Company Results

LaSalle Hotel Properties Reports Fourth Quarter and Full Year 2013 Results

RevPAR for the quarter ended December 31, 2013 increased 3.3 percent to $163.96, as a result of a 2.5 percent increase in ADR to $218.55 and a 0.7 percent increase in occupancy to 75.0 percent.

LaSalle Hotel Properties

LaSalle Hotel Properties (NYSE: LHO) announced results for the quarter and year ended December 31, 2013. The Company’s results include the following:

 

               
Fourth Quarter Year-to-Date
  2013   2012   2013   2012
($'s in millions except per share/unit data)
 

Portfolio excluding Park Central Hotel

RevPAR $ 157.05 $ 149.24 $ 167.39 $ 158.48
RevPAR growth 5.2% 5.6%
Hotel EBITDA Margin 29.9% 32.3%
Hotel EBITDA Margin growth 142bps 84bps
 

Entire Portfolio (Including Park Central Hotel)

 

RevPAR $ 163.96 $ 158.78 $ 167.62 $ 163.10
RevPAR growth 3.3% 2.8%
Hotel EBITDA Margin 30.6% 32.2%
Hotel EBITDA Margin growth 20bps 19bps
 
Total Revenue $ 252.0 $ 215.7 $ 977.3 $ 867.1
EBITDA(1) $ 68.6 $ 62.3 $ 290.7 $ 253.5
Adjusted EBITDA(1) $ 72.9 $ 62.2 $ 300.1 $ 263.2
FFO(1) $ 51.5 $ 41.4 $ 215.2 $ 169.6
Adjusted FFO(1) $ 55.8 $ 41.3 $ 224.6 $ 179.3
FFO per diluted share/unit(1) $ 0.50 $ 0.47 $ 2.21 $ 1.97
Adjusted FFO per diluted share/unit(1) $ 0.55 $ 0.47 $ 2.30 $ 2.08
Net income attributable to common shareholders $ 14.7 $ 10.0 $ 71.0 $ 45.1
Net income attributable to common shareholders per diluted share $ 0.14 $ 0.11 $ 0.73 $ 0.52
 

Fourth Quarter Results and Activities

Results excluding Park Central Hotel

  • RevPAR excluding Park Central Hotel: Room revenue per available room (“RevPAR”) for the quarter ended December 31, 2013 increased 5.2 percent to $157.05, as a result of a 3.3 percent increase in average daily rate (“ADR”) to $212.21 and a 1.9 percent increase in occupancy to 74.0 percent.
  • Hotel EBITDA Margin excluding Park Central Hotel: The Company’s hotel EBITDA margin for the fourth quarter was 29.9 percent, a 142 basis point improvement compared to the comparable prior year period.

Entire Portfolio Results

  • RevPAR: RevPAR for the quarter ended December 31, 2013 increased 3.3 percent to $163.96, as a result of a 2.5 percent increase in ADR to $218.55 and a 0.7 percent increase in occupancy to 75.0 percent.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin for the fourth quarter was 30.6 percent, a 20 basis point increase compared to the comparable prior year period.
  • Adjusted EBITDA: The Company’s adjusted EBITDA was $72.9 million, an increase of 17.2 percent over the fourth quarter of 2012. During the fourth quarter of 2013, the Company’s financial results were impacted by $3.3 million of EBITDA displacement from the Park Central and WestHouse renovation project.
  • Adjusted FFO: The Company generated fourth quarter adjusted FFO of $55.8 million, or $0.55 per diluted share/unit, compared to $41.3 million or $0.47 per diluted share/unit for the comparable prior year period.
  • Capital Markets: During the fourth quarter 2013, the Company sold 7,705,000 common shares of beneficial interest, including the exercise of the underwriters’ option to purchase additional shares, at a public offering price of $30.05 per share, resulting in net proceeds of $228.4 million.
  • Capital Investments: The Company invested $34.6 million of capital in its hotels, much of which pertained to the continuation of the Park Central Hotel and WestHouse renovation in New York City. During the fourth quarter, the Company also completed a guestroom renovation at Viceroy Santa Monica. Renovations were commenced at Onyx Hotel in Boston, Hilton Alexandria Old Town, as well as Hotel George and Donovan House in Washington, DC.
  • Dividends: On December 13, 2013, the Company declared a fourth quarter 2013 dividend of $0.28 per common share of beneficial interest.

