AvalonBay Communities, Inc. (NYSE:AVB) (the “Company”) reported
today Net Income Attributable to Common Stockholders for the
quarter ended December 31, 2014 of $142,642,000. This resulted
in Earnings per Share – diluted (“EPS”) of $1.08 for the three
months ended December 31, 2014, compared to $1.95 per share for the
comparable period of 2013. For the year ended December 31, 2014,
EPS was $5.21 compared to EPS of $2.78 for the year ended December
31, 2013, an increase of 87.4%.
The decrease in EPS for the three months ended December 31, 2014
from the prior year period is due primarily to a decrease in real
estate sales and related gains, partially offset by increases in
Net Operating Income (“NOI”) from newly developed and operating
communities.
The increase in EPS for the year ended December 31, 2014 over
the prior year is due primarily to (i) an increase in joint venture
income resulting from the gains on sales of communities in various
ventures, including the Company’s promoted interests; (ii)
increases in NOI from newly developed and acquired communities;
(iii) a decrease in depreciation expense related to in-place leases
acquired as part of the Archstone acquisition, as described in the
Company’s first quarter 2013 earnings release dated April 30, 2013;
(iv) a decrease in expensed acquisition costs related to the
Archstone acquisition; and (v) a loss on a forward interest rate
contract in 2013 not present in 2014. These increases are partially
offset by a decrease in real estate sales and related gains in 2014
as compared to prior year.
Funds from Operations attributable to common stockholders -
diluted (“FFO”) per share for the three months ended December 31,
2014 increased 16.6% to $1.76 from $1.51 for the comparable period
of 2013. FFO per share for the year ended December 31, 2014
increased 43.6% to $7.25 from $5.05 for the comparable period of
2013. FFO per share adjusted for non-routine items as detailed in
the Definitions and Reconciliations of this release ("Core FFO" per
share) increased by 7.4% to $1.74 and 8.8% to $6.78 for the three
months and year ended December 31, 2014, respectively, over the
prior year periods.
The following table compares the Company’s actual results for
FFO per share and Core FFO per share for the three months ended
December 31, 2014 to its October 2014 outlook:
Fourth Quarter 2014 Results
Comparison to October 2014 Outlook Per Share
FFO Core FFO Projected per share - October
2014 outlook (1) $ 1.77 $ 1.76 Community revenue 0.02 0.01
Community operating expenses (0.02 ) (0.02 ) Joint venture income
0.02 — Income taxes (0.07 ) — Acquisition costs net of recoveries
0.06 — Overhead and other (0.02 ) (0.01 ) Q4 2014 per share
reported results $ 1.76 $ 1.74 (1) Represents
the mid-point of the Company's October 2014 outlook.
The variance in the Company’s actual results for the year ended
December 31, 2014 is largely consistent with the variance for the
three months ended December 31, 2014.
Commenting on the Company’s results, Tim Naughton, Chairman and
CEO, said, "2014 was another outstanding year for AvalonBay. We
delivered Core FFO per share growth of nearly 9% and completed a
record $1.1 billion of new development activity. Together, healthy
apartment demand and continuing development activity supports our
2015 outlook for Core FFO per share growth of over 8% and our
dividend increase of 7.8%."
Operating Results for the Quarter Ended December 31,
2014 Compared to the Prior Year Period
For the Company, including discontinued operations, total
revenue increased by $40,654,000, or 10.2%, to $440,656,000. This
increase is primarily due to growth in revenue from development
communities and growth in Established Community revenue noted
below.
The Company updated its Established Communities portfolio, as of
April 1, 2014, primarily to incorporate the stabilized assets
acquired as part of the Archstone acquisition, which closed in
February 2013. The Company's Established Communities' operating
results for the three months ended December 31, 2014 include most
of the stabilized operating communities acquired as part of the
Archstone acquisition.
For Established Communities as of April 1, 2014, which includes
51,201 apartment homes, average rental rates increased 3.8%, and
Economic Occupancy increased 0.3%, resulting in an increase in
rental revenue of 4.1%. If the Company were to include current and
previously completed redevelopment communities in its Established
Communities portfolio, the increase in Established Communities'
rental revenue would have been 4.2%. Total revenue for Established
Communities increased $13,821,000 to $335,794,000. Operating
expenses for Established Communities increased $893,000, or 0.9%,
to $102,138,000. Accordingly, NOI for Established Communities
increased $12,928,000, or 5.9%, to $233,656,000.
The following table reflects the percentage changes in rental
revenue, operating expenses and NOI for Established Communities for
the fourth quarter of 2014 compared to the fourth quarter of
2013:
Q4 2014 Compared to Q4 2013 Established
Communities as of April 1, 2014 - 51,201 apartment homes
Rental Revenue
AvgRent
Ec % of
Rates
Occ
Opex
NOI
NOI (1)
New England 2.5 % 0.4 % 7.3 % 0.5 % 14.6 % Metro NY/NJ 2.9 % 0.2 %
2.9 % 4.4 % 26.3 % Mid-Atlantic
(0.5
)%
(0.3 )% 1.0 % (1.6 )% 16.0 % Pacific NW 6.3 % 0.0 % (1.0 )% 9.6 %
5.0 % No. California 8.0 % 0.1 % (2.6 )% 12.3 % 19.8 % So.
California 5.2 % 0.6 % (3.1 )% 10.7 % 18.3 % Total 3.8 % 0.3
% 0.9 % 5.9 % 100.0 % (1) Represents each region's % of total NOI
from the Company, including discontinued operations.
Operating Results for the Year Ended December 31, 2014
Compared to the Prior Year
For the Company, including discontinued operations, total
revenue increased by $179,845,000, or 11.9%, to $1,685,640,000.
This increase is primarily attributable to communities acquired as
part of the Archstone acquisition, new developments and growth in
Established Community revenue noted below.
The Company's Established Communities' operating results for the
year ended December 31, 2014 do not include any impact from
communities acquired as part of the Archstone acquisition.
For Established Communities, which includes 36,814 apartment
homes as determined at January 1, 2014, average rental rates
increased 4.0%, and were partially offset by a decrease in Economic
Occupancy of 0.1%, resulting in an increase in rental revenue of
3.9%. If the Company were to include current and previously
completed redevelopment communities in its Established Communities
portfolio, the increase in Established Communities' rental revenue
would have been 4.1%. Total revenue for Established Communities
increased $36,642,000 to $965,015,000. Operating expenses for
Established Communities increased $13,681,000, or 4.9%, to
$291,859,000. Accordingly, NOI for Established Communities
increased $22,961,000, or 3.5%, to $673,156,000.
