4) (cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4) (cid:6)(cid:31)(cid:3)(cid:8)(cid:4) (cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4) (cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4) (cid:7)(cid:23)(cid:4) (cid:16)(cid:6)(cid:14)(cid:4) (cid:25)(cid:8)(cid:3)(cid:31)(cid:3)(cid:16)(cid:14)(cid:4) (cid:6)(cid:8)(cid:4) (cid:9)(cid:3)(cid:14)(cid:3)(cid:13)(cid:14)(cid:4)
(cid:12)(cid:15)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:28)(cid:4)(cid:4)((cid:19)(cid:15)(cid:6)(cid:26)(cid:4)(cid:25)(cid:8)(cid:6):(cid:3)(cid:13)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:7)(cid:16)(cid:23)(cid:4)(cid:3)(cid:31)(cid:7)(cid:19)(cid:29)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:10)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:16)(cid:3)(cid:15)(cid:15)(cid:4)(cid:14)(cid:6)(cid:4)(cid:10)(cid:29)(cid:14)(cid:29)(cid:8)(cid:3)(cid:4)(cid:25)(cid:3)(cid:8)(cid:12)(cid:6)(cid:9)(cid:15)(cid:4)(cid:7)(cid:8)(cid:3)(cid:4)(cid:15)(cid:29)(cid:22):(cid:3)(cid:13)(cid:14)(cid:4)(cid:14)(cid:6)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:8)(cid:12)(cid:15)(cid:18)(cid:4)
(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:15)(cid:4) (cid:7)(cid:23)(cid:4)(cid:22)(cid:3)(cid:13)(cid:6) (cid:3)(cid:4)(cid:12)(cid:16)(cid:7)(cid:9)(cid:3)8(cid:29)(cid:7)(cid:14)(cid:3)(cid:4)(cid:22)(cid:3)(cid:13)(cid:7)(cid:29)(cid:15)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4)(cid:13)(cid:2)(cid:7)(cid:16)!(cid:3)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:13)(cid:6)(cid:16)(cid:9)(cid:12)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:26)(cid:4)(cid:6)(cid:8)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:9)(cid:3)!(cid:8)(cid:3)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4)(cid:13)(cid:6) (cid:25)(cid:19)(cid:12)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)
4(cid:12)(cid:14)(cid:2)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:25)(cid:6)(cid:19)(cid:12)(cid:13)(cid:12)(cid:3)(cid:15)(cid:4)(cid:6)(cid:8)(cid:4)(cid:25)(cid:8)(cid:6)(cid:13)(cid:3)(cid:9)(cid:29)(cid:8)(cid:3)(cid:15)(cid:4) (cid:7)(cid:23)(cid:4)(cid:9)(cid:3)(cid:14)(cid:3)(cid:8)(cid:12)(cid:6)(cid:8)(cid:7)(cid:14)(cid:3)(cid:28)(cid:4)
(cid:27)(cid:16)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:26)(cid:4) (cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)"(cid:15)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:15)(cid:15) (cid:3)(cid:16)(cid:14)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4) (cid:7)(cid:12)(cid:16)(cid:14)(cid:7)(cid:12)(cid:16)(cid:3)(cid:9)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)
(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:26)(cid:4)(cid:12)(cid:15)(cid:4)(cid:10)(cid:7)(cid:12)(cid:8)(cid:19)(cid:23)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3)(cid:9)(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:19)(cid:19)(cid:4) (cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:15)(cid:25)(cid:3)(cid:13)(cid:14)(cid:15)(cid:26)(cid:4)(cid:22)(cid:7)(cid:15)(cid:3)(cid:9)(cid:4)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:20)(cid:17)(cid:20)(cid:4)
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(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:26)(cid:4)(cid:22)(cid:7)(cid:15)(cid:3)(cid:9)(cid:4)(cid:6)(cid:16)(cid:1)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:20)(cid:17)(cid:20)(cid:4)(cid:13)(cid:8)(cid:12)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4)
(cid:4)
(cid:30)(cid:3)(cid:4)(cid:7)(cid:19)(cid:15)(cid:6)(cid:4)(cid:2)(cid:7)(cid:31)(cid:3)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:3)(cid:9)(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:7)(cid:8)(cid:9)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:24)(cid:29)(cid:22)(cid:19)(cid:12)(cid:13)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4)((cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:20)(cid:31)(cid:3)(cid:8)(cid:15)(cid:12)!(cid:2)(cid:14)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4)
