Granite Real Estate Investment Trust and Granite REIT Inc.
(TSX: GRT.UN; NYSE: GRP.U) (“Granite” or the “Trust”) announced
today its combined results for the three and nine month periods
ended September 30, 2020 and announced new acquisitions of
approximately $164 million as well as a distribution increase of
3.4% effective with the December 2020 distribution.
HIGHLIGHTS
Highlights for the three month period ended September 30, 2020,
including events subsequent to the quarter, are set out below:
- Granite’s net operating income (“NOI”) was $76.5 million in the
third quarter of 2020 compared to $60.1 million in the prior year
period, an increase of $16.4 million primarily as a result of
acquisition activity beginning in the third quarter of 2019;
- Same property NOI – cash basis(4) increased by 3.0% and 4.2%
for the three and nine month periods ended September 30, 2020,
respectively, excluding the impact of foreign exchange;
- Funds from operations (“FFO”)(1) was $55.5 million ($0.96 per
unit) in the third quarter of 2020 compared to $45.8 million ($0.93
per unit) in the third quarter of 2019. Included in FFO this
quarter is a $1.1 million expense relating to severance costs
associated with the departure of a senior executive. Excluding
severance costs, FFO per unit for the third quarter would have been
$0.98 per unit;
- Adjusted funds from operations (“AFFO”)(2) was $52.7 million
($0.91 per unit) in the third quarter of 2020 compared to $44.4
million ($0.90 per unit) in the third quarter of 2019. Excluding
the above-mentioned severance costs, AFFO per unit for the third
quarter of 2020 would have been $0.93 per unit;
- AFFO payout ratio(3) was 80% for the third quarter of 2020
compared to 78% in the third quarter of 2019;
- Granite’s net income attributable to stapled unitholders
decreased to $105.2 million in the third quarter of 2020 from
$114.5 million in the prior year period primarily due to a $16.1
million decrease in net fair value gains on investment properties,
a $2.7 million increase in general and administrative expenses, a
$2.3 million increase in income tax expense and a $3.0 million
decrease in interest expense partially offset by a $16.4 million
increase in net operating income as noted above;
- On July 1, 2020, Granite closed on the previously announced
acquisitions of the remaining two of the three state-of-the-art
facilities located in Ede and Tilburg, Netherlands. Granite
acquired the property located at Francis Baconstraat 4, Ede,
Netherlands for $21.4 million (€14.0 million). The Ede property is
100% leased to ERIKS, a global industrial service provider, and
recently received a BREEAM “Very Good” sustainability
certification. The property located at De Kroonstraat 1, Tilburg,
Netherlands was acquired for $71.7 million (€46.9 million)
excluding unpaid construction costs and holdbacks of $11.8
million(€7.6 million) related to a 0.1 million square foot
expansion, expected to be paid during the fourth quarter of 2020.
The acquisition includes approximately 1.8 acres of additional land
for potential future expansion. The Tilburg property is 100% leased
to Decathlon, the world’s largest sports retailer and the property
is expected to receive a BREEAM “Excellent” sustainability
certification in Q1 2021;
- On July 8, 2020, Granite closed the previously announced
acquisition of the fifth of five income-producing properties
located in the Midwest United States for $45.1 million (US$33.3
million) excluding transaction costs. The property, located at 5415
Centerpoint Parkway in Columbus, Ohio, is a 100% leased modern
distribution warehouse facility located in close proximity to
extensive highways, air and rail systems;
- On September 14, 2020, Granite disposed of two Magna tenanted
properties located in Tecumseh and St. Catharines, Ontario for
total proceeds of $23.5 million;
- On October 23, 2020, Granite disposed of a Magna tenanted
property located in Barcelona, Spain for gross proceeds of $7.8
million (€5 million). Post completion of the dispositions in Canada
and Spain, Granite’s overall exposure to Magna is reduced to 30% of
total GLA and 37% of total annualized revenue; and
- On November 4, 2020, the Trust increased its targeted
annualized distribution by 3.4% to $3.00 ($0.25 cents per month)
per stapled unit from $2.90 per stapled unit to be effective upon
the declaration of the distribution in respect of the month of
December 2020 and payable in mid-January 2021.
