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American Residential Properties, Inc. Reports First Quarter 2013 Financial Results



  American Residential Properties, Inc. Reports First Quarter 2013 Financial
                                   Results

PR Newswire

SCOTTSDALE, Ariz., June 24, 2013

SCOTTSDALE, Ariz., June 24, 2013 /PRNewswire/ -- American Residential
Properties, Inc. (the "Company") (NYSE: ARPI) reported today results for the
quarter ended March 31, 2013.

Highlights

  o Acquired 756 single-family homes totaling approximately 1.1 million square
    feet during the first quarter of 2013.

  o Owned a portfolio of 2,531 single-family residential properties
    —approximately 86% leased — for a total investment of $293 million located
    in 16 markets in ten states as of March 31, 2013.

  o Funded $15 million in private mortgage loans during the first quarter of
    2013. Owned $25 million in private mortgage loans with an estimated
    remaining term of 146 days and a weighted-average interest rate of 12.1%,
    as of March 31, 2013.

  o Finalized a $150 million senior secured revolving credit facility from a
    syndicate of major national banks with an accordion feature permitting the
    Company to borrow up to $300 million.

  o Successfully completed the Company's initial public offering, which
    resulted in net proceeds of approximately $265 million, on May 14, 2013.

  o Subsequent to the end of the first quarter of 2013, the Company acquired
    1,064 additional homes for a total purchase price of $123 million and
    contracted to acquire 601 additional homes for a total purchase price of
    $79 million, between April 1, 2013 and May 31, 2013, expanding into two
    additional states.

"We are gratified by the strong support we received from a new and diversified
group of shareholders that contributed to our successful initial public
offering, where we raised approximately $265 million in net proceeds," said
Stephen G. Schmitz, Chairman and Chief Executive Officer of American
Residential Properties, Inc. "We are pioneers in the single-family rental
space and believe that our internally managed and vertically integrated
operating platform combined with our highly disciplined acquisition approach
position us in the forefront of this large and consolidating sector. The
opportunity to acquire homes at attractive prices remains robust as evidenced
by our increased acquisition activity subsequent to quarter end. As important,
we are resident centric and dedicated to creating an unparalleled experience
that will help us both attract and retain our tenants. With increased
liquidity from our initial public offering and our undrawn credit facility, we
have ample resources to define this new single-family rental sector and
deliver attractive risk-adjusted returns to our shareholders."

First Quarter 2013 Financial Results

Total revenue for the quarter ended March 31, 2013 was $5.2 million.

Net loss attributable to common stockholders for the quarter ended March 31,
2013, was $(4.0) million, or $(0.22) per basic and diluted share.

Funds from operations (or FFO) attributable to common stockholders for the
quarter ended March 31, 2013, was $(0.9) million, or $(0.05) per basic and
diluted share.

The Company's March 31, 2013 financial results do not include a comparison of
the comparable period in 2012 because the Company had no operating activity
before May 11, 2012.

Portfolio Highlights

Real Estate Transactions
From January 1, 2013 to March 31, 2013, the Company acquired 756 single-family
homes, of which 66 are in Arizona, 96 are in Georgia, 100 are in Illinois, 265
are in Indiana, 16 are in Nevada, 153 are in North Carolina, 1 is in South
Carolina and 59 are in Texas, and incurred renovation and re-tenancy costs on
the Company's existing portfolio, for a total investment of approximately
$72.5 million.

Portfolio
As of March 31, 2013, American Residential Properties, Inc. owned 2,531
single-family homes in Arizona, California, Florida, Georgia, Illinois,
Indiana, Nevada, North Carolina, South Carolina and Texas with an aggregate
investment of approximately $293.1 million. As of March 31, 2013,
approximately 86% of the Company's portfolio was leased.

Significant Subsequent Events

On May 14, 2013, the Company completed its initial public offering of
13,700,000 shares of its common stock at an offering price of $21.00 per
share, and received approximately $264.6 million of net proceeds, after
deducting the underwriting discounts and commissions, structuring fee and
other offering expenses payable by the Company.

