2 0 2 2 A N N U A L R E P O R T
THE PENN DISTRICT - PENN 1 / PENN 2
This Annual Report is printed on recycled paper and is recyclable.
T H I S P A G E I N T E N T I O N A L L Y L E F T B L A N K
V O R N A D O C O M P A N Y P R O F I L E
Vornado Realty Trust is a fully-integrated real estate operating company.
Our business is 86% New York-centric and 77% office-centric. We own all or portions of:
62 Manhattan properties consisting of:
19.9 million square feet of office space in 30 of the properties;
2.6 million square feet of street retail space in 56 of the properties;
1,664 residential units in six Manhattan properties;
Multiple future development sites, including 350 Park Avenue and the Hotel
Pennsylvania;
THE PENN DISTRICT is our campus-like development currently consisting of 9 million
square feet in over a dozen buildings and land sites surrounding New York’s Pennsylvania
Station, the busiest transportation hub in North America;
A 32.4% interest in Alexander’s, Inc. (NYSE:ALX) which owns six properties in the
New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot
Bloomberg L.P. headquarters building;
Signage throughout Times Square and THE PENN DISTRICT;
BMS, our wholly owned subsidiary, which provides cleaning and security services for our
buildings and third parties, currently employing 2,622 associates;
The 3.7 million square foot MART in Chicago; and
A 70% controlling interest in 555 California Street, a three-building office complex in San
Francisco’s financial district aggregating 1.8 million square feet.
Vornado’s common shares are listed on the New York Stock Exchange and are traded
under the symbol: VNO.
1
T H I S P A G E I N T E N T I O N A L L Y L E F T B L A N K
2
Financial Highlights
As Reported
Revenues
Net income/(loss)
Net income/(loss) per share - basic
Net income/(loss) per share - diluted
Total assets
Total equity
Net operating income
Funds from operations
Funds from operations per share
% increase/(decrease) in funds from operations per share
As Adjusted
Net income
Net income per share
Funds from operations
Funds from operations per share
% increase in funds from operations per share
$
$
$
$
$
$
$
$
$
$
$
$
$
Year Ended December 31,
2022
1,799,995,000
(408,615,000)
(2.13)
(2.13)
16,493,375,000
6,076,380,000
1,162,048,000
638,928,000
3.30
11.1%
$
$
$
$
$
$
$
$
$
2021
1,589,210,000
101,086,000
0.53
0.53
17,266,588,000
6,515,238,000
1,033,368,000
571,074,000
2.97
(24.4)%
Year Ended December 31,
2022
126,468,000
0.66
608,892,000
3.15
10.1%
$
$
$
$
2021
88,153,000
0.46
549,863,000
2.86
9.2%
These financial highlights and the letter to shareholders present certain non-GAAP measures, including net income (loss), net operating income (“NOI”), funds from operations
(“FFO”), earnings before interests, taxes, depreciation and amortization (“EBITDA”), all as adjusted, as well as NOI, FFO and EBITDA. We have provided reconciliations of these
non-GAAP measures to the applicable GAAP measures in the appendix section of this letter to shareholders and in the Company’s Annual Report on Form 10-K under “Item 7
Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which accompanies this letter or can be viewed at www.vno.com.
3
To Our Shareholders
Net Income/(Loss) attributable to common shares for the year ended December 31, 2022 was ($408.6) million, ($2.13) per diluted
share, compared to $101.1 million, $0.53 per diluted share, for the previous year.
Funds from Operations, as Adjusted (an apples-to-apples comparison of our continuing business, eliminating certain one-timers) for
the year ended December 31, 2022 was $608.9 million, $3.15 per diluted share, compared to $549.9 million, $2.86 per diluted share,
for the previous year, an increase of $0.29 per share. This increase is detailed on page 5.
Funds from Operations, as Reported (apples-to-oranges including one-timers) for the year ended December 31, 2022 was $638.9
million, $3.30 per diluted share, compared to $571.1 million, $2.97 per diluted share, for the previous year. See page 5 for a
reconciliation of Funds from Operations, as Reported, to Funds from Operations, as Adjusted.
Here are our financial results (presented in Net Operating Income format) by business unit:
($ IN MILLIONS)
New York:
Office
Retail
Residential
Alexander’s
Hotel Pennsylvania
Total New York
THE MART
555 California Street
Other
Total Net Operating Income
Net Operating Income
2022
Same Store
% Increase
% of 2022
0.2 %
16.0 %
10.2 %
3.8 %
N/A
3.5 %
64.2 %
2.7 %
7.1 %
62.8 %
18.0 %
1.7 %
3.3 %
— %
85.8 %
8.5 %
5.7 %
100.0 %
2022
718.7
205.7
19.6
37.5
—
981.5
96.9
65.7
1,144.1
17.9
1,162.0
2021
677.2
173.4
17.8
37.3
(12.7)
893.0
58.9
64.8
1,016.7
16.7
1,033.4
2020
672.5
147.3
20.7
35.9
(42.5)
833.9
69.2
60.3
963.4
9.2
972.6
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not
guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions,
risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-
looking statements. Many of the factors that will determine the outcome of these and our other forward-looking statements are beyond
our ability to control or predict. Currently, some of the factors are the increase in interest rates and inflation and the continuing effect
of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect
that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial
markets and the real estate market in general. For further discussion of factors that could materially affect the outcome of our forward-
looking statements, see "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022, a
copy of which accompanies this letter or can be viewed at www.vno.com. For these statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. All subsequent written and
oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to
our forward-looking statements to reflect events or circumstances occurring after the date of this letter.
4
The following chart reconciles Funds from Operations, as Reported, to Funds from Operations, as Adjusted:
($ IN MILLIONS, EXCEPT PER SHARE)
Funds from Operations, as Reported
Adjustments for certain items that impact FFO:
After-tax gain on sale of 220 Central Park South units
Net gains on disposition of wholly owned and partially owned assets
Tax benefit from taxable REIT subsidiaries
Defeasance cost - 1290 Avenue of the Americas refinancing
Hotel Pennsylvania
Deferred tax liability - Farley
Series K preferred shares issuance costs
Other, including noncontrolling interests’ share of above adjustments
Total adjustments
Funds from Operations, as Adjusted
Funds from Operations, as Adjusted per share
2022
638.9
(35.9)
(17.4)
—
—
—
13.7
—
9.6
(30.0)
608.9
3.15
2021
571.1
(44.6)
(0.6)
(27.9)
17.9
12.3
10.9
9.0
1.8
(21.2)
549.9
2.86
Funds from Operations, as Adjusted, increased in 2022 by $59.0 million, or $0.29 per share, a 10.1% increase. Here is the detail:
($ IN MILLIONS, EXCEPT PER SHARE)
Acquisitions/dispositions, net
Variable businesses
Farley and other tenant items
Net interest expense
Real estate tax expense - THE MART
PENN 1 ground rent
Other
Increase in FFO, as Adjusted
Increase/(Decrease)
Amount
7.2
28.4
67.7
(59.2)
30.0
(21.3)
6.2
59.0
Per Share
0.03
0.14
0.33
(0.28)
0.14
(0.10)
0.03
0.29
5
Report Card
Since I have run Vornado from 1980, total shareholder return has been 10% per annum, but subpar lately. Dividends have represented
2.9 percentage points of Vornado’s annual return.
Here is a table that shows Vornado’s total return to shareholders compared to our New York-centric peers and the Office REIT index
for various periods ending December 31, 2022, and for 2023 year-to-date:
2023 YTD
One-year
Five-year
Ten-year
Twenty-year
Vornado
(25.0) %
(46.7) %
(64.7) %
(45.6) %
85.8 %
NY
REIT
Peers (1)
(20.5) %
(40.0) %
(57.1) %
— %
— %
Office
REIT
Index
(15.9) %
(37.6) %
(30.3) %
10.7 %
160.9 %
Recent returns have been negatively affected by COVID. Had we done this table as of December 31, 2019, pre-COVID, the numbers
on the “twenty-year” line would have been, reading across, 569.9%, –%, and 468.9%.
In last year’s letter and in a handful of prior years, we included a graph dramatizing the disconnect between our stock price and the value
of our assets (NAV). Somehow it doesn’t seem all that relevant this year.
Ten-Year Earnings Record
As is our custom, we present the table below that traces our ten-year record, both in absolute dollars and per share amounts:
($ AND SHARES
IN MILLIONS,
EXCEPT PER
SHARE DATA)
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
NOI(2)
Amount
% Change
Amount
FFO, As Adjusted
% Change
Per Share
1,153.7
1,033.4
1,010.1
1,168.5
1,158.9
1,158.6
1,121.0
1,085.3
994.0
940.3
11.6%
2.3%
(13.6)%
0.8%
0.0%
3.4%
3.3%
9.2%
5.7%
13.4%
608.9
549.9
501.0
660.5
702.8
701.0
672.3
629.7
507.3
468.0
10.7%
9.8%
(24.1)%
(6.0)%
0.3%
4.3%
6.8%
24.1%
8.4%
30.9%
3.15
2.86
2.62
3.46
3.68
3.66
3.53
3.32
2.69
2.49
Shares
Outstanding
207.4
205.7
203.7
203.1
202.3
201.6
200.5
199.9
198.5
197.8
1 Comprised of New York City-centric peers: SL Green, Empire State Realty Trust, and Paramount Group.
2 All years include only the properties owned at the end of 2022 excluding the Hotel Pennsylvania.
6
Acquisitions/Dispositions
Here is a ten-year schedule of acquisitions and dispositions.
($ IN MILLIONS)
2023 to date
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
Number of
Transactions
—
7
6
3
7
9
9
11
25
17
26
120
Net Acquisitions/
(Dispositions)
—
(409.3)
262.6
3.7
(2,818.6)
336.0
(5,901.9)
(875.1)
(3,717.1)
(412.3)
(616.5)
(14,148.5)
Acquisitions
—
—
397.0
3.7
67.1
573.5
145.7
147.4
955.8
648.1
813.3
3,751.6
Dispositions
—
409.3
134.4
—
2,885.7
237.5
6,047.6
1,022.5
4,672.9
1,060.4
1,429.8
17,900.1
Gain
—
69.0
7.9
—
1,384.1
170.4
5.1
664.4
316.7
523.4
434.1
3,575.1
Over the ten-year period, our dispositions totaled $17.9 billion and we were a net seller of $14.1 billion. Our activity has declined since
2020 as prices spiked.
2019 Dispositions include $2.665 billion for the Retail Joint Venture at a 4.5% cap rate resulting in a gain of $1.205 billion.(3) 2017
Dispositions include $5.997 billion for the JBG SMITH spin-off and 2015 Dispositions include $3.700 billion for the Urban Edge
Properties spin-off. No gain was recognized on these spin-offs.
The action here takes place on the 45th floor where our acquisitions/dispositions team resides. Thanks to Michael Franco, EVP Michael
Schnitt, Corporate counsel Steve Borenstein, SVPs Cliff Broser, Brian Cantrell, Adam Green and Jared Toothman, and to VP Tatiana
Melamed.
3 The GAAP gain reported in our published financial statements was $2.571 billion, the difference being the step-up in basis to fair value of the retained portion of the assets.
Much of this gain was reversed by impairment charges of $409.1 million in 2020 and $483.0 million in 2022.
7
Lease…Lease…Lease
The mission of our business is to create value for shareholders by growing our asset base through the addition of carefully selected
properties and by adding value through intensive and efficient management. Our operating platform is where the rubber meets the road,
and leasing is the main event.
As is our practice, we present below leasing and occupancy statistics for our businesses.
(SQUARE FEET IN
THOUSANDS)
2022
Square feet leased
Initial Rent
GAAP Mark-to-Market
Cash Mark-to-Market
Number of transactions
2021
Square feet leased
Initial Rent
GAAP Mark-to-Market
Cash Mark-to-Market
Number of transactions
New York
Office
Street Retail
THE MART
555
California
Street
894
84.51
9.0 %
5.4 %
86
2,252
83.26
15.9 %
10.8 %
98
111
266.25
(38.3) %
(34.2) %
22
229
145.44
37.1 %
13.2 %
36
299
52.40
(4.8) %
(5.4) %
63
330
51.18
(0.5) %
0.0 %
60
210
96.40
24.3 %
13.6 %
6
74
114.70
29.5 %
25.4 %
4
The negative mark-to-market for Retail in 2022 was driven by a rent reduction in Hollister’s lease renewal at 666 Fifth Avenue.
Excluding this deal, our Retail GAAP and cash mark-to-markets would have been positive 33.5% and 23.4%, respectively.
Occupancy rate:
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
New York
Office
Street Retail
THE MART
555
California
Street
91.9 %
92.2 %
93.4 %
96.9 %
97.2 %
97.1 %
96.3 %
96.3 %
96.9 %
96.6 %
74.4 %
80.7 %
78.8 %
94.5 %
97.3 %
96.9 %
97.1 %
96.2 %
96.5 %
97.4 %
81.6 %
88.9 %
89.5 %
94.6 %
94.7 %
98.6 %
98.9 %
98.6 %
94.7 %
96.4 %
94.7 %
93.8 %
98.4 %
99.8 %
99.4 %
94.2 %
92.4 %
93.3 %
97.6 %
94.5 %
Thanks to our leasing captains: Glen Weiss and Haim Chera. Also thanks to the New York Office leasing machine: EVP Josh Glick,
Edward Riguardi, Jared Silverman, Jared Solomon, Ryan Levy, Anthony Cugini and Jordan Donohue; and for Retail: EVP Ed Hogan,
Jason Morrison, and Jenniel Davis; to EVP Paul Heinen, who runs leasing at both THE MART and 555 California Street; and Toni
McIntosh and Byron Morton at THE MART. Our thanks also to our in-house legal teams and their leaders, EVPs Pam Caruso, and
Elana Butler.
8
Clockwise from top left: 1290 Avenue of the Americas, THE MART, 888 Seventh Avenue, 770 Broadway
9
Capital Markets
At year-end, we had $3.4 billion of immediate liquidity consisting of $1.0 billion of cash and restricted cash, $472 million of U.S.
Treasury bills and $1.9 billion available on our $2.5 billion revolving credit facilities. Today, we have $3.2 billion of immediate liquidity.
We also have over $8 billion of unencumbered assets.
Since January 1, 2022, we have executed five capital markets transactions totaling $3.3 billion. Our capital markets team had another
strong year. Special thanks to VP Tatiana Melamed and to SVP Jared Toothman.
In June, we completed a $480 million refinancing of 100 West 33rd Street, a 1.1 million square foot building comprised of 859,000
square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR plus 1.65% through
March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the loan was swapped to a fixed rate of 5.06% through
March 2024, and 5.26% through June 2027. The loan matures in June 2027, with two one-year extension options subject to debt service
coverage ratio and loan-to-value tests. The loan replaces the previous $580 million loan that bore interest at LIBOR plus 1.55% and was
scheduled to mature in April 2024.
In June, we completed a $700 million refinancing and extension of 770 Broadway, a 1.2 million square foot Manhattan office building.
The interest-only loan bears a rate of SOFR plus 2.25% and matures in July 2024 with three one-year extension options (July 2027 as
fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98% through July 2027. The loan replaces the previous
$700 million loan that bore interest at SOFR plus 1.86% and was scheduled to mature in July 2022.
In June, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears interest at a rate
of SOFR plus 1.15%. The term of the facility was extended from March 2024 to December 2027, as fully extended. The facility fee is
25 basis points. On August 16, 2022, the interest rate on the $575 million drawn on the facility was swapped to a fixed rate of 3.88%
through August 2027. Our other $1.25 billion revolving credit facility matures in April 2026, as fully extended, bears a rate of SOFR
plus 1.19% with a facility fee of 25 basis points, and is fully available.
In June, we extended our $800 million unsecured term loan from February 2024 to December 2027. The extended loan bears interest at
a rate of SOFR plus 1.30% and is swapped to a fixed rate of 4.05%.
In August, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8% interest, completed a
$100 million refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September 2032. In connection
with the refinancing, we realized net proceeds of $10.5 million. The loan replaces the previous $50.2 million loan that bore interest at a
fixed rate of 5.71%.
In December, the $450 million non-recourse mortgage loan on 697-703 Fifth Avenue, in which we have a 44.8% interest through the
Fifth Avenue and Times Square JV, matured and was not repaid, at which time the lenders declared an event of default. During
December, $29 million of property-level funds were applied by the lenders against the principal balance resulting in a $421 million loan
balance as of December 31, 2022. The JV is in negotiations with the lenders regarding a restructuring but there can be no assurance as
to the timing and ultimate resolution of these negotiations. The impairment charges recognized to date have reduced our equity basis to
our share of the $421 million nonrecourse loan balance and, as such, we do not believe there will be any further impairment charges.
During the year, we entered into $2.0 billion of interest rate swaps and extended a $500 million swap, reducing our variable rate debt as
a percentage of total debt to 27% from 47%. Our exposure to LIBOR/SOFR increases on our $2.8 billion of unswapped variable rate
debt is mitigated over the next year by $2.2 billion of interest rate caps. Interest income on our more than $1 billion of cash acts as a
natural hedge.
10
Below is the right-hand side of our balance sheet at December 31, 2022, 2021 and 2020.
($ IN MILLIONS)
Secured debt
Unsecured debt
Share of non-consolidated debt
Noncontrolling interests’ share of consolidated debt
Total debt
Cash, restricted cash, and U.S. Treasury bills
Projected cash proceeds from 220 Central Park South
Net debt
EBITDA as adjusted
Net debt/EBITDA as adjusted
2022
5,878
2,575
2,697
(682)
10,468
(1,598)
(90)
8,780
1,091
8.0 x
2021
6,099
2,575
2,700
(682)
10,692
(2,035)
(148)
8,509
949
9.0 x
2020
5,608
1,825
2,873
(483)
9,823
(1,835)
(275)
7,713
910
8.5 x
Our credit statistics have been negatively affected by COVID-related reductions in our income and higher interest rates. This resulted
in downgrades by S&P to BBB- and by Moody’s to Baa3.(4) We aim to earn our rating back as our income reverts and improves, as our
variable businesses continue to recover, as our occupancy climbs back to our historical 97%, and as PENN 2 leases up.
Fixed-rate debt accounted for 73% of debt with a weighted average interest rate of 3.6% and a weighted average term of 4.4 years;
floating-rate debt accounted for 27% of debt with a weighted average interest rate of 5.9% and a weighted average term of 2.8 years.
Taking account of interest rate caps, 27% is reduced to 6%. Our caps and swaps are of shorter durations than our loan maturities.
Vornado remains committed to maintaining our investment grade rating.
4 All of our New York peers and most of the CBD office REITs are in the same boat.
11
Retail
Retail has bottomed. Tenant activity is picking up from no interest and no tours to now a fairly active market, but still at bottom-fishing
pricing. We expect activity and pricing to accelerate from here.
We are making more than our fair share of deals – a sampling is Fendi, Berluti, Sephora, Whole Foods, Wegmans, Canada Goose,
Chase, Duane Reade, Bond Street Sushi, Stefano Ricci, Five Below, DSW Shoes, Hollister…
Individually, and collectively, we own great assets… a portfolio of 56 properties, 2.6 million square feet of flagship street retail
concentrated on the best high streets – Fifth Avenue, Times Square, THE PENN DISTRICT and SoHo. Please see www.vno.com for
portfolio details and images. Here is the math for our retail business:
($ IN MILLIONS,
EXCEPT
PROPERTIES)
2022
2021
2020
2019
2018
2017
NOI
Number of
Properties
56
60
63
62
63
63
GAAP Basis
205.7
173.4
147.3
273.2
353.4
359.9
Cash Basis
188.8
160.8
158.7
267.7
324.2
324.3
For comparability, 2018 and 2019 cash basis NOI of $324.2 million and $267.7 million should be adjusted for the Retail Joint Venture,
other sales and out-of-service assets bringing our cash basis NOI, as adjusted, to $178 million and $194 million, respectively.
We guided that cash basis NOI would not be less than $135 million in 2021 and $175 million in 2022. We “beat” 2021 guidance by $25
million and 2022 guidance by $14 million.
Below, we break down our retail business by submarket:
($ IN MILLIONS,
EXCEPT %)
Fifth Avenue
Times Square
THE PENN DISTRICT
SoHo
Other
Total
NOI
GAAP Basis
Cash Basis
Amount
77.2
30.9
24.1
6.8
66.7
205.7
%
37.6
15.0
11.7
3.3
32.4
100.0
Amount
72.0
29.6
17.7
6.0
63.5
188.8
%
38.1
15.7
9.4
3.2
33.6
100.0
12
THE PENN DISTRICT
We are the largest owner in THE PENN DISTRICT with 9 million square feet. THE PENN DISTRICT’s time has come. THE PENN
DISTRICT is different from our other office assets…it is a large multi-building complex, it is long-term and it is development focused
(development and long-term are two of the dirtiest words in REITland). THE PENN DISTRICT is the highest growth opportunity in
our portfolio.
Our development plans for Farley, PENN 1 and PENN 2 were outlined in my letters to shareholders over the last years. Images, budgets,
returns(5) and delivery dates are on our website. Two of these three large, exciting projects are now open and the third, PENN 2, is
scheduled for completion by year end. When completed, these three, aggregating 5.2 million square feet, will constitute the debut of our
vision for THE PENN DISTRICT. Here’s an update:
The acclaimed Moynihan Train Hall is open to the public, as is our Moynihan Food Hall. Our retail leasing in the Train Hall
is well along, with 31 leases executed. In the western half of Farley, we are developing 90,000 square feet of retail which
will serve as the connecting link between Manhattan West and Hudson Yards, our neighbors to the west, and the
Moynihan/Penn Station complex to the east. This retail is organized around the 32nd Street corridor (read mall) that will act
as a funnel that we expect will collect thousands of office workers heading to and from Penn Station.
The doubling in width and doubling in height of the Long Island Rail Road concourse to 60 feet wide and 18 feet high is
now complete. Anyone who thinks PENN Station cannot be turned into a world-class facility without moving Madison
Square Garden (highly unlikely and backbreakingly expensive) should take a look at this grand concourse. We own the retail
on both sides of the LIRR concourse.
Vornado was honored to be a major principal in both the Moynihan Train Hall and LIRR concourse public/private
partnerships.
At Farley, Meta (formerly Facebook) has taken occupancy of their 730,000 square feet under a 15-year lease.
At PENN 11, our major tenant has expanded to 400,000 square feet.
At PENN 1, our grand new lobby and multi-floor amenity offerings are completed and open. Our amenities here are extensive
(we believe the largest amenity package in the City, by far) and unique, tailored to the demographic of our tenants’ workforce,
and are receiving rave reviews from tenants and brokers.
On the seventh floor of PENN 1, our experience and leasing center is open and busy. This 14,000 square foot facility,
complete with multiple scale models and floor-to-ceiling, wall-to-wall videos, vividly illustrates and brings to life our vision
and plans for the buildings, restaurants, retail, amenities, and lifestyle and workstyle that THE PENN DISTRICT will
become.
At PENN 2, the Bustle is complete. Recladding of the curtainwall is 85% complete. Loggia work is ongoing and lobby
construction has commenced. The LED lighting on the underside of the Bustle is about half complete and is spectacular –
take a look.
At Hotel Penn, structural demolition is down to the seventh floor with expected completion by year end.
Our PENN DISTRICT development team is led by Barry Langer with David Bellman, Judy Kessler, Alan Reagan, Sandy Reis, Brian
Thompson, Nicole Dosso, Alejandro Knopoff, Andrew Hunt and Morgan Mann. Special shout out and kudos to Glen Weiss, Barry
Langer, Josh Glick and Brad Zizmor who have been the guiding lights in the creation of PENN 1’s unique food, gathering and social
spaces. And, thank you to Dan Shannon for his excellent and creative work on PENN 2.
5 We review budgets and returns annually. This year, we updated our projected incremental cash yields on Farley to 6.2% from 6.4%, PENN 2 to 9.5% from 9.0%, and PENN 1
to 13.2% from 12.2%, increasing the weighted average return on all three to 8.3% from 8.0%.
13
Some Thoughts, 2022 Version
Portions reprinted from last year.
I begin with a shoutout and thank you to our very talented Vornado people in New York, Paramus, Chicago and San
Francisco, in leasing, development, the 45th floor, Paramus, operations, and BMS all of whom are A+, head of the class.
2022 was an excellent year. Referring to page 4, each of our profit centers improved over the prior year, in the aggregate
by $128.6 million, or 12.4%. The short-term future, however, will be more challenging.
We are now approaching the eye of the economic storm, and I expect it will get even worse. The Federal Reserve is doing
its job as an inflation fighter and interest rates and the stock market are re-rating, the economy is slowing and layoffs are
beginning. In this cycle, CBD office towers, nationwide, are the common enemy. Defaults and “give back the keys” have
already started, led by some of the industry’s largest companies. There is no new debt available for office, so no buying, no
selling, no new builds. When a loan comes due, the only refinance available (and that with a fight) is from the existing lender.
There is a mere trickle of equity at deal-stealing prices. How long and deep this all goes is unknowable and so liquidity is
the main event.
Our balance sheet strategy is to rely primarily (70%) on project-level, nonrecourse debt (old fashioned mortgages), which is
collateralized by assets we estimate to have an aggregate fair value of $10.6 billion (loan-to-value of 74%). We have over $8
billion of unencumbered real estate assets. Only 25%(6) of our debt is recourse. Here is the detail of recourse debt:
($ IN THOUSANDS)
Corporate debt recourse to Vornado:
3.50% senior unsecured notes
Unsecured revolving credit facility ($1.25 billion available)
2.15% senior unsecured notes
Unsecured term loan
Unsecured revolving credit facility ($675 million available)
3.40% senior unsecured notes
Amount Maturity
Years to
Maturity
450,000
—
400,000
800,000
575,000
350,000
2,575,000
1/25
4/26
6/26
12/27
12/27
6/31
1.8
3.0
3.2
4.7
4.7
8.2
4.4
Steel, concrete, and curtainwall are important, but in our business, capital is the essential raw material. We are now in the
middle of a Federal Reserve tightening cycle, the result of which is interest rates are up (more than double), values are down,
and CRE capital markets are frozen. Notwithstanding Fed funds at 5%, most run-of-the-mill real estate operators can’t borrow
at 10%, or can’t borrow at all.
Here’s what we have done:
o
Several years ago when we began the Farley/Facebook, PENN 1 and PENN 2 projects, we loaded in over $2
billion in cash to prefund 100% of our development and construction costs. We didn’t know then how prescient
that would be. So Farley/Facebook is now finished and paid for, PENN 1 almost so, and PENN 2 will finish by
year end. These three assets, aggregating 5.2 million square feet, will be free and clear and unencumbered… and
that’s quite a feat.
o We handled all of our 2023 and almost all of our 2024 debt maturities.
o We put on a series of swaps and caps bringing our effective floating rate exposure down to 6% of total debt.
While very helpful, these swaps and caps do not, in most instances, match the maturity dates of the loans and
therefore provide only partial protection.
I would observe that there really is no protection against loans that mature into a rising market. And I further
observe that the stock market marks to market, valuing at then-current interest rates, giving no value to lower-
rate loans even if locked in for term.
o
Beginning first quarter of this year, we declared a rightsized (lowered) dividend allowing us to retain $128 million
of cash annually. It is our policy that our dividends mirror taxable income.
The Federal Reserve tightening and the resulting real estate capital markets freeze will create opportunities, a la the RTC
days. Trouble always creates opportunity. By and large, lenders really don’t want the keys back and actually do need to get
the defaulted loans off their books, initially at small discounts and eventually at whatever discount clears the market. So,
coming out of the cycle, many good but overleveraged buildings will change hands, will be de-levered, and the second or
third owner will enjoy a much lower basis. We have a best-in-class operating platform and intend to participate in this death
and rebirth cycle.
6
In addition, there are three mortgage loans totaling $514 million that for tax purposes are guaranteed.
14
Nationwide, the stocks of office companies have been crushed. Geography, portfolio quality, and even balance sheet
strength doesn’t seem to matter. Is the stock market predicting that office buildings are obsolete, disrupted by the kitchen
table and Zoom? Is the stock market predicting that the future of work, the future of office, and even the future of our cities
is challenged? We don’t think so.
We don’t think WFH or WFA is an existential threat. While companies are still grappling with hybrid work policies and the
right level of flexibility, overall sentiment is shifting toward pre-pandemic norms. We are seeing a real pick up in return to
office throughout our portfolio, particularly Tuesday through Thursday. Utilization rates are approaching 60% and the
momentum is improving month by month. Both employers and employees recognize the productivity, collaboration,
creativity and cultural benefits of working in the office together.
On our fourth quarter earnings call in response to a question about hybrid work I said, “I think you can assume Friday is
dead, forever. Consider Friday as a holiday… and Monday is touch and go.” In last year’s letter, I asked “does anybody think
a nine hour, four day workweek with three days off has legs?”
In January 2023, we completed an important deal with Citadel for our 350 Park Avenue building, which involved their
master leasing the entire 585,000 square foot building (relieving us of 225,000 square feet of vacancy). This deal will almost
certainly result in a teardown and a new build of a grand 1.7 million square foot tower on a larger assembled site. Please see
our press release of December 9, 2022. We have a lot of friends on Wall Street and I might venture that by any measure
(return on equity, return per employee, etc.), Citadel is at the head of the class, intensely focused and aggressively growing.
This deal validates the quality of our site, our development team, and New York.
There is a learning here with regard to WFH and WFA... Interestingly, Ken tells me that a significant differentiator for his
firm is the simple fact that everybody comes to work every day, five days a week (I think they start at 7:30am). I think
companies that embrace work-from-home will be left behind. And I think it’s absurd to think that years from now, tens of
millions of Americans will be working from home, alone at their kitchen table. And that office towers and our great cities
will be empty. And by the way, Zoom (a.k.a. Hollywood Squares) may be a disruptor, but its stock is down from $588 to a
still high $74.
The market is demanding highest quality, heavily amenitized, transportation-based space. Our portfolio fits the bill:
PENN DISTRICT, 770 Broadway, Farley, 1290 Avenue of the Americas, 555 California Street, THE MART, future
development sites 350 Park Avenue and PENN 15, to name a few.
My excitement and conviction about our PENN DISTRICT grows quarter by quarter. I still believe that a winning strategy
is to allow investors to choose between the high growth, development-oriented PENN DISTRICT or our other, pretty terrific
in their own right, Class A traditional core assets, or both and that the most efficient way to do so is initially by tracker.
Nonetheless, we have decided to pause. This is purely an internal transaction with no counterparty or deadline and I believe
it wise to delay until COVID and the current economic storm are resolved, workers return en masse to the office, construction
is further along, etc. No rush, let’s get it right.
The GPP process has been a little contentious and is in litigation. I inadvertently created a whirlwind when I made what I
thought was an obvious comment on our third quarter 2022 conference call that, “the headwinds in the current environment
are not at all conducive to ground-up development”, which was interpreted as our abandoning the grand plan. Nothing could
be further from the truth. A pause necessitated by economic conditions is not abandoning.
By the way, we have earned our stripes with what we have already accomplished in THE PENN DISTRICT… just look
at the Moynihan Train Hall, the LIRR Concourse, Facebook at Farley, PENN 1, PENN 2 and the two-block-long Bustle
along Seventh Avenue.
With inflation the topic du jour, it should be noted that replacement cost for New York office buildings is rising aggressively.
Replacement cost has always been a leading indicator, foretelling that our existing stock of office buildings will be increasing
in value.
In the history of New York real estate, all great bull landlord markets followed a period of constrained supply, and here
we are. Capital markets are now making it almost impossible to build new.
As we look through our portfolio of assets, we have more than a half dozen outstanding residential development/conversion
opportunities in Manhattan, Queens, and one in Northern Virginia. We have the expertise, as proven by our success at 220
and The Alexander in Rego Park, and will pursue these opportunities, all of which involve development and patience.
One theme we do think will emerge this year is a heightened focus on the quality of the landlord. Many landlords,
particularly private ones, are beginning to struggle with high leverage levels which may limit their ability to invest capital in
their buildings or, in some cases, even retain their assets. Tenants and their brokers will shun these buildings. Strong, well
capitalized landlords like Vornado will benefit.
15
We listen to our tenants and, so, I am convinced that the way they want to work is rapidly changing. There is a large and
growing list of tenants who are rejecting the rigid, closed door Uptown model in favor of the less formal, creative West Side
model. Of New York’s 400 million square feet, I’m guessing only about half of that space really qualifies for the workplace
of the future.
Our soundstage partnership continues to pursue and make good progress.
After many years of proudly commanding a full page and hero picture in this letter, 220 Central Park South, basically
completed, now gets this short paragraph. Sales to date have totaled $3.223 billion. We are over 97% sold with, I guesstimate,
$90 million still to come from the few remaining future sales. As an indicator of the singular success of this product, resale
prices are up, and up substantially, and I believe 220 to be the only recent development where resale prices have increased.
We are in conversation with an operator to bid for a gaming license in Manhattan on a site in THE PENN DISTRICT. Last
year, I wrote the following about Manhattan gaming which is doubly valid today:
Gaming is now all around us. There are as many as 30 gaming venues within an easy drive of Manhattan. Internet
gaming is the next big thing, predicted to have a much larger audience than even brick-and-mortar casinos (I
understand one can even bet on the coin toss or each down or each free throw). New York State has authorized
seven casino licenses, four of which have already been issued Upstate (I understand they are not doing well) with
a seven-year head start on three Downstate licenses. There is a rising level of chatter that the issuance of the
Downstate licenses will be accelerated, and that Manhattan will be in play. There are two Downstate racetrack
licenses (slot machines only) at Yonkers Raceway and Aqueduct Raceway that are performing well. Scuttlebutt
is that these two will be awarded two of the three full Downstate casino licenses and then where will the third go?
To my mind, it makes little sense for the third license to go to another venue in either Long Island or Westchester
which would split revenue with the existing Yonkers or Aqueduct. It makes perfect sense for the third and final
license to go to Manhattan. Being the center of everything, Manhattan will generate by far the highest revenue
for our education system; after all, aren’t we in it to maximize the tax revenue? And Manhattan has, by far, the
largest number of hotel rooms, restaurants, museums, tourist attractions, and the region’s transportation network
was designed with Manhattan as its hub.
The competition between high-tax, densely populated urban centers and low-tax/no-tax, generally warm weather, business
welcoming states is the topic du jour. In the “this will never happen… but it should department”, the first governor of a
northern, densely populated, urban state who recognizes all this and reduces taxes will be lionized.
For the fourth year in a row, I question the wisdom of the New York State estate tax. I repeat here what I have said before:
In New York State, the top 2% pay a full 50% of personal income taxes so it is critical that they remain tax-paying
residents. The vulnerability comes with the 2%-ers, who are at the end of their careers. Most of the folks I know
are willing to pay higher income taxes for the privilege of living in New York, but hate the prospect of a 16% toll
for the privilege of dying in New York. New York State’s estate tax brings in only about 1/150th of the state’s
annual budget. The estate tax should be repealed. Keeping our highest taxpayers through the end of their lives is
both good economic policy and good politics. By the way, high-tax California has no estate tax, New Jersey
repealed its estate tax in 2018.
A year ago, I was on four public company boards, all in the family – Vornado, Alexander’s, Urban Edge and JBG SMITH.
Today, I am on two boards - Vornado and Alexander’s.
We are keenly aware that our stock has declined 25% since the beginning of the year, down to a hard-to-believe $15; the fact
that everyone else is in the same boat gives me no solace. This brings to mind the topic of buybacks. We know how to do
buybacks; way back when, we bought back 60% of Vornado’s stock over a four-year period. For good reason, we have stood
by in recent years while others did buybacks and while commentators pounded us about closing the proverbial NAV gap. In
this period of great volatility and closed markets, it’s very difficult to estimate NAV, nonetheless our current stock price
looks interesting.
We believe in New York, our hometown, the most important city in America. New York is the economic and cultural capital
of the United States (there is a reason the Statue of Liberty is in New York Harbor); it is the finance center of the world; it
attracts the best and the brightest; it has a large and growing highly educated and diverse workforce, eight professional sports
teams, Lincoln Center and Carnegie Hall, Broadway, great museums, great restaurants and nightlife, the best hospitals and
universities, and, of course, the largest concentration of Fortune 500 headquarters, and is now a large and growing tech
center… you get the message.
16
731 Lexington Avenue
17
Environmental, Social and Governance (“ESG”)
Our Board and senior management are proud of Vornado’s national leadership in ESG, improving our communities, our buildings, and
our tenant experiences. We continue to build upon our Vision 2030 and Science Based Target commitment through our robust ESG
program. Our complete plan can be found on our website at www.vno.com/sustainability.
Key achievements include:
Procured 100% renewable energy credits (RECs) for electricity directly managed by Vornado in the key markets in which
we operate. These RECs include those sourced from hydroelectric, solar and wind facilities located in the States of New
York and California.
Achieved a 28% reduction in overall energy consumption across our in-service office portfolio, since 2009
Reached a 64% waste diversion rate this year across our in-service office portfolio against our long-term target of 75%
Received multiple awards recognizing our continued industry leadership in sustainability including the 12th NAREIT Leader
in the Light Award; Energy Star Partner of the Year with Sustained Excellence and Global “Sector Leader” for Diversified
Office/Retail REITs in the Global Real Estate Sustainability Benchmark (GRESB), ranking #1 in the USA amongst peers
We use data to measure progress against our goals, align our goals with our tenants, plan for our longer-term projects and engage with
our stakeholders in meaningful ways. We use carbon accounting software, energy audits and models and building automation software
to:
Manage our portfolio-wide waste, water and energy reduction strategies
Create roadmaps for each building to understand how to achieve carbon neutrality
Provide accurate and actionable data for our measurement, verification and reporting requirements
We have expanded services focused on the health and well-being of our best-in-class employees with continuing education and career
development. Through our Vornado Volunteers program, our employees supported local organizations including Habitat for Humanity,
Breaking Ground, the Central Park Conservancy and Project Cicero. In THE PENN DISTRICT, we launched WorkLife, Vornado’s
amenity ecosystem that allows our tenants, employees and communities to focus on work and self-care. We offer regular thought
leadership, entertainment and wellness programs focused on supporting our organizations and individuals.
Our Board, and particularly our Nominating and Governance Committee, is assigned with oversight of ESG, which includes climate
change risk. In 2023, we continued the assignment of ESG performance metrics as part of our Executive Compensation program. Our
discussion on corporate governance is included in our proxy statement, which can be viewed at www.vno.com/proxy and the governance
section of our website at www.vno.com/governance. In 2023, we will continue to monitor developments from the Securities and
Exchange Commission on potential rule making for climate disclosures. Our ESG narrative is told with transparency and supported by
data. All can be found at www.vno.com/sustainability.
Thanks to Lauren Moss, Samantha Benvenuto and Steve Borenstein who lead our ESG efforts.
18
We continually broaden our leadership team through promotions from within our Company. Please join me in congratulating this year’s
class; they deserve it.
Paul Heinen was promoted to Executive Vice President and Chief Operating Officer, THE MART
Jerald Kohrs was promoted to Senior Vice President, PENN DISTRICT Marketing
Jason Morrison was promoted to Senior Vice President, Retail Leasing
Maulik Shah was promoted to Senior Vice President, Building Operations and Construction, THE MART
Jesse Burns was promoted to Vice President, Benefits
Julian Ferraldo was promoted to Vice President, Retail Design
Mike Lipitz was promoted to Vice President, Energy Management and Reporting
Byron Morton was promoted to Vice President, Co-Head of Leasing, THE MART
Toni McIntosh was promoted to Vice President, Co-Head of Leasing, THE MART
Danielle Owen was promoted to Vice President, Chicago Collective and Women’s Edition, THE MART
Welcome to Lauren Moss, Senior Vice President, Chief Sustainability Officer.
Thank you and congratulations to Myron Mauer, who has retired after 35 years of service. We will miss him and wish him well.
Our operating platform heads are the best in the business. I pay my respects to my partners, Michael Franco, Glen Weiss, Barry Langer,
Haim Chera and Tom Sanelli; and to David Greenbaum and Joe Macnow, my long-time partners who are now part-timers. Our
exceptional 14 Division Executive Vice Presidents deserve special recognition and our thanks. Thank you as well to our very talented
and hardworking 25 Senior Vice Presidents and 58 Vice Presidents who make the trains run on time, every day.
Our Vornado Family has grown with 9 marriages and 15 births this year, 7 girls and 8 boys.
On behalf of Vornado’s Board, senior management and 3,146 associates, we thank our shareholders, analysts and other stakeholders for
their continued support.
Steven Roth
Chairman and CEO
March 31, 2023
Again, this year, I offer to assist shareholders with tickets to my wife’s award-winning Broadway production of Life of Pi. Please call if
I can be of help.
Emi is ED D’27 Woo Hoo
19
Appendix
Below is a reconciliation of net income (loss) to NOI, as adjusted (properties owned at the end of 2022):
($ IN MILLIONS)
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
1,009.0
58.5
(163.0)
(38.6)
(13.6)
—
—
(686.9)
(55.0)
360.7
141.9
18.4
207.7
337.4
1,176.5
(182.5)
994.0
564.7
336.3
(102.9)
20.8
(2.0)
—
—
(666.8)
(58.6)
342.5
150.3
24.9
175.1
323.5
1,107.8
(167.5)
940.3
2014
864.9
(81.5)
783.4
517.5
(507.2)
26.5
—
—
—
—
117.8
(11.6)
(7.3)
—
—
(8.0)
—
911.1
(403.8)
507.3
2013
476.0
(84.0)
392.0
501.8
(411.6)
37.1
—
—
—
—
157.3
(0.5)
(26.7)
6.6
—
(15.1)
0.1
641.0
(173.0)
468.0
2021
101.1
7.9
29.5
(15.3)
(44.6)
10.9
—
(1.3)
88.2
Net income (loss)
Our share of (income) loss from partially owned entities
Our share of (income) loss from real estate fund
Interest and other investment (income) loss, net
Net gains on disposition of assets
Net gain on transfer to Fifth Ave. and Times Square JV
Purchase price fair value adjustment
(Income) loss from discontinued operations
NOI attributable to noncontrolling interests
Depreciation, amortization expense and income taxes
General and administrative expense
Acquisition and transaction related costs
Our share of NOI from partially owned entities
Interest and debt expense
NOI
Certain items that impact NOI
NOI, as adjusted (properties owned at the end of 2022)
Below is a reconciliation of net (loss) income to FFO and FFO, as adjusted:
($ IN MILLIONS)
Net income (loss) attributable to Vornado
Preferred share dividends and issuance costs
Net income (loss) applicable to common shares
Depreciation and amortization of real property
Net gains on sale of real estate
Real estate impairment losses
Decrease in fair value of marketable securities
Net gain on transfer to Fifth Avenue and Times Square JV, net of NCI
Net gain from sale of Urban Edge shares
After tax purchase price fair value adjustment
Partially owned entities adjustments:
Depreciation of real property
Net gains on sale of real estate
Income tax effect of adjustments
Real estate impairment losses
(Increase) decrease in fair value of marketable securities
Noncontrolling interests’ share adjustments
Preferred share dividends
FFO
Certain items that impact FFO
FFO, as adjusted
(382.6)
461.3
(3.6)
(19.9)
(100.6)
—
—
—
(70.0)
526.2
133.7
31.7
306.0
279.8
1,162.0
(8.3)
1,153.7
207.5
(130.5)
(11.1)
(4.6)
(50.8)
—
—
—
(69.4)
401.9
134.6
13.8
310.9
231.1
1,033.4
—
1,033.4
(461.8)
329.1
226.3
5.5
(381.3)
3,334.3
(78.9)
104.1
(21.8)
(845.5)
— (2,571.1)
—
—
—
—
(69.3)
(72.8)
522.6
436.3
169.9
181.5
106.5
174.0
322.4
306.5
286.6
229.3
1,259.8
972.6
(91.3)
37.5
1,168.5
1,010.1
422.6
(9.1)
89.2
(17.1)
(246.0)
—
(44.1)
(0.6)
(71.2)
484.2
141.9
31.3
253.6
347.9
1,382.6
(223.7)
1,158.9
264.1
(15.2)
(3.2)
(37.8)
(0.5)
—
—
13.2
(65.3)
470.4
159.0
1.8
269.2
345.6
1,401.3
(242.7)
1,158.6
2022
(346.5)
(62.1)
(408.6)
456.9
(58.7)
19.1
—
—
—
—
130.6
(0.2)
—
576.4
—
(77.9)
1.3
638.9
(30.0)
608.9
2021
176.0
(74.9)
101.1
373.8
—
7.9
—
—
—
—
139.2
(15.7)
—
—
(1.1)
(34.1)
—
571.1
(21.2)
549.9
2019
2020
3,147.9
(297.0)
(50.1)
(51.7)
3,097.8
(348.7)
389.0
368.6
(178.7)
—
32.0
236.3
4.9
5.5
— (2,559.1)
(62.4)
—
—
—
156.6
—
—
409.1
2.8
(79.1)
—
750.5
(249.5)
501.0
134.7
—
—
—
2.9
141.7
—
1,003.4
(342.9)
660.5
2018
449.9
(65.1)
384.8
413.1
(158.1)
12.0
26.5
—
—
(27.3)
101.6
(4.0)
—
—
3.9
(22.8)
—
729.7
(26.9)
702.8
2017
227.4
(65.4)
162.0
468.0
(3.5)
—
—
—
—
—
137.0
(17.8)
—
7.7
—
(36.7)
1.1
717.8
(16.8)
701.0
982.0
(168.9)
23.6
(29.6)
(160.4)
—
—
(404.9)
(66.2)
428.2
149.6
9.4
271.1
330.2
1,364.1
(243.1)
1,121.0
2016
906.9
(83.3)
823.6
531.6
(177.0)
160.7
—
—
—
—
859.4
9.9
(74.1)
(27.2)
(149.4)
—
—
(223.5)
(64.9)
294.8
149.3
12.5
245.8
309.3
1,341.9
(256.6)
1,085.3
2015
760.4
(80.6)
679.8
514.1
(289.1)
0.3
—
—
—
—
154.8
(2.9)
—
6.3
—
(41.1)
1.6
1,457.6
(785.3)
672.3
144.0
(4.5)
—
16.8
—
(22.4)
—
1,039.0
(409.3)
629.7
Below is a reconciliation of net income (loss) to EBITDA, as adjusted
($ IN MILLIONS)
2022
2021
Below is a reconciliation of net income (loss) to net income, as adjusted:
2022
($ IN MILLIONS)
2020
Net income (loss) (before noncontrolling interests)
Less: net (income) loss attributable to noncontrolling interests
in consolidated subsidiaries
Net income (loss) attributable to the Operating Partnership
Interest and debt expense
Depreciation and amortization
Net gain on sale of real estate
Impairment losses on real estate
Income tax expense/(benefit)
EBITDA
Gain on sale of 220 Central Park South units
Net gains on disposition of assets
608 Fifth Avenue lease liability gain
Severance and other reduction in force expenses
Credit losses on loans receivable
Hotel Pennsylvania, Real Estate Fund and other
EBITDA, as adjusted
(382.6)
207.5
(461.8) Net income (loss) applicable to common shares
5.7
(376.9)
362.3
593.3
(58.9)
595.5
23.4
1,138.7
(41.9)
(17.4)
—
—
—
11.2
1,090.6
(24.0)
183.5
297.1
526.5
(15.6)
7.9
(9.8)
989.6
(50.3)
(0.6)
—
—
—
10.3
949.0
Non-cash impairment losses
139.9 Hotel Pennsylvania (permanently closed April 5, 2021)
(321.9) Net gains on disposition of assets
309.0
532.3 Deferred tax liability on our investment in Farley
220 Central Park South gains
— Refund of NYC transfer taxes
645.3 Certain other items that impact net income
36.2 Net income, as adjusted
1,200.9
(381.3)
—
(70.3)
23.4
13.4
124.2
910.3
(408.6)
595.5
71.1
(62.7)
(35.9)
13.7
(13.6)
(33.0)
126.5
20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K
☒
☐
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Fiscal Year Ended:
December 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from
Commission File Number:
Commission File Number:
to
001-11954 (Vornado Realty Trust)
001-34482 (Vornado Realty L.P.)
Vornado Realty Trust
Vornado Realty L.P.
(Exact name of registrants as specified in its charter)
Vornado Realty Trust
Maryland
(State or other jurisdiction of incorporation or organization)
22-1657560
(I.R.S. Employer Identification Number)
Vornado Realty L.P.
Delaware
(State or other jurisdiction of incorporation or organization)
13-3925979
(I.R.S. Employer Identification Number)
888 Seventh Avenue, New York, New York
10019
(Address of principal executive offices) (Zip Code)
(212) 894-7000
(Registrants’ telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Registrant
Vornado Realty Trust
Vornado Realty Trust
Vornado Realty Trust
Vornado Realty Trust
Vornado Realty Trust
Common Shares of beneficial interest, $.04 par value per share
Title of Each Class
Trading Symbol(s)
VNO
Name of Exchange on Which
Registered
New York Stock Exchange
Cumulative Redeemable Preferred Shares of beneficial
interest, liquidation preference $25.00 per share:
5.40% Series L
5.25% Series M
5.25% Series N
4.45% Series O
VNO/PL
VNO/PM
VNO/PN
VNO/PO
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
Registrant
Vornado Realty Trust
Vornado Realty L.P.
Title of Each Class
Series A Convertible Preferred Shares of beneficial interest,
liquidation preference $50.00 per share
Class A Units of Limited Partnership Interest
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☐ No ☑
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Vornado Realty Trust: Yes ☐ No ☑ Vornado Realty L.P.: Yes ☐ No ☑
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.
Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Vornado Realty Trust: Yes ☑ No ☐ Vornado Realty L.P.: Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "non-accelerated filer,"
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Vornado Realty Trust:
☑ Large Accelerated Filer
☐ Non-Accelerated Filer
☐ Accelerated Filer
☐ Smaller Reporting Company
☐ Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Vornado Realty L.P.:
☐ Large Accelerated Filer
☑ Non-Accelerated Filer
☐ Accelerated Filer
☐ Smaller Reporting Company
☐ Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report.
Vornado Realty Trust: ☑ Vornado Realty L.P.: ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
Vornado Realty Trust: ☐ Vornado Realty L.P.: ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
Vornado Realty Trust: ☐ Vornado Realty L.P.: ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Vornado Realty Trust: Yes ☐ No ☑ Vornado Realty L.P.: Yes ☐ No ☑
The aggregate market value of the voting and non-voting common shares held by non-affiliates of Vornado Realty Trust, i.e. by persons
other than officers and trustees of Vornado Realty Trust, was $5,074,142,000 at June 30, 2022.
As of December 31, 2022, there were 191,866,880 common shares of beneficial interest outstanding of Vornado Realty Trust.
There is no public market for the Class A units of limited partnership interest of Vornado Realty L.P. Based on the June 30, 2022 closing
share price of Vornado Realty Trust’s common shares, which are issuable upon redemption of the Class A units, the aggregate market
value of the Class A units held by non-affiliates of Vornado Realty L.P., i.e. by persons other than Vornado Realty Trust and its officers
and trustees, was $319,516,000 at June 30, 2022.
Part III: Portions of Proxy Statement for Annual Meeting of Vornado Realty Trust’s Shareholders to be held on May 18, 2023.
Documents Incorporated by Reference
EXPLANATORY NOTE
This report combines the Annual Reports on Form 10-K for the fiscal year ended December 31, 2022 of Vornado Realty Trust
and Vornado Realty L.P. Unless stated otherwise or the context otherwise requires, references to “Vornado” refer to Vornado Realty
Trust, a Maryland real estate investment trust (“REIT”), and references to the “Operating Partnership” refer to Vornado Realty L.P., a
Delaware limited partnership. References to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating
Partnership and those subsidiaries consolidated by Vornado.
The Operating Partnership is the entity through which we conduct substantially all of our business and own, either directly or
through subsidiaries, substantially all of our assets. Vornado is the sole general partner and also a 92% limited partner of the Operating
Partnership. As the sole general partner of the Operating Partnership, Vornado has exclusive control of the Operating Partnership’s
day-to-day management.
Under the limited partnership agreement of the Operating Partnership, unitholders may present their Class A units for redemption
at any time (subject to restrictions agreed upon at the time of issuance of the units that may restrict such right for a period of time).
