Granite Real Estate Investment Trust and Granite REIT Inc.
(TSX: GRT.UN; NYSE: GRP.U) (“Granite” or the “Trust”) announced
today its combined results for the three and nine month periods
ended September 30, 2023 and a distribution increase of 3.125%
effective with the December 2023 distribution.
THIRD QUARTER 2023 HIGHLIGHTS
Highlights for the three month period ended September 30, 2023
are set out below:
Financial:
- Granite's net operating income ("NOI") was $109.2 million in
the third quarter of 2023 compared to $94.0 million in the prior
year period, an increase of $15.2 million primarily as a result of
the completion of developments and expansions beginning in the
third quarter of 2022, contractual rent adjustments and consumer
price index based increases and, renewal leasing activity;
- Same property NOI - cash basis(4) increased by 7.0% for the
third quarter of 2023, excluding the impact of foreign
exchange;
- Funds from operations ("FFO")(1) was $79.1 million ($1.24 per
unit) in the third quarter of 2023 compared to $70.7 million ($1.08
per unit) in the third quarter of 2022;
- Adjusted funds from operations ("AFFO")(2) was $69.6 million
($1.09 per unit) in the third quarter of 2023 compared to $63.3
million ($0.97 per unit) in the third quarter of 2022;
- During the three month period ended September 30, 2023, the
Canadian dollar weakened against the US dollar and the Euro
relative to the prior year period. The impact of foreign exchange
on FFO for the three month period ended September 30, 2023,
relative to the same period in 2022, was $0.06 per unit, and for
AFFO, the impact of foreign exchange was $0.06 per unit;
- AFFO payout ratio(3) was 73% for the third quarter of 2023
compared to 80% in the third quarter of 2022;
- Granite recognized $53.2 million in net fair value losses on
investment properties in the third quarter of 2023 which were
primarily attributable to the expansion in discount and terminal
capitalization rates across selective Granite markets in response
to rising interest rates, partially offset by fair market rent
increases across the GTA and selective U.S. and European markets.
The value of investment properties was increased by unrealized
foreign exchange gains of $86.8 million in the third quarter of
2023 primarily resulting from the relative weakening of the
Canadian dollar against the US dollar, partially offset by the
relative strengthening of the Canadian dollar against the Euro as
at September 30, 2023;
- Granite's net income in the third quarter of 2023 was $33.1
million in comparison to net loss of $93.3 million in the prior
year period primarily due to a decrease in the fair value losses on
investment properties of $176.0 million and a $15.2 million
increase in net operating income as noted above, partially offset
by a $51.3 million decrease in income tax recovery; and
- On November 8, 2023, the Trust increased its targeted
annualized distribution by 3.125% to $3.30 ($0.2750 per month) per
stapled unit from $3.20 ($0.2667 per month) per stapled unit to be
effective upon the declaration of the distribution in respect of
the month of December 2023 and payable in mid-January 2024.
Operations:
- During the third quarter of 2023, Granite achieved average
rental rate spreads of 33% over expiring rents representing
approximately 1,921,000 square feet of renewals completed in the
quarter.
- On August 15, 2023, Granite completed the disposition of a
property located in Concord, Ontario, for total proceeds of $20.6
million, which was previously classified as held for sale.
Financing:
- On September 7, 2023, Granite REIT Holdings Limited Partnership
("Granite LP") entered into and fully drew upon a €70.0 million
senior unsecured non-revolving term facility that matures on
September 7, 2026 (“September 2026 Term Loan”). The September 2026
Term Loan is fully prepayable without penalty. In conjunction with
the September 2026 Term Loan funding, Granite entered into a
floating to fixed interest rate swap to exchange the floating Euro
Interbank Offer Rate portion of the interest payments from the
September 2026 Term Loan for fixed interest payments resulting in
an all-in fixed interest rate of 4.3325%. Granite used the net
proceeds from the September 2026 Term Loan to fully repay all draws
outstanding on the Credit Facility with the remainder to be used
for general corporate purposes, including to fund development and
property acquisitions.
