Senior Housing Properties Trust (NYSE: SNH) today announced its
financial results for the quarter and nine months ended September
30, 2012.
Results for the quarter ended September 30, 2012:
Normalized funds from operations, or Normalized FFO, for the
quarter ended September 30, 2012 were $74.8 million, or $0.43 per
share. This compares to Normalized FFO for the quarter ended
September 30, 2011 of $65.4 million, or $0.43 per share.
Net income was $25.6 million, or $0.15 per share, for the
quarter ended September 30, 2012, compared to net income of $30.0
million, or $0.20 per share, for the quarter ended September 30,
2011. Net income for the quarter ended September 30, 2012 was
negatively impacted by the timing of acquisitions and the
deployment of the proceeds received from our capital raises in July
2012. Net income for the quarter ended September 30, 2012 includes
a loss on early extinguishment of debt of approximately $6.3
million, or $0.04 per share, related to the prepayment of a portion
of the outstanding principal balance of our FNMA secured term loan,
a loss on lease terminations of approximately $104,000, or less
than $0.01 per share, related to our agreement with Sunrise Senior
Living, Inc., or Sunrise, to terminate 10 senior living communities
we leased to them that were scheduled to expire in December 2013
and a loss on sale of properties of approximately $101,000, or less
than $0.01 per share, related to the sale of one property in July
2012. Net income for the quarter ended September 30, 2011 includes
a non-cash impairment of assets charge of $1.0 million, or $0.01
per share, related to one property.
The weighted average number of common shares outstanding totaled
174.7 million and 153.4 million for the quarters ended September
30, 2012 and 2011, respectively.
A reconciliation of net income determined according to U.S.
generally accepted accounting principles, or GAAP, to funds from
operations, or FFO, and Normalized FFO for the quarters ended
September 30, 2012 and 2011 appears later in this press
release.
Results for the nine months ended September 30, 2012:
Normalized funds from operations, or Normalized FFO, for the
nine months ended September 30, 2012 were $220.4 million, or $1.32
per share. This compares to Normalized FFO for the nine months
ended September 30, 2011 of $190.1 million, or $1.30 per share.
Net income was $91.2 million, or $0.55 per share, for the nine
months ended September 30, 2012, compared to net income of $112.8
million, or $0.77 per share, for the nine months ended September
30, 2011. Net income for the nine months ended September 30, 2012
includes a loss on early extinguishment of debt of $6.3 million, or
$0.04 per share, related to the prepayment of a portion of the
outstanding principal balance of our FNMA secured term loan, a
non-cash impairment of assets charge of approximately $3.1 million,
or $0.02 per share, related to one property, a loss on lease
terminations of approximately $104,000, or less than $0.01 per
share, related to our agreement with Sunrise to terminate 10 senior
living communities we leased to them that were scheduled to expire
in December 2013 and a loss on sale of properties of approximately
$101,000, or less than $0.01 per share, related to the sale of one
property in July 2012. Net income for the nine months ended
September 30, 2011 includes a gain on sale of properties of
approximately $21.3 million, or $0.15 per share, related to the
sale of seven properties in the second quarter of 2011, a non-cash
impairment of assets charge of approximately $1.2 million, or $0.01
per share, related to three properties and a loss on early
extinguishment of debt of approximately $427,000, or less than
$0.01 per share, in connection with replacing our revolving credit
facility in June 2011.
The weighted average number of common shares outstanding totaled
166.7 million and 145.7 million for the nine months ended September
30, 2012 and 2011, respectively.
A reconciliation of net income determined according to GAAP to
FFO and Normalized FFO for the nine months ended September 30, 2012
and 2011 appears later in this press release.
Recent Investment and Sales Activities:
Since July 1, 2012, we have acquired, or we currently have
agreements to acquire, 15 properties for total purchase prices of
approximately $308.6 million, including the assumption of
approximately $77.4 million of mortgage debt and excluding closing
costs:
- In July 2012, we acquired a previously
disclosed senior living community located in South Carolina with
232 living units for approximately $37.3 million, excluding closing
costs. Substantially all the residents at this community currently
pay for occupancy and services with private resources. A subsidiary
of Five Star Quality Care, Inc., which, together with its
subsidiaries, we refer to as Five Star, manages this community for
our taxable REIT subsidiary, or TRS, pursuant to a long term
management agreement.
