NATIONAL RETAIL PROPERTIES, INC. NNN Cash Flow

National retail properties, inc. (NNN)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net earnings
284,751	299,608	262,392	277,736	269,229	292,485	328,100	307,187	295,012	265,371	259,311	248,954	242,478	239,506	215,857	220,341	214,599	197,961	209,259	201,975	201,367	191,170	181,630	178,000	170,023	160,085	156,498	150,147	146,016	141,937	128,975	113,592	101,387	92,416	78,941	77,528	77,908	73,353	0	0	0
Adjustments to reconcile net earnings to net cash provided by operating activities:
Stock options expense tax effect
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-122	0	0	0
Depreciation and amortization
191,879	188,871	184,887	179,017	176,080	174,398	174,122	180,053	178,075	173,720	168,865	159,426	154,589	149,101	144,962	139,599	137,312	134,798	130,325	126,489	120,294	116,165	112,984	109,218	103,824	99,617	92,831	84,369	80,876	75,334	70,941	68,522	63,410	58,817	55,659	52,570	50,709	49,084	0	0	0
Impairment losses – real estate and other charges, net of recoveries
34,260	31,992	39,617	32,560	29,208	28,211	13,426	9,869	5,995	4,953	1,590	6,430	11,928	11,294	11,658	6,737	3,964	4,420	3,909	3,989	1,392	823	728	650	1,714	4,106	5,074	11,218	12,958	10,114	10,727	5,015	2,122	2,115	0	0	0	-	-	-	-
Impairment – commercial mortgage residual interests valuation
-	-	-	-	-	-	-	-	-	-	-	-	-	6,830	6,880	955	751	531	481	449	98	256	1,425	1,420	1,343	1,185	0	0	0	-	-	-	-	1,024	543	543	441	3,995	0	0	0
Loss on early extinguishment of debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of notes payable discount
3,211	1,739	3,159	3,200	3,230	3,263	1,859	1,832	1,809	1,788	1,694	1,589	1,493	1,394	1,372	1,350	1,327	1,306	1,278	1,263	1,253	1,238	1,224	1,211	2,134	3,188	4,223	5,189	5,151	4,976	4,800	5,234	5,718	6,191	6,658	6,565	6,462	6,360	0	0	0
Amortization of debt costs
4,627	3,731	4,703	4,681	4,643	4,611	3,586	3,556	3,531	3,502	3,421	3,300	3,189	3,086	3,049	3,005	2,962	2,915	2,858	2,852	2,835	2,782	2,724	2,665	2,867	3,118	2,538	4,390	3,491	2,584	0	0	0	-	-	-	-	-	-	-	-
Amortization of mortgages payable premium
86	86	85	85	85	85	84	86	85	85	86	100	117	147	177	192	206	207	200	168	130	93	63	58	58	57	58	57	43	29	0	0	0	-	-	-	-	-	-	-	-
Amortization of interest rate hedges
1,367	1,307	3,058	3,256	3,462	3,664	2,119	2,085	2,010	1,932	2,074	2,303	2,554	2,802	2,768	2,472	2,183	1,902	1,649	1,610	1,408	1,129	868	611	513	438	366	295	235	231	227	208	108	9	-89	-169	-167	-166	0	0	0
Settlement of forward starting swaps
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in earnings of unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,074	4,227	566	515	474	429	427	432	428	0	0	0
Distributions received from unconsolidated affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,019	7,180	669	631	593	568	578	584	578	0	0	0
Gain on disposition of real estate
34,788	32,463	33,528	45,815	36,919	65,070	72,841	61,678	60,627	36,655	25,488	26,808	24,931	27,182	24,134	21,600	20,452	10,807	12,346	13,982	17,009	11,742	10,670	8,291	7,903	6,445	10,912	11,378	11,147	10,956	5,027	3,341	903	721	1,274	1,830	2,185	2,075	0	0	0
Gain on note receivable and property foreclosure
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	0
Performance incentive plan expense
11,838	11,547	11,767	11,154	10,929	10,417	9,354	8,862	13,743	14,223	14,787	15,801	11,276	11,401	11,664	11,310	10,779	10,474	10,031	10,097	10,078	9,841	9,321	8,387	8,546	8,518	9,657	11,090	10,189	10,136	10,236	8,875	8,801	8,283	6,516	6,341	6,382	5,756	0	0	0
Performance incentive plan payment
846	775	775	775	775	432	432	432	432	862	862	862	862	581	581	581	581	676	676	676	676	2,808	2,807	2,807	2,807	2,138	2,139	2,139	2,139	0	0	0	0	-	-	-	-	-	-	-	-
Gain on disposition of real estate, Inventory Portfolio
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Change in operating assets and liabilities, net of assets acquired and liabilities assumed:
Additions to held for sale real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,029	2,704	3,173	3,260	6,616	5,176	5,285	5,318	1,025	871	355	562	478	0	0	0
Proceeds from disposition of held for sale real estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,993	1,058	1,058	43,100	42,817	0	0	0
Decrease in real estate leased to others using the direct financing method
-491	-602	-727	-750	-818	-874	-878	-903	-881	-884	-971	-1,115	-1,255	-1,364	-1,386	-1,293	-1,283	-1,277	-1,300	-1,378	-1,374	-1,368	-1,356	-1,429	-1,501	-1,573	-1,632	-1,627	-1,622	-1,624	-1,626	-1,600	-1,584	-1,595	-1,591	-1,593	-1,585	-1,544	0	0	0
Increase in work in process
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	1,112	1,006	925	755	0	0	0
Increase in mortgages, notes and accrued interest receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9	-	-89	-378	-272	-76	-13	-193	-218	-641	-464	-375	-49	187	229	353	255	96	33	516	105	467	0	0	0
Decrease (increase) in receivables
1,304	-923	842	142	-559	203	-1,456	156	357	175	1,022	3	238	74	457	431	908	335	-115	-218	-643	-16	477	-1,426	-627	-62	-155	1,228	929	264	-388	-743	-1,044	-1,108	-590	-2,459	404	219	0	0	0
Increase in commercial mortgage residual interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	500	-105	-975	-1,516	0	0	0
Increase in accrued rental income
1,647	2,333	1,578	977	496	747	1,424	1,778	2,075	1,752	1,472	999	685	252	508	507	405	368	156	631	1,335	1,731	1,083	1,081	-291	-165	-73	110	646	456	535	114	337	-253	-428	-364	-447	-124	0	0	0
Decrease (increase) in other assets
-99	96	-1,470	-460	-367	-793	-1,261	-208	-1,921	-1,960	-1,537	-2,385	-2,277	-1,663	368	-6,096	-296	-4,996	-1,703	2,971	-1,541	2,256	-1,496	-212	-1,081	-400	-374	-1,109	-1,123	-1,657	-1,540	-1,252	-839	-746	-66	146	-213	53	0	0	0
Increase in accrued interest payable
-5,758	-1,269	10,588	-1,417	11,077	-792	-1,757	-520	0	646	4,263	783	2,742	-448	3,279	1,690	4,334	2,717	-1,024	-1,084	1,307	254	2,624	1,255	-134	-385	5,801	2,837	6,245	2,419	-259	7,155	2,870	7,766	3,971	-179	529	-129	0	0	0
Decrease in other liabilities
-5,363	-1,379	1,832	-6,419	-7,749	-1,516	-6,597	-7,462	2,529	-90	-4,020	10,035	3,392	2,636	4,866	-7,053	-6,756	-6,610	-6,037	-5,162	-5,852	-4,746	-2,090	1,930	2,900	3,841	6,952	287	-165	-2,002	-3,759	823	1,713	2,682	2,727	1,105	-2,829	-431	0	0	0
Other
-166	192	199	485	610	282	256	38	-120	115	-126	-88	213	401	1,243	618	1,138	318	-346	-229	-1,453	-1,245	-545	-624	-1,071	121	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in current tax liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	613	409	470	-169	0	0	0
Net cash provided by operating activities
486,435	501,727	505,433	479,019	485,288	471,909	456,850	434,717	434,362	421,557	431,346	442,760	430,106	415,337	377,319	360,914	346,380	341,095	342,962	326,311	314,059	296,733	294,236	291,482	285,410	274,421	267,555	249,063	246,353	228,130	211,096	200,126	179,462	177,728	165,168	155,450	190,334	187,914	0	0	0
Cash flows from investing activities:
Proceeds from the disposition of real estate
140,472	123,997	119,252	123,791	93,758	148,476	162,776	132,361	129,621	97,245	76,674	79,646	92,466	104,117	89,160	86,664	66,707	38,502	47,169	54,247	69,249	58,853	53,282	73,048	68,300	60,626	101,123	86,466	80,836	81,402	34,929	21,913	15,116	10,696	11,347	5,415	9,666	10,312	0	0	0
Transfers from (to) restricted cash and cash held in escrow
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additions to real estate:
Accounted for using the operating method
699,588	747,521	847,546	810,615	694,115	756,971	665,615	647,999	798,821	721,893	719,759	799,356	857,447	885,966	793,028	884,204	658,501	683,243	605,227	701,002	664,237	602,780	593,018	338,577	675,848	637,417	838,627	881,343	544,611	684,925	738,169	933,772	890,866	756,633	558,935	319,598	281,949	230,928	0	0	0
Accounted for using the direct financing method
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,747	0	0	0	-	-	-	-
Increase in mortgages and notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,246	8,017	7,928	6,363	3,857	3,086	1,967	5,572	8,768	12,900	13,609	12,528	9,838	0	0	0	-	-	-	-