The following table reflects the percentage changes in rental
revenue, operating expenses and NOI for Established Communities for
the year ended December 31, 2014 compared to the year ended
December 31, 2013:
Full Year 2014 Compared to Full Year 2013
Established Communities as of January 1, 2014 - 36,814 apartment
homes Rental Revenue
AvgRent
Ec % of
Rates
Occ
Opex
NOI
NOI (1)
New England 2.9 % (0.4 )% 5.7 % 0.8 % 14.7 % Metro NY/NJ 3.4 % 0.0
% 4.9 % 3.1 % 26.1 % Mid-Atlantic (0.2 )% (0.3 )% 4.6 % (2.5 )%
16.1 % Pacific NW 6.2 % (0.3 )% 3.2 % 7.0 % 4.8 % No. California
7.6 % 0.1 % 6.2 % 8.2 % 19.8 % So. California 4.7 % (0.1 )% 3.4 %
5.2 % 18.5 % Total 4.0 % (0.1 )% 4.9 % 3.5 % 100.0 % (1)
Represents each region's % of total NOI from the Company, including
discontinued operations.
Development Activity
During the three months ended December 31, 2014, the Company
engaged in the following development activity:
The Company completed the development of four communities:
- Avalon Exeter, located in Boston,
MA;
- Avalon Mosaic, located in Fairfax,
VA;
- Avalon Huntington Station, located in
Huntington Station, NY; and
- Avalon San Dimas, located in San Dimas,
CA.
These four communities contain an aggregate of 1,177 apartment
homes and were constructed for an aggregate Total Capital Cost of
$358,500,000.
The Company started the construction of three communities:
Avalon Green III, located in Elmsford, NY; Avalon Union, located in
Union, NJ; and Avalon Princeton, located in Princeton, NJ. These
communities will contain a total of 550 apartment homes when
completed and will be developed for an aggregate estimated Total
Capital Cost of $168,300,000.
The Company acquired four land parcels for development, for an
aggregate investment of $40,333,000. The Company has started, or
anticipates starting, construction of apartment communities on
these land parcels during the next 12 months.
The Company added two development rights. If developed as
expected, these development rights will contain a total of 462
apartment homes and will be developed for an aggregate estimated
Total Capital Cost of $418,000,000.
The projected Total Capital Cost of overall development rights
increased to $3.2 billion at December 31, 2014 from $2.9
billion at September 30, 2014 due to the addition of new
development rights, a reduction for construction starts and
adjustments to existing development rights.
In January 2015 the Company acquired land for $25,000,000
related to two development rights. If developed as expected, the
development rights related to this land will contain 648 apartment
homes for a projected Total Capital Cost of $174,343,000.
During 2014 the Company:
- completed the development of 17
communities containing an aggregate of 4,121 apartment homes, for a
Total Capital Cost of $1,134,300,000; and
- commenced the development of 14
communities which are expected to contain an aggregate of 3,914
apartment homes and be completed for a Total Capital Cost of
$1,342,800,000.
Redevelopment Activity
During the three months ended December 31, 2014, the Company
completed the redevelopment of one Avalon and two Eaves
communities, which contain an aggregate of 1,055 apartment homes
and were redeveloped for an aggregate Total Capital Cost of
$27,600,000, excluding costs incurred prior to the
redevelopment.
During 2014 the Company:
- completed the redevelopment of five
communities containing an aggregate of 1,887 apartment homes, for a
Total Capital Cost of $53,000,000, excluding costs incurred prior
to redevelopment; and
- commenced the redevelopment of nine
communities containing an aggregate of 3,428 apartment homes, for a
projected Total Capital Cost of $127,000,000, excluding costs
incurred prior to redevelopment.
Acquisition Activity
During the three months ended December 31, 2014, the Company
acquired Avalon Mission Oaks, located in Camarillo, CA. Avalon
Mission Oaks contains 160 apartment homes and was acquired for a
purchase price of $47,000,000.
Disposition Activity
Consolidated Dispositions
During the three months ended December 31, 2014, the Company
sold one wholly-owned community, Archstone Memorial Heights,
located in Houston, TX, which was acquired as part of the Archstone
acquisition in 2013, and was owned through a taxable REIT
subsidiary. Archstone Memorial Heights contains 556 apartment
homes, was sold for $105,500,000, and resulted in a pre-tax gain in
accordance with GAAP of $23,980,000 and an Economic Gain of
$17,212,000.
During 2014 the Company sold four wholly-owned communities,
including two communities acquired as part of the Archstone
acquisition. The four communities, containing 1,337 apartment
homes, were sold for an aggregate sales price of $296,200,000, and
a weighted average Initial Year Market Cap Rate of 5.0%, resulting
in a pre-tax gain in accordance with GAAP of $106,138,000. The two
legacy AvalonBay communities generated an unleveraged IRR of 12.6%
over a 10.9 year weighted average holding period.
In January 2015, the Company sold Avalon on Stamford Harbor, a
wholly-owned community located in Stamford, CT containing 323
apartment homes and a working marina containing 74 boat slips, for
$115,500,000.
Joint Venture Dispositions
During 2014, real estate ventures in which the Company had a
direct investment, or in which the Company held a residual profits
interest sold 10 communities containing 2,389 apartment homes,
resulting in gains from dispositions of $136,732,000, of which
$60,534,000 represents income from the Company’s promoted interest
in two of the ventures.
Liquidity and Capital Markets
During September 2014 the Company entered into a forward
contract to sell 4,500,000 shares of common stock for an initial
forward price of $151.74 per share, net of offering fees and
discounts (the "Forward"). The sales price and proceeds achieved by
the Company will be determined on the date or dates of settlement,
with adjustments during the term of the contract for the Company’s
dividends as well as for a daily interest factor that varies with
changes in the Fed Funds rate. The Company has not sold any shares
of common stock under the Forward. Settlement of the Forward will
occur on one or more dates not later than September 8, 2015.
At December 31, 2014, the Company did not have any
borrowings outstanding under its $1,300,000,000 unsecured credit
facility, and had $605,085,000 in unrestricted cash and cash in
escrow.
