|By Marketwired .||
|November 9, 2012 08:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/09/12 -- InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) today announced financial results for the three and nine months ended September 30, 2012. All dollars are in thousands of Canadian dollars unless otherwise specified.
"We continue to see modest improvement in the Canadian lodging industry's fundamentals with performance varying by market. Notwithstanding, concern relating to the global economic recovery is affecting consumer confidence and contributing to a slower recovery for the industry," commented Kenneth Gibson, InnVest's President and Chief Executive Officer. "Pricing power continues to improve for our portfolio led by strength in western Canada."
Third Quarter Highlights
-- Revenue per available room ("RevPAR") on a same-hotel basis increased 1.9% driven by a 1.3% increase in average daily rate ("ADR") and modest growth in occupancy; -- Same-hotel gross operating profit from hotel operations ("Hotel GOP") improved 0.7%. This growth was offset by asset sales and the closure of one hotel for a portion of the quarter resulting in an overall Hotel GOP decline of 2.0% to $49.8 million; -- Third quarter results include an impairment charge of $29.1 million primarily reflecting a writedown of the carrying value of one hotel; -- Net loss of $221.5 million also includes a non-cash deferred income tax charge of $195.9 million. Excluding non-cash charges required by IFRS (unrealized gains and losses on liabilities presented at fair value and finance costs relating to the presentation of certain equity instruments as liabilities under IFRS), deferred income taxes, writedowns of hotel properties, non-recurring other losses or income and depreciation and amortization, InnVest realized an adjusted net income of $30.1 million compared to $33.0 million in the prior period; -- Funds from operations ("FFO") of $0.293 per diluted unit compared to $0.314 per diluted unit in the prior period. Distributable income was $0.239 per unit diluted as compared with $0.262 in the prior period; and -- During the quarter, InnVest refinanced its remaining 2012 mortgage maturities and completed a one-year extension to its operating line. Following over $330.0 million of mortgage refinancings in 2012, InnVest does not have any mortgage maturities until April of 2014.
InnVest's Consolidated Condensed Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2012 and 2011 are available on InnVest's website at www.innvestreit.com.
SELECTED FINANCIAL INFORMATION
-------------- -------------- Three Months Three Months Nine months Nine months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2012 2011 2012 2011 ($000s except per unit amounts) (unaudited) (unaudited) (unaudited) (unaudited) Revenue Hotel properties $ 172,578 $ 172,348 $ 461,859 $ 456,725 Franchise business $ 3,956 $ 2,843 $ 9,178 $ 7,418 Other real estate properties $ 793 $ 788 $ 2,471 $ 2,603 -------------------------------------------------------- $ 177,327 $ 175,979 $ 473,508 $ 466,746 Gross operating profit (1) Hotel properties $ 49,825 $ 50,826 $ 107,918 $ 107,412 Franchise business $ 1,395 $ 1,248 $ 2,879 $ 2,542 Other real estate properties $ 253 $ 300 $ 800 $ 1,054 -------------------------------------------------------- $ 51,473 $ 52,374 $ 111,597 $ 111,008 Net (loss) income and comprehensive (loss) income $ (221,498) $ 66,929 $ (249,732) $ 48,859 -------------------------------------------------------- Reconciliation to funds from operations (FFO) Add / (deduct) Depreciation and amortization 23,796 22,668 71,589 71,134 Deferred income tax expense (recovery) 195,864 7,186 186,203 (1,815) Unrealized loss (gain) on liabilities presented at fair value 2,364 (71,434) 14,187 (73,677) Finance costs - distributions 36 46 109 2,392 Loss (gain) on sale of hotel properties 890 - (430) - Reversal of previous impairment 65 - (736) - Writedown of hotel properties 