TORONTO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX: SRU.UN) is pleased to report its financial and operating results for the second quarter ended June 30, 2020.
“Notwithstanding short-term data points, our locations have not changed, the highways and transit to them have not changed, the visibility of our properties has not changed, the populations around them and their needs have not changed; our greatest assets remain unchanged: our real estate. And as past financial downturns have substantiated time and time again, real estate is resilient and prime real estate in economic downturns represents opportunity. SmartCentres is best described as a real estate company with substantial and reliable recurring income as a starting point on the path to development of higher and better uses on these exceptional locations. However, our current unit price does not reflect the value of any of this development potential,” said Mitchell Goldhar, Executive Chairman of SmartCentres.
“While COVID-19 has added some challenges in the short term, it has not altered our long-term strategy as we remain intently focused on our initiatives to grow the business through mixed-use development. We have more than 256 projects in our mixed-use development pipeline, more than 196 of which will provide recurring income, and the first income from these initiatives is expected to substantively impact our FFO in the second half of 2020 as we close 100% of the 1,100 units in the first two phases of our Transit City condominium development at SmartVMC in Vaughan. These two towers are estimated to generate $50.0 million of profit for the Trust in 2020,” said Peter Forde, President and CEO of SmartCentres.
On March 23, 2020, SmartCentres officially offered free use of 1.0 million square feet of the Trust’s built space, as well as its land, parking lots and signage to Canadian government and health care authorities, to help support their COVID-19 relief efforts. To date, Trillium Health Network and Hamilton Health Sciences, which include 13 hospital and medical facilities in Southern Ontario, have accepted the Trust’s offer to help in their front-line patient care efforts. Most recently, the Trust was able to provide over 100,000 square feet of space in one of its Oakville, Ontario locations to assist Trillium Health Network with its COVID-19 related needs. The Trust is continuing discussions with all levels of governments and health care leaders across the country to activate the use of additional space in its shopping centres to assist in any way it can and it is hoped that this collaborative initiative will help to further protect Canadians. Notwithstanding all other COVID-19 related efforts, it is of this initiative that we are most proud.
The Trust is also intensely focused on helping its tenants safely serve the communities in which they operate during these challenging times. Approximately 60% of the Trust’s rental revenues are derived from retail tenants that are ‘essential businesses’ that, during this pandemic, remained fully or partially open under various emergency orders in the places where SmartCentres shopping centres are located. These retailers supply local communities with everyday groceries, pharmaceuticals, general merchandise, medical assistance, banking, telecom and other essential needs. Given the value-focused origins of the Trust’s portfolio, these ‘essential businesses’ include strong and stable creditworthy retailers such as Walmart, Loblaws, Shoppers Drug Mart, Canadian Tire, Sobeys, Metro, Dollarama, Rexall, Home Depot, McDonald’s, the LCBO, Rogers, Telus, Lowe’s, Dollar Tree, BMO, CIBC, RBC, Scotiabank and TD.
Walmart is the anchor in 73% of the Trust’s properties, representing over 25% of its rental income. The Walmart relationship is testament to the Trust’s strong belief that a long-term view of tenant relationships is most beneficial. In this regard, as many tenants that were required to close their businesses over the last several months and now begin the process of “opening their doors” and slowly and safely recovering, the Trust believes that it is critical to assist these tenants in the recovery process, thus ensuring their viability on a long-term basis. To this end, the Trust continues to have in-depth collaborative conversations with various tenants to advance reconciliation and optimize rent collection efforts. The Trust believes that these rents will be collected over a period of time, and in addition to the federal government’s CECRA program, the Trust continues to assist these retailers through proactive offerings including rent deferral and similar programs.
These collaborative efforts have resulted in the following improving collection experience over the last 4 months:
Month | % of Gross Billings Collected | % of Gross Monthly Billings Collected Excluding Premium Outlets | ||
April | 74.0 | % | 76.5 | % |
May | 71.8 | % | 74.6 | % |
June | 76.8 | % | 79.0 | % |
July | 84.8 | % | 86.5 | % |
During Q2, in an effort to assist those small to medium sized businesses that have been most effected across the country, the federal government announced the CECRA program. This program provides for federal rent subsidies to qualifying tenants of 50% of their rents for the period April – August 2020 and requires respective landlords to ‘forgive’ 25% of the rent otherwise payable for the subject months. Qualifying tenants are therefore required to fund only 25% of their rents for this period, with the expectation that those tenants that have been significantly impacted by the pandemic are permitted the opportunity to stabilize their respective businesses. Since the inception of the program, the Trust has been working with its tenants that qualify for this program and on their behalf, the Trust will file applications for the federal subsidies later in August.
