Accretive acquisitions concluded in 2022 and strong leasing activities made a notable contribution to the first quarter of 2023. Overall, BTB's rental revenue increased by 13.2% and the net operating income by 17.1% compared to the first quarter of 2022, demonstrating another quarter with solid results. Français
MONTRÉAL, May 8, 2023 /CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB" or the "REIT") releases today its financial results for the first quarter of 2023, compared to the same period of 2022 and announces the following highlights and information.
- Rental revenue: Stood at $32.9 million for the current quarter, which represents an increase of 13.2% compared to the same quarter of 2022. BTB recorded a non-recurrent adjustment impacting positively the revenues by $1.4 million.
- Net Operating Income (NOI): Stood at $19.0 million for the current quarter, which represents an increase of 17.1% compared to the same quarter of 2022. Same-property NOI was stable for the first quarter of 2023 compared to the same period in 2022.
- Net operating and comprehensive income: Totalled $8.8 million for the current quarter compared to $6.4 million for the same period in 2022, representing an increase of 37.5% that is driven by the accretive acquisitions made in 2022.
- Recurring FFO payout ratio (1): Was 64.1% for the quarter compared to 70.2% for the same period in 2022.
- Recurring FFO (1): Was 11.7¢ per unit for the quarter compared to 10.7¢ per unit for the same period in 2022, representing an increase of 9.3% compared to the same period in 2022.
- Recurring AFFO payout ratio (1): Was 72.4% for the quarter compared to 76.8% for the same period in 2022.
- Recurring AFFO (1): Was 10.3¢ per unit for the quarter compared to 9.7¢ per unit for the same period in 2022, representing an increase of 6.2% compared to the same period in 2022.
- Leasing Activity: BTB experienced strong leasing activity with an occupancy rate that remained at 93.2% at the end of the first quarter of 2023. The REIT completed lease renewals totaling 58,375 square feet and concluded new leases totaling 67,200 square feet. The increase in the average rent renewal rate for the quarter was 13.9%.
- Acquisition: On February 2, 2023, BTB acquired a class A industrial property located at 9900, Irénée-Vachon Street in the industrial park of Mirabel airport in the Province of Québec (176,819 square feet) and the revenue from this acquisition contributed to the first quarter financial results. The acquisition of this high quality sustainable industrial property allows the REIT to continue to build on its industrial growth strategy.
- Debt metrics: BTB ended the quarter with a total debt ratio (1) of 59.1%, recording an increase of 0.6% compared to December 31, 2022. The REIT ended the quarter with a mortgage debt ratio (1) of 53.6%, a decrease of 0.6% compared to December 31, 2022.
- Liquidity position: BTB held $1.7 million of cash at the end of the quarter and $22.9 million is available under its credit facilities (2) (2). As of the date of this report, the Trust increased the available amount under its credit facilities by $10.0 million, increasing the availability to $32.9 million with a remaining option to increase by a further $10.0 million.
_________________________ |
(1) Non-IFRS financial measure. See Appendix 1. |
A MESSAGE FROM MICHEL LÉONARD, PRESIDENT & CEO
We continue to pivot into the industrial property segment. Since 2020, we have nearly doubled our percentage of industrial asset holdings, from 18% to 32% across our portfolio. Our latest investment in Québec is further proof of our well-founded direction. The acquisition of a 177,000 square foot industrial factory also anchors BTB's commitment to a more sustainable future given the activities carried out by our client within this property (production of batteries for electric buses and trucks) and its quality of construction, developed to be a reference in environmental sustainability (materials promoting energy recovery). […]
Great achievements await BTB in 2023 and our teams are working tirelessly to satisfy our investors, clients, employees, and trustees as it has been the case in recent years.
SUBSEQUENT EVENTS
On April 28, 2023, BTB secured an additional $10.0 million under the revolving credit facility increasing the capacity to $50.0 million.