NEW ACQUISITIONS
- On September 1, 2020, Granite closed on the acquisition of 8995
Airport Road, a 0.1 million square foot, 26’ clear height modern
distribution facility situated on 5.5 acres of land in Brampton,
Ontario. The property was acquired at a purchase price of $22.2
million through a sale-leaseback of the Canadian headquarters with
GameStop Corporation for an initial term of approximately 5 years
and representing an in-going yield of 5.1%. The property is well
located within the GTA’s Brampton sub-market, with easy access to
the 400 series Highway network and in close proximity to Pearson
International airport;
- On September 28, 2020, Granite closed on the acquisition of
four industrial buildings in Mississauga, Ontario collectively
totaling 0.1 million square feet on 6.1 acres of contiguous land
for consideration of $19.5 million. The properties are 100% leased
to 4 tenants for a weighted average lease term of 5.6 years, and
representing an in-going yield of 4.1%. The current in place rents
are significantly below market, providing a strong mark-to-market
opportunity on lease rollover. The properties are strategically
located at the intersection of Highways 401, 410 and 403 within the
Mississauga industrial sub-market, the GTA’s largest and most
active distribution node;
- On September 30, 2020, Granite closed on the acquisition of 555
Beck Crescent in Ajax, Ontario, through a sale-leaseback for
consideration of $15.4 million. The 0.1 million square foot, 24’
clear height light manufacturing industrial facility is fully
leased for an initial term of 10.0 years, with contractual rent
escalations, representing an in-going yield of 4.6%. The property
is well located in the GTA’s east sub-market, with easy access to
the 400 series Highway network. The 7.6 acre site contains excess
land which can support a building expansion of approximately 0.04
million square feet, providing the potential for additional income
and return enhancement in the future; and
- Granite has agreed to acquire 8500 Tatum Road, a 1.0 million
square foot, 36’ clear height modern warehouse distribution
facility situated on 83.5 acres in the city of Atlanta, Georgia,
for approximately $107 million (US $80.3 million). The
state-of-the-art facility was completed in 2019 and is 100% leased
to PVH Corp. for a remaining lease term of 15 years. The property,
which serves as PVH Corp.’s primary e-commerce distribution
facility, is being acquired at an in-going yield of 4.4%. The
acquisition is subject to customary closing conditions and is
expected to close in the fourth quarter of 2020. The property is
well positioned in Atlanta’s Palmetto sub-market within Atlanta’s
I-85 logistical thoroughfare less than 15 miles from
Hartsfield-Jackson Atlanta International Airport, the world’s
busiest passenger airport.
GRANITE’S FINANCIAL, OPERATING AND
PROPERTY HIGHLIGHTS
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions, except as noted)
2020
2019
2020
2019
Net operating income (“NOI”)..........
$ 76.5
$ 60.1
$ 215.6
$ 174.4
Net income attributable to stapled
unitholders....................................
$ 105.2
$ 114.5
$ 262.2
$ 291.5
Funds from operations (“FFO”)(1).....
$ 55.5
$ 45.8
$ 165.8
$ 129.6
Adjusted funds from operations
(“AFFO”)(2)....................................
$ 52.7
$ 44.4
$ 159.6
$ 126.5
Diluted FFO per stapled
unit(1).........
$ 0.96
$ 0.93
$ 2.98
$ 2.71
Diluted AFFO per stapled
unit(2).......
$ 0.91
$ 0.90
$ 2.87
$ 2.65
Monthly distributions paid per stapled
unit...................................
$ 0.73
$ 0.70
$ 1.45
$ 2.10
Special distribution paid per stapled
unit................................................
—
—
—
$ 0.30
AFFO payout
ratio(3).........................
80%
78%
76%
80%
As at September 30 and December
31,
2020
2019
Fair value of investment
properties......................................................
$ 5,338.9
$ 4,457.9
Cash and cash
equivalents..................................................................
$ 539.7
$ 298.7
Total
debt.............................................................................................
$ 1,814.8
$ 1,250.3
Net leverage
ratio(5)..............................................................................
24%
21%
Number of income-producing
properties.............................................
