Research & Forecast Report
Atlanta
Q1 2015 | Industrial
Atlanta Industrial Vacancy Lowest Since 2001
Market Indicators Relative to prior period
ATL Q1 2015
ATL Q2 2015*
VACANCY
Key Takeaways
NET ABSORPTION
>> Strong absorption activity continues to purge vacancy from Atlanta’s industrial market. The overall industrial vacancy rate is at its lowest point in 14 years.
RENTAL RATE
>> The lack of industrial space options in the market has continued to push rental rates higher. The average quoted rate has increased 12% since bottoming at the end of 2012.
CONSTRUCTION
CAP RATES *Projected
>> Industrial construction in Atlanta increased yet again despite deliveries totaling 1.6 million square feet in first quarter. >> Northeast Atlanta is currently Atlanta’s tightest submarket for bulk warehouse availability. At a vacancy rate of 3.5%, industrial prospects seeking 200,000 SF or more have few existing options. >> Atlanta’s industrial market is likely to see another record year of occupancy gains in 2015.
Atlanta Industrial Market Following a record-breaking year of absorption, Atlanta’s industrial market is off to a strong start to 2015 as occupancy levels increased for an 18th consecutive period. Industrial absorption totaled just over 3.7 million square feet in the first quarter. This amount is right around the average quarterly absorption over the past two years which has contributed to a 4.7% drop in Atlanta’s industrial vacancy rate during the same time. The largest occupancies in the first quarter were mostly from tenants ranging in size between 100,000-200,000 square feet. South Atlanta saw the majority of this type of space user take occupancy resulting in almost 2.4 million square feet being absorbed in the quarter, leading the Atlanta market. All in all, the positive activity pushed Atlanta’s overall industrial vacancy rate to its lowest point in 14 years. The last time vacancy was under 9%, the Atlanta industrial market was 80% of its current inventory. Tenant requirements are
ATL Market
ATL Warehouse
ATL Flex & Shallow-Bay
8.6%
7.9%
11.4%
-0.4%
-0.2%
-0.8%
Absorption
3.7
2.7
1.0
New Construction
1.6
1.6
-
18.1
18.1
-
Average Quoted
$3.77
$3.44
Change From Q4 2014
3.0%
2.1%
Year-Over-Year Change
6.5%
6.8%
Summary Statistics Atlanta Office Market
Vacancy Rate Change From Q4 2014 (Millions Square Feet) (Millions Square Feet)
Under Construction (Millions Square Feet)
Asking Rents
Per Square Foot Per Year SB Flex SB Flex SB Flex
$3.86 $7.84 2.9% 5.2% 7.8% 6.1%
Atlanta Industrial Market (continued) quickly exceeding the supply available in the market. This has been the case over the past couple of years. As it relates to construction activity, Atlanta is 3 to 6 months away from seeing an adequate amount of new supply hit the market in order to keep up with demand. For the first quarter, industrial deliveries totaled 1.6 million square feet, the majority being in build-to-suits. Only one speculative building came online this quarter: IDI Gazeley’s 195,180 square foot building at Hamilton Mill Business Center. According to the latest market intel, this building has already found a tenant to lease all of the space available. This case demonstrates just how much tenant activity is ahead of existing supply. Many industrial projects that began construction as spec developments are now seeing enough activity where the building is over 50% leased or
completely leased upon delivery a few months later. It is a trend many local developers hope continues. A by-product of the positive absorption and diminishing vacancies, the average quoted rental rate for industrial space in Atlanta is at a 6-year high, and increasing by the quarter. Areas seeing the greatest year-overyear rental rate growth include the 85 South/Airport section of South Atlanta and the 85 North/Jackson County section of Northeast Atlanta. These locations have the highest amount of construction activity taking place as well. For the Atlanta market as a whole the amount of industrial space currently in development is 18 million square feet; the largest total since 2006. Breaking this number down, 56% of the total is in spec construction and 44% is in build-to-suits.
UPDATE - Recent Transactions in the Market Notable Leasing Activity Tenant
Property
Submarket
Landlord
Size (SF)
Type
Exel (Bayer)
201 Greenwood Ct.
South Atlanta Ind
TIAA
800,000
Warehouse Lease
Pacific Architects & Engineers
MAC 2-Bldg. 1-4300
South Atlanta Ind
Majestic Realty
471,700
Warehouse Lease
Office Max
Buford Logistics Ctr.