- In July 2012, we acquired a previously
disclosed property leased to medical providers, medical related
businesses, clinics and biotech laboratory tenants, or an MOB, with
63,082 square feet located in Texas for approximately $16.8
million, excluding closing costs. Upon acquisition, this property
was 100% leased to 11 tenants for weighted (by rents) average lease
terms of 6.0 years.
- In July 2012, we acquired another
previously disclosed MOB with 52,858 square feet located in Florida
for approximately $7.7 million, excluding closing costs. Upon
acquisition, this property was 80% leased to 18 tenants for
weighted (by rents) average lease terms of 2.0 years.
- In July 2012, we acquired four
previously disclosed senior living communities located in Colorado,
Idaho and Washington State with a total of 511 living units for
total purchase prices of approximately $36.5 million, including the
assumption of approximately $6.9 million of mortgage debt and
excluding closing costs. All the residents at these communities
currently pay for occupancy and services with private resources. We
leased these properties to Stellar Senior Living, LLC, a privately
owned senior living operating company, for initial rent of
approximately $2.9 million per year. Percentage rent, based on
increases in gross revenues at these properties, will commence in
2014.
- In August 2012, we acquired a
previously disclosed senior living community located in New York
with 310 living units for approximately $99.0 million, including
the assumption of approximately $31.2 million of mortgage debt and
excluding closing costs. All the residents at this community
currently pay for occupancy and services with private resources.
Five Star manages this community for our TRS pursuant to a long
term management agreement.
- In August 2012, we acquired another
previously disclosed senior living community located in Missouri
with 87 living units for approximately $11.3 million, including the
assumption of approximately $5.8 million of mortgage debt and
excluding closing costs. All the residents at this community
currently pay for occupancy and services with private resources.
Five Star manages this community for our TRS pursuant to a long
term management agreement.
- In September 2012, we acquired a
previously disclosed MOB with 33,600 square feet located in
Massachusetts for approximately $16.4 million, including the
assumption of approximately $11.5 million of mortgage debt and
excluding closing costs. Upon acquisition, this property was 100%
leased to Hallmark Health System for approximately 14.1 years.
- We have previously disclosed an
agreement to acquire one MOB, which has not yet closed, for
approximately $15.3 million, including the assumption of
approximately $9.7 million of mortgage debt and excluding closing
costs. The MOB is located in Minnesota and includes 76,637 square
feet. The closing of this acquisition is contingent upon customary
closing conditions; accordingly, we can provide no assurance that
we will purchase this property.
- In August and October 2012, we entered
into four separate agreements to acquire three senior living
communities and one MOB for total purchase prices of approximately
$68.3 million, including the assumption of approximately $12.3
million of mortgage debt and excluding closing costs. The three
senior living communities are located in Mississippi, Tennessee and
Washington State and include a total of 437 living units and the
MOB is located in Tennessee and includes 33,796 square feet. The
closings of these acquisitions are contingent upon completion of
our diligence and other customary closing conditions; accordingly,
we can provide no assurance that we will purchase these
properties.
In July 2012, we sold one MOB located in Massachusetts for a
sale price of approximately $1.1 million, excluding closing costs,
and recognized a loss on the sale of this property of approximately
$101,000. We are also currently marketing for sale a senior living
community located in Pennsylvania which is classified as held for
sale as of September 30, 2012.
Recent Financing Activities:
In July 2012, we issued 13,800,000 common shares for $21.75 per
share in a public offering, raising net proceeds of approximately
$287.1 million. We used the net proceeds of this offering to repay
borrowings outstanding under our revolving credit facility.
In July 2012, we sold $350.0 million of 5.625% unsecured senior
notes due 2042, raising net proceeds of approximately $338.6
million. We used a part of the net proceeds of this offering to
repay borrowings outstanding under our revolving credit facility
and we used the remaining net proceeds from this offering to prepay
a part of our FNMA secured term loan and for general business
purposes, which included funding a part of our recent acquisitions
of properties described above.