“We were pleased to complete 2013 with another quarter of strong results, topping off a successful year for the Company,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “LaSalle had a solid year operationally and with respect to acquisitions and capital markets activities. We achieved new portfolio records for ADR, Occupancy, RevPAR and hotel EBITDA margins. As a result, our corporate adjusted EBITDA grew 14 percent during 2013 and AFFO per share was up 11 percent.”

“We opportunistically issued preferred equity at 6.375% and achieved the lowest coupon on record for a lodging REIT,” he continued. “We also made meaningful acquisitions in the high-barrier-to-entry, high-demand markets of San Francisco and Key West.”

“During the last quarter of 2013, we completed our renovation of Park Central Hotel and the creation of WestHouse. We are ecstatic about the product we have to offer at both hotels. The project was transformational and we are very encouraged about the assets’ prospects for growth.”

“As we look to 2014, we started the year strong by extending the maturities and lowering interest costs with respect to our $750.0 million revolver and $300.0 million term loan. Furthermore, we have the ability to expand those instruments by $500.0 million, collectively, providing additional capacity to execute our business plan going forward.”

“Our industry continues to operate in a favorable environment, with an improving economy, continued lodging industry demand growth and limited supply growth. We continue to make impactful investments in our hotel portfolio and are positioned to deliver another year of solid results.”

Full Year 2013 Results and Activities

Results excluding Park Central Hotel

  • RevPAR: RevPAR increased 5.6 percent to $167.39, as a result of a 3.1 percent increase in occupancy to 80.0 percent and a 2.4 percent increase in ADR to $209.19.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin was 32.3 percent, which represents an improvement of 84 basis points compared to 2012.

Entire Portfolio Results

  • RevPAR: RevPAR increased 2.8 percent to $167.62, as a result of a 2.7 percent increase in ADR to $211.52 and a 0.1 percent increase in occupancy to 79.2 percent. In 2013, the Company achieved its highest-ever reported ADR, Occupancy and RevPAR.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin was 32.2 percent, which was its highest-ever reported margin and represents an improvement of 19 basis points compared to 2012.
  • Adjusted EBITDA: The Company’s adjusted EBITDA was $300.1 million, an increase of 14.0 percent over 2012. During 2013, the Company’s financial results were impacted by $11.3 million of EBITDA displacement from the Park Central and WestHouse renovation project.
  • Adjusted FFO: The Company generated adjusted FFO of $224.6 million, or $2.30 per diluted share/unit, an increase of 10.6 percent over the prior year.
  • Acquisitions: The Company invested $303.8 million to acquire four assets. The 2013 acquisitions include the following:
    • Hotel Triton and Harbor Court Hotel, both in San Francisco, CA for $47.8 million on August 1;
    • Serrano Hotel in San Francisco, CA for $71.5 million on August 21; and
    • Southernmost Hotel Collection in Key West, FL for $184.5 million on August 27.
  • Capital Markets: The Company completed several capital markets initiatives during 2013 including the following:
    • During first quarter 2013, the Company sold 4,400,000 Series I Cumulative Redeemable Preferred Shares at a 6.375 percent coupon, resulting in proceeds of $110.0 million.
    • During the second quarter 2013, the Company redeemed 4,000,000 Series G Cumulative Redeemable Preferred Shares, which were subject to a 7.25 percent coupon.
    • During May 2013, the Company sold 721,706 common shares through its ATM program for net proceeds of $19.7 million.
    • During the fourth quarter 2013, the Company sold 7,705,000 common shares of beneficial interest, including the exercise of the underwriters’ option to purchase additional shares, at a public offering price of $30.05 per share, resulting in net proceeds of $228.4 million.
  • Capital Investments: The Company invested $119.4 million of capital in its hotels throughout the year, completing the Park Central and WestHouse renovation in Manhattan, the renovation of Hotel Monaco San Francisco, Hotel Madera in Washington, DC, Hotel Deca in Seattle and the Viceroy Santa Monica. The Company’s 2013 capital expenditures include $57.8 million of costs for the Park Central and WestHouse project. The Company’s capital investments also include the commencement of the renovation of the Onyx Hotel in Boston, Hilton Alexandria Old Town, as well as Hotel George and Donovan House in Washington, DC.