Principal payments received on mortgages and notes receivable
0	-	-	-	0	-	-	-	-	-	-	-	-	4,141	1,756	1,610	2,162	2,363	1,263	11,289	13,428	13,346	13,550	14,390	13,492	14,617	16,361	12,879	13,580	12,804	12,567	7,815	5,938	6,837	4,730	6,567	14,989	13,818	0	0	0
Payment of lease costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	2,310	2,071	2,066	1,589	1,221	1,310	1,193	1,324	0	0	0
Other
1,116	-1,016	-542	-853	-1,108	876	2,034	1,606	1,912	2,159	783	854	1,623	2,235	2,479	2,864	2,225	2,166	2,396	3,503	3,224	3,731	3,291	2,499	3,016	2,009	4,929	4,901	3,446	3,492	-2,084	-361	396	-206	3,678	1,562	2,361	3,574	0	0	0
Net cash used in investing activities
-557,032	-619,408	-724,652	-685,971	-599,249	-609,371	-504,123	-515,994	-669,862	-625,557	-639,695	-716,546	-762,558	-779,943	-703,991	-798,794	-591,857	-644,544	-559,791	-641,084	-588,785	-541,558	-537,494	-261,566	-603,180	-568,040	-727,861	-786,891	-457,633	-601,759	-702,293	-918,964	-884,802	-752,068	-553,669	-316,527	-272,404	-220,260	0	0	0
Cash flows from financing activities:
Proceeds from line of credit payable
1,140,200	829,200	429,200	634,000	1,108,500	1,599,500	2,144,500	1,964,000	1,889,000	1,501,700	1,196,700	1,436,900	1,370,400	1,330,200	1,158,100	1,181,100	1,098,800	1,262,400	1,316,000	1,039,300	654,600	678,500	713,800	620,300	666,300	601,800	944,000	871,000	1,129,000	1,184,900	986,400	1,090,900	918,200	805,300	0	0	0	-	-	-	-
Repayment of line of credit payable
1,140,200	695,600	429,200	737,500	1,284,900	1,720,000	2,144,500	2,012,800	1,712,600	1,381,200	1,380,900	1,368,700	1,370,400	1,330,200	1,256,300	1,161,300	1,140,700	1,262,400	1,168,500	911,800	704,200	724,900	578,900	620,300	634,200	729,600	944,000	1,013,600	1,095,800	1,076,300	986,400	1,167,500	1,076,200	900,700	0	0	0	-	-	-	-
Repayment of mortgages payable
573	567	560	553	545	538	531	523	517	510	3,216	3,225	3,232	9,962	7,503	7,899	8,483	2,035	1,983	1,723	1,281	1,151	1,100	1,098	1,089	1,070	1,051	19,236	19,362	19,390	19,416	1,237	1,114	1,098	1,079	6,461	6,472	6,453	0	0	0
Proceeds from notes payable
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment for early extinguishment of debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable convertible
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	246,797	411,446	185,305	185,214	164,649	0	0	0	-	-	-	-	-	-	-	-
Payment of debt issuance costs
6,514	157	1,765	7,159	7,158	7,156	10,106	7,777	7,783	7,837	6,440	3,375	3,454	3,362	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
537,697	542,280	664,118	301,111	349,049	345,324	302,789	314,452	209,307	256,764	175,463	133,095	237,916	278,040	481,708	462,871	371,882	332,117	340,579	372,668	388,298	360,072	151,225	85,626	122,690	267,613	329,330	382,989	313,740	185,223	360,291	544,488	558,085	540,560	303,000	62,251	29,360	17,692	0	0	0
Proceeds from Issuance of Preferred Stock and Preference Stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-
Stock issuance costs
17,524	17,521	18,313	2,973	3,815	3,947	4,126	4,338	3,212	3,836	13,556	13,063	14,622	15,204	6,258	5,954	4,587	4,198	10,740	11,245	11,413	10,726	2,266	1,217	11,569	13,529	14,492	15,260	4,579	12,237	20,304	29,721	29,250	19,328	0	0	0	-	-	-	-
Redemption of preferred stock
-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	92,000	92,000	92,000	92,000	0	0	0	0	-	-	-	-
Payment of common stock dividends
341,274	333,692	324,902	319,220	310,997	303,164	295,846	288,263	283,072	277,120	271,840	267,845	262,637	257,007	249,302	240,901	234,536	228,699	222,557	216,599	210,198	204,157	200,491	197,122	194,059	189,107	183,246	176,927	171,384	167,495	160,944	151,344	142,474	133,720	128,544	127,104	126,043	125,391	0	0	0
Noncontrolling interest contributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41	0	0	0	-	-	-	-
Noncontrolling interest distributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	362	292	292	2,504	1,232	1,232	1,232	-1,208	0	0	0	0	-	-	-	-	45	45	45	884	861	0	0	0
