Announces Second Quarter Investment Activity
of $680 Million and Year-to-Date Investment Activity of $912
Million
Provides Update on CHI Investment
Second Quarter
Highlights:
- Reported second quarter 2016 total
revenue of $53.2 million, up 79% year-over-year.
- Generated second quarter net income per
share and OP unit of $0.05 on a fully diluted basis, an increase of
25% year-over-year.
- Generated second quarter normalized
funds from operations (FFO) of $0.22 per share and OP unit on a
fully diluted basis, an increase of 4.8% year-over-year.
- Second quarter investments of
approximately $679.5 million, which includes 55 healthcare
facilities totaling 3,034,240 leasable square feet and 1 mezzanine
loan.
- Declared quarterly dividend of $0.225
per share for the second quarter 2016, paid July 18,
2016.
- Portfolio was 95.7% leased based on
square footage as of June 30, 2016.
- Increased gross leasable square footage
by 46.3% in the second quarter 2016 to 9,586,638 square feet from
6,551,298 as of March 31, 2016.
Subsequent Events
Highlights:
- Closed an additional $30.5 million of
investments subsequent to the quarter ended June 30, 2016,
which includes $19.9 million of Catholic Health Initiatives (“CHI”)
portfolio properties.
Physicians Realty Trust (NYSE: DOC) (the “Company,” the “Trust,”
“we,” “our” and “us”), a self-managed healthcare real estate
investment trust, today announced results for the second quarter
ended June 30, 2016.
John T. Thomas, President and Chief Executive Officer of the
Trust, commented, “We just celebrated the third anniversary of our
initial public offering on July 19 and are very pleased to report
the results of the second quarter of 2016. In just three short
years, we have grown from 19 medical office properties valued at
about $124 million to more than $2.5 billion of medical office and
outpatient care facilities as of today. This growth is fueled by a
strong investor base, excellent physician and other provider
relationships, and a team of people dedicated to building and
managing a best-in-class medical office portfolio and operating
platform. Our incredible team of professionals and partners have
completed substantially all of the CHI acquisitions we announced in
April, with only 4 of the 51 buildings left to acquire. We expect
three to close during the third quarter, and the last one to close
in early 2017 after construction is completed. We are proud of our
team’s hard work and unique ability to underwrite, inspect,
document, and close on the acquisition of over 50 facilities this
quarter, investing $680 million over just three months time. In
addition to the CHI portfolio, we also completed a handful of
smaller acquisitions during the quarter, all of which are
off-market growth opportunities with existing clients or
relationships, including one leased to CHI’s KentuckyOne Health
that is adjacent to another facility we own and lease to them in
Kentucky. Our outstanding property operations team delivered a
revenue increase of 79% compared to the second quarter of 2015,
resulting in net income per share and OP Unit of $0.05 on a fully
diluted basis, an increase of 25% year-over-year, and normalized
FFO of $0.22 per common share and OP Unit during the second
quarter, a 4.8% increase over the same period last year.”
Second Quarter Financial Results
Total revenue for the second quarter ended June 30, 2016
was $53.2 million, an increase of 79% from the same period in 2015.
As of June 30, 2016, the portfolio was 95.7% leased. On a pro
forma basis, if all of the 2016 second quarter acquisitions
occurred on the first day of the second quarter, total quarterly
revenue would have increased by an additional $19.0 million, to a
pro forma total of $72.2 million.
Total expenses for the second quarter 2016 were $46.1 million,
compared to $26.4 million in the second quarter 2015, or an
increase of 74%. The increase in expenses was the result of a $9.4
million increase in depreciation and amortization, a $6.5 million
increase in operating expenses, a $2.1 million increase in interest
expenses, a $0.7 million increase in acquisition expenses, and a
$0.9 million increase in general and administrative expenses. On a
pro forma basis, if all of the 2016 second quarter acquisitions
occurred on the first day of the second quarter, depreciation and
amortization expense and operating expenses would have increased by
an additional $6.4 million and $7.4 million, respectively.
Net income for the second quarter 2016 grew to $7.2 million,
compared to net income of $3.3 million for the second quarter
2015.