In addition, principally because of their size, there are many other tenants, that were required to close their retail operations, and in some cases, have been required until only recently, to remain closed, that do not qualify for CECRA based assistance. However, their businesses have been severely impacted by the pandemic and they too have not had the resources to fund their rental obligations. These tenants include restaurants, fitness clubs, cinemas and other large retailers. The Trust continues to work with each of these organizations to customize payments of rent around the realities of each retail tenants’ situation - giving them as much as is appropriate, while taking into account the reality of the Trust’s own situation. This includes establishing mutually satisfactory arrangements that will allow for some relief of their rental obligations that is expected to permit these organizations to re-establish their operations as Canadians begin to ‘get back to work’.
The table below provides some additional details on the Trust’s tenant billings, amounts received, expected recovery and related provisions for the three months ended June 30, 2020.
Description | Amount (in thousands of dollars) | As a % | ||
Total tenant billings for the 3 months ended June 30, 2020 | 202,100 | 100.0 | ||
Less: Amounts received to date | 149,700 | 74.1 | ||
Balance outstanding | 52,400 | 25.9 | ||
Less: Expected recovery from governments and tenants for CECRA | 10,575 | 5.2 | ||
Total rents to be collected excluding CECRA | 41,825 | 20.7 | ||
Less: Expected recovery from other tenants with whom we are currently working on rent relief and similar deferral arrangements | 17,958 | 8.9 | ||
Total rents to be collected excluding CECRA and collectible deferrals | 23,867 | 11.8 | ||
Less: Provision in Q2 2020 | 15,046 | 7.4 | ||
Balance to be recovered in time | 8,821 | 4.4 |
Our Q2 results reflect expected credit loss provisions of $7.0 million to allow for CECRA eligible and non-CECRA eligible tenants to put themselves on a strong footing to once again begin the work of serving Canadians. This pandemic has also resulted in several of the Trust’s tenants being forced to seek creditor protection and restructure or reorganize their businesses. Companies including Reitman’s, Sail and various Comark brands have recently sought protection through CCAA filings and are expected to have stronger and much healthier balance sheets and liquidity positions after their respective restructuring efforts have been completed. Based on discussions with these companies, the Trust expects that once they have completed their restructuring efforts that many of their locations will remain open, principally in the Trust’s centres where Walmart is the anchor tenant. These restructuring initiatives have resulted in the Trust taking additional provisions for collections of $8.0 million during the quarter.
The table below represents a summary of the nature of special COVID-19 related provisions taken by the Trust during the quarter.
(in thousands of dollars) | Amount | |
Provisions for CECRA-Eligible Tenants | 5,606 | |
Provisions for Tenants Not Eligible for CECRA | 1,407 | |
7,013 | ||
Provisions for Tenants Filing Under CCAA and similar bankruptcy restructurings | 2,265 | |
Provisions for additional expected credit losses | 5,768 | |
8,033 | ||
Total | 15,046 |
Highlights
Mixed-Use Development and Intensification at SmartVMC
Other Business Development
Operational
Financial
(1) Represents a GAAP measure.
(2) Represents a non-GAAP measure.
In light of the COVID-19 pandemic and in accordance with Ontario Instrument 51-504 Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials of the Ontario Securities Commission, SmartCentres will be delaying the filing of its executive compensation disclosure until the filing of its management information circular in connection with its annual meeting of Unitholders. SmartCentres has decided to postpone such meeting to a later date in 2020 to enable greater participation of its Unitholders and a better forum for communication. Such delay will not affect SmartCentres quarterly financial disclosure which will continue to be filed in the ordinary course.
Selected Consolidated Operational, Development and Financial Information
The consolidated operational, development and financial information shown in the table below includes the Trust’s proportionate share of equity accounted investments, and represents key operational and financial information as at June 30, 2020, December 31, 2019 and June 30, 2019.