,7(cid:16)(cid:12)(cid:14)(cid:3)(cid:9)(cid:4)(cid:17)(cid:14)(cid:7)(cid:14)(cid:3)(cid:15)/(cid:26)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:22)(cid:7)(cid:19)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:15)(cid:2)(cid:3)(cid:3)(cid:14)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:20)(cid:16)(cid:3)(cid:4)(cid:21)(cid:12)(cid:22)(cid:3)(cid:8)(cid:14)(cid:23)(cid:4)(cid:24)(cid:8)(cid:6)(cid:25)(cid:3)(cid:8)(cid:14)(cid:12)(cid:3)(cid:15)(cid:26)(cid:4)(cid:27)(cid:16)(cid:13)(cid:28)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:17)(cid:29)(cid:22)(cid:15)(cid:12)(cid:9)(cid:12)(cid:7)(cid:8)(cid:12)(cid:3)(cid:15)(cid:4)(cid:7)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)
(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)1**;(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:8)(cid:3)(cid:19)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:12)(cid:16)(cid:13)(cid:6) (cid:3)(cid:26)(cid:4)(cid:15)(cid:14)(cid:6)(cid:13)(cid:18)(cid:2)(cid:6)(cid:19)(cid:9)(cid:3)(cid:8)(cid:15)"(cid:4)(cid:3)8(cid:29)(cid:12)(cid:14)(cid:23)(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)
(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:10)(cid:19)(cid:6)4(cid:15)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:3)(cid:7)(cid:13)(cid:2)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:14)(cid:2)(cid:8)(cid:3)(cid:3)(cid:4)(cid:23)(cid:3)(cid:7)(cid:8)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:25)(cid:3)(cid:8)(cid:12)(cid:6)(cid:9)(cid:4)(cid:3)(cid:16)(cid:9)(cid:3)(cid:9)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)
(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:4)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)#(cid:7)(cid:8)(cid:13)(cid:2)(cid:4))<(cid:26)(cid:4)1**=(cid:4)(cid:3)6(cid:25)(cid:8)(cid:3)(cid:15)(cid:15)(cid:3)(cid:9)(cid:4)(cid:7)(cid:16)(cid:4)(cid:29)(cid:16)8(cid:29)(cid:7)(cid:19)(cid:12)(cid:10)(cid:12)(cid:3)(cid:9)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:8)(cid:3)(cid:6)(cid:16)(cid:28)(cid:4)
(cid:4)
(cid:4)
>(cid:15)>(cid:4)?(cid:8)(cid:16)(cid:15)(cid:14)(cid:4)@(cid:4)A(cid:6)(cid:29)(cid:16)!(cid:4)(cid:21)(cid:21)(cid:24)(cid:4)(cid:4)
(cid:4)
B(cid:3)4(cid:4)A(cid:6)(cid:8)(cid:18)(cid:26)(cid:4)B(cid:3)4(cid:4)A(cid:6)(cid:8)(cid:18)(cid:4)
#(cid:7)(cid:8)(cid:13)(cid:2)(cid:4))<(cid:26)(cid:4)1**=(cid:4)
(cid:4)
F-1
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:2)(cid:3)(cid:4)(cid:5)(cid:2)(cid:6)(cid:1)(cid:5)(cid:7)(cid:1)(cid:8)(cid:9)(cid:10)(cid:3)(cid:4)(cid:3)(cid:9)(cid:10)(cid:3)(cid:9)(cid:6)(cid:1)(cid:2)(cid:3)(cid:11)(cid:8)(cid:12)(cid:6)(cid:3)(cid:2)(cid:3)(cid:10)(cid:1)(cid:4)(cid:13)(cid:14)(cid:15)(cid:8)(cid:16)(cid:1)(cid:17)(cid:16)(cid:16)(cid:5)(cid:13)(cid:9)(cid:6)(cid:8)(cid:9)(cid:11)(cid:1)(cid:7)(cid:8)(cid:2)(cid:18)(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:1)(cid:6)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4)(cid:6)(cid:10)(cid:4)(cid:11)(cid:12)(cid:8)(cid:3)(cid:13)(cid:14)(cid:6)(cid:8)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:17)(cid:14)(cid:6)(cid:13)(cid:18)(cid:2)(cid:6)(cid:19)(cid:9)(cid:3)(cid:8)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)
(cid:20)(cid:16)(cid:3)(cid:4)(cid:21)(cid:12)(cid:22)(cid:3)(cid:8)(cid:14)(cid:23)(cid:4)(cid:24)(cid:8)(cid:6)(cid:25)(cid:3)(cid:8)(cid:14)(cid:12)(cid:3)(cid:15)(cid:26)(cid:4)(cid:27)(cid:16)(cid:13)(cid:28)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:17)(cid:29)(cid:22)(cid:15)(cid:12)(cid:9)(cid:12)(cid:7)(cid:8)(cid:12)(cid:3)(cid:15)(cid:4)
(cid:4)
(cid:4)
(cid:30)(cid:3)(cid:4) (cid:2)(cid:7)(cid:31)(cid:3)(cid:4) (cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:3)(cid:9)(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:7)(cid:13)(cid:13)(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:12)(cid:16)!(cid:4) (cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4) (cid:22)(cid:7)(cid:19)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4) (cid:15)(cid:2)(cid:3)(cid:3)(cid:14)(cid:15)(cid:4) (cid:6)(cid:10)(cid:4) (cid:20)(cid:16)(cid:3)(cid:4) (cid:21)(cid:12)(cid:22)(cid:3)(cid:8)(cid:14)(cid:23)(cid:4) (cid:24)(cid:8)(cid:6)(cid:25)(cid:3)(cid:8)(cid:14)(cid:12)(cid:3)(cid:15)(cid:26)(cid:4) (cid:27)(cid:16)(cid:13)(cid:28)(cid:4) (cid:7)(cid:16)(cid:9)(cid:4)
