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LaSalle Hotel Properties Posts 3rd Qtr Net Income of $14.9 million Compared
to $10.1 million in the Prior Year Quarter:
RevPAR Grew to $166.09, an Increase of 6.4%

Hotel Operating Statistics

 

BETHESDA, Md.--October 19, 2011-LaSalle Hotel Properties (NYSE: LHO) today announced results for the quarter ended September 30, 2011. The Company’s results include the following:
























Third Quarter



Year-to-Date



2011

2010



2011

2010



($'s in millions except per share data)




















Total Revenue

$ 199.1

$ 164.7



$ 540.0

$ 438.6
Net income (loss) to common shareholders

$ 14.9

$ 10.1



$ 12.4

$ (7.8 )
Net income (loss) to common shareholders per diluted share

$ 0.18

$ 0.14



$ 0.15

$ (0.11 )
EBITDA(1)

$ 63.3

$ 55.1



$ 153.8

$ 125.4
Adjusted EBITDA(1)

$ 62.8

$ 50.0



$ 155.2

$ 121.8
FFO(1)

$ 41.9

$ 8.5



$ 95.0

$ 45.8
Adjusted FFO(1)

$ 42.4

$ 32.6



$ 97.4

$ 71.4
FFO per diluted share(1)

$ 0.49

$ 0.12



$ 1.18

$ 0.67
Adjusted FFO per diluted share(1)

$ 0.50

$ 0.46



$ 1.21

$ 1.04





















(1) See tables later in press release, which list adjustments that reconcile net income (loss) to earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, funds from operations ("FFO"), FFO per share, adjusted FFO and adjusted FFO per share. EBITDA, adjusted EBITDA, FFO, FFO per share, adjusted FFO and adjusted FFO per share are non-GAAP financial measures. See further discussion of these non-GAAP measures and reconciliations to net income (loss) later in this press release.


Third Quarter Highlights

  • RevPAR: Room revenue per available room (“RevPAR”) for the quarter ended September 30, 2011 increased 6.4 percent to $166.09, as a result of a 5.0 percent increase in average daily rate (“ADR”) to $198.18 and a 1.4 percent increase in occupancy to 83.8 percent.
  • Impact of Hurricane Irene: Eighteen of the Company’s hotels are located on the east coast and were impacted by Hurricane Irene. While the Company’s properties did not sustain physical damage, we believe the storm caused revenue loss totaling approximately $0.8 million, including approximately $0.6 million of room revenue. Had Hurricane Irene not occurred, we believe RevPAR would have increased 6.9 percent.
  • Hotel EBITDA Margin: The Company’s hotel EBITDA margin for the quarter ended September 30, 2011 was 33.6 percent, which was an improvement of 208 basis points compared to the comparable prior year period.
  • Adjusted EBITDA: The Company’s adjusted EBITDA was $62.8 million, an increase of 25.5 percent over the third quarter of 2010.
  • Adjusted FFO: The Company generated adjusted FFO of $42.4 million, or $0.50 per diluted share, compared to $32.6 million or $0.46 per diluted share in the third quarter of 2010, an increase of 8.7 percent.
  • Capital Markets: On August 29, the Company announced that its Board of Trustees authorized a share repurchase program to acquire up to $100.0 million of the Company’s common stock. Through October 19, 2011, the Company acquired 1,389,574 common shares through its share repurchase program at a cost of $24.5 million and an average purchase price of $17.63.
  • Capital Investments: The Company invested $10.6 million of capital in its hotels, including the continuation of the 33 guestroom expansion at Hotel Amarano Burbank and the commencement of a guestroom renovation at Liaison Capitol Hill and meeting space renovation at Westin Michigan Avenue.
  • Dividends: On September 15, 2011, the Company declared a third quarter 2011 dividend of $0.11 per common share of beneficial interest.