The Company’s annualized Net Debt-to-Adjusted EBITDA for the
fourth quarter of 2014 was 5.2 times.
New Financing Activity
In November 2014, the Company issued $300,000,000 principal
amount of unsecured notes in a public offering under its existing
shelf registration statement for net proceeds of approximately
$295,803,000. The notes mature in November 2024 and were issued at
a 3.50% interest rate.
First Quarter 2015 Dividend Declaration
The Company’s Board of Directors declared a dividend for the
first quarter of 2015 of $1.25 per share on the Company’s common
stock (par value of $0.01 per share). The declared dividend is a
7.8% increase over the Company’s prior quarterly dividend of $1.16
per share. The dividend is payable on April 15, 2015 to common
stockholders of record as of March 31, 2015.
In declaring the increased dividend, the Board of Directors
evaluated the Company’s past performance and future prospects for
earnings growth. Additional factors considered in determining the
increase included current common dividend distributions, the
relationship of the current common dividend distribution to the
Company’s FFO, the relationship of dividend distributions to
taxable income, distribution requirements under rules governing
real estate investment trusts, and expected growth in taxable
income.
Edgewater Casualty Loss
A fire occurred on January 21, 2015 at the Company's Avalon at
Edgewater apartment community located in Edgewater, New Jersey
("Edgewater"). Edgewater consists of two residential buildings. One
building, which contained 240 apartment homes, is uninhabitable and
the Company currently believes it suffered a total or near total
loss. The second building, which contains 168 apartment homes, has
been reoccupied and the Company currently believes it only suffered
minimal damage. The Company is currently assessing the loss
resulting from the fire, which could vary based on costs and time
to rebuild and eventual settlement of third party claims. The
Company believes this incident is substantially covered by its
insurance policies, including coverage for the replacement cost of
the building, third party claims, and business interruption loss,
subject to deductibles as well as a self-insured portion of the
property insurance for which the Company is obligated for 12% of
the first $50,000,000 in losses.
2015 Financial Outlook
The following presents the Company’s financial outlook for 2015,
the details of which are summarized in the full earnings
release.
In setting operating expectations for 2015, the Company has
considered third party macroeconomic forecasts that project
continued economic growth. The Company has also adjusted its 2015
financial outlook as presented in this release to reflect its
current estimates of the impact of the Edgewater fire. The expected
impact to the Company's Projected FFO per share is approximately
$0.10 and is composed of casualty and operating losses in equal
amounts.
The Company expects Projected EPS to be within a range of $4.65
to $4.95 for the full year 2015. The Company expects 2015 Projected
FFO per share to be in the range of $7.25 to $7.55. Adjusting for
non-routine items as detailed in the Definitions and
Reconciliations of this release, the Company expects 2015 Projected
Core FFO per share to be in the range of $7.20 to $7.50.
The following table compares the 2015 full year outlook for FFO
per share and Core FFO per share to the Company’s actual results
for the full year 2014:
Full Year 2015 Outlook Comparison to
Full Year 2014 Results Per Share FFO
Core FFO 2014 per share reported results $ 7.25 $
6.78 Established Community NOI 0.30 0.32 Other community NOI 0.69
0.69 Capital markets and transaction activity (0.29 )
(0.35
) Joint venture income and management fees (0.31 ) (0.07 )
Edgewater operating and casualty losses (0.10 ) — Overhead and
other (0.14 )
(0.02
) 2015 per share outlook (1) $ 7.40 $ 7.35 (1)
Represents the mid-point of the Company's January 2015 outlook.
For the first quarter of 2015, the Company expects projected EPS
within a range of $1.57 to $1.61. The Company expects Projected FFO
per share in the first quarter of 2015 within a range of $1.86 to
$1.90. Adjusting for non-routine items as detailed in the
Definitions and Reconciliations of this release, the Company
expects Projected Core FFO per share in the first quarter of 2015
to be in the range of $1.71 to $1.75.
The Company’s 2015 financial outlook is based on a number of
assumptions and estimates, some of which are provided in the full
earnings release. The primary macroeconomic assumptions considered
by the Company include the job growth and personal income growth
that the Company expects for 2015, both for the U.S. as a whole and
for the Company’s markets. In the Company’s markets for 2015, the
Company expects job growth and total personal income growth of 2.5%
and 6.7%, respectively.
The following provides additional information on the Company’s
primary estimates and assumptions for 2015:
Property Operations
The following are the Company’s expectations for full year 2015
growth in its Established Community portfolio:
- The Company expects an increase in
Established Communities’ rental revenue of 3.5% to 4.5%.
- The Company expects an increase in
Established Communities’ operating expenses of 3.0% to 4.0%.
- The Company expects an increase in
Established Communities’ NOI of 3.5% to 5.0%.
Development and Redevelopment
- The Company anticipates starting new
developments in 2015 with an estimated Total Capital Cost of
$1,500,000,000, including communities to be constructed in joint
ventures. The Company’s share of the estimated Total Capital Cost
is $1,250,000,000.
- The Company expects to complete the
development of 11 communities with a Total Capital Cost of
approximately $1,200,000,000 in 2015.
- The Company expects an aggregate
investment of $1,550,000,000 in 2015 related to its planned
development activity, including the cost of acquiring land for
future development and amounts associated with communities
developed in joint ventures. Of this amount the Company’s share is
expected to be $1,500,000,000.
- The Company expects to complete and
deliver approximately 3,700 apartment homes in 2015, and expects to
occupy 3,500 new apartment homes during the year.
- The Company expects to invest
approximately $200,000,000 in its redevelopment communities in
2015. Amounts exclude costs incurred prior to redevelopment.
Capital Markets & Transaction Activity
In 2015, the Company anticipates sourcing approximately
$1,750,000,000 in external funding to support its investment
activity. The Company expects to source $660,000,000 of capital
through settlement of the Forward in the second and third quarters
of 2015, with the remaining funding needs expected to be sourced
through a combination of one or more of the following sources:
asset sales, new unsecured debt, and common stock issuances. The
Company’s funding plan is not dependent on any single source of
capital and the ultimate funding sources used will depend on real
estate, interest rate and capital market conditions at the time
that capital is sourced.
