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Nexus Real Estate Investment Trust Announces the Acceleration of Its Transition to a Pure Play Canadian – GlobeNewswire

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/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO and MONTREAL, Aug. 16, 2021 (GLOBE NEWSWIRE) — Nexus Real Estate Investment Trust (TSX:NXR.UN) (“Nexus” or the “REIT”) announced today that it has waived conditions on the acquisition of a portfolio of three distribution centres located in Saskatchewan and New Brunswick for a purchase price of approximately $230.4 million (the “Distribution Centre Acquisition”). The purchase price is expected to be funded with the net proceeds from the REIT’s $75 million public offering of trust units (the “Units”) (see “The Offering” below) and up to approximately $172.4 million from new mortgage financing to be placed on the properties at closing.

The REIT also announced today entry into of, or the waiving of diligence conditions under, two purchase and sale agreements to acquire five industrial properties. Together with an Alberta industrial property which the REIT announced having waived conditions to acquire on August 12, 2021, the aggregate purchase price for the properties to be acquired is $128.6 million (the “Additional Industrial Acquisitions”). The REIT anticipates that the purchase price for certain of the Additional Industrial Acquisitions will be funded by the issuance of Class B LP Units, cash on hand, assumed mortgage financing on the properties and the proceeds from new mortgage financing.

In aggregate, Nexus expects to add approximately 2.5 million square feet of gross leasable area (“GLA”) to the REIT’s income producing portfolio from the acquisitions announced today and on August 12, 2021.

Kelly Hanczyk, the REIT’s Chief Executive Officer, stated that “This is truly a breakout year for the REIT. We are pleased with the significant progress we have made this year toward our goal of transforming into a pure play industrial REIT. Upon closing of the announced transactions, we will have completed over $640 million of industrial acquisitions since the beginning of 2021. Our industrial portfolio weighting will increase to approximately 80% of NOI, well surpassing our previously stated goal of 75%. The acquisition opportunities are highly compelling and consistent with our stated strategy. The pipeline of asset acquisition opportunities in exchange for units from our London Vendor reinforces their commitment to Nexus and their belief in the REIT’s strong growth fundamentals. We continue to see good industrial acquisition opportunities across Canada and expect strong fundamentals and momentum in the asset class to persist.”

Recent Investment Activity Highlights

  • Continued Increased Industrial Weighting – Upon closing of the Distribution Centre Acquisition and the Additional Industrial Acquisitions (collectively, the “Acquisitions”), Nexus’ portfolio weighting to the industrial asset class will increase from 73% to approximately 80% of NOI. The Acquisitions highlight Nexus’ continued commitment to enhance its weighting towards the industrial asset class.
  • Off-Market Transaction – The Acquisitions are being completed on an off-market basis, highlighting Nexus’ deep network of relationships within the Canadian real estate landscape.
  • High Quality Portfolio – The Acquisitions comprise high quality modern distribution industrial assets with an average clear height of 28 feet, site coverage of 30% and an average building size of approximately 279,000 square feet. 85% of the Acquisitions comprise single-tenant assets, on a net rent basis.
  • Positive Improvement in Key Operating Metrics – The Acquisitions possess strong operating metrics that will significantly enhance Nexus’ overall portfolio profile, including a WALT of approximately 8.7 years and weighted average occupancy of 99%.
  • Highly Accretive Transaction – The Acquisitions are expected to be immediately accretive to Adjusted Funds From Operations (“AFFO”) per Unit (see “Non-IFRS Financial Measures” below).

Pro forma Nexus portfolio metrics assuming completion of the Acquisitions are set out below:

    Portfolio Metrics
    Current(1) New
Acquisitions
(1)
Pro Forma
         
Number of Properties (#) 91 8 99
         
GLA (at Nexus’ Ownership Interest) (square feet) 7,188,829 2,321,483 9,510,312
         
Occupancy (%) 96% 99% 96%
         
Weighted Average Lease Term (years) 5.0 8.7 5.9
         
Industrial as % of Total Portfolio (by NOI) (%) 73% 100% ~80%

Note: 1. “Current” metrics include 2 previously announced acquisitions in London, Ontario and Red Deer, Alberta for which the REIT has waived diligence conditions. “New Acquisitions” metrics exclude these two previously announced acquisitions.

In aggregate, the Acquisitions would represent a 5.7% effective going-in capitalization rate and after giving effect to the Acquisitions, the REIT expects its debt to gross book value ratio to be 47.8% based on its reported Q2 2021 financial results.

The Distribution Centre Acquisition

Pursuant to the Distribution Centre Acquisition, the REIT will acquire three single-tenant distribution centres, comprising total GLA of approximately 1.4 million square feet, for a combined purchase price of approximately $230.4 million. One property is located in Regina, Saskatchewan while two properties are located in Moncton, New Brunswick. The properties are occupied by a single investment grade rated company (BBB (high) / DBRS; BBB / S&P), under a triple-net lease with a weighted average lease term (“WALT”) of approximately 10.6 years. The Distribution Centre Acquisition is expected to close on or about October 1, 2021.