Net cash provided by (used in) financing activities
207,459	4,526	-34,765	207,276	190,480	250,365	400,682	78,712	205,084	-89,176	456,696	275,623	315,531	644,886	330,573	438,045	292,360	307,105	213,940	231,863	273,256	253,944	241,632	-181,474	320,254	293,028	325,390	771,837	211,689	373,623	612,965	718,157	705,816	574,374	404,170	112,833	53,384	19,169	0	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash
136,862	-113,155	-253,984	324	76,519	112,903	353,409	-2,565	-30,416	-293,176	248,347	1,837	-16,921	280,280	3,901	165	46,883	3,656	-2,889	-82,910	-1,470	9,119	-1,626	-151,558	2,484	-591	-134,916	234,009	409	-6	121,768	-681	476	34	15,669	-48,244	-28,686	-13,177	0	0	0
Supplemental disclosure of cash flow information:
Interest paid, net of amount capitalized
121,814	115,700	104,206	113,510	98,848	107,861	105,441	105,292	104,541	103,761	97,344	96,722	91,300	91,403	88,173	88,148	83,712	83,758	84,672	84,117	81,929	81,829	78,190	78,442	80,414	80,930	75,078	78,253	72,160	75,283	77,229	69,044	70,854	63,474	63,887	64,562	62,966	62,386	0	0	0
Taxes received
-	-	-	-	-	-	-	-	-	-15	-109	-158	-158	-155	-39	38	118	234	141	154	148	59	290	344	368	360	288	240	205	201	105	4	-5	-561	-499	-320	-157	472	0	0	0
Supplemental disclosure of noncash investing and financing activities:
Issued 285,573, 285,263 and 386,433 shares of restricted and unrestricted common stock in 2016, 2015 and 2014, respectively, pursuant to NNNs performance incentive plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,921	8,869	8,978	10,884	11,323	11,191	11,241	8,800	8,280	8,280	7,966	8,638	8,576	8,625	8,625	3,456	2,855	2,806	1,904	6,889	0	0	0
Issued 3,602 and 3,985 shares of common stock in 2015 and 2014, respectively, to directors pursuant to NNNs performance incentive plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	545	508	488	463	419	361	303	250	236	236	236	236	0	0	0
Issued 16,010, 16,016 and 12,308 shares of common stock in 2015, 2014 and 2013, respectively, pursuant to NNNs Deferred Director Fee Plan
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	241	218	190	162	193	224	262	298	334	353	401	449	460	460	430	401	0	0	0
Decrease in other comprehensive income
11,774	5,432	9,662	-1,352	-8,321	-8,042	-6,355	2,546	6,685	5,547	-6,704	-13,737	-12,822	-12,161	3,056	13,694	12,247	11,694	8,524	-418	1,855	4,153	6,943	6,362	3,747	2,123	1,996	2,480	2,208	1,448	-1,172	-1,087	-7,097	-5,491	-4,238	-3,638	2,662	1,150	0	0	0
Right-of-use assets recorded in connection with lease liabilities
489	8,224	8,224	8,224	7,735	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Work in progress accrual balance
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage receivable accepted in connection with real estate transactions
3,000	3,100	3,100	3,100	3,100	0	0	0	0	-	-	-	-	-	-	-	-	500	500	500	562	62	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	5,950	0	0	0
Change in lease classification (direct financing lease to operating lease)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,678	757	1,921	4,164	3,407	0	0	0	-	-	-	-
Change in lease classification (direct financing lease to operating lease)
-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-
Mortgages payable assumed in connection with real estate transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Series D Depositary Share
Payment of Series D, E and F preferred stock dividends
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series E Depositary Share
Payment of Series D, E and F preferred stock dividends
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Series E Preferred Stock
Payment of preferred stock dividends
9,104	13,201	16,387	16,387	16,387	16,387	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Series F Preferred Stock [Member]
Payment of preferred stock dividends
17,940	17,940	17,940	17,940	17,940	17,940	17,940	17,940	17,940	17,940	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-