Net income attributable to common shareholders for the second
quarter 2016 was $6.5 million, or $0.05 per diluted share based on
135.9 million weighted average shares outstanding.
Funds from operations (FFO) for the second quarter 2016
consisted of net income, less $0.1 million of net income
attributable to noncontrolling interests for partially owned
properties, plus $19.8 million of depreciation and amortization,
less $0.2 million of depreciation and amortization expense for
partially owned properties, less $0.4 million of preferred
distributions, resulting in $0.19 per diluted share. Normalized
FFO, which adds back $3.3 million of acquisition expenses, was
$29.5 million, or $0.22 per diluted share.
Normalized funds available for distribution (FAD) for the second
quarter 2016, which consists of normalized FFO adjusted for
non-cash share compensation, straight-line rent adjustments,
amortization of acquired above-market and below-market leases,
amortization of lease inducements, amortization of deferred
financing fees, recurring capital expenditures, and seller master
lease and rent abatement payments, was $27.0 million for the second
quarter 2016.
Update on CHI Investment
On May 12, 2016, we announced the closing of the first tranche
of 26 medical office facilities from CHI. On July 5, 2016, we
announced the closing of the second tranche of 20 medical office
facilities from CHI. Since then, we have closed on 1 additional
medical office facility in the CHI portfolio, representing 101,250
square feet and $19.9 million. We anticipate closing on 3
additional facilities during the third quarter and 1 final building
in the portfolio in early 2017.
Other Recent Events
Dividend Paid
On June 23, 2016, our Board of Trustees authorized and
declared a cash distribution of $0.225 per common share and OP Unit
for the quarterly period ended June 30, 2016. The distribution
was paid on July 18, 2016 to common shareholders and OP Unit
holders of record as of the close of business on July 5,
2016.
April 2016 Follow-on Equity Offering
On April 11, 2016, the Trust completed a follow-on public
offering of 25,875,000 common shares of beneficial interest,
including 3,375,000 common shares issued upon exercise of the
underwriters’ overallotment option, resulting in net proceeds to it
of approximately $442.8 million. The Trust contributed the net
proceeds of this offering to the Operating Partnership in exchange
for 25,875,000 OP Units, and the Operating Partnership used the net
proceeds of the public offering to repay borrowings under its
unsecured revolving credit facility, for general corporate and
working capital purposes, for funding acquisitions, and to fund a
portion of the purchase price for the acquisition of medical office
facilities from certain subsidiaries and affiliates of CHI.
Upsized Unsecured Credit Facility and Term Loan
On June 10, 2016, we amended and restated our credit agreement
(the “Credit Agreement”), which upsized our unsecured revolving
credit facility from $750 million to $850 million and added a $250
million term loan feature, increasing the maximum borrowing
capacity to $1.6 billion, inclusive of the Credit Agreement’s $500
million accordion feature. On July 7, 2016, our operating
partnership fully drew on the term loan.
ATM Program
We are currently negotiating sales agreements with certain of
our banking institutions relationships to establish a new
at-the-market (ATM) program for our common shares. We expect the
new ATM program to allow us to offer up to $300 million of our
common shares, from time to time, and to be effective after we file
a prospectus supplement for the ATM program and file our 10-Q for
the second quarter, subject to customary contractual
conditions.
Second Quarter Investment Activity
In the quarter ended June 30, 2016, the Company completed
$679.5 million of investment activity, including acquisitions of 55
operating healthcare properties located in 13 states totaling
$676.6 million representing 3,034,240 square feet and loan
investments of $2.9 million. The closing of 46 buildings in the CHI
portfolio accounted for $615.5 million of this activity, net of
$12.9 million in short-term capital expenditure commitments.
Since our May 5, 2016 earnings press release, and through June
30, 2016, the Company completed acquisitions
of 6 healthcare properties containing an aggregate
of 165,625 net rentable square feet, excluding the CHI
portfolio properties. These investments totaled
approximately $43.4 million and are detailed below. The
Company also entered into 1 mezzanine loan for $1.3 million.