- On October 12, 2023, Granite LP completed an offering of $400.0
million aggregate principal amount of 6.074% Series 7 senior
unsecured debentures due April 12, 2029 (the “2029 Debentures”).
The net proceeds received by Granite LP after deducting the
financing costs totaling $2.4 million were $397.6 million. The 2029
Debentures are guaranteed by Granite REIT and Granite GP. The 2029
Debentures are Granite’s third green bond issuance pursuant to its
Green Bond Framework. Granite intends to use an amount equal to the
net proceeds of the 2029 Debentures to finance or refinance, in
whole or in part, expenditures associated with Eligible Green
Projects as described in the Granite Green Bond Framework, which is
available on Granite’s website. Initially and prior to the full
allocation, the net proceeds from the 2029 Debentures will be used
to refinance existing debt, including Granite's Series 3 senior
unsecured debentures due November 30, 2023 on maturity, and for
general corporate purposes. On October 10, 2023 Granite also
entered into a cross currency interest rate swap commencing on
October 12, 2023 to exchange the Canadian dollar denominated
principal and interest payments of the 2029 Debentures for Euro
denominated payments, resulting in an effective fixed interest rate
of 4.9285% for the five and a half year term of the 2029
Debentures.
GRANITE’S FINANCIAL, OPERATING AND
PROPERTY HIGHLIGHTS
Three Months Ended September
30,
Nine Months Ended
September 30,
(in millions, except as noted)
2023
2022
2023
2022
Revenue
$
131.5
$
111.6
$
391.4
$
330.0
Net operating income ("NOI")
$
109.2
$
94.0
$
325.2
$
278.0
Net income (loss) attributable to stapled
unitholders
$
33.1
$
(93.3
)
$
105.3
$
282.1
Funds from operations ("FFO")(1)
$
79.1
$
70.7
$
236.3
$
212.1
Adjusted funds from operations
("AFFO")(2)
$
69.6
$
63.3
$
214.1
$
197.2
Diluted FFO per stapled unit(1)
$
1.24
$
1.08
$
3.70
$
3.23
Diluted AFFO per stapled unit(2)
$
1.09
$
0.97
$
3.35
$
3.00
Monthly distributions paid per stapled
unit
$
0.80
$
0.78
$
2.40
$
2.32
AFFO payout ratio(3)
73
%
80
%
71
%
77
%
As at September 30, 2023 and December
31, 2022
2023
2022
Fair value of investment properties(9)
$
8,898.5
$
8,839.6
Assets held for sale(9)
$
—
$
41.2
Cash and cash equivalents
$
158.3
$
135.1
Total debt(5)
$
2,999.4
$
2,930.3
Net leverage ratio(6)
32
%
32
%
Number of income-producing
properties(9)
137
128
Gross leasable area (“GLA”), square
feet(9)
62.9
59.4
Occupancy, by GLA
95.6
%
99.6
%
Magna as a percentage of annualized
revenue(8)
25
%
26
%
Magna as a percentage of GLA
19
%
20
%
Weighted average lease term in years, by
GLA
6.4
5.9
Overall capitalization rate(7)
5.1
%
4.9
%
A more detailed discussion of Granite’s combined financial
results for the three and nine month periods ended September 30,
2023 and 2022 is contained in Granite’s Management’s Discussion and
Analysis of Results of Operations and Financial Position
("MD&A") and the unaudited condensed combined financial
statements for those periods and the notes thereto, which are
available through the internet on the Canadian Securities
Administrators’ System for Electronic Data Analysis and Retrieval
Plus (“SEDAR+”) and can be accessed at www.sedarplus.ca and on the
United States Securities and Exchange Commission’s (the “SEC”)
Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”),
which can be accessed at www.sec.gov.