Northeast Atlanta Ind
Panattoni
414,960
Warehouse Lease
DSC Logistics (Cardinal)
874 Thomas Pkwy.
Northeast Atlanta Ind
Pattillo
378,000
Warehouse Lease
IntegraCore
7280 Oakley Industrial
South Atlanta Ind
Exeter Property Group
353,400
Distribution Lease
Notable Sales Activity Property
Submarket
Sales Date
Sale Price
Size (SF)
Price / SF
Buyer
435 Henry D. Robinson Blvd.
Northeast Atlanta Ind
1/15/2015
$15,555,000
398,485
$39.04
DCT Industrial Trust
425 Horizon Dr.
Northeast Atlanta Ind
4/3/2015
$14,450,000
362,026
$39.91
Suzanna’s Kitchen
Oakbrook Portfolio
Northeast Atlanta Ind
2/9/2015
$12,864,000
299,174
$42.99
Agellan Investments
2500 W Park Dr.
Northeast Atlanta Ind
3/13/2015
$12,600,000
758,488
$16.61
Industrial Realty Group
500 Interstate W Pky.
I-20 West/Fulton Ind
3/25/2015
$7,625,000
201,000
$37.94
High Street Realty Co.
8%
5,000,000
6%
0
4%
(5,000,000) (10,000,000)
2
Absorption
Deliveries
Vacancy %
Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International
2014
10,000,000
2013
10%
2012
15,000,000
2011
12%
2010
20,000,000
2009
14%
2008
25,000,000
2007
16%
2006
30,000,000
2005
Square Feet
Historical Absorption, Deliveries and Vacancy Rates
2% 0%
Vacancy & Availability
Q1 2015 | Vacant Space By Type
>> Atlanta’s industrial vacancy rate decreased yet again in the first quarter and is below 9% for the first time since 2001. Year-over-year vacancy is down 2.1%. >> South Atlanta is the 2nd largest industrial submarket in Atlanta and has seen the greatest drop in vacancy from this time last year. Over the past 12 months, 4.3 million square feet of vacant industrial space has been filled here.
warehouse 38,770,578 SF Vcy Rate = 7.9%
>> Large availabilities are few and far between in Atlanta’s most in-demand areas. Currently, there are only 5 existing options for a tenant seeking 500,000 square feet or more in the market.
Flex 8,274,617SF Vcy Rate = 14.3%
>> Despite the addition of new inventory throughout the year, Atlanta’s industrial market will maintain a vacancy rate below 10% in 2015.
Warehouse
>> Industrial absorption was positive for a 15th consecutive quarter. The 3.7 million square feet absorbed was the second highest quarterly amount over the past year.
Rental Rates >> The overall average quoted rate in the Atlanta industrial market is at its highest point in 6 years.
stone mountain
Northwest Atl
Chattahoochee
500,000
snapfinger | I-20E
1,000,000
North Central
1,500,000
I-20W | Fulton Ind
Square Feet
2,000,000
Northeast Atlanta
2,500,000
central atlanta
>> Atlanta’s industrial market will see another record-breaking year of absorption in 2015. It is possible the metro area could lead the nation yet again this year.
Flex
3,000,000
>> Gordon Foods occupying its new 445,000 sq. ft. facility in the I-20 West/Fulton Industrial submarket was the largest move-in of the first quarter. >> The lack of availabilities has somewhat hindered leasing activity for large deals. Nevertheless, demand from all sized tenants remains strong. The most active transactions in first quarter were from tenants ranging between 200,000 to 400,000 square feet, and also small space users occupying less than 100,000 square feet.
Shallow-Bay
Q1 2015 | Net Absorption By Submarket
south Atlanta
Absorption & Leasing Activity
shallow-bay 6,935,107 SF Vcy Rate = 9.2%
0 (500,000)
Q1 2015 | Atlanta Rental Rates Overall Market & Bulk Warehouse* (per sq. ft.) $4.00
>> Average warehouse rents have increased just over 10% from this time last year in the I-20 West/Fulton Industrial submarket. This is the highest in Atlanta.
