Company Results

FelCor First Quarter 2014 Same-store Adjusted EBITDA Increased 18%

RevPAR for 49 comparable hotels increased 7.0% - Adjusted FFO per share improved from $(0.01) to $0.03.

FelCor

FelCor Lodging Trust Incorporated (NYSE: FCH) reported operating results for the quarter ended March 31, 2014.

Highlights

  • RevPAR for 49 comparable hotels increased 7.0%.
  • Adjusted FFO per share improved from $(0.01) to $0.03.
  • Adjusted EBITDA increased by $3.4 million to $41.1 million, and Same-store Adjusted EBITDA increased by $6.1 million, or 18%, to $39.9 million.
  • Net loss per share improved by $0.09 to $0.20.
  • Two non-strategic hotels were sold for gross proceeds of $41 million. Five other hotels are under contract to sell for gross proceeds of $114 million.

“I am very pleased with our performance in the first quarter. We exceeded our expectations, and RevPAR for our comparable portfolio once again outperformed the industry,” said Richard A. Smith, President and Chief Executive Officer of FelCor. “We have positioned FelCor to deliver sustainable growth by assembling a high-quality and diverse portfolio, and we will continue to leverage our strengths to outperform the industry and drive superior stockholder value.”

Mr. Smith added, “We continue to make very good progress on our balance sheet restructuring and portfolio positioning, with two non-strategic hotels sold so far this year and five others under contract. During 2014, we plan to sell most of our 19 remaining non-strategic hotels and repay our 2014 debt maturities with the proceeds. In addition, the Knickerbocker redevelopment remains on schedule and budget, and we look forward to a strong opening in early fall.”

Hotel Results

RevPAR for our 31 comparable core hotels (39 core hotels that exclude Wyndham hotels converted from Holiday Inn on March 1, 2013) increased 7.9% compared to the same period in 2013, while RevPAR for our 18 non-strategic hotels increased 4.5%.

RevPAR for our 49 comparable hotels (31 comparable core hotels plus 18 non-strategic hotels) was $112.02, a 7.0% increase compared to the same period in 2013. The increase reflects a 4.9% increase in ADR to $155.85 and a 2.0% increase in occupancy to 71.9%. Hotel EBITDA for our 49 comparable hotels was $44.5 million, a 14.4% increase, and Hotel EBITDA margin was 23.1% during the quarter, a 158 basis point increase.

The comparable hotels metric that excludes the recently-converted Wyndham hotels is the most appropriate measure to assess the current operating performance of our portfolio. RevPAR for those eight hotels converted to Wyndham in 2013 increased 2.7% for the first quarter compared to the same period in 2013, a significant improvement from the fourth quarter 2013 decline of 11.6%. We expect revenues at these hotels to grow meaningfully during 2014 and beyond, as the transitional disruption subsides. Wyndham Worldwide Corporation has guaranteed minimum annual NOI for the eight hotels over the ten-year term of the management agreement. We do not expect the amount funded by Wyndham under the 2014 guaranty to be significant.

RevPAR for our 57 Same-store hotels (49 comparable hotels plus the recently-converted Wyndham hotels) was $108.90, a 6.4% increase compared to the same period in 2013. The increase reflects a 4.8% increase in ADR to $154.36 and a 1.6% increase in occupancy to 70.5%.

See page 14 for hotel portfolio composition and pages 15 and 20 for more detailed hotel portfolio operating data.

Operating Results

Same-store Adjusted EBITDA was $39.9 million, compared to $33.8 million for the same period in 2013, an 18% increase. Adjusted EBITDA (which includes Adjusted EBITDA for sold hotels prior to sale) was $41.1 million compared to $37.7 million for the same period in 2013, a 9.1% increase.

Adjusted FFO was $4.1 million, or $0.03 per share, compared to a loss of $773,000, or $0.01 per share, in 2013. Net loss attributable to common stockholders was $24.5 million, or $0.20 per share, in 2014, compared to a net loss of $35.9 million, or $0.29 per share, in 2013. Net loss in 2014 included a $5.8 million net gain on asset sales.

