UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended: |
September 30, 2012 |
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Or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: |
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to |
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Commission File Number: |
001-11954 |
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VORNADO REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland |
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22-1657560 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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888 Seventh Avenue, New York, New York |
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10019 |
(Address of principal executive offices) |
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(Zip Code) |
(212) 894-7000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
x Large Accelerated Filer |
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o Accelerated Filer |
o Non-Accelerated Filer (Do not check if smaller reporting company) |
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o Smaller Reporting Company |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of September 30, 2012, 186,143,105 of the registrant’s common shares of beneficial interest are outstanding.
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PART I. |
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Financial Information: |
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Page Number |
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Item 1. |
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Financial Statements: |
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Consolidated Balance Sheets (Unaudited) as of |
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September 30, 2012 and December 31, 2011 |
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3 |
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Consolidated Statements of Income (Unaudited) for the |
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Three and Nine Months Ended September 30, 2012 and 2011 |
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4 |
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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) |
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for the Three and Nine Months Ended September 30, 2012 and 2011 |
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5 |
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Consolidated Statements of Changes in Equity (Unaudited) for the |
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Nine Months Ended September 30, 2012 and 2011 |
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6 |
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Consolidated Statements of Cash Flows (Unaudited) for the |
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Nine Months Ended September 30, 2012 and 2011 |
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8 |
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Notes to Consolidated Financial Statements (Unaudited) |
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10 |
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Report of Independent Registered Public Accounting Firm |
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40 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition |
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and Results of Operations |
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41 |
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Item 3. |
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Quantitative and Qualitative Disclosures About Market Risk |
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83 |
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Item 4. |
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Controls and Procedures |
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84 |
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PART II. |
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Other Information: |
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Item 1. |
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Legal Proceedings |
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85 |
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Item 1A. |
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Risk Factors |
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86 |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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86 |
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Item 3. |
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Defaults Upon Senior Securities |
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86 |
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Item 4. |
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Mine Safety Disclosures |
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86 |
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Item 5. |
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Other Information |
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86 |
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Item 6. |
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Exhibits |
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86 |
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SIGNATURES |
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87 |
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EXHIBIT INDEX |
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88 |
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2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
VORNADO REALTY TRUST |
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CONSOLIDATED BALANCE SHEETS |
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(UNAUDITED) |
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(Amounts in thousands, except share and per share amounts) |
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September 30, |
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December 31, |
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ASSETS |
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2012 |
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2011 |
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Real estate, at cost: |
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Land |
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$ |
4,143,581 |
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$ |
4,416,613 |
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Buildings and improvements |
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11,851,152 |
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12,041,054 |
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Development costs and construction in progress |
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865,953 |
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119,540 |
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Leasehold improvements and equipment |
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128,168 |
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126,712 |
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Total |
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16,988,854 |
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16,703,919 |
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Less accumulated depreciation and amortization |
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(3,034,815) |
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(2,901,203) |
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Real estate, net |
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13,954,039 |
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13,802,716 |
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Cash and cash equivalents |
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465,884 |
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606,553 |
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Restricted cash |
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391,794 |
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98,068 |
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Marketable securities |
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485,001 |
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741,321 |
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Accounts receivable, net of allowance for doubtful accounts of $38,351 and $43,241 |
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181,242 |
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171,798 |
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Investments in partially owned entities |
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1,319,710 |
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1,233,650 |
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Investment in Toys "R" Us |
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549,421 |
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506,809 |
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Real Estate Fund investments |
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482,442 |
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346,650 |
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Mezzanine loans receivable |
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131,585 |
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133,948 |