Class A units may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that
obligation and pay the holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common
shares outstanding at all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is
equivalent to the market value of one Vornado common share, and the quarterly distribution to a Class A unitholder is equal to the
quarterly dividend paid to a Vornado common shareholder. This one-for-one exchange ratio is subject to specified adjustments to
prevent dilution. Vornado generally expects that it will elect to issue its common shares in connection with each such presentation for
redemption rather than having the Operating Partnership pay cash. With each such exchange or redemption, Vornado’s percentage
ownership in the Operating Partnership will increase. In addition, whenever Vornado issues common shares other than to acquire
Class A units of the Operating Partnership, Vornado must contribute any net proceeds it receives to the Operating Partnership and the
Operating Partnership must issue to Vornado an equivalent number of Class A units of the Operating Partnership. This structure is
commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the Annual Reports on Form 10-K of Vornado and the Operating Partnership into this
single report provides the following benefits:
•
•
•
enhances investors’ understanding of Vornado and the Operating Partnership by enabling investors to view the business as a
whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation because a substantial portion of the
disclosure applies to both Vornado and the Operating Partnership; and
creates time and cost efficiencies in the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between Vornado and the Operating Partnership in the
context of how Vornado and the Operating Partnership operate as a consolidated company. The financial results of the Operating
Partnership are consolidated into the financial statements of Vornado. Vornado does not have any significant assets, liabilities or
operations, other than its investment in the Operating Partnership. The Operating Partnership, not Vornado, generally executes all
significant business relationships other than transactions involving the securities of Vornado. The Operating Partnership holds
substantially all of the assets of Vornado. The Operating Partnership conducts the operations of the business and is structured as a
partnership with no publicly traded equity. Except for the net proceeds from equity offerings by Vornado, which are contributed to the
capital of the Operating Partnership in exchange for Class A units of partnership in the Operating Partnership, and the net proceeds of
debt offerings by Vornado, which are contributed to the Operating Partnership in exchange for debt securities of the Operating
Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These
sources may include working capital, net cash provided by operating activities, borrowings under the revolving credit facilities, the
issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties.
To help investors better understand the key differences between Vornado and the Operating Partnership, certain information for
Vornado and the Operating Partnership in this report has been separated, as set forth below:
•
•
•
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities;
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information
specific to each entity, where applicable; and
Item 8. Financial Statements and Supplementary Data which includes the following specific disclosures for Vornado
Realty Trust and Vornado Realty L.P.:
•
•
•
•
Note 10. Redeemable Noncontrolling Interests
Note 11. Shareholders' Equity/Partners' Capital
Note 14. Stock-based Compensation
Note 18. (Loss) Income Per Share/(Loss) Income Per Class A Unit
This report also includes separate Part II, Item 9A. Controls and Procedures sections and separate Exhibits 31 and 32 certifications
for each of Vornado and the Operating Partnership in order to establish that the requisite certifications have been made and that
Vornado and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18
U.S.C. §1350.
Item
Financial Information:
Page Number
INDEX
1.
1A.
1B.
2.
3.
4.
5.
6.
7.
Business
Risk Factors
Unresolved Staff Comments
Properties
Legal Proceedings
Mine Safety Disclosures
Market for Registrant’s Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities
Reserved
Management's Discussion and Analysis of Financial Condition and Results of
Operations
7A.
Quantitative and Qualitative Disclosures about Market Risk
8.
9.
9A.
9B.
9C.
10.
11.
12.
13.
14.
15.
16.
Financial Statements and Supplementary Data
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
Controls and Procedures
Other Information
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Directors, Executive Officers and Corporate Governance(1)
Executive Compensation(1)
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters(1)
Certain Relationships and Related Transactions, and Director Independence(1)
Principal Accountant Fees and Services(1)
Exhibits, Financial Statement Schedules
Form 10-K Summary
7
11
24
25
31
31
31
32
33
56
58
118
118
122
122
122
122
123
123
123
123
133
134
PART I.
PART II.
PART III.
PART IV.
Signatures
________________________________________
(1) These items are omitted in whole or in part because Vornado, the Operating Partnership’s sole general partner, will file a
definitive Proxy Statement pursuant to Regulation 14A under the Securities Exchange Act of 1934 with the Securities and
Exchange Commission no later than 120 days after December 31, 2022, portions of which are incorporated by reference herein.
5
FORWARD-LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking statements as such term is defined in Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not
guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions,
risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these
forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this Annual Report on Form
10-K. We also note the following forward-looking statements: in the case of our development and redevelopment projects, the
estimated completion date, estimated project cost and cost to complete; and estimates of future capital expenditures, dividends to
common and preferred shareholders and operating partnership distributions. Many of the factors that will determine the outcome of
these and our other forward-looking statements are beyond our ability to control or predict. For further discussion of factors that could
materially affect the outcome of our forward-looking statements, see “Item 1A. Risk Factors” in this Annual Report on Form 10-K.
Currently, some of the factors are the increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic
on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had
and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate
market in general.
For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as
of the date of this Annual Report on Form 10-K or the date of any document incorporated by reference. All subsequent written and
oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to
our forward-looking statements to reflect events or circumstances occurring after the date of this Annual Report on Form 10-K.
6
ITEM 1.
BUSINESS
PART I
Vornado is a fully-integrated REIT and conducts its business through, and substantially all of its interests in properties are held
by, the Operating Partnership, a Delaware limited partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its
shareholders are dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first
satisfy their obligations to creditors. Vornado is the sole general partner of and owned approximately 92% of the common limited
partnership interest in the Operating Partnership as of December 31, 2022.
We currently own all or portions of:
New York:
•
62 Manhattan operating properties consisting of:
•
•
•
19.9 million square feet of office space in 30 of the properties;
2.6 million square feet of street retail space in 56 of the properties;
1,664 units in six residential properties;
• Multiple development sites, including 350 Park Avenue and the Hotel Pennsylvania site;
•
A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York
metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and
The Alexander, a 312-unit apartment tower in Queens;
Signage throughout the Penn District and Times Square; and
Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for
our buildings and third parties.
•
•
Other Real Estate and Investments:
•
•
•
The 3.7 million square foot theMART in Chicago;
A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district
aggregating 1.8 million square feet; and
Other real estate and investments.
OBJECTIVES AND STRATEGY
Our business objective is to maximize Vornado shareholder value. We intend to achieve this objective by continuing to pursue our
investment philosophy and to execute our operating strategies through:
• maintaining a superior team of operating and investment professionals and an entrepreneurial spirit;
•
investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital
appreciation;
acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents;
developing and redeveloping properties to increase returns and maximize value; and
investing in operating companies that have a significant real estate component.
•
•
•
We expect to finance our growth, acquisitions and investments using internally generated funds and proceeds from asset sales and
by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership
units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
DISPOSITIONS
We completed the following sale transactions during 2022:
•
•
•
$173 million sale of the Center Building located at 33-00 Northern Boulevard in Long Island City, New York;
$101 million sale of 40 Fulton Street;
$88 million net proceeds from the sale of three condominium units and ancillary amenities at 220 Central Park South ("220
CPS");
$85 million aggregate sale of two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street; and
$24 million sale of 484-486 Broadway.
•
•
7
FINANCINGS
We completed the following financing transactions during 2022:
•
•
•
•
•
•
$2.0 billion of interest rate swap arrangements and a $500 million extension of an existing interest rate swap arrangement;
$1.25 billion unsecured revolving credit facility amended and extended from March 2024 to December 2027;
$800 million unsecured term loan extended from February 2024 to December 2027;
$700 million refinancing of 770 Broadway;
$480 million refinancing of 100 West 33rd Street; and
$100 million refinancing of 330 West 34th Street land owner joint venture ($35 million at our 34.8% interest).
DEVELOPMENT AND REDEVELOPMENT EXPENDITURES
PENN District
The Farley Building
Our 95% joint venture (5% is owned by the Related Companies ("Related")) is completing the development of The Farley
Building, which includes approximately 846,000 rentable square feet of commercial space, comprised of approximately 730,000
square feet of office space and approximately 116,000 square feet of restaurant and retail space. The total development cost of this
project is estimated to be approximately $1,120,000,000 at our 95% share, of which $1,111,493,000 of cash has been expended as of
December 31, 2022.
PENN 1
We are redeveloping PENN 1, a 2,546,000 square foot office building located on 34th Street between Seventh and Eighth
Avenue. In December 2020, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to oversee the
redevelopment of the Long Island Rail Road Concourse at Penn Station (the "Concourse"). Skanska USA Civil Northeast, Inc. is
performing the redevelopment under a fixed price contract for $396,000,000 which is being funded by the MTA. In connection with
the redevelopment, we entered into an agreement with the MTA which will result in the widening of the Concourse to relieve
overcrowding and our trading of 15,000 square feet of back of house space for 22,000 square feet of retail frontage space. Vornado's
total development cost of our PENN 1 project is estimated to be $450,000,000, of which $375,810,000 of cash has been expended as
of December 31, 2022.
PENN 2
We are redeveloping PENN 2, a 1,795,000 square foot (as expanded) office building, located on the west side of Seventh Avenue
between 31st and 33rd Street. The development cost of this project is estimated to be $750,000,000, of which $393,126,000 of cash
has been expended as of December 31, 2022.
Hotel Pennsylvania Site
We have permanently closed the Hotel Pennsylvania and plan to develop an office tower on the site. Demolition of the existing
building structure commenced in the fourth quarter of 2021.
We are also making districtwide improvements within the PENN District. The development cost of these improvements is
estimated to be $100,000,000, of which $41,776,000 of cash has been expended as of December 31, 2022.
We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in
particular, the PENN District and 350 Park Avenue.
There can be no assurance that the above projects will be completed, completed on schedule or within budget.
8
ENVIRONMENTAL SUSTAINABILITY INITIATIVES
We have long believed a focus on environmental sustainability is responsible management of our business and important to our
tenants, investors, employees and communities that we serve. It has been central to Vornado's business strategy for over 10 years. The
Corporate Governance and Nominating Committee of Vornado's Board of Trustees is assigned with oversight of Environmental,
Social and Governance (“ESG”) matters, which includes climate change risk. Environmental sustainability initiatives are carried out
by a dedicated team of professionals that work directly with our business units.
Vornado is an industry leader in sustainability, owning and operating more than 27 million square feet of LEED (Leadership in
Energy and Environmental Design) certified buildings, representing 95% of our office portfolio, with over 23 million square feet at
LEED Gold or Platinum. In 2022, we (i) were selected as a global “Sector Leader” for Diversified Office/Retail REITs in the Global
Real Estate Sustainability Benchmark ("GRESB"), ranking first in the United States amongst peers and ranking third among 112
responding listed companies within the Americas, and received the “Green Star” distinction for the tenth consecutive year and
GRESB's five star rating, (ii) received the Leader in the Light Award by the National Association for Real Estate Investment Trusts
(NAREIT) for diversified REITs for the twelfth time, and (iii) were recognized as an EPA ENERGY STAR Partner of the Year with
the distinction of having demonstrated seven years of sustained excellence.
We prioritize addressing climate change and in 2019 adopted a 10-year plan to make our buildings carbon neutral by 2030
(“Vision 2030”). Vision 2030 is a multi-faceted approach that prioritizes energy efficiency, demand management, and renewable
power. We rely on technology, as well as meaningful stakeholder collaboration with our tenants, our employees, and our communities,
to achieve this plan. Our commitment to carbon neutrality and associated emissions reduction targets have been approved by the
Science Based Targets Initiative as consistent with a 1.5°C climate scenario, the most ambitious goal of the Paris Agreement.
We consider sustainability in all aspects of our business, including the design, construction, retrofitting and ongoing maintenance
and operations of our portfolio of buildings. We operate our buildings sustainably and efficiently by seeking to establish best practices
in energy and water consumption, carbon reduction, resource and waste management and ecologically sensitive procurement. Our
policies, from 100% green cleaning to energy efficiency, are implemented across our entire portfolio. We undertake significant
outreach with our tenants, employees and investors regarding Vornado’s sustainability programs and strategies.
Our 2022 and 2023 long-term performance plan awards formally tie senior management compensation to achievement of certain
ESG targets, including reductions in greenhouse emissions, achieving a specified GRESB score and targeting a specified percentage of
LEED Gold or Platinum certified square footage in our office portfolio.
We are committed to transparent reporting of sustainability performance indicators and publish an annual ESG Report in
accordance with the Global Reporting Initiative and aligned with the metrics codified by the Sustainability Accounting Standards
Board and recommendations set forth by the Task Force on Climate-related Financial Disclosures. We also submit public reports to
CDP (formerly, the Carbon Disclosure Project), CSA (the S&P Global Corporate Sustainability Assessment) and EP100 (global
initiative led by Climate Group). Further details on our environmental sustainability initiatives and strategy, including our Vision 2030
Roadmap, can be found in our 2021 ESG Report at (esg.vno.com). There can be no assurance that our Vision 2030 commitment will
be achieved in the planned time frame. The ESG Report is not incorporated by reference and should not be considered part of this
Annual Report on Form 10-K.
HUMAN CAPITAL MANAGEMENT
As of December 31, 2022, we have approximately 3,146 employees, consisting of (i) 2,622 employees of Building Maintenance
Services LLC, a wholly owned subsidiary, which provides cleaning, security, engineering and parking services primarily to our New
York properties, (ii) 236 employees in our corporate office, (iii) 158 employees in leasing and property management, and (iv) 130
employees of theMART. The foregoing does not include employees of partially owned entities.
Human capital management is critical to our success and our employees are the foundation of our human capital. To foster talent
and growth, we provide training and continuing education, promote career and personal development, and encourage innovation and
engagement.
Compensation, Benefits and Employees Wellbeing
To attract and retain the best-qualified talent and to help our employees stay healthy, balance their work and personal lives, and
meet their financial and retirement goals, we offer competitive benefits including, but not limited to, market-competitive
compensation, healthcare (medical, dental and vision coverage), a health savings account, 401(k) and employer match, dependent care
flexible spending account, parental leave, adoption/surrogacy benefits, short-term and long-term disability insurance, life insurance,
time off/paid holidays, tuition reimbursement, subsidized gym memberships, employee wellness programs and incentives, in-
workplace COVID-19 and flu vaccinations, commuter benefits, an employee assistance program and workplace flexibility.
9
HUMAN CAPITAL MANAGEMENT - CONTINUED
Talent Development
We promote career and personal development, provide training and continuing education, and encourage innovation and
engagement. This includes tuition reimbursement for our employees’ continuing education and professional development, and the
opportunity to participate in a variety of training and networking engagements.
Culture and Engagement
Our employees are critical to our success, and we believe creating a positive and inclusive culture is essential to attracting and
retaining engaged employees. We seek to retain our employees by actively engaging with our workforce and we solicit their feedback
through our divisional leaders and employee surveys. We use their feedback to create and continually enhance programs that support
their needs.
Through our volunteer program, Vornado Volunteers, employees are granted one day of paid time off per calendar year to
volunteer for a cause of their choice.
Diversity and Inclusion
Vornado is a diverse and inclusive environment that empowers the individual and enriches the employment experience. We have
published Equal Employment Opportunity “EEO” data since 2017 and have a broadly diverse workforce across both our corporate
base as well as our BMS division. Our employee demographics data can be found on our ESG micro-site (esg.vno.com), which is not
incorporated by reference and should not be considered part of this Annual Report on Form 10-K.
Our diversity metrics set a baseline from where we constantly strive to improve.
Health and Wellness
As a building owner and landlord to thousands of business tenants, we focus on maintaining and improving the health of our
indoor environments, as well as communicating the value of our health and wellness programs with consistency and clarity to our
stakeholders. We believe that consistent health programming and communications protocols not only mitigate health risks within our
buildings, but they also create a responsible behavior framework for our employees, our tenants, and our visitors.
Labor Relations
BMS employs and manages janitorial and security staff who are members of 32BJ SEIU and engineering staff who are members
of Local 94 of the International Union of Operating Engineers AFL-CIO. Through our active participation in the Realty Advisory
Board on Labor Relations, we work collaboratively with both unions and consider our relations with our union employees to be very
positive.
For additional information on human capital matters, please see our most recent ESG report, available for download on our
website at www.vno.com and in digital format at esg.vno.com. This report and other information on our website are not incorporated
by reference into and do not form any part of this Annual Report on Form 10-K.
COMPETITION
We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to
accept lower returns on their investments. Principal factors of competition are rents charged, sales prices, attractiveness of location, the
quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of
the global, national, regional and local economies, the financial condition and operating results of current and prospective tenants and
customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population
and employment trends. See "Risk Factors" in Item 1A for additional information regarding these factors.
SEGMENT DATA
We operate in the following reportable segments: New York and Other. Financial information related to these reportable segments
for the years ended December 31, 2022, 2021 and 2020 is set forth in Note 23 – Segment Information to our consolidated financial
statements in this Annual Report on Form 10-K.
TENANTS ACCOUNTING FOR OVER 10% OF REVENUES
None of our tenants accounted for more than 10% of total revenues in any of the years ended December 31, 2022, 2021 and 2020.
10
CERTAIN ACTIVITIES
We do not base our acquisitions and investments on specific allocations by type of property. We have historically held our
properties for long-term investment; however, it is possible that properties in our portfolio may be sold or otherwise disposed of when
circumstances warrant. Further, we have not adopted a policy that limits the amount or percentage of assets which could be invested in
a specific property or property type. Generally our activities are reviewed and may be modified from time to time by Vornado’s Board
of Trustees without the vote of our shareholders or Operating Partnership unitholders.
PRINCIPAL EXECUTIVE OFFICES
Our principal executive offices are located at 888 Seventh Avenue, New York, New York 10019; telephone (212) 894-7000.
MATERIALS AVAILABLE ON OUR WEBSITE
Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to
those reports, as well as Reports on Forms 3, 4 and 5 regarding officers, trustees or 10% beneficial owners, filed or furnished pursuant
to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 are available free of charge through our website
(www.vno.com) as soon as reasonably practicable after they are electronically filed with, or furnished to, the Securities and Exchange
Commission. Also available on our website are copies of our Audit Committee Charter, Compensation Committee Charter, Corporate
Governance and Nominating Committee Charter, Code of Business Conduct and Ethics, and Corporate Governance Guidelines. In the
event of any changes to these charters or the code or guidelines, changed copies will also be made available on our website. Copies of
these documents are also available directly from us free of charge. Our website also includes other financial and non-financial
information, including certain non-GAAP financial measures, none of which is a part of this Annual Report on Form 10-K. Copies of
our filings under the Securities Exchange Act of 1934 are also available free of charge from us, upon request.
ITEM 1A.
RISK FACTORS
Material factors that may adversely affect our business, operations and financial condition are summarized below. We refer to the
equity and debt securities of both Vornado and the Operating Partnership as our “securities” and the investors who own shares of
Vornado or units of the Operating Partnership, or both, as our “equity holders.” The risks and uncertainties described herein may not
be the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial
may also adversely affect our business, operations and financial condition. See “Forward-Looking Statements” contained herein on
page 6.
RISKS RELATED TO OUR PROPERTIES AND INDUSTRY
We may be adversely affected by trends in office real estate, including work from home trends.
In 2022, approximately 77% of our net operating income (“NOI” a non-GAAP measure) is from our office properties. Work from
home, flexible or hybrid work schedules, open workplaces, videoconferencing, and teleconferencing are becoming more common,
particularly as a result of the COVID-19 pandemic. Changes in tenant space utilization, including increased acceptance of work from
home and flexible work arrangement policies, may cause office tenants to reassess their long-term physical space needs, which could
have an adverse effect on our business.
A significant portion of our properties is located in the New York City Metropolitan area and is affected by the economic
cycles and risks inherent to this area.
In 2022, approximately 86% of our NOI is from properties located in the New York City metropolitan area. We may continue to
concentrate a significant portion of our future acquisitions, development and redevelopment in this area. Real estate markets are
subject to economic downturns and we cannot predict how economic conditions will impact this market in either the short or long
term. Declines in the economy or declines in real estate markets in the New York City metropolitan area, including the effects of the
COVID-19 pandemic, have hurt and could continue to hurt our financial performance and the value of our properties. In addition to
the factors affecting the national economic condition generally, the factors affecting economic conditions in this region include:
•
•
•
•
•
•
•
•
•
•
financial performance and productivity of the media, advertising, professional services, financial, technology, retail,
insurance and real estate industries;
business layoffs or downsizing;
any oversupply of, or reduced demand for, real estate;
industry slowdowns;
the effects of inflation and rising interest rates;
relocations of businesses;
changing demographics;
increased work from home and use of alternative work places;
changes in the number of domestic and international tourists to our markets (including as a result of changes in the
relative strengths of world currencies and the COVID-19 pandemic);
the fiscal health of New York State and New York City governments and local transit authorities, particularly as a result
of the impact of the COVID-19 pandemic;
11
•
•
•
•
quality of life conditions;
infrastructure quality;
increased government regulation and costs of complying with such regulations; and
changes in rates or the treatment of the deductibility of state and local taxes.
It is impossible for us to ensure the accuracy of predictions of the future or the effect of trends in the economic and investment
climates of the geographic areas in which we concentrate, and more generally of the United States, or the real estate markets in these
areas. Local, national or global economic downturns could negatively affect the value of our properties, our businesses and
profitability.
We are subject to risks that affect the general and New York City retail environments.
In 2022, approximately 18% of our NOI is from Manhattan retail properties. These properties are affected by the general and New
York City retail environments, including office and residential occupancy rates, the level of consumer spending and consumer
confidence, Manhattan tourism, employer remote-working policies, the threat of terrorism or other criminal acts, increasing
competition from online retailers, other retail centers, and the impact of technological change upon the retail environment generally.
Furthermore, New York City tourism has not yet fully recovered from the effects of the COVID-19 pandemic. The decline in
international tourists, who comprise a major source of demand for our Manhattan retail tenants, has adversely affected such tenants.
These factors could adversely affect the financial condition of our retail tenants, or result in the bankruptcy of such tenants, and the
willingness of retailers to lease space in our retail locations, which could have an adverse effect on the value of our properties, our
business and profitability.
Our performance and the value of an investment in us are subject to risks associated with our real estate assets and with the
real estate industry.
The value of our real estate and the value of an investment in us fluctuates depending on conditions in the general economy and
the real estate business. These conditions may also adversely impact our revenues and cash flows.
The factors that affect the value of our real estate investments include, among other things:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
global, national, regional and local economic conditions;
competition from other available space, including co-working space and sub-leases;
local conditions such as an oversupply of space or a reduction in demand for real estate in the area;
how well we manage our properties;
the development and/or redevelopment of our properties;
changes in market rental rates;
trends in office real estate, including many tenants’ preferences for space in modern amenitized buildings which may
require the landlord to incur significant capital expenditures;
increased competition from online shopping and its impact on retail tenants and their demand for retail space;
the timing and costs associated with property improvements and rentals;
whether we are able to pass all or portions of any increases in operating costs through to tenants;
changes in real estate taxes and other expenses;
the ability of state and local governments to operate within their budgets;
whether tenants and users such as customers and shoppers consider a property attractive;
changes in consumer preferences adversely affecting retailers and retail store values;
changes in tenant space utilization;
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
consequences of any armed conflict involving, or terrorist attacks against, the United States or individual acts of violence
in public spaces;
availability of financing on acceptable terms or at all;
inflation or deflation;
fluctuations in interest rates;
our ability to obtain adequate insurance;
changes in zoning laws and taxation;
government regulation;
potential liability under environmental or other laws or regulations;
natural disasters;
general competitive factors;
climate change; and
the impact of the COVID-19 pandemic or outbreaks of other infectious diseases.
The rents or sales proceeds we receive and the occupancy levels at our properties may decline as a result of adverse changes in
any of these factors. If rental revenues, sales proceeds and/or occupancy levels decline, we generally would expect to have less cash
available for operating costs, to pay indebtedness and for distribution to equity holders. In addition, some of our major expenses,
12
including mortgage payments, real estate taxes and maintenance costs generally do not decline when the related rents decline and
maintenance costs can increase substantially in an inflationary environment. These factors may cause the value of our real estate assets
to decline, which may result in non-cash impairment charges and the impact could be material.
Real estate is a competitive business and that competition may adversely impact us.
We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to
accept lower returns on their investments. Principal factors of competition are rents charged, sales prices, attractiveness of location, the
quality of the property and the breadth and the quality of services provided. Substantially all of our properties face competition from
similar properties in the same market, which may adversely impact the rents we can charge at those properties and our results of
operations.
Our commercial office properties are located primarily in highly developed areas of the New York metropolitan area. Manhattan
is the largest office market in the United States. The number of competitive office properties in the New York metropolitan area,
which may be newer or better located than our properties, could have a material adverse effect on our ability to lease office space at
our properties and on the effective rents we are able to charge.
We depend on leasing space to tenants on economically favorable terms and collecting rent from tenants who may not be able
to pay.
Our financial results depend significantly on leasing space in our properties to tenants on economically favorable terms. In
addition, because a majority of our income comes from renting of real property, our income, funds available to pay indebtedness and
funds available for distribution to equity holders will decrease if a significant number of our tenants cannot pay their rent or if we are
not able to maintain occupancy levels on favorable terms. If a tenant does not pay its rent, we may not be able to enforce our rights as
landlord without delays and may incur substantial legal and other costs. Even if we are able to enforce our rights, a tenant may not
have recoverable assets.
We may be unable to renew leases, lease vacant space or relet space as leases expire on favorable terms.
When our tenants decide not to renew their leases upon their expiration, we may not be able to relet the space. Even if tenants do
renew or we can relet the space, the terms of renewal or reletting, considering among other things, rent and other concessions, the cost
of improvements to the property and leasing commissions, may be less favorable than the terms in the expired leases. In addition,
changes in space utilization by our tenants may impact our ability to renew or relet space without the need to incur substantial costs in
renovating or redesigning the internal configuration of the relevant property and/or space. If we are unable to promptly renew the
leases or relet the space at similar rates or if we incur substantial costs in renewing or reletting the space, our cash flow and ability to
service debt obligations and pay dividends and distributions to equity holders could be adversely affected.
Bankruptcy or insolvency of tenants may decrease our revenue, net income and available cash.
From time to time, some of our tenants have declared bankruptcy, and other tenants may declare bankruptcy, become insolvent or
experience a material business downturn adversely affecting their ability to make timely rental payments in the future. The bankruptcy
or insolvency of a major tenant may delay our efforts to collect past due balances under the relevant leases and could ultimately
preclude collection of these amounts altogether. As a result, the bankruptcy or insolvency of, or nonpayment by, a major tenant could
cause us to suffer lower revenues and operational difficulties, including leasing the remainder of the property, which could in turn
result in decreased net income and funds available to pay our indebtedness or make distributions to equity holders.
Our business, financial condition, results of operations and cash flows have been and may continue to be adversely affected by
the COVID-19 pandemic or future outbreaks of other highly infectious diseases.
Our business has been, and may continue to be, adversely affected by the economic and industry challenges created by the
COVID-19 pandemic and preventive measures taken to curb the spread of the virus. While substantially all of the limitations and
restrictions imposed during the onset of the pandemic have been lifted and/or eased and people have largely resumed pre-pandemic
activities, economic conditions continue to negatively impact the financial health of our retail tenants. The impact of such conditions
could cause retailers to continue to reduce the number and size of their physical locations and further increase reliance on e-commerce.
Additionally, office tenants may see further delays in employee return-to-work plans as a result of the continued risks of the pandemic
and further dependence on work from home and flexible work arrangements. This may lead our office tenants to reassess their long-
term physical space needs. If the COVID-19 virus or another more contagious variant or disease were to spread, governmental
agencies and other authorities may reorder closures or reimpose restrictions on businesses, which could further negatively impact the
financial condition of our tenants. Over time, these factors could decrease the demand for office and retail space and ultimately
decrease occupancy and/or rent levels across our portfolio, which may have a negative impact on our financial condition and/or access
to capital. We may continue to experience material impacts to our business, financial condition, and operating results due to the
COVID-19 pandemic or variants or future outbreaks of other highly infectious diseases and those impacts may have the effect of
heightening other risks described under this heading “Risk Factors.”
Some of our potential losses may not be covered by insurance.
For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which
$250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of
13
$2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage.
Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a
deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of
$6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per
occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as
defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.
Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a
portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for
coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third
party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a
deductible of $1,774,525 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining
portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.
Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with
different per occurrence and aggregate limits than our policies described above.
We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other
events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are
responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could adversely affect our
business, results of operations and financial condition, the impact of which could be material.
Actual or threatened terrorist attacks or other criminal acts may adversely affect the value of our properties and our ability to
generate cash flow.
We have significant investments in the New York City, Chicago and San Francisco metropolitan areas. In response to a terrorist
attack, the perceived threat of terrorism, or other criminal acts, tenants in these areas may choose to relocate their businesses to less
populated, lower-profile areas of the United States that may be perceived to be less likely targets of future terrorist activity or have
lower rates of crime and fewer customers may choose to patronize businesses in these areas. This, in turn, would trigger a decrease in
the demand for space in these areas, which could increase vacancies in our properties and force us to lease space on less favorable
terms. Furthermore, we may experience increased costs in security, equipment and personnel. As a result, the value of our properties
and the level of our revenues and cash flows could decline materially.
Natural disasters and the effects of climate change could have a concentrated impact on the areas where we operate and could
adversely impact our results.
Our investments are concentrated in the New York, Chicago and San Francisco metropolitan areas. Natural disasters, including
earthquakes, storms, tornados, floods and hurricanes, could cause significant damage to our properties and the surrounding
environment or area. Potentially adverse consequences of climate change, including rising sea levels, extreme weather, and increased
flooding, could similarly have an impact on our properties and the economies of the metropolitan areas in which we operate.
Government efforts to combat climate change may impact the cost of operating our properties. Over time, these conditions could result
in declining demand for office and retail space in our buildings or the inability of us to operate the buildings at all. Climate change
may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find
acceptable, increasing the cost of energy at our properties and requiring us to expend funds as we seek to repair and protect our
properties against such risks. The incurrence of these losses, costs or business interruptions may adversely affect our operating and
financial results.
Our properties are located in urban areas, which means the vitality of our properties is reliant on sound transportation and utility
infrastructure. If that infrastructure is compromised in any way by an extreme weather event, such a compromise could have an
adverse impact on our local economies and populations, as well as on our tenants’ ability to do business in our buildings.
Our properties are subject to transitional risks related to climate-related policy change.
De-carbonization of grid-supplied energy could lead to increased energy costs and operating expenses for our buildings.
Retrofitting our building systems to consume less energy could lead to increased capital costs. Buildings which consume fossil fuel
onsite may be subject to penalties in the future. In addition, the full transition of grid-supplied energy to renewable sources (as has
been mandated by the Climate Leadership and Community Protection Act in New York State) could lead to increased energy costs and
operating expenses for our buildings.
We may become subject to costs, taxes or penalties, or increases therein, associated with natural resource or energy usage, such as
a “carbon tax” and by local legislation such as New York City’s Local Law 97, which sets limits on carbon emissions in our buildings
and imposes penalties if we exceed those limits, and New York City’s Intro 2317, or the “gas ban” bill, which limits any onsite fossil
fuel combustion in new construction and major renovations. These costs, taxes or penalties could increase our operating costs and
decrease the cash available to pay our obligations or distribute to our equity owners.
14
Changes to tax laws could affect REITs generally, the trading of our shares and our results of operations, both positively and
negatively, in ways that are difficult to anticipate.
The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the
legislative process and by the IRS and the Treasury Department. Changes to tax laws (which changes may have retroactive
application) could adversely affect the taxation of REITs and their shareholders. We cannot predict whether, when, in what form, or
with what effective dates, tax laws, regulations and rulings may be enacted, promulgated or decided, or technical corrections made,
which could result in an increase in our, or our shareholders’, tax liability or require changes in the manner in which we operate in
order to minimize increases in our tax liability. If such changes occur, we may be required to pay additional taxes on our assets or
income and/or be subject to additional restrictions. These increased tax costs could, among other things, adversely affect the trading
price for our common shares, our financial condition, our results of operations and the amount of cash available for the payment of
dividends.
RISKS RELATED TO OUR OPERATIONS AND STRATEGIES
Significant inflation and continuing increases in the inflation rate could adversely affect our business and financial results.
Recent substantial increases in the rate of inflation and potential future elevated rates of inflation, both real and anticipated, may
impact our investments and results of operations. In a highly inflationary environment, we may be unable to raise rental rates at or
above the rate of inflation, which could reduce our profit margins. In addition, our cost of labor and materials could increase, which
could have an adverse impact on our business and financial results. Increased inflation could also adversely affect us by increasing
costs of construction and renovation. While increases in most operating expenses at our properties can be passed on to our office and
retail tenants, some tenants have fixed reimbursement charges and expenses at our residential properties may not be able to be passed
on to residential tenants. Unreimbursed increased operating expenses may reduce cash flow available for payment of mortgage debt
and interest and for distributions to shareholders.
We face risks associated with property acquisitions.
We have acquired in the past and intend to continue to pursue the acquisition of properties and portfolios of properties, including,
but not limited to, large portfolios that would increase our size and could result in alterations to our capital structure. Furthermore,
from time to time we have made, and in the future we may seek to make one or more, material acquisitions that we believe will
maximize shareholder value. However, an announcement by us of one or more significant acquisitions could result in a quick and
significant decline in the price of our securities. Our acquisition activities and their success are subject to the following risks:
•
•
•
•
•
•
•
•
•
we may be unable to complete an acquisition of a property or portfolio even after entering into an acquisition agreement,
making a non-refundable deposit and incurring certain other acquisition-related costs;
we may be unable to obtain or assume financing for acquisitions on favorable terms or at all;
acquired properties may fail to perform as expected;
the actual costs of repositioning, redeveloping or maintaining acquired properties may be greater than our estimates and
may require significantly greater time and attention of management than anticipated;
the acquisition agreement will likely contain conditions to closing, including completion of due diligence investigations
to our satisfaction or other conditions that are not within our control, which may not be satisfied;
acquired properties may be located in new markets where we may face risks associated with a lack of market knowledge
or understanding of the local economy, lack of business relationships in the area, costs associated with opening a new
regional office and unfamiliarity with local governmental and permitting procedures;
we may acquire real estate through the acquisition of the ownership entity subjecting us to the risks of that entity and we
may be exposed to the liabilities of properties or companies acquired, some of which we may not be aware of at the time
of acquisition;
we may face competition for acquisition opportunities from other well-capitalized investors, including publicly traded
and privately held REITs, private real estate funds, domestic and foreign financial institutions, life insurance companies,
sovereign wealth funds, pension trusts, partnerships and individual investors, which may cause an increase in the
purchase price for a desired acquisition property or result in a competitor acquiring the desired property instead of us;
and
we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of
properties, into our existing operations, and this could have an adverse effect on our results of operations and financial
condition.
Any delay or failure on our part to identify, negotiate, finance and consummate such acquisitions in a timely manner and on
favorable terms, or operate acquired properties to meet our financial expectations, could impede our growth and have an adverse effect
on us, including our financial condition, results of operations, cash flow and the market value of our securities. If we are unable to
successfully acquire additional properties, our ability to grow our business could be adversely affected.
15
We are exposed to risks associated with property development, redevelopment and repositioning that could adversely affect us,
including our financial condition and results of operations.
We are the owner of numerous development sites and continue to engage in redevelopment and repositioning activities with
respect to our properties, and, accordingly, we are subject to certain risks, which could adversely affect us, including our financial
condition and results of operations. These risks include, without limitation, (i) the availability and pricing of financing on favorable
terms or at all; (ii) the availability and timely receipt of zoning and other regulatory approvals; (iii) cost overruns, especially in the
current inflationary environment, and untimely completion of construction (including risks beyond our control, such as weather or
labor conditions, material shortages or supply chain delays); (iv) the potential for the fluctuation of occupancy rates and rents at
redeveloped properties, which may result in our investment not being profitable; (v) start up, repositioning and redevelopment costs
may be higher than anticipated; (vi) the potential that we may fail to recover expenses already incurred if we abandon development or
redevelopment opportunities after we begin to explore them; (vii) the potential that we may expend funds on and devote management
time to projects which we do not complete; (viii) the inability to complete leasing of a property on schedule or at all, resulting in an
increase in carrying or redevelopment costs; (ix) the possibility that properties will be leased at below expected rental rates and (x) to
the extent the redevelopment activities are conducted in partnership with third parties, the possibility of disputes with our joint venture
development partners and the potential that we miss certain project milestone deadlines. These risks could result in substantial
unanticipated delays or expenses, prevent the initiation or the completion of redevelopment activities or reduce the ultimate rents
achieved on new developments. These outcomes could have an adverse effect on our financial condition, results of operations, cash
flow, the market value of our common shares and ability to satisfy our principal and interest obligations and to make distributions to
our shareholders.
It may be difficult to sell real estate on a timely basis, which may limit our flexibility.
Real estate investments are relatively illiquid. Consequently, we may have limited ability to dispose of assets in our portfolio
promptly in response to changes in economic or other conditions which could have an adverse effect on our sources of working capital
and our ability to satisfy our debt obligations.
We may not be able to effectively operate our business if we are unable to attract and retain qualified personnel due to a tight
labor market in areas in which we operate.
Our success depends on our ability to continue to attract, retain, and motivate qualified personnel. The U.S. job market continues
to experience labor shortages and employee resignations at elevated levels. Factors impacting the labor shortage include demand for
flexible working hours and remote work, higher pay from competitors, people leaving the workforce entirely, enhanced
unemployment insurance benefits and many other factors. The increased ability and desire of employees in the workforce to work
from home or in other remote work arrangements has made it and may continue to make it more difficult for us to compete in the job
market. In addition, we may find it difficult to attract and retain employees in New York City, where our corporate office and a
significant portion of our properties are located. Our inability to attract, retain, and motivate qualified personnel, could have a material
adverse effect on our ability to operate our business.
We may not be permitted to dispose of certain properties or pay down the debt associated with those properties when we might
otherwise desire to do so without incurring additional costs. In addition, when we dispose of or sell assets, we may not be able to
reinvest the sales proceeds and earn similar returns.
As part of an acquisition of a property, or a portfolio of properties, we may agree, and in the past have agreed, not to dispose of
the acquired properties or reduce the mortgage indebtedness for a long-term period, unless we pay certain of the resulting tax costs of
the seller. These agreements could result in us holding on to properties that we would otherwise sell and not pay down or refinance. In
addition, when we dispose of or sell assets, we may not be able to reinvest the sales proceeds and earn returns similar to those
generated by the assets that were sold.
From time to time we have made, and in the future we may seek to make investments in companies over which we do not have
sole control. Some of these companies operate in industries with different risks than investing and operating real estate.
From time to time we have made, and in the future we may seek to make, investments in companies that we may not control,
including, but not limited to, Alexander’s, our Fifth Avenue and Times Square JV, and other equity and loan investments. Although
these businesses generally have a significant real estate component, some of them operate in businesses that are different from
investing and operating real estate. Consequently, we are subject to operating and financial risks of those industries and to the risks
associated with lack of control, such as having differing objectives than our partners or the entities in which we invest, or becoming
involved in disputes, or competing directly or indirectly with these partners or entities. In addition, we rely on the internal controls and
financial reporting controls of these entities and their failure to maintain effectiveness or comply with applicable standards may
adversely affect us.
We are subject to risks involved in real estate activity through joint ventures and private equity real estate funds.
We currently own properties through joint ventures and private equity real estate funds with other persons and entities and may in
the future acquire or own properties through joint ventures and funds when we believe circumstances warrant the use of such
structures. Joint venture and fund investments involve risk, including: the possibility that our partners might refuse to make capital
16
contributions when due and therefore we may be forced to make contributions to maintain the value of the property; that we may be
responsible to our partners for indemnifiable losses; that our partners might at any time have business or economic goals that are
inconsistent with ours; that third parties may be hesitant or refuse to transact with the joint venture or fund due to the identity of our
partners; and that our partners may be in a position to take action or withhold consent contrary to our recommendations, instructions or
requests. We and our respective joint venture partners may each have the right to trigger a buy-sell, put right or forced sale
arrangement, which could cause us to sell our interest, or acquire our partner’s interest, or to sell the underlying asset, at a time when
we otherwise would not have initiated such a transaction, without our consent or on unfavorable terms. In some instances, joint
venture and fund partners may have competing interests in our markets that could create conflicts of interest. These conflicts may
include compliance with the REIT requirements, and our REIT status could be jeopardized if any of our joint ventures or funds do not
operate in compliance with REIT requirements. To the extent our partners do not meet their obligations to us or our joint ventures or
funds, or they take action inconsistent with the interests of the joint venture or fund, we may be adversely affected.
We are exposed to risks related to our properties that are subject to ground leases arrangements which could adversely affect
our results of operations.
We are the lessee under long-term ground lease arrangements at certain of our properties. Unless we purchase a fee interest in the
underlying land or extend the terms of these leases prior to expiration, we will no longer operate these properties upon expiration of
the leases, which could adversely affect our financial condition and results of operations. Furthermore, rent payments under such
leasehold interests are periodically adjusted pursuant to the relevant contractual arrangements and may result in significantly higher
rents that could adversely affect our financial condition and results of operation. Additionally, due to the greater risk in a loan secured
by a leasehold interest than a loan secured by a fee interest, we face risks related to the availability and pricing of financing on
favorable terms or at all for such ground leasehold interests.
RISKS RELATED TO OUR INDEBTEDNESS AND ACCESS TO CAPITAL
Capital markets and economic conditions can materially affect our liquidity, financial condition and results of operations as
well as the value of an investment in our debt and equity securities.
There are many factors that can affect the value of our debt and equity securities, including the state of the capital markets and the
economy. Demand for office and retail space typically declines nationwide due to an economic downturn, bankruptcies, downsizing,
layoffs and cost cutting. Government action or inaction may adversely affect the state of the capital markets. The cost and availability
of credit may be adversely affected by illiquid credit markets and wider credit spreads, which may adversely affect our liquidity and
financial condition, including our results of operations, and the liquidity and financial condition of our tenants. Our inability or the
inability of our tenants to timely refinance maturing liabilities and access the capital markets to meet liquidity needs may materially
affect our financial condition and results of operations and the value of our securities.
We have outstanding debt, and the amount of debt and its cost may increase and refinancing may not be available on
acceptable terms.
We rely on both secured and unsecured, variable rate and non-variable rate debt to finance acquisitions and development activities
and for working capital. If we are unable to obtain debt financing or refinance existing indebtedness upon maturity, our financial
condition and results of operations would likely be adversely affected. In addition, the current rising interest rate environment has
increased the interest payable on our variable rate debt that is not subject to interest rate swap and cap arrangements, reducing our
operating cash flows. While certain of our debt is fixed by interest rate swap arrangements, the arrangements typically expire earlier
than the mortgage loan maturity, resulting in future exposure to rising interest rates, which could further reduce our available cash. If
the cost or amount of our indebtedness continues to increase or we cannot refinance our debt in sufficient amounts or on acceptable
terms, we are at risk of credit rating downgrades and default on our obligations that could adversely affect our financial condition and
results of operations.
We may not be able to obtain capital to make investments.
We depend primarily on external financing to fund the growth of our business. This is because one of the requirements of the
Internal Revenue Code of 1986, as amended, for a REIT is that it distributes 90% of its taxable income, excluding net capital gains, to
its shareholders. This, in turn, requires the Operating Partnership to make distributions to its unitholders. There is a separate
requirement to distribute net capital gains or pay a corporate level tax in lieu thereof. Our access to debt or equity financing depends
on the willingness of third parties to lend or make equity investments and on conditions in the capital markets generally. Although we
believe that we will be able to finance any investments we may wish to make in the foreseeable future, there can be no assurance that
new financing will be available or available on acceptable terms. For information about our available sources of funds, see
“Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” and
the notes to the consolidated financial statements in this Annual Report on Form 10-K.
17
We depend on dividends and distributions from our direct and indirect subsidiaries. The creditors and preferred equity holders
of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or
distributions to us.
Substantially all of Vornado’s assets are held through its Operating Partnership that holds substantially all of its properties and
assets through subsidiaries. The Operating Partnership’s cash flow is dependent on cash distributions to it by its subsidiaries, and in
turn, substantially all of Vornado’s cash flow is dependent on cash distributions to it by the Operating Partnership. The creditors of
each of Vornado’s direct and indirect subsidiaries are entitled to payment of that subsidiary’s obligations to them, when due and
payable, before distributions may be made by that subsidiary to its equity holders. Thus, the Operating Partnership’s ability to make
distributions to its equity holders depends on its subsidiaries’ ability first to satisfy their obligations to their creditors and then to make
distributions to the Operating Partnership. Consequently, Vornado’s ability to pay dividends to its holders of common and preferred
shares depends on the Operating Partnership’s ability first to satisfy its obligations to its creditors and make distributions to holders of
its preferred units and then to make distributions to Vornado.
Furthermore, the holders of preferred units of the Operating Partnership are entitled to receive preferred distributions before
payment of distributions to the Operating Partnership’s equity holders, including Vornado. Thus, Vornado’s ability to pay cash
dividends to its equity holders and satisfy its debt obligations depends on the Operating Partnership’s ability first to satisfy its
obligations to its creditors and make distributions to holders of its preferred units and then to its equity holders, including Vornado. As
of December 31, 2022, there were six series of preferred units of the Operating Partnership not held by Vornado with a total
liquidation value of $52,918,000.
In addition, Vornado’s participation in any distribution of the assets of any of its direct or indirect subsidiaries upon the
liquidation, reorganization or insolvency is only after the claims of the creditors, including trade creditors and preferred equity holders,
are satisfied.
We have a substantial amount of indebtedness that could affect our future operations.
As of December 31, 2022, our consolidated mortgages and unsecured indebtedness, excluding related premium, discount and
deferred financing costs, totaled $8.5 billion. We are subject to the risks normally associated with debt financing, including the risk
that our cash flow from operations will be insufficient to meet our required debt service. Our debt service costs generally will not be
reduced if developments in the market or at our properties, such as the entry of new competitors or the loss of major tenants, cause a
reduction in the income from our properties. Should such events occur, our operations may be adversely affected. If a property is
mortgaged to secure payment of indebtedness and income from such property is insufficient to pay that indebtedness, the property
could be foreclosed upon by the mortgagee resulting in a loss of income and a decline in our total asset value.
The hedge instruments we may use to manage our exposure to interest rate volatility involve risks.
The interest rate hedge instruments we may use to manage some of our exposure to interest rate volatility involve risks, including
the risk that counterparties may fail to perform under these arrangements. If interest rates were to fall, these arrangements may cause
us to pay higher interest on our debt obligations than would otherwise be the case. In addition, the use of such instruments may
generate income that may not be treated as qualifying REIT income for purposes of the 75% gross income test or 95% gross income
test. Furthermore, there can be no assurance that our hedging arrangements will qualify as “highly effective” cash flow hedges under
applicable accounting standards. If our hedges do not qualify as “highly effective,” the changes in the fair value of these instruments
would be reflected in our results of operations and could adversely impact our earnings.
Covenants in our debt instruments could adversely affect our financial condition and our acquisitions and development
activities.
The mortgages on our properties contain customary covenants such as those that limit our ability, without the prior consent of the
applicable lender, to further mortgage the applicable property or to discontinue insurance coverage. Our unsecured indebtedness and
debt that we may obtain in the future may contain customary restrictions, requirements and other limitations on our ability to incur
indebtedness, including covenants that limit our ability to incur debt based upon the levels of certain ratios including total debt to total
assets, secured debt to total assets, EBITDA to interest expense, and fixed charges, and that require us to maintain a certain ratio of
unencumbered assets to unsecured debt. Our ability to borrow is subject to compliance with these and other covenants. In addition,
failure to comply with our covenants could cause a default under the applicable debt instrument, and we may then be required to repay
such debt with capital from such other sources or give possession of a secured property to the lender. Under those circumstances, other
sources of capital may not be available to us or may be available only on unattractive terms.
In addition, our debt instruments contain customary covenants requiring us to maintain insurance. Although we believe that we
have adequate insurance coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at
reasonable costs in the future. Further, if lenders insist on greater coverage than we are able to obtain it could result in acceleration of
repayment of such debt instruments and adversely affect our ability to finance or refinance our properties and expand our portfolio.
18
A downgrade in our credit ratings could materially and adversely affect our business and financial condition.
Our credit rating and the credit ratings assigned to our debt securities and our preferred shares could change based upon, among
other things, our results of operations and financial condition. Currently, our senior debt is rated BBB- by Fitch, Baa3 by Moody’s and
BBB- by S&P. These ratings are subject to ongoing evaluation by credit rating agencies, and any rating could be changed or
withdrawn by a rating agency in the future if, in its judgment, circumstances warrant such action. Moreover, these credit ratings are
not recommendations to buy, sell or hold our common shares or any other securities. If any of the credit rating agencies that have rated
our securities downgrades or lowers its credit rating, particularly to non-investment grade status, or if any credit rating agency
indicates that it has placed any such rating on a “watch list” for a possible downgrading or lowering, or otherwise indicates that its
outlook for that rating is negative, such action could have a material adverse effect on our costs and availability of funding. For
instance, if we fail to maintain the investment grade credit ratings assigned to our senior debt, the interest rates payable on outstanding
debt under our unsecured term loan and revolving credit facilities would increase and we may be required to post additional collateral
under certain of our existing loan agreements. Furthermore, any future lowering of our credit ratings or outlook would likely make it
more difficult and/or more expensive for us to obtain additional debt financing. Our failure to maintain or improve our credit ratings
could in turn have a material adverse effect on our financial condition, results of operations, cash flows, the trading/redemption price
of our securities, and our ability to satisfy our debt service obligations and to pay dividends and distributions to our equity holders.
We may be adversely affected by the discontinuation of London Interbank Offered Rate ("LIBOR").
On March 5, 2021, the United Kingdom Financial Conduct Authority ("FCA") announced that USD LIBOR will no longer be
published after June 30, 2023. The Secured Overnight Financing Rate ("SOFR") has been identified by market participants as the
preferred alternative to USD LIBOR in derivatives and other financial contracts. Our new floating rate loans entered into after
December 31, 2021 no longer reference to LIBOR and instead reference to SOFR or another floating rate.
As of December 31, 2022, we had consolidated variable rate debt indexed to LIBOR of $2.2 billion, with $840,000,000 subject to
floating-to-fixed interest rate swap arrangements and $950,000,000 subject to interest rate cap arrangements. As of December 31,
2022, our share of the variable rate debt indexed to LIBOR of our unconsolidated subsidiaries was $1.2 billion, with $301,000,000
subject to floating-to-fixed interest rate swap arrangements and $710,000,000 subject to interest rate cap arrangements. The transition
of our LIBOR-based obligations to SOFR could affect all-in interest rates on our debt and interest rate swap and cap arrangements and
could result in interest payable that does not correlate over time with the interest that would be payable if LIBOR was available in its
current form.
Certain of our LIBOR-based obligations provide for alternative methods of calculating the interest rate payable (including
transition to an alternative benchmark rate) if LIBOR is not reported, and we have entered into amendments to certain of our financing
agreements to provide for alternative benchmark rates upon the discontinuation of LIBOR. However, certain of our LIBOR-based
contracts that may be in effect upon the discontinuation of LIBOR may not contain fallback language in the event LIBOR is
unavailable or permanently discontinued, and uncertainty as to the extent and manner of future changes may result in interest rates
and/or payments that differ over time with the interest rates and/or payments that would have been made on our obligations if LIBOR
was available in its current form.
The occurrence of cyber incidents, or a deficiency in our cyber security, as well as other disruptions of our IT networks and
related systems, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our
confidential information, and/or damage to our business relationships or reputation, all of which could negatively impact our
financial results.