On May 1, 2023, the REIT concluded the acquisition of a fully leased industrial property located at 8810, 48 Avenue NW, in Edmonton, Alberta for $7.4 million. As part of the transaction BTB satisfied a portion of the purchase price through the issuance to the vendor of 550,000 Class B LP units at a price of $4.50 per unit and the balance of the purchase price will be funded by a mortgage. This fully leased property increased the total leasable area owned by the REIT by 83,292 square feet.
SUMMARY OF SIGNIFICANT ITEMS AS AT MARCH 31st, 2023
- Total number of properties: 74
- Total leasable area: 6.0 million square feet
- Total asset value: $1,213 million
- Market capitalization: $307 million (unit price of $3.58 as at March 31, 2023)
______________________________ |
(1) Non-IFRS financial measure. See Appendix 1. |
FINANCIAL INFORMATION
The following two tables summarize our results for the periods ended March 31, 2023, and March 31, 2022.
Quarterly Financial Results
Periods ended March 31 |
Quarter |
||
(in thousands of dollars, except for ratios and per unit data) |
2023 |
2022 |
∆ |
$ |
$ |
% |
|
FINANCIAL INFORMATION |
|||
Rental revenue |
32,911 |
29,068 |
13.2 |
Net operating income (NOI) |
19,008 |
16,234 |
17.1 |
Net income and comprehensive income |
8,802 |
6,449 |
36.5 |
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) (1) |
17,154 |
15,142 |
13.3 |
NOI from the same-property portfolio (1) |
15,982 |
15,964 |
0.1 |
Distributions |
6,446 |
5,851 |
10.2 |
Recurring funds from operations (FFO) (1) |
10,033 |
8,317 |
20.6 |
Recurring adjusted funds from operations (AFFO) (1) |
8,882 |
7,602 |
16.8 |
Cash flow from operating activities (IFRS) |
15,657 |
11,404 |
37.3 |
Total assets |
1,213,237 |
1,182,836 |
2.6 |
Total debt ratio (1) |
59.1 % |
60.3 % |
(1.2) |
Weighted average interest rate on mortgage debt |
4.20 % |
3.74 % |
0.46 |
Market capitalization |
307,002 |
360,140 |
(14.8) |
FINANCIAL INFORMATION PER UNIT |
|||
Net income and comprehensive income |
10.2¢ |
8.3¢ |
1.9¢ |
Distributions |
7.5¢ |
7.5¢ |
0.0¢ |
Recurring FFO (1) |
11.7¢ |
10.7¢ |
1.0¢ |
Recurring AFFO (1) |
10.3¢ |
9.7¢ |
0.6¢ |
(1) Non-IFRS financial measure. See Appendix 1. |
Reconciliation of Cash Flows from Operating Activities and Adjusted Funds from Operations (AFFO) (1)
Periods ended March 31 |
Quarter |
|
(in thousands of dollars, except per unit data) |
2023 |
2022 |
$ |
$ |
|
CASH FLOWS FROM OPERATING ACTIVITIES (IFRS) |
15,657 |
11,404 |
Leasing payroll expenses |
356 |
221 |
Transaction costs on disposition of investment properties and mortgage early repayment fees |
- |
(753) |
Adjustments for changes in other working capital items |
1,551 |
3,774 |
Financial income |
306 |
145 |
Interest expenses |
(7,873) |
(6,904) |
Provision for non-recoverable capital expenditures (1) |
(658) |
(581) |
Provision for non-recovered rental fees (1) |
(375) |
(375) |
Accretion of non-derivative liability component of convertible debentures |
(82) |
(82) |
AFFO (1) |
8,882 |
6,849 |
NON-RECURRING ITEM |
||
Transaction costs on disposition of investment properties and mortgage early repayment fees |
- |
753 |
RECURRING AFFO (1) |
8,882 |
7,602 |
(1) Non-IFRS financial measure. See Appendix 1. |
QUARTERLY CALL INFORMATION
Management will hold a conference call on Tuesday, May 9th, 2023, at 9 am, Eastern Time, to present BTB's financial results and performance for the first quarter of 2023.