$3.75 $3.50
>> Because of the continued reduction in industrial vacancy, rental rates are expected to continue trending upwards, even despite new supply coming to the market.
$3.25 $3.00 $2.75
Market AVG
Bulk Warehouse*
*Bulk warehouse defined as warehouse space in excess of 100,000 SF with dock loading and minimum ceiling heights of 24 ft.
Sources: CoStar Property, Colliers Research
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Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International
2015
2014
2013
2012
$2.50
Construction
Sales Activity
DEFINITIONS
>> The amount of industrial space under construction is at its highest level in nine years.
>> First quarter was somewhat of a quiet period for industrial sales in Atlanta. Only $153 million transacted this quarter which is around half the volume from this time last year.
Absorption (Net)-The net change in
>> Upcoming spec deliveries should help ease the current limitations of available space - at least for some prospects. >> Even more projects are expected to break ground next quarter.
>> Investor demand is expected to pick up going forward as positive fundamentals make Atlanta industrial favorable.
Construction Activity (400,000 SF+) Property
Submarket
Size (SF)
Kroger-Fort Gillem, Hood Ave.
South Atlanta Ind
1,300,000
Third Quarter 2015
MAC IV-Bldg. 1-Walmart BTS
South Atlanta Ind
1,219,500
Second Quarter 2015
Fairburn Logistics Center
South Atlanta Ind
1,129,750
Fourth Quarter 2015
Braselton Commerce Center
Northeast Atlanta Ind
1,074,596
Third Quarter 2015
MAC IV-Bldg. 2
South Atlanta Ind
1,042,000
Third Quarter 2015
Highland 75 BTS-Surya Carpets
Northwest Atlanta Ind
1,036,000
Third Quarter 2015
Stanton Springs-Baxter Pharm.
Snapfinger/I-20E Ind
1,000,000
Second Quarter 2015
Vacancy Rate-A percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Bulk
Warehouse-A type of building designed to be used for bulk storage or materials, distribution or heavy manufacturing. Typically has a small amount of office space, ceiling heights of 24’ and bay depths of over 190’.
Delivery Date
Jefferson Distribution Ctr.-B
Northeast Atlanta Ind
839,712
Second Quarter 2015
Lambert Farms DC-Phase I
South Atlanta Ind
752,590
Third Quarter 2015
Shaw Industries-Highway 140
Northwest Atlanta Ind
750,000
Fourth Quater 2015
River West Distribution Center
I-20W/Fulton Ind
733,000
Second Quarter 2015
Reckitt Benckiser BTS
Northeast Atlanta Ind
714,965
Third Quarter 2015
McMaster-Carr BTS - Riverside
I-20W/Fulton Ind
700,000
Second Quarter 2015
ES3-Fort Gillem, Hood Ave.
South Atlanta Ind
700,000
Third Quarter 2015
Braselton Distribution Center
Northeast Atlanta Ind
635,440
Third Quarter 2015
4909 N Commerce
South Atlanta Ind
614,880
Fourth Quarter 2015
Skyline-7875 White Rd.
I-20W/Fulton Ind
604,852
Third Quarter 2015
Cass White Rd.-Beaulieu BTS
Northwest Atlanta Ind
500,000
Third Quarter 2015
Buford Logistics Center
Northeast Atlanta
414,960
Second Quarter 2015
Outlook Heading into the second quarter there appears to be no letup in the positive industrial momentum taking place in the Atlanta market, despite the lack of availabilities inhibiting some leasing activity. Occupancy levels will increase yet again next quarter as industrial absorption is expected to exceed the 3.7 million square feet filled in the first quarter. The majority of this amount will come from build-to-suit deliveries including Walmart’s e-commerce warehouse in South Atlanta, Baxter Pharmaceuticals manufacturing facility out I-20 East, and McMaster-Carr’s e-commerce facility in the I-20 West submarket. Despite these deliveries, and also the projected addition of 2.5 million square feet in spec industrial inventory, the overall vacancy rate in Atlanta’s industrial market is expected to decline yet again by mid-year 2015. As mentioned earlier, a number of spec developments already have leasing transactions lined up and will deliver to the market either partially or completely occupied. Atlanta the nation in industrial absorption for 2014. Given the current state of the market and factoring in the amount of space to be filled over the next 9 months, it is quite possible the metro area will achieve this feat for a second straight year.