The Offering

The REIT also announced today in connection with the waiver of conditions on the Distribution Centre Acquisition that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets and Desjardins Capital Markets (collectively, the “Underwriters”), on a bought deal basis, 6,640,000 Units at a price of $11.30 per Unit (the “Offering Price”) for gross proceeds of approximately $75 million (the “Offering”). In addition, the REIT has granted the Underwriters an over-allotment option to purchase up to an additional 966,000 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering, which, if exercised in full, would increase the gross proceeds of the Offering to approximately $86 million (the “Over-Allotment Option”).

The REIT intends to use the net proceeds from the Offering to fund part of the purchase price for the Distribution Centre Acquisition and for general business purposes.

The Units under the Offering will be offered in Canada pursuant to a prospectus supplement filed under Nexus’s short form base shelf prospectus dated July 16, 2021. The Offering is expected to close on or about August 23, 2021 and is subject to customary conditions and receipt of all necessary approvals, including the approval of the Toronto Stock Exchange (“TSX”). The Offering is not conditional on the closing of the Distribution Centre Acquisition.

The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.

The Additional Industrial Acquisitions

The REIT has entered into conditional purchase agreements or waived diligence conditions to acquire the following six properties for a combined purchase price of approximately $128.6 million:

  • A portfolio of five industrial properties located in Southwestern Ontario totaling approximately 0.9 million square feet for an aggregate purchase price of approximately $108.8 million (the “Southwestern Ontario Acquisition”). One of the properties is structured as a forward purchase agreement whereby Nexus will acquire the asset upon completion of a 150,000-square foot planned expansion. The vendor of the Southwestern Ontario Acquisition (the “London Vendor”) is the same counterparty from whom the REIT has acquired six industrial properties so far in 2021. Similar to these past transactions, the Southwestern Ontario Acquisition will be partially funded by the issuance of 5,460,275 Class B LP Units, valued at approximately $61.7 million, to the London Vendor as partial purchase price consideration. The REIT anticipates that balance of the purchase price for the Southwestern Ontario Acquisition will be funded by a combination of cash on hand, assumed mortgage financing on the acquired properties and the proceeds from new mortgage financing to be placed on the properties at closing. The Southwestern Ontario Acquisition is expected to close in January 2022, with the exception of the property under forward purchase agreement, which the REIT expects to close by the end of 2022. Closing of the Southwestern Ontario Acquisition is subject to various customary closing conditions, including satisfactory completion of the REIT’s due diligence, TSX approval and (if necessary) approval of the REIT’s unitholders.
  • The previously announced 189,625 square foot warehouse property in Red Deer, Alberta which the REIT has waived conditions on August 10, 2021, expected to close on or about September 9, 2021.

About Nexus REIT

Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 89 properties comprising approximately 6.6 million square feet of gross leasable area. The REIT has approximately 33,788,000 Units issued and outstanding. Additionally, there are Class B LP Units of subsidiary limited partnerships of Nexus issued and outstanding, which are convertible into approximately 16,442,000 Units.

Non-IFRS Financial Measures

Certain financial measures disclosed in this press release do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore non-IFRS financial measures. The REIT’s method of calculating such non-IFRS financial measures may differ from other issuers’ methods and, accordingly, may not be comparable to such non-IFRS financial measures reported by other issuers.

AFFO is defined by the REIT as Funds From Operations (being net income in accordance with IFRS, excluding gains or losses on sales of investment properties, tax on gains or losses on disposal of properties, transaction costs expensed as a result of acquisitions being accounted for as business combinations, gain from bargain purchase, fair value adjustments of investment properties, warrants, unit options, restricted share units and derivative financial instruments, fair value adjustments and other effects of redeemable units classified as liabilities and the Class B LP Units, if any, amortization of right-of-use assets, lease principal payments, deferred income taxes, and amortization of tenant incentives and leasing costs, including adjustments for equity accounted entities), adjusted for certain items including differences resulting from recognizing ground lease payments and rental income on a straight-line basis, and reserves for normalized maintenance capital expenditures, tenant incentives and leasing costs. The REIT calculates AFFO in accordance with the Real Property Association of Canada. The REIT regards AFFO as an important performance measure of recurring economic earnings.

Debt to gross book value does not have any standardized meaning prescribed by IFRS and is therefore a non-IFRS financial measure. Debt to gross book value is calculated as Indebtedness (as defined in the declaration of trust governing the REIT, which is available under the REIT’s profile on SEDAR at www.sedar.com) divided by Gross Book Value (being, the acquisition cost of the assets of the REIT plus (i) the cumulative impact of fair value adjustments, (ii) acquisition related costs in respect of completed investment property acquisitions that were expensed in the period incurred, (iii) accumulated amortization on property, plant and equipment, and other assets, and (iv) deferred loan costs).