102
85
Gross leasable area (“GLA”), square
feet...........................................
45.4
40.0
Occupancy, by
GLA.............................................................................
98.9%
99.0%
Magna as a percentage of annualized
revenue(7)................................
37%
42%
Magna as a percentage of
GLA...........................................................
30%
35%
Weighted average lease term in years, by
GLA..................................
5.9
6.5
Overall capitalization
rate(6)..................................................................
5.8%
6.1%
A more detailed discussion of Granite’s combined financial
results for the three and nine month periods ended September 30,
2020 and 2019 is contained in Granite’s Management’s Discussion and
Analysis of Results of Operations and Financial Position
(“MD&A”) and the unaudited combined financial statements for
those periods and the notes thereto, which are available through
the internet on the Canadian Securities Administrators’ System for
Electronic Document Analysis and Retrieval (“SEDAR”) and can be
accessed at www.sedar.com and on the
United States Securities and Exchange Commission’s (the “SEC”)
Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”),
which can be accessed at www.sec.gov.
COVID-19 PANDEMIC UPDATE
Granite continues to monitor developments regarding the COVID-19
pandemic and to ensure the safety of its tenants and staff. While
the full impact of the COVID-19 pandemic cannot be predicted,
Granite believes at this time that its portfolio and strong
liquidity position will allow it to weather the impact of
COVID-19.
During the three and nine month periods ended September 30,
2020, there has not been any significant impact on Granite’s
operations, assets or liabilities as a result of COVID-19. Granite
has received 100% of rents due in both the second and third
quarters of 2020, and 99.9% of October rents. In addition, Granite
granted one rent deferral to a tenant in Germany and the rent in
arrears for May and June totaling $0.3 million (€0.2 million), has
been paid fully as at the end of the third quarter 2020. Granite
has not recognized any provisions for uncollected rent at this time
as it expects any outstanding rent to be received. Granite reviewed
its future cash flow projections and the valuation of its
properties considering the impacts of the COVID-19 pandemic during
the nine month period ended September 30, 2020 and Granite does not
expect, at this time, that COVID-19 will have a significant impact
to the fair value of its investment property portfolio. In
addition, there have not been any significant fair value losses on
investment properties recorded in the three and nine month periods
ended September 30, 2020.
From a liquidity perspective, as at the date of this MD&A,
November 4, 2020, Granite has total liquidity of approximately $1.0
billion, including its fully undrawn operating facility which is
sufficient to meet its current committed acquisitions, development
and construction projects of approximately $172.9 million,
including new acquisitions announced and expected to close in Q4
2020. Granite’s nearest debt maturity of $250 million occurs in
July 2021 and Granite’s investment property portfolio of
approximately $5.3 billion remains fully unencumbered. Granite
believes it is well-positioned to weather the current market
volatility and any negative impacts on its business; however,
Granite will continue to evaluate and monitor its liquidity as the
situation prolongs.
CONFERENCE CALL
Granite will hold a conference call on Thursday, November 5,
2020 at 11:00 a.m. (ET). The toll free number to use for this call
is 1 (877) 256-3294. For international callers, please use 1 (416)
981-9004. Please dial in at least 10 minutes prior to the
commencement of the call. The conference call will be chaired by
Kevan Gorrie, President and Chief Executive Officer. To hear a
replay of the scheduled call, please dial 1 (800) 558-5253 (North
America) or 1 (416) 626-4100 (international) and enter reservation
number 21970297. The replay will be available until Tuesday,
November 17, 2020.
OTHER INFORMATION
Additional property statistics as at September 30, 2020 have
been posted to our website at http://www.granitereit.com/propertystatistics/view-property-statistics.
Copies of financial data and other publicly filed documents are
available through the internet on SEDAR, which can be accessed at
www.sedar.com and on EDGAR, which can
be accessed at www.sec.gov.
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 108
investment properties representing approximately 45.3 million
square feet of leasable area.
For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief
Financial Officer, at (647) 925-7560.