“We are very pleased with the performance of our portfolio during the quarter, despite the impact of Hurricane Irene on more than half of our hotels,” said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. “RevPAR remained strong and our properties continue to benefit from meaningful improvements in average rate. Furthermore, our portfolio once again delivered exceptional EBITDA margins, as evidenced by the 208 basis point improvement in the third quarter.”

Subsequent Events

On October 5, the Company announced that it purchased the Villa Florence in San Francisco for $67.2 million. The 182-room full service urban hotel is located in the heart of the Union Square district, San Francisco’s most popular retail and visitor attraction.

Year-to-Date Highlights

For the nine months ended September 30, 2011, RevPAR increased 6.5 percent to $150.32, with ADR growth of 5.1 percent to $192.36 and an occupancy increase of 1.4 percent to 78.1 percent. The Company’s hotel EBITDA margin was 30.9 percent, an increase of 201 basis points compared to the comparable prior year period. The Company invested $30.6 million of capital in its hotels during the nine months ended September 30, 2011.

Balance Sheet

As of September 30, 2011, the Company had total outstanding debt of $687.2 million. At the end of the quarter, the Company had no borrowings on either of its credit facilities. Total net debt to trailing 12 month Corporate EBITDA was 2.4 times as of September 30, 2011. For the third quarter, the Company’s weighted average interest rate was 5.4 percent. As of September 30, 2011, the Company’s EBITDA to interest coverage ratio was 5.1 times and its fixed charge coverage ratio was 2.5 times. As of September 30, 2011, the Company had $217.4 million of cash and cash equivalents on its balance sheet and capacity of $473.2 million available on its credit facilities.

2011 Outlook

The Company has updated its RevPAR growth and financial expectations for the full year as follows:











Low-end

High-end



($'s in millions except per share data)







RevPAR growth


6.2%


6.6%
Adjusted EBITDA

$ 200.0

$ 204.0
Adjusted FFO

$ 123.4

$ 127.4
Adjusted FFO per diluted share

$ 1.52

$ 1.57









The Company’s full year RevPAR growth outlook of 6.2 percent to 6.6 percent is based on fourth quarter RevPAR growth expectations of 5.0 percent to 7.0 percent. The Company’s outlook includes the Villa Florence acquisition and excludes the pending Park Central acquisition. At this time, the Park Central acquisition is scheduled to close between December 20, 2011 and January 10, 2012.

Earnings Call

The Company will conduct its quarterly conference call on Thursday, October 20, 2011 at 10:00 AM EDT. To participate in the conference call, please dial (888) 554-1417. Additionally, a live webcast of the conference call will be available through the Company’s website. To access, log on to http://www.lasallehotels.com. A replay of the conference call will be archived and available online through the Investor Relations section of http://www.lasallehotels.com.

LaSalle Hotel Properties is a leading multi-operator real estate investment trust owning 36 upscale full-service hotels, totaling approximately 8,900 guest rooms in 13 markets in 9 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Hilton Hotels Corporation, Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, Denihan Hospitality Group, the Kimpton Hotel & Restaurant Group, LLC, Accor, Destination Hotels & Resorts, HEI Hotels & Resorts, JRK Hotel Group, Inc. and Viceroy Hotel Group.

This press release, together with other statements and information publicly disseminated by the Company, contains certain 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. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words “will,” "believe," "expect," "intend," "anticipate," "estimate," "project" or similar expressions. Forward-looking statements in this press release include, among others, statements about outlook for RevPAR, adjusted FFO, adjusted EBITDA and derivations thereof and related assumptions and the Company’s expectation of the closing date of the Park Central Hotel. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, (i) the Company’s dependence on third-party managers of its hotels, including its inability to implement strategic business decisions directly, (ii) risks associated with the hotel industry, including competition, increases in wages, energy costs and other operating costs, actual or threatened terrorist attacks, downturns in general and local economic conditions and cancellation of or delays in the completion of anticipated demand generators, (iii) the availability and terms of financing and capital and the general volatility of securities markets, (iv) risks associated with the real estate industry, including environmental contamination and costs of complying with the Americans with Disabilities Act and similar laws, (v) interest rate increases, (vi) the possible failure of the Company to qualify as a REIT and the risk of changes in laws affecting REITs, (vii) the possibility of uninsured losses, (viii) risks associated with redevelopment and repositioning projects, including delays and cost overruns and (ix) the risk factors discussed in the Company’s Annual Report on Form 10-K as updated in its Quarterly Reports. Accordingly, there is no assurance that the Company's expectations will be realized.Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