(in thousands of dollars, except per Unit and other non-financial data) | June 30, 2020 | December 31, 2019 | June 30, 2019 | ||||||
Operational Information | |||||||||
Total number of properties with an ownership interest | 166 | 165 | 164 | ||||||
Gross leasable area including both retail and office space (in thousands of sq. ft.) | 34,169 | 34,337 | 34,252 | ||||||
Occupied area including both retail and office space (in thousands of sq. ft.) | 33,353 | 33,678 | 33,511 | ||||||
Vacant area including both retail and office space (in thousands of sq. ft.) | 816 | 659 | 741 | ||||||
Retail lands under Mezzanine Financing (in thousands of sq. ft.) | 597 | 615 | 615 | ||||||
Committed occupancy rate | 97.8 | % | 98.2 | % | 98.0 | % | |||
In-place occupancy rate | 97.6 | % | 98.1 | % | 97.8 | % | |||
Future estimated retail development area (in thousands of sq. ft.) | 2,759 | 2,593 | 3,340 | ||||||
Average lease term to maturity (years) | 4.8 | 4.9 | 5.2 | ||||||
Net retail rental rate (per occupied sq. ft.) | $ | 15.54 | $ | 15.49 | $ | 15.38 | |||
Net retail rental rate excluding Anchors (per occupied sq. ft.) | $ | 22.34 | $ | 22.13 | $ | 22.01 | |||
Mixed-use Development Information | |||||||||
Future development area (in thousands of sq. ft.) | 27,900 | 27,900 | N/A(5) | ||||||
Total number of future projects currently planned | 256 | 256 | N/A(5) | ||||||
Financial Information | |||||||||
Investment properties(2)(3) | 9,313,835 | 9,466,501 | 9,229,352 | ||||||
Total assets(1) | 10,382,902 | 9,928,467 | 9,676,090 | ||||||
Total unencumbered assets(2) | 5,644,500 | 5,696,100 | 4,499,700 | ||||||
Debt(2)(3) | 5,000,070 | 4,290,826 | 4,127,264 | ||||||
Debt to Aggregate Assets(2)(3)(4) | 44.5 | % | 42.3 | % | 41.8 | % | |||
Debt to Gross Book Value(2)(3)(4) | 50.1 | % | 49.0 | % | 48.5 | % | |||
Unsecured to Secured Debt Ratio(2)(3)(4) | 65%/35% | 63%/37% | 53%/47% | ||||||
Unencumbered assets to unsecured debt(2)(3)(4) | 1.9X | 2.1X | 2.1X | ||||||
Weighted average interest rate(2)(3) | 3.46 | % | 3.55 | % | 3.69 | % | |||
Weighted average term of debt (years) | 4.8 | 5.0 | 4.7 | ||||||
Interest Coverage Ratio(2)(3)(4) | 3.3X | 3.5X | 3.3X | ||||||
Interest coverage (net of capitalized interest expense)(2)(3)(4) | 3.8X | 4.0X | 3.8X | ||||||
Adjusted Debt to Adjusted EBITDA (net of cash)(2)(3)(4) | 8.8X | 8.0X | 7.8X | ||||||
Equity (book value)(1) | 5,161,337 | 5,367,752 | 5,286,865 | ||||||
Weighted average number of units outstanding – diluted | 172,980,866 | 170,581,531 | 170,718,814 |
Quarterly Comparison to Prior Year
The following table represents key financial, per Unit, and payout ratio information for the three months ended June 30, 2020 and June 30, 2019:
(in thousands of dollars, except per Unit information) | June 30, 2020 | June 30, 2019 | Variance | |||||
(A) | (B) | (A–B) | ||||||
Financial Information | ||||||||
Rentals from investment properties and other(1) | 190,285 | 196,746 | (6,461 | ) | ||||
Net income (loss) and comprehensive income (loss)(1)(3) | (133,674 | ) | 95,513 | (229,187 | ) | |||
Net income and comprehensive income excluding fair value adjustments(2)(3) | 66,134 | 86,057 | (19,923 | ) | ||||
Cash flows provided by operating activities(1) | 46,349 | 80,767 | (34,418 | ) | ||||
NOI(2) | 108,094 | 128,065 | (19,971 | ) | ||||
FFO(2)(3)(4)(5) | 75,199 | 91,781 | (16,582 | ) | ||||
ACFO(2)(3)(4)(5) | 74,624 | 92,577 | (17,953 | ) | ||||
Distributions declared | 79,562 | 76,985 | 2,577 | |||||
Surplus (shortfall) of ACFO over distributions declared(2) | (4,938 | ) | 15,592 | (20,530 | ) | |||
Surplus (shortfall) of ACFO over distributions paid(2) | (4,907 | ) | 32,669 | (37,576 | ) | |||
Units outstanding(6) | 172,046,139 | 170,118,375 | 1,927,764 | |||||
Weighted average – basic | 171,988,473 | 169,858,745 | 2,129,728 | |||||
Weighted average – diluted(7) | 172,980,866 | 170,718,814 | 2,262,052 | |||||
Per Unit Information (Basic/Diluted) | ||||||||
Net income (loss) and comprehensive income (loss)(1) | $-0.78/$-0.78 | $0.56/$0.56 | $-1.34/$-1.34 | |||||