NON-IFRS MEASURES
Readers are cautioned that certain terms used in this press
release such as FFO, AFFO, AFFO payout ratio, same property NOI —
cash basis, net leverage ratio and any related per unit amounts
used by management to measure, compare and explain the operating
results and financial performance of the Trust do not have
standardized meanings prescribed under International Financial
Reporting Standards (“IFRS”) and, therefore, should not be
construed as alternatives to net income, cash provided by operating
activities or any other measure calculated in accordance with IFRS.
Additionally, because these terms do not have a standardized
meaning prescribed by IFRS, they may not be comparable to similarly
titled measures presented by other publicly traded entities.
(1)
FFO is a non-IFRS performance
measure that is widely used by the real estate industry in
evaluating the operating performance of real estate entities.
Granite calculates FFO as net income attributable to stapled
unitholders excluding fair value gains (losses) on investment
properties and financial instruments, gains (losses) on sale of
investment properties including the associated current income tax,
deferred income taxes and certain other items, net of
non-controlling interests in such items. The Trust’s determination
of FFO follows the definition prescribed by the Real Estate
Property Association of Canada (“REALPAC”) White Paper on Funds
From Operations & Adjusted Funds From Operations for IFRS dated
February 2019 and as subsequently amended (“White Paper”). Granite
considers FFO to be a meaningful supplemental measure that can be
used to determine the Trust’s ability to service debt, fund capital
expenditures and provide distributions to stapled unitholders. FFO
is reconciled to net income, which is the most directly comparable
IFRS measure (see below). FFO should not be construed as an
alternative to net income or cash flow generated from operating
activities determined in accordance with IFRS.
(2)
AFFO is a non-IFRS performance
measure that is widely used by the real estate industry in
evaluating the recurring economic earnings performance of real
estate entities after considering certain costs associated with
sustaining such earnings. Granite calculates AFFO as net income
attributable to stapled unitholders including all adjustments used
to calculate FFO and further adjusts for actual maintenance capital
expenditures that are required to sustain Granite’s productive
capacity, leasing costs such as leasing commissions and tenant
allowances incurred and non-cash straight-line rent and tenant
incentive amortization, net of non-controlling interests in such
items. The Trust’s determination of AFFO follows the definition
prescribed by REALPAC’s White Paper. Granite considers AFFO to be a
meaningful supplemental measure that can be used to determine the
Trust’s ability to service debt, fund expansion capital
expenditures, fund property development and provide distributions
to stapled unitholders after considering costs associated with
sustaining operating earnings. AFFO is also reconciled to net
income, which is the most directly comparable IFRS measure (see
below). AFFO should not be construed as an alternative to net
income or cash flow generated from operating activities determined
in accordance with IFRS.
In the current year period AFFO
was calculated by deducting maintenance or improvement capital
expenditures, leasing commissions and tenant allowances incurred
whereas in prior year periods AFFO was calculated by deducting
maintenance or improvement capital expenditures, leasing
commissions and tenant allowances paid. The AFFO metrics in the
comparative periods have been updated to conform to the current
period’s presentation. AFFO as well as basic and diluted AFFO per
unit for the three months ended September 30, 2019 were previously
reported as $44.6 million and $0.90 per unit, respectively. AFFO as
well as basic and diluted AFFO per unit for the nine months ended
September 30, 2019 were previously reported as $126.2 million and
$2.64 per unit, respectively. Both methods of calculation are in
accordance with the REALPAC White Paper. There is no significant
difference in these metrics as a result of the change in
calculation.
In accordance with the REALPAC
White Paper, leasing commissions incurred in the three and nine
month periods ended September 30, 2020 exclude $0.5 million of
leasing commissions incurred on the lease-up of a recently acquired
property in Groveport, Ohio and deemed related to the overall
acquisition costs. Leasing commissions incurred in the nine month
period ended September 30, 2020 exclude $1.9 million of leasing
commissions incurred on the lease-up of a recently completed
development property in Plainfield, Indiana in the second quarter
of 2020.
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions, except per unit amounts)
2020
2019
2020
2019
Net income attributable to stapled
unitholders
$ 105.2
$ 114.5
$ 262.2
$ 291.5
Add (deduct):
Fair value gains on investment properties,
net..............................
(62.1)
(78.2)
(132.6)
(197.9)
Fair value losses on financial
instruments...