We face risks associated with security breaches, whether through cyber attacks or cyber intrusions over the Internet, malware,
ransomware, computer viruses, attachments to e-mails, persons who access our systems from inside or outside our organization, and
other significant disruptions of our IT networks and related systems. The risk of a security breach or disruption, particularly through
cyber attack or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as
the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Although we have
not experienced cyber incidents that are individually, or in the aggregate, material, we have experienced cyber attacks in the past,
which have thus far been mitigated by preventative, detective, and responsive measures that we have put in place. Our IT networks
and related systems are essential to the operation of our business and our ability to perform day-to-day operations (including managing
our building systems) and, in some cases, may be critical to the operations of certain of our tenants. Although we make efforts to
maintain the security and integrity of these types of IT networks and related systems, and we have implemented various measures to
manage the risk of a security breach or disruption, there can be no assurance that our security efforts and measures will be effective or
that attempted security breaches or disruptions would not be successful or damaging. Unauthorized parties, whether within or outside
our company, may disrupt or gain access to our systems, or those of third parties with whom we do business, through human error,
misfeasance, fraud, trickery, or other forms of deceit, including break-ins, use of stolen credentials, social engineering, phishing,
computer viruses or other malicious codes, and similar means of unauthorized and destructive tampering. Even the most well protected
information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security
breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected
19
and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security
barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
A security breach or other significant disruption involving our IT networks and related systems could disrupt the proper
functioning of our networks and systems and therefore our operations and/or those of certain of our tenants; result in the unauthorized
access to, and destruction, loss, theft, misappropriation or release of, proprietary, confidential, sensitive or otherwise valuable
information of ours or others, which others could use to compete against us or which could expose us to damage claims by third-
parties for disruptive, destructive or otherwise harmful purposes and outcomes; result in our inability to maintain the building systems
relied upon by our tenants for the efficient use of their leased space; require significant management attention and resources to remedy
any damages that result; may require payments to the attackers; subject us to litigation claims for breach of contract, damages, credits,
fines, penalties, governmental investigations and enforcement actions or termination of leases or other agreements; or damage our
reputation among our tenants and investors generally. Any or all of the foregoing could have a material adverse effect on our results of
operations, financial condition and cash flows.
A cyber attack or systems failure could interfere with our ability to comply with financial reporting requirements, which could
adversely affect us. A cyber attack could also compromise the confidential information of our employees, tenants, customers and
vendors. A successful attack could disrupt and materially affect our business operations, including damaging relationships with
tenants, customers and vendors. Any compromise of our information security systems could also result in a violation of applicable
privacy and other laws, significant legal and financial exposure, damage to our reputation, loss or misuse of the information (which
may be confidential, proprietary and/or commercially sensitive in nature) and a loss of confidence in our security measures, which
could harm our business.
RISKS RELATED TO OUR ORGANIZATION AND STRUCTURE
Vornado’s Amended and Restated Declaration of Trust (the “declaration of trust”) sets limits on the ownership of its shares.
Generally, for Vornado to maintain its qualification as a REIT under the Internal Revenue Code, not more than 50% in value of
the outstanding shares of beneficial interest of Vornado may be owned, directly or indirectly, by five or fewer individuals at any time
during the last half of Vornado’s taxable year. The Internal Revenue Code defines “individuals” for purposes of the requirement
described in the preceding sentence to include some types of entities. Under Vornado’s declaration of trust, as amended, no person
may own more than 6.7% of the outstanding common shares of any class, or 9.9% of the outstanding preferred shares of any class,
with some exceptions for persons who held common shares in excess of the 6.7% limit before Vornado adopted the limit and other
persons approved by Vornado’s Board of Trustees. In addition, our declaration of trust includes restrictions on ownership of our
common shares and preferred shares to preserve our status as a "domestically controlled qualified investment entity" within the
meaning of Section 897 (h)(4)(B) of the Internal Revenue Code of 1986, as amended. These restrictions on transferability and
ownership may delay, deter or prevent a change in control of Vornado or other transaction that might involve a premium price or
otherwise be in the best interest of equity holders.
The Maryland General Corporation Law (the “MGCL”) contains provisions that may reduce the likelihood of certain takeover
transactions.
The MGCL imposes conditions and restrictions on certain “business combinations” (including, among other transactions, a
merger, consolidation, share exchange, or, in certain circumstances, an asset transfer or issuance of equity securities) between a
Maryland REIT and certain persons who beneficially own at least 10% of the corporation’s stock (an “interested shareholder”). Unless
approved in advance by the board of trustees of the trust, or otherwise exempted by the statute, such a business combination is
prohibited for a period of five years after the most recent date on which the interested shareholder became an interested
shareholder. After such five-year period, a business combination with an interested shareholder must be: (a) recommended by the
board of trustees of the trust, and (b) approved by the affirmative vote of at least (i) 80% of the trust’s outstanding shares entitled to
vote and (ii) two-thirds of the trust’s outstanding shares entitled to vote which are not held by the interested shareholder with whom
the business combination is to be effected, unless, among other things, the trust’s common shareholders receive a “fair price” (as
defined by the statute) for their shares and the consideration is received in cash or in the same form as previously paid by the interested
shareholder for his or her shares.
In approving a transaction, Vornado’s Board of Trustees may provide that its approval is subject to compliance, at or after the
time of approval, with any terms and conditions determined by the Board of Trustees. Vornado’s Board of Trustees has adopted a
resolution exempting any business combination between Vornado and any trustee or officer of Vornado or its affiliates. As a result,
any trustee or officer of Vornado or its affiliates may be able to enter into business combinations with Vornado that may not be in the
best interest of our equity holders. With respect to business combinations with other persons, the business combination provisions of
the MGCL may have the effect of delaying, deferring or preventing a change in control of Vornado or other transaction that might
involve a premium price or otherwise be in the best interest of our equity holders. The business combination statute may discourage
others from trying to acquire control of Vornado and increase the difficulty of consummating any offer.
Title 3, Subtitle 8 of the MGCL permits our Board of Trustees, without shareholder approval and regardless of what is currently
provided in our declaration of trust or bylaws, to implement certain takeover defenses, including adopting a classified board or
20
increasing the vote required to remove a trustee. Such takeover defenses may have the effect of inhibiting a third party from making an
acquisition proposal for us or of delaying, deferring or preventing a change in control of us under the circumstances that otherwise
could provide our common shareholders with the opportunity to realize a premium over the then current market price.
Vornado may issue additional shares in a manner that could adversely affect the likelihood of certain takeover transactions.
Vornado’s declaration of trust authorizes the Board of Trustees to:
•
•
•
•
cause Vornado to issue additional authorized but unissued common shares or preferred shares;
classify or reclassify, in one or more series, any unissued preferred shares;
set the preferences, rights and other terms of any classified or reclassified shares that Vornado issues; and
increase, without shareholder approval, the number of shares of beneficial interest that Vornado may issue.
Vornado’s Board of Trustees could establish a series of preferred shares whose terms could delay, deter or prevent a change in
control of Vornado, and therefore of the Operating Partnership, or other transaction that might involve a premium price or otherwise
be in the best interest of our equity holders, although Vornado’s Board of Trustees does not now intend to establish a series of
preferred shares of this kind. Vornado’s declaration of trust and bylaws contain other provisions that may delay, deter or prevent a
change in control of Vornado or other transaction that might involve a premium price or otherwise be in the best interest of our equity
holders.
We may change our policies without obtaining the approval of our equity holders.
Our operating and financial policies, including our policies with respect to acquisitions of real estate or other companies, growth,
operations, indebtedness, capitalization, dividends and distributions, are exclusively determined by Vornado’s Board of Trustees.
Accordingly, our equity holders do not control these policies.
Steven Roth and Interstate Properties may exercise substantial influence over us. They and some of Vornado’s other trustees
and officers have interests or positions in other entities that may compete with us.
As of December 31, 2022, Interstate Properties, a New Jersey general partnership, and its partners beneficially owned an
aggregate of approximately 7.0% of the common shares of beneficial interest of Vornado and 26.0% of the common stock of
Alexander’s, which is described below. Steven Roth, David Mandelbaum and Russell B. Wight, Jr. are the three partners of Interstate
Properties. Mr. Roth is the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, the managing general partner
of Interstate Properties, and the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. Messrs. Mandelbaum
and Wight are Trustees of Vornado and Directors of Alexander’s.
Because of these overlapping interests, Mr. Roth and Interstate Properties and its partners may have substantial influence over
Vornado, and therefore over the Operating Partnership. In addition, certain decisions concerning our operations or financial structure
may present conflicts of interest among Messrs. Roth, Mandelbaum and Wight and Interstate Properties and our other equity holders.
In addition, Mr. Roth, Interstate Properties and its partners, and Alexander’s currently and may in the future engage in a wide variety
of activities in the real estate business which may result in conflicts of interest with respect to matters affecting us, such as which of
these entities or persons, if any, may take advantage of potential business opportunities, the business focus of these entities, the types
of properties and geographic locations in which these entities make investments, potential competition between business activities
conducted, or sought to be conducted, competition for properties and tenants, possible corporate transactions such as acquisitions and
other strategic decisions affecting the future of these entities.
We manage and lease the real estate assets of Interstate Properties pursuant to a management agreement for which we receive an
annual fee equal to 4% of annual base rent and percentage rent. See Note 22 – Related Party Transactions to our consolidated
financial statements in this Annual Report on Form 10-K for additional information.
There may be conflicts of interest between Alexander’s and us.
As of December 31, 2022, we owned 32.4% of the outstanding common stock of Alexander’s. Alexander’s is a REIT that has six
properties, which are located in the greater New York metropolitan area. In addition to the 2.3% that they indirectly own through
Vornado, Interstate Properties, which is described above, and its partners owned 26.0% of the outstanding common stock of
Alexander’s as of December 31, 2022. Mr. Roth is the Chairman of the Board of Trustees and Chief Executive Officer of Vornado, the
managing general partner of Interstate Properties, and the Chairman of the Board of Directors and Chief Executive Officer of
Alexander’s. Messrs. Mandelbaum and Wight are Trustees of Vornado and Directors of Alexander’s and general partners of Interstate
Properties. Ms. Mandakini Puri is a Trustee of Vornado and Director of Alexander’s.
We manage, develop and lease Alexander’s properties under management, development and leasing agreements under which we
receive annual fees from Alexander’s. These agreements are described in Note 5 – Investments in Partially Owned Entities to our
consolidated financial statements in this Annual Report on Form 10-K.
21
RISKS RELATED TO OUR COMMON SHARES AND OPERATING PARTNERSHIP CLASS A UNITS
The trading price of Vornado’s common shares has been volatile and may continue to fluctuate.
The trading price of Vornado’s common shares has been volatile and may continue to fluctuate widely as a result of several
factors, many of which are outside our control. In addition, the stock market is subject to fluctuations in the share prices and trading
volumes that affect the market prices of the shares of many companies. These broad market fluctuations have in the past and may in
the future adversely affect the market price of Vornado’s common shares and the redemption price of the Operating Partnership’s
Class A units. In particular, the market price of our common shares has been further adversely impacted since March 2020 due to the
COVID-19 pandemic and its lasting impacts. These factors include:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
our financial condition and performance;
the financial condition of our tenants, including the extent of tenant bankruptcies or defaults;
actual or anticipated quarterly fluctuations in our operating results and financial condition;
our dividend policy;
the reputation of REITs and real estate investments generally and the attractiveness of REIT equity securities in
comparison to other equity securities, including securities issued by other real estate companies, and fixed income
securities;
uncertainty and volatility in the equity and credit markets;
fluctuations, in particular, increases, in interest rates;
changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts or
actions taken by rating agencies with respect to our securities or those of other REITs;
failure to meet analysts’ revenue or earnings estimates;
speculation in the press or investment community;
strategic actions by us or our competitors, such as acquisitions or restructurings;
the extent of institutional investor interest in us;
the extent of short-selling of Vornado common shares and the shares of our competitors;
fluctuations in the stock price and operating results of our competitors;
general financial and economic market conditions and, in particular, developments related to market conditions for office
REITs and other real estate related companies and the New York City real estate market;
inflation;
domestic and international economic factors unrelated to our performance (including the macro-economic impact of the
conflict between Russia and Ukraine);
fiscal policies or inaction at the U.S. federal government level that may lead to federal government shutdowns or
negative impacts on the U.S. economy;
changes in tax laws and rules; and
all other risk factors addressed elsewhere in this Annual Report on Form 10-K.
A significant decline in Vornado’s stock price could result in substantial losses for our equity holders.
Vornado has many shares available for future sale, which could hurt the market price of its shares and the redemption price of
the Operating Partnership’s units.
The interests of equity holders could be diluted if we issue additional equity securities. As of December 31, 2022, Vornado had
authorized but unissued 58,133,120 common shares of beneficial interest, $0.04 par value, and 58,387,098 preferred shares of
beneficial interest, no par value; of which 22,123,781 common shares are reserved for issuance upon redemption of Class A Operating
Partnership units, convertible securities and employee stock options and 11,200,000 preferred shares are reserved for issuance upon
redemption of preferred Operating Partnership units. Any shares not reserved may be issued from time to time in public or private
offerings or in connection with acquisitions. In addition, common and preferred shares reserved may be sold upon issuance in the
public market after registration under the Securities Act or under Rule 144 under the Securities Act or other available exemptions from
registration. We cannot predict the effect that future sales of Vornado’s common and preferred shares or Operating Partnership Class
A and preferred units will have on the market prices of our securities.
In addition, under Maryland law, Vornado’s Board of Trustees has the authority to increase the number of authorized shares
without shareholder approval.
Loss of our key personnel could harm our operations and adversely affect the value of our common shares and Operating
Partnership Class A units.
We are dependent on the efforts of Steven Roth, the Chairman of the Board of Trustees and Chief Executive Officer of
Vornado. While we believe that we could find a replacement for him and other key personnel, the loss of their services could harm our
operations and adversely affect the value of our securities.
22
RISKS RELATED TO REGULATORY COMPLIANCE
Vornado may fail to qualify or remain qualified as a REIT and may be required to pay federal income taxes at corporate rates,
which could adversely impact the value of our common shares.
Although we believe that Vornado will remain organized and will continue to operate so as to qualify as a REIT for federal
income tax purposes, Vornado may fail to remain so qualified. Qualifications are governed by highly technical and complex
provisions of the Internal Revenue Code for which there are only limited judicial or administrative interpretations and depend on
various facts and circumstances that are not entirely within our control. In addition, legislation, new regulations, administrative
interpretations or court decisions may significantly change the relevant tax laws and/or the federal income tax consequences of
qualifying as a REIT. If, with respect to any taxable year, Vornado fails to maintain its qualification as a REIT and does not qualify
under statutory relief provisions, Vornado could not deduct distributions to shareholders in computing our taxable income and would
have to pay federal income tax on its taxable income at regular corporate rates. The federal income tax payable would include any
applicable alternative minimum tax. If Vornado had to pay federal income tax, the amount of money available to distribute to equity
holders and pay its indebtedness would be reduced for the year or years involved, and Vornado would not be required to make
distributions to shareholders in that taxable year and in future years until it was able to qualify as a REIT and did so. In addition,
Vornado would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification
was lost, unless Vornado were entitled to relief under the relevant statutory provisions. Our failure to qualify as a REIT could impact
our ability to expand our business and raise capital and adversely affect the value of our common shares.
We may face possible adverse federal tax audits and changes in federal tax laws, which may result in an increase in our tax
liability.
In the normal course of business, certain entities through which we own real estate either have undergone or may undergo tax
audits. Although we believe that we have substantial arguments in favor of our positions, in some instances there is no controlling
precedent or interpretive guidance. There can be no assurance that audits will not occur with increased frequency or that the ultimate
result of such audits will not have a material adverse effect on our results of operations.
At any time, the U.S. federal income tax laws governing REITs or the administrative interpretations of those laws may be
amended. We cannot predict if or when any new U.S. federal income tax law, regulation, or administrative interpretation, or any
amendment to any existing U.S. federal income tax law, Treasury regulation or administrative interpretation, will be adopted,
promulgated or become effective and any such law, regulation, or interpretation may take effect retroactively. Vornado, its taxable
REIT subsidiaries, and our security holders could be adversely affected by any such change in, or any new, U.S. federal income tax
law, Treasury regulation or administrative interpretation.
We may face possible adverse state and local tax audits and changes in state and local tax law.
Because Vornado is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but we are subject to
certain state and local taxes. In the normal course of business, certain entities through which we own real estate either have undergone,
or are currently undergoing, tax audits. Although we believe that we have substantial arguments in favor of our positions in the
ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. There can be
no assurance that audits will not occur with increased frequency or that the ultimate result of such audits will not have a material
adverse effect on our results of operations.
From time to time changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax
liability. A shortfall in tax revenues for states and municipalities in which we operate may lead to an increase in the frequency and size
of such changes including changes in laws, regulations and administration of property and transfer taxes. If such changes occur, we
may be required to pay additional taxes on our assets or income. These increased tax costs could adversely affect our financial
condition and results of operations and the amount of cash available for the payment of dividends and distributions to our security
holders.
Compliance or failure to comply with the Americans with Disabilities Act ("ADA") or other safety regulations and
requirements could result in substantial costs.
ADA generally requires that public buildings, including our properties, meet certain Federal requirements related to access and
use by disabled persons. Noncompliance could result in the imposition of fines by the Federal government or the award of damages to
private litigants and/or legal fees to their counsel. From time to time persons have asserted claims against us with respect to some of
our properties under the ADA, but to date such claims have not resulted in any material expense or liability. If, under the ADA, we are
required to make substantial alterations and capital expenditures in one or more of our properties, including the removal of access
barriers, it could adversely affect our financial condition and results of operations, as well as the amount of cash available for
distribution to equity holders.
Our properties are subject to various federal, state and local regulatory requirements, such as state and local fire and life safety
requirements. If we fail to comply with these requirements, we could incur fines or private damage awards. We do not know whether
existing requirements will change or whether compliance with future requirements will require significant unanticipated expenditures
that will affect our cash flow and results of operations.
23
We may incur significant costs to comply with environmental laws and environmental contamination may impair our ability to
lease and/or sell real estate.
Our operations and properties are subject to various federal, state and local laws and regulations concerning the protection of the
environment, including air and water quality, hazardous or toxic substances and health and safety. Under some environmental laws, a
current or previous owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances released
at a property. The owner or operator may also be held liable to a governmental entity or to third parties for property damage or
personal injuries and for investigation and clean-up costs incurred by those parties because of the contamination. These laws often
impose liability without regard to whether the owner or operator knew of the release of the substances or caused the release. The
presence of contamination or the failure to remediate contamination may also impair our ability to sell or lease real estate or to borrow
using the real estate as collateral. Other laws and regulations govern indoor and outdoor air quality including those that can require the
abatement or removal of asbestos-containing materials in the event of damage, demolition, renovation or remodeling and govern
emissions of and exposure to asbestos fibers in the air. The maintenance and removal of lead paint and certain electrical equipment
containing polychlorinated biphenyls (PCBs) are also regulated by federal and state laws. We are also subject to risks associated with
human exposure to chemical or biological contaminants such as molds, pollens, viruses and bacteria which, above certain levels, can
be alleged to be connected to allergic or other health effects and symptoms in susceptible individuals. Our predecessor companies may
be subject to similar liabilities for activities of those companies in the past. We could incur fines for environmental compliance and be
held liable for the costs of remedial action with respect to the foregoing regulated substances or related claims arising out of
environmental contamination or human exposure to contamination at or from our properties.
Each of our properties has been subject to varying degrees of environmental assessment. To date, these environmental
assessments have not revealed any environmental condition material to our business. However, identification of new compliance
concerns or undiscovered areas of contamination, changes in the extent or known scope of contamination, human exposure to
contamination or changes in clean-up or compliance requirements could result in significant costs to us.
ITEM 1B.
UNRESOLVED STAFF COMMENTS
There are no unresolved comments from the staff of the Securities and Exchange Commission as of the date of this Annual Report
on Form 10-K.
24
ITEM 2.
PROPERTIES
PROPERTY LISTING
We operate in two reportable segments: New York and Other. The following pages provide details of our real estate properties as
of December 31, 2022.
Square Feet
Under
Development
or Not
Available
for Lease
Total
Property
239,000
2,546,000
—
2,120,000
In Service
2,307,000
2,120,000
414,000
1,206,000
1,620,000
%
Occupancy
81.3%
99.2%
100.0%
93.1%
98.6%
55.0%
99.3%
99.3%
75.1%
98.7%
95.0%
89.2%
89.8%
75.7%
89.6%
86.1%
79.0%
88.1%
100.0%
81.5%
92.9%
97.4%
95.5%
100.0%
100.0%
82.6%
78.9%
79.9%
84.6%
100.0%
100.0%
78.3%
93.9%
100.0%
25.2%
100.0%
100.0%
64.4%
100.0%
100.0%
100.0%
100.0%
(3)
1,350,000
1,264,000
1,258,000
1,183,000
1,153,000
1,114,000
956,000
945,000
887,000
846,000
724,000
638,000
601,000
585,000
544,000
477,000
331,000
315,000
283,000
209,000
204,000
194,000
173,000
173,000
161,000
129,000
114,000
107,000
103,000
98,000
78,000
65,000
57,000
43,000
36,000
36,000
26,000
23,000
23,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,350,000
1,264,000
1,258,000
1,183,000
1,153,000
1,114,000
956,000
945,000
887,000
846,000
724,000
638,000
601,000
585,000
544,000
477,000
331,000
315,000
283,000
209,000
204,000
194,000
173,000
173,000
161,000
129,000
114,000
107,000
103,000
98,000
78,000
65,000
57,000
43,000
36,000
36,000
26,000
23,000
23,000
NEW YORK SEGMENT
Property
PENN 1 (ground leased through 2098)(1)
1290 Avenue of the Americas
PENN 2
909 Third Avenue (ground leased through 2063)(1)
280 Park Avenue(2)
Independence Plaza, Tribeca (1,327 units)(2)
770 Broadway
PENN 11
100 West 33rd Street
90 Park Avenue
One Park Avenue
888 Seventh Avenue (ground leased through 2067)(1)
The Farley Building
(ground and building leased through 2116)(1)
330 West 34th Street (65.2% ground leased through 2149)(1)
85 Tenth Avenue(2)
650 Madison Avenue(2)
350 Park Avenue
150 East 58th Street(4)
7 West 34th Street(2)
595 Madison Avenue
640 Fifth Avenue(2)
50-70 West 93rd Street (324 units)(2)
260 Eleventh Avenue (ground leased through 2114)(1)
4 Union Square South
61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2)
512 West 22nd Street(2)
825 Seventh Avenue
1540 Broadway(2)
Paramus
666 Fifth Avenue (2)(5)
1535 Broadway(2)
57th Street (2 buildings)(2)
689 Fifth Avenue(2)
150 West 34th Street
510 Fifth Avenue
655 Fifth Avenue(2)
435 Seventh Avenue
692 Broadway
606 Broadway
697-703 Fifth Avenue(2)
1131 Third Avenue
131-135 West 33rd Street
________________________________________
See notes on page 27.
%
Ownership
100.0 %
70.0 %
100.0 %
100.0 %
50.0 %
Type
Office / Retail
Office / Retail
Office / Retail
Office
Office / Retail
50.1 % Retail / Residential
100.0 %
100.0 %
100.0 %
100.0 %
100.0 %
100.0 %
95.0 %
100.0 %
49.9 %
20.1 %
100.0 %
100.0 %
53.0 %
100.0 %
52.0 %
49.9 %
100.0 %
100.0 %
45.1 %
55.0 %
51.2 %
52.0 %
100.0 %
52.0 %
52.0 %
50.0 %
52.0 %
100.0 %
100.0 %
50.0 %
100.0 %
100.0 %
50.0 %
44.8 %
100.0 %
100.0 %
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Office / Retail
Residential
Office
Retail
Office / Retail
Office / Retail
Office(2) / Retail
Retail
Office
Retail
Retail / Theatre
Office / Retail
Office / Retail
Retail
Retail
Retail
Retail
Retail
Office / Retail
Retail
Retail
Retail
25
PROPERTY LISTING – CONTINUED
NEW YORK SEGMENT – CONTINUED
Property
715 Lexington Avenue
537 West 26th Street
443 Broadway
334 Canal Street (4 units)
304 Canal Street (4 units)
759-771 Madison Avenue (40 East 66th Street) (4 units)
431 Seventh Avenue
138-142 West 32nd Street
148 Spring Street
339 Greenwich Street
150 Spring Street (1 unit)
966 Third Avenue
968 Third Avenue(2)
137 West 33rd Street
57th Street(2)
Eighth Avenue and 34th Street
Hotel Pennsylvania Site(7)
Other (3 buildings)
Type
%
Ownership
Retail
100.0 %
Retail
100.0 %
100.0 %
Retail
100.0 % Retail / Residential
100.0 % Retail / Residential
Residential
100.0 %
Retail
100.0 %
Retail
100.0 %
Retail
100.0 %
Retail
100.0 %
100.0 % Retail / Residential
Retail
100.0 %
Retail
50.0 %
Retail
100.0 %
Land
50.0 %
Land
100.0 %
Land
100.0 %
Retail
100.0 %
%
Occupancy
100.0%
100.0%
100.0%
—%
100.0%
100.0%
100.0%
100.0%
42.4%
100.0%
74.2%
100.0%
100.0%
100.0%
(6)
(6)
(6)
100.0%
(3)
(3)
(3)
In Service
22,000
17,000
16,000
14,000
13,000
10,000
9,000
8,000
8,000
8,000
7,000
7,000
7,000
3,000
—
—
—
16,000
Square Feet
Under
Development
or Not
Available
for Lease
Total
Property
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
22,000
17,000
16,000
14,000
13,000
10,000
9,000
8,000
8,000
8,000
7,000
7,000
7,000
3,000
—
—
—
16,000
Alexander's, Inc.:
731 Lexington Avenue(2)
Rego Park II, Queens (6.6 acres)(2)
Rego Park I, Queens (4.8 acres)(2)
The Alexander Apartment Tower, Queens (312 units)(2)
Flushing, Queens (1.0 acre ground leased through 2037)(1)(2)
Rego Park III, Queens (3.2 acres)(2)
Total New York Segment
Our Ownership Interest
________________________________________
See notes on page 27.
32.4 %
32.4 %
32.4 %
32.4 %
32.4 %
32.4 %
Office / Retail
Retail
Retail
Residential
Retail
Land
98.9%
87.3%
100.0%
98.7%
100.0%
(6)
91.2%
1,079,000
480,000
260,000
255,000
167,000
—
135,000
78,000
1,079,000
615,000
338,000
—
—
255,000
167,000
—
24,753,000
—
1,658,000
—
26,411,000
90.4%
19,371,000
1,514,000
20,885,000
26
PROPERTY LISTING – CONTINUED
OTHER SEGMENT
Property
theMART:
theMART, Chicago
Piers 92 and 94 (New York) (ground and building leased
through 2110)(1)
527 West Kinzie, Chicago
Other (2 properties)(2), Chicago
Total theMART
Our Ownership Interest
555 California Street:
555 California Street
315 Montgomery Street
345 Montgomery Street
Total 555 California Street
Our Ownership Interest
Other:
%
Ownership
Type
%
Occupancy
In Service
Square Feet
Under
Development
or Not
Available
for Lease
Total
Property
Office / Retail /
Trade show /
Showroom
100.0 %
100.0 % Trade show / Other
Land
100.0 %
Retail
50.0 %
70.0 %
70.0 %
70.0 %
Office / Retail
Office / Retail
Office / Retail
81.6%
3,616,000
56,000
3,672,000
—%
(6)
93.9%
81.7%
—
—
19,000
3,635,000
208,000
—
—
264,000
208,000
—
19,000
3,899,000
81.6%
3,626,000
264,000
3,890,000
99.0%
99.7%
—%
94.7%
1,506,000
235,000
78,000
1,819,000
—
—
—
—
1,506,000
235,000
78,000
1,819,000
94.7%
1,273,000
—
1,273,000
Rosslyn Plaza, VA (197 units)(2)
Fashion Centre Mall / Washington Tower, VA(2)
Wayne Towne Center, Wayne, NJ (ground leased through
2064)(1)
Annapolis, MD (ground leased through 2042)(1)
Atlantic City, NJ (11.3 acres ground leased through 2070 to
VICI Properties for a portion of the Borgata Hotel
and Casino complex)
Total Other
45.6 %
7.5 %
100.0 %
100.0 %
Office /
Residential
Office / Retail
(3)
62.8%
92.0%
685,000
1,038,000
304,000
—
989,000
1,038,000
Retail
Retail
100.0%
100.0%
681,000
128,000
9,000
—
690,000
128,000
100.0 %
Land
100.0%
89.3%
—
2,532,000
—
313,000
—
2,845,000
Our Ownership Interest
92.6%
1,197,000
149,000
1,346,000
________________________________________
(1) Term assumes all renewal options exercised, if applicable.
(2) Denotes property not consolidated in the accompanying consolidated financial statements and related financial data included in the Annual Report on Form 10-K.
(3) Excludes residential occupancy statistics.
(4)
(5)
(6) Properties under development or to be developed.
(7) We permanently closed the Hotel Pennsylvania and plan to develop an office tower on the site. Demolition of the existing building structure commenced in the
Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118 (assuming all renewal options are exercised).
75,000 square feet is leased from 666 Fifth Avenue Office Condominium.
fourth quarter of 2021.
27
TOP 10 TENANTS BASED ON ANNUALIZED ESCALATED RENTS(1) (AT SHARE):
Tenant
Meta Platforms, Inc.
IPG and affiliates
New York University
Google/Motorola Mobility (guaranteed by Google)
Bloomberg L.P.
Equitable Financial Life Insurance Company
Yahoo Inc.
Amazon (including its Whole Foods subsidiary)
Neuberger Berman Group LLC
Madison Square Garden & Affiliates
________________________________________
See note below.
Square
Footage
At Share
Annualized
Escalated Rents
At Share
1,451,153
$
158,889
967,552
685,290
759,446
306,768
336,644
313,726
312,694
306,612
412,551
67,279
45,013
41,220
40,252
35,453
32,202
30,115
27,283
27,143
ANNUALIZED ESCALATED RENTS(1) (AT SHARE) BY TENANT INDUSTRY:
Industry
Office:
Financial Services
Technology
Professional Services
Advertising/Marketing
Real Estate
Entertainment and Electronics
Insurance
Education
Communications
Apparel
Engineering, Architect & Surveying
Health Services
Government
Other
Retail:
Apparel
Luxury Retail
Banking
Restaurants
Grocery
Other
Showroom
Total
% of Total
Annualized
Escalated Rents
At Share
Percentage
8.8%
3.6%
2.5%
2.2%
2.2%
2.0%
1.8%
1.7%
1.5%
1.5%
20%
16%
7%
5%
4%
4%
3%
3%
3%
2%
2%
2%
1%
6%
78%
5%
4%
2%
1%
1%
4%
17%
5%
100%
________________________________________
(1) Represents monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed
but not yet commenced in place of current tenants or vacancy in the same space.
28
NEW YORK
As of December 31, 2022, our New York segment consisted of 26.4 million square feet in 65 properties. The 26.4 million square
feet is comprised of 19.9 million square feet of Manhattan office in 30 of the properties, 2.6 million square feet of Manhattan street
retail in 56 of the properties, 1,664 units in six residential properties, and our 32.4% interest in Alexander’s, which owns six properties
in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P.
headquarters building, and The Alexander, a 312-unit apartment tower in Queens. The New York segment also includes nine garages
totaling 1.6 million square feet (4,804 spaces).
As of December 31, 2022, the occupancy rate for our New York segment was 90.4%.
Occupancy and weighted average annual rent per square foot:
Office:
As of December 31,
Total Square Feet
In Service
Square Feet
In Service
Square Feet
At Share
Occupancy
Rate
Weighted
Average Annual
Escalated Rent
Per Square Foot
Vornado's Ownership Interest
2022
2021
2020
2019 (1)
2018
19,902,000
20,630,000
20,586,000
20,666,000
21,495,000
18,724,000
19,442,000
18,361,000
19,070,000
19,858,000
16,028,000
16,757,000
15,413,000
16,195,000
16,632,000
$
91.9%
92.2%
93.4%
96.9%
97.2%
83.98
80.01
79.05
76.26
74.04
________________________________________
See note below.
Retail:
As of December 31,
Total Square Feet
In Service
Square Feet
In Service
Square Feet
At Share
Occupancy
Rate
Weighted
Average Annual
Escalated Rent
Per Square Foot
Vornado's Ownership Interest
2022
2021
2020
2019 (1)
2018
2,556,000
2,693,000
2,690,000
2,712,000
2,802,000
2,289,000
2,267,000
2,275,000
2,300,000
2,648,000
1,851,000
1,825,000
1,805,000
1,842,000
2,419,000
$
74.4%
80.7%
78.8%
94.5%
97.3%
215.72
214.22
226.38
209.86
228.43
________________________________________
(1) Reflects the transfer of 45.4% of common equity in the properties contributed to the Fifth Avenue and Times Square JV on April 18, 2019.
Occupancy and average monthly rent per unit:
Residential:
As of December 31,
Total
Number of Units
Total
Number of Units
Occupancy
Rate
Average Monthly
Rent Per Unit
Vornado's Ownership Interest
2022
2021
2020
2019
2018
1,976
1,986
1,995
1,996
2,004
941
951
960
960
968
96.7% $
97.0%
84.9%
97.5%
96.6%
3,882
3,776
3,714
3,902
3,788
29
NEW YORK – CONTINUED
Lease expirations as of December 31, 2022 (at share):
Year
Office:
Fourth Quarter 2022(2)
2023(3)
2024
2025
2026
2027
2028
2029
2030
2031
2032
Retail:
Fourth Quarter 2022(2)
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
Number of
Expiring Leases
Square Feet of
Expiring Leases(1)
Percentage of
New York Square
Feet
Annualized Escalated Rents
of Expiring Leases
Total
Per Square Foot
7
86
91
75
84
87
60
39
48
33
22
5
15
10
10
10
12
10
10
18
29
23
47,000
1,444,000
943,000
699,000
1,217,000
1,160,000
1,003,000
1,161,000
623,000
899,000
404,000
16,000
149,000
133,000
40,000
82,000
34,000
27,000
50,000
155,000
88,000
55,000
0.3%
10.0%
6.5%
4.8%
8.4%
8.0%
6.9%
8.0%
4.3%
6.2%
2.8%
1.3%
12.3%
10.9%
3.3%
6.7%
2.8%
2.2%
4.1%
12.7%
7.2%
4.5%
$
1,712,000 $
137,383,000
88,875,000
57,307,000
99,016,000
89,200,000
74,602,000
94,292,000
51,308,000
79,770,000
35,215,000
$
2,590,000 $
19,287,000
22,680,000
12,898,000
26,076,000
18,872,000
13,470,000
26,772,000
22,645,000
29,201,000
28,490,000
(4)
(5)
36.43
95.14
94.25
81.98
81.36
76.90
74.38
81.22
82.36
88.73
87.17
161.88
129.44
170.53
322.45
318.00
555.06
498.89
535.44
146.10
331.83
518.00
________________________________________
(1) Excludes storage, vacancy and other.
(2)
(3) Excludes the expiration of 492,000 square feet at 909 Third Avenue for U.S. Post Office as we assume the exercise of all renewal options through 2038 given the
Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
below-market rent on their options.
(4) Based on current market conditions, we expect to re-lease this space at rents between $85 to $95 per square foot.
(5) Based on current market conditions, we expect to re-lease this space at rents between $125 to $150 per square foot.
Alexander’s
As of December 31, 2022, we own 32.4% of the outstanding common stock of Alexander’s, which owns six properties in the
greater New York metropolitan area aggregating 2.5 million square feet, including 731 Lexington Avenue, the 1.1 million square foot
Bloomberg L.P. headquarters building. As of December 31, 2022, Alexander's had an occupancy rate of 96.4% and a weighted
average annual rent per square foot of $104.09.
30
OTHER REAL ESTATE AND INVESTMENTS
theMART
We own the 3.7 million square foot theMART in Chicago, whose largest tenant is Motorola Mobility at 609,000 square feet, the
lease of which is guaranteed by Google. As of December 31, 2022, theMART had an occupancy rate of 81.6% and a weighted average
annual rent per square foot of $52.07.
555 California Street
We own a 70% controlling interest in a three-building office complex aggregating 1.8 million square feet, located at California
and Montgomery Streets in San Francisco’s financial district (“555 California Street”). As of December 31, 2022, 555 California
Street had an occupancy rate of 94.7% and a weighted average annual rent per square foot of $92.81.
ITEM 3.
LEGAL PROCEEDINGS
We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation
with legal counsel, the outcome of such matters is not expected to have a material effect on our financial position, results of operations
or cash flows.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Vornado Realty Trust
Vornado’s common shares are traded on the New York Stock Exchange under the symbol “VNO.”
As of February 1, 2023, there were 783 holders of record of Vornado common shares.
Vornado Realty L.P.
There is no established trading market for the Operating Partnership's Class A units. Class A units that are not held by Vornado
may be tendered for redemption to the Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the
holder either cash or Vornado common shares on a one-for-one basis. Because the number of Vornado common shares outstanding at
all times equals the number of Class A units owned by Vornado, the redemption value of each Class A unit is equivalent to the market
value of one Vornado common share, and the quarterly distribution to a Class A unit holder is equal to the quarterly dividend paid to a
Vornado common shareholder.
As of February 1, 2023, there were 854 Class A unitholders of record.
Recent Sales of Unregistered Securities
During 2022, we issued 347,891 Class A units in connection with (i) the issuance of Vornado common shares and (ii) the exercise
of awards pursuant to Vornado's omnibus share plan, including grants of restricted Vornado common shares and restricted units of the
Operating Partnership and upon conversion, surrender or exchange of the Operating Partnership’s units or Vornado stock options. The
consideration received included $885,373 in cash proceeds. Such units were issued in reliance on an exemption from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended.
On May 19, 2022, we granted 46,503 restricted units of the Operating Partnership at a market price of $33.88 per unit to Vornado
Trustees that are not executives of the Company as part of their annual Trustee fees. The units were issued outside of Vornado's
omnibus share plan and were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933,
as amended.
On December 12, 2022, we granted 135,564 restricted units of the Operating Partnership at a market price of $22.13 per unit to
Vornado consultants that are not executives of the Company for annual consulting fees. The units were issued outside of Vornado's
omnibus share plan and were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933,
as amended.
From time to time, in connection with equity awards granted under our Omnibus Share Plan, we may withhold common shares for
tax purposes or acquire common shares as part of the payment of the exercise price. Although we treat these as repurchases for certain
financial statement purposes, these withheld or acquired shares are not considered by us as repurchases for this purpose.
Information relating to compensation plans under which Vornado’s equity securities are authorized for issuance is set forth under
Part III, Item 12 of this Annual Report on Form 10-K and such information is incorporated by reference herein.
Recent Purchases of Equity Securities
None.
31
Performance Graph
The following graph is a comparison of the five-year cumulative return of Vornado’s common shares, the Standard & Poor’s 500
Index (the “S&P 500 Index”) and the National Association of Real Estate Investment Trusts’ (“NAREIT”) All Equity Index, a peer
group index. The graph assumes that $100 was invested on December 31, 2017 in our common shares, the S&P 500 Index and the
NAREIT All Equity Index and that all dividends were reinvested without the payment of any commissions. There can be no assurance
that the performance of our shares will continue in line with the same or similar trends depicted in the graph below.
Vornado Realty Trust
S&P 500 Index
The NAREIT All Equity Index
ITEM 6.
RESERVED
2017
2018
2019
2020
2021
2022
$
100 $
82 $
95 $
56 $
66 $
100
100
96
96
126
123
149
117
192
166
35
157
124
32
Comparison of Five-Year Cumulative ReturnVornado Realty TrustS&P 500 IndexThe NAREIT All Equity Index201720182019202020212022$25$50$75$100$125$150$175$200$225$250
ITEM 7.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Overview
Critical Accounting Estimates
Net Operating Income At Share by Segment for the Years Ended December 31, 2022 and 2021
Results of Operations for the Year Ended December 31, 2022 Compared to December 31, 2021
Related Party Transactions
Liquidity and Capital Resources
Funds From Operations for the Years Ended December 31, 2022 and 2021
Page Number
34
40
41
44
48
49
55
33
Introduction
The following discussion should be read in conjunction with the financial statements and related notes included under Part II,
Item 8 of this Annual Report on Form 10-K.
Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") within this section is
focused on the years ended December 31, 2022 and 2021, including year-to-year comparisons between these years. Our MD&A for
the year ended December 31, 2020, including year-to-year comparisons between 2021 and 2020, can be found in Part II, Item 7,
Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form
10-K for the year ended December 31, 2021.
Overview
Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through,
and substantially all of its interests in properties are held by, Vornado Realty L.P., (the “Operating Partnership”) a Delaware limited
partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the
Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the
sole general partner of and owned approximately 92% of the common limited partnership interest in the Operating Partnership as of
December 31, 2022. All references to the “Company,” “we,” “us” and “our” mean collectively Vornado, the Operating Partnership
and those subsidiaries consolidated by Vornado.
We own and operate office and retail properties with a concentration in the New York City metropolitan area. In addition, we
have a 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York
metropolitan area, as well as interests in other real estate and investments.
Our business objective is to maximize Vornado shareholder value, which we measure by the total return provided to our
shareholders. Below is a table comparing Vornado’s performance to the FTSE NAREIT Office Index (“Office REIT”) and the MSCI
US REIT Index (“MSCI”) for the following periods ended December 31, 2022:
Three-month
One-year
Three-year
Five-year
Ten-year
Vornado
Total Return(1)
Office REIT
MSCI
(8.1%)
(46.7%)
(62.7%)
(64.7%)
(45.6%)
(1.5%)
(37.6%)
(37.9%)
(30.3%)
10.7%
5.2%
(24.5%)
(0.2%)
19.9%
87.3%
________________________________________
(1) Past performance is not necessarily indicative of future performance.
We intend to achieve this objective by continuing to pursue our investment philosophy and to execute our operating strategies
through:
• maintaining a superior team of operating and investment professionals and an entrepreneurial spirit;
•
investing in properties in select markets, such as New York City, where we believe there is a high likelihood of capital
appreciation;
acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents;
developing and redeveloping properties to increase returns and maximize value; and
investing in operating companies that have a significant real estate component.
•
•
•
We expect to finance our growth, acquisitions and investments using internally generated funds and proceeds from asset sales and
by accessing the public and private capital markets. We may also offer Vornado common or preferred shares or Operating Partnership
units in exchange for property and may repurchase or otherwise reacquire these securities in the future.
We compete with a large number of real estate investors, property owners and developers, some of whom may be willing to
accept lower returns on their investments. Principal factors of competition are rents charged, sales prices, attractiveness of location, the
quality of the property and the breadth and the quality of services provided. Our success depends upon, among other factors, trends of
the global, national, regional and local economies, the financial condition and operating results of current and prospective tenants and
customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation, population
and employment trends. See “Risk Factors” in Item 1A for additional information regarding these factors.
Our business has been, and may continue to be, affected by the increase in interest rates and inflation and the continuing effect of
the COVID-19 pandemic and other uncertainties including the potential for an economic downturn. These factors could have a
material impact on our business, financial condition, results of operations and cash flows.
34
Vornado Realty Trust
Year Ended December 31, 2022 Financial Results Summary
Net loss attributable to common shareholders for the year ended December 31, 2022 was $408,615,000, or $2.13 per diluted
share, compared to net income attributable to common shareholders of $101,086,000, or $0.53 per diluted share, for the year ended
December 31, 2021. The years ended December 31, 2022 and 2021 include certain items that impact net (loss) income attributable to
common shareholders, which are listed in the table below. The aggregate of these items, net of amounts attributable to noncontrolling
interests, increased net loss attributable to common shareholders by $535,083,000, or $2.79 per diluted share, for the year ended
December 31, 2022 and increased net income attributable to common shareholders by $12,933,000, or $0.07 per diluted share, for the
year ended December 31, 2021.
Funds from operations ("FFO") attributable to common shareholders plus assumed conversions for the year ended December 31,
2022 was $638,928,000, or $3.30 per diluted share, compared to $571,074,000, or $2.97 per diluted share, for the year ended
December 31, 2021. The years ended December 31, 2022 and 2021 include certain items that impact FFO, which are listed in the table
on the following page. The aggregate of these items, net of amounts attributable to noncontrolling interests, increased FFO by
$30,036,000, or $0.15 per diluted share, for the year ended December 31, 2022 and increased FFO by $21,211,000, or $0.11 per
diluted share, for the year ended December 31, 2021.
The following table reconciles the difference between our net (loss) income attributable to common shareholders and our net
income attributable to common shareholders, as adjusted:
(Amounts in thousands)
For the Year Ended December 31,
2022
2021
Certain expense (income) items that impact net (loss) income attributable to common shareholders:
Non-cash real estate impairment losses on wholly owned and partially owned assets
$
595,488 $
Hotel Pennsylvania loss (primarily accelerated building depreciation expense)
Net gains on disposition of wholly owned and partially owned assets
After-tax net gain on sale of 220 Central Park South ("220 CPS") condominium units and ancillary amenities
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)
Refund of New York City transfer taxes related to the April 2019 transfer to Fifth Avenue and Times Square JV
Other
Noncontrolling interests' share of above adjustments
71,087
(62,685)
(35,858)
13,665
(13,613)
7,289
575,373
(40,290)
Total of certain expense (income) items that impact net (loss) income attributable to common shareholders
$
535,083 $
7,880
29,472
(15,315)
(44,607)
10,868
—
(2,436)
(14,138)
1,205
(12,933)
35
Overview - continued
Year Ended December 31, 2022 Financial Results Summary - continued
The following table reconciles the difference between our FFO attributable to common shareholders plus assumed conversions
and our FFO attributable to common shareholders plus assumed conversions, as adjusted:
(Amounts in thousands)
For the Year Ended December 31,
2022
2021
Certain (income) expense items that impact FFO attributable to common shareholders plus assumed conversions:
After-tax net gain on sale of 220 CPS condominium units and ancillary amenities
$
(35,858) $
Net gains on disposition of wholly owned and partially owned assets
Deferred tax liability on our investment in The Farley Building (held through a taxable REIT subsidiary)
Other
Noncontrolling interests' share of above adjustments
(17,372)
13,665
7,289
(32,276)
2,240
(44,607)
(643)
10,868
12,026
(22,356)
1,145
Total of certain (income) expense items that impact FFO attributable to common shareholders plus assumed
conversions, net
$
(30,036) $
(21,211)
Same Store Net Operating Income ("NOI") At Share
The percentage increase in same store NOI at share and same store NOI at share - cash basis of our New York segment,
theMART and 555 California Street are below.
Year Ended December 31, 2022 compared to December 31, 2021:
Total
New York
theMART(1)
555
California
Street
Same store NOI at share % increase
Same store NOI at share - cash basis % increase
7.1 %
9.0 %
3.5 %
5.0 %
64.2 %
58.0 %
2.7%
13.3%
________________________________________
(1)
Increase primarily due to (i) prior period accrual adjustments recorded in 2022 related to changes in the tax-assessed value and property tax rate of theMART and
(ii) an increase in tradeshow activity in 2022 compared to 2021.
Calculations of same store NOI at share, reconciliations of our net (loss) income to NOI at share, NOI at share - cash basis and
FFO and the reasons we consider these non-GAAP financial measures useful are provided in the following pages of Management’s
Discussion and Analysis of Financial Condition and Results of Operations.
36
Dispositions
220 CPS
During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS
for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on
disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales,
$6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022,
we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net
gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for
$84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is
included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33-00 Northern
Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing
$100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included
in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
484-486 Broadway
On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and
realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net
gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
40 Fulton Street
On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000,
and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in
"net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Financings
100 West 33rd Street
On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building
comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR
plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the
loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with
two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous
$580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.
770 Broadway
On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan
office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024
with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98%
through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to
mature in July 2022.
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears
interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to
December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn
on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility
matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.
Unsecured Term Loan
On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan
bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.
330 West 34th Street land owner joint venture
On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8%
interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September
2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan
that bore interest at a fixed rate of 5.71%.
37
Financings - continued
697-703 Fifth Avenue (Fifth Avenue and Times Square JV)
On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at
which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the
lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest
at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the
lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations. We do
not believe that the resolution of these negotiations will result in further impairment losses on our investment in the Fifth Avenue and
Times Square JV.
Interest Rate Hedging Activities
We entered into the following interest rate swap arrangements during the year ended December 31, 2022. See Note 13 - Fair Value
Measurements in Part II, Item 8 of this Annual Report on Form 10-K for further information on our consolidated hedging instruments.
(Amounts in thousands)
770 Broadway mortgage loan
Unsecured revolving credit facility
Unsecured term loan(1)
Unsecured term loan (effective 10/23)(1)
100 West 33rd Street mortgage loan
888 Seventh Avenue mortgage loan(2)
Notional Amount
700,000
$
575,000
50,000
500,000
480,000
200,000
All-In Swapped
Rate
4.98%
3.88%
4.04%
4.39%
5.06%
4.76%
Swap Expiration
Date
07/27
08/27
08/27
10/26
06/27
09/27
Variable Rate
Spread
S+225
S+115
S+130
S+130
S+165
S+180
________________________________________
(1) On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan. The unsecured term loan,
which matures in December 2027, is subject to various interest rate swap arrangements through August 2027, see below for details:
Swapped
Balance
All-In Swapped
Rate
Through 10/23
$
10/23 through 7/25
7/25 through 10/26
10/26 through 8/27
800,000
700,000
550,000
50,000
4.05%
4.53%
4.36%
4.04%
Unswapped
Balance
(bears interest
at S+130)
$
—
100,000
250,000
750,000
(2) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.
Leasing Activity For the Year Ended December 31, 2022
The leasing activity and related statistics below are based on leases signed during the period and are not intended to coincide with
the commencement of rental revenue in accordance with accounting principles generally accepted in the United States of America
(“GAAP”). Second generation relet space represents square footage that has not been vacant for more than nine months and tenant
improvements and leasing commissions are based on our share of square feet leased during the period.
•
•
•
•
894,000 square feet of New York Office space (753,000 square feet at share) at an initial rent of $84.51 per square foot and a
weighted average lease term of 8.9 years. The changes in the GAAP and cash mark-to-market rent on the 498,000 square feet of
second generation space were positive 9.0% and positive 5.4%, respectively. Tenant improvements and leasing commissions were
$11.84 per square foot per annum, or 14.0% of initial rent.
111,000 square feet of New York Retail space (100,000 square feet at share) at an initial rent of $266.25 per square foot and a
weighted average lease term of 11.6 years. The changes in the GAAP and cash mark-to-market rent on the 42,000 square feet of
second generation space were negative 38.3% and negative 34.2%, respectively. Tenant improvements and leasing commissions
were $22.68 per square foot per annum, or 8.5% of initial rent.
299,000 square feet at theMART (all at share) at an initial rent of $52.40 per square foot and a weighted average lease term of 7.2
years. The changes in the GAAP and cash mark-to-market rent on the 244,000 square feet of second generation space were
negative 4.8% and negative 5.4%, respectively. Tenant improvements and leasing commissions were $10.48 per square foot per
annum, or 20.0% of initial rent.
210,000 square feet at 555 California Street (147,000 square feet at share) at an initial rent of $96.40 per square foot and a
weighted average lease term of 5.9 years. The changes in the GAAP and cash mark-to-market rent on the 135,000 square feet of
second generation space were positive 24.3% and positive 13.6%, respectively. Tenant improvements and leasing commissions
were $7.15 per square foot per annum, or 7.4% of initial rent.
38
Square footage (in service) and Occupancy as of December 31, 2022
(Square feet in thousands)
New York:
Office
Retail (includes retail properties that are in the base of our office properties)
Residential - 1,976 units(2)
Alexander's
Other:
theMART
555 California Street
Other
Total square feet at December 31, 2022
________________________________________
See notes below.