Net income and comprehensive income excluding fair value adjustments(2)(3) | $0.38/$0.38 | $0.51/$0.50 | $-0.13/$-0.12 | |||||
FFO(2)(3)(4)(5) | $0.44/$0.43 | $0.54/$0.54 | $-0.10/$-0.11 | |||||
Distributions declared | $ | 0.463 | $ | 0.450 | $ | 0.013 | ||
Payout Ratio Information | ||||||||
Payout ratio to FFO(2)(3)(4)(5) | 105.8 | % | 83.7% | 22.1 | % | |||
Payout ratio to ACFO(2)(3)(4)(5) | 106.6 | % | 83.2% | 23.4 | % |
Year-to-Date Comparison to Prior Year
The following table represents key financial, per Unit, and payout ratio information for the six months ended June 30, 2020 and June 30, 2019:
(in thousands of dollars, except per Unit information) | June 30, 2020 | June 30, 2019 | Variance | ||||||||
(A) | (B) | (A–B) | |||||||||
Financial Information | |||||||||||
Rentals from investment properties and other(1) | 397,012 | 403,179 | (6,167 | ) | |||||||
Net income (loss) and comprehensive income (loss)(1)(3) | (69,473 | ) | 175,486 | (244,959 | ) | ||||||
Net income and comprehensive income excluding fair value adjustments(2)(3) | 152,803 | 169,702 | (16,899 | ) | |||||||
Cash flows provided by operating activities(1) | 125,511 | 133,349 | (7,838 | ) | |||||||
NOI(2) | 234,491 | 253,990 | (19,499 | ) | |||||||
FFO(2)(3)(4)(5) | 171,163 | 180,077 | (8,914 | ) | |||||||
ACFO(2)(3)(4)(5) | 166,207 | 174,311 | (8,104 | ) | |||||||
Distributions declared | 159,480 | 153,701 | 5,779 | ||||||||
Surplus (shortfall) of ACFO over distributions declared(2) | 6,727 | 20,610 | (13,883 | ) | |||||||
Surplus of ACFO over distributions paid(2) | 24,179 | 54,681 | (30,502 | ) | |||||||
Units outstanding(6) | 172,046,139 | 170,118,375 | 1,927,764 | ||||||||
Weighted average – basic | 171,777,611 | 168,706,565 | 3,071,046 | ||||||||
Weighted average – diluted(7) | 172,748,294 | 169,589,765 | 3,158,529 | ||||||||
Per Unit Information (Basic/Diluted) | |||||||||||
Net income (loss) and comprehensive income (loss)(1) | $-0.40/$-0.40 | $1.04/$1.03 | $-1.44/$-1.43 | ||||||||
Net income and comprehensive income excluding fair value adjustments(2)(3) | $0.89/$0.88 | $1.01/$1.00 | $-0.12/$-0.12 | ||||||||
FFO(2)(3)(4)(5) | $1.00/$0.99 | $1.07/$1.06 | $-0.07/$-0.07 | ||||||||
Distributions declared | $ | 0.925 | $ | 0.900 | $ | 0.025 | |||||
Payout Ratio Information | |||||||||||
Payout ratio to FFO(2)(3)(4)(5) | 93.2 | % | 84.8 | % | 8.4 | % | |||||
Payout ratio to ACFO(2)(3)(4)(5) | 96.0 | % | 88.2 | % | 7.8 | % |
Operational Highlights
For the three months ended June 30, 2020, net income (loss) and comprehensive income (loss) decreased by $229.2 million as compared to the same period in 2019. This decrease was primarily attributed to the following:
Partially offset by the following:
For the six months ended June 30, 2020, net income (loss) and comprehensive income (loss) decreased by $245.0 million as compared to the same period last year. This decrease was primarily attributed to the following:
Partially offset by the following:
FFO Highlights
For the three months ended June 30, 2020, FFO decreased by $16.6 million or 18.1% to $75.2 million. This decrease was primarily attributed to:
Partially offset by:
For the six months ended June 30, 2020, FFO decreased by $8.9 million or 5.0% to $171.2 million. This decrease was primarily attributed to:
Partially offset by:
ACFO Highlights
For the three months ended June 30, 2020, ACFO decreased by $18.0 million or 19.4% to $74.6 million compared to the same period in 2019, which was primarily due to the items previously identified.
The Payout Ratio relating to ACFO for the three months ended June 30, 2020 increased to 106.6% as compared to the same period in 2019, which was the result of items previously identified, and principally due to the adverse impact of COVID-19.
For the six months ended June 30, 2020, ACFO decreased by $8.1 million or 4.6% to $166.2 million compared to the same period in 2019, which was primarily due to the items previously identified.