NOMS - Clyde MOB. On May 10, 2016, the
Company closed the acquisition of a new 23,000 square
foot medical office building in Clyde, Ohio, for a purchase
price of approximately $6.3 million. The single tenant
facility is 100% leased to the Northern Ohio Medical Specialists
(NOMS) group. The first year unlevered yield on this investment is
expected to be approximately 6.8%.
Medical Village Facilities. On May 26, 2016,
the Company closed on the acquisition of 2 medical office buildings
containing 41,011 leasable square feet in Kissimmee and
Leesburg Florida, for an aggregate purchase price of
approximately $9.5 million. The multi-tenant facilities are
100% occupied. These facilities are part of a larger portfolio of
assets under development, the balance of which we have under
contract and expect to close this fall. Our total investment in the
portfolio will exceed $53 million (inclusive of this first $9.5
million). The aggregate first year unlevered yield on this
investment is expected to be approximately 9.3%.
Children’s Hospital MOB. On June 3,
2016, the Company closed the acquisition of an 18,054 square
foot medical office building in Milwaukee, Wisconsin, for a
purchase price of approximately $5.9 million. The single
tenant facility is 100% leased to the Children’s Hospital of
Wisconsin (Moody’s “Aa3”). The first year unlevered yield on this
investment is expected to be approximately 4.5%, with a
stabilized yield of 7.0% upon the conclusion of a rent abatement
period.
Jewish Medical Center South MOB - 2.
On June 8, 2016, the Company closed the acquisition of
a 24,491 square foot medical office building
in Shepherdsville, Kentucky, for a purchase price of
approximately $4.3 million. The single tenant facility is 100%
leased to CHI affiliated KentuckyOne Health (Moody’s “A3”), and is
attached by a walkway and awnings to another facility already owned
by the Company and 100% leased to KentuckyOne Health. The first
year unlevered yield on this investment is expected to be
approximately 7.2%.
Pilot MOB. On June 29, 2016, the Company
closed the acquisition of a 59,069 square foot medical office
building in Birmingham, Alabama, for a purchase price of
approximately $17.4 million, located just off campus of St.
Vincent's East Hospital. The first year unlevered yield on this
investment is expected to be approximately 6.6%.
Recent Investment Activity
Since June 30, 2016, the Company has acquired 3 healthcare
properties containing an aggregate of 115,200 net leasable square
feet, including 1 land-only acquisition. One building in the CHI
portfolio accounted for $19.9 million and 101,250 square feet of
that total. The remaining investments total approximately $5.9
million and 13,950 square feet and are detailed below. The Company
also closed on 2 loans totaling $4.7 million.
Prairie Care MOB. On July 6, 2016, the
Company closed the acquisition of a 13,950 square foot medical
office facility in Maplewood, Minnesota, for a purchase price of
approximately $4.9 million. The facility is 100% leased to an
affiliate of the University of Minnesota Medical School. The first
year unlevered yield on this investment is expected to be
approximately 7.1%.
Jackson, Tennessee Land Purchase. On
August 2, 2016, the Company closed the acquisition of a parcel
of land in Jackson, Tennessee, for a purchase price of
approximately $1.0 million, that will be used to expand the
Company’s existing building located there.
2016 Acquisition Guidance
The Company expects to acquire between $1 billion and $1.25
billion of total real estate investments in 2016, subject to
favorable capital market conditions. This guidance is inclusive of
any previously announced acquisitions, including those detailed in
the “Recent Events” portion of this press release.
Conference Call Information
The Company has scheduled a conference call on Wednesday,
August 3, 2016, at 2:00 p.m. ET to discuss its financial
performance and operating results for the second quarter ended
June 30, 2016. The conference call can be accessed by dialing
(877) 407-0784 from within the U.S. or (201) 689-8560 for
international callers. Participants can reference the Physicians
Realty Trust Second Quarter Earnings Call or passcode 13638880. The
conference call also will be available via a live listen-only
webcast and can be accessed through the Investor Relations section
of the Company’s website, www.docreit.com. A replay of the conference call
will be available beginning August 3, 2016, at 5:00
p.m. ET until August 24, 2016, at 11:59 p.m. ET, by
dialing (877) 870-5176 (U.S.) or (858) 384-5517 (International);
passcode: 13638880. A replay of the webcast also will be accessible
on the Investor Relations website for one year following the event.