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Receivable arising from the straight-lining of rents, net of allowance of $4,448 and $3,290 |
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755,866 |
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701,827 |
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Deferred leasing and financing costs, net of accumulated amortization of $220,846 and $237,766 |
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389,155 |
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364,855 |
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Identified intangible assets, net of accumulated amortization of $362,516 and $347,039 |
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252,683 |
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295,432 |
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Assets related to discontinued operations |
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537,938 |
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1,049,153 |
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Due from officers |
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- |
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13,127 |
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Other assets |
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501,056 |
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380,580 |
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$ |
20,397,816 |
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$ |
20,446,487 |
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LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
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Notes and mortgages payable |
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$ |
7,852,657 |
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$ |
8,065,576 |
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Senior unsecured notes |
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1,357,921 |
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1,357,661 |
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Revolving credit facility debt |
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600,000 |
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138,000 |
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Exchangeable senior debentures |
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- |
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497,898 |
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Convertible senior debentures |
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- |
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10,168 |
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Accounts payable and accrued expenses |
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442,644 |
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423,512 |
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Deferred revenue |
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465,929 |
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511,959 |
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Deferred compensation plan |
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103,003 |
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95,457 |
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Deferred tax liabilities |
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15,432 |
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13,315 |
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Liabilities related to discontinued operations |
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478,980 |
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518,319 |
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Other liabilities |
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396,897 |
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145,498 |
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Total liabilities |
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11,713,463 |
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11,777,363 |
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Commitments and contingencies |
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Redeemable noncontrolling interests: |
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Class A units - 11,714,978 and 12,160,771 units outstanding |
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949,499 |
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934,677 |
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Series D cumulative redeemable preferred units - 1,800,001 and 9,000,001 units outstanding |
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46,000 |
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226,000 |
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Total redeemable noncontrolling interests |
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995,499 |
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1,160,677 |
Vornado shareholders' equity: |
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Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 |
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shares; issued and outstanding 51,184,609 and 42,186,709 shares |
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1,237,699 |
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1,021,660 |
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Common shares of beneficial interest: $.04 par value per share; authorized |
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250,000,000 shares; issued and outstanding 186,143,105 and 185,080,020 shares |
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7,415 |
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7,373 |
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Additional capital |
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7,136,090 |
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7,127,258 |
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Earnings less than distributions |
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(1,319,118) |
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(1,401,704) |
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Accumulated other comprehensive (loss) income |
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(160,107) |
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73,729 |
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Total Vornado shareholders' equity |
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6,901,979 |
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6,828,316 |
Noncontrolling interests in consolidated subsidiaries |
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786,875 |
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680,131 |
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Total equity |
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7,688,854 |
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7,508,447 |
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$ |
20,397,816 |
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$ |
20,446,487 |
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See notes to consolidated financial statements (unaudited). |
3
VORNADO REALTY TRUST |
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CONSOLIDATED STATEMENTS OF INCOME |
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(UNAUDITED) |
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For the Three |
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For the Nine |
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Months Ended September 30, |
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Months Ended September 30, |
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(Amounts in thousands, except per share amounts) |
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2012 |
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2011 |
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2012 |
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2011 |
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REVENUES: |
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Property rentals |
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$ |
518,141 |
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$ |
530,192 |
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$ |
1,564,168 |
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$ |
1,592,867 |
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Tenant expense reimbursements |
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80,497 |
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85,757 |
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224,287 |
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237,945 |
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Cleveland Medical Mart development project |
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72,651 |
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35,135 |
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184,014 |
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108,203 |
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Fee and other income |
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39,688 |
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36,776 |
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106,018 |
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111,813 |
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Total revenues |