For additional information or to receive press releases via e-mail, please visit our website at www.lasallehotels.com.


LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)





For the three months ended

For the nine months ended



September 30,

September 30,
Revenues:

2011

2010

2011

2010
Hotel operating revenues:



















Room

$ 133,152


$ 109,588


$ 356,070


$ 285,266
Food and beverage


50,554



41,388



142,999



115,812
Other operating department


14,256



12,210



37,374



32,753
Total hotel operating revenues


197,962



163,186



536,443



433,831
Other income


1,166



1,555



3,585



4,780
Total revenues


199,128



164,741



540,028



438,611
Expenses:



















Hotel operating expenses:



















Room


30,920



25,266



86,893



68,602
Food and beverage


34,669



28,952



99,249



81,147
Other direct


5,895



5,494



15,737



14,438
Other indirect


48,411



40,074



136,465



110,957
Total hotel operating expenses


119,895



99,786



338,344



275,144
Depreciation and amortization


27,765



26,054



83,572



78,129
Real estate taxes, personal property taxes and insurance


9,199



8,456



26,470



24,879
Ground rent


2,485



1,710



5,861



4,545
General and administrative


4,185



4,180



12,919



11,766
Acquisition transaction costs


153



555



574



2,026
Other expenses


668



798



1,749



2,540
Total operating expenses


164,350



141,539



469,489



399,029
Operating income


34,778



23,202



70,539



39,582
Interest income


8



26



22



78
Interest expense


(9,856 )


(8,871 )


(29,566 )


(26,369 )
Income before income tax expense and discontinued operations


24,930



14,357



40,995



13,291
Income tax expense


(3,125 )


(2,342 )


(5,670 )


(4,847 )
Income from continuing operations


21,805



12,015



35,325



8,444
Discontinued operations:



















Income from operations of properties disposed of, including gain on sale and loss on impairment




760



4,272



441



2,815
Income tax (expense) benefit


(244 )


482



(112 )


1,021
Net income (loss) from discontinued operations


516



4,754



329



3,836
Net income


22,321



16,769



35,654



12,280
Redeemable noncontrolling interest in loss of consolidated entity


-



17



2



36
Net income attributable to the Company


22,321



16,786



35,656



12,316
Distributions to preferred shareholders


(7,402 )


(6,689 )


(22,550 )


(20,066 )
Issuance costs of redeemed preferred shares


-



-



(731 )


-
Net income (loss) attributable to common shareholders

$ 14,919


$ 10,097


$ 12,375


$ (7,750 )




LASALLE HOTEL PROPERTIES
Consolidated Statements of Operations - Continued
(in thousands, except share data)
(unaudited)





For the three months ended

For the nine months ended



September 30,

September 30,



2011

2010

2011

2010
Earnings per Common Share - Basic:



















Net income (loss) attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares



$ 0.17


$ 0.07


$ 0.15


$ (0.17 )
Discontinued operations


0.01



0.07



-



0.06

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares



$ 0.18


$ 0.14


$ 0.15


$ (0.11 )










































Earnings per Common Share - Diluted:



















Net income (loss) attributable to common shareholders before discontinued operations and excluding amounts attributable to unvested restricted shares



$ 0.17


$ 0.07


$ 0.15


$ (0.17 )
Discontinued operations


0.01



0.07



-



0.06

Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares



$ 0.18


$ 0.14


$ 0.15


$ (0.11 )































