In August 2012, we prepaid approximately $199.2 million of the
outstanding principal balance of our FNMA secured term loan that
had an interest rate of 6.4% at August 31, 2012 and a maturity date
in September 2019, using, among other funds, net proceeds from our
July 2012 debt offering described above. As a result of this
prepayment, 11 of the 28 properties securing this loan were
released from the related mortgage.
In October 2012, we repaid a mortgage loan encumbering one of
our properties that had a principal balance of $4.2 million, an
interest rate of 6.5% and a maturity date in January 2013.
Other Recent Developments:
In May 2012, we entered into an operations transfer agreement,
or the Operations Transfer Agreement, with Sunrise and Five Star
related to 10 senior living communities that we were then leasing
to Sunrise. The Operations Transfer Agreement provides that we and
Sunrise will accelerate the December 31, 2013 termination date of
these Sunrise leases, that we will lease the 10 communities to our
TRS and that Five Star will manage the communities pursuant to long
term management agreements. The Operations Transfer Agreement
provides that these transactions will occur when we and Five Star
have obtained required regulatory approvals to operate the 10
communities. In September and October 2012, we and Sunrise
terminated Sunrise’s leases for three and five of the 10
communities, respectively, and we entered into management
agreements with Five Star with respect to these eight communities.
We currently expect the termination of the leases for, and the
transition of the operations of, the remaining two communities to
occur before December 31, 2012.
Conference Call:
On Monday, October 29, 2012, at 1:00 p.m. Eastern Time, David J.
Hegarty, President and Chief Operating Officer, and Richard A.
Doyle, Treasurer and Chief Financial Officer, will host a
conference call to discuss the financial results for the quarter
and nine months ended September 30, 2012. The conference call
telephone number is (800) 230-1059. Participants calling from
outside the United States and Canada should dial (612) 234-9959. No
pass code is necessary to access the call from either number.
Participants should dial in about 15 minutes prior to the scheduled
start of the call. A replay of the conference call will be
available through 11:59 p.m. Eastern Time, Monday, November 5,
2012. To hear the replay, dial (320) 365-3844. The replay pass code
is: 260112.
A live audio web cast of the conference call will also be
available in listen only mode on the SNH website at
www.snhreit.com. Participants wanting to access the webcast should
visit the website about five minutes before the call. The archived
webcast will be available for replay on the SNH website for about
one week after the call. The recording and retransmission in any
way of SNH’s third quarter conference call is strictly prohibited
without the prior written consent of SNH.
Supplemental Data:
A copy of SNH’s Third Quarter 2012 Supplemental Operating and
Financial Data is available for download from the SNH website,
www.snhreit.com. SNH’s website is not incorporated as part of this
press release.
SNH is a real estate investment trust, or REIT, that owned 384
properties located in 40 states and Washington, D.C. as of
September 30, 2012. SNH is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed
statement of our operating results and financial condition.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD
LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO,
WHENEVER WE USE WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”,
“INTEND”, “PLAN”, “ESTIMATE” OR SIMILAR EXPRESSIONS, WE ARE MAKING
FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE
BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD
LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR.
ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR
IMPLIED BY THESE FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS
FACTORS. FOR EXAMPLE:
- OUR PENDING ACQUISITIONS OF SENIOR
LIVING COMMUNITIES AND MOBS ARE CONTINGENT UPON VARIOUS CONDITIONS,
INCLUDING IN SOME CASES, COMPLETION OF DILIGENCE AND / OR
REGULATORY, LENDER OR OTHER THIRD PARTY APPROVALS. ACCORDINGLY,
SOME OR ALL OF THESE PURCHASES MAY BE DELAYED OR MAY NOT
OCCUR,
- THIS PRESS RELEASE STATES THAT WE
EXPECT THE REMAINING TWO SUNRISE LEASE TERMINATIONS, THE TRS LEASES
AND THE FIVE STAR MANAGEMENT AGREEMENTS REGARDING THE REMAINING TWO
COMMUNITIES TO BE COMPLETED BEFORE DECEMBER 31, 2012. THESE TWO
COMMUNITIES ARE OWNED BY US FREE AND CLEAR OF MORTGAGE DEBTS AND NO
LENDER APPROVALS WILL BE REQUIRED FOR THE LEASE TERMINATIONS, THE
TRS LEASES OR THE NEW MANAGEMENT AGREEMENTS. HOWEVER, THE TRANSFERS
OF OPERATING CONTROL OF THESE REMAINING TWO COMMUNITIES ARE SUBJECT
TO REGULATORY APPROVALS IN THE STATES WHERE THESE COMMUNITIES ARE
LOCATED AS WELL AS SOME APPROVALS FROM CERTAIN THIRD PARTY PAYORS
FOR RESIDENT SERVICES. WE CANNOT CONTROL THE RESULTS OR TIMING OF
THESE APPROVAL PROCESSES. ACCORDINGLY, THESE APPROVALS MAY BE
DELAYED OR MAY NOT OCCUR AND THE CANCELLATION OF THE REMAINING TWO
SUNRISE LEASES AND TRANSFER OF OPERATIONS TO OUR TRS MAY BE DELAYED
OR MAY NOT OCCUR, AND
- THIS PRESS RELEASE STATES THAT WE HAVE
ONE PROPERTY CLASSIFIED AS HELD FOR SALE. WE MAY NOT BE ABLE TO
SELL THIS PROPERTY ON TERMS ACCEPTABLE TO US OR OTHERWISE.
THE INFORMATION CONTAINED IN OUR FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION, INCLUDING UNDER “RISK FACTORS” IN OUR PERIODIC
REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT
FACTORS THAT COULD CAUSE OUR ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE STATED IN OUR FORWARD LOOKING STATEMENTS. OUR FILINGS
WITH THE SECURITIES AND EXCHANGE COMMISSION ARE AVAILABLE AT THE
SEC’S WEBSITE AT WWW.SEC.GOV.
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON OUR FORWARD LOOKING
STATEMENTS.
EXCEPT AS REQUIRED BY LAW, WE DO NOT INTEND TO UPDATE OR CHANGE
ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION,
FUTURE EVENTS OR OTHERWISE.
Financial Information
(amounts appearing in the table [but not
in the footnotes] below are in thousands, except per share
data)
(unaudited)
Income Statement:
Quarter Ended
September 30,
Nine Months Ended
September 30,
2012
2011
2012
2011
Revenues: Rental income $116,281 $102,969 $336,772 $301,839
Residents fees and services 42,352 10,731 113,906
11,575 Total revenues 158,633 113,700 450,678 313,414
Expenses: Depreciation 35,880 28,824 104,487 82,120 Property
operating expenses 47,807 20,153 127,875 41,888 General and
administrative 8,352 6,564 24,106 19,513 Acquisition related costs
4,297 2,620 6,814 6,547 Impairment of assets - 1,028
3,071 1,194 Total expenses 96,336 59,189
266,353 151,262 Operating income 62,297
54,511 184,325 162,152 Interest and other income 248 394 957
870 Interest expense (30,417 ) (24,730 ) (87,426 ) (70,837 ) Loss
on early extinguishment of debt (1) (6,349 ) - (6,349 ) (427 ) Loss
on lease terminations (2) (104 ) - (104 ) - Loss (gain) on sale of
properties (3) (101 ) - (101 ) 21,315 Equity in earnings of an
investee 115 28 236 111 Income before
income tax expense 25,689 30,203 91,538 113,184 Income tax expense
(43 ) (207 ) (290 ) (365 ) Net income $25,646 $29,996
$91,248 $112,819 Weighted average shares
outstanding 174,690 153,385 166,698 145,745
Net income per share $0.15 $0.20 $0.55
$0.77
(1) In August 2012, we prepaid approximately $199.2 million of
the outstanding principal balance of our FNMA secured term loan. As
a result of this prepayment, we recorded a loss on early
extinguishment of debt of approximately $6.3 million consisting of
a debt prepayment premium, legal fees and the write off of
unamortized deferred financing fees.