(cid:17)(cid:29)(cid:22)(cid:15)(cid:12)(cid:9)(cid:12)(cid:7)(cid:8)(cid:12)(cid:3)(cid:15)(cid:4),(cid:14)(cid:2)(cid:3)(cid:4)C%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)C/(cid:4)(cid:7)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)1**;(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:8)(cid:3)(cid:19)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)
(cid:6)(cid:10)(cid:4)(cid:12)(cid:16)(cid:13)(cid:6) (cid:3)(cid:26)(cid:4)(cid:15)(cid:14)(cid:6)(cid:13)(cid:18)(cid:2)(cid:6)(cid:19)(cid:9)(cid:3)(cid:8)(cid:15)D(cid:4)(cid:3)8(cid:29)(cid:12)(cid:14)(cid:23)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:10)(cid:19)(cid:6)4(cid:15)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:3)(cid:7)(cid:13)(cid:2)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:14)(cid:2)(cid:8)(cid:3)(cid:3)(cid:4)(cid:23)(cid:3)(cid:7)(cid:8)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:25)(cid:3)(cid:8)(cid:12)(cid:6)(cid:9)(cid:4)(cid:3)(cid:16)(cid:9)(cid:3)(cid:9)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)
1**2(cid:28)(cid:4)(cid:4)(cid:20)(cid:29)(cid:8)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:15)(cid:4)(cid:7)(cid:19)(cid:15)(cid:6)(cid:4)(cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:3)(cid:9)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:4)(cid:15)(cid:13)(cid:2)(cid:3)(cid:9)(cid:29)(cid:19)(cid:3)(cid:4)(cid:19)(cid:12)(cid:15)(cid:14)(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:27)(cid:16)(cid:9)(cid:3)6(cid:4)(cid:7)(cid:14)(cid:4)(cid:27)(cid:14)(cid:3) (cid:4));,(cid:7)/(cid:28)(cid:4)(cid:4)(cid:1)(cid:2)(cid:3)(cid:15)(cid:3)(cid:4)
(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:15)(cid:13)(cid:2)(cid:3)(cid:9)(cid:29)(cid:19)(cid:3)(cid:4)(cid:7)(cid:8)(cid:3)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:8)(cid:3)(cid:15)(cid:25)(cid:6)(cid:16)(cid:15)(cid:12)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:23)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)D(cid:15)(cid:4) (cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)(cid:28)(cid:4)(cid:20)(cid:29)(cid:8)(cid:4)(cid:8)(cid:3)(cid:15)(cid:25)(cid:6)(cid:16)(cid:15)(cid:12)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:23)(cid:4)
(cid:12)(cid:15)(cid:4)(cid:14)(cid:6)(cid:4)(cid:3)6(cid:25)(cid:8)(cid:3)(cid:15)(cid:15)(cid:4)(cid:7)(cid:16)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:15)(cid:3)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:15)(cid:13)(cid:2)(cid:3)(cid:9)(cid:29)(cid:19)(cid:3)(cid:4)(cid:22)(cid:7)(cid:15)(cid:3)(cid:9)(cid:4)(cid:6)(cid:16)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:15)(cid:28)(cid:4)
(cid:4)
(cid:30)(cid:3)(cid:4)(cid:13)(cid:6)(cid:16)(cid:9)(cid:29)(cid:13)(cid:14)(cid:3)(cid:9)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:7)(cid:8)(cid:9)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:24)(cid:29)(cid:22)(cid:19)(cid:12)(cid:13)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4)((cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:20)(cid:31)(cid:3)(cid:8)(cid:15)(cid:12)!(cid:2)(cid:14)(cid:4)
(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4),7(cid:16)(cid:12)(cid:14)(cid:3)(cid:9)(cid:4)(cid:17)(cid:14)(cid:7)(cid:14)(cid:3)(cid:15)/(cid:28)(cid:4)(cid:4)(cid:1)(cid:2)(cid:6)(cid:15)(cid:3)(cid:4)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:7)(cid:8)(cid:9)(cid:15)(cid:4)(cid:8)(cid:3)8(cid:29)(cid:12)(cid:8)(cid:3)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)4(cid:3)(cid:4)(cid:25)(cid:19)(cid:7)(cid:16)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:25)(cid:3)(cid:8)(cid:10)(cid:6)(cid:8) (cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4)(cid:14)(cid:6)(cid:4)(cid:6)(cid:22)(cid:14)(cid:7)(cid:12)(cid:16)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)