EBITDA, Adjusted EBITDA, Same-store Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA margin, FFO, Adjusted FFO and Adjusted FFO per share are all non-GAAP financial measures. See our discussion of “Non-GAAP Financial Measures” beginning on page 17 for a reconciliation of each of these measures to the most comparable GAAP financial measure and for information regarding the use, limitations and importance of these non-GAAP financial measures.

Portfolio Repositioning

During 2014, we sold a 232-room Embassy Suites hotel in Atlanta for $17.2 million and a 218-room Embassy Suites hotel in Bloomington, Minnesota, for $24 million. Since December 2010, we have sold 26 non-strategic hotels, for total gross proceeds of $573 million, as part of our portfolio repositioning program.

We also have agreed to sell a 208-room DoubleTree Suites in Charlotte, North Carolina, for $37 million and a 196-room DoubleTree Suites in Dana Point, California, for $32.9 million. In addition, we have executed contracts to sell three hotels for total gross proceeds of $44.0 million. Of the five hotels currently under contract, we expect four to sell during the second quarter and one to sell during the third quarter.

Following the sale of those hotels currently under contract, we will have 14 remaining non-strategic hotels. Of the remaining hotels, we are currently marketing three and expect to begin marketing another hotel later this year. We indirectly own 50% interests in the other 10 non-strategic hotels, which are owned by a joint venture with one of our brand-managers. We have made substantial progress with our partner to unwind that joint venture, as a consequence of which we would own five of those hotels outright (our joint venture partner would own the other five). When the joint venture is unwound (which we are targeting to occur in the second quarter), we intend to begin marketing those hotels immediately.

Capital Expenditures

During the quarter, we invested $29.1 million in capital expenditures at our operating hotels, including approximately $11.0 million for redevelopment projects and repositioning our Wyndham hotels.

During 2014, we will invest approximately $60 million in capital improvements and renovations, concentrated at seven hotels, as part of our long-term capital plan. In addition, we are investing approximately $25 million to complete the repositioning of our Wyndham portfolio. Please see page 12 of this release for more detail on renovations.

Knickerbocker

We have invested $85.6 million (excluding initial acquisition costs and capitalized interest) through March 31, 2014 to redevelop the 4+ star Knickerbocker Hotel. Our total expected project cost remains $240 million (net of historic tax credits), and we expect the hotel to open in early fall.

The hotel’s executive team is in place and fully engaged to ensure a successful and strong opening. In early 2014, we finalized an agreement with Charlie Palmer, one of the nation’s most recognized master chefs, to manage the food and beverage operations. In addition, the Knickerbocker will be a member of Leading Hotels of the World, the largest collection of luxury hotels.

Our Knickerbocker Hotel joint venture raised $45 million by selling 3.5% preferred equity through the EB-5 immigrant investor program. The venture received $41.5 million in proceeds during the first quarter of 2014, and the remaining $3.5 million will be received as investors’ visas are approved by the government. We used our 95% share of the proceeds to repay borrowings under our line of credit.

Balance Sheet

As of March 31, 2014, we had $1.6 billion of consolidated debt bearing a 6.3% weighted-average interest rate and a six-year weighted-average maturity. We had $73.5 million of cash and cash equivalents and $67.0 million of restricted cash, of which $51.9 million secured our Knickerbocker construction loan.

During the quarter, we repaid two loans (each secured by a different hotel) maturing in 2014 totaling $28 million. We will use the proceeds from future asset sales to repay additional debt.

Common Dividend

During the first quarter, we declared a $0.02 per share common stock dividend, which was paid in April. Future quarterly dividends will be based on funds available for distribution (“FAD”), reinvestment opportunities within our portfolio and taxable income, among other things.

Outlook

Our 2014 outlook reflects continued strong fundamentals for the lodging industry. Our expected RevPAR growth reflects a premium to the industry because of both our high-quality diverse portfolio and continued strong growth at our acquired and recently redeveloped hotels. We have also increased our RevPAR and EBITDA outlook primarily to reflect better than expected first quarter results. Our outlook reflects selling all remaining 19 non-strategic hotels. Both the low and high end of our guidance assumes the sale of the five hotels currently under contract (four in the second quarter and one in the third quarter). The low end of our outlook assumes that the remaining 14 hotels are sold in the third quarter. The high end of our outlook assumes two hotels are sold in the third quarter, and the 12 remaining hotels are sold during the fourth quarter. Our outlook assumes EBITDA for the Wyndham hotels equates to the amount of Wyndham’s annual NOI guaranty.