ENVIRONMENTAL, SOCIAL, GOVERNANCE +
RESILIENCE (ESG+R)
Granite completed its fourth annual GRESB Real Estate Assessment
in June 2023. GRESB’s 2023 results were published in October 2023
and Granite ranked 1st out of 9 in the Northern America Industrial
| Listed | Tenant Controlled GRESB peer group. Granite’s score
increased by 6 points (8%) compared to 2022 improving Granite’s
overall position from 2nd to 1st place in 2023 within its peer
group. Granite also achieved a score of A in the 2023 GRESB Public
Disclosure Report, and was ranked 2nd in the United States of
America Industrial sector comprised of 10 reporting entities, which
is an improvement of one position from 3rd place in 2022. The GRESB
Public Disclosure Report evaluates the level of ESG disclosure by
listed property companies and REITs. Granite continues to implement
strategic initiatives to enhance its ESG+R Program into 2024 and
beyond.
CONFERENCE CALL
Granite will hold a conference call on Thursday, November 9,
2023 at 11:00 a.m. (ET). The toll free number to use for this call
is 1 (800) 584-1012. For international callers, please call 1 (416)
981-9021. Please dial in at least 10 minutes prior to the
commencement of the call. The conference call will be chaired by
Kevan Gorrie, President and Chief Executive Officer. To hear a
replay of the scheduled call, please dial 1 (800) 558-5253 (North
America) or 1 (416) 626-4100 (international) and enter reservation
number 22028186. The replay will be available until Monday,
November 20, 2023.
OTHER INFORMATION
Additional property statistics as at September 30, 2023 have
been posted to our website at
https://granitereit.com/property-statistics-q3-2023. Copies of
financial data and other publicly filed documents are available
through the internet on SEDAR+, which can be accessed at
www.sedarplus.ca and on EDGAR, which can be accessed at
www.sec.gov.
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 143
investment properties representing approximately 62.9 million
square feet of leasable area.
For further information, please see our website at
www.granitereit.com or contact Teresa Neto, Chief Financial
Officer, at (647) 925-7560.
NON-IFRS MEASURES, RATIOS AND
RECONCILIATIONS
Readers are cautioned that certain terms used in this press
release such as FFO, AFFO, AFFO payout ratio, same property NOI -
cash basis, constant currency same property NOI - cash basis, total
debt and net debt, net leverage ratio, and any related per unit
amounts used by management to measure, compare and explain the
operating results and financial performance of the Trust do not
have standardized meanings prescribed under International Financial
Reporting Standards (“IFRS”) and, therefore, should not be
construed as alternatives to net income, cash provided by operating
activities or any other measure calculated in accordance with IFRS.
Additionally, because these terms do not have a standardized
meaning prescribed by IFRS, they may not be comparable to similarly
titled measures presented by other publicly traded entities.
(1)
FFO is a non-IFRS performance measure that
is widely used by the real estate industry in evaluating the
operating performance of real estate entities. Granite calculates
FFO as net income attributable to stapled unitholders excluding
fair value gains (losses) on investment properties and financial
instruments, gains (losses) on sale of investment properties
including the associated current income tax, deferred income taxes
and certain other items, net of non-controlling interests in such
items. The Trust’s determination of FFO follows the definition
prescribed by the Real Estate Property Association of Canada
(“REALPAC”) guidelines on Funds From Operations & Adjusted
Funds From Operations for IFRS dated January 2022 (“REALPAC
Guidelines”). Granite considers FFO to be a meaningful supplemental
measure that can be used to determine the Trust’s ability to
service debt, fund capital expenditures and provide distributions
to stapled unitholders. FFO is reconciled to net income, which is
the most directly comparable IFRS measure (see table below). FFO
should not be construed as an alternative to net income or cash
flow provided by operating activities determined in accordance with
IFRS.
(2)
AFFO is a non-IFRS performance measure
that is widely used by the real estate industry in evaluating the
recurring economic earnings performance of real estate entities
after considering certain costs associated with sustaining such
earnings. Granite calculates AFFO as net income attributable to
stapled unitholders including all adjustments used to calculate FFO
and further adjusts for actual maintenance capital expenditures
that are required to sustain Granite’s productive capacity, leasing
costs such as leasing commissions and tenant allowances incurred
and non-cash straight-line rent and tenant incentive amortization,
net of non-controlling interests in such items. The Trust's
determination of AFFO follows the definition prescribed by the
REALPAC Guidelines. Granite considers AFFO to be a meaningful
supplemental measure that can be used to determine the Trust’s
ability to service debt, fund expansion capital expenditures, fund
property development and provide distributions to stapled
unitholders after considering costs associated with sustaining
operating earnings. AFFO is also reconciled to net income, which is
the most directly comparable IFRS measure (see table below). AFFO
should not be construed as an alternative to net income or cash
flow provided by operating activities determined in accordance with
IFRS.