29,016 7,711 29,703 7,711 SIFT transition expenses 352 589 980 589 -------------------------------------------------------- Funds from operations (2) $ 30,885 $ 33,695 $ 51,873 $ 55,193 -------------------------------------------------------- Reconciliation to distributable income Add / (deduct) Non-cash portion of mortgage interest expense 571 667 1,765 2,009 Non-cash portion of convertible debentures interest and accretion 1,032 952 3,043 2,828 FF&E reserve (7,227) (7,186) (19,366) (19,138) -------------------------------------------------------- Distributable income (2) $ 25,261 $ 28,128 $ 37,315 $ 40,892 -------------------------------------------------------- Per unit data Net (loss) income and comprehensive (loss) income - diluted $ (2.368) $ 0.581 $ (2.670) $ 0.508 FFO - diluted $ 0.293 $ 0.314 $ 0.530 $ 0.565 Distributable income - diluted $ 0.239 $ 0.262 $ 0.389 $ 0.425 Distributions declared $ 0.0999 $ 0.1251 $ 0.2997 $ 0.3753 -------------- -------------- (1) Gross operating income ("GOP") is defined as revenues less hotel, franchise and other real estate properties expenses. (2) Funds from operations and distributable income are non-IFRS measures of earnings and cash flow commonly used by industry analysts. Non-IFRS financial measures do not have a standardized meaning and are unlikely to be comparable to similar measures used by other organizations.
The operating statistics relating to gross room revenues for the three and nine months ended September 30, 2012 are on a same-hotel basis and exclude five hotels which were sold in 2012 and one hotel which was closed for a portion of the periods presented.
Three months Nine months ended ended September 30, Variance September 30, Variance 2012 to 2011 2012 to 2011 ---------------------------------------------------------------------------- Occupancy Ontario 69.8% 2.0 pts 61.4% (0.5 pts) Quebec 71.5% (2.0 pts) 63.9% (0.1 pts) Atlantic 77.6% (1.8 pts) 62.8% (1.1 pts) Western 71.6% 1.5 pts 66.7% 2.2 pts ---------------------------------------------------------------------------- Total 71.7% 0.5 pts 63.2% 0.1 pts ADR Ontario $ 107.70 0.5% $ 107.70 1.5% Quebec $ 117.50 (0.9%) $ 114.60 (0.5%) Atlantic $ 123.01 (0.8%) $ 117.22 (0.4%) Western $ 153.90 6.7% $ 151.41 6.5% ---------------------------------------------------------------------------- Total $ 120.87 1.3% $ 119.16 2.1% RevPAR Ontario $ 75.13 3.5% $ 66.14 0.8% Quebec $ 84.02 (3.5%) $ 73.26 (0.6%) Atlantic $ 95.47 (3.0%) $ 73.58 (2.1%) Western $ 110.21 9.0% $ 101.00 10.1% ---------------------------------------------------------------------------- Total $ 86.63 1.9% $ 75.26 2.2%
Three months ended September 30, 2012
For the three months ended September 30, 2012, total revenues increased 0.8% to $177.3 million.
Revenues generated by hotel operations were relatively unchanged at $172.6 million. Same-store growth of 1.5% during the third quarter was offset by reduced revenues following asset sales ($1.9 million) and the closure of one hotel which was closed for a portion of the third quarter due to an electrical malfunction.
Same-hotel RevPAR during the quarter increased 1.9% based on a 1.3% increase in ADR and modest growth in occupancy. RevPAR growth was driven by Western Canada which saw RevPAR improve 9.0% led by strength in Calgary and Edmonton. Growth throughout Ontario was offset by pockets of softness in Ottawa (soft demand), Montreal (weak demand in July) and most of the Atlantic markets (reduced group activity).
InnVest generated gross operating profit from hotel operations ("Hotel GOP") of $49.8 million, down 2.0% as compared to the prior period. Growth of 0.7% in InnVest's same-hotel portfolio during the third quarter was offset by reduced Hotel GOP following asset sales ($766) and the closure of one hotel through late July. InnVest expects to recover lost earnings at this hotel through a business interruption claim. No insurance proceeds have been recognized to-date in 2012.