After August 3, 2016, the Company’s supplemental information
package for the second quarter 2016 also will be accessible through
the Investor Relations section of the Company’s website under the
“Supplemental Information” tab.
About Physicians Realty Trust
Physicians Realty Trust is a self-managed healthcare real estate
company organized to acquire, selectively develop, own and manage
healthcare properties that are leased to physicians, hospitals and
healthcare delivery systems. The Company invests in real estate
that is integral to providing high quality healthcare. The Company
conducts its business through an UPREIT structure in which its
properties are owned by Physicians Realty L.P., a Delaware limited
partnership (the “operating partnership”), directly or through
limited partnerships, limited liability companies or other
subsidiaries. The Company is the sole general partner of the
operating partnership and, as of June 30, 2016, owned
approximately 97.2% of the partnership interests in our operating
partnership (“OP Units”).
Investors are encouraged to visit the Investor Relations portion
of the Company’s website (www.docreit.com) for additional information,
including annual reports on Form 10-K, quarterly reports on Form
10-Q, current reports on Form 8-K and amendments to those reports
filed or furnished pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended, press releases,
supplemental information packages and investor presentations.
Forward-Looking Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”,
and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward looking statements may include
statements regarding the Company’s strategic and operational plans,
the Company’s ability to generate internal and external growth, the
future outlook, anticipated cash returns, cap rates or yields on
properties, anticipated closing of property acquisitions, and
ability to execute its business plan. While forward-looking
statements reflect our good faith beliefs, they are not guarantees
of future performance. Forward looking statements should not be
read as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward looking
statements are based on information available at the time those
statements are made and/or management’s good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward looking statements. These forward-looking statements are
subject to various risks and uncertainties, not all of which are
known to the Company and many of which are beyond the Company’s
control, which could cause actual results to differ materially from
such statements. These risks and uncertainties are described in
greater detail in the Company’s filings with the Securities and
Exchange Commission (the “Commission”), including, without
limitation, the Company’s annual and periodic reports and other
documents filed with the Commission. Unless legally required, the
Company disclaims any obligation to update any forward-looking
statements after the date of this release, whether as a result of
new information, future events or otherwise. For a description of
factors that may cause the Company’s actual results or performance
to differ from its forward-looking statements, please review the
information under the heading “Risk Factors” included in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2015 filed by the Company with the Commission on
February 29, 2016, and in the Company’s Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2016.
Physicians Realty Trust Condensed
Consolidated Statements of Income
(in thousands, except share and per
share data)
Three Months Ended Six Months Ended June
30, June 30, 2016 2015 2016
2015 Revenues: Rental revenues $ 42,196 $
23,625 $ 77,051 $ 43,966 Expense recoveries 9,552 4,908 17,455
8,444 Interest income on real estate loans and other 1,468
1,150 2,844 1,757 Total revenues 53,216 29,683
97,350 54,167
Expenses: Interest expense 4,279 2,193 8,476
3,903 General and administrative 4,926 3,989 9,047 7,341 Operating
expenses 13,798 7,304 24,835 13,013 Depreciation and amortization
19,799 10,351 35,809 18,591 Acquisition expenses 3,256 2,575
6,633 8,507
Total expenses
46,058 26,412 84,800 51,355
Income
before equity in income of unconsolidated entity and loss on sale
of investment property: 7,158 3,271 12,550 2,812 Equity in
income of unconsolidated entity 26 26 58 52 Loss on sale of
investment property — — — (15 ) Net income
7,184 3,297 12,608 2,849 Net income attributable to noncontrolling
interests: Operating Partnership (201 ) (157 ) (374 ) (133 )
Partially owned properties (60 ) (144 ) (377 ) (176 ) Net income
attributable to controlling interest 6,923 2,996 11,857 2,540
Preferred distributions (437 ) (425 ) (985 ) (491 )