Weighted average number of common shares outstanding:



















Basic


84,640,196



71,246,259



80,392,686



68,531,224
Diluted


84,752,112



71,345,731



80,559,299



68,531,224






















LASALLE HOTEL PROPERTIES
FFO and EBITDA
(in thousands, except share data)
(unaudited)





For the three months ended

For the nine months ended



September 30,

September 30,



2011

2010

2011

2010





















Net income (loss) attributable to common shareholders

$ 14,919


$ 10,097


$ 12,375


$ (7,750 )
Depreciation(1)


27,644



27,453



83,194



82,503
Amortization of deferred lease costs


69



86



225



278
Redeemable noncontrolling interest in consolidated entity


-



(17 )


(2 )


(36 )
Less: Net gain on sale of properties


(760 )


(29,168 )


(760 )


(29,168 )
FFO

$ 41,872


$ 8,451


$ 95,032


$ 45,827





















Preferred share issuance costs


-



-



731



-
Acquisition transaction costs


153



555



574



2,026
Impairment loss related to sale of properties


-



23,568



-



23,568
Tax adjustment related to disposition


244



-



244



-
Costs associated with CFO departure


-



-



579



-
Non-cash ground rent


116



-



232



-
Adjusted FFO

$ 42,385


$ 32,574


$ 97,392


$ 71,421





















Weighted average number of common shares and units outstanding:





















Basic


84,640,196



71,246,259



80,392,686



68,531,224
Diluted


84,752,112



71,345,731



80,559,299



68,632,093





















FFO per diluted share

$ 0.49


$ 0.12


$ 1.18


$ 0.67





















Adjusted FFO per diluted share

$ 0.50


$ 0.46


$ 1.21


$ 1.04






For the three months ended

For the nine months ended



September 30,

September 30,



2011

2010

2011

2010





















Net income (loss) attributable to common shareholders

$ 14,919


$ 10,097


$ 12,375


$ (7,750 )
Interest expense(1)


9,856



8,872



29,566



26,373
Income tax expense (1)


3,369



1,860



5,782



3,826
Depreciation and amortization(1)


27,765



27,584



83,572



82,910
Redeemable noncontrolling interest in consolidated entity


-



(17 )


(2 )


(36 )
Distributions to preferred shareholders


7,402



6,689



22,550



20,066
EBITDA

$ 63,311


$ 55,085


$ 153,843


$ 125,389





















Preferred share issuance costs


-



-



731



-
Acquisition transaction costs


153



555



574



2,026
Impairment loss related to sale of properties


-



23,568



-



23,568
Net gain on sale of properties


(760 )


(29,168 )


(760 )


(29,168 )
Costs associated with CFO departure


-



-



579



-
Non-cash ground rent


116



-



232



-
Adjusted EBITDA

$ 62,820


$ 50,040


$ 155,199


$ 121,815





















Corporate expense


5,128



5,426



14,968



15,553
Interest and other income(1)


(1,172 )


(1,602 )


(3,650 )


(4,904 )
Hotel level adjustments, net


(353 )


4,089



(1,229 )


12,054
Hotel EBITDA

$ 66,423


$ 57,953


$ 165,288


$ 144,518






















(1) Includes amounts from discontinued operations.


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

Hotel EBITDA includes the operating data for all properties for the three and nine months ended September 30, 2011, except those disposed of and the March 2011 period of ownership of Viceroy Santa Monica. Hotel EBITDA includes adjustments made for presentation of comparable information.