DATE: |
Tuesday, May 9th, 2023 |
TIME: |
9 am, Eastern Time |
URL ENTRY: |
|
DIAL: |
Local: 1-416-764-8688 |
North America (toll-free): 1-888-390-0546 |
|
WEB: |
|
VISUAL: |
A presentation will be uploaded on BTB's website prior to the call |
The media and all interested parties may attend the call-in listening mode only. Conference call operators will coordinate the question-and-answer period (from analysts only) and will instruct participants regarding the procedures during the call.
The audio recording of the conference call will be available via playback until
May 16th, 2023, by dialing: 1 416 764-8677 (local) or, 1 888 390-0541 (toll-free) and by entering the following access code: 518570 #
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB REIT invests in industrial, off-downtown core office and necessity-based retail properties across Canada for the benefit of their investors. As of today, BTB owns and manages 75 properties, representing a total leasable area of approximately 6.1 million square feet.
People and their stories are at the heart of our success.
For more detailed information, visit BTB's website at www.btbreit.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation, and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
Non-IFRS Financial Measures
Certain terms used in this press release are listed and defined in the table hereafter, including any per unit information if applicable, are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures. Explanations on how these non-IFRS financial measures provide useful information to investors and additional purposes, if any, for which the Trust uses these non-IFRS financial measures, are also included in the table hereafter.
Securities regulations require that non-IFRS financial measures be clearly defined and that they not be assigned greater weight than IFRS measures. The referred non-IFRS financial measures, which are reconciled to the most similar IFRS measure in the table thereafter if applicable, do not have a standardized meaning prescribed by IFRS and these measures cannot be compared to similar measures used by other issuers.
NON-IFRS MEASURES |
DEFINITION |
SAME-PROPERTY NOI |
Same-property NOI is a non-IFRS financial measure defined as net operating income ("NOI") for the properties that the Trust owned and operated for the entire duration of both the current year and the previous year. The most directly comparable IFRS measure to same-property NOI is Operating Income. |
FUNDS FROM OPERATIONS (FFO) & RECURRING FFO |
FFO is a non-IFRS financial measure used by most Canadian real estate investment trusts based on a standardized definition established by REALPAC in its January 2022 White Paper ("White Paper"). FFO is defined as net income and comprehensive income less certain adjustments, on a proportionate basis, including (i) fair value adjustments on investment properties, class B LP units and derivative financial instruments; (ii) amortization of lease incentives; (iii) incremental leasing costs; and (iv) distribution on class B LP units. FFO is reconciled to net income and comprehensive income, which is the most directly comparable IFRS measure. FFO is also reconciled with the cash flows from operating activities, which is an IFRS measure. Recurring FFO is also a non-IFRS financial measure that starts with FFO and removes the impact of non-recurring items such as transaction cost on acquisitions and dispositions of investment properties and early repayment fees. The Trust believes FFO and recurring FFO are key measures of operating performance and allow the investors to compare its historical performance. |
ADJUSTED FUNDS FROM OPERATIONS (AFFO) & RECURRING AFFO |