During 2014, we expect:

  • RevPAR for comparable hotels (49 hotels) will increase 6.5% to 7.5% and RevPAR for Same-store hotels (57 hotels) will increase 7.75% to 8.75%;
  • Adjusted EBITDA will be in the range of $206.0 million to $217.0 million;
  • Adjusted FFO per share will be $0.53 to $0.59;
  • Net loss attributable to FelCor will be $30.0 million to $26.5 million; and
  • Interest expense, including our pro rata share from joint ventures, will be $94.0 million to $97.5 million.

The following table reconciles our 2014 Adjusted EBITDA to Same-store Adjusted EBITDA outlook (in millions):

(a)  

The decrease in the high end reflects the lost EBITDA that would be recognized with respect to four hotels that we previously assumed would sell in the third quarter and we now assume will be sold during the second quarter.

(b) EBITDA that is forecasted to be generated by 21 hotels that we assume will be sold from January 1, 2014 through the dates of sale.
 

About FelCor

FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned brands and premier independent hotels. 

SUPPLEMENTAL INFORMATION

INTRODUCTION

The following information is presented in order to help our investors understand FelCor’s financial position as of and for the three months ended March 31, 2014.

 

TABLE OF CONTENTS

 
Page
Consolidated Statements of Operations(a) 8
Consolidated Balance Sheets(a) 9
Consolidated Debt Summary 10
Schedule of Encumbered Hotels 11
Capital Expenditures 12
Hotels Under Renovation During 2014 12
Supplemental Financial Data 13
Hotel Portfolio Composition 14
Hotel Operating Statistics by Brand 15
Hotel Operating Statistics by Market 16
Historical Quarterly Operating Statistics 17
Non-GAAP Financial Measures 17
   
 
Consolidated Statements of Operations

(in thousands, except per share data)

 
Three Months Ended
March 31,
2014   2013
Revenues:
Hotel operating revenue:
Room $ 169,829 $ 160,507
Food and beverage 39,785 36,943
Other operating departments 11,408 11,088
Other revenue   327     399  
Total revenues   221,349     208,937  
Expenses:
Hotel departmental expenses:
Room 46,733 44,870
Food and beverage 31,187 30,246
Other operating departments 5,603 5,289
Other property-related costs 61,578 59,428
Management and franchise fees 9,013 9,163
Taxes, insurance and lease expense 23,633 22,164
Corporate expenses 7,825 7,832
Depreciation and amortization 29,601 29,755
Conversion expenses 628
Other expenses   2,014     821  
Total operating expenses   217,187     210,196  
Operating income (loss) 4,162 (1,259 )
Interest expense, net (25,227 ) (26,285 )
Debt extinguishment   (6 )    
Loss before equity in income from unconsolidated entities (21,071 ) (27,544 )
Equity in income from unconsolidated entities   643     89  
Loss from continuing operations (20,428 ) (27,455 )
Income from discontinued operations   135     850  
Loss before gain on sale of property (20,293 ) (26,605 )
Gain on sale of property, net   5,457      
Net loss (14,836 ) (26,605 )
Net loss attributable to noncontrolling interests in other partnerships 78 240
Net loss attributable to redeemable noncontrolling interests in FelCor LP 121 180
Preferred distributions - consolidated joint venture   (181 )    
Net loss attributable to FelCor (14,818 ) (26,185 )
Preferred dividends   (9,678 )   (9,678 )
Net loss attributable to FelCor common stockholders $ (24,496 ) $ (35,863 )
Basic and diluted per common share data:
Loss from continuing operations $ (0.20 ) $ (0.30 )
Net loss $ (0.20 ) $ (0.29 )
Basic and diluted weighted average common shares outstanding   124,146     123,814  
     
 
Consolidated Balance Sheets

(in thousands)

