Company Quick10K Filing
Quick10K
Blackstone Real Estate Income Trust
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
8-K 2019-09-27 Regulation FD
8-K 2019-09-26 M&A, Other Events, Exhibits
8-K 2019-08-29 Regulation FD
8-K 2019-08-15 Amend Bylaw, Exhibits
8-K 2019-07-30 Regulation FD
8-K 2019-07-22 Shareholder Vote
8-K 2019-06-27 Regulation FD
8-K 2019-06-02 Enter Agreement, Regulation FD, Exhibits
8-K 2019-05-30 Regulation FD
8-K 2019-04-29 Regulation FD
8-K 2019-03-28 Regulation FD
8-K 2019-03-13 Officers
8-K 2019-02-27 Regulation FD
8-K 2019-01-30 Regulation FD
8-K 2018-12-28 Regulation FD
8-K 2018-11-29 Regulation FD
8-K 2018-10-30 Other Events
8-K 2018-09-27 Other Events
8-K 2018-08-30 Other Events
8-K 2018-07-30 Other Events
8-K 2018-07-27 Enter Agreement, Exhibits
8-K 2018-06-28 Other Events
8-K 2018-06-11 Shareholder Vote
8-K 2018-05-30 Other Events
8-K 2018-05-01 Enter Agreement, Exhibits
8-K 2018-04-27 Other Events
8-K 2018-03-28 Other Events
8-K 2018-03-09 M&A, Other Events, Exhibits
8-K 2018-02-27 Other Events
8-K 2018-01-30 Other Events
CVSI CV Sciences 361
AITB AIT Therapeutics 42
PAYM PayMeOn 40
AXREF Amarc Resources 8
QPWR Q2Earth 3
ELST Electronic Systems Technology 2
SKAS Saker Aviation Services 0
WGL WGL Holdings 0
CRTN Cartesian 0
MLWF ML Winton Futuresaccess 0
BREIT 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 breit-ex101_1027.htm
EX-10.2 breit-ex102_1026.htm
EX-31.1 breit-ex311_1025.htm
EX-31.2 breit-ex312_1024.htm
EX-32.1 breit-ex321_1023.htm
EX-32.2 breit-ex322_1022.htm

Blackstone Real Estate Income Trust Earnings 2019-06-30

BREIT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 breit-10q_20190630.htm 10-Q breit-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                  TO                 

Commission File Number: 000-55931

 

 

Blackstone Real Estate Income Trust, Inc.

(Exact name of Registrant as specified in its charter)

 

 

 

 

Maryland

81-0696966

(State or other jurisdiction of

incorporation or organization)

345 Park Avenue

New York, NY

(Address of principal executive offices)

(I.R.S. Employer

Identification No.)

 

10154

(Zip Code)

Registrant’s telephone number, including area code: (212) 583-5000

 


Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

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      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).    Yes      No  

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

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-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.    Yes      No  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 14, 2019, the issuer had the following shares outstanding: 421,961,887 shares of Class S common stock, 35,233,903 shares of Class T common stock, 63,674,039 shares of Class D common stock, and 286,858,436 shares of Class I common stock.

 

 


TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

ITEM 1.

FINANCIAL STATEMENTS

1

 

 

 

 

Condensed Consolidated Financial Statements (Unaudited):

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

1

 

 

 

 

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2019 and 2018

2

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2019 and 2018

3

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

5

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

29

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

50

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

50

 

 

 

PART II.

OTHER INFORMATION

51

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

51

 

 

 

ITEM 1A.

RISK FACTORS

51

 

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

52

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

53

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

53

 

 

 

ITEM 5.

OTHER INFORMATION

53

 

 

 

ITEM 6.