Net income
attributable to common shareholders $ 6,486 $ 2,571
$ 10,872 $ 2,049 Net income per share: Basic $
0.05 $ 0.04 $ 0.09 $ 0.03 Diluted $
0.05 $ 0.04 $ 0.09 $ 0.03 Weighted
average common shares: Basic 131,481,329 70,376,959
117,092,668 68,026,278 Diluted 135,944,722
74,267,283 121,575,247 71,862,249
Dividends and distributions declared per common share and OP Unit $
0.225 $ 0.225 $ 0.450 $ 0.450
Physicians Realty Trust Condensed Consolidated
Balance Sheets
(in thousands, except share and per
share data)
June 30, December 31, 2016 2015
ASSETS
Investment properties: Land and improvements $ 160,718 $ 130,788
Building and improvements 2,080,192 1,284,863 Tenant improvements
11,519 9,243 Acquired lease intangibles 263,919 205,168
2,516,348 1,630,062 Accumulated depreciation (129,136 )
(91,250 ) Net real estate property 2,387,212 1,538,812 Real estate
loans receivable 38,774 39,349 Investment in unconsolidated entity
1,354 1,322 Net real estate investments 2,427,340
1,579,483 Cash and cash equivalents 37,945 3,143 Tenant
receivables, net 3,427 2,977 Other assets 64,200 53,283
Total assets $ 2,532,912 $ 1,638,886
LIABILITIES AND
EQUITY
Liabilities: Credit facility $ 369,685 $ 389,375 Notes payable
149,561 — Mortgage debt 114,296 94,240 Accounts payable 1,723 644
Dividends payable 31,771 20,783 Accrued expenses and other
liabilities 38,593 24,473 Acquired lease intangibles, net 9,348
5,950 Total liabilities 714,977 535,465
Redeemable noncontrolling interest - Operating Partnership
and partially owned properties 19,867 26,960 Equity: Common
shares, $0.01 par value, 500,000,000 common shares authorized,
134,337,589 and 86,864,063 common shares issued and outstanding as
of June 30, 2016 and December 31, 2015, respectively. 1,348 872
Additional paid-in capital 1,890,016 1,129,284 Accumulated deficit
(153,243 ) (109,024 ) Total shareholders’ equity 1,738,121
1,021,132 Noncontrolling interests: Operating Partnership 50,155
45,451 Partially owned properties 9,792 9,878 Total
noncontrolling interests 59,947 55,329 Total equity
1,798,068 1,076,461 Total liabilities and equity $
2,532,912 $ 1,638,886
Physicians Realty
Trust Reconciliation of Non-GAAP Measures
(in thousands, except share and per
share data)
Three Months Ended June 30, 2016
2015 Net income 7,184 3,297 Net income attributable to
noncontrolling interests - partially owned properties (60 ) (144 )
Preferred distributions (437 ) (425 ) Depreciation and amortization
expense 19,778 10,351 Depreciation and amortization expense -
partially owned properties (157 ) (122 ) Loss on the sale of
investment property — — FFO applicable to common
shares and OP Units $ 26,308 $ 12,957 FFO per common
share and OP Unit $ 0.19 $ 0.17 Net change in fair
value of derivative (27 ) (141 ) Acquisition expenses 3,256
2,575 Normalized FFO applicable to common shares and OP
Units $ 29,537 $ 15,391 Normalized FFO per common
share and OP Unit $ 0.22 $ 0.21 Normalized FFO
applicable to common shares and OP Units 29,537 15,391 Non-cash
share compensation expense 1,156 903 Straight-line rent adjustments
(4,019 ) (1,877 ) Amortization of acquired above/below market
leases/assumed debt 767 385 Amortization of lease inducements 201
138 Amortization of deferred financing costs 499 301 TI/LC and
recurring capital expenditures (1,423 ) (787 ) Seller master lease
and rent abatement payments 253 270 Normalized FAD
applicable to common shares and OP Units 26,971 14,724
Weighted average number of common shares and OP Units
outstanding 135,944,722 74,267,283
This press release includes Funds From Operations, or FFO, and
Normalized Funds Available For Distribution, or FAD, which are
non-GAAP financial measures. For purposes of the SEC’s Regulation
G, a non-GAAP financial measure is a numerical measure of a
company’s historical or future financial performance, financial
position or cash flows that excludes amounts, or is subject to
adjustments that have the effect of excluding amounts, that are
included in the most directly comparable financial measure
calculated and presented in accordance with GAAP in the statement
of operations, balance sheet or statement of cash flows (or
equivalent statements) of the company, or includes amounts, or is
subject to adjustments that have the effect of including amounts,
that are excluded from the most directly comparable financial
measure so calculated and presented. As used in this press release,
GAAP refers to generally accepted accounting principles in the
United States of America. Pursuant to the requirements of
Regulation G, the Company has provided reconciliations of the
non-GAAP financial measures to the most directly comparable GAAP
financial measures.