 
March 31, December 31,
2014 2013
Assets
Investment in hotels, net of accumulated depreciation of $915,561 and $929,801 at March 31, 2014 and December 31, 2013, respectively $ 1,611,247 $ 1,653,267
Hotel development 236,729 216,747
Investment in unconsolidated entities 44,634 46,943
Hotel held for sale 19,137 16,319
Cash and cash equivalents 73,526 45,645
Restricted cash 67,047 77,227
Accounts receivable, net of allowance for doubtful accounts of $179 and $262 at March 31, 2014 and December 31, 2013, respectively 34,486 35,747
Deferred expenses, net of accumulated amortization of $21,360 and $20,362 at March 31, 2014 and December 31, 2013, respectively 27,635 29,325
Other assets   22,828     23,060  
Total assets $ 2,137,269   $ 2,144,280  
Liabilities and Equity
Debt, net of discount of $3,190 and $4,714 at March 31, 2014 and December 31, 2013, respectively $ 1,640,628 $ 1,663,226
Distributions payable 11,195 11,047
Accrued expenses and other liabilities   152,103     150,738  
Total liabilities   1,803,926     1,825,011  
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 618 units issued and outstanding at March 31, 2014 and December 31, 2013   5,583     5,039  
Equity:
Preferred stock, $0.01 par value, 20,000 shares authorized:
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,004 and $322,011, issued and outstanding at March 31, 2014 and December 31, 2013, respectively 309,354 309,362
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at March 31, 2014 and December 31, 2013 169,412 169,412
Common stock, $0.01 par value, 200,000 shares authorized; 124,186 and 124,051 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively 1,242 1,240
Additional paid-in capital 2,354,613 2,354,328
Accumulated other comprehensive income 24,320 24,937
Accumulated deficit   (2,596,294 )   (2,568,350 )
Total FelCor stockholders’ equity 262,647 290,929
Noncontrolling interests in other partnerships 24,204 23,301
Preferred equity in consolidated joint venture, liquidation value of $41,464   40,909      
Total equity   327,760     314,230  
Total liabilities and equity $ 2,137,269   $ 2,144,280  
           
 
Consolidated Debt Summary

(dollars in thousands)

 

Encumbered

Hotels

Interest

Rate (%)

Maturity Date

March 31,

2014

December 31,

2013

Line of credit 9 LIBOR + 3.375 June 2016(a) $ 93,000 $ 88,000
Hotel mortgage debt
Mortgage debt(b) 3 6.58 July - August 2014 34,821 35,133
Mortgage debt 1 5.81 July 2016 9,772 9,904
Mortgage debt(b) 4 4.95 October 2022 125,871 126,220
Mortgage debt 1 4.94 October 2022 31,589 31,714
Senior notes
Senior secured notes 11 10.00 October 2014 230,714 229,190
Senior secured notes 6 6.75 June 2019 525,000 525,000
Senior secured notes 9 5.625 March 2023 525,000 525,000
Knickerbocker loan(c)
Construction tranche LIBOR + 4.00 May 2016 12,994

Cash collateralized tranche

LIBOR + 1.25 May 2016 51,867 64,861
Retired debt     28,204
Total 44 $ 1,640,628 $ 1,663,226
   
 
Schedule of Encumbered Hotels

(dollars in millions)

 
Consolidated March 31, 2014
Debt Balance Encumbered Hotels
Line of credit   $ 93   Charleston Mills House - WYN, Charlotte SouthPark - DT, Dana Point - DT, Houston Medical Center - WYN, Mandalay Beach - ES, Miami International Airport - ES, Philadelphia Historic District - WYN, Pittsburgh University Center - WYN and Santa Monica at the Pier - WYN
CMBS debt(a) $ 35 Austin - DTGS, BWI Airport - ES and Orlando Airport - HI
CMBS debt $ 10 Indianapolis North - ES
CMBS debt(a) $ 126 Birmingham - ES, Ft. Lauderdale - ES, Minneapolis Airport - ES and Napa Valley - ES
CMBS debt $ 32 Deerfield Beach - ES
Senior secured notes (10.00%) $ 231 Atlanta Airport - SH, Boston Beacon Hill - WYN, Myrtle Beach Resort - ES, Nashville Opryland - Airport - HI, New Orleans French Quarter - WYN, Orlando Walt Disney World® - DT, San Diego Bayside - WYN, San Francisco Waterfront - ES, San Francisco Fisherman’s Wharf - HI, San Francisco Union Square - MAR and Toronto Airport - HI
Senior secured notes (6.75%) $ 525 Boston Copley - FMT, Indian Wells Esmeralda Resort & Spa - REN, LAX South - ES, Morgans, Royalton and St. Petersburg Vinoy Resort & Golf Club - REN
Senior secured notes (5.625%) $ 525 Atlanta Buckhead - ES, Boston Marlboro - ES, Burlington - SH, Dallas Love Field - ES, Milpitas - ES, Myrtle Beach Resort - HIL, Orlando South - ES, Philadelphia Society Hill - SH and SF South San Francisco - ES
   