Number of
properties
Square Feet (in service)
Total
Portfolio
Our
Share
Occupancy %
30 (1)
56 (1)
6 (1)
6
4
3
11
18,724
2,289
1,499
2,241
24,753
3,635
1,819
2,532
7,986
16,028
1,851
766
726
19,371
3,626
1,273
1,197
6,096
32,739
25,467
91.9%
74.4%
96.7%
96.4%
90.4%
(2)
(2)
81.6%
94.7%
92.6%
Square footage (in service) and Occupancy as of December 31, 2021
(Square feet in thousands)
New York:
Office
Retail (includes retail properties that are in the base of our office properties)
Residential - 1,986 units(2)
Alexander's
Other:
theMART
555 California Street
Other
Number of
properties
Square Feet (in service)
Total
Portfolio
Our
Share
Occupancy %
32 (1)
60 (1)
8 (1)
6
4
3
11
19,442
2,267
1,518
2,218
25,445
3,692
1,818
2,489
7,999
16,757
1,825
785
719
20,086
3,683
1,273
1,154
6,110
92.2%
80.7%
97.0%
95.6%
91.3%
(2)
(2)
88.9%
93.8%
92.8%
Total square feet at December 31, 2021
33,444
26,196
________________________________________
(1) Reflects the Office, Retail and Residential space within our 71 and 76 total New York properties as of December 31, 2022 and 2021, respectively.
(2) The Alexander Apartment Tower (312 units) is reflected in Residential unit count and occupancy.
39
Critical Accounting Estimates
In preparing the consolidated financial statements we have made estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
periods. Accounting estimates are deemed critical if they involve a significant level of estimation uncertainty and have had or are
reasonably likely to have a material impact on our financial condition or results of operations. Below is a summary of the critical
accounting estimates used in the preparation of our consolidated financial statements. A discussion of our accounting policies is
included in Note 2 - Basis of Presentation and Significant Accounting Policies to our consolidated financial statements in this Annual
Report on Form 10-K.
Acquisitions of Real Estate
Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a
business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted
for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of
the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related
identified intangible assets).
We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired
above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase
price on a relative fair value basis. We assess fair value based on estimated cash flow projections based on a number of factors such as
historical operating results, known trends, and market/economic conditions and make key assumptions regarding the discount and
capitalization rates used in our analyses. The use of different assumptions to value the acquired properties and allocate value between
land and building could affect the revenues recognized over the terms of the leases at our properties and the expenses recognized over
the property's estimated remaining useful life on our consolidated statements of income.
Impairment Analyses for Investments in Real Estate and Unconsolidated Partially Owned Entities
Our investments in consolidated properties, including any related right-of-use assets and intangible assets, and unconsolidated
partially owned entities are individually reviewed for impairment whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable. For our unconsolidated partially owned entities, we consider various qualitative factors to
determine if a decrease in the value of our investment is other-than-temporary during our intended holding period. Assessing
impairment can be complex and involves a high degree of subjectivity in determining if impairment indicators are present and in
estimating the future undiscounted cash flows or the fair value of an asset. In particular, these estimates are sensitive to significant
assumptions, including the estimation of future rental revenues, operating expenses, capital expenditures, discount rates and
capitalization rates and our intent and ability to hold the related asset, all of which could be affected by our expectations about future
market or economic conditions. These estimates can have a significant impact on the undiscounted cash flows or estimated fair value
of an asset and could thereby affect the value of our real estate investments on our consolidated balance sheets as well as any potential
impairment losses recognized on our consolidated statements of income.
During the year ended December 31, 2022, we recognized non-cash impairment losses totaling $595,488,000, net of
noncontrolling interests of $6,822,000, on certain wholly owned and partially owned assets. See Note 5 - Investments in Partially
Owned Entities and Note 13 - Fair Value Measurements to our consolidated financial statements in this Annual Report on Form 10-K
for further details.
Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are
subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount
rates and capitalization rates which could differ materially from actual results.
Collectability Assessments for Revenue Recognition
We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants
and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises
judgment in assessing collectability of tenant receivables and considers payment history, current credit status, publicly available
information about the financial condition of the tenant, the impact of COVID-19 on tenants’ businesses, and other factors. Our
assessment of the collectability of tenant receivables can have a significant impact on the rental revenue recognized in our
consolidated statements of income.
Recent Accounting Pronouncements
See Note 2 – Basis of Presentation and Significant Accounting Policies to our consolidated financial statements in this Annual
Report on Form 10-K for a discussion concerning recent accounting pronouncements.
40
NOI At Share by Segment for the Years Ended December 31, 2022 and 2021
NOI at share represents total revenues less operating expenses including our share of partially owned entities. NOI at share - cash
basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of acquired below and above
market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary non-GAAP financial
measure for making decisions and assessing the unlevered performance of our segments as it relates to the total return on assets as
opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we utilize this measure
to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at share and NOI at share -
cash basis should not be considered alternatives to net income or cash flow from operations and may not be comparable to similarly
titled measures employed by other companies.
Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2022 and 2021.
(Amounts in thousands)
Total revenues
Operating expenses
NOI - consolidated
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
Add: NOI from partially owned entities
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
(Amounts in thousands)
Total revenues
Operating expenses
NOI - consolidated
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
Add: NOI from partially owned entities
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
For the Year Ended December 31, 2022
Total
New York
Other
$
1,799,995
$
1,449,442
$
(873,911)
926,084
(70,029)
305,993
1,162,048
(716,148)
733,294
(45,566)
293,780
981,508
(10,980)
(18,509)
$
1,151,068
$
962,999
$
350,553
(157,763)
192,790
(24,463)
12,213
180,540
7,529
188,069
For the Year Ended December 31, 2021
Total
New York
Other
$
1,589,210
$
1,257,599
$
(797,315)
791,895
(69,385)
310,858
1,033,368
(626,386)
631,213
(38,980)
300,721
892,954
1,318
(1,188)
$
1,034,686
$
891,766
$
331,611
(170,929)
160,682
(30,405)
10,137
140,414
2,506
142,920
41
NOI At Share by Segment for the Years Ended December 31, 2022 and 2021 - continued
The elements of our New York and Other NOI at share for the years ended December 31, 2022 and 2021 are summarized below.
(Amounts in thousands)
New York:
Office
Retail
Residential
Alexander's
Hotel Pennsylvania(1)
Total New York
Other:
theMART(2)
555 California Street
Other investments
Total Other
NOI at share
________________________________________
See notes below.
For the Year Ended December 31,
2022
2021
$
718,686
$
205,753
19,600
37,469
—
981,508
96,906
65,692
17,942
180,540
677,167
173,363
17,783
37,318
(12,677)
892,954
58,909
64,826
16,679
140,414
$
1,162,048
$
1,033,368
The elements of our New York and Other NOI at share - cash basis for the years ended December 31, 2022 and 2021 are
summarized below.
(Amounts in thousands)
New York:
Office
Retail
Residential
Alexander's
Hotel Pennsylvania(1)
Total New York
Other:
theMART(2)
555 California Street
Other investments
Total Other
NOI at share - cash basis
For the Year Ended December 31,
2022
2021
$
715,407
$
188,846
18,214
40,532
—
962,999
101,912
67,813
18,344
188,069
686,507
160,801
16,656
40,525
(12,723)
891,766
64,389
60,680
17,851
142,920
$
1,151,068
$
1,034,686
________________________________________
(1) On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in
(2)
connection with our development of the Hotel Pennsylvania site.
Increase primarily due to (i) prior period accrual adjustments recorded in 2022 related to changes in the tax-assessed value and property tax rate of theMART and
(ii) an increase in tradeshow activity in 2022 compared to 2021.
42
Reconciliation of Net (Loss) Income to NOI At Share and NOI At Share - Cash Basis for the Years Ended December 31, 2022
and 2021
Below is a reconciliation of net (loss) income to NOI at share and NOI at share - cash basis for the years ended December 31,
2022 and 2021.
(Amounts in thousands)
Net (loss) income
Depreciation and amortization expense
General and administrative expense
Impairment losses, transaction related costs and other
Loss (income) from partially owned entities
Income from real estate fund investments
Interest and other investment income, net
Interest and debt expense
Net gains on disposition of wholly owned and partially owned assets
Income tax expense (benefit)
NOI from partially owned entities
NOI attributable to noncontrolling interests in consolidated subsidiaries
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net and other
NOI at share - cash basis
NOI At Share by Region
Region:
New York City metropolitan area
Chicago, IL
San Francisco, CA
For the Year Ended December 31,
2022
2021
$
(382,612)
$
504,502
133,731
31,722
461,351
(3,541)
(19,869)
279,765
(100,625)
21,660
305,993
(70,029)
1,162,048
(10,980)
207,553
412,347
134,545
13,815
(130,517)
(11,066)
(4,612)
231,096
(50,770)
(10,496)
310,858
(69,385)
1,033,368
1,318
$
1,151,068
$
1,034,686
For the Year Ended December 31,
2022
2021
86%
8%
6%
100%
88%
6%
6%
100%
43
Results of Operations – Year Ended December 31, 2022 Compared to December 31, 2021
Revenues
Our revenues were $1,799,995,000 for the year ended December 31, 2022 compared to $1,589,210,000 in the prior year, an
increase of $210,785,000. Below are the details of the increase by segment:
(Amounts in thousands)
Increase (decrease) due to:
Rental revenues:
Acquisitions, dispositions and other
$
Development and redevelopment
Trade shows(1)
Same store operations
Fee and other income:
BMS cleaning fees
Management and leasing fees
Other income
Total increase in revenues
________________________________________
See notes below.
Expenses
Total
New York
Other
$
10,750
69,357
13,187
89,860
183,154
17,893
(686)
10,424
27,631
$
10,750
69,357
—
90,840
170,947
19,639
(532)
1,789
20,896
—
—
13,187
(980)
12,207
(1,746)
(154)
8,635
6,735
18,942
$
210,785
$
191,843
$
Our expenses were $1,534,249,000 for the year ended December 31, 2022 compared to $1,367,869,000 in the prior year, an
increase of $166,380,000. Below are the details of the increase (decrease) by segment:
(Amounts in thousands)
Increase (decrease) due to:
Operating:
Acquisitions, dispositions and other
Development and redevelopment
Non-reimbursable expenses
Trade shows(1)
Hotel Pennsylvania(2)
BMS expenses
Same store operations
Depreciation and amortization:
Acquisitions, dispositions and other
Development and redevelopment
Same store operations
General and administrative
Benefit from deferred compensation plan liability
Impairment losses, transaction related costs and other
$
Total
New York
Other
$
1,555
28,652
27,555
2,607
(12,677)
16,312
12,592
76,596
63,366
32,823
(4,034)
92,155
(814)
(19,464)
17,907
$
1,555
27,804
28,685
—
(12,677)
18,058
26,337
89,762
63,366
32,823
(4,932)
91,257
(2,143)
—
12,819
(3)
—
848
(1,130)
2,607
—
(1,746)
(13,745)
(13,166)
—
—
898
898
1,329
(19,464)
5,088
Total increase (decrease) in expenses
$
166,380
$
191,695
$
(25,315)
________________________________________
(1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021.
(2) On April 5, 2021, we permanently closed the Hotel Pennsylvania. Beginning in the third quarter of 2021, we commenced capitalization of carrying costs in
connection with our development of the Hotel Pennsylvania site.
(3) Primarily due to an increase in impairment losses on wholly owned street retail assets ($19,098 in 2022 and $7,880 in 2021).
44
Results of Operations – Year Ended December 31, 2022 Compared to December 31, 2021 - continued
(Loss) Income from Partially Owned Entities
Below are the components of (loss) income from partially owned entities.
(Amounts in thousands)
Our share of net (loss) income:
Fifth Avenue and Times Square JV:
Non-cash impairment loss(1)
Equity in net income
Return on preferred equity, net of our share of the expense
Partially owned office buildings(2)
Alexander's(3)
Other investments(4)
Percentage
Ownership at
December 31, 2022
For the Year Ended December 31,
2022
2021
51.5%
$
(489,859) $
55,248
37,416
(397,195)
(110,261)
22,973
23,132
$
(461,351) $
Various
32.4%
Various
—
47,144
37,416
84,560
6,384
40,121
(548)
130,517
________________________________________
(1) See Note 5 - Investments in Partially Owned Entities to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for additional
(2)
(3)
information.
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61
Ninth Avenue, 85 Tenth Avenue and others. 2022 includes a $93,353 impairment loss on our investment in 650 Madison Avenue.
2021 includes our $11,620 share of net gain on the sale of the Paramus, New Jersey property to IKEA Property, Inc., and our $2,956 share of net gain on the sale
of a parcel of land in the Bronx, New York.
Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments.
(4)
Income from Real Estate Fund Investments
Below is a summary of income from the Vornado Capital Partners Real Estate Fund (“the Fund”) and the Crowne Plaza Times
Square Hotel Joint Venture.
(Amounts in thousands)
For the Year Ended December 31,
2022
2021
Previously recorded unrealized loss on exited investments
$
59,396 $
Realized (loss) income on exited investments
Net unrealized (loss) income on held investments
Net investment income
Income from real estate fund investments
Less income attributable to noncontrolling interests in consolidated subsidiaries
(54,255)
(7,730)
6,130
3,541
(1,870)
Income from real estate fund investments net of noncontrolling interests in consolidated subsidiaries
$
1,671 $
Interest and Other Investment Income, net
The following table sets forth the details of interest and other investment income, net.
—
1,364
3,257
6,445
11,066
(7,309)
3,757
(Amounts in thousands)
Interest on cash and cash equivalents and restricted cash
Amortization of discount on investments in U.S. Treasury bills
Interest on loans receivable
Other, net
For the Year Ended December 31,
2022
2021
$
$
7,553 $
7,075
5,006
235
19,869 $
284
—
2,517
1,811
4,612
45
Results of Operations – Year Ended December 31, 2022 Compared to December 31, 2021 - continued
Interest and Debt Expense
Interest and debt expense was $279,765,000 for the year ended December 31, 2022, compared to $231,096,000 in the prior year,
an increase of $48,669,000. This was primarily due to (i) $52,926,000 of higher interest expense resulting from higher average interest
rates on our variable rate loans, and (ii) $19,235,000 of lower capitalized interest and debt expense, partially offset by (iii)
$23,729,000 of lower interest expense relating to defeasance costs, of which $7,119,000 is attributable to noncontrolling interest, in
connection with the refinancing of 1290 Avenue of the Americas in 2021.
Net Gains on Disposition of Wholly Owned and Partially Owned Assets
Net gains on disposition of wholly owned and partially owned assets of $100,625,000 for the year ended December 31, 2022,
primarily consists of (i) $41,874,000 from the sale of three condominium units and ancillary amenities at 220 CPS, (ii) $31,876,000
from the sale of 40 Fulton Street, (iii) $15,213,000 from the sale of Center Building located at 33-00 Northern Boulevard in Long
Island City, New York, (iv) $13,613,000 from the refund of New York City real property transfer tax paid in connection with the April
2019 Fifth Avenue and Times Square JV transaction, and (v) $2,919,000 from the sale of 484-486 Broadway. Net gains on disposition
of wholly owned and partially owned assets of $50,770,000 for the year ended December 31, 2021, primarily consists of net gains
from the sale of condominium units and ancillary amenities at 220 CPS.
Income Tax (Expense) Benefit
Income tax expense was $21,660,000 for the year ended December 31, 2022, compared to a benefit of $10,496,000 in the prior
year, an increase in expense of $32,156,000. This was primarily due to (i) additional expense in 2022 from book to tax differences on
on our investment in The Farley Building and (ii) a higher tax benefit recognized by our taxable REIT subsidiaries in 2021 compared
to 2022.
Net Loss (Income) Attributable to Noncontrolling Interests in Consolidated Subsidiaries
Net loss attributable to noncontrolling interests in consolidated subsidiaries was $5,737,000 for the year ended December 31,
2022, compared to net income of $24,014,000 in the prior year, a decrease in income of $29,751,000. This resulted primarily from a
net loss in 2022 subject to allocation to the noncontrolling interests of our non-wholly owned consolidated subsidiaries compared to
net income in 2021.
Net Loss (Income) Attributable to Noncontrolling Interests in the Operating Partnership (Vornado Realty Trust)
Net loss attributable to noncontrolling interests in the Operating Partnership was $30,376,000 for the year ended December 31,
2022, compared to net income of $7,540,000 in the prior year, a decrease in income of $37,916,000. This resulted primarily from a net
loss in 2022 subject to allocation to third party Class A unitholders compared to net income in 2021.
Preferred Share Dividends of Vornado Realty Trust
Preferred share dividends were $62,116,000 for the year ended December 31, 2022, compared to $65,880,000 in the prior year, a
decrease of $3,764,000.
Preferred Unit Distributions of Vornado Realty L.P.
Preferred unit distributions were $62,231,000 for the year ended December 31, 2022, compared to $66,035,000 in the prior year, a
decrease of $3,804,000.
Preferred Share/Unit Issuance Costs
Preferred share/unit issuance costs for the year ended December 31, 2021 were $9,033,000 representing the previously capitalized
issuance costs which were expensed upon calling for redemption of all the outstanding Series K cumulative redeemable preferred
shares/units in September 2021.
46
Results of Operations – Year Ended December 31, 2022 Compared to December 31, 2021 - continued
Same Store Net Operating Income At Share
Same store NOI at share represents NOI at share from operations which are in service in both the current and prior year reporting
periods. Same store NOI at share - cash basis is same store NOI at share adjusted to exclude straight-line rental income and expense,
amortization of acquired below and above market leases, net and other non-cash adjustments. We present these non-GAAP measures
to (i) facilitate meaningful comparisons of the operational performance of our properties and segments, (ii) make decisions on whether
to buy, sell or refinance properties, and (iii) compare the performance of our properties and segments to those of our peers. Same store
NOI at share and same store NOI at share - cash basis should not be considered alternatives to net income or cash flow from
operations and may not be comparable to similarly titled measures employed by other companies.
Below are reconciliations of NOI at share to same store NOI at share for our New York segment, theMART, 555 California Street
and other investments for the year ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)
Total
New York
theMART
555 California
Street
Other
NOI at share for the year ended December 31, 2022
$ 1,162,048
$
981,508
$
96,906
$
65,692
$
17,942
Less NOI at share from:
Change in ownership interest in One Park Avenue
Dispositions
Development properties
Other non-same store income, net
Same store NOI at share for the year ended December 31, 2022
(13,370)
(9,494)
(69,779)
(26,701)
$ 1,042,704
$
(13,370)
(9,494)
(69,779)
(8,557)
880,308
NOI at share for the year ended December 31, 2021
$ 1,033,368
$
892,954
Less NOI at share from:
Dispositions
Development properties
Hotel Pennsylvania (permanently closed on April 5, 2021)
Other non-same store income, net
(13,512)
(31,291)
12,677
(27,774)
(13,512)
(30,443)
12,677
(11,095)
Same store NOI at share for the year ended December 31, 2021
$
973,468
$
850,581
Increase in same store NOI at share
$
69,236
$
29,727
—
—
—
(202)
96,704
58,909
—
—
—
—
58,909
37,795
$
$
$
$
—
—
—
—
65,692
64,826
—
(848)
—
—
63,978
1,714
—
—
—
(17,942)
—
16,679
—
—
—
(16,679)
—
—
$
$
$
$
$
$
$
$
% increase in same store NOI at share
7.1 %
3.5 %
64.2 %
2.7 %
— %
47
Results of Operations – Year Ended December 31, 2022 Compared to December 31, 2021 - continued
Same Store Net Operating Income At Share - continued
Below are reconciliations of NOI at share - cash basis to same store NOI at share - cash basis for our New York segment,
theMART, 555 California Street and other investments for the year ended December 31, 2022 compared to December 31, 2021.
(Amounts in thousands)
Total
New York
theMART
555
California
Street
Other
NOI at share - cash basis for the year ended December 31, 2022
$ 1,151,068
$
962,999
$
101,912
$
67,813
$
18,344
Less NOI at share - cash basis from:
Change in ownership interest in One Park Avenue
Dispositions
Development properties
Other non-same store income, net
(10,111)
(8,719)
(47,846)
(28,211)
(10,111)
(8,719)
(47,846)
(9,665)
—
—
—
(202)
—
—
—
—
—
—
—
(18,344)
Same store NOI at share - cash basis for the year ended December 31, 2022
$ 1,056,181
$
886,658
$
101,710
$
67,813
$
—
NOI at share - cash basis for the year ended December 31, 2021
$ 1,034,686
$
891,766
$
64,389
$
60,680
$
17,851
Less NOI at share - cash basis from:
Dispositions
Development properties
Hotel Pennsylvania (permanently closed on April 5, 2021)
Other non-same store income, net
(13,469)
(32,453)
12,723
(32,789)
(13,469)
(31,605)
12,723
(14,938)
—
—
—
—
—
(848)
—
—
Same store NOI at share - cash basis for the year ended December 31, 2021
$
968,698
$
844,477
$
64,389
$
59,832
Increase in same store NOI at share - cash basis
$
87,483
$
42,181
$
37,321
$
7,981
—
—
—
(17,851)
—
—
$
$
% increase in same store NOI at share - cash basis
9.0 %
5.0 %
58.0 %
13.3 %
— %
Related Party Transactions
See Note 22 - Related Party Transactions to our consolidated financial statements in this Annual Report on Form 10-K for a
discussion concerning related party transactions.
48
Liquidity and Capital Resources
Our cash requirements include property operating expenses, capital improvements, tenant improvements, debt service, leasing
commissions, dividends to our shareholders, distributions to unitholders of the Operating Partnership, as well as acquisition and
development and redevelopment costs. The sources of liquidity to fund these cash requirements include rental revenue, which is our
primary source of cash flow and is dependent upon the occupancy and rental rates of our properties; proceeds from debt financings,
including mortgage loans, senior unsecured borrowings, unsecured term loans and unsecured revolving credit facilities; proceeds from
the issuance of common and preferred equity; and asset sales.
As of December 31, 2022, we have $3.4 billion of liquidity comprised of $1.0 billion of cash and cash equivalents and restricted
cash, $472 million of investments in U.S. Treasury bills and $1.9 billion available on our $2.5 billion revolving credit facilities. The
ongoing challenges posed by the increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic could
adversely impact our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next
twelve months together with cash balances on hand will be adequate to fund our business operations, cash distributions to unitholders
of the Operating Partnership, cash dividends to our shareholders, debt amortization and recurring capital expenditures. Capital
requirements for development and redevelopment expenditures and acquisitions may require funding from borrowings, equity
offerings and/or asset sales.
We may from time to time purchase or retire outstanding debt securities or redeem our equity securities. Such purchases, if any,
will depend on prevailing market conditions, liquidity requirements and other factors. The amounts involved in connection with these
transactions could be material to our consolidated financial statements.
Summary of Cash Flows
Cash and cash equivalents and restricted cash was $1,021,157,000 at December 31, 2022, a $909,194,000 decrease from the
balance at December 31, 2021.
Our cash flow activities are summarized as follows:
(Amounts in thousands)
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
Operating Activities
For the Year Ended December 31,
2022
2021
Increase (Decrease)
in Cash Flow
$
798,944 $
761,806 $
(906,864)
(801,274)
(532,347)
(29,477)
37,138
(374,517)
(771,797)
Net cash provided by operating activities primarily consists of cash inflows from rental revenues and operating distributions from
our non-consolidated partially owned entities less cash outflows for property expenses, general and administrative expenses and
interest expense. For the year ended December 31, 2022, net cash provided by operating activities of $798,944,000 was comprised of
$711,610,000 of cash from operations, including distributions of income from partially owned entities of $184,501,000 and return of
capital from real estate fund investments of $5,141,000, and a net increase of $87,334,000 in cash due to the timing of cash receipts
and payments related to changes in operating assets and liabilities.
49
Liquidity and Capital Resources - continued
Summary of Cash Flows - continued
Investing Activities
Net cash flow used in investing activities is impacted by the timing and extent of our development, capital improvement,
acquisition and disposition activities during the year.
The following table details the net cash used in investing activities:
(Amounts in thousands)
Purchase of U.S. Treasury bills
Development costs and construction in progress
Proceeds from maturities of U.S. Treasury bills
Proceeds from sales of real estate
Additions to real estate
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South
Distributions of capital from partially owned entities
Investments in partially owned entities
Acquisitions of real estate and other
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806
of prorations and net working capital and net of $39,370 of cash and restricted cash
balances consolidated upon acquisition)
Proceeds from repayments of loan receivables
Net cash used in investing activities
Financing Activities
For the Year Ended December 31,
2022
2021
(Decrease)
Increase in Cash
Flow
$
(1,066,096) $
— $
(737,999)
597,499
373,264
(159,796)
88,019
34,417
(33,172)
(3,000)
—
—
(585,940)
—
100,024
(149,461)
137,404
106,005
(14,997)
(3,000)
(123,936)
1,554
$
(906,864) $
(532,347) $
(1,066,096)
(152,059)
597,499
273,240
(10,335)
(49,385)
(71,588)
(18,175)
—
123,936
(1,554)
(374,517)
Net cash flow used in financing activities is impacted by the timing and extent of issuances of debt and equity securities,
distributions paid to common shareholders and unitholders of the Operating Partnership as well as principal and other repayments
associated with our outstanding debt.
The following table details the net cash used in financing activities:
(Amounts in thousands)
Repayments of borrowings
Proceeds from borrowings
Dividends paid on common shares/Distributions to Vornado
Distributions to redeemable security holders and noncontrolling interests in consolidated
subsidiaries
Dividends paid on preferred shares/Distributions to preferred unitholders
Debt issuance costs
Contributions from noncontrolling interests in consolidated subsidiaries
Proceeds received from exercise of Vornado stock options and other
Repurchase of shares/Class A units related to stock compensation agreements and related tax
withholdings and other
Purchase of marketable securities in connection with defeasance of mortgage payable
Redemption of preferred shares/units
Proceeds from the issuance of preferred shares/units
Net cash used in financing activities
For the Year Ended December 31,
2022
2021
Increase (Decrease)
in Cash Flow
$
(1,251,373) $
(1,584,243) $
1,029,773
(406,562)
(84,699)
(62,116)
(32,706)
5,609
885
(85)
—
—
—
3,248,007
(406,109)
(190,876)
(65,880)
(51,184)
4,052
899
(1,567)
(973,729)
(300,000)
291,153
$
(801,274) $
(29,477) $
332,870
(2,218,234)
(453)
106,177
3,764
18,478
1,557
(14)
1,482
973,729
300,000
(291,153)
(771,797)
50
Liquidity and Capital Resources - continued
Dividends
On January 18, 2023, Vornado declared a quarterly common dividend of $0.375 per share (an indicated annual rate of $1.50 per
common share). This dividend, if declared by the Board of Trustees for all of 2023, would require the Operating Partnership to
distribute (i) approximately $288,000,000 of cash to Vornado for distribution to its common shareholders and (ii) $22,000,000 of cash
to third party Class A unitholders. Additionally, during 2023, Vornado expects to pay approximately $62,000,000 of cash dividends on
outstanding preferred shares.
Debt
We have an effective shelf registration for the offering of our equity and debt securities that is not limited in amount due to our
status as a “well-known seasoned issuer.” We have issued senior unsecured notes from a shelf registration statement that contain
financial covenants that restrict our ability to incur debt, and that require us to maintain a level of unencumbered assets based on the
level of our secured debt. Our unsecured revolving credit facilities and unsecured term loan contain financial covenants that require us
to maintain minimum interest coverage and maximum debt to market capitalization ratios, and provide for higher interest rates in the
event of a decline in our ratings below Baa3/BBB-. Our unsecured revolving credit facilities and unsecured term loan also contain
customary conditions precedent to borrowing, including representations and warranties, and contain customary events of default that
could give rise to accelerated repayment, including such items as failure to pay interest or principal. As of December 31, 2022, we are
in compliance with all of the financial covenants required by our senior unsecured notes, our unsecured revolving credit facilities and
our unsecured term loan.
A summary of our consolidated debt as of December 31, 2022 and 2021 is presented below.
(Amounts in thousands)
As of December 31, 2022
As of December 31, 2021
Consolidated debt:
Fixed rate
Variable rate
Total
Deferred financing costs, net and other
Total, net
$
Balance
6,145,000
2,307,615
8,452,615
(63,572)
Weighted
Average
Interest Rate(1)
3.59%
5.67%
4.16%
Weighted
Average
Interest Rate(1)
3.06%
1.59%
2.29%
$
Balance
4,140,000
4,534,215
8,674,215
(58,268)
$
8,389,043
$
8,615,947
_______________________________________
(1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for
hedging instruments, as applicable.
During 2023 and 2024, $21,600,000 and $396,415,000, respectively, of our outstanding consolidated debt matures, assuming the
exercise of as-of-right extension options. We may refinance this maturing debt as it comes due or choose to repay it using cash and
cash equivalents or our unsecured revolving credit facilities. We may also refinance or prepay other outstanding debt depending on
prevailing market conditions, liquidity requirements and other factors. The amounts involved in connection with these transactions
could be material to our consolidated financial statements.
Details of 2022 financing activities are provided in the “Overview” of Management’s Discussion and Analysis of Financial
Condition and Results of Operations.
The contractual principal and interest repayments schedule of our consolidated debt as of December 31, 2022 is as follows:
(Amounts in thousands)
Total
Less than 1 Year
1 – 3 Years
3 – 5 Years
Thereafter
Notes and mortgages payable
Senior unsecured notes due 2025
Senior unsecured notes due 2026
Senior unsecured notes due 2031
Unsecured term loan
Revolving credit facilities
Total contractual principal(1) and interest(2)
repayments
$
7,125,211 $
482,156
429,431
450,224
976,841
686,833
285,403 $
15,750
8,600
11,900
34,700
22,598
1,788,462 $
466,406
17,200
23,800
73,162
45,258
2,451,226 $
—
403,631
23,800
868,979
618,977
2,600,120
—
—
390,724
—
—
$
10,150,696 $
378,951 $
2,414,288 $
4,366,613 $
2,990,844
________________________________________
(1) Based on the contractual maturity of our loans, including as-of-right extension options, as of December 31, 2022.
(2) Estimated interest for variable rate debt based on the 1-month LIBOR or Term SOFR curve available as of December 31, 2022.
51
Liquidity and Capital Resources - continued
Capital Expenditures
Capital expenditures consist of expenditures to maintain and improve assets, tenant improvement allowances and leasing
commissions. During 2023, we expect to incur $250,000,000 of capital expenditures for our consolidated properties. We plan to fund
these capital expenditures from operating cash flow, existing liquidity, and/or borrowings. Our partially owned non-consolidated
subsidiaries typically fund their capital expenditures without any additional equity contribution from us.
Development and Redevelopment Expenditures
Development and redevelopment expenditures consist of all hard and soft costs associated with the development and
redevelopment of a property. We plan to fund these development and redevelopment expenditures from operating cash flow, existing
liquidity, and/or borrowings. See detailed discussion below for our current development and redevelopment projects.
PENN District
The Farley Building
Our 95% joint venture (5% is owned by the Related Companies ("Related")) is completing the development of The Farley
Building, which includes approximately 846,000 rentable square feet of commercial space, comprised of approximately 730,000
square feet of office space and approximately 116,000 square feet of restaurant and retail space. The total development cost of this
project is estimated to be approximately $1,120,000,000 at our 95% share, of which $1,111,493,000 of cash has been expended as of
December 31, 2022.
PENN 1
We are redeveloping PENN 1, a 2,546,000 square foot office building located on 34th Street between Seventh and Eighth
Avenue. In December 2020, we entered into an agreement with the Metropolitan Transportation Authority (the “MTA”) to oversee the
redevelopment of the Long Island Rail Road Concourse at Penn Station (the "Concourse"). Skanska USA Civil Northeast, Inc. is
performing the redevelopment under a fixed price contract for $396,000,000 which is being funded by the MTA. In connection with
the redevelopment, we entered into an agreement with the MTA which will result in the widening of the Concourse to relieve
overcrowding and our trading of 15,000 square feet of back of house space for 22,000 square feet of retail frontage space. Vornado's
total development cost of our PENN 1 project is estimated to be $450,000,000, of which $375,810,000 of cash has been expended as
of December 31, 2022.
PENN 2
We are redeveloping PENN 2, a 1,795,000 square foot (as expanded) office building, located on the west side of Seventh Avenue
between 31st and 33rd Street. The development cost of this project is estimated to be $750,000,000, of which $393,126,000 of cash
has been expended as of December 31, 2022.
Hotel Pennsylvania Site
We have permanently closed the Hotel Pennsylvania and plan to develop an office tower on the site. Demolition of the existing
building structure commenced in the fourth quarter of 2021.
We are also making districtwide improvements within the PENN District. The development cost of these improvements is
estimated to be $100,000,000, of which $41,776,000 of cash has been expended as of December 31, 2022.
We are also evaluating other development and redevelopment opportunities at certain of our properties in Manhattan including, in
particular, the PENN District and 350 Park Avenue.
There can be no assurance that the above projects will be completed, completed on schedule or within budget.
Other Obligations
We have contractual cash obligations for certain properties that are subject to long-term ground and building leases. During 2023,
$46,847,000 of lease payments are due, including fair market rent resets accounted for as variable rent. For 2024 and thereafter, we
have $2,509,517,000 of future lease payments. We believe that our operating cash flow will be adequate to fund these lease payments.
52
Liquidity and Capital Resources - continued
Insurance
For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which
$250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of
$2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage.
Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a
deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of
$6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per
occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as
defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.
Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a
portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for
coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third
party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a
deductible of $1,774,525 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining
portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.
Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with
different per occurrence and aggregate limits than our policies described above.
We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other
events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are
responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.
Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit
agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance
coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the
future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or
refinance our properties and expand our portfolio.
Other Commitments and Contingencies
We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation
with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position,
results of operations or cash flows.
Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental
assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of
new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in
cleanup requirements would not result in significant costs to us.
In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an
initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant
purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and
the guaranty. On May 11, 2021, the court issued a final statement of decision in our favor and on January 31, 2023, the Court of
Appeal affirmed the lower court’s decision. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We
are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent in Luxembourg and other
jurisdictions.
Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and
435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or
master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or
repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an
entity of New York State, for The Farley Building. As of December 31, 2022, the aggregate dollar amount of these guarantees and
master leases is approximately $1,553,000,000.
As of December 31, 2022, $15,273,000 of letters of credit were outstanding under one of our unsecured revolving credit
facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage
and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below
Baa3/BBB- (our current ratings). Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing,
including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment,
including such items as failure to pay interest or principal.
53
Liquidity and Capital Resources - continued
Other Commitments and Contingencies - continued
Our 95% consolidated joint venture (5% is owned by Related) is completing the development of The Farley Building. In
connection with the development of the property, the joint venture admitted a historic Tax Credit Investor partner (the "Tax Credit
Investor"). Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws,
regulations, and contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being
realized and, therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2022,
the Tax Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint
venture’s obligations to the Tax Credit Investor.
As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred
return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the
December 31, 2022 fair value of the Fund assets, at liquidation we would be required to make a $26,400,000 payment to the limited
partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income
statement impact as it was previously accrued.
As of December 31, 2022, we expect to fund additional capital to certain of our partially owned entities aggregating
approximately $10,300,000.
As of December 31, 2022, we have construction commitments aggregating approximately $409,000,000.
54
Funds From Operations
Vornado Realty Trust
FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate
Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain
real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified
items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are non-GAAP
financial measures used by management, investors and analysts to facilitate meaningful comparisons of operating performance
between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales,
which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than
fluctuating based on existing market conditions. The Company also uses FFO attributable to common shareholders plus assumed
conversions, as adjusted for certain items that impact the comparability of period-to-period FFO, as one of several criteria to determine
performance-based compensation for senior management. FFO does not represent cash generated from operating activities and is not
necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a
performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other
companies. The calculations of both the numerator and denominator used in the computation of income per share are disclosed in Note
18 – (Loss) Income Per Share/(Loss) Income Per Class A Unit, in our consolidated financial statements in Part II, Item 8 of this
Annual Report on Form 10-K. Details of certain items that impact FFO are discussed in the financial results summary of our
“Overview.”
Below is a reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common shareholders
plus assumed conversions for the year ended December 31, 2022 and 2021.
(Amounts in thousands, except per share amounts)
Reconciliation of net (loss) income attributable to common shareholders to FFO attributable to common
shareholders plus assumed conversions:
Net (loss) income attributable to common shareholders
Per diluted share
FFO adjustments:
Depreciation and amortization of real property
Real estate impairment losses
Net gains on sale of real estate
Proportionate share of adjustments to equity in net (loss) income of partially owned entities to arrive at FFO:
Depreciation and amortization of real property
Net gains on sale of real estate
Increase in fair value of marketable securities
Real estate impairment losses
Noncontrolling interests' share of above adjustments
FFO adjustments, net
FFO attributable to common shareholders
Convertible preferred share dividends
FFO attributable to common shareholders plus assumed conversions
Per diluted share
Reconciliation of weighted average shares outstanding:
Weighted average common shares outstanding
Effect of dilutive securities:
Convertible securities(1)
Share-based payment awards
Denominator for FFO per diluted share
$
$
$
$
$
$
$
For the Year Ended December 31,
2022
2021
(408,615) $
(2.13) $
101,086
0.53
456,920 $
19,098
(58,751)
130,647
(169)
—
576,390
1,124,135
(77,912)
1,046,223 $
637,608 $
1,320
638,928 $
3.30 $
373,792
7,880
—
139,247
(15,675)
(1,155)
—
504,089
(34,144)
469,945
571,031
43
571,074
2.97
191,775
191,551
1,545
250
193,570
26
571
192,148
________________________________________
(1) On January 1, 2022, we adopted Accounting Standards Update 2020-06, which requires us to include our Series D-13 cumulative redeemable preferred units and
Series G-1 through G-4 convertible preferred units in our dilutive earnings per share calculations, if the effect is dilutive.
55
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We have exposure to fluctuations in market interest rates. Market interest rates are sensitive to many factors that are beyond our
control. Our exposure to a change in interest rates on our consolidated and non-consolidated debt (all of which arises out of non-
trading activity) is as follows:
(Amounts in thousands, except per share and unit amounts)
Consolidated debt:
Fixed rate(2)
Variable rate(3)
Pro rata share of debt of non-consolidated entities:
Fixed rate(2)
Variable rate(4)
Noncontrolling interests’ share of consolidated subsidiaries
Total change in annual net income attributable to the Operating Partnership
Noncontrolling interests’ share of the Operating Partnership
Total change in annual net income attributable to Vornado
Total change in annual net income attributable to the
Operating Partnership per diluted Class A unit
Total change in annual net income attributable to Vornado
per diluted share
2022
December 31,
Balance
Weighted
Average
Interest Rate(1)
Effect of 1%
Change In
Base Rates
$
$
$
$
6,145,000
2,307,615
8,452,615
1,447,457
1,249,769
2,697,226
3.59%
5.67%
4.16%
3.72%
6.19%
4.87%
$
$
$
$
$
—
23,076
23,076
—
12,498
12,498
(6,821)
28,753
(1,995)
26,758
0.14
0.14
_______________________________________
(1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for
(2)
(3)
(4)
hedging instruments, as applicable.
Includes variable rate debt subject to interest rate swap arrangements as of period end.
Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $1,649,120, of which $322,060 is attributable to noncontrolling
interests. The interest rate cap arrangements have a weighted average strike rate of 4.14% and a weighted average remaining term of nine months. These amounts
exclude the forward cap we entered into in December 2022 for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the
existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
Includes variable rate debt subject to interest rate cap arrangements with a total notional amount of $850,710 at our pro rata share. The interest rate cap
arrangements have a weighted average strike rate of 4.11% and a weighted average remaining term of ten months.
Fair Value of Debt
The estimated fair value of our consolidated debt is calculated based on current market prices and discounted cash flows at the
current rate at which similar loans would be made to borrowers with similar credit ratings for the remaining term of such debt. As of
December 31, 2022, the estimated fair value of our consolidated debt was $8,093,000,000.
56
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK - continued
Derivatives and Hedging
We utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings,
including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies. The
following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31, 2022 and
2021.
(Amounts in thousands)
Interest Rate Swaps:
555 California Street mortgage loan
770 Broadway mortgage loan
PENN 11 mortgage loan
Unsecured revolving credit facility
Unsecured term loan
100 West 33rd Street mortgage loan
888 Seventh Avenue mortgage loan
Unsecured term loan (effective October 2023)
4 Union Square South mortgage loan
Interest Rate Caps:
1290 Avenue of the Americas mortgage loan
One Park Avenue mortgage loan
Various mortgage loans
Fair Value
Asset (Liability) as of
December 31,
2022
2021
December 31, 2022
Notional
Amount
All-In
Swapped
Rate
Swap
Expiration
Date
$
49,888 $
11,814 $
840,000
(1)
29,226
26,587
24,457
14,694
6,886
6,544
6,330
4,050
7,590
5,472
2,080
—
6,565
—
(28,976)
—
—
—
700,000
500,000
575,000
800,000
480,000
200,000
500,000
(3)
(3,861)
100,000
(4)
411
—
139
950,000
525,000
2.26%
4.98%
2.22%
3.88%
4.05%
5.06%
4.76%
4.39%
3.74%
(5)
(6)
05/24
07/27
03/24
08/27
(2)
06/27
09/27
10/26
01/25
11/23
03/24
Included in other assets
Included in other liabilities
$
$
183,804 $
— $
18,929
32,837
________________________________________
(1) Represents our 70.0% share of the $1.2 billion mortgage loan.
(2) Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027.
(3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022).
(4) Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on
$100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of
SOFR plus 1.50% (5.62% as of December 31, 2022).
(5) LIBOR cap strike rate of 4.00%.
(6) SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March
2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
57
ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO FINANCIAL STATEMENTS
Vornado Realty Trust
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)
Consolidated Balance Sheets at December 31, 2022 and 2021
Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
Vornado Realty L.P.
Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34)
Consolidated Balance Sheets at December 31, 2022 and 2021
Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Changes in Equity for the years ended December 31, 2022, 2021 and 2020
Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020
Vornado Realty Trust and Vornado Realty L.P.
Notes to Consolidated Financial Statements
Page
Number
59
61
62
63
64
67
70
72
73
74
75
78
81
58
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Shareholders and Board of Trustees
Vornado Realty Trust
New York, New York
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Vornado Realty Trust and subsidiaries (the "Company") as of
December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in equity, and cash
flows for each of the three years in the period ended December 31, 2022, and the related notes and the schedule listed in the Index at
Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 2022, in conformity with the accounting principles generally accepted in
the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal
Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated February 13, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the
Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to
be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was
communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of
critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
Real Estate Impairment – Refer to Notes 2, 5, 13, and 15 to the financial statements
Critical Audit Matter Description
The Company’s real estate properties are individually reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the aggregate
projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the
excess of the property’s carrying amount over its fair value. The Company also reviews its investments in partially owned entities for
impairment when indications of potential impairment exist. An impairment loss for investments in partially owned entities is recorded
when there is a decline in the fair value below the carrying value that is other than temporary. Fair value is determined based on
estimated cash flow projections that utilize discount and capitalization rates and available market information.
Preparing the Company’s estimated cash flow projections requires management to make significant estimates and assumptions related
to future market rental rates, capitalization rates, and discount rates.
For the year ended December 31, 2022, the Company recognized impairment losses of $19,098,000 which are included in
“Impairment losses, transaction related costs and other” and $583,212,000 which are included in “(Loss) income from partially owned
entities” within the consolidated statements of income.
59
We identified the impairment of real estate properties as a critical audit matter because of the significant estimates and assumptions
related to future market rental rates, capitalization rates and discount rates. Performing audit procedures to evaluate the reasonableness
of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to
involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to impairment included the following, among others:
• We tested the effectiveness of controls over management’s evaluation of recoverability of its properties, including those over
future market rental rates and capitalization rates used in the assessment.
• We tested the effectiveness of controls over management’s evaluation of impairment of its properties and investments in partially
owned entities and measurement of that impairment based on discounted cash flows, including those over the future market rental
rates, capitalization rates, and discount rates used in the assessment.
• We evaluated the reasonableness of future market rental rates, capitalization rates, and discount rates used by management with
independent market data, focusing on geographical location and property type. In addition, we developed ranges of independent
estimates of future market rental rates, capitalization rates, and discount rates and compared those to the amounts used by
management.
• We involved our fair value specialists in providing comparable market transaction details to further support the future market
rental rates, capitalization rates and discount rates assumptions, as applicable.
• We evaluated the reasonableness of management’s projected future cash flow analyses by comparing management’s projections
to the Company’s historical results.
• We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
/s/ DELOITTE & TOUCHE LLP
New York, New York
February 13, 2023
We have served as the Company’s auditor since 1976.
60
VORNADO REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except unit, share and per share amounts)
ASSETS
Real estate, at cost:
Land
Buildings and improvements
Development costs and construction in progress
Leasehold improvements and equipment
Total
Less accumulated depreciation and amortization
Real estate, net
Right-of-use assets
Cash and cash equivalents
Restricted cash
Investments in U.S. Treasury bills
Tenant and other receivables
Investments in partially owned entities
Real estate fund investments
220 Central Park South condominium units ready for sale
Receivable arising from the straight-lining of rents
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186
Other assets
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net
Senior unsecured notes, net
Unsecured term loan, net
Unsecured revolving credit facilities
Lease liabilities
Accounts payable and accrued expenses
Deferred revenue
Deferred compensation plan
Other liabilities
Total liabilities
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,416,891 and 14,033,438 units outstanding
Series D cumulative redeemable preferred units - 141,400 units outstanding
Total redeemable noncontrolling partnership units
Redeemable noncontrolling interest in a consolidated subsidiary
Total redeemable noncontrolling interests
Shareholders' equity:
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and
outstanding 48,792,902 shares
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and
outstanding 191,866,880 and 191,723,608 shares
Additional capital
Earnings less than distributions
Accumulated other comprehensive income (loss)
Total shareholders' equity
Noncontrolling interests in consolidated subsidiaries
Total equity
See notes to the consolidated financial statements.
61
As of December 31,
2022
2021
2,451,828 $
9,804,204
933,334
125,389
13,314,755
(3,470,991)
9,843,764
684,380
889,689
131,468
471,962
81,170
2,665,073
—
43,599
694,972
373,555
139,638
474,105
16,493,375 $
5,829,018 $
1,191,832
793,193
575,000
735,969
450,881
39,882
96,322
268,166
9,980,263
345,157
3,535
348,692
88,040
436,732
2,540,193
9,839,166
718,694
119,792
13,217,845
(3,376,347)
9,841,498
337,197
1,760,225
170,126
—
79,661
3,297,389
7,730
57,142
656,318
391,693
154,895
512,714
17,266,588
6,053,343
1,189,792
797,812
575,000
370,206
613,497
48,118
110,174
304,725
10,062,667
587,440
3,535
590,975
97,708
688,683
1,182,459
1,182,459
7,654
8,369,228
(3,894,580)
174,967
5,839,728
236,652
6,076,380
16,493,375 $
7,648
8,143,093
(3,079,320)
(17,534)
6,236,346
278,892
6,515,238
17,266,588
$
$
$
$
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
REVENUES:
Rental revenues
Fee and other income
Total revenues
EXPENSES:
Operating
Depreciation and amortization
General and administrative
Benefit (expense) from deferred compensation plan liability
Impairment losses, transaction related costs and other
For the Year Ended December 31,
2022
2021
2020
$
1,607,685 $
1,424,531 $
192,310
1,799,995
(873,911)
(504,502)
(133,731)
9,617
(31,722)
164,679
1,589,210
(797,315)
(412,347)
(134,545)
(9,847)
(13,815)
1,377,635
150,316
1,527,951
(789,066)
(399,695)
(181,509)
(6,443)
(174,027)
Total expenses
(1,534,249)
(1,367,869)
(1,550,740)
(Loss) income from partially owned entities
Income (loss) from real estate fund investments
Interest and other investment income (loss), net
(Loss) income from deferred compensation plan assets
Interest and debt expense
Net gains on disposition of wholly owned and partially owned assets
(Loss) income before income taxes
Income tax (expense) benefit
Net (loss) income
Less net loss (income) attributable to noncontrolling interests in:
Consolidated subsidiaries
Operating Partnership
Net (loss) income attributable to Vornado
Preferred share dividends
Series K preferred share issuance costs
NET (LOSS) INCOME attributable to common shareholders
(LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income per common share
Weighted average shares outstanding
(LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income per common share
Weighted average shares outstanding
(461,351)
3,541
19,869
(9,617)
(279,765)
100,625
(360,952)
(21,660)
(382,612)
5,737
30,376
(346,499)
(62,116)
—
130,517
11,066
4,612
9,847
(231,096)
50,770
197,057
10,496
207,553
(24,014)
(7,540)
175,999
(65,880)
(9,033)
(329,112)
(226,327)
(5,499)
6,443
(229,251)
381,320
(425,215)
(36,630)
(461,845)
139,894
24,946
(297,005)
(51,739)
—
(408,615) $
101,086 $
(348,744)
(2.13) $
191,775
0.53 $
191,551
(1.83)
191,146
(2.13) $
191,775
0.53 $
192,122
(1.83)
191,146
$
$
$
See notes to consolidated financial statements.
62
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
Net (loss) income
Other comprehensive income (loss):
For the Year Ended December 31,
2022
2021
2020
$
(382,612) $
207,553 $
(461,845)
Change in fair value of interest rate swaps and other
Other comprehensive income (loss) of nonconsolidated subsidiaries
Comprehensive (loss) income
Less comprehensive loss (income) attributable to noncontrolling interests
190,493
18,874
(173,245)
19,247
51,338
10,275
269,166
(35,602)
Comprehensive (loss) income attributable to Vornado
$
(153,998) $
233,564 $
(29,971)
(14,342)
(506,158)
174,287
(331,871)
See notes to consolidated financial statements.
63
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in thousands, except per share amount)
Preferred Shares
Common Shares
Shares
Amount
Shares
Amount
Additional
Capital
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
(Loss) Income
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2021
48,793
$ 1,182,459
191,724
$
7,648
$ 8,143,093
$ (3,079,320) $
(17,534) $
278,892
$ 6,515,238
Net loss attributable to Vornado
Net income attributable to
nonredeemable noncontrolling
interests in consolidated
subsidiaries
Dividends on common shares
($2.12 per share)
Dividends on preferred shares (see
Note 11 for dividends per share
amounts)
Common shares issued:
Upon redemption of Class A
units, at redemption value
Under employees' share option
plan
Under dividend reinvestment
plan
Contributions
Distributions
Deferred compensation shares and
options
Other comprehensive income of
nonconsolidated subsidiaries
Change in fair value of interest
rate swaps and other
Redeemable Class A unit
measurement adjustment
Noncontrolling interests' share of
above adjustments
Other
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
117
—
28
—
—
(2)
—
—
—
—
—
—
—
—
—
5
—
1
—
—
—
—
—
—
—
—
—
(346,499)
—
—
—
3,519
7
877
—
—
588
—
—
221,145
—
(1)
—
(406,562)
(62,116)
—
—
—
—
—
(85)
—
—
—
—
2
—
—
—
—
—
—
—
—
—
—
18,874
190,494
—
—
(346,499)
3,931
3,931
—
(406,562)
—
(62,116)
—
—
—
5,609
3,524
7
878
5,609
(54,388)
(54,388)
—
—
—
—
503
18,874
190,494
221,145
(16,866)
2,616
(14,250)
(1)
(8)
(8)
Balance as of December 31, 2022
48,793
$ 1,182,459
191,867
$
7,654
$ 8,369,228
$ (3,894,580) $
174,967
$
236,652
$ 6,076,380
See notes to consolidated financial statements.
