Increases 2016 Acquisition Guidance
Announces Third Quarter Investment Activity
of $177 Million and Year-to-Date Investment Activity of $1.1
Billion
Third Quarter
Highlights:
- Reported third quarter 2016 total
revenue of $70.0 million, up 101% year-over-year.
- Generated third quarter net income per
share and OP unit of $0.07 on a fully diluted basis, an increase of
40% year-over-year.
- Generated third quarter normalized
funds from operations (FFO) of $0.27 per share and OP unit on a
fully diluted basis.
- Completed third quarter investments of
approximately $177.0 million, which included 13 healthcare
facilities totaling 635,263 leasable square feet, the acquisition
of 1 land parcel for $1.0 million, loan investments of $4.7
million, and noncontrolling interest buyouts of $1.6 million.
- Declared quarterly dividend of $0.225
per share for the third quarter 2016, paid October 18,
2016.
- Portfolio was 95.7% leased based on
square footage as of September 30, 2016.
- Increased gross leasable square footage
by 6.7% in the third quarter 2016 to 10,233,656 square feet from
9,586,638 as of June 30, 2016.
Subsequent Events
Highlights:
- Closed an additional $30.3 million of
investments subsequent to the quarter ended September 30,
2016.
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 third quarter
ended September 30, 2016.
John T. Thomas, President and Chief Executive Officer of the
Trust, commented, “We are very pleased with our third quarter
results. While we intentionally slowed down new business
development as we focused on the integration of the Catholic Health
Initiatives (“CHI”) portfolio, we still had a very strong quarter
of new business activity with $177 million of new investments, and
approximately $30 million of investments already completed in the
fourth quarter. We now own more than 10 million square feet that is
almost 96% leased for an average lease term of approximately 8.5
years. Our team’s attention to detail and focus on tenant
satisfaction has produced a remarkable integration of the CHI
medical office facilities, and early feedback from physician
tenants and the CHI hospitals has been very positive. These efforts
and our executive attention to operational excellence, as well as
new and renewal leasing, is producing far better results than we
could have anticipated this early in the relationship. We are
determined to set a new high standard for medical office asset
management, which starts with sourcing, underwriting, investing,
and then managing our high-quality medical office portfolio.”
Third Quarter Financial Results
Total revenue for the third quarter ended September 30,
2016 was $70.0 million, an increase of 101% from the same period in
2015. As of September 30, 2016, the portfolio was 95.7%
leased. On a pro forma basis, if all of the 2016 third quarter
acquisitions occurred on the first day of the third quarter, total
quarterly revenue would have increased by an additional $2.6
million, to a pro forma total of $72.6 million.
Total expenses for the third quarter 2016 were $59.7 million,
compared to $31.1 million in the third quarter 2015, or an increase
of 92%. The increase in expenses was primarily the result of an
$11.5 million increase in depreciation and amortization, an $11.2
million increase in operating expenses, and a $4.0 million increase
in interest expense. On a pro forma basis, if all of the 2016 third
quarter acquisitions occurred on the first day of the third
quarter, depreciation and amortization expense and operating
expenses would have increased by an additional $0.6 million and
$0.7 million, respectively.
Net income for the third quarter 2016 grew to $10.3 million,
compared to net income of $4.0 million for the third quarter
2015.
Net income attributable to common shareholders for the third
quarter 2016 was $9.4 million. Diluted earnings per share was $0.07
based on 138.9 million weighted average shares and OP units
outstanding.
Funds from operations (FFO) for the third quarter 2016 consisted
of net income, less $0.2 million of net income attributable to
noncontrolling interests for partially owned properties, plus $23.9
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 $0.24 per diluted share. Normalized FFO, which adds back $4.4
million of acquisition expenses and removes $0.8 million of
one-time gains from the elimination of a seller earnout provision
during the period, was $37.0 million, or $0.27 per diluted
share.
Normalized funds available for distribution (FAD) for the third
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 $32.9 million for the third
quarter 2016.