For the period from April 1, 2013 to May 31, 2013, the Company acquired 1,064
single-family homes for a total purchase price of approximately $122.7 million
and contracted to acquire 601 additional homes for a total purchase price of
$78.6 million, of which 186 homes are in Arizona, 4 homes are in California,
75 homes are in Florida, 50 homes are in Georgia, 69 homes are in Illinois,
123 homes are in Indiana, 417 homes are in North Carolina, 1 home is in
Nevada, 12 homes are in Ohio, 12 homes are in South Carolina, 120 homes are in
Tennessee and 596 homes are in Texas. There is no assurance that the Company
will close on the properties it has under contract.

Conference Call

The Company will host a conference call commencing at 11:00 a.m. Eastern Time
on Tuesday, June 25, 2013 to discuss the financial results of the quarter
ended March 31, 2013 and provide a Company update. To participate in the event
by telephone, please dial (800) 446-2782 approximately ten minutes prior to
the start time (to allow time for registration) and use conference ID
35078790. International callers should dial (847) 413-3235 and enter the same
conference ID number.

You may listen to the teleconference via live webcast on the Internet on the
Company's website at www.americanresidentialproperties.com in the Investor
Relations section under the Calendar of Events link. A replay of the call will
also be available for 90 days on the Company's website.

For those unable to participate during the live broadcast, a replay will be
available for two weeks, beginning June 25, 2013 at 1:30 PM Eastern Time until
July 9, 2013 at 11:59 PM Eastern Time. To access the replay, dial (888)
843-7419 and use conference ID 35078790. International callers should dial
(630) 652-3042 and enter the same conference ID number.

Non-GAAP Financial Measures

FFO is a widely recognized measure of real estate investment trust, or REIT,
performance. The Company calculates FFO as defined by the National Association
of Real Estate Investment Trusts, or NAREIT.  FFO represents net income (loss)
(as computed in accordance with U.S. generally accepted accounting principles,
or GAAP), excluding gains from disposition of property (but including
impairments and provisions for losses on property held for sale), plus real
estate-related depreciation and amortization (including capitalized leasing
costs).

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a
supplemental performance measure because, in excluding real estate-related
depreciation and amortization and gains from property dispositions, it
accounts for trends in occupancy rates, rental rates and operating costs.  The
Company also believes that, as a widely recognized measure of the performance
of REITs, FFO will be used by investors as a basis to compare the Company's
operating performance with that of other REITs.

However, because FFO excludes depreciation and amortization and captures
neither the changes in the value of the Company's properties that result from
use or market conditions nor the level of capital expenditures and leasing
commissions necessary to maintain the operating performance of the Company's
properties, all of which have real economic effects and could materially
impact the Company's results of operations, the utility of FFO as a measure of
the Company's performance is limited. Other Equity REITs may not calculate FFO
in accordance with the NAREIT definition and, accordingly, the Company's FFO
may not be comparable to that of other REITs.  As a result, FFO should be
considered only as a supplement to net income (loss) as a measure of the
Company's performance. FFO should not be used as a measure of the Company's
liquidity, nor is it indicative of funds available to fund the Company's cash
needs, including the Company's ability to pay dividends or make distributions.
FFO also should not be used as a supplement to or substitute for net income
(loss) or net cash flows from operating activities (as computed in accordance
with GAAP). 

About American Residential Properties, Inc.

American Residential Properties, Inc. is an internally managed real estate
company, organized as a REIT for federal income tax purposes that acquires,
owns and manages single-family homes as rental properties in select
communities nationwide.  The Company's primary business strategy is to
acquire, restore, lease and manage single-family homes as well-maintained
investment properties to generate attractive, risk-adjusted returns over the
long-term.  With a vertically integrated real estate acquisition and
management platform incorporating disciplined acquisition criteria, extensive
research, seasoned personnel, and comprehensive operations, the Company is
well-positioned to execute its strategy.