64
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(Amounts in thousands, except per share amounts)
Preferred Shares
Common Shares
Shares
Amount
Shares
Amount
Additional
Capital
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
Loss
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2020
48,793
$ 1,182,339
191,355
$
7,633
$ 8,192,507
$ (2,774,182) $
(75,099) $
414,957
$ 6,948,155
Net income attributable to
Vornado
Net income attributable to
nonredeemable noncontrolling
interests in consolidated
subsidiaries
Dividends on common shares
($2.12 per share)
Dividends on preferred shares (see
Note 11 for dividends per share
amounts)
Series O cumulative redeemable
preferred shares issuance
Common shares issued:
Upon redemption of Class A
units, at redemption value
Under employees' share option
plan
Under dividend reinvestment
plan
Contributions
Distributions
Conversion of Series A preferred
shares to common shares
Deferred compensation shares and
options
Other comprehensive income of
nonconsolidated subsidiaries
Change in fair value of interest
rate swaps
Unearned 2018 Out-Performance
Plan awards acceleration
Redeemable Class A unit
measurement adjustment
Series K cumulative redeemable
preferred shares called for
redemption
Redeemable noncontrolling
interests' share of above
adjustments
Other
—
—
—
—
—
—
—
—
—
—
—
—
—
350
1
21
—
—
1
(4)
—
—
—
—
—
—
—
12,000
291,153
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(13)
—
—
—
—
—
(12,000)
(290,967)
—
—
—
(53)
—
—
—
—
—
14
—
1
—
—
—
—
—
—
—
—
—
—
—
—
175,999
—
—
—
—
14,562
22
876
—
—
13
906
—
—
10,283
(76,073)
—
(406,109)
(65,880)
—
—
—
—
—
—
—
(114)
—
—
—
—
—
(9,033)
—
—
—
—
—
—
—
—
—
—
—
—
10,275
51,337
—
—
—
—
175,999
20,826
20,826
—
(406,109)
—
—
—
—
—
4,052
(65,880)
291,153
14,576
22
877
4,052
(160,975)
(160,975)
—
—
—
—
—
—
—
792
10,275
51,337
10,283
(76,073)
—
(300,000)
—
(3)
—
(1)
(4,048)
1
—
32
(4,048)
(24)
Balance as of December 31, 2021
48,793
$ 1,182,459
191,724
$
7,648
$ 8,143,093
$ (3,079,320) $
(17,534) $
278,892
$ 6,515,238
See notes to consolidated financial statements.
65
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CONTINUED
(Amounts in thousands, except per share amount)
Preferred Shares
Common Shares
Shares
Amount
Shares
Amount
Additional
Capital
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
Loss
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2019
36,796
$ 891,214
190,986
$
7,618
$ 7,827,697
$ (1,954,266) $
(40,233) $
578,948
$ 7,310,978
Cumulative effect of accounting
change
Net loss attributable to Vornado
Net loss attributable to
noncontrolling interests in
consolidated subsidiaries
Dividends on common shares
($2.38 per share)
Dividends on preferred shares (see
Note 11 for dividends per share
amounts)
Series N cumulative redeemable
preferred shares issuance
Common shares issued:
Upon redemption of Class
A units, at redemption value
Under employees' share option
plan
Under dividend reinvestment
plan
Contributions:
Real estate fund investments
Other
Distributions
Conversion of Series A preferred
shares to common shares
Deferred compensation shares and
options
Other comprehensive loss of
nonconsolidated subsidiaries
Change in fair value of interest rate
swaps
Unearned 2017 Out-Performance
Plan awards acceleration
Redeemable Class A unit
measurement adjustment
Redeemable noncontrolling
interests' share of above
adjustments
Other
—
—
—
—
—
—
—
—
—
—
12,000
291,182
—
—
—
—
—
—
—
—
—
—
—
—
(3)
(57)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
236
69
47
—
—
—
4
13
—
—
—
—
—
—
—
—
—
—
—
—
9
3
2
—
—
—
—
1
—
—
—
—
—
—
—
—
—
—
—
—
9,257
3,514
2,343
—
—
—
57
(16,064)
(297,005)
—
(454,939)
(51,739)
—
—
—
—
—
—
—
—
1,305
(137)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,824
344,043
—
(6,533)
—
—
—
—
—
(32)
(14,342)
(29,972)
—
—
2,914
6,534
—
—
(16,064)
(297,005)
(140,438)
(140,438)
—
(454,939)
—
—
—
—
—
3,389
4,305
(51,739)
291,182
9,266
3,517
2,345
3,389
4,305
(33,007)
(33,007)
—
—
—
—
—
—
—
1,169
(14,342)
(29,972)
10,824
344,043
—
1,760
2,914
1,729
Balance as of December 31, 2020
48,793
$ 1,182,339
191,355
$
7,633
$ 8,192,507
$ (2,774,182) $
(75,099) $
414,957
$ 6,948,155
See notes to consolidated financial statements.
66
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Cash Flows from Operating Activities:
Net (loss) income
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)
Equity in net loss (income) of partially owned entities
Distributions of income from partially owned entities
Net gains on disposition of wholly owned and partially owned assets
Straight-lining of rents
Stock-based compensation expense
Real estate impairment losses
Change in deferred tax liability
Amortization of below-market leases, net
Return of capital from real estate fund investments
Net realized and unrealized loss (income) on real estate fund investments
Write-off of lease receivables deemed uncollectible
Defeasance cost in connection with refinancing of mortgage payable
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability
Credit losses on loans receivable
Decrease in fair value of marketable securities
Other non-cash adjustments
Changes in operating assets and liabilities:
Real estate fund investments
Tenant and other receivables
Prepaid assets
Other assets
Accounts payable and accrued expenses
Other liabilities
Net cash provided by operating activities
Cash Flows from Investing Activities:
Purchase of U.S. Treasury bills
Development costs and construction in progress
Proceeds from maturities of U.S. Treasury bills
Proceeds from sales of real estate
Additions to real estate
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South
Distributions of capital from partially owned entities
Investments in partially owned entities
Acquisitions of real estate and other
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of
prorations and net working capital and net of $39,370 of cash and restricted cash balances
consolidated upon acquisition)
Proceeds from repayments of loan receivables
Moynihan Train Hall expenditures
Proceeds from sales of marketable securities
Net cash used in investing activities
For the Year Ended December 31,
2022
2021
2020
$
(382,612) $
207,553 $
(461,845)
526,306
461,351
184,501
(100,625)
(46,177)
29,249
19,098
14,005
(5,178)
5,141
2,589
872
—
—
—
—
432,594
(130,517)
214,521
(50,770)
8,644
38,329
7,880
11,243
(9,249)
5,104
(4,621)
7,695
23,729
—
—
—
3,090
(3,875)
—
(4,437)
104,186
(34,615)
5,718
16,482
798,944
(1,066,096)
(737,999)
597,499
373,264
(159,796)
88,019
34,417
(33,172)
(3,000)
—
—
—
—
(4,474)
(187)
30,466
(54,716)
35,856
(3,399)
761,806
—
100,024
(149,461)
137,404
106,005
(14,997)
(3,000)
(123,936)
1,554
—
—
417,942
329,112
175,246
(381,320)
24,404
48,677
236,286
(96)
(16,878)
—
226,107
63,204
—
(70,260)
13,369
4,938
6,835
(7,197)
(5,330)
(137,452)
(52,832)
14,868
(3,538)
424,240
—
—
(155,738)
1,044,260
2,389
(8,959)
(1,156)
—
—
(395,051)
28,375
(87,800)
—
—
(585,940)
(601,920)
See notes to consolidated financial statements.
(906,864)
(532,347)
67
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
(Amounts in thousands)
Cash Flows from Financing Activities:
Repayments of borrowings
Proceeds from borrowings
Dividends paid on common shares
Distributions to noncontrolling interests
Dividends paid on preferred shares
Debt issuance costs
Contributions from noncontrolling interests
Proceeds received from exercise of employee share options and other
Repurchase of shares related to stock compensation agreements and related tax withholdings and
other
Purchase of marketable securities in connection with defeasance of mortgage payable
Redemption of preferred shares
Proceeds from the issuance of preferred shares
Moynihan Train Hall reimbursement from Empire State Development
Net cash used in financing activities
Net (decrease) increase in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents and restricted cash at end of period
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period
Restricted cash at beginning of period
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents at end of period
Restricted cash at end of period
Cash and cash equivalents and restricted cash at end of period
For the Year Ended December 31,
2022
2021
2020
$
(1,251,373) $
(1,584,243) $
(1,067,564)
1,029,773
(406,562)
(84,699)
(62,116)
(32,706)
5,609
885
(85)
—
—
—
—
(801,274)
(909,194)
1,930,351
3,248,007
(406,109)
(190,876)
(65,880)
(51,184)
4,052
899
(1,567)
(973,729)
(300,000)
291,153
—
(29,477)
199,982
1,730,369
1,021,157 $
1,930,351 $
1,056,315
(827,319)
(91,514)
(64,271)
(10,901)
100,094
5,862
(137)
—
—
291,182
395,051
(213,202)
123,238
1,607,131
1,730,369
1,760,225 $
1,624,482 $
1,515,012
170,126
105,887
92,119
1,930,351 $
1,730,369 $
1,607,131
889,689 $
1,760,225 $
1,624,482
131,468
170,126
105,887
1,021,157 $
1,930,351 $
1,730,369
$
$
$
$
$
See notes to consolidated financial statements.
68
VORNADO REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
(Amounts in thousands)
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855
Cash payments for income taxes
Non-Cash Information:
Additional estimated lease liability arising from the recognition of right-of-use asset
Write-off of fully depreciated assets
Redeemable Class A unit measurement adjustment
Change in fair value of consolidated interest rate swaps and other
Accrued capital expenditures included in accounts payable and accrued expenses
Reclassification of condominium units from "development costs and construction in progress" to
"220 Central Park South condominium units ready for sale"
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Real estate
Identified intangible assets
Mortgages payable
Deferred revenue
Marketable securities transferred in connection with the defeasance of mortgage payable
Defeasance of mortgage payable
Reclassification of assets held for sale (included in "other assets")
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall:
Real estate, net
Moynihan Train Hall Obligation
$
$
$
For the Year Ended December 31,
2022
2021
2020
252,371 $
188,587 $
7,947 $
9,155 $
210,052
15,105
350,000 $
(278,561)
221,145
190,494
104,750
— $
(123,537)
(76,073)
51,337
291,690
—
(189,250)
344,043
(29,972)
117,641
32,604
16,014
388,280
—
—
—
—
—
—
—
—
—
566,013
139,545
525,000
18,884
(973,729)
950,000
80,005
—
—
—
—
—
—
—
—
—
(1,291,804)
(1,291,804)
See notes to consolidated financial statements.
69
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Partners
Vornado Realty L.P.
New York, New York
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Vornado Realty L.P. and subsidiaries (the "Partnership") as of
December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in equity, and cash
flows for each of the three years in the period ended December 31, 2022, and the related notes and the schedule listed in the Index at
Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Partnership as of December 31, 2022 and 2021, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2022, in conformity with the accounting principles generally
accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the Partnership's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal
Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated February 13, 2023, expressed an unqualified opinion on the Partnership's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the
Partnership's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to
be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was
communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material
to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of
critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
Real Estate Impairment – Refer to Notes 2, 5, 13, and 15 to the financial statements
Critical Audit Matter Description
The Partnership’s real estate properties are individually reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment exists when the carrying amount of an asset exceeds the
aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured
based on the excess of the property’s carrying amount over its fair value. The Partnership also reviews its investments in partially
owned entities for impairment when indications of potential impairment exist. An impairment loss for investments in partially owned
entities is recorded when there is a decline in the fair value below the carrying value that is other than temporary. Fair value is
determined based on estimated cash flow projections that utilize discount and capitalization rates and available market information.
Preparing the Partnership’s estimated cash flow projections requires management to make significant estimates and assumptions
related to future market rental rates, capitalization rates, and discount rates.
For the year ended December 31, 2022, the Partnership recognized impairment losses of $19,098,000 which are included in
“Impairment losses, transaction related costs and other” and $583,212,000 which are included in “(Loss) income from partially owned
entities” within the consolidated statements of income.
70
We identified the impairment of real estate properties as a critical audit matter because of the significant estimates and assumptions
related to future market rental rates, capitalization rates and discount rates. Performing audit procedures to evaluate the reasonableness
of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to
involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to impairment included the following, among others:
• We tested the effectiveness of controls over management’s evaluation of recoverability of its properties, including those over
future market rental rates and capitalization rates used in the assessment.
• We tested the effectiveness of controls over management’s evaluation of impairment of its properties and investments in partially
owned entities and measurement of that impairment based on discounted cash flows, including those over the future market rental
rates, capitalization rates, and discount rates used in the assessment.
• We evaluated the reasonableness of future market rental rates, capitalization rates, and discount rates used by management with
independent market data, focusing on geographical location and property type. In addition, we developed ranges of independent
estimates of future market rental rates, capitalization rates, and discount rates and compared those to the amounts used by
management.
• We involved our fair value specialists in providing comparable market transaction details to further support the future market
rental rates, capitalization rates and discount rates assumptions, as applicable.
• We evaluated the reasonableness of management’s projected future cash flow analyses by comparing management’s projections
to the Partnership’s historical results.
• We evaluated whether the assumptions were consistent with evidence obtained in other areas of the audit.
/s/ DELOITTE & TOUCHE LLP
New York, New York
February 13, 2023
We have served as the Partnership’s auditor since 1997.
71
VORNADO REALTY L.P.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except unit amounts)
ASSETS
Real estate, at cost:
Land
Buildings and improvements
Development costs and construction in progress
Leasehold improvements and equipment
Total
Less accumulated depreciation and amortization
Real estate, net
Right-of-use assets
Cash and cash equivalents
Restricted cash
Investments in U.S. Treasury bills
Tenant and other receivables
Investments in partially owned entities
Real estate fund investments
220 Central Park South condominium units ready for sale
Receivable arising from the straight-lining of rents
Deferred leasing costs, net of accumulated amortization of $237,395 and $211,775
Identified intangible assets, net of accumulated amortization of $98,139 and $97,186
Other assets
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgages payable, net
Senior unsecured notes, net
Unsecured term loan, net
Unsecured revolving credit facilities
Lease liabilities
Accounts payable and accrued expenses
Deferred revenue
Deferred compensation plan
Other liabilities
Total liabilities
Commitments and contingencies
Redeemable noncontrolling interests:
Class A units - 14,416,891 and 14,033,438 units outstanding
Series D cumulative redeemable preferred units - 141,400 units outstanding
Total redeemable noncontrolling partnership units
Redeemable noncontrolling interest in a consolidated subsidiary
Total redeemable noncontrolling interests
Partners' equity:
Partners' capital
Earnings less than distributions
Accumulated other comprehensive income (loss)
Total partners' equity
Noncontrolling interests in consolidated subsidiaries
Total equity
See notes to the consolidated financial statements.
As of December 31,
2022
2021
2,451,828 $
9,804,204
933,334
125,389
13,314,755
(3,470,991)
9,843,764
684,380
889,689
131,468
471,962
81,170
2,665,073
—
43,599
694,972
373,555
139,638
474,105
16,493,375 $
5,829,018 $
1,191,832
793,193
575,000
735,969
450,881
39,882
96,322
268,166
9,980,263
345,157
3,535
348,692
88,040
436,732
9,559,341
(3,894,580)
174,967
5,839,728
236,652
6,076,380
16,493,375 $
2,540,193
9,839,166
718,694
119,792
13,217,845
(3,376,347)
9,841,498
337,197
1,760,225
170,126
—
79,661
3,297,389
7,730
57,142
656,318
391,693
154,895
512,714
17,266,588
6,053,343
1,189,792
797,812
575,000
370,206
613,497
48,118
110,174
304,725
10,062,667
587,440
3,535
590,975
97,708
688,683
9,333,200
(3,079,320)
(17,534)
6,236,346
278,892
6,515,238
17,266,588
$
$
$
$
72
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per unit amounts)
REVENUES:
Rental revenues
Fee and other income
Total revenues
EXPENSES:
Operating
Depreciation and amortization
General and administrative
Benefit (expense) from deferred compensation plan liability
Impairment losses, transaction related costs and other
For the Year Ended December 31,
2022
2021
2020
$
1,607,685 $
1,424,531 $
192,310
1,799,995
(873,911)
(504,502)
(133,731)
9,617
(31,722)
164,679
1,589,210
(797,315)
(412,347)
(134,545)
(9,847)
(13,815)
1,377,635
150,316
1,527,951
(789,066)
(399,695)
(181,509)
(6,443)
(174,027)
Total expenses
(1,534,249)
(1,367,869)
(1,550,740)
(Loss) income from partially owned entities
Income (loss) from real estate fund investments
Interest and other investment income (loss), net
(Loss) income from deferred compensation plan assets
Interest and debt expense
Net gains on disposition of wholly owned and partially owned assets
(Loss) income before income taxes
Income tax (expense) benefit
Net (loss) income
Less net loss (income) attributable to noncontrolling interests in consolidated subsidiaries
Net (loss) income attributable to Vornado Realty L.P.
Preferred unit distributions
Series K preferred unit issuance costs
NET (LOSS) INCOME attributable to Class A unitholders
(LOSS) INCOME PER CLASS A UNIT - BASIC:
Net (loss) income per Class A unit
Weighted average units outstanding
(LOSS) INCOME PER CLASS A UNIT - DILUTED:
Net (loss) income per Class A unit
Weighted average units outstanding
(461,351)
3,541
19,869
(9,617)
(279,765)
100,625
(360,952)
(21,660)
(382,612)
5,737
(376,875)
(62,231)
—
130,517
11,066
4,612
9,847
(231,096)
50,770
197,057
10,496
207,553
(24,014)
183,539
(66,035)
(9,033)
(329,112)
(226,327)
(5,499)
6,443
(229,251)
381,320
(425,215)
(36,630)
(461,845)
139,894
(321,951)
(51,904)
—
(439,106) $
108,471 $
(373,855)
(2.15) $
205,315
0.52 $
204,728
(1.86)
203,503
(2.15) $
205,315
0.51 $
205,644
(1.86)
203,503
$
$
$
See notes to consolidated financial statements.
73
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in thousands)
Net (loss) income
Other comprehensive income (loss):
For the Year Ended December 31,
2022
2021
2020
$
(382,612) $
207,553 $
(461,845)
Change in fair value of interest rate swaps and other
Other comprehensive income (loss) of nonconsolidated subsidiaries
Comprehensive (loss) income
Less comprehensive loss (income) attributable to noncontrolling interests in consolidated
subsidiaries
190,493
18,874
(173,245)
3,121
Comprehensive (loss) income attributable to Vornado Realty L.P.
$
(170,124) $
51,338
10,275
269,166
(24,014)
245,152 $
(29,971)
(14,342)
(506,158)
139,894
(366,264)
See notes to consolidated financial statements.
74
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in thousands, except per unit amount)
Preferred Units
Class A Units
Owned by Vornado
Units
Amount
Units
Amount
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
(Loss) Income
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2021
48,793
$ 1,182,459
191,724
$ 8,150,741
$
(3,079,320) $
(17,534) $
278,892
$ 6,515,238
Net loss attributable to Vornado Realty L.P.
Net loss attributable to redeemable partnership
units
Net income attributable to nonredeemable
noncontrolling interests in consolidated
subsidiaries
Distributions to Vornado ($2.12 per unit)
Distributions to preferred unitholders (see Note
11 for distributions per unit amounts)
Class A Units issued to Vornado:
Upon redemption of redeemable Class A units,
at redemption value
Under Vornado's employees' share option plan
Under Vornado's dividend reinvestment plan
Contributions
Distributions
Deferred compensation units and options
Other comprehensive income of nonconsolidated
subsidiaries
Change in fair value of interest rate swaps and
other
Redeemable Class A unit measurement
adjustment
Redeemable partnership units' share of above
adjustments
Other
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(376,875)
30,376
—
(406,562)
(62,116)
117
3,524
—
28
—
—
(2)
—
—
—
—
—
7
878
—
—
588
—
—
221,145
—
(1)
—
—
—
—
—
(85)
—
—
—
—
2
—
—
—
—
—
—
—
—
—
—
—
18,874
190,494
—
(16,866)
(1)
—
—
(376,875)
30,376
3,931
3,931
—
—
—
—
—
5,609
(406,562)
(62,116)
3,524
7
878
5,609
(54,388)
(54,388)
—
—
—
—
503
18,874
190,494
221,145
2,616
(14,250)
(8)
(8)
Balance as of December 31, 2022
48,793
$ 1,182,459
191,867
$ 8,376,882
$
(3,894,580) $
174,967
$
236,652
$ 6,076,380
See notes to consolidated financial statements.
75
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY – CONTINUED
(Amounts in thousands, except per unit amounts)
Preferred Units
Class A Units
Owned by Vornado
Units
Amount
Units
Amount
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
Loss
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2020
48,793
$ 1,182,339
191,355
$ 8,200,140
$
(2,774,182) $
(75,099) $
414,957
$ 6,948,155
Net income attributable to Vornado Realty L.P.
Net income attributable to redeemable
partnership units
Net income attributable to nonredeemable
noncontrolling interests in consolidated
subsidiaries
Distributions to Vornado ($2.12 per unit)
Distributions to preferred unitholders (see Note
11 for distributions per unit amounts)
Series O cumulative redeemable preferred units
issuance
Class A Units issued to Vornado:
Upon redemption of redeemable Class A units,
at redemption value
Under Vornado's employees' share option plan
Under Vornado's dividend reinvestment plan
Contributions
Distributions
Conversion of Series A preferred units to Class
A units
Deferred compensation units and options
Other comprehensive income of nonconsolidated
subsidiaries
Change in fair value of interest rate swaps
Unearned 2018 Out-Performance Plan awards
acceleration
Redeemable Class A unit measurement
adjustment
Series K cumulative redeemable preferred units
called for redemption
Redeemable partnership units' share of above
adjustments
Other
—
—
—
—
—
—
—
—
—
—
12,000
291,153
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(13)
—
—
—
—
—
(12,000)
(290,967)
—
—
—
(53)
350
14,576
1
21
—
—
1
(4)
—
—
—
—
—
—
—
22
877
—
—
13
906
—
—
10,283
(76,073)
—
—
(3)
183,539
(7,540)
—
(406,109)
(65,880)
—
—
—
—
—
—
—
(114)
—
—
—
—
(9,033)
—
(1)
—
—
—
—
—
—
—
—
—
—
—
—
—
10,275
51,337
—
—
—
(4,048)
1
—
—
20,826
—
—
—
—
—
—
4,052
183,539
(7,540)
20,826
(406,109)
(65,880)
291,153
14,576
22
877
4,052
(160,975)
(160,975)
—
—
—
—
—
—
—
—
32
—
792
10,275
51,337
10,283
(76,073)
(300,000)
(4,048)
(24)
Balance as of December 31, 2021
48,793
$ 1,182,459
191,724
$ 8,150,741
$
(3,079,320) $
(17,534) $
278,892
$ 6,515,238
See notes to consolidated financial statements.
76
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY – CONTINUED
(Amounts in thousands, except per unit amount)
Preferred Units
Class A Units
Owned by Vornado
Units
Amount
Units
Amount
Earnings
Less Than
Distributions
Accumulated
Other
Comprehensive
Loss
Non-
controlling
Interests in
Consolidated
Subsidiaries
Total
Equity
Balance as of December 31, 2019
36,796
$ 891,214
190,986
$ 7,835,315
$
(1,954,266) $
(40,233) $
578,948
$ 7,310,978
—
—
—
—
—
—
—
—
—
—
—
—
12,000
291,182
Cumulative effect of accounting change
Net loss attributable to Vornado Realty L.P.
Net loss attributable to redeemable partnership
units
Net loss attributable to nonredeemable
noncontrolling interests in consolidated
subsidiaries
Distributions to Vornado ($2.38 per unit)
Distributions to preferred unitholders (see Note 11
for distributions per unit amounts)
Series N cumulative redeemable preferred units
issuance
Class A Units issued to Vornado:
Upon redemption of redeemable Class A units,
at redemption value
Under Vornado's employees' share option plan
Under Vornado's dividend reinvestment plan
Contributions:
Real estate fund investments
Other
Distributions
Conversion of Series A preferred units to Class A
units
Deferred compensation units and options
Other comprehensive loss of nonconsolidated
subsidiaries
Change in fair value of interest rate swaps
Unearned 2017 Out-Performance Plan awards
acceleration
—
—
—
—
—
—
(3)
—
—
—
—
Redeemable Class A unit measurement adjustment
—
Redeemable partnership units' share of above
adjustments
Other
—
—
—
—
—
—
—
—
(57)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
236
69
47
—
—
—
4
13
—
—
—
—
—
—
—
—
—
—
—
—
—
9,266
3,517
2,345
—
—
—
57
(16,064)
(321,951)
24,946
—
(454,939)
(51,739)
—
—
—
—
—
—
—
—
1,306
(137)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,824
344,043
—
(6,533)
—
—
—
—
—
(32)
(14,342)
(29,972)
—
—
2,914
6,534
—
—
—
(140,438)
—
—
—
—
—
—
3,389
4,305
(16,064)
(321,951)
24,946
(140,438)
(454,939)
(51,739)
291,182
9,266
3,517
2,345
3,389
4,305
(33,007)
(33,007)
—
—
—
—
—
—
—
1,760
—
1,169
(14,342)
(29,972)
10,824
344,043
2,914
1,729
Balance as of December 31, 2020
48,793
$ 1,182,339
191,355
$ 8,200,140
$
(2,774,182) $
(75,099) $
414,957
$ 6,948,155
See notes to consolidated financial statements.
77
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Cash Flows from Operating Activities:
Net (loss) income
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization (including amortization of deferred financing costs)
Equity in net loss (income) of partially owned entities
Distributions of income from partially owned entities
Net gains on disposition of wholly owned and partially owned assets
Straight-lining of rents
Stock-based compensation expense
Real estate impairment losses
Change in deferred tax liability
Amortization of below-market leases, net
Return of capital from real estate fund investments
Net realized and unrealized loss (income) on real estate fund investments
Write-off of lease receivables deemed uncollectible
Defeasance cost in connection with refinancing of mortgage payable
Non-cash gain on extinguishment of 608 Fifth Avenue lease liability
Credit losses on loans receivable
Decrease in fair value of marketable securities
Other non-cash adjustments
Changes in operating assets and liabilities:
Real estate fund investments
Tenant and other receivables
Prepaid assets
Other assets
Accounts payable and accrued expenses
Other liabilities
Net cash provided by operating activities
Cash Flows from Investing Activities:
Purchase of U.S. Treasury bills
Development costs and construction in progress
Proceeds from maturities of U.S. Treasury bills
Proceeds from sales of real estate
Additions to real estate
Proceeds from sale of condominium units and ancillary amenities at 220 Central Park South
Distributions of capital from partially owned entities
Investments in partially owned entities
Acquisitions of real estate and other
Acquisition of additional 45.0% ownership interest in One Park Avenue (inclusive of $5,806 of
prorations and net working capital and net of $39,370 of cash and restricted cash balances
consolidated upon acquisition)
Proceeds from repayments of loan receivables
Moynihan Train Hall expenditures
Proceeds from sales of marketable securities
Net cash used in investing activities
For the Year Ended December 31,
2022
2021
2020
$
(382,612) $
207,553 $
(461,845)
526,306
461,351
184,501
(100,625)
(46,177)
29,249
19,098
14,005
(5,178)
5,141
2,589
872
—
—
—
—
432,594
(130,517)
214,521
(50,770)
8,644
38,329
7,880
11,243
(9,249)
5,104
(4,621)
7,695
23,729
—
—
—
3,090
(3,875)
—
(4,437)
104,186
(34,615)
5,718
16,482
798,944
(1,066,096)
(737,999)
597,499
373,264
(159,796)
88,019
34,417
(33,172)
(3,000)
—
—
—
—
(4,474)
(187)
30,466
(54,716)
35,856
(3,399)
761,806
—
100,024
(149,461)
137,404
106,005
(14,997)
(3,000)
(123,936)
1,554
—
—
417,942
329,112
175,246
(381,320)
24,404
48,677
236,286
(96)
(16,878)
—
226,107
63,204
—
(70,260)
13,369
4,938
6,835
(7,197)
(5,330)
(137,452)
(52,832)
14,868
(3,538)
424,240
—
—
(155,738)
1,044,260
2,389
(8,959)
(1,156)
—
—
(395,051)
28,375
(87,800)
—
—
(585,940)
(601,920)
See notes to consolidated financial statements.
(906,864)
(532,347)
78
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
(Amounts in thousands)
Cash Flows from Financing Activities:
Repayments of borrowings
Proceeds from borrowings
Distributions to Vornado
Distributions to redeemable security holders and noncontrolling interests in consolidated
subsidiaries
Distributions to preferred unitholders
Debt issuance costs
Contributions from noncontrolling interests in consolidated subsidiaries
Proceeds received from exercise of Vornado stock options and other
Repurchase of Class A units related to stock compensation agreements and related tax withholdings
and other
Purchase of marketable securities in connection with defeasance of mortgage payable
Redemption of preferred units
Proceeds from the issuance of preferred units
Moynihan Train Hall reimbursement from Empire State Development
Net cash used in financing activities
Net (decrease) increase in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents and restricted cash at end of period
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents at beginning of period
Restricted cash at beginning of period
Cash and cash equivalents and restricted cash at beginning of period
Cash and cash equivalents at end of period
Restricted cash at end of period
Cash and cash equivalents and restricted cash at end of period
For the Year Ended December 31,
2022
2021
2020
$
(1,251,373) $
(1,584,243) $
(1,067,564)
1,029,773
(406,562)
3,248,007
(406,109)
1,056,315
(827,319)
(84,699)
(62,116)
(32,706)
5,609
885
(85)
—
—
—
—
(801,274)
(909,194)
1,930,351
(190,876)
(65,880)
(51,184)
4,052
899
(1,567)
(973,729)
(300,000)
291,153
—
(29,477)
199,982
1,730,369
1,021,157 $
1,930,351 $
(91,514)
(64,271)
(10,901)
100,094
5,862
(137)
—
—
291,182
395,051
(213,202)
123,238
1,607,131
1,730,369
1,760,225 $
1,624,482 $
1,515,012
170,126
105,887
92,119
1,930,351 $
1,730,369 $
1,607,131
889,689 $
1,760,225 $
1,624,482
131,468
170,126
105,887
1,021,157 $
1,930,351 $
1,730,369
$
$
$
$
$
See notes to consolidated financial statements.
79
VORNADO REALTY L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS – CONTINUED
(Amounts in thousands)
Supplemental Disclosure of Cash Flow Information:
Cash payments for interest, excluding capitalized interest of $19,085, $38,320 and $40,855
Cash payments for income taxes
Non-Cash Information:
Additional estimated lease liability arising from the recognition of right-of-use asset
Write-off of fully depreciated assets
Redeemable Class A unit measurement adjustment
Change in fair value of consolidated interest rate swaps and other
Accrued capital expenditures included in accounts payable and accrued expenses
Reclassification of condominium units from "development costs and construction in progress" to
"220 Central Park South condominium units ready for sale"
Increase in assets and liabilities resulting from the consolidation of One Park Avenue:
Real estate
Identified intangible assets
Mortgages payable
Deferred revenue
Marketable securities transferred in connection with the defeasance of mortgage payable
Defeasance of mortgage payable
Reclassification of assets held for sale (included in "other assets")
Decrease in assets and liabilities resulting from the deconsolidation of Moynihan Train Hall:
Real estate, net
Moynihan Train Hall Obligation
$
$
$
For the Year Ended December 31,
2022
2021
2020
252,371 $
188,587 $
7,947 $
9,155 $
210,052
15,105
350,000 $
(278,561)
221,145
190,494
104,750
— $
(123,537)
(76,073)
51,337
291,690
—
(189,250)
344,043
(29,972)
117,641
32,604
16,014
388,280
—
—
—
—
—
—
—
—
—
—
566,013
139,545
525,000
18,884
(973,729)
950,000
80,005
—
—
—
—
—
—
—
—
—
—
—
(1,291,804)
(1,291,804)
See notes to consolidated financial statements.
80
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. Organization and Business
Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through,
and substantially all of its interests in properties are held by, Vornado Realty L.P. (the “Operating Partnership”), a Delaware limited
partnership. Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders are dependent upon the cash flow of the
Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors. Vornado is the
sole general partner of and owned approximately 92% of the common limited partnership interest in the Operating Partnership as of
December 31, 2022. All references to the “Company,” “we,” “us” and “our” mean, collectively, Vornado, the Operating Partnership
and those subsidiaries consolidated by Vornado.
We currently own all or portions of:
New York:
•
62 Manhattan operating properties consisting of:
•
•
•
19.9 million square feet of office space in 30 of the properties;
2.6 million square feet of street retail space in 56 of the properties;
1,664 units in six Manhattan residential properties;
• Multiple development sites, including 350 Park Avenue and the Hotel Pennsylvania site;
•
A 32.4% interest in Alexander’s, Inc. (“Alexander’s”) (NYSE: ALX), which owns six properties in the greater New York
metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and
The Alexander, a 312-unit apartment tower in Queens;
Signage throughout the Penn District and Times Square; and
Building Maintenance Services LLC ("BMS"), a wholly owned subsidiary, which provides cleaning and security services for
our buildings and third parties.
•
•
Other Real Estate and Investments:
•
•
•
The 3.7 million square foot theMART in Chicago;
A 70% controlling interest in 555 California Street, a three-building office complex in San Francisco’s financial district
aggregating 1.8 million square feet; and
Other real estate and investments.
2. Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements include the accounts of Vornado and the Operating Partnership and their
consolidated subsidiaries. All inter-company amounts have been eliminated. Our consolidated financial statements are prepared in
accordance with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make
estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could
differ from those estimates. In addition, certain prior year balances have been reclassified in order to conform to the current period
presentation.
Recently Issued Accounting Literature
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04
establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform, and in January 2021, the FASB issued
ASU 2021-01, Reference Rate Reform (Topic 848): Scope (collectively, "ASC 848"). ASC 848 contains practical expedients for
reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASC 848 is optional
and may be elected over time as reference rate reform activities occur. We have elected to apply the hedge accounting expedients
related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which
future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves
the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the
Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASC 848 to December 31, 2024. ASU
2022-06 is effective immediately for all companies. ASU 2022-06 will have no impact on the Company’s consolidated financial
statements for the year ended December 31, 2022. We continue to evaluate the impact of ASC 848 and may apply other elections as
applicable as additional changes in the market occur.
81
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. Basis of Presentation and Significant Accounting Policies - continued
Recently Issued Accounting Literature - continued
In August 2020, the FASB issued an update ("ASU 2020-06") Debt - Debt with Conversion and Other Options (ASC Subtopic
470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (ASC Subtopic 815-40). ASU 2020-06 simplifies the
accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible
preferred stock, removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope
exception and also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for reporting periods
beginning after December 15, 2021, with early adoption permitted. We adopted this update effective January 1, 2022 using the
modified retrospective approach which did not have a material impact on our consolidated financial statements and disclosures.
In July 2021, the FASB issued an update ("ASU 2021-05") Lessors - Certain Leases with Variable Lease Payments to ASC Topic
842, Leases ("ASC 842"). ASU 2021-05 provides additional ASC 842 classification guidance as it relates to a lessor's accounting for
certain leases with variable lease payments. ASU 2021-05 requires a lessor to classify a lease with variable payments that do not
depend on an index or rate as an operating lease if either a sales-type lease or direct financing lease classification would trigger a day-
one loss. ASU 2021-05 is effective for reporting periods beginning after December 15, 2021, with early adoption permitted. We
adopted this update effective January 1, 2022 which did not have an impact on our consolidated financial statements and disclosures.
Significant Accounting Policies
Real Estate: Real estate is carried at cost, net of accumulated depreciation and amortization. Betterments, major renewals and
certain costs directly related to the improvement and leasing of real estate are capitalized. Maintenance and repairs are expensed as
incurred. For redevelopment of existing operating properties, the net book value of the existing property under redevelopment plus the
cost for the construction and improvements incurred in connection with the redevelopment, including interest and debt expense, are
capitalized to the extent the capitalized costs of the property do not exceed the estimated fair value of the redeveloped property when
complete. If the cost of the redeveloped property, including the net book value of the existing property, exceeds the estimated fair
value of the redeveloped property, the excess is charged to expense. Depreciation is recognized on a straight-line basis over the
estimated useful lives of these assets which range from 7 to 40 years. Tenant allowances are amortized on a straight-line basis over the
lives of the related leases, which approximate the useful lives of the assets.
Upon the acquisition of real estate, we assess whether the transaction should be accounted for as an asset acquisition or as a
business combination. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted
for as asset acquisitions. Our acquisitions of real estate generally will not meet the definition of a business because substantially all of
the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related
identified intangible assets).
We assess the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired
above and below-market leases, acquired in-place leases and tenant relationships) and acquired liabilities and we allocate the purchase
price based on these assessments which are on a relative fair value basis. We assess fair value based on estimated cash flow
projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows
are based on a number of factors including historical operating results, known trends, and market/economic conditions. We amortize
identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows
of the property or business acquired.
Our properties, including any related right-of-use ("ROU") assets and intangible assets, are individually reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment exists when
the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an
undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair
value. Impairment analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are
subjective and are based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount
rates and capitalization rates which could differ materially from actual results.
82
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. Basis of Presentation and Significant Accounting Policies - continued
Significant Accounting Policies - continued
Partially Owned Entities: We consolidate entities in which we have a controlling financial interest. In determining whether we
have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we
consider (i) whether the entity is a variable interest entity (“VIE”) in which we are the primary beneficiary or (ii) whether the entity is
a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary
of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance
and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control
a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most
significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the
placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the
equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the
investee. Equity method investments are initially recorded at cost and subsequently adjusted for our share of net income or loss and
cash contributions and distributions each period. Equity investments that do not qualify for consolidation or equity method accounting
are recorded at fair value in accordance with ASC Topic 321, Investments-Equity Securities ("ASC 321") or, if fair value is not readily
determinable, are initially recognized at cost and subsequently remeasured if there is an orderly transaction in an identical or similar
investment of the same issuer or if the investment is impaired.
Investments in unconsolidated partially owned entities are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recorded when there is a decline in the fair value of
an investment below its carrying value and we conclude that the decline is other-than-temporary during our intended holding period.
An impairment loss is measured based on the excess of the carrying amount of an investment over its estimated fair value. Impairment
analyses are based on information available at the time the analyses are prepared. Estimates of future cash flows are subjective and are
based, in part, on assumptions regarding future rental revenues, operating expenses, capital expenditures, discount rates and
capitalization rates which could differ materially from actual results.
220 Central Park South Condominium Units Ready For Sale: Our 220 Central Park South (“220 CPS”) residential
condominium units are reclassified from “development costs and construction in progress” to “220 Central Park South condominium
units ready for sale” upon receipt of the unit’s temporary certificate of occupancy. These units are substantially complete and ready for
sale. Each unit is carried at the lower of its carrying amount or fair value less costs to sell. We have used the relative sales value
method to allocate costs to individual condominium units. GAAP income is recognized when legal title transfers upon closing of the
condominium unit sales and is included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated
statements of income. As of December 31, 2022 and 2021, none of the 220 CPS condominium units ready for sale had a carrying
value that exceeded fair value.
Cash and Cash Equivalents: Cash and cash equivalents consist of highly liquid investments with original maturities of three
months or less and are carried at cost, which approximates fair value due to their short-term maturities. The majority of our cash and
cash equivalents consists of (i) deposits at major commercial banks, which may at times exceed the Federal Deposit Insurance
Corporation limit and (ii) Certificate of Deposits placed through an Account Registry Service.
Restricted Cash: Restricted cash consists of security deposits, cash restricted for the purposes of facilitating a Section 1031 Like-
Kind exchange, cash restricted in connection with our deferred compensation plan and cash escrowed under loan agreements,
including for debt service, real estate taxes, property insurance and capital improvements.
Investments in U.S. Treasury Bills: Treasury bills are short-term debt obligations with maturities of one year or less issued by
the U.S. Treasury Department and backed by the U.S. Government. Treasury bills yield no interest, but are issued at a discount to the
redemption price. We classify our investments in U.S. Treasury bills as available-for-sale debt investments. We use quoted market
prices to determine the fair value of our investments in U.S. Treasury bills.
Deferred Charges: Direct financing costs are deferred and amortized over the terms of the related agreements as a component of
interest expense. Direct and incremental costs related to successful leasing activities are capitalized and amortized on a straight-line
basis over the lives of the related leases. All other deferred charges are amortized on a straight-line basis, which approximates the
effective interest rate method, in accordance with the terms of the agreements to which they relate.
83
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. Basis of Presentation and Significant Accounting Policies - continued
Significant Accounting Policies - continued
Revenue Recognition:
•
Rental revenues include revenues from the leasing of space at our properties to tenants, trade shows, tenant services and
parking garage revenues.
•
•
•
•
Revenues from the leasing of space at our properties to tenants include (i) lease components, including fixed and
variable lease payments, and nonlease components which include reimbursement of common area maintenance
expenses, and (ii) reimbursement of real estate taxes and insurance expenses. As lessor, we have elected to combine
the lease and nonlease components of our operating lease agreements and account for the components as a single
lease component in accordance with ASC 842.
•
•
Revenues from fixed lease payments for operating leases are recognized on a straight-line basis over the
non-cancelable term of the lease, together with renewal options that are reasonably certain of being
exercised. We commence revenue recognition when the tenant takes possession of the leased space and the
leased space is substantially ready for its intended use.
Revenues derived from the reimbursement of real estate taxes, insurance expenses and common area
maintenance expenses are generally recognized in the same period as the related expenses are incurred.
• We recognize amortization of acquired below-market leases as an increase to rental revenues and
amortization of acquired above-market leases as a decrease to rental revenues over the term of the lease
(see Note 8 - Identified Intangible Assets and Liabilities).
Revenues from the operation of trade shows at our properties, primarily derived from booth rentals, are recognized
when the trade show booths are made available for use by the exhibitors, in accordance with ASC 842.
Revenues derived from sub-metered electric, elevator, trash removal and other services provided to our tenants at
their request are recognized as the services are transferred in accordance with ASC Topic 606, Revenue from
Contracts with Customers ("ASC 606").
Revenues derived from the operations of our parking facilities, which charge hourly or monthly fees to provide
parking services to customers, are recognized as the services are transferred in accordance with ASC 606.
• We classify revenues derived from management, leasing and other contractual agreements (including BMS cleaning,
engineering and security services) with third parties or with partially owned entities as “fee and other income” and recognize
revenue as the services are transferred in accordance with ASC 606.
We evaluate on an individual lease basis whether it is probable that we will collect substantially all amounts due from our tenants
and recognize changes in the collectability assessment of our operating leases as adjustments to rental revenue. Management exercises
judgment in assessing collectability of tenant receivables and considers payment history, current credit status and publicly available
information about the financial condition of the tenant, the impact of COVID-19 on tenants' businesses, and other factors. Tenant
receivables, including receivables arising from the straight-lining of rents, are written off when management deems that the
collectability of substantially all future lease payments from a specific lease is not probable of collection, at which point, the Company
will limit future rental revenues to cash received.
We have made a policy election in accordance with the FASB Staff Q&A which provides relief in accounting for leases during
the COVID-19 pandemic, allowing us to continue recognizing rental revenue on a straight-line basis for rent deferrals, with no impact
to revenue recognition, and to recognize rent abatements as a reduction to rental revenue in the period granted.
84
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. Basis of Presentation and Significant Accounting Policies - continued
Significant Accounting Policies - continued
Income Taxes: Vornado operates in a manner intended to enable it to continue to qualify as a REIT under Sections 856-860 of
the Internal Revenue Code of 1986, as amended. Under those sections, a REIT which distributes at least 90% of its REIT taxable
income as a dividend to its shareholders each year and which meets certain other conditions will not be taxed on that portion of its
taxable income which is distributed to its shareholders. Vornado distributes to its shareholders 100% of its REIT taxable income and
therefore, no provision for Federal income taxes is required. Dividends distributed for the year ended December 31, 2022 were
characterized, for federal income tax purposes, as ordinary income under Section 199A of the Internal Revenue Code. Dividends
distributed for the year ended December 31, 2021 were characterized for federal income tax purposes as 84.2% ordinary income under
Section 199A of the Internal Revenue Code and 15.8% qualified dividend income (taxed as long-term capital gain). Dividends
distributed for the year ended December 31, 2020 were characterized for federal income tax purposes as ordinary income under
Section 199A of the Internal Revenue Code.
We have elected to treat certain consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as
taxable REIT subsidiaries pursuant to an amendment to the Internal Revenue Code that became effective January 1, 2001. Taxable
REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for tenants and are
subject to Federal and State income tax at regular corporate tax rates. The Farley Building and our 220 CPS condominium project are
held through taxable REIT subsidiaries.
As of December 31, 2022 and 2021, our taxable REIT subsidiaries had deferred tax assets, net of valuation allowances, of
$7,944,000 and $8,582,000, respectively, which are included in “other assets” on our consolidated balance sheets. As of December 31,
2022 and 2021, our taxable REIT subsidiaries had deferred tax liabilities of $54,597,000 and $40,591,000, respectively, which are
included in "other liabilities" on our consolidated balance sheets. The deferred tax assets relate to net operating loss carry forwards and
temporary differences between the book and tax basis of our assets. The deferred tax liabilities relate to temporary differences between
the book and tax basis of our assets.
As of December 31, 2022, our taxable REIT subsidiaries have an estimated $166,000,000 of federal net operating loss ("NOL")
carryforwards and $208,000,000 of state and local NOL carryforwards, which are reduced by valuation allowances of $145,000,000
for federal NOL carryforwards and $186,000,000 for state and local NOL carryforwards. The NOL carryforwards are subject to
certain limitations.
For the year ended December 31, 2022, we recognized $21,660,000 of income tax expense based on a negative effective tax rate
of approximately 6.0%. For the years ended December 31, 2021 and 2020, we recognized $10,496,000 of income tax benefit and
$36,630,000 of income tax expense, based on negative effective tax rates of approximately 5.3% and 8.6%, respectively. Income tax
(expense) benefit recorded in each of the years primarily relates to our consolidated taxable REIT subsidiaries, and certain state, local,
and franchise taxes. The year ended December 31, 2022 included $13,665,000 of income tax expense resulting from book to tax
differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $6,016,000 of
income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2021 included $27,910,000
of income tax benefit recognized by our taxable REIT subsidiaries, $10,868,000 of income tax expense resulting from book to tax
differences (primarily straight-line rent adjustments and depreciation) on our investment in The Farley Building and $5,711,000 of
income tax expense recognized on the sale of 220 CPS condominium units. The year ended December 31, 2020 included $49,221,000
of income tax expense recognized on the sale of 220 CPS condominium units. The Company has no uncertain tax positions recognized
as of December 31, 2022 and 2021.
The Operating Partnership’s partners are required to report their respective share of taxable income on their individual tax returns.
The estimated taxable income attributable to Vornado common shareholders (unaudited) for the years ended December 31, 2022,
2021 and 2020 was approximately $398,644,000, $413,026,000, and $419,812,000, respectively. The book to tax differences between
net (loss) income and estimated taxable income primarily result from differences in the income recognition or deductibility of
depreciation and amortization, gain or loss from the sale of real estate and other capital transactions, impairment losses, straight-line
rent adjustments, stock option expense and repairs expense related to the tangible property regulations.
The net basis of Vornado’s assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts
reported in Vornado’s consolidated balance sheet as of December 31, 2022.
85
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. Revenue Recognition
Below is a summary of our revenues by segment. Additional financial information related to these reportable segments for the
years ended December 31, 2022, 2021 and 2020 is set forth in Note 23 - Segment Information.
(Amounts in thousands)
Property rentals
Trade shows(1)
Lease revenues(2)
Tenant services
Parking revenues
Rental revenues
BMS cleaning fees
Management and leasing fees
Other income
Fee and other income
Total revenues
____________________
See notes on following page.
(Amounts in thousands)
Property rentals
Trade shows(1)
Lease revenues(2)
Tenant services
Parking revenues
Rental revenues
BMS cleaning fees
Management and leasing fees
Other income
Fee and other income
Total revenues
____________________
See notes on following page.
For the Year Ended December 31, 2022
Total
New York
Other
$
1,510,648 $
1,230,851 $
32,669
1,543,317
45,211
19,157
1,607,685
137,673
11,039
43,598
192,310
—
1,230,851
33,351
15,979
1,280,181
146,530
11,645
11,086
169,261
1,799,995 $
1,449,442 $
For the Year Ended December 31, 2021
Total
New York
Other
1,354,209 $
1,071,816 $
$
$
19,482
1,373,691
37,449
13,391
1,424,531
119,780
11,725
33,174
164,679
—
1,071,816
26,048
11,370
1,109,234
126,891
12,177
9,297
148,365
$
1,589,210 $
1,257,599 $
279,797
32,669
312,466
11,860
3,178
327,504
(8,857) (3)
(606)
32,512
23,049
350,553
282,393
19,482
301,875
11,401
2,021
315,297
(7,111) (3)
(452)
23,877
16,314
331,611
86
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. Revenue Recognition - continued
(Amounts in thousands)
Property rentals
Hotel Pennsylvania(4)
Trade shows(1)
Lease revenues(2)
Tenant services
Rental revenues
BMS cleaning fees
Management and leasing fees
Other income
Fee and other income
Total revenues
For the Year Ended December 31, 2020
Total
New York
Other
$
1,323,347 $
1,051,009 $
8,741
11,303
1,343,391
34,244
1,377,635
105,536
19,416
25,364
150,316
8,741
—
1,059,750
23,750
1,083,500
112,112
19,508
6,628
138,248
$
1,527,951 $
1,221,748 $
272,338
—
11,303
283,641
10,494
294,135
(6,576) (3)
(92)
18,736
12,068
306,203
________________________________________
(1) We cancelled trade shows at theMART beginning late March of 2020 due to the COVID-19 pandemic and resumed in the third quarter of 2021.
(2) The components of lease revenues were as follows:
(Amounts in thousands)
Fixed billings
Variable billings
Total contractual operating lease billings
Adjustment for straight-line rents and amortization of acquired below-market leases and
other, net
Less: write-off of straight-line rent and tenant receivables deemed uncollectible
For the Year Ended December 31,
2022
2021
2020
$
1,376,527 $
1,277,645 $
122,947
1,499,474
44,715
(872)
108,850
1,386,495
(5,109)
(7,695)
1,292,174
126,907
1,419,081
(12,486)
(63,204)
Lease revenues
$
1,543,317 $
1,373,691 $
1,343,391
(3) Represents the elimination of BMS cleaning fees related to theMART and 555 California Street which are included as income in the New York segment.
(4) We permanently closed the Hotel Pennsylvania on April 5, 2021 and plan to develop an office tower on the site.
4. Real Estate Fund Investments
We are the general partner and investment manager of Vornado Capital Partners Real Estate Fund (the “Fund”) and own a 25.0%
interest in the Fund. The Fund had an initial eight-year term ending February 2019, which has been extended to December 2023, by
which time the Fund intends to dispose of its remaining investments and wind down its business. The Fund's three-year investment
period ended in July 2013. The Fund is accounted for under ASC Topic 946, Financial Services – Investment Companies (“ASC 946”)
and its investments are reported on its balance sheet at fair value, with changes in value each period recognized in earnings. We
consolidate the accounts of the Fund into our consolidated financial statements, retaining the fair value basis of accounting.
We are the general partner and investment manager of the Crowne Plaza Times Square Hotel Joint Venture (the “Crowne Plaza
Joint Venture”) and own a 57.1% interest in the joint venture which owns the 24.3% interest in the Crowne Plaza Times Square Hotel
not owned by the Fund. Through our interests in the Fund and the Crowne Plaza Joint Venture, in total we own an indirect, minority
32.8% interest in the Crowne Plaza Times Square Hotel. The Crowne Plaza Joint Venture is also accounted for under ASC 946 and we
consolidate the accounts of the joint venture into our consolidated financial statements, retaining the fair value basis of accounting. As
of December 31, 2022, our total investment in the Crowne Plaza Times Square Hotel had a carrying value of zero on our consolidated
balance sheet. On June 9, 2020, the Fund and the Crowne Plaza Joint Venture (collectively, the “Crowne Plaza Co-Investors”)
defaulted on the $274,355,000 non-recourse loan on the Crowne Plaza Times Square Hotel.
87
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
4. Real Estate Fund Investments - continued
In 2021, the mezzanine lender to the Crowne Plaza Co-Investors exercised its right under the loan documents and appointed an
independent director to certain subsidiaries of the Crowne Plaza Co-Investors. Since then, neither we nor the Fund control Crowne
Plaza Times Square Hotel nor have we or the Fund been involved in making any operating decisions relating to Crowne Plaza Times
Square Hotel. In December 2022, the Fund entered into a Restructuring Support Agreement with certain subsidiaries and the lender of
the loan on the Crowne Plaza Times Square Hotel, pursuant to which the independent director caused the subsidiaries to enter into a
Chapter 11 bankruptcy restructuring process and the Fund agreed to work consensually with such subsidiaries and the lender to
effectuate a transfer of ownership of the hotel property through a court supervised auction process, or an equitization of the secured
loans held by the lender. We expect that, following the Chapter 11 restructuring, neither we nor the Fund will have any continuing
ownership or other interest in the property and neither we nor the Fund will receive any proceeds or have any liability as a result of the
restructuring.