EXHIBITS

54

 

 

 

SIGNATURES

55

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Investments in real estate, net

 

$

14,266,583

 

 

$

10,259,687

 

Investments in real estate-related securities and loans

 

 

3,460,922

 

 

 

2,259,913

 

Cash and cash equivalents

 

 

150,062

 

 

 

68,089

 

Restricted cash

 

 

477,768

 

 

 

238,524

 

Other assets

 

 

506,752

 

 

 

410,945

 

Total assets

 

$

18,862,087

 

 

$

13,237,158

 

 

 

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Mortgage notes, term loans, and secured revolving credit facilities, net

 

$

8,379,181

 

 

$

6,833,269

 

Repurchase agreements

 

 

2,447,134

 

 

 

1,713,723

 

Unsecured revolving credit facilities

 

 

240,000

 

 

 

 

Due to affiliates

 

 

430,011

 

 

 

301,581

 

Accounts payable, accrued expenses, and other liabilities

 

 

979,203

 

 

 

464,398

 

Total liabilities

 

 

12,475,529

 

 

 

9,312,971

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

Redeemable non-controlling interest

 

 

10,183

 

 

 

9,233

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; no shares issued

   and outstanding as of June 30, 2019 and December 31, 2018

 

 

 

 

 

 

Common stock — Class S shares, $0.01 par value per share, 500,000,000 shares authorized;

   381,155,980 and 276,989,019 shares issued and outstanding as of June 30, 2019 and

   December 31, 2018, respectively

 

 

3,812

 

 

 

2,770

 

Common stock — Class T shares, $0.01 par value per share, 500,000,000 shares authorized;

   31,903,877 and 23,313,429 shares issued and outstanding as of June 30, 2019 and

   December 31, 2018, respectively

 

 

319

 

 

 

233

 

Common stock — Class D shares, $0.01 par value per share, 500,000,000 shares authorized;

   52,916,501 and 30,375,353 shares issued and outstanding as of June 30, 2019 and

   December 31, 2018, respectively

 

 

529

 

 

 

304

 

Common stock — Class I shares, $0.01 par value per share, 500,000,000 shares authorized;

   228,556,040 and 108,261,331 shares issued and outstanding as of June 30, 2019 and

   December 31, 2018, respectively

 

 

2,286

 

 

 

1,083

 

Additional paid-in capital

 

 

6,969,300

 

 

 

4,327,444

 

Accumulated deficit and cumulative distributions

 

 

(845,511

)

 

 

(587,548

)

Total stockholders' equity

 

 

6,130,735

 

 

 

3,744,286

 

    Non-controlling interests attributable to third party joint ventures

 

 

113,725

 

 

 

75,592

 

    Non-controlling interests attributable to BREIT OP unitholders

 

 

131,915

 

 

 

95,076

 

Total equity

 

 

6,376,375

 

 

 

3,914,954

 

Total liabilities and equity

 

$

18,862,087

 

 

$

13,237,158

 

 

See accompanying notes to condensed consolidated financial statements.

1


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share data)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

$

247,672

 

 

$

125,814

 

 

$

459,869

 

 

$

213,375

 

Hotel revenue

 

94,351

 

 

 

21,196

 

 

 

169,617

 

 

 

39,017

 

Other revenue

 

12,285

 

 

 

5,216

 

 

 

21,913

 

 

 

9,518

 

Total revenues

 

354,308

 

 

 

152,226

 

 

 

651,399

 

 

 

261,910

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental property operating

 

101,211

 

 

 

51,452

 

 

 

189,022

 

 

 

90,070

 

Hotel operating

 

63,197

 

 

 

13,522

 

 

 

114,517

 

 

 

25,136

 

General and administrative

 

4,878

 

 

 

2,901

 

 

 

8,059

 

 

 

4,946

 

Management fee

 

22,487

 

 

 

9,281

 

 

 

39,664

 

 

 

16,250

 

Performance participation allocation

 

29,898

 

 

 

9,476

 

 

 

50,061

 

 

 

17,349

 

Depreciation and amortization

 

161,854

 

 

 

84,826

 

 

 

301,333

 

 

 

158,950

 

Total expenses

 

383,525

 

 

 

171,458

 

 

 

702,656

 

 

 

312,701

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from real estate-related securities and loans

 

51,784

 

 

 

17,397

 

 

 

113,467

 

 

 

30,632

 