First Quarter Conference Schedule
Management is scheduled to present at Citi's Global Property CEO
Conference from March 1 - 4, 2015. Management may discuss the
Company's current operating environment; operating trends;
development, redevelopment, disposition and acquisition activity;
financial outlook; portfolio strategy and other business and
financial matters affecting the Company. Details on how to access a
webcast of the Company's presentation will be available in advance
of the conference event on the Company's website at
http://www.avalonbay.com/events.
Other Matters
The Company will hold a conference call on January 29, 2015 at
1:00 PM ET to review and answer questions about this release, its
fourth quarter and full year 2014 results, its projections for
2015, the Attachments (described below) and related matters. To
participate on the call, dial 800-753-0487 domestically and
913-312-0411 internationally and use conference id: 1861833.
To hear a replay of the call, which will be available from
January 29, 2015 at 6:00 PM ET to February 3, 2015 at 6:00 PM ET,
dial 800-753-0487 domestically and 913-312-0411 internationally,
and use conference id: 1861833. A webcast of the conference call
will also be available at http://www.avalonbay.com/earnings, and an
on-line playback of the webcast will be available for at least 30
days following the call.
The Company produces Earnings Release Attachments (the
"Attachments") that provide detailed information regarding
operating, development, redevelopment, disposition and acquisition
activity. These Attachments are considered a part of this earnings
release and are available in full with this earnings release via
the Company's website at http://www.avalonbay.com/earnings. To receive
future press releases via e-mail, please submit a request through
http://www.avalonbay.com/email.
In addition to the Attachments, the Company provides a
management letter and teleconference presentation that will be
available on the Company's website at http://www.avalonbay.com/earnings before the
market opens on January 29, 2015. These supplemental materials will
be available on the Company's website for 30 days following the
earnings call.
About AvalonBay Communities, Inc.
As of December 31, 2014, the Company owned or held a direct
or indirect ownership interest in 277 apartment communities
containing 82,487 apartment homes in eleven states and the District
of Columbia, of which 26 communities were under construction and
eight communities were under reconstruction. The Company is an
equity REIT in the business of developing, redeveloping, acquiring
and managing apartment communities in the leading metropolitan
areas in New England, the New York/New Jersey Metro area, the
Mid-Atlantic, the Pacific Northwest, and the Northern and Southern
California regions of the United States. More information may be
found on the Company’s website at http://www.avalonbay.com. For
additional information, please contact Jason Reilley, Director of
Investor Relations at 703-317-4681.
Forward-Looking Statements
This release, including its Attachments, contains
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. These forward-looking
statements, which you can identify by the Company’s use of words
such as “expects,” “plans,” “estimates,” “anticipates,” “projects,”
“intends,” “believes,” “outlook” and similar expressions that do
not relate to historical matters, are based on the Company’s
expectations, forecasts and assumptions at the time of this
release, which may not be realized and involve risks and
uncertainties that cannot be predicted accurately or that might not
be anticipated. These could cause actual results to differ
materially from those expressed or implied by the forward-looking
statements. Risks and uncertainties that might cause such
differences include the following, among others: the Company's
preliminary expectations and assumptions as of the date of this
release regarding insurance coverage, lender payoff and refinancing
requirements and potential uninsured loss amounts resulting from
the Avalon at Edgewater fire, as well as the ultimate cost and
timing of replacing the Edgewater building and achieving stabilized
occupancy, are subject to change and could materially affect the
Company's current expectations regarding the impact of the fire and
related loss on the Company's financial condition and results of
operations; we may abandon development or redevelopment
opportunities for which we have already incurred costs; adverse
capital and credit market conditions may affect our access to
various sources of capital and/or cost of capital, which may affect
our business activities, earnings and common stock price, among
other things; changes in local employment conditions, demand for
apartment homes, supply of competitive housing products, and other
economic conditions may result in lower than expected occupancy
and/or rental rates and adversely affect the profitability of our
communities; delays in completing development, redevelopment and/or
lease-up may result in increased financing and construction costs
and may delay and/or reduce the profitability of a community; debt
and/or equity financing for development, redevelopment or
acquisitions of communities may not be available or may not be
available on favorable terms; we may be unable to obtain, or
experience delays in obtaining, necessary governmental permits and
authorizations; expenses may result in communities that we develop
or redevelop failing to achieve expected profitability; our
assumptions concerning risks relating to our lack of control of
joint ventures and our abilities to successfully dispose of certain
assets may not be realized; our assumptions and expectations in our
financial outlook may prove to be too optimistic; the expected
proceeds from settlement of the Forward are subject to adjustment
for changes in the Fed Funds rate and the amount of dividends we
pay on our common stock, and our receipt of settlement proceeds
assumes that we will settle the Forward by physical delivery.
Additional discussions of risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by the forward-looking statements appear in the Company’s filings
with the Securities and Exchange Commission, including the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2013 under the heading “Risk Factors” and under the
heading “Management’s Discussion and Analysis of Financial
Condition and Results of Operations - Forward-Looking Statements”
and in subsequent quarterly reports on Form 10-Q.
The Company does not undertake a duty to update forward-looking
statements, including its expected 2015 operating results and other
financial data forecasts contained in this release. The Company
may, in its discretion, provide information in future public
announcements regarding its outlook that may be of interest to the
investment community. The format and extent of future outlooks may
be different from the format and extent of the information
contained in this release.
Definitions and Reconciliations
Non-GAAP financial measures and other capitalized terms, as used
in this earnings release, are defined and further explained on
Attachment 20, “Definitions and Reconciliations of Non-GAAP
Financial Measures and Other Terms.” Attachment 20 is included in
the full earnings release available at the Company’s website at
http://www.avalonbay.com/earnings.
This wire distribution includes only definitions and
reconciliations of the following non-GAAP financial measures:
Core FFO is the Company's FFO as
adjusted for the non-routine items outlined in the following table
(dollars in thousands, except per share data):
Q4 Q4 Full Year Full Year 2014 2013 2014 2013 (1)
FFO, actual $ 233,484 $ 195,344 $ 951,035 $ 642,814
Non-Routine Items Archstone and other acquisition costs (7,715 )
(1,198 ) (7,682 ) 44,052 Joint venture (gains) losses and costs (2)
(2,497 ) 475 (63,322 ) 35,554 Loss on interest rate protection
agreement — — — 51,000 Write-off of development rights and retail
assets (3) — 1,314 2,564 1,506 Compensation plan redesign and
severance related costs 155 (1,145 ) 815 3,580 Business
interruption insurance proceeds (1,907 ) (299 ) (2,494 ) (299 )
Early extinguishment of consolidated debt — 14,921 412 14,921 Gain
on sale of land (490 ) — (490 ) (240 ) Income taxes 9,243 — 9,243 —
Core FFO $
230,273 $ 209,412 $ 890,081 $ 792,888
Core FFO per share $ 1.74 $ 1.62 $ 6.78
$ 6.23 Average shares outstanding - diluted
132,677,639 129,611,467 131,237,502 127,265,903 (1) The
Company issued unsecured notes and common stock for purposes of
funding the Archstone acquisition in advance of closing the
purchase. This capital markets activity resulted in interest
expense of $834 associated with the unsecured notes, and
incremental weighted average shares of the Company’s common stock
outstanding of 2,741,096 during the year ended December 31, 2013.