(2) In May 2012, we entered an agreement with Sunrise for early
terminations of leases for 10 senior living communities which were
previously scheduled to terminate on December 31, 2013; in
September 2012, the leases for three senior living communities were
terminated and, in October 2012, the leases for five additional
senior living communities were terminated. During the three and
nine months ended September 30, 2012, we recognized a loss on lease
terminations of approximately $104,000. We currently expect the
termination of the leases for, and the transition of the operations
of, the remaining two communities to occur before December 31,
2012.
(3) In July 2012, we sold one MOB for approximately $1.1 million
and recognized a loss on sale of approximately $101,000. During the
second quarter of 2011, we sold seven properties for total sales
prices of approximately $39.5 million and recognized a gain on sale
of approximately $21.3 million.
Financial Information
(continued)
(dollars appearing in the table [but not
in the footnotes] below are in thousands)
(unaudited)
Balance Sheet:
At September 30, 2012 At December 31, 2011
Assets
Real estate properties $5,091,665 $4,721,591 Less accumulated
depreciation 719,224 630,261 4,372,441 4,091,330 Cash
and cash equivalents 20,985 23,560 Restricted cash 11,377 7,128
Deferred financing fees, net 30,328 25,434 Acquired real estate
leases and other intangible assets, net 106,943 100,235 Loan
receivable (1) - 38,000 Other assets 104,221 97,361
Total assets $4,646,295 $4,383,048 Commitments
and Contingencies
Liabilities and
Shareholders’ Equity
Unsecured revolving credit facility $55,000
$-
Senior unsecured notes, net of discount (2) 1,091,732 965,770
Secured debt and capital leases (3) 721,579 861,615 Accrued
interest 22,018 22,281 Assumed real estate lease obligations, net
14,304 17,778 Other liabilities 70,851 42,998 Total
liabilities 1,975,484 1,910,442 Shareholders’ equity 2,670,811
2,472,606 Total liabilities and shareholders’ equity
$4,646,295 $4,383,048
(1) In May 2011, we and Five Star entered into a Bridge Loan
under which we agreed to lend Five Star up to $80.0 million to fund
a portion of Five Star’s purchase of a portfolio of six senior
living communities. In April 2012, Five Star repaid the $38.0
million which was then outstanding under this Bridge Loan,
resulting in the termination of the Bridge Loan.
(2) In July 2012, we sold $350.0 million of 5.625% unsecured
senior notes due 2042. We used a part of the net proceeds of this
offering to repay borrowings outstanding under our revolving credit
facility and we used the remaining net proceeds from this offering
to prepay a part of our FNMA secured term loan and for general
business purposes, which included funding some of our recent
acquisitions.
(3) In August 2012, we prepaid approximately $199.2 million of
the outstanding principal balance of our FNMA secured term loan,
using, among other funds, net proceeds from our July 2012 unsecured
senior notes offering described above.