Recurring AFFO is also a non-IFRS financial measure that starts with AFFO and removes the impact of non-recurring items such as transaction costs on acquisitions and dispositions of investment properties and early repayment fees. The Trust considers AFFO and recurring AFFO to be useful measures of recurring economic earnings and relevant in understanding its ability to service its debt, fund capital expenditures, and provide distributions to unitholders. |
FFO & AFFO PAYOUT RATIOS AND RECURRING FFO & RECURRING AFFO PAYOUT RATIOS |
FFO and AFFO payout ratios and recurring FFO and recurring AFFO payout ratios are non-IFRS financial measures. These payout ratios are calculated by dividing the actual distributions per unit by FFO, AFFO, and recurring FFO and recurring AFFO per unit in each period. The Trust considers these metrics a useful way to evaluate its distribution paying capacity. |
TOTAL DEBT RATIO |
The total debt ratio is a non-IFRS financial measure of the Trust's financial leverage, which is calculated by taking the total long-term debt less cash divided by the total gross value of the assets of the Trust less cash. The Trust considers this metric useful as it indicates its ability to meet its debt obligations and its capacity for future additional acquisitions. |
PROVISION FOR NON-RECOVERABLE CAPITAL EXPENDITURES |
In calculating AFFO, the Trust deducts a provision for non-recoverable capital expenditures to consider capital expenditures invested to maintain the condition of its properties and to preserve rental revenue. The provision for non-recoverable capital expenditures is calculated based on 2% of rental revenues. This provision is based on management's assessment of industry practices and its investment forecasts for the coming years. |
PROVISION FOR UNRECOVERED RENTAL FEES |
The Trust also deducts a provision for unrecovered rental fees in the amount of approximately 25¢ per sq. ft. on an annualized basis. Even though quarterly rental fee disbursements vary significantly from one quarter to another, management considers that this provision fairly presents, in the long term, the average disbursements not recovered directly in establishing the rent that the Trust will undertake. These disbursements consist of inducements paid or granted when leases are signed that are generally amortized over the term of the lease and are subject to an equivalent increase in rent per square foot, and of brokerage commissions and leasing payroll expenses. |
TOTAL LONG-TERM DEBT LESS CASH AND CASH EQUIVALENTS |
This is a non-IFRS financial measure. Long-term debt less cash and cash equivalent is a non-IFRS financial measure, calculated as the total of (i) fixed-rate mortgage loans payable; (ii) floating rate mortgage loans payable; (iii) Series G debenture capital amount; (iv) Series F debenture capital adjusted with non-derivative component fewer conversion options exercised by holders; and (v) credit facilities, less cash, and cash equivalents. The most directly comparable IFRS measure to net debt is debt. |
TOTAL GROSS VALUE OF THE ASSETS OF THE TRUST LESS CASH AND CASH EQUIVALENT |
This is a non-IFRS financial measure. Gross value of the assets of the Trust less cash and cash equivalent ("GVALC") is a non-IFRS financial measure defined as the Trust's total assets adding the cumulated amortization property and equipment and removing the cash and cash equivalent. The most directly comparable IFRS measure to GVALC is total assets. |
ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("ADJUSTED EBITDA") |