Three Months Ended September
30,
Nine Months Ended
September 30,
(in millions, except per unit amounts)
2023
2022
2023
2022
Net income (loss) attributable to
stapled unitholders
$
33.1
$
(93.3
)
$
105.3
$
282.1
Add (deduct):
Fair value losses (gains) on investment
properties, net
53.2
229.2
139.7
(10.2
)
Fair value losses (gains) on financial
instruments, net
2.5
(1.4
)
1.9
(9.3
)
Loss on sale of investment properties
0.9
—
1.5
0.7
Deferred tax recovery
(10.3
)
(61.3
)
(17.2
)
(46.6
)
Fair value remeasurement of the Executive
Deferred Stapled Unit Plan
(0.7
)
(1.3
)
3.5
(2.7
)
Fair value remeasurement of the Directors
Deferred Stapled Unit Plan
(0.5
)
(1.2
)
0.4
(1.9
)
Non-controlling interests relating to the
above
0.9
—
1.2
—
FFO
[A]
$
79.1
$
70.7
$
236.3
$
212.1
Add (deduct):
Maintenance or improvement capital
expenditures incurred
(4.5
)
(4.3
)
(6.8
)
(5.9
)
Leasing costs
(0.8
)
(2.0
)
(3.1
)
(4.9
)
Tenant allowances
(1.4
)
(0.3
)
(2.4
)
(0.4
)
Tenant incentive amortization
1.1
1.1
3.3
3.3
Straight-line rent amortization
(4.0
)
(1.9
)
(13.6
)
(7.0
)
Non-controlling interests relating to the
above
0.1
—
0.4
—
AFFO
[B]
$
69.6
$
63.3
$
214.1
$
197.2
Basic FFO per stapled unit
[A]/[C]
$
1.24
$
1.08
$
3.71
$
3.23
Diluted FFO per stapled unit
[A]/[D]
$
1.24
$
1.08
$
3.70
$
3.23
Basic AFFO per stapled unit
[B]/[C]
$
1.09
$
0.97
$
3.36
$
3.01
Diluted AFFO per stapled unit
[B]/[D]
$
1.09
$
0.97
$
3.35
$
3.00
Basic weighted average number of
stapled units
[C]
63.7
65.3
63.7
65.6
Diluted weighted average number of
stapled units
[D]
63.9
65.5
63.9
65.7
(3)
The FFO and AFFO payout ratios are
calculated as monthly distributions, which exclude special
distributions, declared to unitholders divided by FFO and AFFO
(non-IFRS performance measures), respectively, in a period. FFO
payout ratio and AFFO payout ratio may exclude revenue or expenses
incurred during a period that can be a source of variance between
periods. The FFO payout ratio and AFFO payout ratio are
supplemental measures widely used by investors in evaluating the
sustainability of the Trust’s monthly distributions to stapled
unitholders.
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions, except as noted)
2023
2022
2023
2022
Monthly distributions declared to
unitholders
[A]
$
51.0
$
50.4
$
153.0
$
152.3
FFO
[B]
79.1
70.7
236.3
212.1
AFFO
[C]
69.6
63.3
214.1
197.2
FFO payout ratio
[A]/[B]
64
%
71
%
65
%
72
%
AFFO payout ratio
[A]/[C]
73
%
80
%
71
%
77
%
(4)
Same property NOI — cash basis refers to
the NOI — cash basis (NOI excluding lease termination and close-out
fees, and the non-cash impact from straight-line rent and tenant
incentive amortization) for those properties owned by Granite
throughout the entire current and prior year periods under
comparison. Same property NOI — cash basis excludes properties that
were acquired, disposed of, classified as properties under or held
for development or assets held for sale during the periods under
comparison. Granite believes that same property NOI — cash basis is
a useful measure in understanding period-over-period organic
changes in NOI — cash basis from the same stock of properties
owned.