Our same-store portfolio, which includes 120 properties,
generated year over year NOI growth of 1.0% for the third quarter
2016. This statistic is inclusive of a non-recurring
accounting adjustment related to a property tax credit recorded in
the third quarter 2015, which led to a $0.2 million increase in
relative property taxes on a single property in the current period,
representing a negative 80 basis point impact to same-store NOI for
the third 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. In our last earnings press release, we
announced the July 21, 2016 closing of 1 medical office facility in
the portfolio. On September 30, 2016 we closed on 2 additional
facilities, representing 93,472 square feet and $19.6 million. We
anticipate closing on 1 additional facility during the fourth
quarter of 2016 for $4.5 million. The final building in the CHI
portfolio is a new medical office facility in Omaha, Nebraska, 100%
leased and occupied by CHI’s affiliate, Creighton University
Medical Center, which we expect to acquire upon certificate of
occupancy by early 2017 for $33.4 million.
Other Recent Events
Dividend Paid
On September 26, 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 September 30, 2016. The
distribution was paid on October 18, 2016 to common
shareholders and OP Unit holders of record as of the close of
business on October 6, 2016.
ATM Program
On August 5, 2016 we established a new at-the-market (ATM)
program for our common shares. The new ATM program allows us to
offer up to $300 million of our common shares, from time to time,
through our respective banking partners. During the quarterly
period ended September 30, 2016, we did not issue and sell any
common shares pursuant to our ATM program.
Third Quarter Investment Activity
In the quarter ended September 30, 2016, the Company
completed $177.0 million of investment activity, including
acquisitions of 13 operating healthcare properties located in 9
states representing 635,263 square feet, the acquisition of 1 land
parcel for $1.0 million, loan investments of $4.7 million, and
noncontrolling interest buyouts of $1.6 million.
Since our August 3, 2016 earnings press release, and through
September 30, 2016, the Company completed acquisitions
of 9 healthcare properties containing an aggregate
of 426,591 net rentable square feet, excluding the CHI
portfolio properties. These investments totaled
approximately $125.4 million and are detailed below.
Unity Portfolio. On August 8, 2016, the
Company closed the acquisition of 4 medical office buildings on the
campus of Franciscan St. Elizabeth Health - Lafayette East in
Lafayette, Indiana, totaling 127,257 net leasable square feet,
for a total purchase price of approximately $28.8 million. The
single tenant facilities are 100% leased to Unity Healthcare. The
first year unlevered yield on these investments is expected to be
approximately 6.8%.
Medical Villages Facilities. On August 23,
2016, the Company closed on the acquisition of Medical Village at
Maitland in Orlando, Florida, an 81,477 square foot facility, for a
purchase price of approximately $23.2 million. The multi-tenant
facility is 100% leased and the anchor tenant is Community Health
Centers. The aggregate first year unlevered yield on this facility
is expected to be approximately 7.3%.
Tri-State Orthopaedics MOB. On August
30, 2016, the Company closed the acquisition of a 70,110
square foot medical office building in Evansville, Indiana,
for a purchase price of approximately $22.0 million. The
single tenant facility is 100% leased to Tri-State Orthopaedic
Surgeons, Inc. The first year unlevered yield on this investment is
expected to be approximately 6.5%.
Maury Regional Healthcare MOB.
On September 30, 2016, the Company closed the acquisition of
a 62,499 square foot medical office building in Spring
Hill, Tennessee, for a purchase price of approximately $18.5
million. The multi-tenant facility is 92% leased with 91% occupied
by anchor tenant Maury Regional Healthcare System (Moody’s “Aa2”),
an affiliate of Vanderbilt University Medical Center. This facility
is a grandfathered hospital outpatient department (HOPD) under
Section 603 of the BBA. The first year unlevered yield on this
investment is expected to be approximately 6.1%.
Spring Ridge Medical Center.
On September 30, 2016, the Company closed the acquisition of
a 20,987 square foot medical office building
in Wyomissing, Pennsylvania, for a purchase price of
approximately $6.1 million. The single tenant 603 asset is
100% leased to Reading Health Physician Network - Cardiology,
affiliates of Reading Health System (Moody’s: “AA-“). The first
year unlevered yield on this investment is expected to be
approximately 6.8%.
Doctors Community Hospital MOB.
On September 30, 2016, the Company closed the acquisition of
a 64,261 square foot medical office building on the campus of
Doctors Community Hospital (Moody’s: “Baa3”) in Lanham,
Maryland, for a purchase price of approximately $26.8 million.
The multi-tenant facility is 100% leased with 83% leased to the
hospital system. The first year unlevered yield on this investment
is expected to be approximately 6.0%.