The Company has not included the impact of this capital markets
activity as a non-routine adjustment for Core FFO. (2)
Amounts include the Company’s proportionate share of gains and
losses from joint ventures formed with Equity Residential as part
of the Archstone acquisition, joint venture dispositions including
the Company’s promoted interests, costs associated with the
extinguishment of debt, and acquisition costs including certain
costs incurred related to the Archstone acquisition. (3)
Represents write-offs expensed by the Company during the year to
date period for development rights and retail tenants individually
in excess of $1,000.
Debt-to-Total Market Capitalization
is a measure of leverage that is calculated by expressing, as a
percentage, debt divided by Total Market Capitalization, which is
defined as the aggregate of the market value of the Company’s
common stock, the market value of the Company’s operating
partnership units outstanding (based on the market value of the
Company’s common stock) and the outstanding principal balance of
debt. Management believes that this measure of leverage can be one
useful measure of a real estate operating company’s long-term
liquidity and balance sheet strength, because it shows an
approximate relationship between a company’s total debt and the
current total market value of its assets based on the current price
at which the Company’s common stock trades. Because this measure of
leverage changes with fluctuations in the Company’s stock price,
which occur regularly, this measure may change even when the
Company’s earnings, interest and debt levels remain stable.
Investors should also note that the net realizable value of the
Company’s assets in liquidation is not easily determinable and may
differ substantially from the Company’s Total Market
Capitalization.
Economic Gain (Loss) is calculated
by the Company as the gain (loss) on sale in accordance with GAAP,
less accumulated depreciation through the date of sale and any
other non-cash adjustments that may be required under GAAP
accounting. Management generally considers Economic Gain (Loss) to
be an appropriate supplemental measure to gain (loss) on sale in
accordance with GAAP because it helps investors to understand the
relationship between the cash proceeds from a sale and the cash
invested in the sold community. The Economic Gain (Loss) for each
of the communities presented is estimated based on their respective
final settlement statements. A reconciliation of Economic Gain
(Loss) to gain on sale in accordance with GAAP for the year ended
December 31, 2014 as well as prior years’ activities is
presented in the full earnings release.
Economic Occupancy (“Ec Occ”) is
defined as total possible revenue less vacancy loss as a percentage
of total possible revenue. Total possible revenue (also known as
“gross potential”) is determined by valuing occupied units at
contract rates and vacant units at market rents. Vacancy loss is
determined by valuing vacant units at current market rents. By
measuring vacant apartments at their market rents, Economic
Occupancy takes into account the fact that apartment homes of
different sizes and locations within a community have different
economic impacts on a community’s gross revenue.
Established Communities are
identified by the Company as communities where a comparison of
operating results from the prior year to the current year is
meaningful, as these communities were owned and had Stabilized
Operations, as defined below, as of the beginning of the respective
prior year period. Therefore, for full year 2014 operating results,
Established Communities are consolidated communities that have
Stabilized Operations as of January 1, 2013 and are not
conducting or planning to conduct substantial redevelopment
activities within the current year. Established Communities do not
include communities that are currently held for sale or planned for
disposition during the current year. Established Communities as of
January 1, 2014 do not include communities acquired as part of the
Archstone acquisition.
Established Communities Effective
April 1, 2014 includes communities that were owned and
had Stabilized Operations as of April 1, 2013, and therefore
includes communities acquired as part of the Archstone acquisition
that had Stabilized Operations as of April 1, 2013, as well as
certain other communities which the Company developed, redeveloped
or acquired that had Stabilized Operations as of April 1,
2013.
FFO is determined based on a
definition adopted by the Board of Governors of the National
Association of Real Estate Investment Trusts (“NAREIT”). FFO is
calculated by the Company as Net income or loss attributable to
common stockholders computed in accordance with GAAP, adjusted for
gains or losses on sales of previously depreciated operating
communities, extraordinary gains or losses (as defined by GAAP),
cumulative effect of a change in accounting principle, impairment
write-downs of depreciable real estate assets, write-downs of
investments in affiliates which are driven by a decrease in the
value of depreciable real estate assets held by the affiliate and
depreciation of real estate assets, including adjustments for
unconsolidated partnerships and joint ventures. Management
generally considers FFO to be an appropriate supplemental measure
of operating performance because, by excluding gains or losses
related to dispositions of previously depreciated operating
communities and excluding real estate depreciation (which can vary
among owners of identical assets in similar condition based on
historical cost accounting and useful life estimates), FFO can help
one compare the operating performance of a company’s real estate
between periods or as compared to different companies. A
reconciliation of FFO to Net income attributable to common
stockholders is as follows (dollars in thousands):
Q4 Q4 Full Year Full Year 2014 2013 2014 2013
Net income attributable to common stockholders $ 142,642 $ 252,212
$ 683,567 $ 353,141 Depreciation - real estate assets, including
discontinued operations and joint venture adjustments 115,592
106,123 449,769 582,325 Distributions to noncontrolling interests,
including discontinued operations 9 8 35 32 Gain on sale of
unconsolidated entities holding previously depreciated real estate
assets (779 ) (2,941 ) (73,674 ) (14,453 ) Gain on sale of
previously depreciated real estate assets (1) (23,980 ) (160,058 )
(108,662 ) (278,231 ) FFO attributable to common
stockholders $ 233,484 $ 195,344 $ 951,035 $
642,814 Average shares outstanding - diluted
132,677,639 129,611,467 131,237,502 127,265,903 Earnings per
share - diluted $ 1.08 $ 1.95 $ 5.21 $ 2.78
FFO per common share - diluted $ 1.76 $ 1.51
$ 7.25 $ 5.05 (1) Full year 2014
includes the impact of the non-controlling interest portion of the
gain on sale of community owned by Fund I that was consolidated for
financial reporting purposes.