Third quarter hotel GOP margins declined 60 basis points to 28.9% with a 0.1% growth in hotel revenues offset by inflationary growth in operating expenses of 1.0%. Same-hotel GOP margins declined 30 basis points to 29.1%.
During the third quarter, InnVest completed the sale of one hotel (107 rooms) for gross proceeds of $3.3 million and entered into a sale and lease agreement for one additional hotel (194 rooms) for eventual gross proceeds of $6.4 million. This sale and lease agreement will result in the ultimate closing of a sale in the second quarter of 2014 (at the time of the hotel's CMBS mortgage expiry).
Third quarter results include a non-cash impairment charge of $29.1 million relating to two assets. This includes a $28.0 million writedown relating to one hotel based on the continued deterioration of the hotel's revenues, operating profits and forecasted performance. Management is currently evaluating all available options for the hotel.
The third quarter of 2012 generated distributable income of $25.3 million ($0.239 per unit diluted) and FFO of $30.9 million ($0.293 per unit diluted) each showing year-over-year declines owing primarily to the reduction in Hotel GOP realized as well as the current tax expense recognized during the period.
Nine months ended September 30, 2012
For the nine months ended September 30, 2012, total revenues increased by 1.4% to $473.5 million.
Revenues generated by hotel operations increased 1.1% or $5.1 million to $461.9 million. Same-hotel RevPAR over this period increased 2.2% based on a 2.1% increase in ADR. The RevPAR growth was driven by strength in Western Canada.
InnVest generated Hotel GOP of $107.9 million, up 0.5% as compared to the prior period. Hotel GOP growth of 2.2% in InnVest's same-hotel portfolio was offset by reduced Hotel GOP following asset sales and the closure of one hotel during a portion of the second and third quarters. For the nine months ended September 30, 2012, Hotel GOP margins decreased 10 basis points to 23.4%. Same-hotel GOP margins were flat year-over-year at 23.5%.
For the nine months ended September 30, 2012, InnVest generated distributable income of $37.3 million ($0.389 per unit diluted) and FFO of $51.9 million ($0.530 per unit diluted), $3.6 million and $3.3 million year-over-year declines, respectively, owing primarily to the prior period second quarter benefit of $2.1 million in interest earned related to GST/HST tax credits.
BALANCE SHEET REVIEW
Year-to-date in 2012, InnVest executed a number of transactions to strengthen its balance sheet including:
-- During the third quarter, InnVest extended its operating line through August 31, 2014 (from August 2013). -- During the third quarter, InnVest refinanced two mortgages totaling $12.4 million which were scheduled to expire in the fourth quarter of 2012. The new debt, which included incremental proceeds of $3.0 million, has an average interest rate of 5.1% for a five-year term. -- Year-to-date, InnVest has completed renewals for over $330.0 million of mortgages, significantly extending the term to maturity of its mortgage debt and locking in favorable interest rates.
Following refinancing activities completed in 2012, InnVest does not have any mortgage maturities until April of 2014. InnVest's Series B $75.0 million convertible debentures mature in May 2013. Management expects to replace this debt with a similar instrument in the normal course of business.
As of September 30, 2012, InnVest had $18.3 million of cash (including restricted cash) and $16.6 million drawn on its credit facility.
At September 30, 2012, InnVest's leverage including convertible debentures was 63.5% (45.7% excluding convertible debentures).
Capital expenditures during the nine months ended September 30, 2012 totaled $28.8 million. These investments reflect a number of profit-improving projects designed to increase cash flow and improve profitability including room and public space renovations at several Delta branded hotels as well as brand upgrades at a number of our Holiday Inn and Hilton hotels.
INCOME TAX DEFERRAL
For 2012, InnVest estimates that the non-taxable portion of the distributions made to unitholders during the year will approximate 40% (2011 - 60%).