(cid:7)(cid:15)(cid:15)(cid:29)(cid:8)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:7)(cid:22)(cid:6)(cid:29)(cid:14)(cid:4)4(cid:2)(cid:3)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:7)(cid:8)(cid:3)(cid:4)(cid:10)(cid:8)(cid:3)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4) (cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4) (cid:12)(cid:15)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:28)(cid:4)(cid:4)((cid:16)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4)(cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:3)(cid:15)(cid:4)
(cid:3)6(cid:7) (cid:12)(cid:16)(cid:12)(cid:16)!(cid:26)(cid:4)(cid:6)(cid:16)(cid:4)(cid:7)(cid:4)(cid:14)(cid:3)(cid:15)(cid:14)(cid:4)(cid:22)(cid:7)(cid:15)(cid:12)(cid:15)(cid:26)(cid:4)(cid:3)(cid:31)(cid:12)(cid:9)(cid:3)(cid:16)(cid:13)(cid:3)(cid:4)(cid:15)(cid:29)(cid:25)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:7) (cid:6)(cid:29)(cid:16)(cid:14)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:9)(cid:12)(cid:15)(cid:13)(cid:19)(cid:6)(cid:15)(cid:29)(cid:8)(cid:3)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:28)(cid:4)(cid:4)
((cid:16)(cid:4) (cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:4) (cid:7)(cid:19)(cid:15)(cid:6)(cid:4) (cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:3)(cid:15)(cid:4) (cid:7)(cid:15)(cid:15)(cid:3)(cid:15)(cid:15)(cid:12)(cid:16)!(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:7)(cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4) (cid:25)(cid:8)(cid:12)(cid:16)(cid:13)(cid:12)(cid:25)(cid:19)(cid:3)(cid:15)(cid:4) (cid:29)(cid:15)(cid:3)(cid:9)(cid:4) (cid:7)(cid:16)(cid:9)(cid:4) (cid:15)(cid:12)!(cid:16)(cid:12)(cid:10)(cid:12)(cid:13)(cid:7)(cid:16)(cid:14)(cid:4) (cid:3)(cid:15)(cid:14)(cid:12) (cid:7)(cid:14)(cid:3)(cid:15)(cid:4) (cid:7)(cid:9)(cid:3)(cid:4) (cid:22)(cid:23)(cid:4)
(cid:7)(cid:16)(cid:7)!(cid:3) (cid:3)(cid:16)(cid:14)(cid:26)(cid:4)(cid:7)(cid:15)(cid:4)4(cid:3)(cid:19)(cid:19)(cid:4)(cid:7)(cid:15)(cid:4)(cid:3)(cid:31)(cid:7)(cid:19)(cid:29)(cid:7)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:7)(cid:19)(cid:19)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:4)(cid:25)(cid:8)(cid:3)(cid:15)(cid:3)(cid:16)(cid:14)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:28)(cid:4)(cid:4)(cid:30)(cid:3)(cid:4)(cid:22)(cid:3)(cid:19)(cid:12)(cid:3)(cid:31)(cid:3)(cid:4)(cid:14)(cid:2)(cid:7)(cid:14)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:15)(cid:4)
(cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:4)(cid:7)(cid:4)(cid:8)(cid:3)(cid:7)(cid:15)(cid:6)(cid:16)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)(cid:22)(cid:7)(cid:15)(cid:12)(cid:15)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:28)(cid:4)
(cid:4)
(cid:27)(cid:16)(cid:4) (cid:6)(cid:29)(cid:8)(cid:4) (cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:26)(cid:4) (cid:14)(cid:2)(cid:3)(cid:4) (cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4) (cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4) (cid:8)(cid:3)(cid:10)(cid:3)(cid:8)(cid:8)(cid:3)(cid:9)(cid:4) (cid:14)(cid:6)(cid:4) (cid:7)(cid:22)(cid:6)(cid:31)(cid:3)(cid:4) (cid:25)(cid:8)(cid:3)(cid:15)(cid:3)(cid:16)(cid:14)(cid:4) (cid:10)(cid:7)(cid:12)(cid:8)(cid:19)(cid:23)(cid:26)(cid:4) (cid:12)(cid:16)(cid:4) (cid:7)(cid:19)(cid:19)(cid:4) (cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4) (cid:8)(cid:3)(cid:15)(cid:25)(cid:3)(cid:13)(cid:14)(cid:15)(cid:26)(cid:4) (cid:14)(cid:2)(cid:3)(cid:4)
(cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:25)(cid:6)(cid:15)(cid:12)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:6)(cid:10)(cid:4)(cid:20)(cid:16)(cid:3)(cid:4)(cid:21)(cid:12)(cid:22)(cid:3)(cid:8)(cid:14)(cid:23)(cid:4)(cid:24)(cid:8)(cid:6)(cid:25)(cid:3)(cid:8)(cid:14)(cid:12)(cid:3)(cid:15)(cid:26)(cid:4)(cid:27)(cid:16)(cid:13)(cid:28)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:17)(cid:29)(cid:22)(cid:15)(cid:12)(cid:9)(cid:12)(cid:7)(cid:8)(cid:12)(cid:3)(cid:15)(cid:4)(cid:7)(cid:14)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)
1**;(cid:26)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:8)(cid:3)(cid:15)(cid:29)(cid:19)(cid:14)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:12)(cid:8)(cid:4)(cid:6)(cid:25)(cid:3)(cid:8)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:14)(cid:2)(cid:3)(cid:12)(cid:8)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:10)(cid:19)(cid:6)4(cid:15)(cid:4)(cid:10)(cid:6)(cid:8)(cid:4)(cid:3)(cid:7)(cid:13)(cid:2)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:14)(cid:2)(cid:8)(cid:3)(cid:3)(cid:4)(cid:23)(cid:3)(cid:7)(cid:8)(cid:15)(cid:4)(cid:12)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)