Initial Year Market Cap Rate is
defined by the Company as Projected NOI of a single community for
the first 12 months of operations (assuming no repositioning), less
estimates for non-routine allowance of approximately $300 - $500
per apartment home, divided by the gross sales price for the
community. Projected NOI, as referred to above, represents
management’s estimate of projected rental revenue minus projected
operating expenses before interest, income taxes (if any),
depreciation, amortization and extraordinary items. For this
purpose, management’s projection of operating expenses for the
community includes a management fee of 2.5% - 3.5%. The
Initial Year Market Cap Rate, which may be determined in a
different manner by others, is a measure frequently used in the
real estate industry when determining the appropriate purchase
price for a property or estimating the value for a property. Buyers
may assign different Initial Year Market Cap Rates to different
communities when determining the appropriate value because they
(i) may project different rates of change in operating
expenses and capital expenditure estimates and (ii) may
project different rates of change in future rental revenue due to
different estimates for changes in rent and occupancy levels. The
weighted average Initial Year Market Cap Rate is weighted based on
the gross sales price of each community.
Interest Coverage is calculated by
the Company as EBITDA, as adjusted, divided by the sum of interest
expense, net, and preferred dividends, if applicable. Interest
Coverage is presented by the Company because it provides rating
agencies and investors an additional means of comparing our ability
to service debt obligations to that of other companies. EBITDA is
defined by the Company as net income or loss attributable to the
Company before interest income and expense, income taxes,
depreciation and amortization.
A reconciliation of EBITDA, as adjusted, and a calculation of
Interest Coverage for the fourth quarter of 2014 are as follows
(dollars in thousands):
Net income attributable to common stockholders
$ 142,642 Interest expense, net 47,987 Income tax expense 9,332
Depreciation expense 114,084 EBITDA $ 314,045
NOI from discontinued operations and real
estate assets sold or held for sale,not classified as discontinued
operations
2,257 Gain on sale of communities 23,980 EBITDA after
disposition activity $ 287,808 Joint venture income
(5,241 ) EBITDA, as adjusted $ 282,567 Interest
expense, net $ 47,987 Interest Coverage 5.9 times
Net Debt-to-Adjusted EBITDA is
calculated by the Company as total debt that is consolidated for
financial reporting purposes, less consolidated cash and cash in
escrow, divided by annualized fourth quarter 2014 EBITDA, as
adjusted.
Total debt principal (1) $ 6,448,138 Cash and
cash in escrow (605,085 ) Net debt $ 5,843,053 Net
income attributable to common stockholders $ 142,642 Interest
expense, net 47,987 Income tax expense 9,332 Depreciation expense
114,084 EBITDA $ 314,045 NOI from discontinued
operations and real estate assets sold or held for sale, not
classified as discontinued operations 2,257 Gain on sale of
communities 23,980 EBITDA after disposition activity $
287,808 Joint venture income (5,241 ) EBITDA, as
adjusted $ 282,567 EBITDA, as adjusted, annualized $
1,130,268 Net Debt-to-Adjusted EBITDA 5.2 times
(1) Balance at December 31, 2014 excludes $6,735 of debt
discount as reflected in unsecured notes, net, and $84,449 of debt
premium as reflected in notes payable, on the Condensed
Consolidated Balance Sheets. The debt premium is primarily related
to above market interest rates on debt assumed in connection with
the Archstone acquisition.
NOI is defined by the Company as
total property revenue less direct property operating expenses
(including property taxes), and excludes corporate-level income
(including management, development and other fees), corporate-level
property management and other indirect operating expenses,
investments and investment management expenses, expensed
development and other pursuit costs, net interest expense, gain
(loss) on extinguishment of debt, general and administrative
expense, joint venture income (loss), depreciation expense,
impairment loss on land holdings, gain on sale of real estate
assets, gain on sale of discontinued operations, income from
discontinued operations and NOI from real estate assets held for
sale or that have been sold. The Company considers NOI to be an
appropriate supplemental measure to Net Income of operating
performance of a community or communities because it helps both
investors and management to understand the core operations of a
community or communities prior to the allocation of corporate-level
property management overhead or general and administrative costs.
This is more reflective of the operating performance of a
community, and allows for an easier comparison of the operating
performance of single assets or groups of assets. In addition,
because prospective buyers of real estate have different overhead
structures, with varying marginal impact to overhead by acquiring
real estate, NOI is considered by many in the real estate industry
to be a useful measure for determining the value of a real estate
asset or groups of assets.
A reconciliation of NOI to Net Income, as well as a breakdown of
NOI by operating segment, is as follows (dollars in thousands):
Q4 Q4 Q3
Q2 Q1 Full Year Full Year 2014 (1) 2013
(1) 2014 (1) 2014 (1) 2014 (1) 2014 (2) 2013 (2) Net income (loss)
$ 142,530 $ 252,090 $ 241,001 $ 172,197 $ 141,599 $ 697,327 $
352,771 Indirect operating expenses, net of corporate income 12,721
10,881 13,173 12,343 10,818 49,055 41,554 Investments and
investment management expense 1,290 836 1,079 1,137 979 4,485 3,990
Expensed acquisition, development and other pursuit costs, net of
recoveries (6,855 ) (991 ) 406 2,017 715 (3,717 ) 45,050 Interest
expense, net 47,987 44,630 46,376 43,722 42,533 180,618 172,402
Loss on extinguishment of debt, net — 14,921 — 412 — 412 14,921
Loss on interest rate contract — — — — — — 51,000 General and
administrative expense 10,715 8,311 11,254 10,220 9,236 41,425
39,573 Joint venture (income) loss (5,241 ) (5,090 ) (130,592 )
(7,710 ) (5,223 ) (148,766 ) 11,154 Depreciation expense 114,084
104,806 111,836 110,395 106,367 442,682 560,215 Income tax expense
9,332 — 36 — — 9,368 — Gain on sale of real estate assets (24,470 )
— — (60,945 ) — (85,415 ) (240 ) Gain on sale of discontinued
operations — (160,058 ) — — (37,869 ) (37,869 ) (278,231 ) Income
from discontinued operations — (3,823 ) — — (310 ) (310 ) (16,713 )
NOI from real estate assets sold or held for sale, not classified
as discontinued operations (2,257 ) (5,185 ) (2,815 ) (4,998 )
(5,129 ) (15,199 ) (19,448 ) NOI $ 299,836 $ 261,328
$ 291,754 $ 278,790 $ 263,716 $ 1,134,096
$ 977,998 Established: New England $ 29,602 $
29,453 $ 30,259 $ 29,178 $ 28,026 $ 113,905 $ 113,043 Metro NY/NJ
68,357 65,466 67,255 66,054 63,989 223,591 216,928 Mid-Atlantic
32,991 33,515 32,284 32,531 32,800 69,498 71,282 Pacific NW 11,698
10,671 11,668 11,554 11,200 37,637 35,164 No. California 47,888
42,654 48,805 47,498 45,000 132,899 122,872 So. California 43,120
38,969 41,655 41,607 39,659
95,626 90,906 Total Established 233,656
220,728 231,926 228,422 220,674 673,156
650,195 Other Stabilized - AvalonBay 32,487 27,632
31,838 31,202 28,980 101,539 76,551 Other Stabilized - Archstone
N/A N/A N/A N/A N/A 241,522 192,203 Development/Redevelopment
33,693 12,968 27,990 19,166 14,062
117,879 59,049 NOI $ 299,836 $ 261,328
$ 291,754 $ 278,790 $ 263,716 $
1,134,096 $ 977,998 (1) Results based
upon reportable operating segments as determined as of April 1,
2014. (2) Results based upon reportable operating segments as
determined as of January 1, 2014.