On May 20, 2022, 1100 Lincoln Road was conveyed to the lender pursuant to a deed-in-lieu of foreclosure agreement in exchange
for a $5,672,000 payment to the Fund. From the inception of this investment through its disposition, the Fund realized a $54,255,000
net loss.
As of December 31, 2022, we had two real estate fund investments through the Fund and the Crowne Plaza Joint Venture carried
at zero on our consolidated balance sheet, $276,390,000 below cost, and had remaining unfunded commitments of $28,465,000, of
which our share was $8,849,000. As of December 31, 2021, we had three real estate fund investments with an aggregate fair value of
$7,730,000.
Below is a summary of income (loss) from the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)
For the Year Ended December 31,
2022
2021
2020
Previously recorded unrealized loss on exited investments
$
59,396 $
— $
Realized (loss) income on exited investments
Net unrealized (loss) income on held investments
Net investment income (loss)
Income (loss) from real estate fund investments
Less (income) loss attributable to noncontrolling interests in consolidated subsidiaries
Income (loss) from real estate fund investments net of noncontrolling interests in consolidated
subsidiaries
(54,255)
(7,730)
6,130
3,541
(1,870)
1,364
3,257
6,445
11,066
(7,309)
—
—
(226,107)
(220)
(226,327)
163,213
$
1,671 $
3,757 $
(63,114)
The table below summarizes the changes in the fair value of the Fund and the Crowne Plaza Joint Venture.
(Amounts in thousands)
Beginning balance
Previously recorded unrealized loss on exited investments
Realized (loss) income on exited investments
Net unrealized (loss) income on held investments
Dispositions
Purchases/additional fundings
Ending balance
For the Year Ended December 31,
2022
2021
$
$
7,730 $
59,396
(54,255)
(7,730)
(5,141)
—
— $
3,739
—
1,364
3,257
(5,104)
4,474
7,730
88
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5.
Investments in Partially Owned Entities
Fifth Avenue and Times Square JV
As of December 31, 2022, we own a 51.5% common interest in a joint venture ("Fifth Avenue and Times Square JV") which
owns interests in properties located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth
Avenue, 1535 Broadway and 1540 Broadway (collectively, the "Properties"). The remaining 48.5% common interest in the joint
venture is owned by a group of institutional investors (the "Investors"). Our 51.5% common interest in the joint venture represents an
effective 51.0% interest in the Properties. The 48.5% common interest in the joint venture owned by the Investors represents an
effective 47.2% interest in the Properties.
We also own $1.828 billion of preferred equity security interests in certain of the properties. The preferred equity has an annual
coupon of 4.25% through April 2024, increasing to 4.75% for the subsequent five years and thereafter at a formulaic rate. It can be
redeemed under certain conditions on a tax deferred basis.
Fifth Avenue and Times Square JV was formed in April 2019, when we contributed our interests in the Properties to the joint
venture and transferred a 48.5% common interest in the joint venture to the Investors (the “Transaction”). The Transaction valued the
Properties at $5.556 billion, resulting in a $2.571 billion net gain, before noncontrolling interests of $11,945,000, including a gain
related to the step up in our basis of the retained portion of the assets to fair value. During 2020, Manhattan street retail suffered
negative market conditions, which was further stressed by the COVID-19 pandemic, resulting in our recognition of other-than-
temporary impairment losses of $413,349,000, before noncontrolling interests of $4,289,000, for the year ended December 31, 2020.
While the Manhattan street retail market has since stabilized, the recovery of rental rates is likely to be further elongated and stabilize
at lower levels than previously expected. These factors have resulted in a further decline in the value of our investment, which we
determined was other-than-temporary based on our inability to forecast a recovery over our anticipated holding period. Accordingly,
we recognized an impairment loss of $489,859,000, before noncontrolling interests of $6,822,000, for the year ended December 31,
2022 which is included in “(loss) income from partially owned entities” on our consolidated statements of income. In determining the
fair value of our investment, we considered, among other factors, a discounted cash flow analysis based upon market conditions and
expectations of growth.
As of December 31, 2022, the carrying amount of our investment in the joint venture was less than our share of the equity in the
net assets of the joint venture by approximately $864,317,000, the basis difference primarily resulting from the non-cash impairment
losses discussed above. Substantially all of this basis difference was allocated, based on our estimates of the fair values of Fifth
Avenue and Times Square JV’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis difference related
to the buildings into earnings as a reduction to depreciation expense over their estimated useful lives.
We receive an annual fee for managing the Properties equal to 2% of the gross revenues from the Properties. In addition, we are
entitled to a development fee of 5% of development costs, plus reimbursement of certain costs, for development projects performed by
us. We are entitled to 1.5% of development costs, plus reimbursement of certain costs, as a supervisory fee for development projects
not performed by us. We provide leasing services for fees calculated based on a percentage of rents, less any commissions paid to
third-party real estate brokers, if applicable. We jointly provide leasing services for the retail space with Crown Retail Services LLC,
and exclusively provide leasing services for the office space. We recognized property management fee income, included in "fee and
other income" on our consolidated statements of income, of $4,397,000, $4,297,000 and $3,982,000 for the years ended December 31,
2022, 2021 and 2020, respectively.
BMS, our wholly-owned subsidiary, supervises cleaning, security and engineering services at certain of the Properties. We
recognized income for these services, included in "fee and other income" on our consolidated statements of income, of $4,571,000,
$3,993,000 and $3,595,000 for the years ended December 31, 2022, 2021 and 2020, respectively.
We believe, based on comparable fees charged by other real estate companies, that the fees described above are consistent with
the market.
On April 18, 2022, we received a $13,613,000 refund of New York City real property transfer tax that we previously paid in
connection with the transfer of the Properties to Fifth Avenue and Times Square JV in April 2019. The receipt of the refund was
recognized in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income for the
year ended December 31, 2022.
89
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. Investments in Partially Owned Entities - continued
Fifth Avenue and Times Square JV - continued
On December 21, 2022, the 697-703 Fifth Avenue $450,000,000 non-recourse mortgage loan matured and was not repaid, at
which time the lenders declared an event of default. During December 2022, $29,000,000 of property-level funds were applied by the
lenders against the principal balance resulting in a $421,000,000 loan balance as of December 31, 2022. The loan bears default interest
at the Prime Rate plus 1.00% (8.50% as of December 31, 2022). The Fifth Avenue and Times Square JV is in negotiations with the
lenders regarding a restructuring but there can be no assurance as to the timing and ultimate resolution of these negotiations.
Alexander’s, Inc
As of December 31, 2022, we own 1,654,068 Alexander’s common shares, or approximately 32.4% of Alexander’s common
equity. We manage, develop and lease Alexander’s properties pursuant to agreements which expire in March of each year and are
automatically renewable. As of December 31, 2022 and 2021, Alexander’s owed us an aggregate of $801,000 and $879,000,
respectively, pursuant to such agreements.
As of December 31, 2022, the market value (“fair value” pursuant to ASC Topic 820, Fair Value Measurements ("ASC 820")) of
our investment in Alexander’s, based on Alexander’s December 31, 2022 closing share price of $220.06, was $363,994,000, or
$276,198,000 in excess of the carrying amount on our consolidated balance sheet. As of December 31, 2022, the carrying amount of
our investment in Alexander’s, excluding amounts owed to us, exceeds our share of the equity in the net assets of Alexander’s by
approximately $29,972,000. The majority of this basis difference resulted from the excess of our purchase price for the Alexander’s
common stock acquired over the book value of Alexander’s net assets. Substantially all of this basis difference was allocated, based on
our estimates of the fair values of Alexander’s assets and liabilities, to real estate (land and buildings). We are amortizing the basis
difference related to the buildings into earnings as additional depreciation expense over their estimated useful lives. This depreciation
is not material to our share of equity in Alexander’s net income.
Management, Development, Leasing and Other Agreements
We receive an annual fee for managing Alexander’s and all of its properties equal to the sum of (i) $2,800,000, (ii) 2% of the
gross revenue from the Rego Park II Shopping Center, (iii) $0.50 per square foot of the tenant-occupied office and retail space at 731
Lexington Avenue, and (iv) $354,000, escalating at 3% per annum, for managing the common area of 731 Lexington Avenue. In
addition, we are entitled to a development fee of 6% of development costs, as defined.
We provide Alexander’s with leasing services for a fee of 3% of rent for the first ten years of a lease term, 2% of rent for the
eleventh through twentieth year of a lease term and 1% of rent for the twenty-first through thirtieth year of a lease term, subject to the
payment of rents by Alexander’s tenants. In the event third-party real estate brokers are used, our fee increases by 1% and we are
responsible for the fees to the third-parties. We are also entitled to a commission upon the sale of any of Alexander’s assets equal to
3% of gross proceeds, as defined, for asset sales less than $50,000,000, and 1% of gross proceeds, as defined, for asset sales of
$50,000,000 or more.
BMS, our wholly-owned subsidiary, supervises (i) cleaning, engineering and security services at Alexander’s 731 Lexington
Avenue property and (ii) security services at Alexander’s Rego Park I, Rego Park II properties and The Alexander apartment tower.
During the years ended December 31, 2022, 2021 and 2020, we recognized $4,601,000, $4,234,000 and $3,613,000 of income,
respectively, for these services.
330 West 34th Street land owner joint venture
On August 18, 2022, the joint venture that owns the fee interest in the 330 West 34th Street land, in which we have a 34.8%
interest, completed a $100,000,000 refinancing. The interest-only loan bears interest at a fixed rate of 4.55% and matures in September
2032. In connection with the refinancing, we realized net proceeds of $10,500,000. The loan replaces the previous $50,150,000 loan
that bore interest at a fixed rate of 5.71%.
90
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. Investments in Partially Owned Entities – continued
Below is a schedule of our investments in partially owned entities.
(Amounts in thousands)
Investments:
Fifth Avenue and Times Square JV (see page 89 for details)
Partially owned office buildings/land(1)
Alexander’s (see page 90 for details)
Other investments(2)
Investments in partially owned entities included in other liabilities(3):
7 West 34th Street
85 Tenth Avenue
Percentage
Ownership at
December 31, 2022
Balance as of December 31,
2022
2021
51.5%
Various
32.4%
Various
53.0%
49.9%
$
2,272,320 $
2,770,633
182,180
87,796
122,777
299,101
91,405
136,250
2,665,073 $
3,297,389
(65,522) $
(16,006)
(81,528) $
(60,918)
(18,067)
(78,985)
$
$
$
________________________________________
Includes interests in 280 Park Avenue, 650 Madison Avenue (balance reduced to zero in 2022), 512 West 22nd Street, 61 Ninth Avenue and others.
(1)
(2)
Includes interests in Independence Plaza, Rosslyn Plaza and others.
(3) Our negative basis results from distributions in excess of our investment.
Below is a schedule of (loss) income from partially owned entities.
(Amounts in thousands)
Our share of net (loss) income:
Fifth Avenue and Times Square JV (see page 89 for details)
Non-cash impairment loss
Equity in net income(1)
Return on preferred equity, net of our share of the expense
Alexander's (see page 90 for details):
Equity in net income(2)
Net gain on sale of land
Management, leasing and development fees
Partially owned office buildings(3)
Other investments(4)
Percentage
Ownership at
December 31, 2022
For the Year Ended December 31,
2022
2021
2020
51.5%
$
(489,859) $
— $
(413,349)
55,248
37,416
(397,195)
18,439
—
4,534
22,973
(110,261)
47,144
37,416
84,560
20,116
14,576
5,429
40,121
6,384
21,063
37,357
(354,929)
13,326
—
5,309
18,635
11,943
23,132
(548)
(4,761)
$
(461,351) $
130,517 $
(329,112)
32.4%
Various
Various
________________________________________
(1) Our share of depreciation and amortization expense in 2022 and 2021 was reduced compared to 2020 primarily due to non-cash impairment losses recognized in
2020.
2020 includes our $4,846 share of write-offs of lease receivables deemed uncollectible.
Includes interests in 280 Park Avenue, 650 Madison Avenue, One Park Avenue (consolidated from August 5, 2021), 7 West 34th Street, 512 West 22nd Street, 61
Ninth Avenue, 85 Tenth Avenue and others. 2022 includes a $93,353 impairment loss on our investment in 650 Madison Avenue.
Includes interests in Independence Plaza, Rosslyn Plaza and others. 2022 includes $17,185 of net gains from dispositions of two investments.
(2)
(3)
(4)
91
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. Investments in Partially Owned Entities - continued
Below is a summary of the debt of our partially owned entities.
(Amounts in thousands)
Mortgages Payable:
Percentage
Ownership at
December 31, 2022
Partially owned office buildings(3)
Alexander's
Fifth Avenue and Times Square JV(4)
Other(5)
Various
32.4%
51.5%
Various
Weighted Average
Interest Rate at
December 31, 2022(1)
100% Partially Owned Entities’
Debt(2) at December 31,
2022
2021
4.82%
4.12%
5.55%
5.14%
$
3,288,977 $
1,096,544
921,000
1,377,492
3,297,999
1,096,544
950,000
1,342,162
Maturity
2023-2029
2024-2027
2022-2024
2023-2032
________________________________________
(1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for
hedging instruments, as applicable.
(2) All amounts are non-recourse to us except (i) the $500,000 mortgage loan on 640 Fifth Avenue, included in the Fifth Avenue and Times Square JV, and (ii) the
$300,000 mortgage loan on 7 West 34th Street.
Includes interests in 280 Park Avenue, 650 Madison Avenue, 7 West 34th Street, 512 West 22nd Street, 61 Ninth Avenue, 85 Tenth Avenue and others.
Includes the 697-703 Fifth Avenue mortgage loan which was not repaid upon its December 2022 maturity, resulting in an event of default. See page 90 for details.
Includes interests in Independence Plaza, Rosslyn Plaza and others.
(3)
(4)
(5)
Based on our ownership interest in the partially owned entities above, our pro rata share of the debt of these partially owned
entities was $2,697,226,000 and $2,699,405,000 as of December 31, 2022 and 2021, respectively.
Summary of Condensed Combined Financial Information
The following is a summary of condensed combined financial information for all of our partially owned entities.
(Amounts in thousands)
Balance Sheet:
Assets
Liabilities
Noncontrolling interests
Equity
(Amounts in thousands)
Income Statement:
Total revenue
Net (loss) income
Net (loss) income attributable to the entities
As of December 31,
2022
2021
$
12,012,000 $
7,519,000
2,095,000
2,398,000
12,689,000
7,553,000
2,069,000
3,067,000
For the Year Ended December 31,
2021
2020
2022
$
1,189,000 $
(404,000)
(483,000)
1,184,000 $
190,000
114,000
1,163,000
45,000
(33,000)
92
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
6. 220 Central Park South
During the year ended December 31, 2022, we closed on the sale of three condominium units and ancillary amenities at 220 CPS
for net proceeds of $88,019,000 resulting in a financial statement net gain of $41,874,000 which is included in "net gains on
disposition of wholly owned and partially owned assets" on our consolidated statements of income. In connection with these sales,
$6,016,000 of income tax expense was recognized on our consolidated statements of income. From inception to December 31, 2022,
we have closed on the sale of 109 units and ancillary amenities for net proceeds of $3,094,915,000 resulting in financial statement net
gains of $1,159,129,000. As of December 31, 2022, we are 97% sold.
7. Dispositions
SoHo Properties
On January 13, 2022, we sold two Manhattan retail properties located at 478-482 Broadway and 155 Spring Street for
$84,500,000 and realized net proceeds of $81,399,000. In connection with the sale, we recognized a net gain of $551,000 which is
included in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
Center Building (33-00 Northern Boulevard)
On June 17, 2022, we sold the Center Building, an eight-story 498,000 square foot office building located at 33-00 Northern
Boulevard in Long Island City, New York, for $172,750,000. We realized net proceeds of $58,946,000 after repayment of the existing
$100,000,000 mortgage loan and closing costs. In connection with the sale, we recognized a net gain of $15,213,000 which is included
in "net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
484-486 Broadway
On December 15, 2022, we sold 484-486 Broadway, a 30,000 square foot retail and residential building for $23,520,000, and
realized net proceeds of $22,430,000. In connection with the sale, we recognized a net gain of $2,919,000 which is included in "net
gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
40 Fulton Street
On December 21, 2022, we sold 40 Fulton Street, a 251,000 square foot Manhattan office and retail building, for $101,000,000,
and realized net proceeds of $96,566,000. In connection with the sale, we recognized a net gain of $31,876,000 which is included in
"net gains on disposition of wholly owned and partially owned assets" on our consolidated statements of income.
93
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
8. Identified Intangible Assets and Liabilities
The following summarizes our identified intangible assets (primarily above-market leases) and liabilities (primarily below-market
leases).
(Amounts in thousands)
Identified intangible assets:
Gross amount
Accumulated amortization
Total, net
Identified intangible liabilities (included in deferred revenue):
Gross amount
Accumulated amortization
Total, net
Balance as of December 31,
2022
2021
$
$
$
$
237,777 $
(98,139)
139,638 $
244,396 $
(208,592)
35,804 $
252,081
(97,186)
154,895
256,065
(212,245)
43,820
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase to rental revenues of
$5,178,000, $9,249,000 and $16,878,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated annual
amortization for each of the five succeeding years commencing January 1, 2023 is below:
(Amounts in thousands)
2023
2024
2025
2026
2027
$
5,471
2,352
941
299
(148)
Amortization of all other identified intangible assets (a component of depreciation and amortization expense) was $10,516,000,
$7,330,000 and $6,507,000 for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated annual amortization for
each of the five succeeding years commencing January 1, 2023 is below:
(Amounts in thousands)
2023
2024
2025
2026
2027
$
7,948
7,128
6,077
5,884
5,449
94
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
9. Debt
Secured Debt
On June 15, 2022, we completed a $480,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot building
comprised of 859,000 square feet of office space and 255,000 square feet of retail space. The interest-only loan bears a rate of SOFR
plus 1.65% (5.96% as of December 31, 2022) through March 2024, increasing to SOFR plus 1.85% thereafter. The interest rate on the
loan was swapped to a fixed rate of 5.06% through March 2024, and 5.26% through June 2027. The loan matures in June 2027, with
two one-year extension options subject to debt service coverage ratio and loan-to-value tests. The loan replaces the previous
$580,000,000 loan that bore interest at LIBOR plus 1.55% and was scheduled to mature in April 2024.
On June 28, 2022, we completed a $700,000,000 refinancing of 770 Broadway, a 1.2 million square foot Class A Manhattan
office building. The interest-only loan bears a rate of SOFR plus 2.25% (6.48% as of December 31, 2022) and matures in July 2024
with three one-year extension options (July 2027 as fully extended). The interest rate on the loan was swapped to a fixed rate of 4.98%
through July 2027. The loan replaces the previous $700,000,000 loan that bore interest at SOFR plus 1.86% and was scheduled to
mature in July 2022.
Unsecured Revolving Credit Facility
On June 30, 2022, we amended and extended one of our two revolving credit facilities. The $1.25 billion amended facility bears
interest at a rate of SOFR plus 1.15% (5.47% as of December 31, 2022). The term of the facility was extended from March 2024 to
December 2027, as fully extended. The facility fee is 25 basis points. On August 16, 2022, the interest rate on the $575,000,000 drawn
on the facility was swapped to a fixed interest rate of 3.88% through August 2027. Our other $1.25 billion revolving credit facility
matures in April 2026, as fully extended, and bears a rate of SOFR plus 1.19% with a facility fee of 25 basis points.
Unsecured Term Loan
On June 30, 2022, we extended our $800,000,000 unsecured term loan from February 2024 to December 2027. The extended loan
bears interest at a rate of SOFR plus 1.30% (5.62% as of December 31, 2022) and is currently swapped to a fixed rate of 4.05%.
Interest Rate Hedging Activities
We entered into the following interest rate swap arrangements during the year ended December 31, 2022. See Note 13 - Fair Value
Measurements for further information on our consolidated hedging instruments.
(Amounts in thousands)
770 Broadway mortgage loan
Unsecured revolving credit facility
Unsecured term loan(1)(2)
Unsecured term loan (effective 10/23)(2)
100 West 33rd Street mortgage loan
888 Seventh Avenue mortgage loan(3)
Notional Amount
All-In Swapped
Rate
Swap Expiration
Date
Variable Rate
Spread
$
700,000
575,000
50,000
500,000
480,000
200,000
4.98%
3.88%
4.04%
4.39%
5.06%
4.76%
07/27
08/27
08/27
10/26
06/27
09/27
S+225
S+115
S+130
S+130
S+165
S+180
________________________________________
(1) Together with the existing $750,000 interest rate swap arrangement expiring October 2023, the $800,000 unsecured term loan balance currently bears interest at a
fixed rate of 4.05%.
(2) On February 7, 2023, we entered into a forward interest rate swap arrangement for $150,000 of the $800,000 unsecured term loan, effective October 2023 and
expiring July 2025.
(3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80%.
95
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
9. Debt - continued
The following is a summary of our debt:
(Amounts in thousands)
Mortgages Payable:
Fixed rate
Variable rate(2)
Total
Deferred financing costs, net and other
Total, net
Unsecured Debt:
Senior unsecured notes
Deferred financing costs, net and other
Senior unsecured notes, net
Unsecured term loan
Deferred financing costs, net and other
Unsecured term loan, net
Weighted Average
Interest Rate at
December 31, 2022(1)
Balance as of December 31,
2022
2021
3.63%
5.67%
4.43%
3.02%
4.05%
$
3,570,000 $
2,307,615
5,877,615
(48,597)
2,190,000
3,909,215
6,099,215
(45,872)
$
$
5,829,018 $
6,053,343
1,200,000 $
1,200,000
(8,168)
1,191,832
(10,208)
1,189,792
800,000
(6,807)
793,193
800,000
(2,188)
797,812
Unsecured revolving credit facilities
3.88%
575,000
575,000
Total, net
$
2,560,025 $
2,562,604
________________________________________
(1) Represents the interest rate in effect as of period end based on the appropriate reference rate as of the contractual reset date plus contractual spread, adjusted for
hedging instruments, as applicable.
(2) As of December 31, 2022, our variable rate debt is subject to interest rate cap arrangements with a total notional amount of $1,649,120. The interest rate cap
arrangements have a weighted average strike rate of 4.14% and a weighted average remaining term of nine months. These amounts exclude the forward cap we
entered into in December 2022 for the $525,000 One Park Avenue mortgage loan effective upon the March 2023 expiration of the existing cap. The forward cap
has a SOFR strike rate of 3.89% and expires in March 2024.
The net carrying amount of properties collateralizing the above indebtedness amounted to $5.6 billion as of December 31, 2022.
As of December 31, 2022, the principal maturities of mortgages payable and unsecured debt, including as-of-right extension
options, for the next five years and thereafter are as follows:
(Amounts in thousands)
Year Ended December 31,
2023
2024
2025
2026
2027
Thereafter
Mortgages Payable
Unsecured Debt
$
21,600 $
396,415
854,600
525,000
1,580,000
2,500,000
—
—
450,000
400,000
1,375,000
350,000
10. Redeemable Noncontrolling Interests
Redeemable Noncontrolling Partnership Units
Redeemable noncontrolling partnership units are primarily comprised of Class A Operating Partnership units held by third parties
and are recorded at the greater of their carrying amount or redemption value at the end of each reporting period. Changes in the value
from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’
capital” on the consolidated balance sheets of the Operating Partnership. Class A units may be tendered for redemption to the
Operating Partnership for cash; Vornado, at its option, may assume that obligation and pay the holder either cash or Vornado common
shares on a one-for-one basis. Because the number of Vornado common shares outstanding at all times equals the number of Class A
units owned by Vornado, the redemption value of each Class A unit is equivalent to the market value of one Vornado common share,
and the quarterly distribution to a Class A unitholder is equal to the quarterly dividend paid to a Vornado common shareholder.
96
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
10. Redeemable Noncontrolling Interests - continued
Redeemable Noncontrolling Partnership Units - continued
Below are the details of redeemable noncontrolling partnership units.
(Amounts in thousands, except units and per unit
amounts)
Balance as of December 31,
Units Outstanding as of
December 31,
Unit Series
2022
2021
2022
2021
Per Unit
Liquidation
Preference
Preferred or
Annual
Distribution
Rate
Common:
Class A units held by third parties
$
345,157
(1) $
587,440
(2)
14,416,891
14,033,438
n/a
$
2.12
Perpetual Preferred/Redeemable Preferred:
3.25% D-17 Cumulative Redeemable(3)
$
3,535
$
3,535
141,400
141,400 $
25.00 $
0.8125
________________________________________
(1) Aggregate redemption value was based on carrying amount.
(2) Aggregate redemption value was based on Vornado's year-end closing common share price.
(3) Holders may tender units for redemption to the Operating Partnership for cash at their stated redemption amount; Vornado, at its option, may assume that
obligation and pay the holders either cash or Vornado preferred shares on a one-for-one basis. These units are redeemable at Vornado's option at any time.
Below is a table summarizing the activity of redeemable noncontrolling partnership units.
(Amounts in thousands)
Beginning balance
Net (loss) income
Other comprehensive income
Distributions
Redemption of Class A units for Vornado common shares, at redemption value
Redeemable Class A unit measurement adjustment
Other, net
Ending balance
For the Year Ended December 31,
2022
2021
$
590,975
$
511,747
(30,376)
14,250
(30,311)
(3,524)
(221,145)
28,823
$
348,692
$
7,540
4,048
(29,901)
(14,576)
76,073
36,044
590,975
Redeemable noncontrolling partnership units exclude our Series G-1 through G-4 convertible preferred units and Series D-13
cumulative redeemable preferred units, as they are accounted for as liabilities in accordance with ASC Topic 480, Distinguishing
Liabilities and Equity. Accordingly, the fair value of these units is included as a component of "other liabilities" on our consolidated
balance sheets and aggregated $49,383,000 and $49,659,000 as of December 31, 2022 and 2021, respectively. Changes in the value
from period-to-period, if any, are charged to “interest and debt expense” on our consolidated statements of income.
Redeemable Noncontrolling Interest in a Consolidated Subsidiary
A consolidated joint venture in which we own a 95% interest is completing development of The Farley Building (the "Project").
During 2020, a historic tax credit investor (the "Tax Credit Investor") funded $92,400,000 of capital contributions and is expected to
make additional capital contributions in future periods.
The arrangement includes a put option whereby the joint venture may be obligated to purchase the Tax Credit Investor’s
ownership interest in the Project at a future date. The put price is calculated based on a pre-determined formula. As exercise of the put
option is outside of the joint venture’s control, the Tax Credit Investor’s interest, together with the put option, have been recorded to
“redeemable noncontrolling interest in a consolidated subsidiary” on our consolidated balance sheets. The redeemable noncontrolling
interest is recorded at the greater of the carrying amount or redemption value at the end of each reporting period. Changes in the value
from period-to-period are charged to “additional capital” in Vornado’s consolidated statements of changes in equity and to “partners’
capital” on the consolidated balance sheets of the Operating Partnership. There was no adjustment required for the years ended
December 31, 2022 and 2021.
Below is a table summarizing the activity of the redeemable noncontrolling interest in a consolidated subsidiary.
(Amounts in thousands)
Beginning balance
Net (loss) income
Ending balance
For the Year Ended December 31,
2022
2021
$
$
97,708
$
(9,668)
88,040
$
94,520
3,188
97,708
97
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
11. Shareholders' Equity/Partners' Capital
Common Shares (Vornado Realty Trust)
As of December 31, 2022, there were 191,866,880 common shares outstanding. During 2022, we paid an aggregate of
$406,562,000 of common dividends comprised of quarterly common dividends of $0.53 per share.
Class A Units (Vornado Realty L.P.)
As of December 31, 2022, there were 191,866,880 Class A units outstanding that were held by Vornado. These units are
classified as “partners’ capital” on the consolidated balance sheets of the Operating Partnership. As of December 31, 2022, there were
14,416,891 Class A units outstanding, that were held by third parties. These units are classified outside of “partners’ capital” as
“redeemable partnership units” on the consolidated balance sheets of the Operating Partnership (See Note 10 – Redeemable
Noncontrolling Interests). During 2022, the Operating Partnership paid an aggregate of $406,562,000 of distributions to Vornado
comprised of quarterly common distributions of $0.53 per unit.
Preferred Shares/Units
The following table sets forth the details of our preferred shares of beneficial interest and the preferred units of the Operating
Partnership outstanding as of December 31, 2022 and 2021. During 2022, preferred dividends were $62,116,000.
(Amounts in thousands, except share/unit and per share/per unit amounts)
Preferred Shares/Units
Convertible Preferred:
6.5% Series A: authorized 12,902 shares/units(2)
Cumulative Redeemable Preferred(3):
5.40% Series L: authorized 13,800,000 shares/units
5.25% Series M: authorized 13,800,000 shares/units
5.25% Series N: authorized 12,000,000 shares/units
4.45% Series O: authorized 12,000,000 shares/units
Balance
Shares/Units
Outstanding
Liquidation
Preference
Annual
Dividend/
Distribution(1)
Per Share/Unit
$
920
12,902 $
50.00 $
3.25
290,306
12,000,000
308,946
12,780,000
291,134
12,000,000
291,153
12,000,000
$ 1,182,459
48,792,902
25.00
25.00
25.00
25.00
1.35
1.3125
1.3125
1.1125
________________________________________
(1) Dividends on preferred shares and distributions on preferred units are cumulative and are payable quarterly in arrears.
(2) Redeemable at the option of Vornado under certain circumstances, at a redemption price of 1.9531 common shares/Class A units per Series A Preferred Share/
Unit plus accrued and unpaid dividends/distributions through the date of redemption, or convertible at any time at the option of the holder for 1.9531 common
shares/Class A units per Series A Preferred Share/Unit.
(3) Series L and Series M preferred shares/units are redeemable at Vornado's option at a redemption price of $25.00 per share/unit, plus accrued and unpaid dividends/
distributions through the date of redemption. Series N preferred shares/units are redeemable commencing November 2025 and Series O preferred shares/units are
redeemable commencing September 2026.
12. Variable Interest Entities
Unconsolidated VIEs
As of December 31, 2022 and 2021, we had several unconsolidated VIEs. We do not consolidate these entities because we are not
the primary beneficiary and the nature of our involvement in the activities of these entities does not give us power over decisions that
significantly affect these entities’ economic performance. We account for our investment in these entities under the equity method (see
Note 5 – Investments in Partially Owned Entities). As of December 31, 2022 and 2021, the net carrying amount of our investments in
these entities was $68,223,000 and $69,435,000, respectively, and our maximum exposure to loss in these entities is limited to the
carrying amount of our investments.
Consolidated VIEs
Our most significant consolidated VIEs are the Operating Partnership (for Vornado), the Farley joint venture and certain
properties that have noncontrolling interests. These entities are VIEs because the noncontrolling interests do not have substantive kick-
out or participating rights. We consolidate these entities because we control all significant business activities.
As of December 31, 2022, the total assets and liabilities of our consolidated VIEs, excluding the Operating Partnership, were
$4,423,995,000 and $2,345,726,000 respectively. As of December 31, 2021, the total assets and liabilities of our consolidated VIEs,
excluding the Operating Partnership, were $4,564,621,000 and $2,517,652,000, respectively.
98
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
13. Fair Value Measurements
ASC 820 defines fair value and establishes a framework for measuring fair value. The objective of fair value is to determine the
price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (the exit price). ASC 820 establishes a fair value hierarchy that prioritizes observable and
unobservable inputs used to measure fair value into three levels: Level 1 – quoted prices (unadjusted) in active markets that are
accessible at the measurement date for assets or liabilities as well as certain U.S. Treasury securities that are highly liquid and are
actively traded in secondary markets; Level 2 – observable prices that are based on inputs not quoted in active markets, but
corroborated by market data; and Level 3 – unobservable inputs that are used when little or no market data is available. The fair value
hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, we utilize
valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as
well as consider counterparty credit risk in our assessment of fair value. Considerable judgment is necessary to interpret Level 2 and 3
inputs in determining the fair value of our financial and non-financial assets and liabilities. Accordingly, our fair value estimates,
which are made at the end of each reporting period, may be different than the amounts that may ultimately be realized upon sale or
disposition of these assets.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets and liabilities that are measured at fair value on our consolidated balance sheets consist of (i) investments in U.S.
Treasury bills (classified as available-for-sale), (ii) real estate fund investments, (iii) the assets in our deferred compensation plan (for
which there is a corresponding liability on our consolidated balance sheets), (iv) loans receivable for which we have elected the fair
value option under ASC Subtopic 825-10, Financial Instruments ("ASC 825-10"), (v) interest rate swaps and caps and (vi)
mandatorily redeemable instruments (Series G-1 through G-4 convertible preferred units and Series D-13 cumulative redeemable
preferred units). The tables below aggregate the fair values of these financial assets and liabilities by their levels in the fair value
hierarchy.
(Amounts in thousands)
As of December 31, 2022
Investments in U.S. Treasury bills (1)
Deferred compensation plan assets ($7,763 included in restricted cash and $88,559 in
other assets)
Loans receivable ($50,091 included in investments in partially owned entities and
$4,306 in other assets)
Interest rate swaps and caps (included in other assets)
Total assets
Mandatorily redeemable instruments (included in other liabilities)
(Amounts in thousands)
Real estate fund investments
Deferred compensation plan assets ($9,104 included in restricted cash and $101,070 in
other assets)
Loans receivable ($46,444 included in investments in partially owned entities and
$3,738 in other assets)
Interest rate swaps (included in other assets)
Total assets
Mandatorily redeemable instruments (included in other liabilities)
Interest rate swaps (included in other liabilities)
Total liabilities
Total
Level 1
Level 2
Level 3
$
471,962 $
471,962 $
— $
—
96,322
57,406
54,397
183,804
—
—
—
—
183,804
38,916
54,397
—
806,485 $
529,368 $
183,804 $
93,313
49,383 $
49,383 $
— $
—
As of December 31, 2021
Total
Level 1
Level 2
Level 3
7,730 $
— $
— $
7,730
110,174
65,158
50,182
18,929
—
—
—
—
18,929
45,016
50,182
—
187,015 $
65,158 $
18,929 $
102,928
49,659 $
49,659 $
— $
32,837
—
32,837
82,496 $
49,659 $
32,837 $
—
—
—
$
$
$
$
$
$
________________________________________
(1) During the year ended December 31, 2022, we purchased $1,066,096 in U.S. Treasury bills with an aggregate par value of $1,077,000 and realized net proceeds of
$600,000 from maturing U.S. Treasury bills. As of December 31, 2022, our investments in U.S. Treasury bills have an aggregate accreted cost of $473,171 and
have remaining maturities of less than one year.
99
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
13. Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Deferred Compensation Plan Assets
Deferred compensation plan assets that are classified as Level 3 consist of investments in limited partnerships and investment
funds, which are managed by third parties. We receive quarterly financial reports that provide net asset values on a fair value basis
from a third-party administrator, which are compiled from the quarterly reports provided to them from each limited partnership and
investment fund. The period of time over which these underlying assets are expected to be liquidated is unknown. The third-party
administrator does not adjust these values in determining our share of the net assets and we do not adjust these values when reported in
our consolidated financial statements.
The table below summarizes the changes in the fair value of deferred compensation plan assets that are classified as Level 3.
(Amounts in thousands)
Beginning balance
Purchases
Sales
Realized and unrealized (losses) gains
Other, net
Ending balance
Loans Receivable
For the Year Ended December 31,
2022
2021
45,016 $
4,507
(9,941)
(3,781)
3,115
38,916 $
39,928
5,705
(4,766)
2,250
1,899
45,016
$
$
Loans receivable consist of loan investments in real estate related assets for which we have elected the fair value option under
ASC 825-10. These investments are classified as Level 3.
Significant unobservable quantitative inputs used in determining the fair value of each investment include capitalization rates and
discount rates. These rates are based on the location, type and nature of each property, current and anticipated market conditions,
industry publications and from the experience of our Acquisitions and Capital Markets departments. Significant unobservable
quantitative inputs in the table below were utilized in determining the fair value of these loans receivable.
Unobservable Quantitative Input
Discount rates
Terminal capitalization rates
As of December 31,
2022
7.5%
5.5%
2021
6.5%
5.0%
The table below summarizes the changes in fair value of loans receivable that are classified as Level 3.
(Amounts in thousands)
Beginning balance
Interest accrual
Paydowns
Ending balance
For the Year Ended December 31,
2022
2021
$
$
50,182 $
4,748
(533)
54,397 $
47,743
3,714
(1,275)
50,182
100
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
13. Fair Value Measurements - continued
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis - continued
Derivatives and Hedging
We recognize the fair values of all derivatives in "other assets" or "other liabilities" on our consolidated balance sheets.
Derivatives that are not hedges are adjusted to fair value through earnings. If a derivative is a hedge, depending on the nature of the
hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged asset, liability, or
firm commitment through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings.
Reported net income and equity may increase or decrease prospectively, depending on future levels of interest rates and other
variables affecting the fair values of hedging instruments and hedged items, but will have no effect on cash flows.
The following table summarizes our consolidated hedging instruments, all of which hedge variable rate debt, as of December 31,
2022 and 2021, respectively.
(Amounts in thousands)
Interest Rate Swaps:
555 California Street mortgage loan
770 Broadway mortgage loan
PENN 11 mortgage loan
Unsecured revolving credit facility
Unsecured term loan
100 West 33rd Street mortgage loan
888 Seventh Avenue mortgage loan
Unsecured term loan (effective October 2023)
4 Union Square South mortgage loan
Interest Rate Caps:
1290 Avenue of the Americas mortgage loan
One Park Avenue mortgage loan
Various mortgage loans
Included in other assets
Included in other liabilities
Fair Value
Asset (Liability) as of
December 31,
2022
2021
As of December 31, 2022
Notional
Amount
All-In
Swapped
Rate
Swap
Expiration
Date
$
49,888 $
11,814 $
840,000
(1)
29,226
26,587
24,457
14,694
6,886
6,544
6,330
4,050
7,590
5,472
2,080
—
6,565
—
(28,976)
—
—
—
(3,861)
411
—
139
700,000
500,000
575,000
800,000
480,000
200,000
(3)
500,000
100,000
(4)
950,000
525,000
$
$
183,804 $
— $
18,929
32,837
2.26%
4.98%
2.22%
3.88%
4.05%
5.06%
4.76%
4.39%
3.74%
(5)
(6)
05/24
07/27
03/24
08/27
(2)
06/27
09/27
10/26
01/25
11/23
03/24
________________________________________
(1) Represents our 70.0% share of the $1.2 billion mortgage loan.
(2) Comprised of a $750,000 interest rate swap arrangement expiring October 2023 and a $50,000 interest rate swap arrangement expiring August 2027.
(3) The remaining $77,800 amortizing mortgage loan balance bears interest at a floating rate of SOFR plus 1.80% (5.92% as of December 31, 2022).
(4) Upon the sale of 33-00 Northern Boulevard in June 2022, the $100,000 corporate-level interest rate swap was reallocated and now hedges the interest rate on
$100,000 of the 4 Union Square South mortgage loan through January 2025. The remaining $20,000 mortgage loan balance bears interest at a floating rate of
SOFR plus 1.50% (5.62% as of December 31, 2022).
(5) LIBOR cap strike rate of 4.00%.
(6) SOFR cap strike rate of 4.39%. In December 2022, we entered into a forward cap for the $525,000 One Park Avenue mortgage loan effective upon the March
2023 expiration of the existing cap. The forward cap has a SOFR strike rate of 3.89% and expires in March 2024.
101
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
13. Fair Value Measurements - continued
Fair Value Measurements on a Nonrecurring Basis
As of December 31, 2022, we had assets measured at fair value on a nonrecurring basis on our consolidated balance sheets with
an aggregate fair value of $2,352,328,000, representing real estate investments, including our investment in Fifth Avenue and Times
Square JV as well as wholly owned street retail assets, that have been written down to estimated fair value for impairment purposes.
These investments are classified as Level 3. Our estimate of the fair value of these assets was measured using discounted cash flow
analyses based upon market conditions and expectations of growth and utilized unobservable quantitative inputs including
capitalization rates and discount rates. Significant unobservable quantitative inputs in the table below were utilized in determining the
fair value of these real estate assets.
Unobservable Quantitative Input
Discount rates
Terminal capitalization rates
Range
7.50% - 8.00%
4.75% - 5.50%
December 31, 2022
Weighted Average
(based on fair value of investments)
7.52%
4.78%
Financial Assets and Liabilities not Measured at Fair Value
Financial assets and liabilities that are not measured at fair value on our consolidated balance sheets include cash equivalents
(primarily money market funds, which invest in obligations of the United States government), and our secured and unsecured
debt. Estimates of the fair value of these instruments are determined by the standard practice of modeling the contractual cash flows
required under the instrument and discounting them back to their present value at the appropriate current risk adjusted interest rate,
which is provided by a third-party specialist. For floating rate debt, we use forward rates derived from observable market yield curves
to project the expected cash flows we would be required to make under the instrument. The fair value of cash equivalents and
borrowings under our unsecured revolving credit facilities and unsecured term loan are classified as Level 1. The fair value of our
secured debt and unsecured debt are classified as Level 2. The table below summarizes the carrying amounts and fair value of these
financial instruments.
(Amounts in thousands)
Cash equivalents
Debt:
Mortgages payable
Senior unsecured notes
Unsecured term loan
Unsecured revolving credit facilities
Total
As of December 31, 2022
As of December 31, 2021
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
$
$
$
$
$
402,903
5,877,615
1,200,000
800,000
575,000
$
$
403,000
5,697,000
1,021,000
800,000
575,000
$
$
1,346,684
6,099,215
1,200,000
800,000
575,000
8,452,615
(1) $
8,093,000
$
8,674,215
(1) $
1,347,000
6,052,000
1,230,000
800,000
575,000
8,657,000
________________________________________
(1) Excludes $63,572 and $58,268 of deferred financing costs, net and other as of December 31, 2022 and 2021, respectively.
102
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
14. Stock-based Compensation
Vornado's 2019 Omnibus Share Plan (the “Plan") provides the Compensation Committee of Vornado's Board of Trustees (the
"Committee") the ability to grant incentive and nonqualified Vornado stock options, restricted stock, restricted Operating Partnership
units ("OP units"), out-performance plan awards ("OPPs"), appreciation-only long-term incentive plan units (“AO LTIP Units”),
performance conditioned appreciation-only long-term incentive plan units ("Performance Conditioned AO LTIP Units") and long-term
performance plan LTIP units ("LTPP Units") to certain of our employees and officers. Awards may be granted up to a maximum
5,500,000 shares, if all awards granted are Full Value awards, as defined in the Plan, and up to 11,000,000 shares, if all of the awards
granted are Not Full Value Awards, as defined in the Plan. Full Value Awards are awards of securities, such as restricted shares, that,
if all vesting requirements are met, do not require the payment of an exercise price or strike price to acquire the securities. Not Full
Value Awards are awards of securities, such as options, that do require the payment of an exercise price or strike price. As of
December 31, 2022, Vornado has approximately 2,803,000 shares available for future grants under the Plan, if all awards granted are
Full Value Awards, as defined.
We account for all equity-based compensation in accordance with ASC Topic 718, Compensation - Stock Compensation. Below is
a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated
statements of income.
(Amounts in thousands)
OP Units
LTPP Units
OPPs
AO LTIP Units
Vornado stock options
Vornado restricted stock
Performance Conditioned AO LTIP Units
For the Year Ended December 31,
2021
2020
2022
$
21,086 $
27,698 $
5,145
1,906
430
296
292
94
—
8,629
877
456
450
219
33,431
—
9,579
3,955
656
649
407
$
29,249 $
38,329 $
48,677
Below is a summary of unrecognized compensation expense for the year ended December 31, 2022.
(Amounts in thousands)
OP Units
OPPs
LTPP Units
Vornado stock options
Vornado restricted stock
AO LTIP Units
As of
December 31, 2022
Weighted-Average
Remaining
Contractual Term
$
$
7,834
3,198
2,702
175
172
131
14,212
1.4
1.6
1.8
1.0
1.0
1.0
1.5
103
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
14. Stock-based Compensation - continued
LTPP Units
On January 12, 2022, the Committee approved the 2022 LTPP, a multi-year, LTIP units-based performance equity compensation
plan. Awards under the 2022 LTPP are bifurcated between operational performance (50%) and relative performance (50%)
measurements and may be earned at specified threshold, target and maximum levels.
The operational component awards may be earned based on Vornado’s 2022 operational performance in the following categories:
• FFO, as adjusted per share (75% weighting); and
• ESG performance metrics consisting of greenhouse emissions reductions, Global Real Estate Sustainability Benchmark
("GRESB") score and Green Building Certification (LEED) achievements (aggregate 25% weighting).
Any LTTP award units tentatively earned based on Vornado’s 2022 operational performance are subject to an absolute return
modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate
total three-year shareholder return (“TSR”) for 2022-2025 is below specified levels.
Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S.
Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the
relative component of the LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.
If the designated performance objectives are achieved, awards earned under 2022 LTPP will vest 50% in January 2025 and 50%
in January 2026. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following
each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date.
Dividends on awards granted under the 2022 LTPP accrue during the applicable performance period and are paid to participants if
awards are ultimately earned based on the achievement of the designated performance objectives. LTPP Units, if earned, become
convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares) following vesting.
LTPP Units granted during the year ended December 31, 2022 had a total notional value of $17,025,000 and a fair value of
$7,847,000, of which $4,033,000 was immediately expensed on the respective grant date due to acceleration of vesting for employees
who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).
104
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
14. Stock-based Compensation – continued
OPPs
OPPs are multi-year, performance-based equity compensation plans under which participants have the opportunity to earn a class
of units (“OPP units”) of the Operating Partnership if, and only if, Vornado outperforms a predetermined total shareholder return
(“TSR”) and/or outperforms the market with respect to a relative TSR during the three-year or four-year performance period. OPP
units, if earned, become convertible into Class A units of the Operating Partnership (and ultimately into Vornado common shares)
following vesting.
Below is the summary of the OPP units granted during the years December 31, 2021 and 2020.
Plan Year
2021
2020
Total Plan
Notional Amount
Percentage of Notional
Amount Granted
Grant Date
Fair Value(1)
$
30,000,000
35,000,000
99.1 % $
94.0 %
9,950,000
11,700,000
OPP Units Earned
To be determined in 2025
To be determined in 2023
________________________________________
(1) During the years ended December 31, 2021 and 2020 $6,140,000 and $7,583,000, respectively, was immediately expensed on the respective grant date due to
acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service).
Vornado Stock Options
Vornado stock options are granted at an exercise price equal to the average of the high and low market price of Vornado’s
common shares on the NYSE on the date of grant, generally vest over four years and expire ten years from the date of grant.
Compensation expense related to Vornado stock option awards is recognized on a straight-line basis over the vesting period.
Below is a summary of Vornado’s stock option activity for the year ended December 31, 2022.
Outstanding as of December 31, 2021
Exercised
Forfeited
Expired
Outstanding as of December 31, 2022
Options exercisable as of December 31, 2022
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
65.27
36.72
53.42
65.86
65.35
68.25
4.99
4.48
$
$
—
—
Shares
191,933 $
(197)
(1,413)
(13,618)
176,705 $
140,031 $
There were no Vornado stock options granted during the years ended December 31, 2022 and 2021. The fair value of each option
grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in
the year ended December 31, 2020.
Expected volatility
Expected life
Risk free interest rate
Expected dividend yield
As of December 31, 2020
35% - 36%
5.0 years
0.57% - 1.76%
3.2% - 3.4%
The weighted average grant date fair value per share for options granted during the year ended December 31, 2020 was
$12.28. Cash received from option exercises for the years ended December 31, 2022, 2021 and 2020 was $7,000, $22,000 and
$3,516,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was
$842, $5,500 and $859,000, respectively.
105
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
14. Stock-based Compensation – continued
Performance Conditioned AO LTIP Units
Performance Conditioned AO LTIP Units are AO LTIP Units that require the achievement of certain performance conditions by a
specified date or they are forfeited. The performance-based condition is met if Vornado common shares trade at or above 110% of the
grant price per share for any 20 consecutive days on or before the fourth anniversary following the date of grant. If the performance
conditions are not met, the awards are forfeited. If the performance conditions are met, once vested, the awards may be converted into
Class A Operating Partnership units in the same manner as AO LTIP Units until ten years from the date of grant. On January 14, 2023,
the outstanding Performance AO LTIPs, which were issued in 2019, were forfeited as the performance conditions were not satisfied.
AO LTIP Units
AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests”
for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a Vornado
common share exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable
to the award. The threshold level is intended to be equal to 100% of the then fair market value of a Vornado common share on the date
of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Class A Operating Partnership
units. AO LTIP Units have a term of ten years from the grant date. Each holder will generally receive special income allocations in
respect of an AO LTIP Unit equal to 10% (or such other percentage specified in the applicable award agreement) of the income
allocated in respect of a Class A Unit. Upon conversion of AO LTIP Units to Class A Units, holders will be entitled to receive in
respect of each such AO LTIP Unit, on a per unit basis, a special distribution equal to 10% (or such other percentage specified in the
applicable award agreement) of the distributions received by a holder of an equivalent number of Class A Units during the period from
the grant date of the AO LTIP Units through the date of conversion.
Below is a summary of AO LTIP Units activity for the year ended December 31, 2022.
Outstanding as of December 31, 2021
Forfeited
Expired
Outstanding as of December 31, 2022
Options exercisable as of December 31, 2022
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
59.91
54.16
56.29
59.93
61.39
6.29
6.12
$
$
—
—
Shares
567,739 $
(886)
(1,189)
565,664 $
437,372 $
There were no AO LTIP Units granted during the years ended December 31, 2022 and 2021. AO LTIP Units granted during the
year ended December 31, 2020 had a fair value of $4,319,000. The fair value of each AO LTIP Unit granted is estimated on the date
of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31,
2020.
Expected volatility
Expected life
Risk free interest rate
Expected dividend yield
As of December 31, 2020
35% - 36%
5.0 years
0.57% - 1.76%
3.2% - 3.4%
106
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
14. Stock-based Compensation – continued
OP Units
OP Units are granted at the average of the high and low market price of Vornado’s common shares on the NYSE on the date of
grant, vest ratably over four years and are subject to a taxable book-up event, as defined. Compensation expense related to OP Units is
recognized ratably over the vesting period using a graded vesting attribution model. Distributions paid on unvested OP Units
amounted to $2,197,000, $2,634,000 and $5,316,000 in the years ended December 31, 2022, 2021 and 2020, respectively.
Below is a summary of restricted OP unit activity for the year ended December 31, 2022.
Unvested as of December 31, 2021
Unvested Units
Granted
Vested
Forfeited
Unvested as of December 31, 2022
Units
Weighted-Average
Grant-Date
Fair Value
1,083,087 $
501,169
(597,292)
(1,048)
985,916
53.99
30.82
42.12
44.25
49.41
OP Units granted in 2022, 2021 and 2020 had a fair value of $15,446,000, $26,194,000 and $18,013,000, respectively. The fair
value of OP Units that vested during the years ended December 31, 2022, 2021 and 2020 was $25,158,000, $36,541,000 and
$24,373,000, respectively
Vornado Restricted Stock
Vornado restricted stock awards are granted at the average of the high and low market price of Vornado’s common shares on the
NYSE on the date of grant and generally vest over four years. Compensation expense related to Vornado’s restricted stock awards is
recognized on a straight-line basis over the vesting period. Dividends paid on unvested Vornado restricted stock are charged directly to
retained earnings and amounted to $18,000, $35,000 and $98,000 for the years ended December 31, 2022, 2021 and 2020,
respectively.
Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2022.
Unvested Shares
Unvested as of December 31, 2021
Vested
Forfeited
Unvested as of December 31, 2022
Shares
Weighted-Average
Grant-Date
Fair Value
15,774 $
(7,069)
(326)
8,379
57.82
60.57
54.55
55.64
There were no Vornado restricted stock awards granted during the years ended December 31, 2022 and 2021. Vornado restricted
stock awards granted in 2020 had a fair value of $853,000. The fair value of restricted stock that vested during the years ended
December 31, 2022, 2021 and 2020 was $428,000, $567,000 and $602,000, respectively.