We believe that information regarding FFO is helpful to
shareholders and potential investors because it facilitates an
understanding of the operating performance of our properties
without giving effect to real estate depreciation and amortization,
which assumes that the value of real estate assets diminishes
ratably over time. We calculate FFO in accordance with standards
established by the National Association of Real Estate Investment
Trusts (“NAREIT”). NAREIT defines FFO as net income or loss
(computed in accordance with GAAP) before noncontrolling interests
of holders of OP units, excluding preferred distributions, gains
(or losses) on sales of depreciable operating property, impairment
write-downs on depreciable assets, plus real estate related
depreciation and amortization (excluding amortization of deferred
financing costs). Our FFO computation may not be comparable to FFO
reported by other REITs that do not compute FFO in accordance with
NAREIT definition or that interpret the NAREIT definition
differently than we do. The GAAP measure that we believe to be most
directly comparable to FFO, net income, includes depreciation and
amortization expenses, gains or losses on property sales,
impairments and noncontrolling interests. In computing FFO, we
eliminate these items because, in our view, they are not indicative
of the results from the operations of our properties. To facilitate
a clear understanding of our historical operating results, FFO
should be examined in conjunction with net income (determined in
accordance with GAAP) as presented in our financial statements. FFO
does not represent cash generated from operating activities in
accordance with GAAP, should not be considered to be an alternative
to net income or loss (determined in accordance with GAAP) as a
measure of our liquidity and is not indicative of funds available
for our cash needs, including our ability to make cash
distributions to shareholders.
We use Normalized FFO, which excludes from FFO net change in
fair value of derivative financial instruments, acquisition-related
expenses, acceleration of deferred financing costs, and other
normalizing items. However, our use of the term Normalized FFO may
not be comparable to that of other real estate companies as they
may have different methodologies for computing this amount.
Normalized FFO should not be considered as an alternative to net
income or loss (computed in accordance with GAAP), as an indicator
of our financial performance or of cash flow from operating
activities (computed in accordance with GAAP), or as an indicator
of our liquidity, nor is it indicative of funds available to fund
our cash needs, including its ability to make distributions.
Normalized FFO should be reviewed in connection with other GAAP
measurements.
The Company defines Normalized FAD, a non-GAAP measure, which
excludes from Normalized FFO non-cash compensation expense,
straight-line rent adjustments, amortization of acquired above or
below market leases and assumed debt, amortization of deferred
financing costs, amortization of lease inducements, and recurring
capital expenditures related to tenant improvements and leasing
commissions, and includes cash payments from seller master leases
and rent abatement payments. Other REITs or real estate companies
may use different methodologies for calculating Normalized FAD, and
accordingly, our computation may not be comparable to those
reported by other REITs. Although the Company’s computation of
Normalized FAD may not be comparable to that of other REITs, the
Company believes Normalized FAD provides a meaningful supplemental
measure of its performance due to its frequency of use by analysts,
investors, and other interested parties in the evaluation of our
performance as a REIT. Normalized FAD should not be considered as
an alternative to net income or loss attributable to controlling
interest (computed in accordance with GAAP) or as an indicator of
the Company’s financial performance. Normalized FAD should be
reviewed in connection with other GAAP measurements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160803005509/en/
Physicians Realty TrustJohn T. ThomasPresident and CEO(214)
549-6611jtt@docreit.comorJeffrey N. TheilerExecutive Vice President
and CFO(414) 367-5610jnt@docreit.com
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