4
occupied space over a given period of time, calculated by summing all the positive changes in occupancy and subtracting all the negative changes in occupancy.
Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International
Shallow-Bay Distribution-A type of building designed to be used for the distribution of materials or as a medium-sized manufacturing facility. Typically has 10%-30% of office, ceiling heights of 18’-24’ and bay depths of 120’-190’. Flex-A type of building designed to be versatile, which may be used in combination with office, R&D, quasi-retail sales and industrial warehouse and distribution uses. Typically has at least 50% office and ceiling heights under 18’. Leasing Activity-The volume of square footage that is committed to and signed for under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity for buildings under construction or planned. Build-To-Suit-A term describing property that was developed specifically for a certain tenant to occupy. Can be either leased or owned by tenant.
Atlanta Industrial Market Update
CLASS
BlDGS
Existing Properties Existing Inventory (SF)
Vacancy Direct VCY %
SUBLET VCY %
Absorption
Total Vacancy (SF)
VCY Curr Qtr %
VCY Prior Qtr %
Net ABsorp CURR (SF)
Net ABSORP YTD (SF)
Deliveries New SUPPLY CURR (SF)
New SUPPLY yTD (SF)
U/C
Rent
Under Constr (SF)
AVG Rent Rate
CENTRAL ATLANTA IND. Flex 86 Shallow-Bay 37 Warehouse 252 Total 375
2,319,615 1,290,958 11,560,822 15,171,395
6.7% 6.0% 11.8% 10.5%
0.2% 0.0%
158,709 77,152 1,364,788 1,600,649
6.8% 6.0% 11.8% 10.6%
7.6% 6.0% 12.2% 10.9%
16,500 208 42,201 58,909
16,500 208 42,201 58,909
-
-
-
$9.15 $2.03 $4.69 $4.49
CHATTAHOOCHEE IND. Flex 105 Shallow-Bay 27 Warehouse 352 Total 484
3,687,464 922,849 16,768,759 21,379,072
21.3% 5.2% 7.7%
0.0% 0.0%
783,677 871,014 1,654,691
21.3% 0.0% 5.2% 7.7%
21.0% 0.0% 5.0% 7.5%
(7,832) (39,025) (46,857)
(7,832) (39,025) (46,857)
-
-
-
$8.51 $4.00 $6.23 $6.47
I-20 W / FULTON IND. Flex 104 Shallow-Bay 214 Warehouse 814 Total 1,132
3,268,622 12,240,085 77,417,895 92,926,602
12.2% 9.2% 8.8% 9.0%
0.2% 0.2% 0.2%
398,672 1,157,384 6,954,362 8,510,418
12.2% 9.5% 9.0% 9.2%
12.4% 10.2% 8.7% 9.0%
6,988 95,187 225,112 327,287
6,988 95,187 225,112 327,287
NORTH CENTRAL ATLANTA IND. Flex 262 8,702,702 Shallow-Bay 115 4,533,609 Warehouse 397 15,586,957 Total 774 28,823,268
15.8% 5.1% 7.2% 9.5%
0.1% 0.1% 0.7% 0.4%
1,381,895 234,441 1,226,590 2,842,926
15.9% 5.2% 7.9% 9.9%
17.1% 5.4% 8.5% 10.6%
103,979 8,928 96,528 209,435
103,979 8,928 96,528 209,435
NORTHEAST ATLANTA IND. Flex 652 18,872,768 Shallow-Bay 459 22,465,214 Warehouse 1,733 135,230,166 Total 2,844 176,568,148
15.8% 9.4% 5.9% 7.4%
0.3% 0.1% 0.4% 0.4%
3,032,018 2,145,059 8,569,395 13,746,472
16.1% 9.5% 6.3% 7.8%
15.3% 10.6% 6.6% 8.1%
(147,418) 230,851 936,553 1,019,986
(147,418) 230,851 936,553 1,019,986