Additional information about American Residential Properties, Inc. can be
found on the Company's website at www.americanresidentialproperties.com.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant
to the safe harbor provisions of the Private Securities Reform Act of 1995.
Forward-looking statements are generally identifiable by use of 
forward-looking terminology such as "may," "will," "should," "potential,"
"intend," "expect," "seek," "anticipate," "estimate," "approximately,"
"believe," "could," "project," "predict," "forecast," "continue," "plan" or
other similar words or expressions. Forward-looking statements are based on
certain assumptions and can include future expectations, future plans and
strategies, financial and operating projections or other forward-looking
information. Examples of forward-looking statements include the following:
projections of the Company's revenues and expenses, capital expenditures or
other financial items, including funds from operations; descriptions of the
Company's plans or objectives for future operations, acquisitions,
dispositions, financings or services; forecasts of the Company's future
financial performance and defaults on, early terminations of or non-renewal of
leases by tenants; difficulties in identifying properties to acquire and
completing acquisitions; increased time and/or expense to gain possession and
renovate homes; US GDP growth; estimated sources and uses of available
capital; and descriptions of assumptions underlying or relating to any of the
foregoing expectations regarding the timing of their occurrence. These
forward-looking statements are subject to various risks and uncertainties, not
all of which are known to the Company and many of which are beyond the
Company's control, which could cause actual results to differ materially from
such statements. These risks and uncertainties include, but are not limited
to, the state of the U.S. economy, supply and demand in the single-family
rental industry and other factors as are described in greater detail in the
Company's filings with the Securities and Exchange Commission.

All information in this press release is current as of the date of this
release. The Company undertakes no obligation to update the statements in this
release to conform the statements to actual results or changes in the
Company's expectations.

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share amounts)
                                           March 31, 2013
                                                            December 31, 2012
                                           (unaudited)
Assets
Investment in real estate:
Land                                       $    60,619          $   44,381
Building and improvements                  225,393          171,598
Furniture, fixtures and equipment          3,122            1,994
                                           289,134          217,973
Less: accumulated depreciation             (3,335)          (1,277)
Investment in real estate, net             285,799          216,696
Mortgage financings                        26,474           13,025
Cash and cash equivalents                  45,986           101,725
Acquisition deposits                       781              217
Rents and other receivables, net           1,416            1,703
Due from related party                     104              26
Deferred leasing costs and lease           1,773            1,576
intangibles, net
Deferred financing costs, net              1,489            44
Investment in unconsolidated ventures      10,048           10,060
Goodwill                                   3,500            3,500
Other, net                                 2,187            855
Total assets                               $    379,557         $   349,427
Liabilities and Equity
Liabilities:
Revolving credit facility                  $    31,300          $   -
Accounts payable and accrued expenses      3,280            2,438
Security deposits                          958              626
Prepaid rent                               348              132
Total liabilities                          35,886           3,196
Equity:
American Residential Properties, Inc.
stockholders' equity:
Preferred stock, $0.01 par value,           
100,000,000 shares authorized; no shares                    -
issued and outstanding                     -
Common stock $0.01 par value, 500,000,000
shares authorized; 18,424,857 and
18,387,257 shares issued                   184              184
     and outstanding at March 31, 2013
and December 31, 2012, respectively
Additional paid-in capital                 347,622          346,851
Accumulated deficit                        (10,158)         (6,139)
Total American Residential Properties,     337,648          340,896
Inc. stockholders' equity
Non-controlling interests                  6,023            5,335
Total equity                               343,671          346,231
Total liabilities and equity               $    379,557         $   349,427

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2013 (unaudited)
(amounts in thousands, except share and per-share amounts)
Revenue:
Self-managed rental revenue                                        $  2,951
Preferred operator rental revenue                                     1,371
Management services (related party)                                   104
Interest and other                                                 821
Total revenue                                                      5,247
Expenses:
Property operating and maintenance                                 923
Real estate taxes                                                  497
Homeowners' association fees                                       153
Acquisition                                                        1,775
Depreciation and amortization                                      3,140
General, administrative and other                                  2,537
Interest                                                           371
Total expenses                                                     9,396
Loss from continuing operations before equity in net income of     (4,149)
unconsolidated ventures
Equity in net income of unconsolidated ventures                    90
Net loss and comprehensive loss                                    (4,059)
Net loss and comprehensive loss attributable to non-controlling    40
interests
Net loss and comprehensive loss attributable to common             $  (4,019)
stockholders
Basic and diluted loss per share:
Net loss attributable to common stockholders                       $  (0.22)
Weighted-average number of shares of common stock outstanding      18,414,830