Adjusted EBITDA income is a non-IFRS financial measure that starts with net income and comprehensive income and removes the effects of certain adjustments, on a proportionate basis, including: (i) interest expense; (ii) taxes; (iii) depreciation of property and equipment; (iv) amortization of intangible assets; (v) fair value adjustments (including investment properties, financial instruments, Class B LP units and unit price remeasurement for unit-based compensation); (vi) transaction costs on acquisitions and dispositions of investment properties and early repayment fees; and (vii) straight-line rental revenue adjustment. The most directly comparable IFRS measure to Adjusted EBITDA is net income and comprehensive income. The Trust believes Adjusted EBITDA is a useful metric to determine its ability to service its debt, finance capital expenditures and provide distributions to its Unitholders. |
NON-IFRS FINANCIAL MEASURES – QUARTERLY RECONCILIATION
Funds from Operations (FFO) (1)
The following table provides a reconciliation of net income and comprehensive income established in accordance with IFRS and FFO (1) for the last eight quarters:
2023 |
2022 |
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
|
Q-1 |
Q-4 |
Q-3 |
Q-2 |
Q-1 |
Q-4 |
Q-3 |
Q-2 |
|
(in thousands of dollars, except for per unit) |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
Net income and comprehensive income (IFRS) |
8,802 |
1,769 |
11,693 |
18,243 |
6,449 |
23,219 |
8,678 |
7,161 |
Fair value adjustment on investment properties |
- |
7,781 |
1,230 |
197 |
(1,007) |
(19,571) |
- |
- |
Fair value adjustment on Class B LP units |
- |
160 |
(142) |
(233) |
66 |
21 |
(18) |
(52) |
Amortization of lease incentives |
728 |
787 |
773 |
818 |
735 |
858 |
780 |
777 |
Fair value adjustment on derivative financial instruments |
184 |
(1,971) |
(3,898) |
(9,344) |
997 |
3,297 |
(2,598) |
733 |
Leasing payroll expenses (6) |
356 |
682 |
182 |
158 |
221 |
208 |
173 |
184 |
Distributions – Class B LP units |
22 |
26 |
26 |
26 |
26 |
30 |
22 |
26 |
Unit-based compensation (Unit price remeasurement) (5) |
(59) |
198 |
(172) |
(285) |
77 |
23 |
(19) |
185 |
FFO (1) |
10,033 |
9,432 |
9,692 |
9,580 |
7,564 |
8,085 |
7,018 |
9,014 |
Non-recurring item |
||||||||
Transaction cost on dispositions of investment properties and mortgage early repayment fees |
- |
627 |
93 |
138 |
753 |
109 |
- |
188 |
Recurring FFO (1) |
10,033 |
10,059 |
9,785 |
9,718 |
8,317 |
8,194 |
7,018 |
9,202 |
FFO per unit (1) (2) (3) |
11.7¢ |
11.0¢ |
11.4¢ |
11.3¢ |
9.7¢ |
10.9¢ |
9.5¢ |
12.3¢ |
Recurring FFO per unit (1) (2) (4) |
11.7¢ |
11.8¢ |
11.5¢ |
11.4¢ |
10.7¢ |
11.0¢ |
9.5¢ |
12.5¢ |
FFO payout ratio (1) |
64.1 % |
67.9 % |
65.9 % |
66.4 % |
77.2 % |
68.9 % |
79.0 % |
61.1 % |
Recurring FFO payout ratio (1) |
64.1 % |
63.6 % |
65.2 % |
65.5 % |
70.2 % |
68.0 % |
79.0 % |
59.9 % |
(1) |
This is a non-IFRS financial measure. |
(2) |
Including Class B LP units. |
(3) |
The FFO per unit ratio is calculated by dividing the FFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). |
(4) |
The recurring FFO per unit ratio is calculated by dividing the recurring FFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). |
(5) |
The impact of the unit price remeasurement on the deferred unit-based compensation plan has been considered in the calculation of the recurring FFO and AFFO starting Q2 2021. |
(6) |
The impact of the CIO compensation, hired in Q2 2022, was added to the Leasing payroll expenses during Q4 2022 as his duties were mainly leasing activities throughout the year. |
Adjusted Funds from Operations (AFFO) (1)
The following table provides a reconciliation of FFO (1) and AFFO (1) for the last eight quarters:
2023 |
2022 |
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
|
Q-1 |
Q-4 |
Q-3 |
Q-2 |
Q-1 |
Q-4 |
Q-3 |
Q-2 |
|
(in thousands of dollars, except for per unit) |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
FFO (1) |
10,033 |
9,432 |
9,692 |
9,580 |
7,564 |
8,085 |
7,018 |
9,014 |
Straight-line rental revenue adjustment |
(633) |
(1,077) |
(521) |
(74) |
(150) |
(758) |
(88) |
(91) |
Accretion of effective interest |
236 |
336 |
219 |
284 |
288 |
275 |
239 |
428 |
Amortization of other property and equipment |
23 |
31 |
35 |
