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Financial Higher EdPublic RetailCommercial Mission
Tom Paladino, President,Paladino and Company, Inc.
Creating client value through a sustainableapproach to asset management
The Hotel Developers Conference
Green Building: Looking at the Triple Top Line
March 12, 2008
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our situation today
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peak oil
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desertification
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over population
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climate change
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Required LEED Adoption Rates by the Commercial Building Sector to
Meet the 1992 Kyoto Protocol Targets for Carbon Emissions
10% 20% 30% 40% 50% 60% 70% 80%
Adoption Rate, % of US Commercial Building Sector
Carbon
,MillionMetricTons
Kyoto Target Zone
20
40
60
80
100
120
140
Certified
Silver
Gold
Platinum
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minimize disturbanceontrol emissions
reduce water useminimize waste
ave energy
minimizecontrolreduceminimize
save
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scarcity vs.abundance
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The Poseidon Mystery Island, is competing for the title of the
worlds first luxury underwater resort. The complex will be designed
by Bruce Jones,
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a new paradigm
The Habitat Hotel is a working scale model of a hotel by
architect Enric Ruiz of Cloud 9 Architecture.
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The Hotel Rex
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prosperit
y
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financial
Fi i l A t M t
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Financial Asset Management
total assets, shareholder equity, revenue
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financial
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abundance
Olympic Mountains, Washingt
p
plane
t
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planet
financial
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pp
p
people
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people planet
financial
Creating ownervaluethrough asustainableapproach to assetmanagement
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p
p
p
rosperit
ylane
teople
Triple Top Line Asset Management
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Triple Top Line Asset Management
financial
planet
people
total assets,
shareholderequity, revenue
carbon, energy,
emissions, habitathydrology
productivity, job
satisfaction,health
Current Asset Base
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Current Asset Base
people planet
financial
Future Asset Base
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Future Asset Base
people planet
financial
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Case 1
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sundryness
windvisitors
3 pnc
Pittsburgh mixed use hotel, condo, office and ret
Strategy
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Strategy
Use Triple Top Line as measure of
success, because:
LEED does not currently recognizeenhancements to urban contextusing justLEED may downplay the major successes of
the project.
LEED is still not well known to publicfocusing on people & economics will createwider interest and reception.
Triple Top Line will encourage thedevelopment team to think beyond the LEEDrequirements.
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historic structuressteel bridgespublic transit
pedestrian traffic
3 pnc
Enhance Urban Ecology
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Enhance Urban Ecology
Add pedestrian street
miles per day across thesite.
Connect with at least 3modes of mass transit:
bus, train, & carpool.
Reduce automobile tripsby 50% over
conventional.
Design for the Place
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Design for the Place
Respond to climate. Utilize local materials (500 mile
radius) for 75% of the major,
visible systems.
Reference building precedentsthat reflect local climate,
materials & technologies.Source: Big & Green
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TBL Scorecard
CommunityTotal Points18
EP BMP MO
6
2
2
2
6
2
2
2
6
2
2
2
Mass Transit Connectivity
Automobile Traffic Impact
Make Places for People
Inspire Community Pride
Public Street Experience
Public Open Space Access
24 hr Use
Public Ownership of Space
Interaction with Community Assets
Urban Connectivity
Pedestrian Street Miles
Enhance Urban Ecology
EconomicsTotal Points18
EP BMP MO
6
2
2
2
6
2
2
2
6
2
2
2
Bottom Line
Create Value
Leasability
First Costs
Total Cost of Occupancy
Branding Placement
Capture Incentives
Mixed Use Balance
Equity Focus
Maximize Top Line
Utility/Maintenance Costs
Tenant Marketability
EnvironmentTotal Points18
EP BMP MO
Design for Place 6
2
2
2
Create a Living Building 6####
2
2
2
Demonstrate Leadership 6
2
2
2
Net Producer
Connection with Urban Fabric
Adaptable Space
Shared Infrastructure
Climate Responsive Design
Local Material Use
Green Building Education
Resource Dependence
LEED Rating Potential
Recommendations
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Recommendations
Define Triple Top Line goals to create aframework for decision-making. Goalsshould include measurable targets.
Use a Triple Top Line pro forma to
evaluate design decisions. Weigh inputstreams (rent, condo prices, utilities)against feature sets.
Develop a LEED strategy for theproject to include multiple tenants.
Tenants should commit to green
building goals.