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Reconciliation of Non-GAAP Financial Measures

For the Three Months Ended March 31, 2013 (unaudited)

(amounts in thousands, except share and per-share amounts)
Net loss attributable to common                  $        (4,019)
stockholders
Add: Depreciation and amortization of                     3,101
real estate assets
Deduct: Net loss attributable to                          (40)
non-controlling interests
FFO attributable to common stockholders          $        (958)
and non-controlling interests
FFO attributable to common                       $        (948)
stockholders^(1)
Basic and diluted FFO per share                  $        (0.05)
Weighted-average number of shares of             18,414,830
common stock outstanding
(1) Based on a weighted-average interest in the Company's operating
partnership of approximately 99.00% for the three months ended March 31, 2013.

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Total Portfolio of Single-Family Homes—Summary Statistics

March 31, 2013 (unaudited)
The following table presents summary statistics on our entire portfolio of single-family
homes by metropolitan statistical area, or MSA, and metro division as of March 31, 2013.
                  Number                   Average                    Average   Average
MSA / Metro       of       Aggregate       Investment   Percent       Age       Size
Division          Homes    Investment      Per          Leased^(2)    (years)   (square
                                           Home^(1)                             feet)
Phoenix, AZ        1,045   $ 135,307,596   $  129,481       83     %     17       1,694
Chicago, IL        304     $ 39,756,816    $  130,779       100    %     57       1,396
Inland Empire,     209     $ 36,060,024    $  172,536       70     %     15       1,914
CA
Winston-Salem,     136     $ 15,733,024    $  115,684       82     %     11       1,327
NC
Indianapolis, IN   265     $ 14,194,815    $  53,565        95     %     57       1,199
Dallas-Fort        78      $ 12,381,876    $  158,742       86     %     11       2,141
Worth, TX
Atlanta, GA        169     $ 11,923,660    $  70,554        95     %     20       1,515
Other-California
(non-Inland        82      $ 9,597,854     $  117,047       28     %     36       1,336
Empire)
Las Vegas, NV      63      $ 6,465,244     $  102,623       94     %     14       1,533
Fort Myers, FL     138     $ 6,347,448     $  45,996        100    %     9        1,126
Houston, TX        24      $ 2,867,232     $  119,468       100    %     7        1,808
Raleigh-Cary, NC   6       $ 1,181,004     $  196,834       —      %     13       2,347
Charlotte, NC-SC   11      $ 1,120,097     $  101,827       100    %     6        1,859
Charleston, SC     1       $ 136,520       $  136,520       —      %     7        1,360
Total / Weighted   2,531   $ 293,073,210   $  115,793       86     %     25       1,563
Average

     For self-managed homes, represents average purchase price (including
     broker commissions and closing costs) plus average capital expenditures.
     For preferred operator program homes, represents purchase price
     (including broker commissions and closing costs) paid by us for the
     portfolio divided by the number of homes in the portfolio and does not
     include past, expected or budgeted general and administrative expenses
     associated with ongoing monitoring activities of our investment. The
(1)  preferred operator is obligated to pay for all taxes, insurance, other
     expenses and capital expenditures (including significant capital
     improvements) required for the management, operation and maintenance of
     the properties. Accordingly, absent a default by the preferred operator
     under a long-term lease agreement with us, we expect to incur no expenses
     related to properties under our preferred operator program, other than
     general and administrative expenses associated with ongoing monitoring
     activities of our investment.

     Includes both self-managed homes and preferred operator program homes. We
     classify homes in our preferred operator program as 100% leased, because
     each preferred operator is obligated to pay us 100% of the base rent
     specified in the applicable lease irrespective of whether or not the
     homes are occupied by residential sub-tenants. This does not mean that
     100% of the homes leased to preferred operators are occupied by
(2)  residential sub-tenants. If a preferred operator is unable to lease a
     material portion of the homes it leases from us to residential
     sub-tenants, it may adversely affect such operator's ability to pay rent
     to us under the lease. We are also eligible to receive percentage rents
     on a quarterly basis equal to a fixed percentage of gross revenue that
     the preferred operator collects from its residential sub-tenants who
     occupy the homes.