Recent Investment Activity
Since September 30, 2016, the Company has acquired 2
condominium units containing an aggregate of 55,215 net leasable
square feet for an aggregate purchase price of $29.4 million. In
addition, the Company entered into 1 joint venture, representing an
investment of $0.9 million, resulting in total subsequent
investments of $30.3 million.
Northwest Michigan Surgery Center. On
October 28, 2016, the Company closed the acquisition of 2
condominium units that comprise a 55,215 square foot ambulatory
surgery facility in Traverse City, Michigan, for a total purchase
price of approximately $29.4 million, consisting of the issuance to
the sellers of an aggregate 947,936 common shares of beneficial
interest and nominal cash. The surgery facility is 100% leased and
the anchor tenant is Northwest Michigan Surgery Center, a joint
venture between Munson Healthcare and a physician group. The first
year unlevered yield on the combined investment is expected to be
approximately 6.7%.
United Surgical Partners J.V. On
October 31, 2016 we invested $0.9 million for a 43%
interest in a limited liability company controlled by United
Surgical Partners, Inc, ("USPI"), a subsidiary of Tenet Healthcare
(NYSE:THC), to acquire a 22,275 square foot medical office building
in Scottsdale, Arizona anchored by an ambulatory surgery center
controlled by and leased to, USPI and Dignity Health, in
partnership with physicians. The total purchase price of the
medical office building will be $6.6 million and is expected to
yield a first year unlevered return of 7.0%.
2016 Acquisition Guidance
The Company has increased its acquisition guidance from the
previous level of $1.0 billion to $1.25 billion, and now expects to
close between $1.2 billion and $1.3 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,
November 2, 2016, at 10:00 a.m. ET to discuss its
financial performance and operating results for the third quarter
ended September 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 Third Quarter Earnings Call or passcode
13646245. 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 November 2, 2016, at 1:00
p.m. ET until November 23, 2016, at 11:59 p.m. ET,
by dialing (877) 870-5176 (U.S.) or (858) 384-5517 (International);
passcode: 13646245. A replay of the webcast also will be accessible
on the Investor Relations website for one year following the event.
After November 2, 2016, the Company’s supplemental information
package for the third 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 September 30, 2016, owned
approximately 97.4% 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 Reports on Form
10-Q for the quarterly periods ended March 31, 2016 and June 30,
2016 filed on May 6, 2016 and August 4, 2016, respectively.
Physicians Realty
Trust Condensed Consolidated Statements of Income
(in thousands, except share and per
share data)
Three Months EndedSeptember 30, Nine Months
EndedSeptember 30, 2016 2015
2016 2015 Revenues: Rental
revenues $ 53,327 $ 28,145 $ 130,378 $ 72,111 Expense recoveries
14,361 5,821 31,816 14,265 Interest income on real estate loans and
other 2,322 904 5,166 2,661 Total
revenues 70,010 34,870 167,360 89,037
Expenses: Interest
expense 7,300 3,341 15,776 7,244 General and administrative 4,917
4,018 13,964 11,359 Operating expenses 19,159 7,966 43,994 20,979
Depreciation and amortization 23,969 12,476 59,778 31,067
Acquisition expenses 4,398 3,257 11,031 11,764
Total expenses 59,743 31,058 144,543
82,413
Income before equity in income of unconsolidated
entity and gain on sale of investment property: 10,267 3,812
22,817 6,624 Equity in income of unconsolidated entity 27 26 85 78
Gain on sale of investment property — 145 —
130 Net income 10,294 3,983 22,902 6,832 Net income
attributable to noncontrolling interests: Operating Partnership
(255 ) (200 ) (629 ) (333 ) Partially owned properties (176 ) (79 )
(553 ) (255 ) Net income attributable to controlling interest 9,863
3,704 21,720 6,244 Preferred distributions (436 ) (300 ) (1,421 )
(791 )
Net income attributable to common shareholders $
9,427 $ 3,404 $ 20,299 $ 5,453 Net
income per share: Basic $ 0.07 $ 0.05 $ 0.17 $
0.08 Diluted $ 0.07 $ 0.05 $ 0.16 $