 
Capital Expenditures

(in thousands)

 
Three Months Ended
March 31,
2014   2013
Improvements and additions to majority-owned hotels $ 28,617 $ 23,342
Partners’ pro rata share of additions to consolidated joint venture hotels (93 ) (158 )
Pro rata share of additions to unconsolidated hotels   623     337  
Total additions to hotels(a) $ 29,147   $ 23,521  
           

Hotels Under Renovation During 2014

 

Primary Areas

Start Date

End Date

Burlington - SH guestrooms, exterior Nov-2013 May-2014
San Francisco Fisherman’s Wharf - HI guestrooms, public areas, F&B Nov-2013 Mar-2014
San Diego - WYN(a) guestrooms, public areas Nov-2013 May-2014
San Francisco Waterfront-ES(b) guestrooms, F&B Dec-2013

Jul-2014

LAX- ES(c) public areas, F&B Feb-2014 May-2014
New Orleans - WYN(a) guestrooms, public areas

May-2014

Oct-2014

Dallas Love Field - ES guestrooms, F&B

Jun-2014

Sep-2014

Nashville - HI public areas, F&B

Jul-2014

Oct-2014

Ft. Lauderdale - ES(d) guestrooms

Aug-2014

Dec-2014

     
 
Supplemental Financial Data

(in thousands, except per share data)

 
March 31, December 31,

Total Enterprise Value

2014 2013
Common shares outstanding 124,186 124,051
Units outstanding   618     618  
Combined shares and units outstanding 124,804 124,669
Common stock price $ 9.04   $ 8.16  
Market capitalization $ 1,128,228 $ 1,017,299
Series A preferred stock(a) 309,354 309,362
Series C preferred stock(a) 169,412 169,412
Preferred equity - Knickerbocker joint venture, net(b) 38,864
Consolidated debt(b) 1,640,628 1,663,226
Noncontrolling interests of consolidated debt (2,694 ) (2,719 )
Pro rata share of unconsolidated debt 73,460 73,179
Hotel development (236,729 ) (216,747 )
Cash, cash equivalents and restricted cash(c)   (140,573 )   (122,872 )
Total enterprise value (TEV) $ 2,979,950   $ 2,890,140  
         
 
Hotel Portfolio Composition
 

The following table illustrates the distribution of same-store hotels.

 

Brand

Hotels Rooms

2013 Hotel Operating

Revenue

(in thousands)

2013 Hotel

EBITDA

(in thousands)(a)

Embassy Suites Hotels 18 4,982 $ 255,744 $ 81,062
Wyndham and Wyndham Grand(b) 8 2,528 103,931 35,046
Renaissance and Marriott 3 1,321 119,838 21,341
DoubleTree by Hilton and Hilton 3 802 41,106 12,621
Sheraton and Westin 2 673 37,996 10,174
Fairmont 1 383 49,104 7,845
Holiday Inn 2 968 46,403 6,406
Morgans and Royalton 2 285   34,340   3,514
Core hotels 39 11,942 688,462 178,009
Non-strategic hotels(c) 18 5,046   184,125   45,611
Same-store hotels 57 16,988 $ 872,587 $ 223,620
 

Market

San Francisco area 5 1,903 $ 124,825 $ 31,587
Boston 3 916 76,510 17,794
South Florida 3 923 50,011 14,305
Los Angeles area 2 481 23,760 10,451
Myrtle Beach 2 640 37,955 10,120
Tampa 1 361 46,423 7,435
New York area 3 546 48,045 6,761
Philadelphia 2 728 34,271 7,567
Austin 1 188 13,126 5,680
Atlanta 1 316 14,016 5,491
Other markets 16 4,940   219,520   60,818
Core hotels 39 11,942 688,462 178,009
Non-strategic hotels(c) 18 5,046   184,125   45,611
Same-store hotels 57 16,988 $ 872,587 $ 223,620
 