(cid:25)(cid:3)(cid:8)(cid:12)(cid:6)(cid:9)(cid:4)(cid:3)(cid:16)(cid:9)(cid:3)(cid:9)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:13)(cid:6)(cid:16)(cid:10)(cid:6)(cid:8) (cid:12)(cid:14)(cid:23)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)7(cid:28)(cid:17)(cid:28)(cid:4)!(cid:3)(cid:16)(cid:3)(cid:8)(cid:7)(cid:19)(cid:19)(cid:23)(cid:4)(cid:7)(cid:13)(cid:13)(cid:3)(cid:25)(cid:14)(cid:3)(cid:9)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:25)(cid:8)(cid:12)(cid:16)(cid:13)(cid:12)(cid:25)(cid:19)(cid:3)(cid:15)(cid:28)(cid:4)(cid:4)((cid:19)(cid:15)(cid:6)(cid:26)(cid:4)
(cid:12)(cid:16)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:26)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:8)(cid:3)(cid:19)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:4)(cid:15)(cid:13)(cid:2)(cid:3)(cid:9)(cid:29)(cid:19)(cid:3)(cid:26)(cid:4)4(cid:2)(cid:3)(cid:16)(cid:4)(cid:13)(cid:6)(cid:16)(cid:15)(cid:12)(cid:9)(cid:3)(cid:8)(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:4)(cid:8)(cid:3)(cid:19)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:14)(cid:6)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:22)(cid:7)(cid:15)(cid:12)(cid:13)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)
(cid:15)(cid:14)(cid:7)(cid:14)(cid:3) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:14)(cid:7)(cid:18)(cid:3)(cid:16)(cid:4)(cid:7)(cid:15)(cid:4)(cid:7)(cid:4)4(cid:2)(cid:6)(cid:19)(cid:3)(cid:26)(cid:4)(cid:25)(cid:8)(cid:3)(cid:15)(cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:10)(cid:7)(cid:12)(cid:8)(cid:19)(cid:23)(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:19)(cid:19)(cid:4) (cid:7)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:15)(cid:25)(cid:3)(cid:13)(cid:14)(cid:15)(cid:26)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:12)(cid:16)(cid:10)(cid:6)(cid:8) (cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)(cid:15)(cid:3)(cid:14)(cid:4)(cid:10)(cid:6)(cid:8)(cid:14)(cid:2)(cid:4)(cid:14)(cid:2)(cid:3)(cid:8)(cid:3)(cid:12)(cid:16)(cid:28)(cid:4)
(cid:4)
(cid:30)(cid:3)(cid:4)(cid:7)(cid:19)(cid:15)(cid:6)(cid:4)(cid:2)(cid:7)(cid:31)(cid:3)(cid:4)(cid:7)(cid:29)(cid:9)(cid:12)(cid:14)(cid:3)(cid:9)(cid:26)(cid:4)(cid:12)(cid:16)(cid:4)(cid:7)(cid:13)(cid:13)(cid:6)(cid:8)(cid:9)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)4(cid:12)(cid:14)(cid:2)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:15)(cid:14)(cid:7)(cid:16)(cid:9)(cid:7)(cid:8)(cid:9)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:24)(cid:29)(cid:22)(cid:19)(cid:12)(cid:13)(cid:4)%(cid:6) (cid:25)(cid:7)(cid:16)(cid:23)(cid:4)((cid:13)(cid:13)(cid:6)(cid:29)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:20)(cid:31)(cid:3)(cid:8)(cid:15)(cid:12)!(cid:2)(cid:14)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:9)(cid:4)
,7(cid:16)(cid:12)(cid:14)(cid:3)(cid:9)(cid:4)(cid:17)(cid:14)(cid:7)(cid:14)(cid:3)(cid:15)/(cid:26)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:3)(cid:10)(cid:10)(cid:3)(cid:13)(cid:14)(cid:12)(cid:31)(cid:3)(cid:16)(cid:3)(cid:15)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:20)(cid:16)(cid:3)(cid:4)(cid:21)(cid:12)(cid:22)(cid:3)(cid:8)(cid:14)(cid:23)(cid:4)(cid:24)(cid:8)(cid:6)(cid:25)(cid:3)(cid:8)(cid:14)(cid:12)(cid:3)(cid:15)(cid:26)(cid:4)(cid:27)(cid:16)(cid:13)(cid:28)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:17)(cid:29)(cid:22)(cid:15)(cid:12)(cid:9)(cid:12)(cid:7)(cid:8)(cid:12)(cid:3)(cid:15)"(cid:4)(cid:12)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)(cid:6)(cid:31)(cid:3)(cid:8)(cid:4)