0.08 Weighted average common shares: Basic 134,608,396
71,034,747 122,973,862 69,040,121
Diluted 138,880,787 75,104,821 127,395,989
73,040,846 Dividends and distributions declared per
common share and OP Unit $ 0.225 $ 0.225 $ 0.675
$ 0.675
Physicians Realty Trust Condensed Consolidated Balance
Sheets
(in thousands, except share and per
share data)
September 30, 2016 December 31,
2015
ASSETS
Investment properties: Land and improvements $ 172,685 $ 130,788
Building and improvements 2,220,448 1,284,863 Tenant improvements
12,627 9,243 Acquired lease intangibles 282,798 205,168
2,688,558 1,630,062 Accumulated depreciation (153,815 )
(91,250 ) Net real estate property 2,534,743 1,538,812 Real estate
loans receivable 43,817 39,349 Investment in unconsolidated entity
1,326 1,322 Net real estate investments 2,579,886
1,579,483 Cash and cash equivalents 8,396 3,143 Tenant receivables,
net 9,551 2,977 Other assets 72,814 53,283 Total
assets $ 2,670,647 $ 1,638,886
LIABILITIES AND
EQUITY
Liabilities: Credit facility $ 448,321 $ 389,375 Notes payable
224,339 — Mortgage debt 113,736 94,240 Accounts payable 2,222 644
Dividends and distributions payable 31,755 20,783 Accrued expenses
and other liabilities 46,574 24,473 Acquired lease intangibles, net
9,399 5,950 Total liabilities 876,346 535,465
Redeemable noncontrolling interest - Operating
Partnership and partially owned properties 25,891 26,960
Equity: Common shares, $0.01 par value, 500,000,000 common shares
authorized, 134,620,300 and 86,864,063 common shares issued and
outstanding as of September 30, 2016 and December 31, 2015,
respectively 1,349 872 Additional paid-in capital 1,893,745
1,129,284 Accumulated deficit (174,227 ) (109,024 ) Accumulated
other comprehensive income 652 — Total shareholders’
equity 1,721,519 1,021,132 Noncontrolling interests: Operating
Partnership 46,138 45,451 Partially owned properties 753
9,878 Total noncontrolling interests 46,891 55,329
Total equity 1,768,410 1,076,461 Total
liabilities and equity $ 2,670,647 $ 1,638,886
Physicians Realty Trust Reconciliation of Non-GAAP
Measures
(in thousands, except share and per
share data)
Three Months EndedSeptember 30,
2016 2015 Net income $ 10,294 $
3,983 Earnings per share - diluted $ 0.07 $ 0.05
Net income 10,294 3,983 Net income attributable to
noncontrolling interests - partially owned properties (176 ) (79 )
Preferred distributions (436 ) (300 ) Depreciation and amortization
expense 23,947 12,464 Depreciation and amortization expense -
partially owned properties (168 ) (127 ) Gain on the sale of
investment property — (145 ) FFO applicable to common shares
and OP Units $ 33,461 $ 15,796 FFO per common share
and OP Unit $ 0.24 $ 0.21 Net change in fair value of
derivative — 38 Acquisition expenses 4,398 3,257 Write-off of
contingent consideration (840 ) — Normalized FFO applicable
to common shares and OP Units $ 37,019 $ 19,091
Normalized FFO per common share and OP Unit $ 0.27 $ 0.25
Normalized FFO applicable to common shares and OP Units
37,019 19,091 Non-cash share compensation expense 1,005 828
Straight-line rent adjustments (4,952 ) (2,373 ) Amortization of
acquired above/below market leases/assumed debt 698 544
Amortization of lease inducements 248 157 Amortization of deferred
financing costs 849 359 TI/LC and recurring capital expenditures
(2,235 ) (2,159 ) Seller master lease and rent abatement payments
255 270 Normalized FAD applicable to common shares
and OP Units 32,887 16,717 Weighted average
number of common shares and OP Units outstanding 138,880,787
75,104,821
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, we have 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.
We define 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 our computation of Normalized FAD
may not be comparable to that of other REITs, we believe Normalized
FAD provides a meaningful supplemental measure of our 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 our 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/20161102005592/en/
Physicians Realty TrustJohn T. Thomas, 214-549-6611President and
CEOjtt@docreit.comJeffrey N. Theiler, 414-367-5610Executive Vice
President and CFOjnt@docreit.com
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