The Payout Ratio relating to ACFO for the six months ended June 30, 2020 increased by 7.8% to 96.0% as compared to the same period in 2019, which was the result of items previously identified, and principally due to the adverse impact of COVID-19. Notwithstanding the adverse impact of COVID-19, the Trust funded distributions using cash flows from operating activities, and used any additional amounts to assist with funding the Trust’s pipeline of mixed-use development initiatives and repay debt.
Development and Intensification Summary
Included in the Trust’s large development pipeline are 256 identified mixed-use development initiatives, which are summarized in the following table:
Description | Underway | Active | Future | Total |
(Construction underway or expected to commence within next 2 years) | (Construction expected to commence within next 3–5 years) | (Construction expected to commence after 5 years) | ||
Trust's share of number of projects | ||||
Residential Rental | 7 | 23 | 58 | 88 |
Seniors’ Housing | 4 | 13 | 28 | 45 |
Self-storage | 10 | 16 | 22 | 48 |
Office Buildings | 1 | — | 9 | 10 |
Hotels | 1 | 2 | 2 | 5 |
Subtotal – Recurring income initiatives | 23 | 54 | 119 | 196 |
Condominium developments | 9 | 12 | 25 | 46 |
Townhome developments | 2 | 5 | 7 | 14 |
Subtotal – Development income initiatives | 11 | 17 | 32 | 60 |
Total | 34 | 71 | 151 | 256 |
Trust’s share of project area (in thousands of sq. ft.) | ||||
Recurring income initiatives | 3,800 | 4,800 | 12,400 | 21,000 |
Development income initiatives | 2,200 | 1,600 | 3,100 | 6,900 |
Total Trust’s share of project area (in thousands of sq. ft.) | 6,000 | 6,400 | 15,500 | 27,900 |
Trust’s share of such estimated costs (in millions of dollars) | 2,500 | 3,000 | – (1) | 5,500 |
(1) The Trust has not yet fully determined the costs attributable to future projects and as such it is marked nil in this table.
Non-GAAP Measures
The non-GAAP measures used in this Press Release, including but not limited FFO, Transactional FFO, ACFO, NOI, Same Property NOI, average yield rates, and payout ratio do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the 'Management Discussion and Analysis' ("MD&A") of the Trust for the six months ended June 30, 2020, available on SEDAR at www.sedar.com.
Full reports of the financial results of the Trust for the three and six months ended June 30, 2020 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust, which are available on SEDAR at www.sedar.com. In addition, supplemental information is available on the Trust's website at www.smartcentres.com.
Conference Call
SmartCentres will hold a conference call on Thursday, August 6, 2020 at 3:30 p.m. (ET). Participating on the call will be members of SmartCentres’ senior management.
Investors are invited to access the call by dialing 1-855-353-9183 and then keying in the participant access code 93397#. You will be required to identify yourself and the organization on whose behalf you are participating.
A recording of this call will be made available Thursday, August 6, 2020 beginning at 8:30 p.m. (ET) through to 8:30 p.m. (ET) on Thursday, August 13, 2020. To access the recording, please call 1-855-201-2300, enter the Conference Reference Number 1252074# and then key in the participant access code 93397#.
About SmartCentres
SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has $10.4 billion in assets and owns 34.2 million square feet of income producing value-oriented retail space with 97.8% occupancy, on 3,500 acres of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. A publicly announced $12.1 billion intensification program ($5.5 billion at SmartCentres' share) represents the REIT’s current major development focus on which construction is expected to commence in the next five years. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner.
SmartCentres' intensification program is expected to produce an additional 59.3 million square feet (27.9 million square feet at SmartCentres’ share) of space, 27.3 million square feet (12.4 million square feet at SmartCentres’ share) of which has or will commence construction within next five years. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape. For more information, visit www.smartcentres.com.
Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as further outlined under the headings "Business Overview and Strategic Direction", "Other Measures of Performance" and "Outlook" in the Trust's Management's Discussion & Analysis for the period ended June 30, 2020. More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the six months ended June 30, 2020 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2019. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
However, such forward-looking statements involve significant risks and uncertainties.
For more information, please contact:
Mitchell Goldhar
Executive Chairman
SmartCentres
(905) 326-6400 ext. 7674
mgoldhar@smartcentres.com
Peter Forde
President & CEO
SmartCentres
(905) 326-6400 ext. 7615
pforde@smartcentres.com
Peter Sweeney
Chief Financial Officer
SmartCentres
(905) 326-6400 ext. 7865
psweeney@smartcentres.com
The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.