On July 3, 2012, InnVest completed an internal reorganization to unwind the stapled unit structure (the "2012 Reorganization"), which was approved by InnVest's unitholders at a special meeting on February 23, 2012.
InnVest pursued the 2012 Reorganization in response to announced changes to the federal income tax rules applicable to issuers of stapled securities, which were expected to apply to InnVest as of July 20, 2012. The 2012 Reorganization has resulted in, among other things, the transfer of substantially all of IOT's assets and liabilities to the REIT and the unwinding of the stapled structure of InnVest so that IOT became a wholly-owned subsidiary of the REIT.
Under currently enacted tax law, InnVest does not meet the conditions required to be a real estate investment trust ("Qualified REIT") as defined in the Income tax Act. As a result, effective July 3, 2012 InnVest is subject to the Specified investment flow-through ("SIFT") tax regime in the Income tax Act whereby its income would be subject to a corporate-like rate of income tax assuming its taxable income is distributed each year. Because application of the SIFT tax regime results in an entity-level tax, InnVest is required to pay current income taxes on its taxable income and is also required to record deferred taxes in respect of its temporary differences related primarily to its real estate assets.
Uncertainty in the world economy continues to impact our business. InnVest's broad, diversified portfolio remains a key advantage in the current environment.
Looking ahead, we are focused on driving internal growth within our existing portfolio. We are continuing an important multi-year capital program to enhance our product offering at a number of our hotels. These targeted investments are expected to improve our hotels' competitive positioning and operating performance through increased occupancies and rates. An enhanced product, coupled with improving demand and constrained new supply should enable InnVest to realize cash flow growth. The ultimate extent and timing of planned capital investments will be dependent on business levels and capital availability.
QUARTERLY CONFERENCE CALL
Management will host a conference call on Friday November 9, 2012 at 11:00 a.m. Eastern time to discuss the performance of InnVest. Investors are invited to access the call by dialing (416) 340-2216 or 1-866-226-1792. 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 November 9th beginning at 1:00 pm through to 11:59 p.m. on November 23rd. To access the recording please call (905) 694-9451 or (800) 408-3053 and use the reservation number 7573534#.
Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks and competition. These and other factors are discussed in InnVest's 2012 annual information form which is available at www.sedar.com or www.innvestreit.com. InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 138 hotels across Canada representing approximately 18,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
InnVest Real Estate Investment Trust
Executive Director, Investor Relations
(905) 206-7114 (FAX)
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Mar. 29, 2015 10:00 PM EDT Reads: 1,805
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Mar. 29, 2015 07:00 PM EDT Reads: 5,223
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Mar. 29, 2015 06:00 PM EDT Reads: 1,595
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
Mar. 29, 2015 06:00 PM EDT Reads: 1,849
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 29, 2015 06:00 PM EDT Reads: 1,484
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Mar. 29, 2015 04:15 PM EDT Reads: 2,437
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Mar. 29, 2015 04:00 PM EDT Reads: 1,421
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Mar. 29, 2015 03:30 PM EDT Reads: 2,171
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
Mar. 29, 2015 03:00 PM EDT Reads: 2,853
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Mar. 29, 2015 03:00 PM EDT Reads: 3,459
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
Mar. 29, 2015 01:45 PM EDT Reads: 4,666
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
Mar. 29, 2015 12:00 PM EDT Reads: 790
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Mar. 29, 2015 12:00 PM EDT Reads: 1,455
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
Mar. 29, 2015 11:45 AM EDT Reads: 1,116
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
Mar. 29, 2015 11:00 AM EDT Reads: 2,096
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Mar. 29, 2015 11:00 AM EDT Reads: 1,419
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
Mar. 29, 2015 08:30 AM EDT Reads: 2,053
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
Mar. 29, 2015 01:00 AM EDT Reads: 1,464
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
Mar. 28, 2015 04:15 PM EDT Reads: 1,547
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
Mar. 28, 2015 02:00 PM EDT Reads: 1,637