LASALLE HOTEL PROPERTIES
Hotel Operational Data
Schedule of Property Level Results
(in thousands)
(unaudited)





For the three months ended

For the nine months ended



September 30,

September 30,



2011

2010

2011

2010
Revenues:















Room

$ 133,152

$ 125,111

$ 355,406

$ 333,616
Food and beverage


50,554


45,815


142,742


131,544
Other


13,849


12,796


36,017


34,272
Total hotel revenues


197,555


183,722


534,165


499,432

















Expenses:















Room


30,920


29,611


86,604


82,368
Food and beverage


34,669


32,656


99,023


93,368
Other direct


5,674


5,630


15,334


15,248
General and administrative


14,785


14,325


41,782


40,334
Sales and marketing


13,101


12,347


37,691


36,152
Management fees


6,985


6,879


18,508


17,816
Property operations and maintenance


6,782


6,487


19,608


18,838
Energy and utilities


5,889


5,713


16,143


16,092
Property taxes


8,346


8,255


23,956


24,595
Other fixed expenses


3,981


3,866


10,228


10,103
Total hotel expenses


131,132


125,769


368,877


354,914

















Hotel EBITDA

$ 66,423

$ 57,953

$ 165,288

$ 144,518
















Note:
This schedule includes the operating data for the three and nine months ended September 30, 2011 for all properties owned by the Company as of September 30, 2011. Sofitel, Monaco, Westin Philadelphia, Embassy Suites Philadelphia, Hotel Roger Williams and Chamberlain West Hollywood are shown in 2010 for their comparative period of ownership in 2011. Viceroy Santa Monica operating data is included for the three and six months ended September 30, 2011 and its comparative period of ownership in 2010. Both 2010 and 2011 exclude Sheraton Bloomington, and 2010 excludes Westin City Center Dallas and Seaview Resort.


LASALLE HOTEL PROPERTIES
Statistical Data for the Hotels
(unaudited)





For the three months ended

For the nine months ended



September 30,

September 30,



2011

2010

2011

2010

















Occupancy


83.8%


82.6%


78.1%


77.1%
Increase


1.4%






1.4%



ADR

$ 198.18

$ 188.83

$ 192.36

$ 183.04
Increase


5.0%






5.1%



RevPAR

$ 166.09

$ 156.06

$ 150.32

$ 141.10
Increase


6.4%






6.5%





















Note:
This schedule includes the operating data for the three and nine months ended September 30, 2011 for all properties owned by the Company as of September 30, 2011. Sofitel, Monaco, Westin Philadelphia, Embassy Suites Philadelphia, Hotel Roger Williams and Chamberlain West Hollywood are shown in 2010 for their comparative period of ownership in 2011. Viceroy Santa Monica operating data is included for the three and six months ended September 30, 2011 and its comparative period of ownership in 2010. Both 2010 and 2011 exclude Sheraton Bloomington, and 2010 excludes Westin City Center Dallas and Seaview Resort.

Non-GAAP Financial Measures

FFO, EBITDA and Hotel EBITDA

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

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

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

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

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

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

Adjusted FFO and Adjusted EBITDA

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



.
Contact:  

LaSalle Hotel Properties
Bruce Riggins or Kenneth Fuller, (301) 941-1500


      
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Also See: LaSalle Hotel Properties Posts 2nd Qtr Net Income of $16.7 million Compared to $8 million in the Prior Year Quarter; RevPAR Grew to $168.97, an Increase of 6.3% / Hotel Operating Statistics / July 2011

LaSalle Hotel Properties Posts 1st Qtr Net Loss of $19.3 million Compared to $25.8 million in the Prior Year Quarter; RevPAR Was $114.68, an Increase of 7.1% / Hotel Operating Statistics / April 2011

LaSalle Hotel Properties Posts 3rd Qtr Net Income $10.1 million Compared to $3.4 million in the Prior Year Quarter; RevPAR Was $148.39, an Increase of 6.3% / Hotel Operating Statistics / October 2010

In Three Separate Transactions LaSalle Hotel Properties Acquires the Hotel Monaco San Francisco for $68.5 million, the Westin Philadelphia for $145.0 million and the Embassy Suites Philadelphia -- Center City for $79.0 million / September 2010
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