Balance Sheet

As of December 31, 2013, the Company had total outstanding debt of $1.3 billion, including $220.0 million outstanding on its senior unsecured credit facility. Total net debt to trailing 12 month Corporate EBITDA (as defined in the Company’s senior unsecured credit facility) was 3.9 times as of December 31, 2013 and its fixed charge coverage ratio was 3.4 times. For the fourth quarter, the Company’s weighted average interest rate was 3.7 percent. As of December 31, 2013, the Company had $13.4 million of cash and cash equivalents on its balance sheet and capacity of $552.1 million available on its credit facilities.

Subsequent Events

In January 2014, the Company refinanced $1.05 billion of debt, reducing the interest cost on its $750.0 million revolver and $300.0 million five-year term loan. The maturities were extended to January 2019, including two six-month extension options for the revolver, subject to certain conditions. The revolver and term loan include accordion features which, subject to certain conditions, entitle the Company to request additional lender commitments, allowing for total commitments up to $1.05 billion for the revolver and $500.0 million for the term loan.

The interest rate for the new revolver is based on a pricing grid with a range of 170 to 245 basis points over LIBOR, based on the Company’s leverage ratio and is currently LIBOR plus 170 basis points, or 1.86 percent. Pricing for the term loan is LIBOR plus 160 to 235 basis points, based on the Company’s leverage ratio. The term loan remains swapped, locking in LIBOR through August 2017, resulting in a current interest rate of 2.38 percent.

On February 10, 2014, the mezzanine loan on Casa del Mar and Shutters on the Beach was repaid by the borrower. The Company received repayment of the principal amount, which was $72.0 million. The Company acquired the mezzanine loan on July 13, 2012 for $67.4 million. Inclusive of interest payments, the Company’s net profit on its investment was $14.7 million, over 19 months, which represented a 14.2 percent unleveraged IRR. Proceeds from the repayment were used to reduce the outstanding balance on the Company’s revolver.

Hotel Vitale

The Company is under contract to purchase the leasehold interest in Hotel Vitale in San Francisco, CA for $130.0 million. Hotel Vitale is a 200-room hotel located on the Embarcadero. Closing of this transaction is subject to City of San Francisco, as landlord, approving the assignment of the ground lease. The 2014 outlook excludes this potential acquisition.

2014 Outlook

The Company is providing its 2014 outlook, which is based on an economic environment that continues to improve and assumes no acquisitions and no capital markets activities. The acquisition of Hotel Vitale is not included in the 2014 outlook. The Company’s RevPAR growth and financial expectations for 2014 are as follows:

Note: For comparison purposes, the RevPAR outlook for the portfolio excluding Park Central is 3.0 to 6.0 percent.

Other Assumptions

  • The Casa Del Mar and Shutters on the Beach mezzanine loan payoff results in EBITDA reduction of $6.3 million from 2013 to 2014; and
  • Income taxes increase to a normalized run rate of $8.0 - $10.0 million compared to $0.5 million in 2013.

First Quarter 2014 Outlook

Due to the difficult comparison resulting from the presidential inauguration in Washington, DC last year, the Company expects first quarter RevPAR to increase 2.0 percent to 5.0 percent. The Company expects its portfolio to generate adjusted EBITDA of $42.5 million to $45.5 million and adjusted FFO per share/unit of $0.29 to $0.32.