Sq ft(1)
Three Months Ended
September 30,
Sq ft(1)
Nine Months Ended
September 30,
(in millions)
2023
2022
$ change
%
change
(in millions)
2023
2022
$ change
%
change
Revenue
$
131.5
$
111.6
19.9
$
391.4
$
330.0
61.4
Less: Property operating costs
22.3
17.6
4.7
66.2
52.0
14.2
NOI
$
109.2
$
94.0
15.2
16.2
%
$
325.2
$
278.0
47.2
17.0
%
Add (deduct):
Straight-line rent amortization
(4.0
)
(1.9
)
(2.1
)
(13.6
)
(7.0
)
(6.6
)
Tenant incentive amortization
1.1
1.0
0.1
3.3
3.3
—
NOI - cash basis
62.9
$
106.3
$
93.1
13.2
14.2
%
62.9
$
314.9
$
274.3
40.6
14.8
%
Less NOI - cash basis for:
Acquisitions
1.0
—
—
—
3.8
(13.8
)
(7.7
)
(6.1
)
Developments
2.9
(2.4
)
—
(2.4
)
3.8
(9.1
)
0.1
(9.2
)
Dispositions and assets held for sale
0.3
—
(0.5
)
0.5
0.6
(0.2
)
(3.1
)
2.9
Same property NOI - cash basis
58.9
$
103.9
$
92.6
11.3
12.2
%
55.2
$
291.8
$
263.6
28.2
10.7
%
Constant currency same property NOI -
cash basis(2)
58.9
$
103.9
$
97.1
6.8
7.0
%
55.2
$
291.8
$
276.0
15.8
5.7
%
(1)
The square footage relating to the NOI —
cash basis represents GLA of 62.9 million square feet as at
September 30, 2023. The square footage relating to the same
property NOI — cash basis represents the aforementioned GLA
excluding the impact from the acquisitions, dispositions, assets
held for sale and developments during the relevant period.
(2)
Constant currency same property NOI - cash
basis is calculated by converting the comparative same property NOI
- cash basis at current period average foreign exchange rates.
(5)
Total debt is calculated as the sum of all
current and non-current debt, the net mark to market fair value of
derivatives and lease obligations as per the consolidated financial
statements. Net debt subtracts cash and cash equivalents from total
debt. Granite believes that it is useful to include the derivatives
and lease obligations for the purposes of monitoring the Trust’s
debt levels.
(6)
The net leverage ratio is calculated as
net debt (a non-IFRS performance measure defined above) divided by
the fair value of investment properties. The net leverage ratio is
a non-IFRS ratio used in evaluating the Trust’s degree of financial
leverage, borrowing capacity and the relative strength of its
balance sheet.
As at September 30, 2023 and December 31, 2022
2023
2022
Unsecured debt, net
$
3,085.3
$
2,983.6
Derivatives, net
(119.1
)
(138.4
)
Lease obligations
33.2
33.7
Secured debt
—
51.4
Total debt
$
2,999.4
$
2,930.3
Less: cash and cash equivalents
158.3
135.1
Net debt
[A]
$
2,841.1
$
2,795.2
Investment properties
[B]
$
8,898.5
$
8,839.6
Net leverage ratio
[A]/[B]
32
%
32
%
(7)
Overall capitalization rate is calculated
as stabilized net operating income (property revenue less property
expenses) divided by the fair value of the property.
(8)
Annualized revenue for each period
presented is calculated as the contractual base rent for the month
subsequent to the quarterly reporting period multiplied by 12
months. Annualized revenue excludes revenue from properties
classified as assets held for sale.
(9)
Assets held for sale are excluded from
investment properties and related property metrics. Accordingly,
two such assets that were held for sale at December 31, 2022 were
excluded from investment properties and related metrics at December
31, 2022.