(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:7)(cid:19)(cid:4)(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)1**2(cid:26)(cid:4)(cid:22)(cid:7)(cid:15)(cid:3)(cid:9)(cid:4)(cid:6)(cid:16)(cid:4)(cid:13)(cid:8)(cid:12)(cid:14)(cid:3)(cid:8)(cid:12)(cid:7)(cid:4)(cid:3)(cid:15)(cid:14)(cid:7)(cid:22)(cid:19)(cid:12)(cid:15)(cid:2)(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:4)(cid:27)(cid:16)(cid:14)(cid:3)(cid:8)(cid:16)(cid:7)(cid:19)(cid:4)%(cid:6)(cid:16)(cid:14)(cid:8)(cid:6)(cid:19)(cid:4)E(cid:4)(cid:27)(cid:16)(cid:14)(cid:3)!(cid:8)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)
&(cid:8)(cid:7) (cid:3)4(cid:6)(cid:8)(cid:18)(cid:4)(cid:12)(cid:15)(cid:15)(cid:29)(cid:3)(cid:9)(cid:4)(cid:22)(cid:23)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)%(cid:6) (cid:12)(cid:14)(cid:14)(cid:3)(cid:3)(cid:4)(cid:6)(cid:10)(cid:4)(cid:17)(cid:25)(cid:6)(cid:16)(cid:15)(cid:6)(cid:8)(cid:12)(cid:16)!(cid:4)(cid:20)(cid:8)!(cid:7)(cid:16)(cid:12)5(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:15)(cid:4)(cid:6)(cid:10)(cid:4)(cid:14)(cid:2)(cid:3)(cid:4)(cid:1)(cid:8)(cid:3)(cid:7)(cid:9)4(cid:7)(cid:23)(cid:4)%(cid:6) (cid:12)(cid:15)(cid:15)(cid:12)(cid:6)(cid:16)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:6)(cid:29)(cid:8)(cid:4)
(cid:8)(cid:3)(cid:25)(cid:6)(cid:8)(cid:14)(cid:4)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)#(cid:7)(cid:8)(cid:13)(cid:2)(cid:4))<(cid:26)(cid:4)1**=(cid:4)(cid:3)6(cid:25)(cid:8)(cid:3)(cid:15)(cid:15)(cid:3)(cid:9)(cid:4)(cid:7)(cid:16)(cid:4)(cid:29)(cid:16)8(cid:29)(cid:7)(cid:19)(cid:12)(cid:10)(cid:12)(cid:3)(cid:9)(cid:4)(cid:6)(cid:25)(cid:12)(cid:16)(cid:12)(cid:6)(cid:16)(cid:4)(cid:14)(cid:2)(cid:3)(cid:8)(cid:3)(cid:6)(cid:16)(cid:28)(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
B(cid:3)4(cid:4)A(cid:6)(cid:8)(cid:18)(cid:26)(cid:4)B(cid:3)4(cid:4)A(cid:6)(cid:8)(cid:18)(cid:4)(cid:4)(cid:4)(cid:4)
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(cid:4)
(cid:4)
(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)>(cid:15)>(cid:4)?(cid:8)(cid:16)(cid:15)(cid:14)(cid:4)@(cid:4)A(cid:6)(cid:29)(cid:16)!(cid:4)(cid:21)(cid:21)(cid:24)(cid:4)
(cid:4)
F-2
(cid:1)
(cid:5)(cid:9)(cid:3)(cid:1)(cid:15)(cid:8)(cid:14)(cid:3)(cid:2)(cid:6)(cid:20)(cid:1)(cid:4)(cid:2)(cid:5)(cid:4)(cid:3)(cid:2)(cid:6)(cid:8)(cid:3)(cid:12)(cid:21)(cid:1)(cid:8)(cid:9)(cid:16)(cid:19)(cid:1)(cid:17)(cid:9)(cid:10)(cid:1)(cid:12)(cid:13)(cid:14)(cid:12)(cid:8)(cid:10)(cid:8)(cid:17)(cid:2)(cid:8)(cid:3)(cid:12)(cid:4)
%(cid:6)(cid:16)(cid:15)(cid:6)(cid:19)(cid:12)(cid:9)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:5)(cid:7)(cid:19)(cid:7)(cid:16)(cid:13)(cid:3)(cid:4)(cid:17)(cid:2)(cid:3)(cid:3)(cid:14)(cid:15)(cid:4)
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(cid:4)
(cid:17)(cid:12)(cid:12)(cid:3)(cid:6)(cid:12)(cid:4)
$(cid:3)(cid:7)(cid:19)(cid:4)(cid:3)(cid:15)(cid:14)(cid:7)(cid:14)(cid:3)(cid:4)(cid:12)(cid:16)(cid:31)(cid:3)(cid:15)(cid:14) (cid:3)(cid:16)(cid:14)(cid:15)(cid:26)(cid:4)(cid:7)(cid:14)(cid:4)(cid:13)(cid:6)(cid:15)(cid:14)(cid:4)(cid:4)
(cid:21)(cid:7)(cid:16)(cid:9)(cid:4)(cid:4)(cid:4)
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(cid:4)
(cid:4)
(cid:4)
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%(cid:7)(cid:15)(cid:2)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:3)8(cid:29)(cid:12)(cid:31)(cid:7)(cid:19)(cid:3)(cid:16)(cid:14)(cid:15)(cid:4)
$(cid:3)(cid:15)(cid:14)(cid:8)(cid:12)(cid:13)(cid:14)(cid:3)(cid:9)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)
7(cid:16)(cid:22)(cid:12)(cid:19)(cid:19)(cid:3)(cid:9)(cid:4)(cid:8)(cid:3)(cid:16)(cid:14)(cid:4)(cid:8)(cid:3)(cid:13)(cid:3)(cid:12)(cid:31)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)
?(cid:15)(cid:13)(cid:8)(cid:6)4(cid:26)(cid:4)(cid:9)(cid:3)(cid:25)(cid:6)(cid:15)(cid:12)(cid:14)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:6)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:8)(cid:3)(cid:13)(cid:3)(cid:12)(cid:31)(cid:7)(cid:22)(cid:19)(cid:3)(cid:15)(cid:4)
(cid:27)(cid:16)(cid:31)(cid:3)(cid:15)(cid:14) (cid:3)(cid:16)(cid:14)(cid:4)(cid:12)(cid:16)(cid:4)(cid:5)$(cid:1)(cid:4)$(cid:3)(cid:7)(cid:19)(cid:14)(cid:23)(cid:4)(cid:1)(cid:8)(cid:29)(cid:15)(cid:14)(cid:4)(cid:7)(cid:14)(cid:4) (cid:7)(cid:8)(cid:18)(cid:3)(cid:14)(cid:4),(cid:8)(cid:3)(cid:19)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:25)(cid:7)(cid:8)(cid:14)(cid:23)/(cid:4)