Funds from Operations and Normalized
Funds from Operations
(amounts appearing in the table [but not
in the footnotes] below are in thousands, except per share
data)
(unaudited)
Calculation of Funds from Operations
(FFO) and Normalized FFO (1):
Quarter
EndedSeptember 30,
Nine Months
EndedSeptember 30,
2012
2011
2012
2011
Net income (2)
$25,646 $29,996 $91,248 $112,819 Depreciation expense 35,880 28,824
104,487 82,120 Loss (gain) on sale of properties (3) 101 - 101
(21,315 ) Impairment of assets - 1,028 3,071
1,194 FFO 61,627 59,848 198,907 174,818 Acquisition related
costs 4,297 2,620 6,814 6,547 Loss on early extinguishment of debt
(4) 6,349 - 6,349 427 Loss on lease terminations (5) 104 - 104 -
Percentage rent (2) (6) 2,400 2,900 8,200
8,300 Normalized FFO $74,777 $65,368 $220,374
$190,092 Weighted average shares outstanding
174,690 153,385 166,698 145,745
FFO per share $0.35 $0.39 $1.19 $1.20
Normalized FFO per share $0.43 $0.43 $1.32
$1.30 Distributions declared per share $0.39 $0.38
$1.15 $1.12
(1) We calculate FFO and Normalized FFO as shown above. FFO is
calculated on the basis defined by The National Association of Real
Estate Investment Trusts, or NAREIT, which is net income,
calculated in accordance with GAAP, excluding any gain or loss on
sale of properties and impairment of assets, plus real estate
depreciation and amortization. Our calculation of Normalized FFO
differs from NAREIT’s definition of FFO because we include
estimated percentage rent in the period to which it relates rather
than when it is recognized as income in accordance with GAAP and
exclude acquisition related costs, loss on early extinguishment of
debt and loss on lease terminations, if any. We consider FFO and
Normalized FFO to be appropriate measures of performance for a
REIT, along with net income, operating income and cash flow from
operating, investing and financing activities. We believe that FFO
and Normalized FFO provide useful information to investors because
by excluding the effects of certain historical amounts, such as
depreciation expense, FFO and Normalized FFO can facilitate a
comparison of our operating performance between periods. FFO and
Normalized FFO are among the factors considered by our Board of
Trustees when determining the amount of distributions to our
shareholders. Other factors include, but are not limited to,
requirements to maintain our status as a REIT, limitations in our
revolving credit facility and public debt covenants, the
availability of debt and equity capital to us and our expectation
of our future capital requirements and operating performance. FFO
and Normalized FFO do not represent cash generated by operating
activities in accordance with GAAP and should not be considered as
alternatives to net income, operating income or cash flow from
operating activities determined in accordance with GAAP, or as
indicators of our financial performance or liquidity, nor are these
measures necessarily indicative of sufficient cash flow to fund all
of our needs. We believe that FFO and Normalized FFO may facilitate
an understanding of our historical operating results. These
measures should be considered in conjunction with net income,
operating income and cash flow from operating activities as
presented in our Condensed Consolidated Statements of Income and
Comprehensive Income and Condensed Consolidated Statements of Cash
Flows. Other REITs and real estate companies may calculate FFO and
Normalized FFO differently than us.
(2) Net income for the three and nine months ended September 30,
2012 includes $350,000 of percentage rent as a result of the
September 1, 2012 lease terminations of three senior living
communities formerly leased to Sunrise.
(3) In July 2012, we sold one MOB for approximately $1.1 million
and recognized a loss on sale of approximately $101,000. During the
second quarter of 2011, we sold seven properties for total sales
prices of approximately $39.5 million and recognized a gain on sale
of approximately $21.3 million.
(4) In August 2012, we prepaid approximately $199.2 million of
the outstanding principal balance of our FNMA secured term loan. As
a result of this prepayment, we recorded a loss on early
extinguishment of debt of approximately $6.3 million consisting of
a debt prepayment premium, legal fees and the write off of
unamortized deferred financing fees.
(5) In May 2012, we entered an agreement with Sunrise for early
terminations of leases for 10 senior living communities which were
previously scheduled to terminate on December 31, 2013; in
September 2012, the leases for three senior living communities were
terminated and, in October 2012, the leases for five additional
senior living communities were terminated. During the three and
nine months ended September 30, 2012, we recognized a loss on lease
terminations of approximately $104,000. We currently expect the
termination of the leases for, and the transition of the operations
of, the remaining two communities to occur before December 31,
2012.
(6) In calculating net income in accordance with GAAP, we
recognize percentage rental income received for the first, second
and third quarters in the fourth quarter, which is when all
contingencies are met and the income is earned. Although we defer
recognition of this revenue until the fourth quarter for purposes
of calculating net income, we include these estimated amounts in
our calculation of Normalized FFO for each quarter of the year. The
fourth quarter Normalized FFO calculation excludes the amounts
recognized during the first three quarters.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the New York
Stock Exchange.No shareholder, Trustee or officer is personally
liable for any act or obligation of the Trust.
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