Location

Urban 17 5,310 $ 323,304 $ 81,351
Resort 9 2,733 185,264 41,294
Airport 8 2,621 122,734 37,364
Suburban 5 1,278   57,160   18,000
Core hotels 39 11,942 688,462 178,009
Non-strategic hotels(c) 18 5,046   184,125   45,611
Same-store hotels 57 16,988 $ 872,587 $ 223,620
(a)   Hotel EBITDA is more fully described on page 24.
(b) These hotels were converted to Wyndham on March 1, 2013.
(c)

Excludes hotel held for sale as of March 31, 2014.

 
 

The following tables set forth occupancy, ADR and RevPAR for the three months ended March 31, 2014 and 2013, and the percentage changes therein for the periods presented, for our same-store Consolidated Hotels.

   

Hotel Operating Statistics by Brand

 
Occupancy (%)
Three Months Ended    
March 31,
2014     2013 %Variance
Embassy Suites Hotels 76.8 74.1 3.7
Renaissance and Marriott 75.6 74.8 1.1
DoubleTree by Hilton and Hilton 64.4 59.8 7.8
Sheraton and Westin 56.4 58.2 (3.0 )
Fairmont 58.6 60.3 (2.9 )
Holiday Inn 64.5 68.4 (5.7 )
Morgans and Royalton 79.4 81.0 (2.0 )
Comparable core hotels (31) 72.2 70.9 1.8
Non-strategic hotels (18)(a) 71.3 69.7 2.3
Comparable hotels (49) 71.9 70.5 2.0
Wyndham and Wyndham Grand(b) 62.9 63.6 (1.0 )
Same-store hotels (57) 70.5 69.5 1.6
ADR ($)
Three Months Ended
March 31,
2014 2013 %Variance
Embassy Suites Hotels 166.71 157.30 6.0
Renaissance and Marriott 236.72 221.01 7.1
DoubleTree by Hilton and Hilton 156.22 155.48 0.5
Sheraton and Westin 127.91 125.38 2.0
Fairmont 238.07 221.26 7.6
Holiday Inn 131.81 112.44 17.2
Morgans and Royalton 258.62 260.05 (0.5 )
Comparable core hotels (31) 176.24 166.29 6.0
Non-strategic hotels (18)(a) 117.30 114.77 2.2
Comparable hotels (49) 155.85 148.56 4.9
Wyndham and Wyndham Grand(b) 144.62 139.38 3.8
Same-store hotels (57) 154.36 147.30 4.8
RevPAR ($)
Three Months Ended
March 31,
2014 2013 %Variance
Embassy Suites Hotels 128.06 116.56 9.9
Renaissance and Marriott 178.95 165.32 8.2
DoubleTree by Hilton and Hilton 100.65 92.96 8.3
Sheraton and Westin 72.20 72.93 (1.0 )
Fairmont 139.46 133.52 4.4
Holiday Inn 85.01 76.89 10.6
Morgans and Royalton 205.34 210.76 (2.6 )
Comparable core hotels (31) 127.25 117.93 7.9
Non-strategic hotels (18)(a) 83.62 80.00 4.5
Comparable hotels (49) 112.02 104.73 7.0
Wyndham and Wyndham Grand(b) 90.99 88.60 2.7
Same-store hotels (57) 108.90 102.31 6.4

   
 

Hotel Operating Statistics by Market

 
Occupancy (%)
Three Months Ended    
March 31,
2014     2013 %Variance
San Francisco area 72.0 74.3 (3.2 )
Boston 60.8 63.0 (3.4 )
South Florida 91.2 90.8 0.4
Los Angeles area 82.7 76.9 7.5
Myrtle Beach 45.5 37.0 22.9
Tampa 86.1 83.7 2.9
New York area 71.7 73.3 (2.2 )
Philadelphia 59.7 53.0 12.7
Austin 78.4 80.3 (2.4 )
Atlanta 75.5 72.3 4.5



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