(cid:11)(cid:3)(cid:10)(cid:3)(cid:8)(cid:8)(cid:3)(cid:9)(cid:4)(cid:10)(cid:12)(cid:16)(cid:7)(cid:16)(cid:13)(cid:12)(cid:16)!(cid:4)(cid:13)(cid:6)(cid:15)(cid:14)(cid:15)(cid:4)
(cid:20)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:14)(cid:15)(cid:4),(cid:12)(cid:16)(cid:13)(cid:19)(cid:29)(cid:9)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:31)(cid:7)(cid:12)(cid:19)(cid:7)(cid:22)(cid:19)(cid:3)I(cid:10)(cid:6)(cid:8)I(cid:15)(cid:7)(cid:19)(cid:3)(cid:4)(cid:15)(cid:3)(cid:13)(cid:29)(cid:8)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)
(cid:4)
7(cid:16)(cid:7) (cid:6)(cid:8)(cid:14)(cid:12)5(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:14)(cid:7)(cid:16)!(cid:12)(cid:22)(cid:19)(cid:3)(cid:4)(cid:19)(cid:3)(cid:7)(cid:15)(cid:3)(cid:4)(cid:7)(cid:15)(cid:15)(cid:3)(cid:14)(cid:15)(cid:4)
(cid:7)(cid:14)(cid:4) (cid:7)(cid:8)(cid:18)(cid:3)(cid:14)(cid:4)(cid:6)(cid:10)(cid:4)G)(cid:26)0=1(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)G)20/(cid:4)
(cid:4) (cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)F(cid:4)F(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)
(cid:4)
1**;(cid:4)
1**2(cid:4)
G(cid:4)=1(cid:26)<0)(cid:4)
(cid:4)(cid:4)0*=(cid:26)2=’(cid:4)
0H*(cid:26)))*(cid:4)
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(cid:4)
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H0)(cid:4)
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G(cid:4);0(cid:26)H<2(cid:4)(cid:4)
(cid:4)(cid:4) (cid:4)(cid:4)112(cid:26)1**(cid:4)(cid:4)
1H*(cid:26)*<2(cid:4)(cid:4)
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(cid:4)
1;H(cid:26))11(cid:4)(cid:4)
(cid:4)
1=(cid:26)00;
12(cid:26)=<’(cid:4)
I(cid:4)
2(cid:26)2)0(cid:4)(cid:4)
<(cid:26)*1=(cid:4)(cid:4)
=)=(cid:4)(cid:4)
1(cid:26)H11(cid:4)(cid:4)
(cid:4)
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(cid:4)
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G<11(cid:26)*0=(cid:4)
(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)=<<(cid:4)(cid:4)
(cid:4)
(cid:4)
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(cid:4) G00*(cid:26);H0(cid:4)(cid:4)
(cid:4)
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(cid:15)(cid:8)(cid:17)(cid:14)(cid:8)(cid:15)(cid:8)(cid:6)(cid:8)(cid:3)(cid:12)(cid:1)(cid:17)(cid:9)(cid:10)(cid:1)(cid:12)(cid:6)(cid:5)(cid:16)(cid:22)(cid:23)(cid:5)(cid:15)(cid:10)(cid:3)(cid:2)(cid:12)(cid:24)(cid:1)(cid:3)(cid:25)(cid:13)(cid:8)(cid:6)(cid:20)(cid:4)
(cid:4)
#(cid:6)(cid:8)(cid:14)!(cid:7)!(cid:3)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:19)(cid:6)(cid:7)(cid:16)(cid:4)(cid:25)(cid:7)(cid:23)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)
(cid:11)(cid:12)(cid:31)(cid:12)(cid:9)(cid:3)(cid:16)(cid:9)(cid:15)(cid:4)(cid:25)(cid:7)(cid:23)(cid:7)(cid:22)(cid:19)(cid:3)(cid:4)
((cid:13)(cid:13)(cid:8)(cid:29)(cid:3)(cid:9)(cid:4)(cid:3)6(cid:25)(cid:3)(cid:16)(cid:15)(cid:3)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:6)(cid:14)(cid:2)(cid:3)(cid:8)(cid:4)(cid:19)(cid:12)(cid:7)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)
7(cid:16)(cid:7) (cid:6)(cid:8)(cid:14)(cid:12)5(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:14)(cid:7)(cid:16)!(cid:12)(cid:22)(cid:19)(cid:3)(cid:4)(cid:19)(cid:3)(cid:7)(cid:15)(cid:3)(cid:4)(cid:19)(cid:12)(cid:7)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)
(cid:1)(cid:6)(cid:14)(cid:7)(cid:19)(cid:4)(cid:19)(cid:12)(cid:7)(cid:22)(cid:12)(cid:19)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)
(cid:4)
(cid:4)
%(cid:6) (cid:12)(cid:14) (cid:3)(cid:16)(cid:14)(cid:15)(cid:4)(cid:7)(cid:16)(cid:9)(cid:4)(cid:13)(cid:6)(cid:16)(cid:14)(cid:12)(cid:16)!(cid:3)(cid:16)(cid:13)(cid:12)(cid:3)(cid:15)(cid:4)
(cid:4)
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7(cid:16)(cid:3)(cid:7)(cid:8)(cid:16)(cid:3)(cid:9)(cid:4)(cid:13)(cid:6) (cid:25)(cid:3)(cid:16)(cid:15)(cid:7)(cid:14)(cid:12)(cid:6)(cid:16)(cid:4)
((cid:13)(cid:13)(cid:29) (cid:29)(cid:19)(cid:7)(cid:14)(cid:3)(cid:9)(cid:4)(cid:29)(cid:16)(cid:9)(cid:12)(cid:15)(cid:14)(cid:8)(cid:12)(cid:22)(cid:29)(cid:14)(cid:3)(cid:9)(cid:4)(cid:16)(cid:3)(cid:14)(cid:4)(cid:12)(cid:16)(cid:13)(cid:6) (cid:3)(cid:4)