(1.0)
(2.0)
4.7
(0.2)
Loss on sale of investment properties.
0.2
0.7
0.2
2.0
Deferred income tax
expense......................
12.3
10.4
30.1
33.1
Fair value remeasurement expense relating
to the Executive Deferred Stapled Unit
Plan............................
0.9
0.3
1.1
1.0
Non-controlling interests relating to the
above...
—
0.1
0.1
0.1
FFO(1)
[A]
$ 55.5
$ 45.8
$ 165.8
$ 129.6
Add (deduct):
Maintenance or improvement capital
expenditures incurred.
(0.2)
(1.4)
(3.2)
(2.5)
Leasing commissions
incurred(2)....................
—
(0.3)
(0.1)
(0.6)
Tenant allowances
incurred......................
(0.6)
0.1
(0.6)
(0.2)
Tenant allowance
amortization................
1.4
1.3
4.0
3.9
Straight-line rent
amortization................
(3.4)
(1.1)
(6.3)
(3.7)
AFFO(2)
[B]
$ 52.7
$ 44.4
$ 159.6
$ 126.5
Basic and Diluted FFO per stapled
unit
[A]/[C] and [A]/[D]
$ 0.96
$ 0.93
$ 2.98
$ 2.71
Basic and Diluted AFFO per stapled
unit
[B]/[C] and [B]/[D]
$ 0.91
$ 0.90
$ 2.87
$ 2.65
Basic weighted average number of
stapled units
[C]
57.8
49.4
55.6
47.8
Diluted weighted average number of
stapled units
[D]
57.9
49.5
55.7
47.9
(3)
AFFO payout ratio is calculated as monthly distributions, which
exclude the special distribution, declared to unitholders divided
by AFFO in a period. AFFO payout ratio may exclude revenue or
expenses incurred during a period that can be a source of variance
between periods. The AFFO payout ratio is a supplemental measure
widely used by analysts and investors in evaluating the
sustainability of the Trust’s monthly distributions to stapled
unitholders. Refer to the change in the current year period to the
calculation of AFFO payout ratio in footnote (2) above.
(4)
Same property NOI — cash basis refers to the NOI — cash basis (NOI
excluding lease termination and close-out fees, and the non-cash
impact from straight-line rent and tenant incentive amortization)
for those properties owned by Granite throughout the entire current
and prior year periods under comparison. Same property NOI — cash
basis excludes properties that were acquired, disposed of,
classified as properties under or held for development or assets
held for sale during the periods under comparison. Granite believes
that same property NOI — cash basis is a useful supplementary
measure in understanding period-over-period organic changes in NOI
— cash basis from the same stock of properties owned.
(5)
The net leverage ratio is calculated as the net debt (carrying
value of total debt less cash and cash equivalents) divided by the
fair value of investment properties. The net leverage ratio is a
supplemental measure used in evaluating the Trust’s degree of
financial leverage, borrowing capacity and the relative strength of
its balance sheet.
(6)
Overall capitalization rate is calculated as stabilized net
operating income (property revenue less property expenses) divided
by the fair value of the property.
(7)
Annualized revenue for each period presented is calculated as
rental revenue excluding tenant recoveries, for the month of
September 2020 or December 2019, as applicable, recognized in
accordance with IFRS, multiplied by 12 months.
FORWARD-LOOKING STATEMENTS
This MD&A may contain statements that, to the extent they
are not recitations of historical fact, constitute “forward-looking
statements” or “forward-looking information” within the meaning of
applicable securities legislation, including the United States
Securities Act of 1933, as amended, the United States Securities
Exchange Act of 1934, as amended, and applicable Canadian
securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s future plans, goals, strategies, intentions,
beliefs, estimates, costs, objectives, capital structure, cost of
capital, tenant base, tax consequences, economic performance or
expectations, or the assumptions underlying any of the foregoing.