Forward Looking Statements

Certain statements contained in this news release constitute forward-looking statements which reflect the REIT’s current expectations and projections about future results, including with respect to the terms of, timing for completion of and source of funding for the Acquisitions, the expected benefits of the Acquisition and the timing thereof, the expected impact of the Acquisitions on the REIT’s AFFO per Unit and debt to gross book value, the satisfaction of conditions for the Acquisitions, including TSX and unitholder approval, as applicable, the waiver of due diligence conditions and statements regarding the satisfaction of other conditions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT’s control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forward-looking statements, such as the risks identified in the REIT’s current annual information form available at www.sedar.com and other materials filed with the Canadian securities regulatory authorities.

While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REIT’s views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT.

For further information please contact:
Kelly Hanczyk, CEO at (416) 906-2379; or
Rob Chiasson, CFO at (416) 613-1262.

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What is Causing Bitcoin’s Price to Plunge?

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The cryptocurrency industry’s inaugural asset is experiencing one of the biggest downturns in its short history. Bitcoin has recently fallen to its lowest value in the last year-and-a-half. Having peaked at a value of $70,000 per Bitcoin in November 2021, almost $50,000 has been shaved off its value per Bitcoin in the last seven months. As of 15th June 2022, it has been trading at around $21,400 per Bitcoin. What’s happening and why is the Bitcoin crash causing a ripple effect throughout the rest of the crypto scene?

Crypto analysts believe the real-world problems of surging inflation and rising interest rates are having a knock-on effect on crypto values. With stock markets also threatening to enter a bear market, it’s possible that a big reason for the plunge in Bitcoin is that many investors in BTC have chosen to liquidate their positions and stockpile as much cash as possible as a safety net. Despite the difficult backdrop for Bitcoin right now, it’s still an asset that retailers are keen to accept and utilize as part of their cash flow.

In Canada, there are still plenty of businesses and merchants that accept Bitcoin and other cryptocurrencies as legitimate forms of payment. For example, in the newly regulated Canadian iGaming market, brands like Bodog make it possible for Bitcoin holders to play casino slots for real money, with deposits permitted in Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, Ethereum, and USD Tether. Major Canadian gift card brands like Coincards and CoinGate also permit Bitcoin transactions in exchange for gift cards with the biggest names in retail and e-commerce, namely Amazon and Walmart.

In addition, online travel agents like Travala still accept Bitcoin, with discounts worth up to 40% available to those booking flights and trips with cryptocurrency.

Other crucial developments affecting Bitcoin

In recent days, two of the most prominent names in cryptocurrency trading and investing have experienced severe issues. Binance, the world’s most liquid cryptocurrency exchange, was forced to cease Bitcoin transactions for several hours. The platform attributed this hold-up to a “stuck transaction”, although many have since looked upon this excuse with skepticism.

Additionally, the collapse of decentralized finance (DeFi) platform Celsius has been a dagger in the heart of many in crypto circles. The “extreme market conditions” have raised serious question marks over Celsius’ long-term future, with its liquidity drying up fast. The firm takes cryptocurrency in exchange for annual yields on investor deposits, but if there’s no yield to back this up, the concept folds like a pack of cards.

Is it possible to anticipate a recovery for Bitcoin and crypto?

In truth, Bitcoin and all other cryptocurrencies are entering unchartered territory at present. Consumer and retail investor behaviours are changing as confidence in real-world economies diminish by the day. Analysts insist that extreme caution must be taken to enter the markets right now. With very little historical data to fall back on, the price of Bitcoin remains volatile.

Although there is a general feeling within the cryptocurrency community that a “pump” will return sooner or later, it’s going to take time for demand to outstrip supply once more.

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Rothschilds hires RBC's Graham to run Canadian investment bank – The Globe and Mail

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Rothschild & Co is scaling up its Canadian business, hiring veteran Royal Bank of Canada dealmaker Alex Graham to lead domestic expansion at a global investment bank with a two-century family pedigree.

On Monday, Paris-based Rothschild will announce that Mr. Graham will be its Toronto-based managing director and head of Canada, with a mandate to move beyond the bank’s current focus on advisory work for the mining industry and restructurings. For the past decade, Mr. Graham was head of RBC’s telecom, media and technology group in Canada, then Europe.

“Alex has strong professional roots in Canada and a global network of relationships,” Jimmy Neissa, head of Rothschild, North America, said in a release. “His experience, knowledge and leadership will serve our clients well and further grow our leading franchise in the region.”