 

   

LASALLE HOTEL PROPERTIES

Consolidated Statements of Operations and Comprehensive Income

(in thousands, except share data)

(unaudited)

 
For the three months ended For the year ended
December 31, December 31,
2013   2012 2013   2012
Revenues:
Hotel operating revenues:
Room $ 171,748 $ 146,015 $ 667,444 $ 595,330
Food and beverage 63,285 54,008 238,682 210,306
Other operating department 15,229   14,405   63,230   56,510  
Total hotel operating revenues 250,262 214,428 969,356 862,146
Other income 1,781   1,236   7,937   4,929  
Total revenues 252,043   215,664   977,293   867,075  
Expenses:
Hotel operating expenses:
Room 45,766 38,361 170,555 150,564
Food and beverage 43,984 38,406 165,855 149,894
Other direct 5,279 4,935 22,445 20,778
Other indirect 62,341   54,276   237,386   212,001  
Total hotel operating expenses 157,370 135,978 596,241 533,237
Depreciation and amortization 36,809 31,452 143,991 124,363
Real estate taxes, personal property taxes and insurance 14,751 11,621 53,374 44,551
Ground rent 2,582 1,975 11,117 8,588
General and administrative 5,777 5,134 22,001 19,769
Acquisition transaction costs (41 ) 441 2,646 4,498
Other expenses 5,443   626   9,361   3,017  
Total operating expenses 222,691   187,227   838,731   738,023  
Operating income 29,352 28,437 138,562 129,052
Interest income 2,467 2,397 9,679 4,483
Interest expense (14,999 ) (14,505 ) (57,516 ) (52,896 )
Income before income tax benefit (expense) 16,820 16,329 90,725 80,639
Income tax benefit (expense) 2,011   (2,142 ) (470 ) (9,062 )
Net income 18,831   14,187   90,255   71,577  
Net income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities (9 ) 0 (17 ) 0
Noncontrolling interests of common units in Operating Partnership (60 ) (57 ) (303 ) (281 )
Net income attributable to noncontrolling interests (69 ) (57 ) (320 ) (281 )
Net income attributable to the Company 18,762 14,130 89,935 71,296
Distributions to preferred shareholders (4,107 ) (4,166 ) (17,385 ) (21,733 )
Issuance costs of redeemed preferred shares 0   0   (1,566 ) (4,417 )
Net income attributable to common shareholders $ 14,655   $ 9,964   $ 70,984   $ 45,146  
 
   

LASALLE HOTEL PROPERTIES

Consolidated Statements of Operations and Comprehensive Income - Continued

(in thousands, except share data)

(unaudited)

 
For the three months ended For the year ended
December 31, December 31,
2013   2012 2013   2012
Earnings per Common Share - Basic:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.14   $ 0.11   $ 0.73   $ 0.52  
Earnings per Common Share - Diluted:
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 0.14   $ 0.11   $ 0.73   $ 0.52  
Weighted average number of common shares outstanding:
Basic 101,585,583 87,186,328 97,041,484 85,757,969
Diluted 101,820,954 87,325,471 97,228,671 85,897,274
 
Comprehensive Income:
Net income $ 18,831 $ 14,187 $ 90,255 $ 71,577
Other comprehensive income (loss):
Unrealized gain (loss) on interest rate derivative instruments 2,120   775   12,375   (7,759 )
Comprehensive income 20,951 14,962 102,630 63,818
Comprehensive income attributable to noncontrolling interests:
Noncontrolling interests in consolidated entities (9 ) 0 (17 ) 0
Noncontrolling interests of common units in Operating Partnership (65 ) (62 ) (340 ) (257 )
Comprehensive income attributable to noncontrolling interests (74 ) (62 ) (357 ) (257 )
Comprehensive income attributable to the Company $ 20,877   $ 14,900   $ 102,273   $ 63,561  
 
   

LASALLE HOTEL PROPERTIES

FFO and EBITDA

(in thousands, except share/unit data)

(unaudited)