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710,977 |
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687,860 |
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2,078,487 |
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2,050,828 |
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EXPENSES: |
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Operating |
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264,487 |
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262,837 |
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764,018 |
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773,331 |
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Depreciation and amortization |
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124,335 |
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126,935 |
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386,974 |
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373,380 |
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General and administrative |
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48,742 |
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46,121 |
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151,142 |
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154,359 |
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Cleveland Medical Mart development project |
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70,431 |
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33,419 |
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177,127 |
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101,637 |
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Acquisition related costs and tenant buy-outs |
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1,070 |
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2,288 |
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4,314 |
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22,455 |
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Total expenses |
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509,065 |
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471,600 |
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1,483,575 |
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1,425,162 |
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Operating income |
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201,912 |
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216,260 |
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594,912 |
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625,666 |
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(Loss) income applicable to Toys "R" Us |
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(8,585) |
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(9,304) |
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88,696 |
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80,794 |
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Income from partially owned entities |
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21,268 |
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13,140 |
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53,491 |
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55,035 |
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Income from Real Estate Fund (of which $4,787 and $3,675 in |
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each three-month period, respectively, and $25,026 and $15,703 |
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in each nine-month period, respectively, are attributable to |
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noncontrolling interests) |
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5,509 |
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5,353 |
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37,572 |
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25,491 |
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Interest and other investment income (loss), net |
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10,523 |
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(30,011) |
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(22,984) |
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95,086 |
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Interest and debt expense (including amortization of deferred |
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financing costs of $5,725 and $4,670, in each three-month period, |
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respectively, and $17,204 and $14,093 in each nine-month |
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period, respectively) |
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(120,770) |
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(131,998) |
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(377,600) |
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(394,192) |
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Net gain on disposition of wholly owned and partially owned assets |
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- |
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1,298 |
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4,856 |
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7,975 |
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Income before income taxes |
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109,857 |
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64,738 |
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378,943 |
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495,855 |
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Income tax expense |
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(3,015) |
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(6,959) |
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(17,319) |
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(18,548) |
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Income from continuing operations |
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106,842 |
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57,779 |
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361,624 |
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477,307 |
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Income from discontinued operations |
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157,314 |
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8,444 |
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241,024 |
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165,706 |
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Net income |
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264,156 |
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66,223 |
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602,648 |
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643,013 |
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Less net income attributable to noncontrolling interests in: |
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Consolidated subsidiaries |
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(6,610) |
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(5,636) |
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(30,928) |
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(20,643) |
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Operating Partnership, including unit distributions |
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(16,240) |
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(6,825) |
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(40,595) |
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(47,364) |
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Net income attributable to Vornado |
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241,306 |
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53,762 |
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531,125 |
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575,006 |
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Preferred share dividends |
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(20,613) |
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(17,627) |
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(56,187) |
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(47,743) |
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Discount on preferred unit redemptions |
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11,700 |
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5,000 |
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11,700 |
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5,000 |
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NET INCOME attributable to common shareholders |
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$ |
232,393 |
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$ |
41,135 |
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$ |
486,638 |
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$ |
532,263 |
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INCOME PER COMMON SHARE - BASIC: |
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Income from continuing operations, net |
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$ |
0.45 |
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$ |
0.18 |
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$ |
1.40 |
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$ |
2.04 |