NORTHWEST ATLANTA IND. Flex 295 9,088,696 Shallow-Bay 215 9,149,314 Warehouse 849 45,314,733 Total 1,359 63,552,743
11.6% 10.0% 6.1% 7.4%
0.3% 0.4% 0.0% 0.1%
1,082,454 951,555 2,755,027 4,789,036
11.9% 10.4% 6.1% 7.5%
12.1% 10.3% 5.9% 7.4%
19,586 (8,795) (83,937) (73,146)
19,586 (8,795) (83,937) (73,146)
-
SNAPFINGER / I-20 EAST IND. Flex 114 2,865,597 Shallow-Bay 104 4,687,842 Warehouse 451 38,304,159 Total 669 45,857,598
6.5% 7.9% 9.3% 9.0%
1.6% 0.2%
184,885 444,425 3,553,560 4,182,870
6.5% 9.5% 9.3% 9.1%
6.5% 9.5% 9.2% 9.0%
187 (700) (39,544) (40,057)
187 (700) (39,544) (40,057)
-
5,469,570 13,136,175 134,341,375 152,947,120
11.5% 11.2% 8.6% 8.9%
0.4% 0.3%
629,696 1,464,878 11,968,847 14,063,421
11.5% 11.2% 8.9% 9.2%
11.3% 16.0% 9.9% 10.5%
(12,539) 637,288 1,771,115 2,395,864
(12,539) 637,288 1,771,115 2,395,864
3,475,499 6,847,358 16,588,862 26,911,719
17.9% 6.7% 9.0% 9.6%
0.1% 0.00
622,611 460,213 1,506,995 2,589,819
17.9% 6.7% 9.1% 9.6%
19.6% 7.3% 7.8% 9.2%
57,851 39,056 (216,664) (119,757)
57,851 39,056 (216,664) (119,757)
14.2% 9.0% 7.6% 8.4%
0.2% 0.2% 0.3% 0.2%
8,274,617 6,935,107 38,770,578 53,980,302
14.3% 9.2% 7.9% 8.6%
14.4% 10.5% 8.1% 9.0%
37,302 1,002,023 2,692,339 3,731,664
37,302 1,002,023 2,692,339 3,731,664
1,588,172 1,588,172
1,588,172 1,588,172
18,099,209 18,099,209
$7.84 $3.86 $3.44 $3.77
0.2% 0.2% 0.2% 0.2% 0.3%
53,980,302 56,123,794 63,563,323 64,405,547 66,490,686
8.6% 9.0% 10.2% 10.4% 10.7%
9.0% 10.2% 10.4% 10.7% 11.9%
3,731,664 9,718,291 1,913,349 2,581,869 7,355,764
3,731,664 21,569,273 11,850,982 9,937,633 7,355,764
1,588,172 2,278,762 1,071,125 496,730 593,622
1,588,172 4,440,239 2,161,477 1,090,352 593,622
18,099,209 16,237,082 12,920,602 6,030,753 6,215,883
$3.77 $3.66 $3.63 $3.58 $3.54
SOUTH ATLANTA IND. Flex 237 Shallow-Bay 210 Warehouse 1,216 Total 1,663 STONE MOUNTAIN IND. Flex 134 Shallow-Bay 164 Warehouse 310 Total 608
ATLANTA MARKET GRAND TOTAL
Flex Shallow-Bay Warehouse Total
1,989 1,545 6,374 9,908
57,750,533 75,273,404 491,113,728 624,137,665
511,800 511,800
-
573,180 573,180
503,192 503,192
-
511,800 511,800
-
573,180 573,180
2,548,452 2,548,452
-
$3.75 $3.18 $3.27 $3.26
$10.30 $5.87 $5.64 $8.37
4,514,517 4,514,517
$6.77 $4.50 $3.79 $4.13
-
2,590,000 2,590,000
$8.09 $4.65 $4.40 $5.02
-
1,000,000 1,000,000
$7.10 $2.78 $3.16 $3.28
7,446,240 7,446,240
$6.88 $2.84 $2.96 $3.00
503,192 503,192
-
-
$8.10 $3.95 $3.11 $3.80
Quarterly Comparisons and Totals
QUARTERLY COMPARISON AND TOTALS Q1-15 9,908 624,137,665 Q4-14 9,899 622,549,493 Q3-14 9,895 620,270,731 Q2-14 9,892 619,199,606 Q1-14 9,891 618,702,876
8.4% 8.8% 10.0% 10.2% 10.4%
NOTE: Statistical Set Includes All Industrial Properties 10,000 SF and Up, Excluding Heavy Manufacturing Properties. While CoStar Attempts to Provide the Most Accurate Data at the End of Every Quarter, Revisions are Made Throughout the Year Accounting for Discrepancies in Past Reporting.