107
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
15. Impairment losses, Transaction Related Costs and Other
The following table sets forth the details of impairment losses, transaction related costs and other:
(Amounts in thousands)
Real estate impairment losses(1)
Transaction related costs and other
608 Fifth Avenue lease liability extinguishment gain
For the Year Ended December 31,
2022
2021
2020
$
$
19,098 $
7,880 $
12,624
—
5,935
—
31,722 $
13,815 $
236,286
8,001
(70,260)
174,027
________________________________________
(1) See Note 13 - Fair Value Measurements for additional information.
16. Interest and Other Investment Income (Loss), Net
The following table sets forth the details of interest and other investment income (loss), net:
(Amounts in thousands)
Interest on cash and cash equivalents and restricted cash
Amortization of discount on investments in U.S. Treasury bills
Interest on loans receivable
Credit losses on loans receivable
Market-to-market decrease in the fair value of marketable security (sold on January 23, 2020)
Other, net
17. Interest and Debt Expense
The following table sets forth the details of interest and debt expense:
(Amounts in thousands)
Interest expense(1)
Amortization of Deferred Financing Fees
Capitalized Interest & Debt Expense
For the Year Ended December 31,
2022
2021
2020
$
7,553 $
284 $
7,075
5,006
—
—
235
$
19,869 $
—
2,517
—
—
1,811
4,612 $
5,793
—
3,384
(13,369)
(4,938)
3,631
(5,499)
For the Year Ended December 31,
2021
2020
2022
$
$
277,046 $
249,169 $
21,804
(19,085)
20,247
(38,320)
279,765 $
231,096 $
251,847
18,460
(41,056)
229,251
________________________________________
(1)
2021 includes $23,729 of defeasance costs, of which $7,119 is attributable to noncontrolling interests, in connection with the refinancing of 1290 Avenue of the
Americas, a property in which we own a 70% controlling interest.
108
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
18. (Loss) Income Per Share/(Loss) Income Per Class A Unit
Vornado Realty Trust
The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average
number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common
share which includes weighted average common shares outstanding and dilutive share equivalents. Unvested share-based payment
awards that contain nonforfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings
are allocated to participating securities, which include restricted stock awards, based on the two-class method. Our share-based
payment awards, including employee stock options, OP Units, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and
LTPP Units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible
securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13
redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive.
(Amounts in thousands, except per share amounts)
Numerator:
Net (loss) income attributable to Vornado
Preferred share dividends
Series K preferred share issuance costs
Net (loss) income attributable to common shareholders
Earnings allocated to unvested participating securities
Numerator for basic (loss) income per share
For the Year Ended December 31,
2022
2021
2020
$
(346,499) $
175,999 $
(62,116)
—
(408,615)
(18)
(65,880)
(9,033)
101,086
(34)
(297,005)
(51,739)
—
(348,744)
(99)
$
(408,633) $
101,052 $
(348,843)
Denominator:
Denominator for basic (loss) income per share – weighted average shares
Effect of dilutive securities(1):
Share-based payment awards
Denominator for diluted (loss) income per share – weighted average shares and assumed conversions
191,775
191,551
191,146
—
191,775
571
192,122
—
191,146
(LOSS) INCOME PER COMMON SHARE - BASIC:
Net (loss) income per common share
(LOSS) INCOME PER COMMON SHARE - DILUTED:
Net (loss) income per common share
$
$
(2.13) $
0.53 $
(1.83)
(2.13) $
0.53 $
(1.83)
________________________________________
(1) The effect of dilutive securities excluded an aggregate of 16,252, 13,835 and 14,007 weighted average common share equivalents in the years ended December 31,
2022, 2021 and 2020, respectively, as their effect was anti-dilutive.
109
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
18. (Loss) Income Per Share/(Loss) Income Per Class A Unit – continued
Vornado Realty L.P.
The following table presents the calculations of (i) basic (loss) income per Class A unit which includes the weighted average
number of Class A units outstanding without regard to dilutive potential Class A units and (ii) diluted (loss) income per Class A unit
which includes the weighted average Class A units outstanding and dilutive Class A unit equivalents. Unvested share-based payment
awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings
are allocated to participating securities, which include Vornado restricted stock awards and our OP Units, based on the two-class
method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned
AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if
dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred
units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted
method if dilutive.
(Amounts in thousands, except per unit amounts)
Numerator:
For the Year Ended December 31,
2022
2021
2020
Net (loss) income attributable to Vornado Realty L.P.
$
(376,875) $
183,539 $
(62,231)
—
(439,106)
(2,215)
(66,035)
(9,033)
108,471
(2,668)
(321,951)
(51,904)
—
(373,855)
(5,417)
$
(441,321) $
105,803 $
(379,272)
Preferred unit distributions
Series K preferred unit issuance costs
Net (loss) income attributable to Class A unitholders
Earnings allocated to unvested participating securities
Numerator for basic (loss) income per Class A unit
Denominator:
Denominator for basic (loss) income per Class A unit – weighted average units
Effect of dilutive securities(1):
Share-based payment awards
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed
conversions
205,315
204,728
203,503
—
916
—
205,315
205,644
203,503
(LOSS) INCOME PER CLASS A UNIT - BASIC:
Net (loss) income per Class A unit
(LOSS) INCOME PER CLASS A UNIT - DILUTED:
Net (loss) income per Class A unit
$
$
(2.15) $
0.52 $
(1.86)
(2.15) $
0.51 $
(1.86)
________________________________________
(1) The effect of dilutive securities excluded an aggregate of 2,712, 313 and 1,650 weighted average Class A unit equivalents for the years ended December 31, 2022,
2021 and 2020, respectively, as their effect was anti-dilutive.
110
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
19. Leases
As lessor
We lease space to tenants under operating leases. Most of the leases provide for the payment of fixed base rent payable monthly in
advance. Leases typically provide for periodic step-ups in rent over the term of the lease and pass through to tenants their share of
increases in real estate taxes and operating expenses over a base year. Certain leases also require additional variable rent payments
based on a percentage of the tenants’ sales. Electricity is provided to tenants on a sub-metered basis or included in rent based on
surveys and adjusted for subsequent utility rate increases. Leases also typically provide for free rent and tenant improvement
allowances for all or a portion of the tenant’s initial construction costs of its premises.
As of December 31, 2022, future undiscounted cash flows under non-cancelable operating leases were as follows:
(Amounts in thousands)
For the year ended December 31,
2023
2024
2025
2026
2027
Thereafter
As of December 31, 2022
$
1,304,777
1,200,544
1,102,476
1,053,948
950,515
6,515,202
As lessee
We have a number of ground leases which are classified as operating leases. As of December 31, 2022, our ROU assets and lease
liabilities were $684,380,000 and $735,969,000, respectively. As of December 31, 2021, our ROU assets and lease liabilities were
$337,197,000 and $370,206,000, respectively.
In January 2022, we exercised a 25-year renewal option on our PENN 1 ground lease extending the term through June 2073. As a
result of the exercise, we remeasured the related ground lease liability to include our 25-year extension option and recorded an
estimated incremental right-of-use asset and lease liability of approximately $350,000,000 which is included in "right-of-use assets"
and "lease liabilities", respectively, on our consolidated balance sheets. The ground lease is subject to fair market value resets every 25
years over the lease term, with the next reset occurring in June 2023.
When the rate implicit in a lease is not readily determinable, the discount rate applied to measure each ROU asset and lease
liability is based on our incremental borrowing rate ("IBR"). We consider the general economic environment and our credit rating and
factor in various financing and asset specific adjustments to ensure the IBR is appropriate to the intended use of the underlying lease.
Certain of our ground leases offer renewal options which we assess against relevant economic factors to determine whether we are
reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods that we are reasonably
certain will be exercised are included in the measurement of the lease liability and corresponding ROU asset.
Certain of our ground leases are subject to fair market rent resets based on a percentage of the appraised value of the underlying
assets at specified future dates. Fair market rent resets occurring during the lease term do not give rise to remeasurement of the related
ROU assets and lease liabilities. Fair market rent resets occurring during the lease term, which may be material, will be recognized in
the periods in which they are incurred as variable rent expense.
The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2022, 2021 and
2020:
(Amounts in thousands)
Weighted average remaining lease term (in years)
Weighted average discount rate
Cash paid for operating leases
For the Year Ended December 31,
2021
2020
2022
48.4
5.54%
44.4
4.85%
44.8
4.91%
$
21,861
$
22,382
$
23,932
We recognize rent expense as a component of "operating" expenses on our consolidated statements of income. Rent expense is
comprised of fixed and variable lease payments. The following table sets forth the details of rent expense for the years ended
December 31, 2022, 2021 and 2020:
(Amounts in thousands)
Fixed rent expense
Variable rent expense
Rent expense
For the Year Ended December 31,
2021
2020
2022
$
$
45,211 $
14,180
59,391 $
24,901 $
13,078
37,979 $
28,503
1,178
29,681
111
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
19. Leases - continued
As lessee - continued
As of December 31, 2022, future lease payments under operating ground leases were as follows:
(Amounts in thousands)
For the year ended December 31,
As of December 31, 2022
2023
2024
2025
2026
2027
Thereafter
Total undiscounted cash flows
Present value discount
Lease liabilities
$
$
34,782
46,859
47,227
47,616
48,027
1,949,551
2,174,062
(1,438,093)
735,969
The Farley Building
The future lease payments detailed above exclude the ground and building lease at The Farley Building. The consolidated joint
venture, in which we own a 95% controlling interest, has a 99-year triple-net lease with Empire State Development ("ESD") for
846,000 rentable square feet of commercial space at the property, comprised of approximately 730,000 square feet of office space and
approximately 116,000 square feet of restaurant and retail space. Our lease of the commercial space at the property is accounted for as
a “failed sale-leaseback” as a result of us being deemed the "accounting owner" during development of the property in accordance
with ASC 842-40-55 and the lease subsequently meeting "finance lease" classification pursuant to ASC 842-40-25 upon substantial
completion. The lease calls for annual rent payments and fixed payments in lieu of real estate taxes ("PILOT") through June 2030.
Following the fixed PILOT payment period, the PILOT is calculated in a manner consistent with buildings subject to New York City
real estate taxes and assessments. As of December 31, 2022, future rent and fixed PILOT payments are $535,188,000.
20. Multiemployer Benefit Plans
Our subsidiaries make contributions to certain multiemployer defined benefit plans (“Multiemployer Pension Plans”) and health
plans (“Multiemployer Health Plans”) for our union represented employees, pursuant to the respective collective bargaining
agreements.
Multiemployer Pension Plans
Multiemployer Pension Plans differ from single-employer pension plans in that (i) contributions to multiemployer plans may be
used to provide benefits to employees of other participating employers and (ii) if other participating employers fail to make their
contributions, each of our participating subsidiaries may be required to bear its then pro rata share of unfunded obligations. If a
participating subsidiary withdraws from a plan in which it participates, it may be subject to a withdrawal liability. As of December 31,
2022, our subsidiaries’ participation in these plans was not significant to our consolidated financial statements.
In the years ended December 31, 2022, 2021 and 2020, we contributed $7,761,000, $19,851,000 and $7,049,000, respectively,
towards Multiemployer Pension Plans, which is included as a component of “operating” expenses on our consolidated statements of
income. During the year ended December 31, 2021, the Company funded its pension withdrawal liability in relation to the permanent
closure of Hotel Pennsylvania which resulted in the Company funding more than 5% of total employer contributions to the related
plan for the year. For our other Multiemployer Pension Plans, our subsidiaries’ contributions did not represent more than 5% of total
employer contributions for the years ended December 31, 2022, 2021 and 2020.
Multiemployer Health Plans
Multiemployer Health Plans in which our subsidiaries participate provide health benefits to eligible active and retired
employees. In the years ended December 31, 2022, 2021 and 2020, our subsidiaries contributed $26,514,000, $23,431,000 and
$26,938,000, respectively, towards these plans, which is included as a component of “operating” expenses on our consolidated
statements of income.
112
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
21. Commitments and Contingencies
Insurance
For our properties, we maintain general liability insurance with limits of $300,000,000 per occurrence and per property, of which
$250,000,000 includes communicable disease coverage, and we maintain all risk property and rental value insurance with limits of
$2.0 billion per occurrence, with sub-limits for certain perils such as flood and earthquake, excluding communicable disease coverage.
Our California properties have earthquake insurance with coverage of $350,000,000 per occurrence and in the aggregate, subject to a
deductible in the amount of 5% of the value of the affected property. We maintain coverage for certified terrorism acts with limits of
$6.0 billion per occurrence and in the aggregate (as listed below), $1.2 billion for non-certified acts of terrorism, and $5.0 billion per
occurrence and in the aggregate for terrorism involving nuclear, biological, chemical and radiological (“NBCR”) terrorism events, as
defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027.
Penn Plaza Insurance Company, LLC (“PPIC”), our wholly owned consolidated subsidiary, acts as a re-insurer with respect to a
portion of all risk property and rental value insurance and a portion of our earthquake insurance coverage, and as a direct insurer for
coverage for acts of terrorism including NBCR acts. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third
party insurance companies and the Federal government with no exposure to PPIC. For NBCR acts, PPIC is responsible for a
deductible of $1,774,525 and 20% of the balance of a covered loss and the Federal government is responsible for the remaining
portion of a covered loss. We are ultimately responsible for any loss incurred by PPIC.
Certain condominiums in which we own an interest (including the Farley Condominiums) maintain insurance policies with
different per occurrence and aggregate limits than our policies described above.
We continue to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism and other
events. However, we cannot anticipate what coverage will be available on commercially reasonable terms in the future. We are
responsible for uninsured losses and for deductibles and losses in excess of our insurance coverage, which could be material.
Our debt instruments, consisting of mortgage loans secured by our properties, senior unsecured notes and revolving credit
agreements contain customary covenants requiring us to maintain insurance. Although we believe that we have adequate insurance
coverage for purposes of these agreements, we may not be able to obtain an equivalent amount of coverage at reasonable costs in the
future. Further, if lenders insist on greater coverage than we are able to obtain it could adversely affect our ability to finance or
refinance our properties and expand our portfolio.
Other Commitments and Contingencies
We are from time to time involved in legal actions arising in the ordinary course of business. In our opinion, after consultation
with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position,
results of operations or cash flows.
Each of our properties has been subjected to varying degrees of environmental assessment at various times. The environmental
assessments did not reveal any material environmental contamination. However, there can be no assurance that the identification of
new areas of contamination, changes in the extent or known scope of contamination, the discovery of additional sites, or changes in
cleanup requirements would not result in significant costs to us.
In July 2018, we leased 78,000 square feet at 345 Montgomery Street in San Francisco, CA, to a subsidiary of Regus PLC, for an
initial term of 15 years. The obligations under the lease were guaranteed by Regus PLC in an amount of up to $90,000,000. The tenant
purported to terminate the lease prior to space delivery. We commenced a suit on October 23, 2019 seeking to enforce the lease and
the guaranty. On May 11, 2021, the court issued a final statement of decision in our favor and on January 31, 2023, the Court of
Appeal affirmed the lower court’s decision. On October 9, 2020, the successor to Regus PLC filed for bankruptcy in Luxembourg. We
are actively pursuing claims relating to the guaranty against the successor to Regus PLC and its parent in Luxembourg and other
jurisdictions.
Our mortgage loans are non-recourse to us, except for the mortgage loans secured by 640 Fifth Avenue, 7 West 34th Street and
435 Seventh Avenue, which we guaranteed and therefore are part of our tax basis. In certain cases we have provided guarantees or
master leased tenant space. These guarantees and master leases terminate either upon the satisfaction of specified circumstances or
repayment of the underlying loans. In addition, we have guaranteed the rent and payments in lieu of real estate taxes due to ESD, an
entity of New York State, for The Farley Building. As of December 31, 2022, the aggregate dollar amount of these guarantees and
master leases is approximately $1,553,000,000.
113
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
21. Commitments and Contingencies – continued
Other Commitments and Contingencies - continued
As of December 31, 2022, $15,273,000 of letters of credit were outstanding under one of our unsecured revolving credit
facilities. Our unsecured revolving credit facilities contain financial covenants that require us to maintain minimum interest coverage
and maximum debt to market capitalization ratios, and provide for higher interest rates in the event of a decline in our ratings below
Baa3/BBB- (our current ratings). Our unsecured revolving credit facilities also contain customary conditions precedent to borrowing,
including representations and warranties, and also contain customary events of default that could give rise to accelerated repayment,
including such items as failure to pay interest or principal.
Our 95% consolidated joint venture (5% is owned by Related Companies ("Related")) is completing the development of The
Farley Building. In connection with the development of the property, the joint venture admitted a historic Tax Credit Investor partner.
Under the terms of the historic tax credit arrangement, the joint venture is required to comply with various laws, regulations, and
contractual provisions. Non-compliance with applicable requirements could result in projected tax benefits not being realized and,
therefore, may require a refund or reduction of the Tax Credit Investor’s capital contributions. As of December 31, 2022, the Tax
Credit Investor has made $92,400,000 in capital contributions. Vornado and Related have guaranteed certain of the joint venture’s
obligations to the Tax Credit Investor.
As investment manager of the Fund we are entitled to an incentive allocation after the limited partners have received a preferred
return on their invested capital. The incentive allocation is subject to catch-up and clawback provisions. Accordingly, based on the
December 31, 2022 fair value of the Fund assets, at liquidation we would be required to make a $26,400,000 payment to the limited
partners, net of amounts owed to us, representing a clawback of previously paid incentive allocations, which would have no income
statement impact as it was previously accrued.
As of December 31, 2022, we expect to fund additional capital to certain of our partially owned entities aggregating
approximately $10,300,000.
As of December 31, 2022, we have construction commitments aggregating approximately $409,000,000.
22. Related Party Transactions
Alexander’s, Inc.
We own 32.4% of Alexander’s. Steven Roth, the Chairman of Vornado’s Board of Trustee’s and its Chief Executive Officer, is
also the Chairman of the Board of Directors and Chief Executive Officer of Alexander’s. We provide various services to Alexander’s
in accordance with management, development and leasing agreements. These agreements are described in Note 5 - Investments in
Partially Owned Entities.
Interstate Properties (“Interstate”)
Interstate is a general partnership in which Mr. Roth is the managing general partner. David Mandelbaum and
Russell B. Wight, Jr., Trustees of Vornado and Directors of Alexander’s, respectively, are Interstate’s two other general partners. As
of December 31, 2022, Interstate and its partners beneficially owned an aggregate of approximately 7.0% of the common shares of
beneficial interest of Vornado and 26.0% of Alexander’s common stock.
We manage and lease the real estate assets of Interstate pursuant to a management agreement for which we receive an annual fee
equal to 4% of annual base rent and percentage rent. The management agreement has a term of one year and is automatically
renewable unless terminated by either of the parties on 60 days’ notice at the end of the term. We believe, based upon comparable fees
charged by other real estate companies, that the management agreement terms are consistent with the market. We earned $204,000,
$203,000, and $203,000 of management fees under the agreement for the years ended December 31, 2022, 2021 and 2020,
respectively.
Fifth Avenue and Times Square JV
We provide various services to Fifth Avenue and Times Square JV in accordance with management, development, leasing and
other agreements. These agreements are described in Note 5 - Investments in Partially Owned Entities. Haim Chera, Executive Vice
President - Head of Retail, has an investment in Crown Acquisitions Inc. and Crown Retail Services LLC (collectively, "Crown"),
companies controlled by Mr. Chera's family. Crown has a nominal minority interest in Fifth Avenue and Times Square JV.
Additionally, we have other investments with Crown.
114
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
23. Segment Information
We operate in two reportable segments, New York and Other, which is based on how we manage our business.
Net operating income ("NOI") at share represents total revenues less operating expenses including our share of partially owned
entities. NOI at share - cash basis represents NOI at share adjusted to exclude straight-line rental income and expense, amortization of
acquired below and above market leases, net and other non-cash adjustments. We consider NOI at share - cash basis to be the primary
non-GAAP financial measure for making decisions and assessing the unlevered performance of our segments as it relates to the total
return on assets as opposed to the levered return on equity. As properties are bought and sold based on NOI at share - cash basis, we
utilize this measure to make investment decisions as well as to compare the performance of our assets to that of our peers. NOI at
share and NOI at share - cash basis should not be considered alternatives to net income or cash flow from operations and may not be
comparable to similarly titled measures employed by other companies. Asset information by segment is not reported as we do not use
this measure to assess segment performance or to make resource allocation decisions.
Below is a summary of NOI at share and NOI at share - cash basis by segment for the years ended December 31, 2022, 2021 and
2020.
(Amounts in thousands)
Total revenues
Operating expenses
NOI - consolidated
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
Add: NOI from partially owned entities
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
(Amounts in thousands)
Total revenues
Operating expenses
NOI - consolidated
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
Add: NOI from partially owned entities
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
(Amounts in thousands)
Total revenues
Operating expenses
NOI - consolidated
Deduct: NOI attributable to noncontrolling interests in consolidated subsidiaries
Add: NOI from partially owned entities
NOI at share
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
For the Year Ended December 31, 2022
Total
New York
Other
$
1,799,995
(873,911)
$
1,449,442
(716,148)
$
926,084
(70,029)
305,993
1,162,048
733,294
(45,566)
293,780
981,508
(10,980)
(18,509)
$
1,151,068
$
962,999
$
350,553
(157,763)
192,790
(24,463)
12,213
180,540
7,529
188,069
For the Year Ended December 31, 2021
Total
New York
Other
$
1,589,210
$
1,257,599
$
(797,315)
791,895
(69,385)
310,858
1,033,368
(626,386)
631,213
(38,980)
300,721
892,954
1,318
(1,188)
$
1,034,686
$
891,766
$
331,611
(170,929)
160,682
(30,405)
10,137
140,414
2,506
142,920
For the Year Ended December 31, 2020
Total
New York
Other
$
1,527,951
$
1,221,748
$
(789,066)
738,885
(72,801)
306,495
972,579
(640,531)
581,217
(43,773)
296,447
833,891
46,246
36,715
$
1,018,825
$
870,606
$
306,203
(148,535)
157,668
(29,028)
10,048
138,688
9,531
148,219
115
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
23. Segment Information - continued
Below is a reconciliation of net (loss) income to NOI at share for the years ended December 31, 2022, 2021 and 2020.
(Amounts in thousands)
Net (loss) income
Depreciation and amortization expense
General and administrative expense
Impairment losses, transaction related costs and other
Loss (income) from partially owned entities
(Income) loss from real estate fund investments
Interest and other investment (income) loss, net
Interest and debt expense
Net gains on disposition of wholly owned and partially owned assets
Income tax expense (benefit)
NOI from partially owned entities
NOI attributable to noncontrolling interests in consolidated subsidiaries
For the Year Ended December 31,
2022
2021
2020
$
(382,612)
$
207,553
$
(461,845)
504,502
133,731
31,722
461,351
(3,541)
(19,869)
279,765
(100,625)
21,660
305,993
(70,029)
412,347
134,545
13,815
(130,517)
(11,066)
(4,612)
231,096
(50,770)
(10,496)
310,858
(69,385)
399,695
181,509
174,027
329,112
226,327
5,499
229,251
(381,320)
36,630
306,495
(72,801)
972,579
NOI at share
1,162,048
1,033,368
Non-cash adjustments for straight-line rents, amortization of acquired below-market leases, net
and other
NOI at share - cash basis
24. Subsequent Events
150 West 34th Street Loan Participation
(10,980)
1,318
46,246
$
1,151,068
$
1,034,686
$
1,018,825
On January 9, 2023, our $105,000,000 participation in the $205,000,000 mortgage loan on 150 West 34th Street was repaid,
which reduced “other assets” and “mortgages payable, net” on our consolidated balance sheets by $105,000,000 in the first quarter of
2023. The remaining $100,000,000 mortgage loan balance bears interest at SOFR plus 1.86%, subject to an interest rate cap
arrangement with a SOFR strike rate of 4.10%, and matures in May 2024.
116
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
24. Subsequent Events - continued
350 Park Avenue
On January 24, 2023, we and the Rudin family (“Rudin”) completed agreements with Citadel Enterprise Americas LLC
(“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), for a series of transactions relating to 350
Park Avenue and 40 East 52nd Street.
Citadel will master lease 350 Park Avenue, a 585,000 square foot Manhattan office building, on an “as is” basis for ten years,
with an initial annual net rent of $36,000,000. Per the terms of the lease, no tenant allowance or free rent is being provided. Citadel
will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).
In addition, we have entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40,000,000
and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd
Street to create a premier development site (collectively, the “Site”).
From October 2024 to June 2030, KG will have the option to either:
•
acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900,000,000 to
Vornado and $300,000,000 to Rudin) and build a new 1,700,000 square foot office tower (the “Project”) pursuant to East
Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin
would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250,000,000 preferred
equity interest in the Vornado/Rudin joint venture).
◦
◦
◦
at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with
renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its
primary office in New York City;
the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the
actual cost of capital) on the total Project cost;
the master leases will terminate at the scheduled commencement of demolition;
•
or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315,000,000 to Rudin), in which
case Vornado/Rudin would not participate in the new development.
Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion
($900,000,000 to Vornado and $300,000,000 to Rudin). For ten years following any put option closing, unless the put option is
exercised in response to KG’s request to form the joint venture or KG makes a $200,000,000 termination payment, Vornado/Rudin
will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.
2023 LTPP
On January 11, 2023, the Compensation Committee approved the 2023 Long-Term Performance Plan (“2023 LTPP”), a multi-
year, LTIP units-based performance equity compensation plan. Awards under the 2023 LTPP are bifurcated between operational
performance (50%) and relative performance (50%) measurements and may be earned at specified threshold, target and maximum
levels.
The operational component awards may be earned based on Vornado’s 2023 operational performance in the following categories:
•
•
FFO, as adjusted per share (75% weighting); and
ESG performance metrics consisting of greenhouse emissions reductions, GRESB score and Green Building Certification
(LEED) achievements (aggregate 25% weighting).
Any LTPP award units tentatively earned based on Vornado’s 2023 operational performance are subject to an absolute return
modifier pursuant to which such award units are subject to a potential reduction (but not increase) of up to 30% if Vornado’s aggregate
total three-year TSR is below specified levels.
Awards under relative components may be earned based on Vornado’s three-year TSR, measured against the Dow Jones U.S.
Real Estate Office Index (50% weighting) and a Northeast peer group custom index (50% weighting). Awards earned under the
relative component of the 2023 LTPP are subject to reductions of up to 30% if Vornado’s three-year TSR is below specified levels.
If the designated performance objectives are achieved, awards earned under 2023 LTPP will vest 50% in January 2026 and 50%
in January 2027. In addition, the Chief Executive Officer is required to hold any earned and vested awards for three years following
each such vesting date and all other award recipients are required to hold such awards for one year following each such vesting date.
Dividends on awards granted under the 2023 LTPP accrue during the applicable performance period and are paid to participants if
awards are ultimately earned based on the achievement of the designated performance objectives.
117
ITEM 9.
None.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
ITEM 9A.
CONTROLS AND PROCEDURES
Vornado Realty Trust
Disclosure Controls and Procedures: Our management, with the participation of Vornado’s Chief Executive Officer and Chief
Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rule 13a-15 (e)
under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Annual Report on Form 10-K.
Based on such evaluation, Vornado’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such
period, our disclosure controls and procedures are effective.
Internal Control Over Financial Reporting: There have not been any changes in our internal control over financial reporting (as
defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) during the fourth quarter of the fiscal year to which
this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
Management’s Report on Internal Control over Financial Reporting
Management of Vornado Realty Trust, together with its consolidated subsidiaries (the “Company”), is responsible for establishing
and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed
under the supervision of Vornado’s principal executive and principal financial officers to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of our financial statements for external reporting purposes in accordance with
accounting principles generally accepted in the United States of America.
As of December 31, 2022, management conducted an assessment of the effectiveness of our internal control over financial
reporting based on the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal
control over financial reporting as of December 31, 2022 was effective.
Our internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions
are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in
the United States, and that receipts and expenditures are being made only in accordance with authorizations of management and our
trustees; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
our assets that could have a material effect on our financial statements.
The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by Deloitte & Touche
LLP, an independent registered public accounting firm, as stated in their report appearing on the following page, which expresses an
unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2022.
118
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Shareholders and Board of Trustees
Vornado Realty Trust
New York, New York
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Vornado Realty Trust and subsidiaries (the “Company”) as of
December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control —
Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated financial statements as of and for the year ended December 31, 2022, of the Company and our report dated
February 13, 2023, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of
the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control
over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based
on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the 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. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
New York, New York
February 13, 2023
119
ITEM 9A.
CONTROLS AND PROCEDURES - CONTINUED
Vornado Realty L.P.
Disclosure Controls and Procedures: Vornado Realty L.P.’s management, with the participation of Vornado’s Chief Executive
Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined
in Rule 13a-15 (e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Annual Report
on Form 10-K. Based on such evaluation, Vornado’s Chief Executive Officer and Chief Financial Officer have concluded that, as of
the end of such period, our disclosure controls and procedures are effective.
Internal Control Over Financial Reporting: There have not been any changes in our internal control over financial reporting (as
defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) during the fourth quarter of the fiscal year to which
this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
Management’s Report on Internal Control over Financial Reporting
Management of Vornado Realty Trust, sole general partner of Vornado Realty L.P., together with Vornado Realty L.P.’s
consolidated subsidiaries (the “Company”), is responsible for establishing and maintaining adequate internal control over financial
reporting. Our internal control over financial reporting is a process designed under the supervision of Vornado’s principal executive
and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
our financial statements for external reporting purposes in accordance with accounting principles generally accepted in the United
States of America.
As of December 31, 2022, management conducted an assessment of the effectiveness of our internal control over financial
reporting based on the framework established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal
control over financial reporting as of December 31, 2022 was effective.
Our internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect transactions and dispositions of assets; provide reasonable assurances that transactions
are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in
the United States, and that receipts and expenditures are being made only in accordance with authorizations of management and
Vornado’s trustees; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of our assets that could have a material effect on our financial statements.
The effectiveness of our internal control over financial reporting as of December 31, 2022 has been audited by Deloitte & Touche
LLP, an independent registered public accounting firm, as stated in their report appearing on the following page, which expresses an
unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, 2022.
120
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Partners
Vornado Realty L.P.
New York, New York
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Vornado Realty L.P. and subsidiaries (the “Partnership”) as of
December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Partnership maintained, in all material respects,
effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control —
Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)
(PCAOB), the consolidated financial statements as of and for the year ended December 31, 2022, of the Partnership and our report
dated February 13, 2023, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Partnership’s management is responsible for maintaining effective internal control over financial reporting and for its assessment
of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal
Control over Financial Reporting. Our responsibility is to express an opinion on the Partnership’s internal control over financial
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with
respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such
other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our
opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the 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. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
New York, New York
February 13, 2023
121
ITEM 9B.
OTHER INFORMATION
None.
ITEM 9C.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
ITEM 10.
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information relating to trustees of Vornado, the Operating Partnership’s sole general partner, including its audit committee and
audit committee financial expert, will be contained in Vornado’s definitive Proxy Statement involving the election of Vornado’s
trustees which Vornado will file with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities
Exchange Act of 1934 not later than 120 days after December 31, 2022, and such information is incorporated herein by reference.
Also incorporated herein by reference is the information under the caption “16(a) Beneficial Ownership Reporting Compliance” of the
Proxy Statement.
Executive Officers of the Registrant
The following is a list of the names, ages, principal occupations and positions with Vornado of the executive officers of Vornado
and the positions held by such officers during the past five years. All executive officers of Vornado have terms of office that run until
the next succeeding meeting of the Board of Trustees of Vornado following the Annual Meeting of Vornado’s Shareholders unless
they are removed sooner by Vornado’s Board.
Name
Steven Roth
Age
81
PRINCIPAL OCCUPATION, POSITION AND OFFICE
(Current and during past five years with Vornado unless otherwise stated)
Chairman of the Board; Chief Executive Officer since April 2013 and from May 1989 to May 2009;
Managing General Partner of Interstate Properties, an owner of shopping centers and an investor in
securities and partnerships; Chief Executive Officer of Alexander’s, Inc. since March 1995, a
Director since 1989, and Chairman of the Board since May 2004.
Michael J. Franco
54
President and Chief Financial Officer since December 2020; President since April 2019; Executive
Vice President - Chief Investment Officer from April 2015 to April 2019; Executive Vice President -
Head of Acquisitions and Capital Markets from November 2010 to April 2015.
Haim Chera
Barry S. Langer
Glen J. Weiss
53
44
53
Executive Vice President - Head of Retail since April 2019; Principal at Crown Acquisitions from
January 2000 - April 2019.
Executive Vice President - Development - Co-Head of Real Estate since April 2019; Executive Vice
President - Head of Development from May 2015 to April 2019.
Executive Vice President - Office Leasing - Co-Head of Real Estate since April 2019; Executive Vice
President - Office Leasing from May 2013 to April 2019.
Vornado, the Operating Partnership’s sole general partner, has adopted a Code of Business Conduct and Ethics that applies to all
officers and employees. This Code is available on Vornado’s website at www.vno.com.
ITEM 11.
EXECUTIVE COMPENSATION
Information relating to Vornado’s executive officer and trustee compensation will be contained in Vornado’s Proxy Statement
referred to above in Item 10, “Directors, Executive Officers and Corporate Governance,” and such information is incorporated herein
by reference.
122
ITEM 12.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
Information relating to security ownership of certain beneficial owners and management and related stockholder matters will be
contained in Vornado’s Proxy Statement referred to in Item 10, “Directors, Executive Officers and Corporate Governance,” and such
information is incorporated herein by reference.
Equity compensation plan information
The following table provides information as of December 31, 2022 regarding Vornado’s equity compensation plans.
Plan Category
Equity compensation plans approved by security
holders
Equity compensation plans not approved by
security holders
Total
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
Weighted-average
exercise price of
outstanding options,
warrants and rights
Number of securities remaining
available for future issuance
under equity compensation plans
(excluding securities reflected in
the second column)
(1)
(3)
6,517,835
182,067
6,699,902
$
$
65.35
N/A
65.35
2,803,063
(2)
—
2,803,063
________________________________________
(1)
Includes shares/units of (i) 176,705 Vornado Stock Options (140,031 of which are vested and exercisable), (ii) 565,664 Appreciation-Only Long-Term Incentive
Plan ("AO LTIP") units (437,372 of which are vested and exercisable), (iii) 496,762 Performance Conditioned AO LTIP units (409,538 of which are vested and
exercisable), (iv) 2,969,205 restricted Operating Partnership units (1,983,289 of which are vested and exercisable), (v) 1,932,005 unearned Out-Performance Plan
units, and (vi) 377,494 unearned Long-Term Performance Plan LTIP Units. See Note 14 - Stock-based Compensation in Part II, Item 8 of this Annual Report on
Form 10-K for additional information.
Does not include 8,379 shares of Vornado Restricted Stock, as they have been reflected in Vornado's total shares outstanding.
(2) Based on awards being granted as "Full Value Awards," as defined. If we were to grant "Not Full Value Awards," as defined, the number of securities available
(3)
for future grants is approximately 5,606,000 shares.
Includes (i) 46,503 restricted Operating Partnership units granted at a market price of $33.88 per unit to Vornado Trustees that are not executives of the Company
as part of their annual Trustee fees and (ii) 135,564 restricted Operating Partnership units granted at a market price of $22.13 per unit to Vornado consultants that
are not executives of the Company for annual consulting fees.
ITEM 13.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information relating to certain relationships and related transactions, and director independence will be contained in Vornado’s
Proxy Statement referred to in Item 10, “Directors, Executive Officers and Corporate Governance,” and such information is
incorporated herein by reference.
ITEM 14.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
Information relating to principal accountant fees and services will be contained in Vornado’s Proxy Statement referred to in Item
10, “Directors, Executive Officers and Corporate Governance,” under the caption “Ratification of The Appointment of Independent
Accounting Firm” and such information is incorporated herein by reference.
ITEM 15.
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a) The following documents are filed as part of this report:
PART IV
1. The consolidated financial statements are set forth in Item 8 of this Annual Report on Form 10-K.
The following financial statement schedules should be read in conjunction with the financial statements included in Item 8 of this
Annual Report on Form 10-K.
Schedule III - Real Estate and Accumulated Depreciation
Page in this
Annual Report
on Form 10-K
124
Schedules other than those listed above are omitted because they are not applicable or the information required is included in the
consolidated financial statements or the notes thereto.
123
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
COLUMN A
COLUMN B
COLUMN C
COLUMN D
COLUMN E
COLUMN F COLUMN G COLUMN H COLUMN I
Initial cost to company
Encumbrances(1)
Land
Buildings
and
improvements
Costs
capitalized
subsequent
to acquisition
Gross amount at which
carried at close of period
Buildings
and
improvements
Land
Total(2)
Accumulated
depreciation
and
amortization
Date of
construction(3)
Date
acquired
Life on which
depreciation
in latest
income
statement
is computed
$ 518,244 $
926,992 $
269,875 $ 518,244 $
1,196,867 $ 1,715,111 $
478,343
New York
Manhattan
1290 Avenue of the Americas
$
One Park Avenue
350 Park Avenue
PENN 1
100 West 33rd Street
150 West 34th Street
PENN 2
90 Park Avenue
770 Broadway
888 Seventh Avenue
PENN 11
909 Third Avenue
150 East 58th Street
595 Madison Avenue
330 West 34th Street
715 Lexington Avenue
4 Union Square South
The Farley Building
260 Eleventh Avenue
510 Fifth Avenue
606 Broadway
443 Broadway
435 Seventh Avenue
692 Broadway
131-135 West 33rd Street
304 Canal Street
950,000
525,000
400,000
—
480,000
205,000
575,000
(5)
(6)
—
700,000
277,800
500,000
350,000
—
—
—
—
197,057
265,889
—
331,371
119,657
53,615
8,000
52,898
—
40,333
—
39,303
62,731
—
—
120,000
24,079
—
—
—
74,119
—
95,696
—
—
—
—
—
34,602
45,406
11,187
19,893
6,053
8,315
3,511
369,016
363,381
412,169
361,443
268,509
164,903
175,890
95,686
117,269
85,259
120,723
80,216
62,888
8,599
26,903
55,220
476,235
80,482
18,728
8,993
41,186
19,091
22,908
21,312
12,905
1963
1926
1960
1972
2,936
197,057
64,619
265,889
371,952
428,000
569,009
693,889
791,704
—
1,203,873
1,203,873
14,868
170,634
402,282
78,034
331,371
—
119,657
544,767
199,485
192,597
170,408
135,639
122,641
62,924
79,646
164,628
20,218
12,513
949,500
6,937
8,441
51,715
(41,283)
2,166
(9,677)
477
(8,272)
52,689
8,000
52,898
—
40,333
—
39,303
62,731
—
30,086
24,079
—
—
35,864
45,298
2,370
19,893
3,552
8,315
1,771
439,477
268,509
710,596
375,375
288,283
287,677
220,898
243,364
143,140
142,534
173,227
17,035
67,733
770,848
388,166
763,285
383,375
341,181
287,677
261,231
243,364
182,443
205,265
173,227
47,121
91,812
1,425,735
1,425,735
87,419
25,907
60,816
8,720
21,257
15,732
21,789
6,373
87,419
61,771
106,114
11,090
41,150
19,284
30,104
8,144
178,228
1911/2009
50,905
108,685
192,616
142,018
155,181
102,565
132,201
75,535
58,669
59,405
1,925
1900
1968
1964
1907
1980
1923
1969
1969
1968
1925
1923
28,102
1965/2004
1912
1911
54,042
16,227
—
6,048
—
11,803
2002
—
3,841
337
1910
124
2007
2021
2006
1998
2007
2015
1997
1997
1998
1998
1997
1999
1998
1999
1998
2001
1993
2018
2015
2010
2016
2013
1997
2005
2016
2014
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED
(Amounts in thousands)
COLUMN A
COLUMN B
COLUMN C
Initial cost to company
Encumbrances(1)
Land
Buildings
and
improvements
COLUMN
D
Costs
capitalized
subsequent
to acquisition
COLUMN E
COLUMN F COLUMN G COLUMN H COLUMN I
Gross amount at which
carried at close of period
Buildings
and
improvements
Total(2)
Land
Accumulated
depreciation
and
amortization
Date of
construction(3)
Date
acquired
Life on which
depreciation
in latest
income
statement
is computed
New York - continued
Manhattan - continued
1131 Third Avenue
431 Seventh Avenue
138-142 West 32nd Street
$
334 Canal Street
966 Third Avenue
148 Spring Street
150 Spring Street
137 West 33rd Street
825 Seventh Avenue
537 West 26th Street
339 Greenwich Street
Hotel Pennsylvania site
Other (Including Signage)
Total Manhattan
Other Properties
Paramus, New Jersey
—
—
—
—
—
—
—
—
—
—
—
—
—
$
7,844 $
7,844 $
5,683 $
7,844 $
13,527 $
21,371 $
16,700
9,252
1,693
8,869
3,200
3,200
6,398
1,483
10,370
2,622
29,903
140,477
2,751
9,936
6,507
3,631
8,112
5,822
1,550
697
17,632
12,333
121,712
31,892
—
16,700
2,032
(1,169)
—
408
327
—
3,982
20,000
(10,018)
109,425
22,106
9,252
753
8,869
3,200
3,200
6,398
1,483
26,631
866
29,903
94,787
2,751
11,968
6,278
3,631
8,520
6,149
1,550
4,679
21,371
4,071
231,137
99,688
19,451
21,220
7,031
12,500
11,720
9,349
7,948
6,162
48,002
4,937
261,040
194,475
3,489
1,083
2,181
409
847
3,163
2,273
300
1,064
3,232
245
—
28,002
1920
1932
1919
1997
2007
2015
2011
2013
2008
2008
2015
1997
2018
2017
1997
—
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
(4)
5,252,615
2,084,155
4,627,325
4,025,414
2,069,286
8,667,608
10,736,894
2,490,748
—
—
—
21,224
1,033
20,191
21,224
16,823
1967
1987
(4)
Total New York
5,252,615
2,084,155
4,627,325
4,046,638
2,070,319
8,687,799
10,758,118
2,507,571
125
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED
(Amounts in thousands)
COLUMN A
COLUMN B
COLUMN C
COLUMN D
COLUMN E
COLUMN F COLUMN G COLUMN H COLUMN I
Initial cost to company
Encumbrances(1)
Land
Buildings
and
improvements
Costs
capitalized
subsequent
to acquisition
Gross amount at which
carried at close of period
Buildings
and
improvements
Total(2)
Land
Accumulated
depreciation
and
amortization
Date of
construction(3)
Date
acquired
Life on which
depreciation
in latest
income
statement
is computed
Other
theMART
theMART, Illinois
$
— $ 64,528 $
319,146 $
441,840 $
64,535 $
760,979 $ 825,514 $
383,172
1930
527 West Kinzie, Illinois
Piers 92 and 94, New York
Total theMART
—
—
—
5,166
—
69,694
—
—
319,146
257
23,838
465,935
5,166
—
69,701
257
23,838
785,074
5,423
23,838
854,775
—
4,339
387,511
555 California Street, California
1,200,000
223,446
895,379
269,215
—
83,089
—
—
223,446
83,089
1,164,594
1,388,040
432,128
—
83,089
—
1922,1969
-1970
Borgata Land, Atlantic City, NJ
759-771 Madison Avenue (40 East
66th Street) Residential, New
York
Annapolis, Maryland
Wayne Towne Center, New Jersey
Other
Total Other
Leasehold improvements, equipment
and other
—
—
—
—
8,454
—
—
—
13,321
9,652
26,137
—
(8,193)
5,273
—
48,011
7,962
—
—
—
8,309
9,652
74,148
7,962
13,582
9,652
74,148
7,962
3,321
4,964
38,228
2,103
1,200,000
384,683
1,263,635
782,930
381,509
2,049,739
2,431,248
868,255
—
—
—
125,389
—
125,389
125,389
95,165
1998
1998
2008
2007
2010
2005
2005
2010
(4)
(4)
(4)
(4)
(4)
(4)
(4)
Total December 31, 2022
$
6,452,615 $ 2,468,838 $
5,890,960 $
4,954,957 $ 2,451,828 $ 10,862,927 $ 13,314,755 $
3,470,991
________________________________________
(1) Represents contractual debt obligations.
(2) The net basis of Vornado's assets and liabilities for tax reporting purposes is approximately $1.6 billion lower than the amounts reported for financial statement purposes.
(3) Date of original construction - many properties have had substantial renovation or additional construction, see "costs capitalized subsequent to acquisition" column.
(4) Depreciation of the buildings and improvements is calculated over lives ranging from the life of the lease to forty years.
(5) On January 9, 2023, our $105,000 participation in the $205,000 mortgage loan on 150 West 34th Street was repaid.
(6) Secured amount outstanding on revolving credit facilities.