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Portfolio of Self-Managed Single-Family Homes—Summary Statistics

March 31, 2013 (unaudited)
The following table presents summary statistics on our portfolio of
single-family homes that we manage by MSA and metro division as of March 31,
2013.

                                                                                                                                Leased Homes
                                                                                                                                          Annual
                                                                                                                                          Average
                                                                                                                                Average   Rent per
                          Number     Average      Average        Average                                    Average   Average   Monthly   Leased
MSA / Metro Division                 Purchase     Capital        Investment   Aggregate       Percentage    Age       Size      Rent      Home as a
                          of         Price Per    Expenditures   Per          Investment      Leased        (years)   (square   Per       Percentage
                          Homes      Home^(1)     Per Home^(2)   Home^(3)                                             feet)     Leased    of Average
                                                                                                                                Home      Investment
                                                                                                                                          Per Leased
                                                                                                                                          Home^(4)
                                                                                                                                           
Phoenix, AZ                 887       $ 138,686   $   1,804      $  140,490   $ 124,614,630       80     %    11.2      1,775   $ 1,032              %
                                                                                                                                          8.9
                                                                                                                                           
Inland Empire, CA           209       $ 155,931   $   16,605     $  172,536   $ 36,060,024        70     %    15.4      1,914   $ 1,393              %
                                                                                                                                          9.8
                                                                                                                                           
Winston-Salem, NC           136       $ 115,619   $   65         $  115,684   $ 15,733,024        82     %    11.0      1,327   $ 1,076              %
                                                                                                                                          11.3
                                                                                                                                           
Dallas-Fort Worth, TX       78        $ 157,904   $   838        $  158,742   $ 12,381,876        86     %    11.3      2,141   $ 1,505              %
                                                                                                                                          11.3
                                                                                                                                           
                            82        $ 107,776   $   9,271      $  117,047   $ 9,597,854         28     %    35.6      1,336   $ 1,215              %
Other-California                                                                                                                          10.5
(non-Inland Empire)
                                                                                                                                           
Las Vegas, NV               50        $ 103,084   $   9,012      $  112,096   $ 5,604,800         92     %    6.7       1,620   $ 1,052              %
                                                                                                                                          11.4
                                                                                                                                           
Houston, TX                 24        $ 119,372   $   96         $  119,468   $ 2,867,232         100    %    6.8       1,808   $ 1,213              %
                                                                                                                                          12.2
                                                                                                                                           
Indianapolis, IN            20        $ 101,500   $   65         $  101,565   $ 2,031,300         40     %    7.8       1,480   $ 1,047              %
                                                                                                                                          13.4
                                                                                                                                           
Atlanta, GA                 28        $ 66,659    $   2,174      $  68,833    $ 1,927,324         68     %    26.0      1,429   $ 884                %
                                                                                                                                          15.1
                                                                                                                                           
Raleigh-Cary, NC            6         $ 196,536   $   298        $  196,834   $ 1,181,004         —      %    13.3      2,347   $ —                  %
                                                                                                                                          —
                                                                                                                                           
Charleston, SC              1         $ 136,455   $   65         $  136,520   $ 136,520           —      %    7.3       1,360   $ —                  %
                                                                                                                                          —
                                                                                                                                           
Total / Weighted Average    1,521     $ 135,249   $   4,222      $  139,471   $ 212,135,588       76     %    13.1      1,736   $ 1,115              %
                                                                                                                                          9.6

(1)  Average purchase price includes broker commissions and closing costs.
(2)  Represents average capital expenditures per home as of March 31, 2013.
     Does not include additional expected or future capital expenditures.
(3)  Represents average purchase price plus average capital expenditures.
     Represents annualized average monthly rent per leased home as a
     percentage of our average investment (average purchase price per home
     plus average capital expenditures) per leased home. Does not include a
     provision for payment of ongoing property expenses (such as insurance,
(4)  taxes, HOA fees and maintenance) or an allocation of our general and
     administrative expense, all of which materially impact our results.
     Accordingly, it should not be interpreted as a measure of profitability,
     and its utility in evaluating our business is limited. Average monthly
     rent for leased homes may not be indicative of average rents we may
     achieve on our vacant homes.