5
Sources: CoStar Property, Colliers Research
Research & Forecast Report | Q1 2015 | Atlanta Industrial | Colliers International
PICKENS CO. CHEROKEE CO.
Atlanta Industrial Submarkets
DAWSON CO. FORSYTH CO.
Canton
FO RS FU
H YT O LT
Mountain Park
CHEROKEE CO.
Acworth
Sugar
NORTH CENTRAL ATLANTA
Woodstock BARTOW CO.
Buford
N
Alpharetta
CO BB FU LT CO O . N CO .
DORAVILLE
Norcross
ho
h oc
CENTRAL ATLANTA
Avondale Estates
SNAPFINGER I-20 EAST
I-20 WEST / FULTON INDUSTRIAL EAST POINT COLLEGE PARK HAPEVILLE
DEKALB
Hartsfield-Jackson International Airport
Fairburn
FULTON CO. COWETA CO.
Palmetto
O. ON C FULT CO. TTE FAYE
675
HENRY
CO. CO.
CO .
Lithonia
FOREST PARK Riverdale
Stockbridge
SOUTH ATLANTA Jonesboro
Submarket Size & Occupancy Conyers Covington Submarket
Size
Occupancy %
Northeast Atlanta
176.6 msf
92.2%
South Atlanta
152.9 msf
90.8%
I-20 West/Fulton Ind
92.9 msf
90.8%
Northwest Atlanta
63.6 msf
92.5%
McDonough
Snapfinger/I-20 East
45.9 msf
90.9%
North Central Atlanta
28.8 msf
90.1%
Stone Mountain
26.9 msf
90.4%
Chattahoochee Ind
21.4 msf
92.3%
Central Atlanta
15.2 msf
89.4%
Newnan
BU TT S
CO .
HENRY CO. CLAYTON CO.
Fayetteville
W AL TO N
RO C NE KDA WT LE ON CO CO . .
CLAYTON CO.
Union City
The Atlanta industrial market consists of nine submarkets. They include Central Atlanta, Chattahoochee Industrial, I-20 West/Fulton Industrial, North Central Atlanta, Northeast Atlanta, Northwest Atlanta, Snapfinger/I-20 East, South Atlanta and Stone Mountain Industrial. The major interstates in the region include: I-75, I-85, I-285, I-575, I-985, I-675 and I-20. Georgia 400 and US 316 also play important roles to Atlanta’s transportation system.
STONE MOUNTAIN Stone Clarkston INDUSTRIAL Mountain
DECATUR
tt ha
INdustrial Submarkets
Snellville
CO .
ATLANTA
ac
C
GW I DE NNE KA TT LB C CO O. .
G W IN NE TT
er iv
ee
R
PAULDING CO.
DEKALB CO. FULTON CO.
CHATTAHOOCHEE INDUSTRIAL
Douglasville
Duluth
316
SMYRNA
Austell
NORTHEAST ATLANTA
Lawrenceville
CHAMBLEE
COBB CO. DOUGLAS CO.
Braselton
e hooch e tac
Roswell
MARIETTA
Powder Springs
CO . CO .
Cha t
PAULDING CO. COBB CO.
NORTHWEST ATLANTA
HA GW LL C IN O Hill NETT C . O.
Rive r
Allatona Lake
Emerson
Lake Lanier
FULTON CO. F FORSYTH CO. F
Cartersville
DE KAL RO BC CK O. DA LE CO .
BARTOW CO. CHEROKEE CO.
GAINESVILLE Cumming
CHEROKEE CO.
Peachtree City
FOR MORE INFORMATION Scott Amoson VP, Director of Research | Atlanta +1 404 877 9286 scott.amoson@colliers.com
Jon Barry COO, Principal | Atlanta +1 404 888 9000 jon.barry@colliers.com
Copyright © 2015 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
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