Mr. Neissa joined Rothschild in 2016 with a mandate to build its North American operations after spending two decades as New York-based merger and acquisition (M&A) specialist at UBS and Donaldson, Lufkin & Jenrette, where Mr. Graham also worked. Previously, Mr. Graham also led the diversified industries team for Morgan Stanley in Canada and worked for Citigroup in New York.

Last year, Rothschild ranked sixth among investment banks for M&A in Europe, advising on 464 transaction, and was 15th among North American banks on M&A, working on 220 deals, according to data service Refinitiv. Rival European banks with significant North American operations include Barclays, while Deutsche Bank, Credit Suisse and UBS have scaled back in the region in recent years.

Rothschild is building out its Canadian team at a time when large Canadian companies and fund managers such as pension plans and Brookfield Asset Management Inc. are using international M&A to build their businesses. The investment bank currently has 10 professionals in Canada.

Rothschild plans to hire Canadian financiers with expertise in M&A for banks and financial services businesses, technology, infrastructure and power companies, and link these local bankers with its international expertise, Mr. Graham said.

“With Rothschild’s strong momentum in North America, along with its continued strength and deep bench of expertise in M&A advisory around the world, I’m honored to have the opportunity to lead and continue to grow the business in Canada,” he said in a release.

Prior to becoming an investment banker, Mr. Graham worked in Ottawa as an adviser to Prime Minister John Turner. He holds an MBA from Western University’s Richard Ivey School of Business and an undergraduate degree from Trinity College at the University of Toronto.

Rothschild has deep roots in Canada, serving as the financier that backed development of the massive Churchill Falls power project in Labrador in the 1960s. More recently, former securities lawyers Gar Emerson and Montreal-based investment banker Daniel Labrecque served as country head in Canada.

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1PointFive and Manulife Investment Management announce lease agreement for a carbon capture and sequestration project in Louisiana – GlobeNewswire

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HOUSTON, June 27, 2022 (GLOBE NEWSWIRE) — 1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) business, and Manulife Investment Management today announced that OLCV and Manulife entered into a lease agreement for approximately 27,000 acres of timberland in Western Louisiana. The agreement provides 1PointFive with access to subsurface pore space and surface rights to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions. Two Class VI injection permits, required by the EPA for geologic sequestration, have already been filed for the site.

The lease agreement is a pivotal step in 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.

Manulife Investment Management’s acreage offers excellent storage capacity within proximity to point source industrial emitters, who would otherwise emit carbon dioxide to the atmosphere. 1PointFive would also like to recognize New Dawn Energy, which is a Manulife land lease partner, and has been cooperative and supportive of the project.

“We are excited to join with Manulife and lease the acreage to develop a hub that will provide sequestration infrastructure and services for industrial emitters and 1PointFive’s future DAC facilities,” said Dr. Doug Conquest, Vice President, OLCV. “This agreement strengthens our CCUS position and advances commercial-scale decarbonization solutions in line with Oxy’s net-zero goals.”

“We understand the importance our forests and underlying land play as a natural climate solution in decarbonization,” said Eduardo Hernandez, Managing Director and Global Head of Timberland Operations at Manulife Investment Management. “We focus on sustainably managing our forests for climate-positive and nature-positive impact, and we are excited to find additional opportunities to continue this work for clients.”

1PointFive and Manulife Investment Management are also exploring other locations and projects throughout the region and country with the potential to add additional acreage for carbon removal and sequestration. 1PointFive adheres to U.S. Environmental Protection Agency (EPA) standards for monitoring, reporting and verifying (MRV) the amount, safety and permanence of CO2 stored through secure geologic sequestration. The company and its affiliates hold three EPA-approved MRV plans for geologic sequestration. 1PointFive will apply this expertise toward the safe design and operation of the project.

Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile. It also oversees approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia.

About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com.

About Oxy Low Carbon Ventures (OLCV)
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation on oxy.com for more information.

About Manulife Investment Management 
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to OLCV’s strategy, 1PointFive’s strategy’s impact on the environment, the agreement’s benefits and related impact on carbon emissions, and 1PointFive’s plans to build, acquire and operate multiple sequestration hubs as part of Oxy’s net-zero strategy. These statements are based on Oxy’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Oxy does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Oxy’s control. Factors that may cause actual results to differ materially from forward-looking statements include Oxy’s, OLCV’s and 1PointFive’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to acquire requisite pore space, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect 1PointFive’s ability to build, acquire and operate multiple sequestration hubs can be found in Oxy’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Oxy’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Oxy’s securities.

1PointFive media relations contact
Eric Moses
Phone: +1 (713) 497-2017
Email: eric_moses@oxy.com

1PointFive investor relations contact
Jeff Alvarez
Phone: +1 (713) 215-7864
Email: jeff_alvarez@oxy.com

Manulife Investment Management media relations contact
Elizabeth Bartlett
Email: Elizabeth_Bartlett@manulife.com

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