 

 

AMERICAN RESIDENTIAL PROPERTIES, INC.

Portfolio of Preferred Operator Program Single-Family Homes—Summary Statistics

March 31, 2013 (unaudited)
The following table presents summary statistics on our portfolio of single-family homes that our preferred
operators manage by MSA and metro division as of March 31, 2013.
                                                                                      Average     Annual
                                                                                      Monthly     Rent as a
               Number   Average                                   Average   Average   Rent Per    Percentage
MSA / Metro    of       Investment   Aggregate      Percent       Age       Size      Home        of Average
Division       Homes    Per          Investment     Leased^(2)    (years)   (square   Paid by     Investment
                        Home^(1)                                            feet)     Preferred   Per
                                                                                      Operator    Home^(4)
                                                                                      to Us^(3)
Chicago, IL     304     $  130,779   $ 39,756,816       100    %     57       1,396   $   781         7.2    %
Indianapolis,   245     $  49,647    $ 12,163,515       100    %     62       1,176   $   372         9.0    %
IN
Phoenix, AZ     158     $  67,677    $ 10,692,966       100    %     47       1,239   $   451         8.0    %
Atlanta, GA     141     $  70,896    $ 9,996,336        100    %     19       1,532   $   473         8.0    %
Fort Myers,     138     $  45,996    $ 6,347,448        100    %     9        1,126   $   307         8.0    %
FL
Charlotte,      11      $  101,827   $ 1,120,097        100    %     6        1,859   $   636         7.5    %
NC-SC
Las Vegas, NV   13      $  66,188    $ 860,444          100    %     42       1,198   $   441         8.0    %
Total
/Weighted       1,010   $  80,136    $ 80,937,622       100    %     44       1,303   $   516         7.7    %
Average

     Represents purchase price (including broker commissions and closing
     costs) paid by us for the portfolio divided by the number of homes in the
     portfolio and does not include past, expected or budgeted general and
     administrative expenses associated with ongoing monitoring activities of
     our investment. The preferred operator is obligated to pay for all taxes,
(1)  insurance, other expenses and capital expenditures (including significant
     capital improvements) required for the management, operation and
     maintenance of the properties. Accordingly, absent a default by the
     preferred operator under a long-term lease agreement with us, we expect
     to incur no expenses related to properties under our preferred operator
     program, other than general and administrative expenses associated with
     ongoing monitoring activities of our investment.
     We classify homes in our preferred operator program as 100% leased,
     because each preferred operator is obligated to pay us 100% of the base
     rent specified in the applicable lease irrespective of whether or not the
     homes are occupied by residential sub-tenants. This does not mean that
     100% of the homes leased to preferred operators are occupied by
(2)  residential sub-tenants. If a preferred operator is unable to lease a
     material portion of the homes it leases from us to residential
     sub-tenants, it may adversely affect such operator's ability to pay rent
     to us under the lease. We are also eligible to receive percentage rents
     on a quarterly basis equal to a fixed percentage of gross revenue that
     the preferred operator collects from its residential sub-tenants who
     occupy the homes.
     Represents the initial annual base rent payable to us by the preferred
     operator pursuant to the portfolio lease divided by 12 and then divided
     by the number of homes included in the lease. Does not include percentage
     rents we are also eligible to receive in addition to base rents on a
(3)  quarterly basis equal to a fixed percentage of gross revenue that the
     preferred operator collects from its residential sub-tenants who occupy
     the homes. The percentage rents we are eligible to receive fluctuate
     based on both the occupancy rates of the underlying homes and the rental
     rates paid by the residential sub-tenants.
(4)  Represents annualized average monthly rent paid by preferred operator to
     us as a percentage of our average investment per home.

 

 

SOURCE American Residential Properties, Inc.

Website: http://www.americanresidentialproperties.com
Contact: INVESTOR CONTACT: American Residential Properties, Inc., Shant
Koumriqian, Chief Financial Officer, IR@amresprop.com, 480-474-4800
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