Gain on disposition of real estate

 

29,686

 

 

 

 

 

 

29,686

 

 

 

 

Interest income

 

303

 

 

 

121

 

 

 

497

 

 

 

198

 

Interest expense

 

(103,279

)

 

 

(49,841

)

 

 

(194,866

)

 

 

(81,232

)

Other income (expense)

 

(2,061

)

 

 

(389

)

 

 

(407

)

 

 

(389

)

Total other income (expense)

 

(23,567

)

 

 

(32,712

)

 

 

(51,623

)

 

 

(50,791

)

Net loss

$

(52,784

)

 

$

(51,944

)

 

$

(102,880

)

 

$

(101,582

)

Net loss attributable to non-controlling interests in third party joint ventures

$

970

 

 

$

1,217

 

 

$

3,006

 

 

$

2,930

 

Net loss attributable to non-controlling interests in BREIT OP

 

1,110

 

 

 

245

 

 

 

2,324

 

 

 

622

 

Net loss attributable to BREIT stockholders

$

(50,704

)

 

$

(50,482

)

 

$

(97,550

)

 

$

(98,030

)

Net loss per share of common stock — basic and diluted

$

(0.08

)

 

$

(0.19

)

 

$

(0.17

)

 

$

(0.41

)

Weighted-average shares of common stock outstanding, basic and diluted

 

631,744,799

 

 

 

272,727,892

 

 

 

560,647,423

 

 

 

239,600,008

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

2


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

controlling

 

 

controlling

 

 

 

 

 

 

 

Par Value

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Interests

 

 

Interests

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Additional

 

 

Deficit and

 

 

Total

 

 

Attributable

 

 

Attributable

 

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Cumulative

 

 

Stockholders'

 

 

to Third Party

 

 

to BREIT OP

 

 

Total

 

 

 

Class S

 

 

Class T

 

 

Class D

 

 

Class I

 

 

Capital

 

 

Distributions

 

 

Equity

 

 

Joint Ventures

 

 

Unitholders

 

 

Equity

 

Balance at December 31, 2018

 

$

2,770

 

 

$

233

 

 

$

304

 

 

$

1,083

 

 

$

4,327,444

 

 

$

(587,548

)

 

$

3,744,286

 

 

$

75,592

 

 

$

95,076

 

 

$

3,914,954

 

Common stock issued

 

 

414

 

 

 

38

 

 

 

75

 

 

 

245

 

 

 

843,347

 

 

 

 

 

 

844,119

 

 

 

 

 

 

 

 

 

844,119

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,847

)

 

 

 

 

 

(50,847

)

 

 

 

 

 

 

 

 

(50,847

)

Distribution reinvestment

 

 

24

 

 

 

2

 

 

 

2

 

 

 

11

 

 

 

41,995

 

 

 

 

 

 

42,034

 

 

 

 

 

 

 

 

 

42,034

 

Common stock repurchased

 

 

(18

)

 

 

(6

)

 

 

 

 

 

(18

)

 

 

(45,468

)

 

 

 

 

 

(45,510

)

 

 

 

 

 

 

 

 

(45,510

)

Amortization of compensation awards

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

99

 

 

 

 

 

 

100

 

 

 

 

 

 

500

 

 

 

600

 

Net loss ($277 allocated to redeemable non-controlling interest)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46,846

)

 

 

(46,846

)

 

 

(2,036

)

 

 

(937

)

 

 

(49,819

)

Distributions declared on common stock ($0.1582 gross per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,542

)

 

 

(69,542

)

 

 

 

 

 

 

 

 

(69,542

)

Contributions from non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,894

 

 

 

4,714

 

 

 

9,608

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,277

)

 

 

(1,536

)

 

 

(2,813

)

Allocation to redeemable non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,080

)

 

 

 

 

 

(1,080

)

 

 

 

 

 

 

 

 

(1,080

)

Balance at March 31, 2019

 

$

3,190

 

 

$

267

 

 

$

381

 

 

$

1,322

 

 

$

5,115,490

 

 