(cid:4)
(cid:1)(cid:6)(cid:14)(cid:7)(cid:19)(cid:4)(cid:15)(cid:14)(cid:6)(cid:13)(cid:18)(cid:2)(cid:6)(cid:19)(cid:9)(cid:3)(cid:8)(cid:15)D(cid:4)(cid:3)8(cid:29)(cid:12)(cid:14)(cid:23)(cid:4)
(cid:4)
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(cid:4)
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(cid:4)(cid:4)(cid:4)(cid:4)(cid:4) G11=(cid:26)’10(cid:4)
0(cid:26);H=(cid:4)
(cid:4)
<(cid:26)0’)(cid:4)
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(cid:4)1<)(cid:26)’)1(cid:4)
(cid:4)
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I(cid:4)
-
’(cid:26)H10(cid:4)
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G)2=(cid:26)<=1(cid:4)
0(cid:26)1;;(cid:4)(cid:4)
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(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)=H0(cid:4)(cid:4)
(cid:4)(cid:4))=;(cid:26)*2<(cid:4)(cid:4)
I(cid:4)(cid:4)
-
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G<11(cid:26)*0=(cid:4)
G00*(cid:26);H0(cid:4)(cid:4)
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F-3
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:5)(cid:9)(cid:3)(cid:1)(cid:15)(cid:8)(cid:14)(cid:3)(cid:2)(cid:6)(cid:20)(cid:1)(cid:4)(cid:2)(cid:5)(cid:4)(cid:3)(cid:2)(cid:6)(cid:8)(cid:3)(cid:12)(cid:21)(cid:1)(cid:8)(cid:9)(cid:16)(cid:19)(cid:1)(cid:17)(cid:9)(cid:10)(cid:1)(cid:12)(cid:13)(cid:14)(cid:12)(cid:8)(cid:10)(cid:8)(cid:17)(cid:2)(cid:8)(cid:3)(cid:12)(cid:1)
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(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)A(cid:3)(cid:7)(cid:8)(cid:4)?(cid:16)(cid:9)(cid:3)(cid:9)(cid:4)(cid:11)(cid:3)(cid:13)(cid:3) (cid:22)(cid:3)(cid:8)(cid:4)0)(cid:26)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)(cid:4)
1**<(cid:4)
1**;(cid:4)
1**2(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
(cid:4)
Revenues:
Rental income
Operating expenses:
Depreciation and amortization
General and administrative (including $1,317, $1,208,
and $980, respectively, to related party)
Federal excise tax
Real estate expenses
Leasehold rent
Total operating expenses
Operating income
Other income and expenses:
Equity in (loss) earnings of unconsolidated joint ventures
Gain on dispositions of real estate of
unconsolidated joint ventures
Interest and other income
Interest:
Expense
Amortization of deferred financing costs
Gain on sale of air rights (2005) and other gains
Gain on sale of real estate
$33,370
$27,232
$20,833
6,995
5,432
4,013
5,250
490
270
308
13,313
4,140
-
344
308
10,224
3,127
-
495
119
7,754
20,057
17,008
13,079
(3,276)
2,102
2,869
26,908
899
(12,524)
(595)
228
185
-
314
(9,764)
(726)
10,248
-
-
386
(8,175)
(499)
60
13
Income from continuing operations
31,882
19,182
7,733
Discontinued operations:
Income from operations
Net gain on sale
883
3,660
193
1,905
3,241
-
Income from discontinued operations
4,543
2,098
3,241
Net income
$36,425
$21,280
$10,974
Weighted average number of common shares outstanding:
Basic
Diluted
Net income per common share – basic and diluted:
Income from continuing operations
Income from discontinued operations
Net income per common share
Cash distributions per share of common stock
9,931
9,934
$ 3.21
.46
$ 3.67
$ 1.35
9,838
9,843
$ 1.95
.21
$ 2.16
$ 1.32
9,728
9,744
$ .80
.33
$ 1.13
$ 1.32
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F-4
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B(cid:3)(cid:14)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:25)(cid:8)(cid:6)(cid:31)(cid:12)(cid:9)(cid:3)(cid:9)(cid:4)(cid:22)(cid:23)(cid:4)(cid:6)(cid:25)(cid:3)(cid:8)(cid:7)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:13)(cid:14)(cid:12)(cid:31)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)(cid:4)
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B(cid:3)(cid:14)(cid:4)(cid:13)(cid:7)(cid:15)(cid:2)(cid:4)(cid:29)(cid:15)(cid:3)(cid:9)(cid:4)(cid:12)(cid:16)(cid:4)(cid:12)(cid:16)(cid:31)(cid:3)(cid:15)(cid:14)(cid:12)(cid:16)!(cid:4)(cid:7)(cid:13)(cid:14)(cid:12)(cid:31)(cid:12)(cid:14)(cid:12)(cid:3)(cid:15)(cid:4)
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1)(cid:26)12<(cid:4)
0
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