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urban place makingknowledge workforce
business catalyst
Fairmont Hotel LEED-CI
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planet
financial
financial
Fairmont Hotel LEED CI
people
Fairmont Hotel Triple Top Line
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Fairmont Hotel Triple Top Line
people planet
financial
Goal: Align hotel tenant corporate sustainability policyand CI build out with 3PNC base buildings triple topline scorecard
CommunityLocal sourcing
Building materials &furniture
IAQ Low-emitting adhesives,
paints, carpets, etc. GREENGUARD certified
furniture Non-smoking hotel
Green housekeeping Environmentally
preferable cleaningproducts and practices
Green education Educating local furniture
manufactures, hotel staff,
guests, etc.
EnvironmentEnergy
Energy managementsystem
Energy star equipment &appliances
Smart room cards
Water efficiency
Low flow WCs & aerators
EconomicsBranding value increases
VAR
Utility/maintenance costsreduced through energy &water efficiency savings
Fairmont Hotel Draft Scorecard
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Fairmont Hotel Draft Scorecard
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Case 2
Candela Hotels High Performing, Luxury Hotel
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planet
financial
financial
Candela Hotels High Performing, Luxury Hotel
planet
Candela Hotels, Seattle, WA LEED-CI Gold
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Candela Hotels, Seattle, WA LEED CI Gold
people planet
financial
Goal: Create a traveler centric, high
performing, luxury hotel built to LEED Goldstandards
Green drove thedevelopment process:
Identify greendeveloper/partner
Optimize concept toalign withsustainability goals
Map to triple top linescorecard
Candela Hotels Triple Top Line
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Ca de a ote s p e op e
people planet
financial
Goal: Create a traveler centric, highperforming luxury hotel built to LEED Goldstandards
Traveler Centric
Superior air quality
Daylighting
Thermal comfort
Green housekeeping
Green education
EnvironmentLEED Gold
Site (in LEED corebuilding)
Energy Lighting controls
Equipment/appliances
Water efficiency
Materials & Resources Construction waste
management Local / sustainably
harvested resources
EconomicsBranding valueincreases ADR,
Operations centric reducing operational
waste and utility costs
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Front of House Feature Mapping
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Front of House Feature Mapping
LEED Building Features
Full
spectrum
lighting
Hypo
allergenic
bedding
Under floor air
delivery
Operablewindows
Green Guard
furniture
Non-toxic
carpet
Sustainably
harvested
woodDaylight
space
Back of House WATER Analysis
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Back of House WATER Analysis
33%
24%
22%
21%
Clothes Washer Faucets
Showers Toilets
8%
13%
43%
7%
6%
4%
19%
Cleaning Irrigation
Domestic (Grey) Cooling
Kitchen Other
Toilet
ResidentialResidential
Water UseWater Use
HotelHotel
Water UseWater Use
243 gals/day192 gals/day GREYWATER
209 gals/day
90 gals/day GREYWATER
Source: AHLA
Water-Efficient Appliances
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Water Efficient Appliances
ShowerheadsShowerheadsToiletsToilets FaucetsFaucets
TargetTargetFlow &Flow &FlushFlushRatesRates
0.8 - 1.1 gpf0.8 - 1.1 gpf0.8 / 1.6 gpf0.8 / 1.6 gpf