$

(703,936

)

 

$

4,416,714

 

 

$

77,173

 

 

$

97,817

 

 

$

4,591,704

 

Common stock issued

 

 

610

 

 

 

51

 

 

 

146

 

 

 

986

 

 

 

1,965,318

 

 

 

 

 

 

1,967,111

 

 

 

 

 

 

 

 

 

1,967,111

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(103,027

)

 

 

 

 

 

(103,027

)

 

 

 

 

 

 

 

 

(103,027

)

Distribution reinvestment

 

 

28

 

 

 

2

 

 

 

3

 

 

 

14

 

 

 

51,813

 

 

 

 

 

 

51,860

 

 

 

 

 

 

 

 

 

51,860

 

Common stock repurchased

 

 

(16

)

 

 

(1

)

 

 

(1

)

 

 

(37

)

 

 

(60,032

)

 

 

 

 

 

(60,087

)

 

 

 

 

 

(70

)

 

 

(60,157

)

Amortization of compensation awards

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

99

 

 

 

 

 

 

100

 

 

 

 

 

 

500

 

 

 

600

 

Net loss ($74 allocated to redeemable non-controlling interest)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,704

)

 

 

(50,704

)

 

 

(970

)

 

 

(1,036

)

 

 

(52,710

)

Distributions declared on common stock ($0.1588 gross per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90,871

)

 

 

(90,871

)

 

 

 

 

 

 

 

 

(90,871

)

Contributions from non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,049

 

 

 

36,749

 

 

 

77,798

 

Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,527

)

 

 

(2,045

)

 

 

(5,572

)

Allocation to redeemable non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(361

)

 

 

 

 

 

(361

)

 

 

 

 

 

 

 

 

(361

)

Balance at June 30, 2019

 

$

3,812

 

 

$

319

 

 

$

529

 

 

$

2,286

 

 

$

6,969,300

 

 

$

(845,511

)

 

$

6,130,735

 

 

$

113,725

 

 

$

131,915

 

 

$

6,376,375

 

 

See accompanying notes to condensed consolidated financial statements.

 


3


 

Blackstone Real Estate Income Trust, Inc.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

controlling

 

 

controlling

 

 

 

 

 

 

 

Par Value

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Interests

 

 

Interests

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Common

 

 

Common

 

 

Additional

 

 

Deficit and

 

 

Total

 

 

Attributable

 

 

Attributable

 

 

 

 

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Cumulative

 

 

Stockholders'

 

 

to Third Party

 

 

to BREIT OP

 

 

Total

 

 

 

Class S

 

 

Class T

 

 

Class D

 

 

Class I

 

 

Capital

 

 

Distributions

 

 

Equity

 

 

Joint Ventures

 

 

Unitholders

 

 

Equity

 

Balance at December 31, 2017

 

$

1,301

 

 

$

56

 

 

$

40

 

 

$

307

 

 

$

1,616,720

 

 

$

(132,633

)

 

$

1,485,791

 

 

$

23,848

 

 

$

 

 

$

1,509,639

 

Common stock issued

 

 

325

 

 

 

42

 

 

 

28

 

 

 

163

 

 

 

593,143

 

 

 

 

 

 

593,701

 

 

 

 

 

 

 

 

 

593,701

 

Offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,361

)

 

 

 

 

 

(37,361

)

 

 

 

 

 

 

 

 

(37,361

)

Distribution reinvestment

 

 

11

 

 

 

 

 

 

 

 

 

4

 

 

 

16,482

 

 

 

 

 

 

16,497

 

 

 

 

 

 

 

 

 

16,497

 

Common stock repurchased

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

 

 

(2,294

)

 

 

 

 

 

(2,296

)

 

 

 

 

 

 

 

 

(2,296

)

Amortization of restricted stock grant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

25

 

Net loss ($347 allocated to redeemable non-controlling interest)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(47,548

)

 

 

(47,548

)

 

 

(1,716

)

 

 

 

 

 

(49,264

)

Distributions declared on common stock ($0.1552 gross per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,384

)