NOI as reported by the Company does not include the operating
results from discontinued operations (i.e., assets sold during the
period January 1, 2013 through December 31, 2013 or classified as
held for sale at December 31, 2013) or assets sold or classified as
held for sale (i.e., assets sold or classified as held for sale at
December 31, 2014 that are not otherwise classified as
discontinued operations). A reconciliation of NOI from communities
sold, classified as discontinued operations or classified as held
for sale, to Net Income for these communities is as follows
(dollars in thousands):
Q4
Q4 Full Year Full Year 2014 2013 2014 2013
Income from discontinued operations $ — $ 3,823 $ 310 $
16,713 Depreciation expense — 345 — 13,500
NOI from discontinued operations $ — $ 4,168
$ 310 $ 30,213 Revenue from real estate
assets sold or held for sale, not classified as discontinued
operations $ 3,421 $ 8,248 $ 24,389 $ 30,867 Operating expenses
real estate assets sold or held for sale, not classified as
discontinued operations (1,164 ) (3,063 ) (9,190 ) (11,419 )
NOI from real estate assets sold or held for sale, not classified
as discontinued operations $ 2,257 $ 5,185 $ 15,199
$ 19,448
Other Stabilized Communities
(includes Other Stabilized Communities - AvalonBay and Other
Stabilized Communities - Archstone) as of January 1, 2014 are
completed consolidated communities that the Company owns, which did
not have stabilized operations as of January 1, 2013, but have
stabilized occupancy as of January 1, 2014. Other Stabilized
Communities as of January 1, 2014 do not include communities
that are planning to conduct substantial redevelopment activities
or that are under contract to be sold. Beginning in the quarter
ended March 31, 2013, Other Stabilized Communities includes
the stabilized operating communities acquired as part of the
Archstone acquisition. Beginning in the quarter ended June 30,
2014, most of the stabilized operating communities acquired as part
of the Archstone acquisition were included in the Established
Communities Effective April 1, 2014 portfolio.
Projected FFO, as provided within
this earnings release in the Company’s outlook, is calculated on a
basis consistent with historical FFO, and is therefore considered
to be an appropriate supplemental measure to projected Net Income
from projected operating performance. A reconciliation of the
ranges provided for Projected FFO per share (diluted) for the first
quarter and full year of 2015 to the ranges provided for projected
EPS (diluted) and corresponding reconciliation of the ranges for
Projected FFO per share to the ranges for Core FFO per share are as
follows:
Low
Range
High
Range
Projected EPS (diluted) - Q1 2015 $ 1.57 $ 1.61 Projected
depreciation (real estate related) 0.88 0.92 Projected gain on sale
of operating communities (0.59 ) (0.63 ) Projected FFO per share
(diluted) - Q1 2015 1.86 1.90 Non recurring
joint venture income and management fees (0.22 ) (0.24 ) Edgewater
operating and casualty losses 0.05 0.07 Other non-routine items
0.02 0.02 Projected Core FFO per share (diluted) - Q1
2015 $ 1.71 $ 1.75 Projected EPS
(diluted) - Full Year 2015 $ 4.65 $ 4.95 Projected depreciation
(real estate related) 3.50 3.70 Projected gain on asset sales (0.90
) (1.10 ) Projected FFO per share (diluted) - Full Year 2015 7.25
7.55 Non recurring joint venture income and
management fees (0.23 ) (0.25 ) Edgewater operating and casualty
losses 0.09 0.11 Income taxes 0.10 0.12 Write-off of unamortized
MTM premium (0.05 ) (0.07 ) Other non-routine items 0.04
0.04 Projected Core FFO per share (diluted) - Full Year 2015
$ 7.20 $ 7.50
Projected NOI, as used within this
release for certain development communities and in calculating the
Initial Year Market Cap Rate for dispositions, represents
management’s estimate, as of the date of this release (or as of the
date of the buyer’s valuation in the case of dispositions), of
projected stabilized rental revenue minus projected stabilized
operating expenses. For development communities, Projected NOI is
calculated based on the first twelve months of Stabilized
Operations, as defined below, following the completion of
construction. In calculating the Initial Year Market Cap Rate,
Projected NOI for dispositions is calculated for the first twelve
months following the date of the buyer’s valuation. Projected
stabilized rental revenue represents management’s estimate of
projected gross potential minus projected stabilized economic
vacancy and adjusted for projected stabilized concessions plus
projected stabilized other rental revenue. Projected stabilized
operating expenses do not include interest, income taxes (if any),
depreciation or amortization, or any allocation of corporate-level
property management overhead or general and administrative costs.
In addition, projected stabilized operating expenses for
development communities do not include property management fee
expense. Projected gross potential for development communities and
dispositions is based on leased rents for occupied homes and
management’s best estimate of rental levels for homes which are
currently unleased, as well as those homes which will become
available for lease during the twelve month forward period used to
develop Projected NOI. The weighted average Projected NOI as a
percentage of Total Capital Cost is weighted based on the Company’s
share of the Total Capital Cost of each community, based on its
percentage ownership.