 
For the three months ended For the year ended
December 31, December 31,
2013   2012 2013   2012
Net income attributable to common shareholders $ 14,655 $ 9,964 $ 70,984 $ 45,146
Depreciation 36,706 31,326 143,560 123,809
Amortization of deferred lease costs 86 100 355 371
Noncontrolling interests:
Noncontrolling interests in consolidated entities 9 0 17 0
Noncontrolling interests of common units in Operating Partnership 60   57   303     281  
FFO $ 51,516 $ 41,447 $ 215,219 $ 169,607
Pre-opening, management transition and severance expenses 4,693 (93 ) 6,420 1,447
Preferred share issuance costs 0 0 1,566 4,417
Acquisition transaction costs (41 ) 441 2,646 4,498
Non-cash ground rent 324 112 1,305 454
Mezzanine loan discount amortization (669 ) (583 ) (2,524 ) (1,074 )
Adjusted FFO $ 55,823   $ 41,324   $ 224,632   $ 179,349  
Weighted Average number of common shares and units outstanding:
Basic 101,881,883 87,482,628 97,337,784 86,054,269
Diluted 102,117,254 87,621,771 97,524,971 86,193,574
FFO per diluted share/unit $ 0.50 $ 0.47 $ 2.21 $ 1.97
Adjusted FFO per diluted share/unit $ 0.55 $ 0.47 $ 2.30 $ 2.08
 
For the three months ended For the year ended
December 31, December 31,
2013 2012 2013 2012
Net income attributable to common shareholders $ 14,655 $ 9,964 $ 70,984 $ 45,146
Interest expense 14,999 14,505 57,516 52,896
Income tax (benefit) expense (2,011 ) 2,142 470 9,062
Depreciation and amortization 36,809 31,452 143,991 124,363
Noncontrolling interests:
Noncontrolling interests in consolidated entities 9 0 17 0
Noncontrolling interests of common units in Operating Partnership 60 57 303 281
Distributions to preferred shareholders 4,107   4,166   17,385   21,733  
EBITDA $ 68,628 $ 62,286 $ 290,666 $ 253,481
Pre-opening, management transition and severance expenses 4,693 (93 ) 6,420 1,447
Preferred share issuance costs 0 0 1,566 4,417
Acquisition transaction costs (41 ) 441 2,646 4,498
Non-cash ground rent 324 112 1,305 454
Mezzanine loan discount amortization (669 ) (583 ) (2,524 ) (1,074 )
Adjusted EBITDA $ 72,935 $ 62,163 $ 300,079 $ 263,223
Corporate expense 7,842 6,618 29,112 23,621
Interest and other income (4,037 ) (3,526 ) (16,340 ) (9,212 )
Hotel level adjustments, net (146 ) 8,203   (1,082 ) 25,068  
Hotel EBITDA $ 76,594   $ 73,458   $ 311,769   $ 302,700  
 

With respect to Hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

Hotel EBITDA includes all properties owned as of December 31, 2013 for the Company's period of ownership in 2013 and the comparable period in 2012. The above numbers exclude partial ownership for the month of August for Serrano and Southernmost.

   

LASALLE HOTEL PROPERTIES

Hotel Operational Data

Schedule of Property Level Results

(in thousands)

(unaudited)

 
For the three months ended For the year ended
December 31, December 31,
2013   2012 2013   2012
Revenues:
Room $ 171,748 $ 166,327 $ 666,633 $ 649,884
Food and beverage 63,284 61,480 238,502 237,060
Other 15,249   13,784   62,662   58,322  
Total hotel revenues 250,281   241,591   967,797   945,266  
 
Expenses:
Room 45,766 43,282 170,405 163,796
Food and beverage 43,984 43,676 165,727 167,936
Other direct 5,173 4,990 21,961 21,739
General and administrative 20,494 20,209 76,636 74,220
Sales and marketing 15,994 15,748 63,298 62,072
Management fees 8,770 8,819 32,830 32,107
Property operations and maintenance 8,910 9,103 33,483 33,862
Energy and utilities 6,488 6,352 25,846 25,817
Property taxes 13,160 11,530 48,174 44,188
Other fixed expenses 4,948   4,424   17,668   16,829  
Total hotel expenses 173,687   168,133   656,028   642,566  
 