FORWARD-LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, capital structure, cost of
capital, tenant base, tax consequences, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as “outlook”, “may”, “would”, “could”, “should”, “will”,
“likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”,
“forecast”, “project”, “estimate”, “seek” and similar expressions
are used to identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results and will not necessarily be accurate
indications of whether or the times at or by which such future
performance will be achieved. Undue reliance should not be placed
on such statements. There can also be no assurance that Granite’s
expectations regarding various matters, including the following,
will be realized in a timely manner, with the expected impact or at
all: the effectiveness of measures intended to mitigate such
impact, and Granite’s ability to deliver cash flow stability and
growth and create long-term value for unitholders; Granite’s
ability to implement its ESG+R program and related targets and
goals; the expansion and diversification of Granite’s real estate
portfolio and the reduction in Granite’s exposure to Magna and the
special purpose properties; Granite’s ability to accelerate growth
and to grow its net asset value and FFO and AFFO per unit;
Granite’s ability to find and integrate satisfactory acquisition,
joint venture and development opportunities and to strategically
deploy the proceeds from recently sold properties and financing
initiatives; Granite’s sale from time to time of stapled units
under any at-the-market program that Granite may establish;
Granite’s intended use of the net proceeds from the offering of the
2029 Debentures; the potential for expansion and rental growth at
the property in Ajax, Ontario and the enhancement to the yield of
the property from such potential expansion and rental growth; the
development of a 0.4 million square foot distribution facility on
the 22.0 acre site in Brantford, Ontario, and the potential yield
from the project; obtaining site planning approval of a 0.7 million
square foot distribution facility on the 34.0 acre site in
Brantford, Ontario; obtaining site planning approval for a third
phase of development for up to 1.3 million square feet on the 101.0
acre site in Houston, Texas and the potential yield from the
project; the development of 12.9 acres of land in West Jefferson,
Ohio and the potential yield from that project; the development of
a 0.6 million square foot multi-phased business park on the
remaining 36.0 acre parcel of land in Brantford, Ontario and the
potential yield from that project; the development of a 0.2 million
square foot modern distribution/logistics facility on the 10.1
acres of land in Brant County, Ontario and the potential yield of
the project; the timing of payment of associated unpaid
construction costs and holdbacks; Granite’s ability to meet its
target occupancy goals; Granite’s ability to secure sustainability
or other certifications for any of its properties; the impact of
the refinancing of the term loans on Granite’s returns and cash
flow; and the amount of any distributions and distribution
increase. Forward-looking statements and forward-looking
information are based on information available at the time and/or
management’s good faith assumptions and analyses made in light of
Granite’s perception of historical trends, current conditions and
expected future developments, as well as other factors Granite
believes are appropriate in the circumstances. Forward-looking
statements and forward-looking information are subject to known and
unknown risks, uncertainties and other unpredictable factors, many
of which are beyond Granite’s control, that could cause actual
events or results to differ materially from such forward-looking
statements and forward-looking information. Important factors that
could cause such differences include, but are not limited to, the
risk of changes to tax or other laws and treaties that may
adversely affect Granite REIT’s mutual fund trust status under the
Income Tax Act (Canada) or the effective tax rate in other
jurisdictions in which Granite operates; the risks related to
Russia’s 2022 invasion of Ukraine that may adversely impact
Granite’s operations and financial performance; economic, market
and competitive conditions and other risks that may adversely
affect Granite’s ability to expand and diversify its real estate
portfolio; and the risks set forth in the “Risk Factors” section in
Granite’s AIF for 2022 dated March 8, 2023, filed on SEDAR+ at
www.sedarplus.ca and attached as Exhibit 1 to the Trust’s Annual
Report on Form 40-F for the year ended December 31, 2022 filed with
the SEC and available online on EDGAR at www.sec.gov, all of which
investors are strongly advised to review. The “Risk Factors”
section also contains information about the material factors or
assumptions underlying such forward-looking statements and
forward-looking information. Forward-looking statements and
forward-looking information speak only as of the date the
statements and information were made and unless otherwise required
by applicable securities laws, Granite expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information contained
in this press release to reflect subsequent information, events or
circumstances or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231108126408/en/
Teresa Neto Chief Financial Officer (647) 925-7560
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