Management believes that Projected NOI of the development
communities, on an aggregated weighted average basis, assists
investors in understanding management's estimate of the likely
impact on operations of the development communities when the assets
are complete and achieve stabilized occupancy (before allocation of
any corporate-level property management overhead, general and
administrative costs or interest expense). However, in this release
the Company has not given a projection of NOI on a company-wide
basis. Given the different dates and fiscal years for which NOI is
projected for these communities, the projected allocation of
corporate-level property management overhead, general and
administrative costs and interest expense to communities under
development is complex, impractical to develop, and may not be
meaningful. Projected NOI of these communities is not a projection
of the Company's overall financial performance or cash flow. There
can be no assurance that the communities under development or
redevelopment will achieve the Projected NOI as described in this
release.
Projected Stabilized Yield (also
expressed as “weighted average initial stabilized yield” or words
of similar meaning) means Projected NOI as a percentage of Total
Capital Cost.
Rental Revenue with Concessions on a Cash
Basis is considered by the Company to be a supplemental
measure to rental revenue in conformity with GAAP to help investors
evaluate the impact of both current and historical concessions on
GAAP-based rental revenue and to more readily enable comparisons to
revenue as reported by other companies. In addition, Rental Revenue
with Concessions on a Cash Basis allows an investor to understand
the historical trend in cash concessions.
A reconciliation of rental revenue from Established Communities
in conformity with GAAP to Rental Revenue with Concessions on a
Cash Basis is as follows (dollars in thousands):
Q4 Q4 Q2-Q4
Q2-Q4 Full Year Full Year 2014 (1) 2013 (1)
2014 (1) 2013 (1) 2014 (2) 2013 (2) Rental revenue (GAAP
basis) $ 334,880 $ 321,687 $ 995,854 $ 961,004 $ 963,917 $ 927,821
Concessions amortized 464 1,144 2,343 3,584 1,388 1,406 Concessions
granted (200 ) (1,422 ) (1,375 ) (3,870 ) (1,027 ) (979 )
Rental Revenue with Concessions on a Cash Basis $ 335,144 $
321,409 $ 996,822 $ 960,718 $ 964,278 $
928,248 % change -- GAAP revenue 4.1 % 3.6 % 3.9 %
% change -- cash revenue 4.3 % 3.8 % 3.9 % (1)
Results based upon reportable operating segments as determined as
of April 1, 2014. (2) Results based upon reportable operating
segments as determined as of January 1, 2014.
Stabilized/Restabilized Operations
is defined as the earlier of (i) attainment of 95% physical
occupancy or (ii) the one-year anniversary of completion of
development or redevelopment.
Total Capital Cost includes all
capitalized costs projected to be or actually incurred to develop
the respective development or redevelopment community, or
development right, including land acquisition costs, construction
costs, real estate taxes, capitalized interest and loan fees,
permits, professional fees, allocated development overhead and
other regulatory fees, offset by proceeds from the sale of any
associated land or improvements, all as determined in accordance
with GAAP. For redevelopment communities, Total Capital Cost
excludes costs incurred prior to the start of redevelopment when
indicated. With respect to communities where development or
redevelopment was completed in a prior or the current period, Total
Capital Cost reflects the actual cost incurred, plus any
contingency estimate made by management. Total Capital Cost for
communities identified as having joint venture ownership, either
during construction or upon construction completion, represents the
total projected joint venture contribution amount. For joint
ventures not in construction, Total Capital Cost is equal to gross
real estate cost.
Unencumbered NOI as calculated by
the Company represents NOI generated by real estate assets
unencumbered by either outstanding secured debt or land leases
(excluding land leases with purchase options that were put in place
for governmental incentives or tax abatements) as a percentage of
total NOI generated by real estate assets. The Company believes
that current and prospective unsecured creditors of the Company
view Unencumbered NOI as one indication of the borrowing capacity
of the Company. Therefore, when reviewed together with the
Company’s Interest Coverage, EBITDA and cash flow from operations,
the Company believes that investors and creditors view Unencumbered
NOI as a useful supplemental measure for determining the financial
flexibility of an entity. A calculation of Unencumbered NOI for the
year ended December 31, 2014 is as follows (dollars in
thousands):
Year To Date NOI (1) NOI for Established Communities
$ 673,156 NOI for Other Stabilized Communities - AvalonBay 101,539
NOI for Other Stabilized Communities - Archstone 241,522 NOI for
Development/Redevelopment Communities 117,879 NOI for discontinued
operations 310 NOI from real estate assets sold or held for sale,
not classified as discontinued operations 15,199
Total NOI generated by real
estate assets
1,149,605 NOI on encumbered assets 352,021
NOI on unencumbered assets
$ 797,584 Unencumbered NOI 69 % (1) Results
based upon reportable operating segments as determined as of
January 1, 2014.
Unleveraged IRR on sold communities
refers to the internal rate of return calculated by the Company
considering the timing and amounts of (i) total revenue during
the period owned by the Company and (ii) the gross sales price
net of selling costs, offset by (iii) the undepreciated
capital cost of the communities at the time of sale and
(iv) total direct operating expenses during the period owned
by the Company. Each of the items (i), (ii), (iii) and
(iv) are calculated in accordance with GAAP.
The calculation of Unleveraged IRR does not include an
adjustment for the Company’s general and administrative expense,
interest expense, or corporate-level property management and other
indirect operating expenses. Therefore, Unleveraged IRR is not a
substitute for Net Income as a measure of our performance.
Management believes that the Unleveraged IRR achieved during the
period a community is owned by the Company is useful because it is
one indication of the gross value created by the Company’s
acquisition, development or redevelopment, management and sale of a
community, before the impact of indirect expenses and Company
overhead. The Unleveraged IRR achieved on the communities as cited
in this release should not be viewed as an indication of the gross
value created with respect to other communities owned by the
Company, and the Company does not represent that it will achieve
similar Unleveraged IRRs upon the disposition of other communities.
The weighted average Unleveraged IRR for sold communities is
weighted based on all cash flows over the holding period for each
respective community, including net sales proceeds.
AvalonBay Communities, Inc.Jason ReilleyDirector of Investor
Relations703-317-4681
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