Words such as “outlook”, “may”, “would”, “could”, “should”, “will”,
“likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”,
“forecast”, “project”, “estimate”, “seek” and similar expressions
are used to identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results and will not necessarily be accurate
indications of whether or the times at or by which such future
performance will be achieved. Undue reliance should not be placed
on such statements. There can also be no assurance that: Granite’s
expectations regarding the impact of the COVID-19 pandemic and
government measures to contain it, including with respect to
Granite’s ability to weather the impact of COVID-19, the
effectiveness of measures intended to mitigate such impact, and
Granite’s ability to deliver cash flow stability and growth and
create long-term value for unitholders; the expansion and
diversification of Granite’s real estate portfolio and the
reduction in Granite’s exposure to Magna and the special purpose
properties; the ability of Granite to accelerate growth and to grow
its net asset value and FFO and AFFO per unit; the ability of
Granite to find and integrate satisfactory acquisition, joint
venture and development opportunities and to strategically deploy
the proceeds from recently sold properties and financing
initiatives; Granite’s intended use of the net proceeds of its
equity and debenture offerings to fund potential acquisitions and
for the other purposes described previously; the anticipated
closing of Granite’s acquisition of the 8500 Tatum Road property in
Atlanta, Georgia; the potential for expansion and rental growth at
the properties in Mississauga, Ontario and Ajax, Ontario and the
expected enhancement to the yields of such properties from such
potential expansion and rental growth; the expected construction on
and development yield of the acquired greenfield site in Houston,
Texas; the expected development and construction of an e-commerce
and logistics warehouse on recently acquired land in Fort Worth,
Texas; the expected construction of the distribution/light
industrial facility on the 13-acre site in Altbach, Germany; the
completion of construction at the property in Dallas, Texas; and
the 0.1 million square foot expansion at the Tilburg, Netherlands
property and the timing of payment of associated unpaid
construction costs and holdbacks; Granite’s ability to dispose of
any non-core assets on satisfactory terms; Granite’s ability to
meet its target occupancy goals; Granite’s ability to secure
sustainability or other certifications for any of its properties,
including the receipt and timing of a BREEAM sustainability
certification in respect of the Tilburg, Netherlands property; the
expected impact of the refinancing of the term loans on Granite’s
returns and cash flow; and the expected amount of any distributions
and distribution increase, can be achieved in a timely manner, with
the expected impact or at all. Forward-looking statements and
forward-looking information are based on information available at
the time and/or management’s good faith assumptions and analyses
made in light of Granite’s perception of historical trends, current
conditions and expected future developments, as well as other
factors Granite believes are appropriate in the circumstances.
Given the impact of the COVID-19 pandemic and government measures
to contain it, there is inherently more uncertainty associated with
our assumptions as compared to prior periods. Forward-looking
statements and forward-looking information are subject to known and
unknown risks, uncertainties and other unpredictable factors, many
of which are beyond Granite’s control, that could cause actual
events or results to differ materially from such forward-looking
statements and forward-looking information. Important factors that
could cause such differences include, but are not limited to, the
impact of the COVID-19 pandemic and government measures to contain
it, and the resulting economic downturn, on Granite’s business,
operations and financial condition; the risk that the pandemic or
such measures intensify; the duration of the pandemic and related
impacts; the risk of changes to tax or other laws and treaties that
may adversely affect Granite REIT’s mutual fund trust status under
the Income Tax Act (Canada) or the effective tax rate in other
jurisdictions in which Granite operates; economic, market and
competitive conditions and other risks that may adversely affect
Granite’s ability to expand and diversify its real estate portfolio
and dispose of any non-core assets on satisfactory terms; and the
risks set forth in the “Risk Factors” section in Granite’s AIF for
2019 dated March 4, 2020, filed on SEDAR at www.sedar.com and
attached as Exhibit 1 to the Trust’s Annual Report on Form 40-F for
the year ended December 31, 2019 filed with the SEC and available
online on EDGAR at www.sec.gov, all of which investors are strongly
advised to review. The “Risk Factors” section also contains
information about the material factors or assumptions underlying
such forward-looking statements and forward-looking information.
Forward-looking statements and forward-looking information speak
only as of the date the statements and information were made and
unless otherwise required by applicable securities laws, Granite
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements or forward-looking
information contained in this MD&A to reflect subsequent
information, events or circumstances or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201104005753/en/
Teresa Neto Chief Financial Officer 647-925-7560
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