26 |
30 |
22 |
23 |
27 |
Unit-based compensation expenses |
256 |
206 |
130 |
312 |
73 |
143 |
114 |
(24) |
Provision for non-recoverable capital expenditures (1) |
(658) |
(630) |
(599) |
(580) |
(581) |
(539) |
(478) |
(519) |
Provision for unrecovered rental fees (1) |
(375) |
(375) |
(375) |
(375) |
(375) |
(375) |
(375) |
(376) |
AFFO (1) |
8,882 |
7,923 |
8,581 |
9,173 |
6,849 |
6,853 |
6,453 |
8,459 |
Non-recurring item |
||||||||
Transaction cost on dispositions of investment properties and mortgage early repayment fees |
- |
627 |
93 |
138 |
753 |
109 |
- |
188 |
Recurring AFFO (1) |
8,882 |
8,550 |
8,674 |
9,311 |
7,602 |
6,962 |
6,453 |
8,647 |
AFFO per unit (1) (2) (3) |
10.3¢ |
9.3¢ |
10.1¢ |
10.8¢ |
8.8¢ |
9.2¢ |
8.7¢ |
11.5¢ |
Recurring AFFO per unit (1) (2) (4) |
10.3¢ |
10.0¢ |
10.2¢ |
11.0¢ |
9.7¢ |
9.4¢ |
8.7¢ |
11.8¢ |
AFFO payout ratio (1) |
72.4 % |
80.8 % |
74.4 % |
69.4 % |
85.3 % |
81.3 % |
85.9 % |
65.1 % |
Recurring AFFO payout ratio (1) |
72.4 % |
74.9 % |
73.6 % |
68.3 % |
76.8 % |
80.0 % |
85.9 % |
63.7 % |
(1) |
This is a non-IFRS financial measure. |
(2) |
Including Class B LP units. |
(3) |
The AFFO per unit ratio is calculated by dividing the AFFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). |
(4) |
The recurring AFFO per unit ratio is calculated by dividing the recurring AFFO (1) by the Trust's unit outstanding at the end of the period (including the Class B LP units at outstanding at the end of the period). |
Debt Ratios
The following table summarizes the Trust's debt ratios as at March 31, 2023 and March 31, 2022 and December 31, 2022:
(in thousands of dollars) |
March 31, 2023 |
December 31, 2022 |
March 31, 2022 |
$ |
$ |
$ |
|
Cash and cash equivalents |
(1,669) |
(2,404) |
(40,666) |
Mortgage loans outstanding (1) |
650,454 |
638,441 |
619,555 |
Convertible debentures (1) |
42,912 |
43,170 |
43,569 |
Credit facilities |
25,050 |
9,897 |
35,318 |
Total long-term debt less cash and cash equivalents (2) (3) |
716,747 |
689,104 |
657,776 |
Total gross value of the assets of the Trust less cash and cash equivalents (2) (4) |
1,212,704 |
1,178,049 |
1,091,245 |
Mortgage debt ratio (excluding convertible debentures and credit facilities) (2) (5) |
53.6 % |
54.2 % |
56.8 % |
Debt ratio – convertible debentures (2) (6) |
3.5 % |
3.7 % |
4.0 % |
Debt ratio – credit facilities (2) (7) |
2.1 % |
0.8 % |
3.2 % |
Total debt ratio (2) |
59.1 % |
58.5 % |
60.3 % |
(1) |
Before unamortized financing expenses and fair value assumption adjustments. |
(2) |
This is a non-IFRS financial measure. |
(3) |
Long-term debt cash and cash equivalents is a non-IFRS financial measure, calculated as total of: (i) fixed rate mortgage loans payable; (ii) floating rate mortgage loans payable; (iii) Series G debenture capital amount; (iv) Series F debenture capital adjusted with non-derivative component less conversion options exercised by holders; and (v) credit facilities, less cash and cash equivalents. The most directly comparable IFRS measure to net debt is debt. |
(4) |
Gross value of the assets of the Trust less cash and cash equivalent (GVALC) is a non-IFRS financial measure defined as the Trust total assets adding the cumulated amortization property and equipment and removing the cash and cash equivalent. The most directly comparable IFRS measure to GVALC is total assets. |
(5) |
Mortgage debt ratio is calculated by dividing the mortgage loans outstanding by the GVALC. |
(6) |
Debt ratio – convertible debentures is calculated by dividing the convertible debentures by the GVALC. |
(7) |
Debt ratio – credit facilities is calculated by dividing the credit facilities by the GVALC. |
SOURCE BTB Real Estate Investment Trust
Philippine Soulié, Director of Communications, (T) 514-286-0188 x236, (E) [email protected]
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