126
VORNADO REALTY TRUST AND VORNADO REALTY L.P.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
(Amounts in thousands)
The following is a reconciliation of real estate assets and accumulated depreciation:
Real Estate
Balance at beginning of period
Additions during the period:
Land
Buildings & improvements and other
Less: Assets sold, written-off, reclassified to ready for sale and deconsolidated
Balance at end of period
Accumulated Depreciation
Balance at beginning of period
Depreciation expense
Less: Accumulated depreciation on assets sold, written-off and deconsolidated
Balance at end of period
Year Ended December 31,
2022
2021
2020
$
13,217,845 $
12,087,943 $
13,074,012
—
711,722
13,929,567
614,812
197,057
1,286,474
13,571,474
353,629
1,372
1,127,593
14,202,977
2,115,034
$
13,314,755 $
13,217,845 $
12,087,943
$
3,376,347 $
3,169,446 $
3,015,958
449,864
3,826,211
355,220
362,311
3,531,757
155,410
344,301
3,360,259
190,813
$
3,470,991 $
3,376,347 $
3,169,446
127
(cid:7)(cid:55)(cid:8)
(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:72)(cid:25)(cid:1)
(cid:26)(cid:70)(cid:55)(cid:56)(cid:49)(cid:56)(cid:66)(cid:1)(cid:35)(cid:61)(cid:9)
(cid:18)(cid:13)(cid:16)
(cid:18)(cid:13)(cid:17)
(cid:18)(cid:13)(cid:18)
(cid:18)(cid:13)(cid:19)
(cid:18)(cid:13)(cid:20)
(cid:18)(cid:13)(cid:21)
(cid:18)(cid:13)(cid:22)
(cid:18)(cid:13)(cid:23)
(cid:18)(cid:13)(cid:24)
(cid:18)(cid:13)(cid:16)(cid:15)
(cid:18)(cid:13)(cid:16)(cid:16)
(cid:18)(cid:13)(cid:16)(cid:17)
(cid:18)(cid:13)(cid:16)(cid:18)
(cid:18)(cid:13)(cid:16)(cid:19)
(cid:18)(cid:13)(cid:16)(cid:20)
(cid:18)(cid:13)(cid:16)(cid:21)
(cid:18)(cid:13)(cid:16)(cid:22)
(cid:18)(cid:13)(cid:16)(cid:23)
(cid:18)(cid:13)(cid:16)(cid:24)
(cid:18)(cid:13)(cid:17)(cid:15)
(cid:18)(cid:13)(cid:17)(cid:16)
(cid:18)(cid:13)(cid:17)(cid:17)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:76)(cid:62)(cid:73)(cid:61)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:30)(cid:58)(cid:69)(cid:54)(cid:71)(cid:73)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:72)(cid:72)(cid:58)(cid:72)(cid:72)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:46)(cid:54)(cid:77)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:71)(cid:78)(cid:65)(cid:54)(cid:67)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)
(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:22)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)
(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:28)(cid:78)(cid:65)(cid:54)(cid:76)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:54)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:11)(cid:1)
(cid:17)(cid:15)(cid:17)(cid:17)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:30)(cid:58)(cid:56)(cid:65)(cid:54)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:21)(cid:1)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:76)(cid:62)(cid:73)(cid:61)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:30)(cid:58)(cid:69)(cid:54)(cid:71)(cid:73)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:72)(cid:72)(cid:58)(cid:72)(cid:72)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:46)(cid:54)(cid:77)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:71)(cid:78)(cid:65)(cid:54)(cid:67)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:21)(cid:84)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:27)(cid:67)(cid:67)(cid:58)(cid:77)(cid:1)(cid:28)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:30)(cid:58)(cid:59)(cid:62)(cid:67)(cid:62)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:42)(cid:71)(cid:68)(cid:77)(cid:78)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:45)(cid:56)(cid:61)(cid:58)(cid:57)(cid:74)(cid:65)(cid:58)(cid:1)(cid:16)(cid:19)(cid:27)(cid:1)
(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:21)(cid:13)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:30)(cid:58)(cid:56)(cid:65)(cid:54)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:16)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)
(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:30)(cid:58)(cid:56)(cid:65)(cid:54)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)
(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:45)(cid:74)(cid:69)(cid:69)(cid:65)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:54)(cid:71)(cid:78)(cid:11)(cid:1)(cid:20)(cid:13)(cid:19)(cid:15)(cid:4)(cid:1)(cid:45)(cid:58)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:38)(cid:1)(cid:29)(cid:74)(cid:66)(cid:74)(cid:65)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:44)(cid:58)(cid:57)(cid:58)(cid:58)(cid:66)(cid:54)(cid:55)(cid:65)(cid:58)(cid:1)(cid:42)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:71)(cid:58)(cid:57)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:28)(cid:58)(cid:67)(cid:58)(cid:59)(cid:62)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:35)(cid:67)(cid:73)(cid:58)(cid:71)(cid:58)(cid:72)(cid:73)(cid:11)(cid:1)(cid:65)(cid:62)(cid:70)(cid:74)(cid:62)(cid:57)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:69)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:3)(cid:17)(cid:20)(cid:13)(cid:15)(cid:15)(cid:1)
(cid:69)(cid:58)(cid:71)(cid:1)(cid:72)(cid:61)(cid:54)(cid:71)(cid:58)(cid:11)(cid:1)(cid:67)(cid:68)(cid:1)(cid:1)(cid:69)(cid:54)(cid:71)(cid:1)(cid:1)(cid:75)(cid:54)(cid:65)(cid:74)(cid:58)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:27)(cid:1)
(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:45)(cid:74)(cid:69)(cid:69)(cid:65)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:54)(cid:71)(cid:78)(cid:1)(cid:1)(cid:29)(cid:65)(cid:54)(cid:72)(cid:72)(cid:62)(cid:59)(cid:78)(cid:62)(cid:67)(cid:60)(cid:1)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:20)(cid:13)(cid:17)(cid:20)(cid:4)(cid:1)(cid:45)(cid:58)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:39)(cid:1)(cid:29)(cid:74)(cid:66)(cid:74)(cid:65)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:1)(cid:44)(cid:58)(cid:57)(cid:58)(cid:58)(cid:66)(cid:54)(cid:55)(cid:65)(cid:58)(cid:1)(cid:1)(cid:42)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:71)(cid:58)(cid:57)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:28)(cid:58)(cid:67)(cid:58)(cid:59)(cid:62)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)
(cid:9)
(cid:35)(cid:67)(cid:73)(cid:58)(cid:71)(cid:58)(cid:72)(cid:73)(cid:11)(cid:1)(cid:65)(cid:62)(cid:70)(cid:74)(cid:62)(cid:57)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:69)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:3)(cid:17)(cid:20)(cid:13)(cid:15)(cid:15)(cid:1)(cid:69)(cid:58)(cid:71)(cid:1)(cid:72)(cid:61)(cid:54)(cid:71)(cid:58)(cid:11)(cid:1)(cid:67)(cid:68)(cid:1)(cid:69)(cid:54)(cid:71)(cid:1)(cid:75)(cid:54)(cid:65)(cid:74)(cid:58)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)
(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:27)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:22)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:45)(cid:74)(cid:69)(cid:69)(cid:65)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:54)(cid:71)(cid:78)(cid:1)(cid:1)(cid:29)(cid:65)(cid:54)(cid:72)(cid:72)(cid:62)(cid:59)(cid:78)(cid:62)(cid:67)(cid:60)(cid:1)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:1)(cid:20)(cid:13)(cid:17)(cid:20)(cid:4)(cid:1)(cid:45)(cid:58)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:1)(cid:40)(cid:1)(cid:29)(cid:74)(cid:66)(cid:74)(cid:65)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:1)(cid:44)(cid:58)(cid:57)(cid:58)(cid:58)(cid:66)(cid:54)(cid:55)(cid:65)(cid:58)(cid:1)(cid:1)(cid:42)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:71)(cid:58)(cid:57)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:28)(cid:58)(cid:67)(cid:58)(cid:59)(cid:62)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)
(cid:9)
(cid:35)(cid:67)(cid:73)(cid:58)(cid:71)(cid:58)(cid:72)(cid:73)(cid:11)(cid:1)(cid:65)(cid:62)(cid:70)(cid:74)(cid:62)(cid:57)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:69)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:3)(cid:17)(cid:20)(cid:13)(cid:15)(cid:15)(cid:1)(cid:69)(cid:58)(cid:71)(cid:1)(cid:72)(cid:61)(cid:54)(cid:71)(cid:58)(cid:11)(cid:1)(cid:67)(cid:68)(cid:1)(cid:69)(cid:54)(cid:71)(cid:1)(cid:75)(cid:54)(cid:65)(cid:74)(cid:58)(cid:1)(cid:1)(cid:12)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)
(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:84) (cid:27)(cid:71)(cid:73)(cid:62)(cid:56)(cid:65)(cid:58)(cid:72)(cid:1)(cid:45)(cid:74)(cid:69)(cid:69)(cid:65)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:54)(cid:71)(cid:78)(cid:1)(cid:29)(cid:65)(cid:54)(cid:72)(cid:72)(cid:62)(cid:59)(cid:78)(cid:62)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:19)(cid:13)(cid:19)(cid:20)(cid:4)(cid:1)(cid:45)(cid:58)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:41)(cid:1)(cid:29)(cid:74)(cid:66)(cid:74)(cid:65)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:44)(cid:58)(cid:57)(cid:58)(cid:58)(cid:66)(cid:54)(cid:55)(cid:65)(cid:58)(cid:1)(cid:42)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:71)(cid:58)(cid:57)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:28)(cid:58)(cid:67)(cid:58)(cid:59)(cid:62)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)
(cid:35)(cid:67)(cid:73)(cid:58)(cid:71)(cid:58)(cid:72)(cid:73)(cid:11)(cid:1)(cid:65)(cid:62)(cid:70)(cid:74)(cid:62)(cid:57)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:69)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:3)(cid:17)(cid:20)(cid:13)(cid:15)(cid:15)(cid:1)(cid:69)(cid:58)(cid:71)(cid:1)(cid:72)(cid:61)(cid:54)(cid:71)(cid:58)(cid:11)(cid:1)(cid:67)(cid:68)(cid:1)(cid:69)(cid:54)(cid:71)(cid:1)(cid:75)(cid:54)(cid:65)(cid:74)(cid:58)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)
(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:1)(cid:54)(cid:72)(cid:1)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:15)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:22)(cid:1)(cid:7)(cid:73)(cid:61)(cid:58)(cid:1)
(cid:85)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:86)(cid:8)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)
(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)
(cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:22)(cid:1)(cid:1)(cid:83)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)
(cid:9)
(cid:9)
(cid:9)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:23)(cid:1)(cid:1)(cid:83)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:9)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:45)(cid:12)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:18)(cid:18)(cid:18)(cid:12)(cid:20)(cid:15)(cid:15)(cid:24)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:19)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:23)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:9)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:23)
(cid:84) (cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:9)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:24)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:32)(cid:62)(cid:59)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:1)(cid:12)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:45)(cid:62)(cid:77)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:1)(cid:12)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:45)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:15)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:31)(cid:62)(cid:60)(cid:61)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:22)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:40)(cid:62)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:46)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:84) (cid:31)(cid:65)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:19)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:18)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:24)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)
(cid:16)(cid:17)(cid:23)
(cid:18)(cid:13)(cid:17)(cid:18)
(cid:18)(cid:13)(cid:17)(cid:19)
(cid:18)(cid:13)(cid:17)(cid:20)
(cid:18)(cid:13)(cid:17)(cid:21)
(cid:18)(cid:13)(cid:17)(cid:22)
(cid:18)(cid:13)(cid:17)(cid:23)
(cid:18)(cid:13)(cid:17)(cid:24)
(cid:18)(cid:13)(cid:18)(cid:15)
(cid:18)(cid:13)(cid:18)(cid:16)
(cid:18)(cid:13)(cid:18)(cid:17)
(cid:18)(cid:13)(cid:18)(cid:18)
(cid:18)(cid:13)(cid:18)(cid:19)
(cid:18)(cid:13)(cid:18)(cid:20)
(cid:18)(cid:13)(cid:18)(cid:21)
(cid:18)(cid:13)(cid:18)(cid:22)
(cid:18)(cid:13)(cid:18)(cid:23)
(cid:18)(cid:13)(cid:18)(cid:24)
(cid:18)(cid:13)(cid:19)(cid:15)
(cid:18)(cid:13)(cid:19)(cid:16)
(cid:18)(cid:13)(cid:19)(cid:17)
(cid:18)(cid:13)(cid:19)(cid:18)
(cid:18)(cid:13)(cid:19)(cid:19)
(cid:18)(cid:13)(cid:19)(cid:20)
(cid:18)(cid:13)(cid:19)(cid:21)
(cid:18)(cid:13)(cid:19)(cid:22)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:65)(cid:59)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:16)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)
(cid:84) (cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)
(cid:84) (cid:32)(cid:62)(cid:59)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:15)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:19)(cid:13)(cid:18)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:45)(cid:12)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:18)(cid:18)(cid:18)(cid:12)(cid:21)(cid:23)(cid:19)(cid:21)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:16)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:84) (cid:45)(cid:62)(cid:77)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:16)(cid:1)(cid:1)(cid:12)(cid:1)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:9)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:16)
(cid:84) (cid:45)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:16)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:16)
(cid:84) (cid:31)(cid:62)(cid:60)(cid:61)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:14)(cid:27)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)
(cid:84) (cid:40)(cid:62)(cid:67)(cid:58)(cid:73)(cid:58)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)
(cid:9)
(cid:9)
(cid:9)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:62)(cid:58)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)
(cid:9)
(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:71)(cid:72)(cid:73)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:9)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:24)(cid:1)
(cid:9)
(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:46)(cid:61)(cid:62)(cid:71)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:16)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:45)(cid:12)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:18)(cid:18)(cid:18)(cid:12)(cid:16)(cid:17)(cid:17)(cid:18)(cid:15)(cid:21)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:21)(cid:11)(cid:1)
(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:59)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:23)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:45)(cid:12)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:18)(cid:18)(cid:18)(cid:12)(cid:16)(cid:17)(cid:17)(cid:18)(cid:15)(cid:21)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:21)(cid:11)(cid:1)
(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:45)(cid:62)(cid:77)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:31)(cid:62)(cid:60)(cid:61)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:19)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:76)(cid:58)(cid:67)(cid:73)(cid:78)(cid:12)(cid:40)(cid:62)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:62)(cid:58)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:71)(cid:72)(cid:73)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)
(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:24)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:46)(cid:61)(cid:62)(cid:71)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)
(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:59)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:62)(cid:77)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:41)(cid:56)(cid:73)(cid:68)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)
(cid:16)(cid:17)(cid:24)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:18)(cid:13)(cid:19)(cid:23)
(cid:18)(cid:13)(cid:19)(cid:24)
(cid:18)(cid:13)(cid:20)(cid:15)
(cid:18)(cid:13)(cid:20)(cid:16)
(cid:18)(cid:13)(cid:20)(cid:17)
(cid:18)(cid:13)(cid:20)(cid:18)
(cid:18)(cid:13)(cid:20)(cid:19)
(cid:18)(cid:13)(cid:20)(cid:20)
(cid:18)(cid:13)(cid:20)(cid:21)
(cid:18)(cid:13)(cid:20)(cid:22)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)
(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:31)(cid:62)(cid:60)(cid:61)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)
(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:73)(cid:78)(cid:12)(cid:40)(cid:62)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)
(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:62)(cid:58)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)
(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:71)(cid:72)(cid:73)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:23)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:19)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)
(cid:17)(cid:15)(cid:15)(cid:23)(cid:1)(cid:7)(cid:59)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:23)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:46)(cid:61)(cid:62)(cid:71)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:17)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:16)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:15)(cid:12)(cid:17)(cid:17)(cid:21)(cid:23)(cid:20)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)
(cid:17)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:16)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:11)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:18)(cid:19)(cid:19)(cid:23)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:68)(cid:74)(cid:71)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)
(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:18)(cid:19)(cid:19)(cid:23)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:59)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)(cid:1)(cid:83)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:18)(cid:19)(cid:19)(cid:23)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)
(cid:18)(cid:13)(cid:20)(cid:23)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:62)(cid:77)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:11)(cid:1)
(cid:17)(cid:15)(cid:16)(cid:20)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:18)(cid:19)(cid:19)(cid:23)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:20)
(cid:18)(cid:13)(cid:20)(cid:24)
(cid:18)(cid:13)(cid:21)(cid:15)
(cid:18)(cid:13)(cid:21)(cid:16)
(cid:18)(cid:13)(cid:21)(cid:17)
(cid:18)(cid:13)(cid:21)(cid:18)
(cid:19)(cid:13)(cid:16)
(cid:19)(cid:13)(cid:17)
(cid:1)
(cid:19)(cid:13)(cid:18)
(cid:19)(cid:13)(cid:19)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:45)(cid:58)(cid:75)(cid:58)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)
(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:22)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:18)(cid:19)(cid:19)(cid:23)(cid:17)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:16)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:31)(cid:62)(cid:60)(cid:61)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:20)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)
(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:22)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)
(cid:84) (cid:32)(cid:68)(cid:71)(cid:73)(cid:78)(cid:12)(cid:40)(cid:62)(cid:67)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:84) (cid:32)(cid:62)(cid:59)(cid:73)(cid:62)(cid:58)(cid:73)(cid:61)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:84) (cid:32)(cid:62)(cid:59)(cid:73)(cid:78)(cid:12)(cid:32)(cid:62)(cid:71)(cid:72)(cid:73)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:38)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:18)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:45)(cid:58)(cid:69)(cid:73)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:84) (cid:35)(cid:67)(cid:57)(cid:58)(cid:67)(cid:73)(cid:74)(cid:71)(cid:58)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:18)(cid:11)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:46)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:58)(cid:76)(cid:1)(cid:51)(cid:68)(cid:71)(cid:64)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:58)(cid:58)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)
(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:19)(cid:13)(cid:16)(cid:15)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:17)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:20)
(cid:84) (cid:35)(cid:67)(cid:57)(cid:58)(cid:67)(cid:73)(cid:74)(cid:71)(cid:58)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:11)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:35)(cid:72)(cid:72)(cid:74)(cid:58)(cid:71)(cid:11)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:33)(cid:74)(cid:54)(cid:71)(cid:54)(cid:67)(cid:73)(cid:68)(cid:71)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:46)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:9)
(cid:40)(cid:58)(cid:76)(cid:1)(cid:51)(cid:68)(cid:71)(cid:64)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:58)(cid:58)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:19)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:40)(cid:68)(cid:75)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)
(cid:21)(cid:44)(cid:57)(cid:59)(cid:40)(cid:48)(cid:53)(cid:1)(cid:48)(cid:53)(cid:58)(cid:59)(cid:57)(cid:60)(cid:52)(cid:44)(cid:53)(cid:59)(cid:58)(cid:1)(cid:43)(cid:44)(cid:45)(cid:48)(cid:53)(cid:48)(cid:53)(cid:46)(cid:1)(cid:59)(cid:47)(cid:44)(cid:1)(cid:57)(cid:48)(cid:46)(cid:47)(cid:59)(cid:58)(cid:1)(cid:54)(cid:45)(cid:1)(cid:47)(cid:54)(cid:51)(cid:43)(cid:44)(cid:57)(cid:58)(cid:1)(cid:54)(cid:45)(cid:1)(cid:51)(cid:54)(cid:53)(cid:46)(cid:5)(cid:59)(cid:44)(cid:57)(cid:52)(cid:1)(cid:43)(cid:44)(cid:41)(cid:59)(cid:1)(cid:58)(cid:44)(cid:42)(cid:60)(cid:57)(cid:48)(cid:59)(cid:48)(cid:44)(cid:58)(cid:1)(cid:54)(cid:45)(cid:1)(cid:38)(cid:54)(cid:57)(cid:53)(cid:40)(cid:43)(cid:54)(cid:1)(cid:34)(cid:44)(cid:40)(cid:51)(cid:59)(cid:64)(cid:1)(cid:36)(cid:57)(cid:60)(cid:58)(cid:59)(cid:1)(cid:40)(cid:53)(cid:43)(cid:1)(cid:48)(cid:59)(cid:58)(cid:1)(cid:58)(cid:60)(cid:41)(cid:58)(cid:48)(cid:43)(cid:48)(cid:40)(cid:57)(cid:48)(cid:44)(cid:58)(cid:1)(cid:40)(cid:57)(cid:44)(cid:1)(cid:54)(cid:52)(cid:48)(cid:59)(cid:59)(cid:44)(cid:43)(cid:1)
(cid:55)(cid:60)(cid:57)(cid:58)(cid:60)(cid:40)(cid:53)(cid:59)(cid:1)(cid:59)(cid:54)(cid:1)(cid:26)(cid:59)(cid:44)(cid:52)(cid:1)(cid:14)(cid:8)(cid:9)(cid:2)(cid:41)(cid:3)(cid:2)(cid:12)(cid:3)(cid:2)(cid:48)(cid:48)(cid:48)(cid:3)(cid:1)(cid:54)(cid:45)(cid:1)(cid:34)(cid:44)(cid:46)(cid:60)(cid:51)(cid:40)(cid:59)(cid:48)(cid:54)(cid:53)(cid:1)(cid:35)(cid:5)(cid:28)(cid:6)(cid:1)(cid:38)(cid:54)(cid:57)(cid:53)(cid:40)(cid:43)(cid:54)(cid:1)(cid:34)(cid:44)(cid:40)(cid:51)(cid:59)(cid:64)(cid:1)(cid:36)(cid:57)(cid:60)(cid:58)(cid:59)(cid:1)(cid:47)(cid:44)(cid:57)(cid:44)(cid:41)(cid:64)(cid:1)(cid:60)(cid:53)(cid:43)(cid:44)(cid:57)(cid:59)(cid:40)(cid:50)(cid:44)(cid:58)(cid:1)(cid:59)(cid:54)(cid:1)(cid:45)(cid:60)(cid:57)(cid:53)(cid:48)(cid:58)(cid:47)(cid:1)(cid:59)(cid:54)(cid:1)(cid:59)(cid:47)(cid:44)(cid:1)(cid:35)(cid:44)(cid:42)(cid:60)(cid:57)(cid:48)(cid:59)(cid:48)(cid:44)(cid:58)(cid:1)(cid:40)(cid:53)(cid:43)(cid:1)(cid:23)(cid:63)(cid:42)(cid:47)(cid:40)(cid:53)(cid:46)(cid:44)(cid:1)
(cid:21)(cid:54)(cid:52)(cid:52)(cid:48)(cid:58)(cid:58)(cid:48)(cid:54)(cid:53)(cid:4)(cid:1)(cid:60)(cid:55)(cid:54)(cid:53)(cid:1)(cid:57)(cid:44)(cid:56)(cid:60)(cid:44)(cid:58)(cid:59)(cid:4)(cid:1)(cid:42)(cid:54)(cid:55)(cid:48)(cid:44)(cid:58)(cid:1)(cid:54)(cid:45)(cid:1)(cid:58)(cid:60)(cid:42)(cid:47)(cid:1)(cid:48)(cid:53)(cid:58)(cid:59)(cid:57)(cid:60)(cid:52)(cid:44)(cid:53)(cid:59)(cid:58)
(cid:1)
(cid:84) (cid:30)(cid:58)(cid:72)(cid:56)(cid:71)(cid:62)(cid:69)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:72)(cid:58)(cid:56)(cid:74)(cid:71)(cid:62)(cid:73)(cid:62)(cid:58)(cid:72)(cid:1)(cid:71)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:58)(cid:71)(cid:58)(cid:57)(cid:1)(cid:69)(cid:74)(cid:71)(cid:72)(cid:74)(cid:54)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:16)(cid:17)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:45)(cid:58)(cid:56)(cid:74)(cid:71)(cid:62)(cid:73)(cid:62)(cid:58)(cid:72)(cid:1)(cid:31)(cid:77)(cid:56)(cid:61)(cid:54)(cid:67)(cid:60)(cid:58)(cid:1)(cid:27)(cid:56)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:16)(cid:24)(cid:18)(cid:19)
(cid:84) (cid:30)(cid:58)(cid:72)(cid:56)(cid:71)(cid:62)(cid:69)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:29)(cid:65)(cid:54)(cid:72)(cid:72)(cid:1)(cid:27)(cid:1)(cid:74)(cid:67)(cid:62)(cid:73)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:56)(cid:58)(cid:71)(cid:73)(cid:54)(cid:62)(cid:67)(cid:1)(cid:69)(cid:71)(cid:68)(cid:75)(cid:62)(cid:72)(cid:62)(cid:68)(cid:67)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:62)(cid:73)(cid:72)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:65)(cid:62)(cid:66)(cid:62)(cid:73)(cid:58)(cid:57)(cid:1)(cid:69)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:72)(cid:61)(cid:62)(cid:69)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)
(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)
(cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:56)(cid:68)(cid:67)(cid:73)(cid:71)(cid:54)(cid:56)(cid:73)(cid:1)(cid:68)(cid:71)(cid:1)(cid:56)(cid:68)(cid:66)(cid:69)(cid:58)(cid:67)(cid:72)(cid:54)(cid:73)(cid:68)(cid:71)(cid:78)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)
(cid:32)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:61)(cid:58)(cid:71)(cid:58)(cid:76)(cid:62)(cid:73)(cid:61)
(cid:16)(cid:18)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:18)
(cid:16)(cid:15)(cid:13)(cid:19)
(cid:84) (cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:44)(cid:62)(cid:60)(cid:61)(cid:73)(cid:72)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:11)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:45)(cid:73)(cid:58)(cid:75)(cid:58)(cid:67)(cid:1)(cid:44)(cid:68)(cid:73)(cid:61)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:17)(cid:24)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:17)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)
(cid:16)(cid:21)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:18)
(cid:9)(cid:9) (cid:84) (cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:35)(cid:67)(cid:73)(cid:58)(cid:71)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:42)(cid:71)(cid:68)(cid:69)(cid:58)(cid:71)(cid:73)(cid:62)(cid:58)(cid:72)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:11)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:16)(cid:18)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:17)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:11)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:13)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:16)(cid:24)(cid:24)(cid:18)
(cid:9)(cid:9) (cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:1)(cid:31)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:44)(cid:58)(cid:73)(cid:58)(cid:67)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:11)(cid:1)(cid:55)(cid:78)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:87)(cid:72)(cid:11)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:12)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:7)(cid:62)(cid:8)(cid:7)(cid:31)(cid:8)(cid:7)(cid:18)(cid:8)(cid:1)(cid:73)(cid:68)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:87)(cid:72)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:15)(cid:21)(cid:15)(cid:21)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)
(cid:9)(cid:9) (cid:84) (cid:20)(cid:24)(cid:73)(cid:61)(cid:1)(cid:45)(cid:73)(cid:71)(cid:58)(cid:58)(cid:73)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:1)(cid:31)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:44)(cid:58)(cid:73)(cid:58)(cid:67)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:11)(cid:1)(cid:55)(cid:78)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:22)(cid:18)(cid:16)(cid:1)(cid:44)(cid:58)(cid:72)(cid:62)(cid:57)(cid:58)(cid:67)(cid:73)(cid:62)(cid:54)(cid:65)(cid:1)(cid:38)(cid:38)(cid:29)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)
(cid:22)(cid:18)(cid:16)(cid:1)(cid:29)(cid:68)(cid:66)(cid:66)(cid:58)(cid:71)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:38)(cid:38)(cid:29)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:7)(cid:62)(cid:8)(cid:7)(cid:31)(cid:8)(cid:7)(cid:19)(cid:8)(cid:1)(cid:73)(cid:68)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:87)(cid:72)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)
(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:15)(cid:21)(cid:15)(cid:21)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:20)
(cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:30)(cid:58)(cid:75)(cid:58)(cid:65)(cid:68)(cid:69)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:11)(cid:1)(cid:55)(cid:78)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:6)(cid:72)(cid:11)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:11)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)
(cid:72)(cid:74)(cid:55)(cid:72)(cid:62)(cid:57)(cid:62)(cid:54)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:69)(cid:54)(cid:71)(cid:73)(cid:78)(cid:1)(cid:73)(cid:61)(cid:58)(cid:71)(cid:58)(cid:73)(cid:68)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:29)(cid:68)(cid:71)(cid:69)(cid:13)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:7)(cid:62)(cid:8)(cid:7)(cid:32)(cid:8)(cid:7)(cid:16)(cid:8)(cid:1)(cid:73)(cid:68)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:6)(cid:72)(cid:1)(cid:35)(cid:67)(cid:56)(cid:13)(cid:6)(cid:72)(cid:1)
(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:15)(cid:21)(cid:15)(cid:21)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:21)
(cid:16)(cid:15)(cid:13)(cid:22)
(cid:16)(cid:15)(cid:13)(cid:23)
(cid:16)(cid:15)(cid:13)(cid:24)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:18)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:19)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:20)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:21)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:1)(cid:31)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:44)(cid:58)(cid:73)(cid:58)(cid:67)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:11)(cid:1)(cid:55)(cid:78)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:27)(cid:65)(cid:58)(cid:77)(cid:54)(cid:67)(cid:57)(cid:58)(cid:71)(cid:87)(cid:72)(cid:1)
(cid:35)(cid:67)(cid:56)(cid:13)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:20)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)
(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:20)(cid:24)(cid:73)(cid:61)(cid:1)(cid:45)(cid:73)(cid:71)(cid:58)(cid:58)(cid:73)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:1)(cid:31)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:1)(cid:44)(cid:58)(cid:73)(cid:58)(cid:67)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)(cid:11)(cid:1)(cid:55)(cid:78)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:22)(cid:18)(cid:16)(cid:1)(cid:44)(cid:58)(cid:73)(cid:54)(cid:62)(cid:65)(cid:1)
(cid:41)(cid:67)(cid:58)(cid:1)(cid:38)(cid:38)(cid:29)(cid:11)(cid:1)(cid:22)(cid:18)(cid:16)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:74)(cid:71)(cid:54)(cid:67)(cid:73)(cid:1)(cid:38)(cid:38)(cid:29)(cid:11)(cid:1)(cid:22)(cid:18)(cid:16)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:1)(cid:41)(cid:67)(cid:58)(cid:1)(cid:38)(cid:38)(cid:29)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:22)(cid:18)(cid:16)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:1)(cid:46)(cid:76)(cid:68)(cid:1)(cid:38)(cid:38)(cid:29)(cid:13)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:20)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:21)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)
(cid:17)(cid:22)(cid:11)(cid:1)(cid:17)(cid:15)(cid:15)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)
(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:18)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:35)(cid:67)(cid:56)(cid:58)(cid:67)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:14)(cid:1)(cid:40)(cid:68)(cid:67)(cid:12)(cid:43)(cid:74)(cid:54)(cid:65)(cid:62)(cid:59)(cid:62)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:41)(cid:69)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)
(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:24)(cid:24)(cid:13)(cid:18)(cid:1)
(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:29)(cid:74)(cid:71)(cid:71)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:23)(cid:12)(cid:37)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)(cid:1)(cid:41)(cid:74)(cid:73)(cid:69)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:17)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)(cid:1)(cid:41)(cid:74)(cid:73)(cid:69)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:20)(cid:15)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:18)
(cid:9)(cid:9) (cid:84) (cid:31)(cid:66)(cid:69)(cid:65)(cid:68)(cid:78)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:39)(cid:62)(cid:56)(cid:61)(cid:54)(cid:58)(cid:65)(cid:1)(cid:36)(cid:13)(cid:1)(cid:32)(cid:71)(cid:54)(cid:67)(cid:56)(cid:68)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:54)(cid:67)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:19)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:20)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:19)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)
(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:19)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:41)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:19)(cid:1)
(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:22)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:42)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:29)(cid:68)(cid:67)(cid:57)(cid:62)(cid:73)(cid:62)(cid:68)(cid:67)(cid:58)(cid:57)(cid:1)(cid:27)(cid:41)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)
(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:73)(cid:68)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)
(cid:16)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:23)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:23)(cid:1)
(cid:9)
(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:16)(cid:15)(cid:13)(cid:16)(cid:24)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:15)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:24)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)
(cid:16)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:27)(cid:67)(cid:67)(cid:58)(cid:77)(cid:1)(cid:28)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:42)(cid:71)(cid:68)(cid:77)(cid:78)(cid:1)(cid:45)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)
(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:16)
(cid:84) (cid:46)(cid:71)(cid:54)(cid:67)(cid:72)(cid:54)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:29)(cid:71)(cid:68)(cid:76)(cid:67)(cid:1)(cid:36)(cid:58)(cid:76)(cid:58)(cid:65)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:1)(cid:38)(cid:38)(cid:29)(cid:11)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)
(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:36)(cid:74)(cid:65)(cid:78)(cid:1)(cid:17)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)(cid:9)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)
(cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:56)(cid:68)(cid:67)(cid:73)(cid:71)(cid:54)(cid:56)(cid:73)(cid:1)(cid:68)(cid:71)(cid:1)(cid:56)(cid:68)(cid:66)(cid:69)(cid:58)(cid:67)(cid:72)(cid:54)(cid:73)(cid:68)(cid:71)(cid:78)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)
(cid:16)(cid:18)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:18)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:19)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:20)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:21)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:18)(cid:1)
(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:35)(cid:67)(cid:56)(cid:58)(cid:67)(cid:73)(cid:62)(cid:75)(cid:58)(cid:14)(cid:40)(cid:68)(cid:67)(cid:12)(cid:43)(cid:74)(cid:54)(cid:65)(cid:62)(cid:59)(cid:62)(cid:58)(cid:57)(cid:1)(cid:45)(cid:73)(cid:68)(cid:56)(cid:64)(cid:1)(cid:41)(cid:69)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)
(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)
(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:23)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:31)(cid:66)(cid:69)(cid:65)(cid:68)(cid:78)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:33)(cid:65)(cid:58)(cid:67)(cid:1)(cid:36)(cid:13)(cid:1)(cid:49)(cid:58)(cid:62)(cid:72)(cid:72)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:20)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:39)(cid:54)(cid:78)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:9)(cid:9) (cid:84) (cid:31)(cid:66)(cid:69)(cid:65)(cid:68)(cid:78)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:34)(cid:54)(cid:62)(cid:66)(cid:1)(cid:29)(cid:61)(cid:58)(cid:71)(cid:54)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:24)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:39)(cid:54)(cid:78)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:41)(cid:74)(cid:73)(cid:69)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:39)(cid:54)(cid:78)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:23)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:41)(cid:74)(cid:73)(cid:69)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:72)(cid:1)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:19)(cid:17)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:17)(cid:24)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:41)(cid:74)(cid:73)(cid:69)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:40)(cid:68)(cid:67)(cid:12)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:72)(cid:1)(cid:1)(cid:83)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)
(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:18)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:87)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:15)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)
(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:21)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:15)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:16)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:17)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:44)(cid:58)(cid:75)(cid:68)(cid:65)(cid:75)(cid:62)(cid:67)(cid:60)(cid:1)(cid:29)(cid:71)(cid:58)(cid:57)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:27)(cid:69)(cid:71)(cid:62)(cid:65)(cid:1)(cid:16)(cid:20)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:28)(cid:68)(cid:71)(cid:71)(cid:68)(cid:76)(cid:58)(cid:71)(cid:11)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)
(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:65)(cid:62)(cid:72)(cid:73)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:72)(cid:62)(cid:60)(cid:67)(cid:54)(cid:73)(cid:74)(cid:71)(cid:58)(cid:1)(cid:69)(cid:54)(cid:60)(cid:58)(cid:72)(cid:1)(cid:73)(cid:61)(cid:58)(cid:71)(cid:58)(cid:68)(cid:59)(cid:11)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:36)(cid:42)(cid:39)(cid:68)(cid:71)(cid:60)(cid:54)(cid:67)(cid:1)(cid:29)(cid:61)(cid:54)(cid:72)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:40)(cid:13)(cid:27)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:27)(cid:57)(cid:66)(cid:62)(cid:67)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:27)(cid:60)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)
(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:19)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)
(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:38)(cid:68)(cid:67)(cid:60)(cid:12)(cid:73)(cid:58)(cid:71)(cid:66)(cid:1)(cid:42)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:21)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:59)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:16)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:58)(cid:55)(cid:71)(cid:74)(cid:54)(cid:71)(cid:78)(cid:1)(cid:16)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)
(cid:9)(cid:9) (cid:84) (cid:31)(cid:66)(cid:69)(cid:65)(cid:68)(cid:78)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:55)(cid:58)(cid:73)(cid:76)(cid:58)(cid:58)(cid:67)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:28)(cid:54)(cid:71)(cid:71)(cid:78)(cid:1)(cid:38)(cid:54)(cid:67)(cid:60)(cid:58)(cid:71)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:19)(cid:11)(cid:1)(cid:17)(cid:15)(cid:16)(cid:23)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:22)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:39)(cid:54)(cid:71)(cid:56)(cid:61)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:39)(cid:54)(cid:78)(cid:1)(cid:17)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:18)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:46)(cid:58)(cid:71)(cid:66)(cid:1)(cid:38)(cid:68)(cid:54)(cid:67)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:11)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:28)(cid:68)(cid:71)(cid:71)(cid:68)(cid:76)(cid:58)(cid:71)(cid:11)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)
(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:72)(cid:1)(cid:33)(cid:58)(cid:67)(cid:58)(cid:71)(cid:54)(cid:65)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:11)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:65)(cid:62)(cid:72)(cid:73)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:72)(cid:62)(cid:60)(cid:67)(cid:54)(cid:73)(cid:74)(cid:71)(cid:58)(cid:1)(cid:69)(cid:54)(cid:60)(cid:58)(cid:72)(cid:1)(cid:73)(cid:61)(cid:58)(cid:71)(cid:58)(cid:68)(cid:59)(cid:11)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:36)(cid:42)(cid:39)(cid:68)(cid:71)(cid:60)(cid:54)(cid:67)(cid:1)(cid:29)(cid:61)(cid:54)(cid:72)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:40)(cid:13)(cid:27)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:27)(cid:57)(cid:66)(cid:62)(cid:67)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)
(cid:27)(cid:60)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:23)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)
(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:9)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:19)
(cid:84) (cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:16)(cid:1)(cid:73)(cid:68)(cid:1)(cid:45)(cid:58)(cid:56)(cid:68)(cid:67)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:44)(cid:58)(cid:75)(cid:68)(cid:65)(cid:75)(cid:62)(cid:67)(cid:60)(cid:1)(cid:29)(cid:71)(cid:58)(cid:57)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:11)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)
(cid:9)
(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:28)(cid:68)(cid:71)(cid:71)(cid:68)(cid:76)(cid:58)(cid:71)(cid:11)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:65)(cid:62)(cid:72)(cid:73)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:72)(cid:62)(cid:60)(cid:67)(cid:54)(cid:73)(cid:74)(cid:71)(cid:58)(cid:1)(cid:69)(cid:54)(cid:60)(cid:58)(cid:72)(cid:1)(cid:73)(cid:61)(cid:58)(cid:71)(cid:58)(cid:68)(cid:59)(cid:11)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:36)(cid:42)(cid:39)(cid:68)(cid:71)(cid:60)(cid:54)(cid:67)(cid:1)(cid:29)(cid:61)(cid:54)(cid:72)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:40)(cid:13)(cid:27)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:27)(cid:57)(cid:66)(cid:62)(cid:67)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:27)(cid:60)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)
(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:18)(cid:24)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)
(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:20)
(cid:84) (cid:46)(cid:61)(cid:62)(cid:71)(cid:57)(cid:1)(cid:27)(cid:66)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:44)(cid:58)(cid:75)(cid:68)(cid:65)(cid:75)(cid:62)(cid:67)(cid:60)(cid:1)(cid:29)(cid:71)(cid:58)(cid:57)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:11)(cid:1)(cid:54)(cid:66)(cid:68)(cid:67)(cid:60)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)(cid:28)(cid:68)(cid:71)(cid:71)(cid:68)(cid:76)(cid:58)(cid:71)(cid:11)(cid:1)
(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:72)(cid:1)(cid:33)(cid:58)(cid:67)(cid:58)(cid:71)(cid:54)(cid:65)(cid:1)(cid:42)(cid:54)(cid:71)(cid:73)(cid:67)(cid:58)(cid:71)(cid:11)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:65)(cid:62)(cid:72)(cid:73)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:72)(cid:62)(cid:60)(cid:67)(cid:54)(cid:73)(cid:74)(cid:71)(cid:58)(cid:1)(cid:69)(cid:54)(cid:60)(cid:58)(cid:72)(cid:1)(cid:73)(cid:61)(cid:58)(cid:71)(cid:58)(cid:68)(cid:59)(cid:11)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:36)(cid:42)(cid:39)(cid:68)(cid:71)(cid:60)(cid:54)(cid:67)(cid:1)(cid:29)(cid:61)(cid:54)(cid:72)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:1)(cid:40)(cid:13)(cid:27)(cid:13)(cid:11)(cid:1)(cid:54)(cid:72)(cid:1)
(cid:27)(cid:57)(cid:66)(cid:62)(cid:67)(cid:62)(cid:72)(cid:73)(cid:71)(cid:54)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:27)(cid:60)(cid:58)(cid:67)(cid:73)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:28)(cid:54)(cid:67)(cid:64)(cid:72)(cid:1)(cid:12)(cid:1)(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)(cid:1)(cid:73)(cid:68)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:13)(cid:19)(cid:15)(cid:1)(cid:73)(cid:68)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:6)(cid:72)(cid:1)(cid:43)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:65)(cid:78)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)
(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:43)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:70)(cid:74)(cid:54)(cid:71)(cid:73)(cid:58)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:36)(cid:74)(cid:67)(cid:58)(cid:1)(cid:18)(cid:15)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:1)(cid:7)(cid:32)(cid:62)(cid:65)(cid:58)(cid:1)(cid:40)(cid:68)(cid:13)(cid:1)(cid:15)(cid:15)(cid:16)(cid:12)(cid:16)(cid:16)(cid:24)(cid:20)(cid:19)(cid:8)(cid:11)(cid:1)(cid:59)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:68)(cid:67)(cid:1)(cid:27)(cid:74)(cid:60)(cid:74)(cid:72)(cid:73)(cid:1)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:21)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:16)(cid:24)(cid:1)(cid:41)(cid:66)(cid:67)(cid:62)(cid:55)(cid:74)(cid:72)(cid:1)(cid:45)(cid:61)(cid:54)(cid:71)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:44)(cid:58)(cid:72)(cid:73)(cid:71)(cid:62)(cid:56)(cid:73)(cid:58)(cid:57)(cid:1)(cid:38)(cid:46)(cid:35)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:60)(cid:71)(cid:54)(cid:67)(cid:73)(cid:58)(cid:57)(cid:1)(cid:62)(cid:67)(cid:1)(cid:17)(cid:15)(cid:17)(cid:18)(cid:1)
(cid:16)(cid:15)(cid:13)(cid:18)(cid:22)
(cid:9)(cid:9) (cid:84) (cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:17)(cid:15)(cid:17)(cid:18)(cid:1)(cid:38)(cid:68)(cid:67)(cid:60)(cid:12)(cid:73)(cid:58)(cid:71)(cid:66)(cid:1)(cid:42)(cid:58)(cid:71)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)(cid:42)(cid:65)(cid:54)(cid:67)(cid:1)(cid:38)(cid:46)(cid:42)(cid:42)(cid:1)(cid:47)(cid:67)(cid:62)(cid:73)(cid:1)(cid:27)(cid:76)(cid:54)(cid:71)(cid:57)(cid:1)(cid:27)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)
(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)
(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:35)(cid:67)(cid:56)(cid:68)(cid:71)(cid:69)(cid:68)(cid:71)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:78)(cid:1)(cid:71)(cid:58)(cid:59)(cid:58)(cid:71)(cid:58)(cid:67)(cid:56)(cid:58)
(cid:39)(cid:54)(cid:67)(cid:54)(cid:60)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:1)(cid:56)(cid:68)(cid:67)(cid:73)(cid:71)(cid:54)(cid:56)(cid:73)(cid:1)(cid:68)(cid:71)(cid:1)(cid:56)(cid:68)(cid:66)(cid:69)(cid:58)(cid:67)(cid:72)(cid:54)(cid:73)(cid:68)(cid:71)(cid:78)(cid:1)(cid:54)(cid:60)(cid:71)(cid:58)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)
(cid:32)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:61)(cid:58)(cid:71)(cid:58)(cid:76)(cid:62)(cid:73)(cid:61)
(cid:16)(cid:18)(cid:17)
(cid:17)(cid:16)
(cid:17)(cid:18)(cid:13)(cid:16)
(cid:17)(cid:18)(cid:13)(cid:17)
(cid:18)(cid:16)(cid:13)(cid:16)
(cid:18)(cid:16)(cid:13)(cid:17)
(cid:18)(cid:16)(cid:13)(cid:18)
(cid:18)(cid:16)(cid:13)(cid:19)
(cid:18)(cid:17)(cid:13)(cid:16)
(cid:18)(cid:17)(cid:13)(cid:17)
(cid:18)(cid:17)(cid:13)(cid:18)
(cid:18)(cid:17)(cid:13)(cid:19)
(cid:16)(cid:15)(cid:16)
(cid:84) (cid:45)(cid:74)(cid:55)(cid:72)(cid:62)(cid:57)(cid:62)(cid:54)(cid:71)(cid:62)(cid:58)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:29)(cid:68)(cid:67)(cid:72)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:35)(cid:67)(cid:57)(cid:58)(cid:69)(cid:58)(cid:67)(cid:57)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:58)(cid:71)(cid:58)(cid:57)(cid:1)(cid:42)(cid:74)(cid:55)(cid:65)(cid:62)(cid:56)(cid:1)(cid:27)(cid:56)(cid:56)(cid:68)(cid:74)(cid:67)(cid:73)(cid:62)(cid:67)(cid:60)(cid:1)(cid:32)(cid:62)(cid:71)(cid:66)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)
(cid:84) (cid:29)(cid:68)(cid:67)(cid:72)(cid:58)(cid:67)(cid:73)(cid:1)(cid:68)(cid:59)(cid:1)(cid:35)(cid:67)(cid:57)(cid:58)(cid:69)(cid:58)(cid:67)(cid:57)(cid:58)(cid:67)(cid:73)(cid:1)(cid:44)(cid:58)(cid:60)(cid:62)(cid:72)(cid:73)(cid:58)(cid:71)(cid:58)(cid:57)(cid:1)(cid:42)(cid:74)(cid:55)(cid:65)(cid:62)(cid:56)(cid:1)(cid:27)(cid:56)(cid:56)(cid:68)(cid:74)(cid:67)(cid:73)(cid:62)(cid:67)(cid:60)(cid:1)(cid:32)(cid:62)(cid:71)(cid:66)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:44)(cid:74)(cid:65)(cid:58)(cid:1)(cid:16)(cid:18)(cid:54)(cid:12)(cid:16)(cid:19)(cid:1)(cid:7)(cid:54)(cid:8)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)
(cid:84) (cid:44)(cid:74)(cid:65)(cid:58)(cid:1)(cid:16)(cid:18)(cid:54)(cid:12)(cid:16)(cid:19)(cid:1)(cid:7)(cid:54)(cid:8)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:32)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)
(cid:84) (cid:44)(cid:74)(cid:65)(cid:58)(cid:1)(cid:16)(cid:18)(cid:54)(cid:12)(cid:16)(cid:19)(cid:1)(cid:7)(cid:54)(cid:8)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:44)(cid:74)(cid:65)(cid:58)(cid:1)(cid:16)(cid:18)(cid:54)(cid:12)(cid:16)(cid:19)(cid:1)(cid:7)(cid:54)(cid:8)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:32)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:16)(cid:18)(cid:20)(cid:15)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:16)(cid:18)(cid:20)(cid:15)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:32)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:16)(cid:18)(cid:20)(cid:15)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:31)(cid:77)(cid:58)(cid:56)(cid:74)(cid:73)(cid:62)(cid:75)(cid:58)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:45)(cid:58)(cid:56)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:16)(cid:18)(cid:20)(cid:15)(cid:1)(cid:29)(cid:58)(cid:71)(cid:73)(cid:62)(cid:59)(cid:62)(cid:56)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:68)(cid:59)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:29)(cid:61)(cid:62)(cid:58)(cid:59)(cid:1)(cid:32)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:41)(cid:59)(cid:59)(cid:62)(cid:56)(cid:58)(cid:71)(cid:1)(cid:68)(cid:59)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)
(cid:84) (cid:46)(cid:61)(cid:58)(cid:1)(cid:59)(cid:68)(cid:65)(cid:65)(cid:68)(cid:76)(cid:62)(cid:67)(cid:60)(cid:1)(cid:59)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:62)(cid:67)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:73)(cid:62)(cid:68)(cid:67)(cid:1)(cid:59)(cid:71)(cid:68)(cid:66)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)
(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)(cid:17)(cid:15)(cid:17)(cid:17)(cid:11)(cid:1)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:73)(cid:73)(cid:58)(cid:57)(cid:1)(cid:62)(cid:67)(cid:1)(cid:35)(cid:67)(cid:65)(cid:62)(cid:67)(cid:58)(cid:1)(cid:31)(cid:77)(cid:73)(cid:58)(cid:67)(cid:72)(cid:62)(cid:55)(cid:65)(cid:58)(cid:1)(cid:28)(cid:74)(cid:72)(cid:62)(cid:67)(cid:58)(cid:72)(cid:72)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:62)(cid:67)(cid:60)(cid:1)(cid:38)(cid:54)(cid:67)(cid:60)(cid:74)(cid:54)(cid:60)(cid:58)(cid:1)(cid:7)(cid:62)(cid:50)(cid:28)(cid:44)(cid:38)(cid:8)(cid:1)(cid:62)(cid:67)(cid:56)(cid:65)(cid:74)(cid:57)(cid:58)(cid:72)(cid:25)(cid:1)(cid:7)(cid:62)(cid:8)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:55)(cid:54)(cid:65)(cid:54)(cid:67)(cid:56)(cid:58)(cid:1)
(cid:72)(cid:61)(cid:58)(cid:58)(cid:73)(cid:72)(cid:11)(cid:1)(cid:7)(cid:62)(cid:62)(cid:8)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:62)(cid:67)(cid:56)(cid:68)(cid:66)(cid:58)(cid:11)(cid:1)(cid:7)(cid:62)(cid:62)(cid:62)(cid:8)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:56)(cid:68)(cid:66)(cid:69)(cid:71)(cid:58)(cid:61)(cid:58)(cid:67)(cid:72)(cid:62)(cid:75)(cid:58)(cid:1)(cid:62)(cid:67)(cid:56)(cid:68)(cid:66)(cid:58)(cid:11)(cid:1)(cid:7)(cid:62)(cid:75)(cid:8)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)
(cid:56)(cid:61)(cid:54)(cid:67)(cid:60)(cid:58)(cid:72)(cid:1)(cid:62)(cid:67)(cid:1)(cid:58)(cid:70)(cid:74)(cid:62)(cid:73)(cid:78)(cid:11)(cid:1)(cid:7)(cid:75)(cid:8)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:1)(cid:68)(cid:59)(cid:1)(cid:56)(cid:54)(cid:72)(cid:61)(cid:1)(cid:59)(cid:65)(cid:68)(cid:76)(cid:72)(cid:11)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:7)(cid:75)(cid:62)(cid:8)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:67)(cid:68)(cid:73)(cid:58)(cid:72)(cid:1)(cid:73)(cid:68)(cid:1)(cid:56)(cid:68)(cid:67)(cid:72)(cid:68)(cid:65)(cid:62)(cid:57)(cid:54)(cid:73)(cid:58)(cid:57)(cid:1)(cid:59)(cid:62)(cid:67)(cid:54)(cid:67)(cid:56)(cid:62)(cid:54)(cid:65)(cid:1)(cid:72)(cid:73)(cid:54)(cid:73)(cid:58)(cid:66)(cid:58)(cid:67)(cid:73)(cid:72)(cid:13)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:9)(cid:9)(cid:9)
(cid:16)(cid:15)(cid:19)
(cid:84) (cid:46)(cid:61)(cid:58)(cid:1)(cid:56)(cid:68)(cid:75)(cid:58)(cid:71)(cid:1)(cid:69)(cid:54)(cid:60)(cid:58)(cid:1)(cid:59)(cid:71)(cid:68)(cid:66)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:46)(cid:71)(cid:74)(cid:72)(cid:73)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:48)(cid:68)(cid:71)(cid:67)(cid:54)(cid:57)(cid:68)(cid:1)(cid:44)(cid:58)(cid:54)(cid:65)(cid:73)(cid:78)(cid:1)(cid:38)(cid:13)(cid:42)(cid:13)(cid:1)(cid:27)(cid:67)(cid:67)(cid:74)(cid:54)(cid:65)(cid:1)(cid:44)(cid:58)(cid:69)(cid:68)(cid:71)(cid:73)(cid:1)(cid:68)(cid:67)(cid:1)(cid:32)(cid:68)(cid:71)(cid:66)(cid:1)(cid:16)(cid:15)(cid:12)(cid:37)(cid:1)(cid:59)(cid:68)(cid:71)(cid:1)(cid:73)(cid:61)(cid:58)(cid:1)(cid:78)(cid:58)(cid:54)(cid:71)(cid:1)(cid:58)(cid:67)(cid:57)(cid:58)(cid:57)(cid:1)(cid:30)(cid:58)(cid:56)(cid:58)(cid:66)(cid:55)(cid:58)(cid:71)(cid:1)(cid:18)(cid:16)(cid:11)(cid:1)
(cid:9)(cid:9)(cid:9)
(cid:17)(cid:15)(cid:17)(cid:17)(cid:11)(cid:1)(cid:59)(cid:68)(cid:71)(cid:66)(cid:54)(cid:73)(cid:73)(cid:58)(cid:57)(cid:1)(cid:54)(cid:72)(cid:1)(cid:62)(cid:50)(cid:28)(cid:44)(cid:38)(cid:1)(cid:54)(cid:67)(cid:57)(cid:1)(cid:56)(cid:68)(cid:67)(cid:73)(cid:54)(cid:62)(cid:67)(cid:58)(cid:57)(cid:1)(cid:62)(cid:67)(cid:1)(cid:31)(cid:77)(cid:61)(cid:62)(cid:55)(cid:62)(cid:73)(cid:1)(cid:16)(cid:15)(cid:16)(cid:13)
(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)(cid:53)
(cid:32)(cid:62)(cid:65)(cid:58)(cid:57)(cid:1)(cid:61)(cid:58)(cid:71)(cid:58)(cid:76)(cid:62)(cid:73)(cid:61)
(cid:9)(cid:9)(cid:9)
(cid:30)(cid:41)(cid:26)(cid:34)(cid:1)(cid:12)(cid:17)(cid:9)(cid:1)
(cid:1)
(cid:27)(cid:36)(cid:39)(cid:34)(cid:1)(cid:12)(cid:11)(cid:8)(cid:32)(cid:1)(cid:40)(cid:42)(cid:34)(cid:34)(cid:22)(cid:39)(cid:46)
(cid:40)(cid:68)(cid:67)(cid:58)(cid:13)
(cid:16)(cid:18)(cid:18)
V O R N A D O C O R P O R A T E I N F O R M A T I O N
TRUSTEES
STEVEN ROTH
Chairman of the Board
CANDACE K. BEINECKE, Lead Trustee
Senior Partner of Hughes Hubbard & Reed LLP
MICHAEL D. FASCITELLI
Owner of MDF Capital LLC and former President
and Chief Executive Officer of Vornado
BEATRICE HAMZA BASSEY*
Group General Counsel, Chief Compliance Officer
and Corporate Secretary, Atlas Mara Ltd.
WILLIAM W. HELMAN IV
General Partner, Greylock Partners
DAVID M. MANDELBAUM
Partner, Interstate Properties
RAYMOND J. MCGUIRE
President, Lazard Ltd.
MANDAKINI PURI*
Private Equity Consultant
DANIEL R. TISCH*
Managing Member,
TowerView LLC
RUSSELL B. WIGHT, JR
Partner, Interstate Properties
*Members of the Audit Committee
DIVISION EXECUTIVE VICE PRESIDENTS
DAVID BELLMAN
Design & Construction
ELANA BUTLER
Leasing Counsel
PAMELA CARUSO
Leasing Counsel
MICHAEL DOHERTY
President – BMS Division
ROBERT ENTIN
Chief Information Officer
RICHARD FAMULARO
Controller
CORPORATE OFFICERS
STEVEN ROTH
Chairman of the Board
Chief Executive Officer
MICHAEL J. FRANCO
President and Chief Financial Officer
GLEN J. WEISS
Executive Vice President –
Office Leasing and Co-Head of Real Estate
BARRY S. LANGER
Executive Vice President –
Development and Co-Head of Real Estate
HAIM CHERA
Executive Vice President –
Head of Retail
THOMAS SANELLI
Executive Vice President –
Finance and Chief Administrative Officer
DEIRDRE MADDOCK
Senior Vice President –
Chief Accounting Officer
DAVID R. GREENBAUM
Vice Chairman
JOSEPH MACNOW
Senior Advisor
FREDERICK HARRIS
Development
PAUL HEINEN
Chief Operating Officer – THE MART
ED HOGAN
Retail Leasing – New York Division
FRANK MAIORANO
Head of Tax and Compliance
MICHAEL SCHNITT
Acquisitions and Capital Markets
GASTON SILVA
Chief Operating Officer – New York Division
JOSHUA GLICK
Director of PENN DISTRICT Leasing
LISA VOGEL
Marketing
Company Data
COMPANY DATA
EXECUTIVE OFFICES
888 Seventh Avenue
New York, New York 10019
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
New York, New York
COUNSEL
Sullivan & Cromwell LLP
New York, New York
TRANSFER AGENT AND REGISTRAR
American Stock Transfer & Trust Co.
New York, New York
MANAGEMENT CERTIFICATIONS
The Company’s Chief Executive Officer and Chief Financial
Officer provided certifications to the Securities and Exchange
Commission as required by Section 302 of the Sarbanes-Oxley Act
of 2002 and these certifications are included in the Company’s
Annual Report on Form 10-K for the year ended December 31,
2022. In addition, as required by Section 303A.12(a) of the New
York Stock Exchange (NYSE) Listed Company Manual, on
May 24, 2022, the Company’s Chief Executive Officer submitted
to the NYSE the annual CEO certification regarding the
Company’s compliance with the NYSE’s corporate governance
listing standards.
REPORT ON FORM 10-K
Shareholders may obtain a copy of the Company’s annual report on
Form 10-K as filed with the Securities and Exchange Commission
free of charge (except for exhibits), by writing to the Secretary,
Vornado Realty Trust, 888 Seventh Avenue, New York, New York
10019; or visit the Company’s website at www.vno.com and refer
to the Company’s SEC filings.
ANNUAL MEETING
The annual meeting of shareholders of Vornado Realty Trust, will
be held virtually, via the internet, at 11:30 AM. New York City
time on May 18, 2023.
To attend the virtual 2023 Annual Meeting you will need to access
www.virtualshareholdermeeting.com/VNO2023 and enter the 16-
digit control number found on your proxy card, voting instruction
form or Notice of Internet Availability of Proxy Materials. There is
no physical location for the annual meeting. We encourage you to
allow ample time for online check-in, which will begin at 11:15
AM. New York City time. Additional details regarding how to
participate in the Annual Meeting can be accessed at the
Company’s website, www.vno.com or at www.proxyvote.com.