Hotel EBITDA $ 76,594   $ 73,458   $ 311,769   $ 302,700  
 
Hotel EBITDA Margin 30.6 % 30.4 % 32.2 % 32.0 %
 
 

LASALLE HOTEL PROPERTIES

Statistical Data for the Hotels

(unaudited)

   
For the three months ended For the year ended
December 31, December 31,
2013   2012 2013   2012
Total Portfolio
Occupancy 75.0 % 74.5 % 79.2 % 79.2 %
Increase 0.7 % 0.1 %
ADR $ 218.55 $ 213.14 $ 211.52 $ 206.03
Increase 2.5 % 2.7 %
RevPAR $ 163.96 $ 158.78 $ 167.62 $ 163.10
Increase 3.3 % 2.8 %
 

Non-GAAP Financial Measures

FFO, EBITDA and Hotel EBITDA

The Company considers the non-GAAP measures of FFO (including FFO per share/unit), EBITDA and hotel EBITDA to be key supplemental measures of the Company's performance and should be considered along with, but not as alternatives to, net income or loss as a measure of the Company's operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most real estate industry investors consider FFO, EBITDA and hotel EBITDA to be helpful in evaluating a real estate company's operations.

The White Paper on FFO approved by NAREIT in April 2002, as revised in 2011, defines FFO as net income or loss (computed in accordance with GAAP), excluding gains or losses from sales of properties, impairment write-downs and items classified by GAAP as extraordinary, plus real estate-related depreciation and amortization (excluding amortization of deferred finance costs) and after comparable adjustments for the Company's portion of these items related to unconsolidated entities and joint ventures. The Company computes FFO consistent with standards established by NAREIT, which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than the Company.

With respect to FFO, the Company believes that excluding the effect of extraordinary items, real estate-related depreciation and amortization, and the portion of these items related to unconsolidated entities, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance, can facilitate comparisons of operating performance between periods and between REITs, even though FFO does not represent an amount that accrues directly to common shareholders. However, FFO may not be helpful when comparing the Company to non-REITs.

With respect to EBITDA, the Company believes that excluding the effect of non-operating expenses and non-cash charges, and the portion of these items related to unconsolidated entities, all of which are also based on historical cost accounting and may be of limited significance in evaluating current performance, can help eliminate the accounting effects of depreciation and amortization, and financing decisions and facilitate comparisons of core operating profitability between periods and between REITs, even though EBITDA also does not represent an amount that accrues directly to common shareholders.

With respect to hotel EBITDA, the Company believes that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to unconsolidated entities, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.

FFO, EBITDA and hotel EBITDA do not represent cash generated from operating activities as determined by GAAP and should not be considered as alternatives to net income or loss, cash flows from operations or any other operating performance measure prescribed by GAAP. FFO, EBITDA and hotel EBITDA are not measures of the Company's liquidity, nor are FFO, EBITDA and hotel EBITDA indicative of funds available to fund the Company's cash needs, including its ability to make cash distributions. These measurements do not reflect cash expenditures for long-term assets and other items that have been and will be incurred. FFO, EBITDA and hotel EBITDA may include funds that may not be available for management's discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material to operating decisions or the evaluation of the Company's operating performance.

Adjusted FFO and Adjusted EBITDA

The Company presents adjusted FFO (including adjusted FFO per share/unit) and adjusted EBITDA, which adjusts for certain additional items including gains on sale of property and impairment losses (to the extent included in EBITDA), acquisition transaction costs, costs associated with the departure of executive officers, costs associated with the recognition of issuance costs related to the calling of preferred shares and certain other items. The Company excludes these items as it believes it allows for meaningful comparisons with other REITs and between periods and is more indicative of the ongoing performance of its assets. As with FFO, EBITDA, and hotel EBITDA, the Company’s calculation of adjusted FFO and adjusted EBITDA may be different from similar adjusted measures calculated by other REITs.



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