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Income from discontinued operations, net |
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0.80 |
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0.04 |
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1.22 |
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0.85 |
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Net income per common share |
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$ |
1.25 |
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$ |
0.22 |
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$ |
2.62 |
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$ |
2.89 |
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Weighted average shares outstanding |
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185,924 |
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184,398 |
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185,656 |
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184,220 |
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INCOME PER COMMON SHARE - DILUTED: |
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Income from continuing operations, net |
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$ |
0.45 |
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$ |
0.18 |
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$ |
1.39 |
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$ |
2.02 |
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Income from discontinued operations, net |
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0.79 |
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0.04 |
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1.22 |
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0.84 |
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Net income per common share |
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$ |
1.24 |
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$ |
0.22 |
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$ |
2.61 |
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$ |
2.86 |
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Weighted average shares outstanding |
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186,655 |
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186,065 |
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186,399 |
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186,039 |
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DIVIDENDS PER COMMON SHARE |
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$ |
0.69 |
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$ |
0.69 |
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$ |
2.07 |
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$ |
2.07 |
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See notes to consolidated financial statements (unaudited). |
4
VORNADO REALTY TRUST |
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
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(UNAUDITED) |
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For the Three |
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For the Nine |
||||||||
|
|
|
|
Months Ended September 30, |
|
Months Ended September 30, |
||||||||
(Amounts in thousands) |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
264,156 |
|
$ |
66,223 |
|
$ |
602,648 |
|
$ |
643,013 |
||
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Change in unrealized net gain (loss) on securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
available-for-sale |
|
|
18,358 |
|
|
(161,178) |
|
|
(202,167) |
|
|
(120,334) |
|
Pro rata share of other comprehensive (loss) income of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonconsolidated subsidiaries |
|
|
(12,607) |
|
|
112 |
|
|
(38,861) |
|
|
26,477 |
|
Change in value of interest rate swap |
|
|
(2,866) |
|
|
(24,424) |
|
|
(8,868) |
|
|
(42,458) |
|
|
Other |
|
|
(30) |
|
|
(69) |
|
|
343 |
|
|
(5,114) |
|
Comprehensive income (loss) |
|
|
267,011 |
|
|
(119,336) |
|
|
353,095 |
|
|
501,584 |
||
Less comprehensive income attributable to noncontrolling interests |
|
|
(23,027) |
|
|
(400) |
|
|
(55,806) |
|
|
(59,050) |
||
Comprehensive income (loss) attributable to Vornado |
|
$ |
243,984 |
|
$ |
(119,736) |
|
$ |
297,289 |
|
$ |
442,534 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements (unaudited). |
5
VORNADO REALTY TRUST |
|||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY |
|||||||||||||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings |
|
Other |
|
Non- |
|
|
|
|||||
|
|
|
|
Preferred Shares |
|
Common Shares |
|
Additional |
|
Less Than |
|
Comprehensive |
|
controlling |
|
Total |
|||||||||||||
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Distributions |
|
Income (Loss) |
|
Interests |
|
Equity |
|||||||||
Balance, December 31, 2010 |
|
|
32,340 |
|
$ |
783,088 |
|
|
183,662 |
|
$ |
7,317 |
|
$ |
6,932,728 |
|
$ |
(1,480,876) |
|
$ |
73,453 |
|
$ |
514,695 |
|
$ |
6,830,405 |
||
Net income |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
575,006 |
|
|
- |
|
|
20,643 |
|
|
595,649 |
||
Dividends on common shares |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(381,382) |
|
|
- |
|
|
- |
|
|
(381,382) |
||
Dividends on preferred shares |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(47,905) |
|
|
- |
|
|
- |
|
|
(47,905) |
||
Issuance of Series J preferred shares |
|
|
9,850 |
|
|
239,037 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
239,037 |
||
Common shares issued: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Upon redemption of Class A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
units, at redemption value |
|
|
- |
|
|
- |
|
|
435 |
|
|
17 |
|
|
38,203 |
|
|
- |
|
|
- |
|
|
- |
|
|
38,220 |
|
Under employees' share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
option plan |
|
|
- |
|
|
- |
|
|
369 |
|
|
15 |
|
|
21,603 |
|
|
(397) |
|
|
- |
|
|
- |
|
|
21,221 |
|
Under dividend reinvestment plan |
|
|
- |
|
|
- |
|
|
15 |
|
|
1 |
|
|
1,329 |
|
|
- |
|
|
- |
|
|
- |
|
|
1,330 |
|
Contributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Real Estate Fund |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
109,241 |
|
|
109,241 |
|
|
Other |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
364 |
|
|
364 |
|
Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Real Estate Fund |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(22,713) |
|
|
(22,713) |
|
|
Other |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(15,604) |
|
|
(15,604) |
|
Conversion of Series A preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
shares to common shares |
|
|
(3) |
|
|
(165) |
|
|
5 |
|
|
- |
|
|
165 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Deferred compensation shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
and options |
|
|
- |
|
|
- |
|
|
10 |
|
|
- |
|
|
7,866 |
|
|
- |
|
|
- |
|
|
- |
|
|
7,866 |
|
Change in unrealized net gain (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
on securities available-for-sale |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(120,334) |
|
|
- |
|
|
(120,334) |
|
Pro rata share of other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
comprehensive income of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nonconsolidated subsidiaries |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
26,477 |
|
|
- |
|
|
26,477 |
|
Change in value of interest rate swap |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(42,458) |
|
|
- |
|
|
(42,458) |
||
Adjustments to carry redeemable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Class A units at redemption value |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
114,628 |
|
|
- |
|
|
- |
|
|
- |
|
|
114,628 |
|
Redeemable noncontrolling interests' |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
share of above adjustments |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
8,957 |
|
|
- |
|
|
8,957 |
|
Discount on redemption of preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
units |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,000 |
|
|
- |
|
|
- |
|
|
5,000 |
|
Other |
|
|
- |
|
|
(105) |
|
|
- |
|
|
- |
|
|
(4,518) |
|
|
149 |
|
|
(5,114) |
|
|
4,558 |
|
|
(5,030) |
||
Balance, September 30, 2011 |
|
|
42,187 |
|
$ |
1,021,855 |
|
|
184,496 |
|
$ |
7,350 |
|
$ |
7,112,004 |
|
$ |
(1,330,405) |
|
$ |
(59,019) |
|
$ |
611,184 |
|
$ |
7,362,969 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements (unaudited). |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
VORNADO REALTY TRUST |
|||||||||||||||||||||||||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - CONTINUED |
|||||||||||||||||||||||||||||
(UNAUDITED) |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
(Amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings |
|
Other |
|
Non- |
|
|
|
|||||
|
|
|
|
Preferred Shares |
|
Common Shares |
|
Additional |
|
Less Than |
|
Comprehensive |
|
controlling |
|
Total |
|||||||||||||
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Distributions |
|
Income (Loss) |
|
Interests |
|
Equity |
|||||||||
Balance, December 31, 2011 |
|
|
42,187 |
|
$ |
1,021,660 |
|
|
185,080 |
|
$ |
7,373 |
|
$ |
7,127,258 |
|
$ |
(1,401,704) |
|
$ |
73,729 |
|
$ |
680,131 |
|
$ |
7,508,447 |
||
Net income |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
531,125 |
|
|
- |
|
|
30,928 |
|
|
562,053 |
||
Dividends on common shares |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(384,353) |
|
|
- |
|
|
- |
|
|
(384,353) |
||
Dividends on preferred shares |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(56,187) |
|
|
- |
|
|
- |
|