(Dual Flush)(Dual Flush)
< 1.8 gpm< 1.8 gpmAeratedAerated
< 1.8 gpm< 1.8 gpmAerated headAerated head
Sensor controlSensor control
Base Building Ideas
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g
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Case 3
Major Hotel Chain Green Brand Re-Invention
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people planet
financial
financial
j
financial
Major Hotel Chain Green Brand Re-Invention
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j
Goal:Align green prototype design with traveler valuesin a way that demonstrates the green business case to
the franchisee
Major Hotel Chain Green Brand Re-Invention
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jMajor Hotel Chain Green Brand Reinvention
P CurrentlyPossiblebutnotembeddedindocuments
R Requiredas assessmentof thecurrentprototypeLEEDstatus
Total Project ScoreCertified:26to 32points Silver: 33to 38points Gold: 39to 51points Platinum:52ormorepoints
P P P S LEEDCredits
1 4 12 19 9 5 2 2 38 2 3 2 2 22 40 14 1 3 4 0 2 2
Y R ? N
11 1 6 7 4 8 2 9 5 6 8 PossiblePoints 14Y R ? N easy mod diff easy mod diff easy mod diff P S
Y P Y Y Y SSp1
1 1 1 1 1 SSc1 1
1 1 1 1 1 SSc2 1
1 1 1 1 1 SSc3 1
1 1 1 1 1 SSc4,1 1
1 1 1 1 1 SSc4,2 1
1 1 1 1 1 SSc4,3 1
1 1 1 1 1 SSc4.4 1
1 1 1 1 1 SSc5.1 1
1 1 1 1 1 SSc5.2 1
1 1 1 1 1 SSc6.1 1
1 1 1 1 1 SSc6.2 1
1 1 1 1 1 SSc7.1 1
1 1 1 1 1 SSc7.2 1
1 1 1 1 1 SSc8 1
1 2 2 1 4 2 2 1 4 1 3 2 PossiblePoints 5Y R ? N easy mod diff easy mod diff easy mo diff P S
1 1 1 1 1 WEc1.1 1
1 1 1 1 1 WEc1.2 1
1 1 1 1 1 WEc2 1
1 1 1 1 1 WEc3.1 1
1 1 1 1 1 WEc3.2 1
5 1.5 3 2 15 3 4 10 7 5 5 9 8 PossiblePoints 17Y R ? N easy mod diff easy mod diff easy mo diff P S
Y P Y Y Y EAp1
Y P Y Y Y EAp2
Y 1 Y Y Y EAp3
2 1 1 2 2 2 EAc1.1 2
1 2 2 2 2 EAc1.2 2
2 2 2 1 1 EAc1.3 2
2 2 1 1 2 EAc1.3 2
2 2 2 2 EAc1.3 2
1 1 1 1 1 EAc2.1 1
1 1 1 1 1 EAc2.2 1
1 1 1 1 1 EAc2.3 1
1 1 1 1 1 EAc3 1
1 1 1 1 1 EAc4 1
1 1 1 1 1 EAc5 1
0.5 1 1 1 1 EAc6 1
2 3 4 4 3 9 3 4 6 5 3 5 5 3 PossiblePoints 13Y R ? N easy mod diff easy mod diff easy mo diff P S
Y Y Y Y Y MRp1
1 1 1 1 1 MRc1.1 1
1 1 1 1 MRc1.2 1
1 1 1 1 MRc1.3 1
1 1 1 1 1 MRc2.1 1
1 1 1 1 MRc2.2 1
1 1 1 1 MRc3.1 1
1 1 1 1 MRc3.2 11 1 1 1 1 Rc4.1 1
1 1 1 1 1 MRc4.2 1
1 1 1 1 1 MRc5.1 1
1 1 1 1 1 MRc5.2 1
1 1 1 1 MRc6 1
1 1 1 1 1 MRc7 1
4 6.5 2 2 10 3 8 4 3 12 1 2 1 4 1 PossiblePoints 15Y R ? N easy mod diff easy mod diff easy mo diff P S
Y P Y Y Y EQp1
Y P Y Y Y EQp2
1 1 1 1 1 EQc1 1
N 1 1 1 1 EQc2 1
1 1 1 1 1 EQc3.1 1
N 1 1 1 1 EQc3.2 11 1 1 1 1 EQc4.1 1
1 1 1 1 1 EQc4.2 1
1 1 1 1 1 EQc4.3 11 1 1 1 1 EQc4.4 1
1 1 1 1 1 EQc5 1
1 1 1 1 1 EQc6.1 1
1 1 1 1 1 EQc6.2 1
1 1 1 1 1 EQc7.1 11 1 1 1 1 EQc7.2 1
1 1 1 1 1 EQc8.1 1
0.5 1 1 1 1 EQc8.2 1
3 2 3 3 3 PossiblePoints 5Y R ? N easy mod diff easy mod diff easy mo diff P S
1 1 1 1 1 IDc1.1 1
1 1 1 1 1 IDc1.2 1
1 1 1 1 IDc1.3 1
1 1 1 1 IDc1.4 1
1 1 1 1 1 IDc2 1
1 1 1
1 1 1
1 1 1
1 1 1 Innovation in Design:?Innovation in Design:
LEEDAccredited Professional
Innovation in Design:Lo MercuryLightBulbs
Innovation in Design:Exemplary Performance
Innovation in Design:GreenHousekeeping
Innovation in Design:Useof Energy-StarAppliancesInnovation in Design:GreenEducation
Innovation in Design:ECHOProgram
Innovation in Design:GreenFF&E
Thermal Comfort,Verification
Daylight &Vie s,Daylight75%ofSpaces
Daylight &Vie s,Vie sfor90%ofSpaces
Innovation & Design Process
Indoor Chemical and Pollutant SourceCon trol*
Controllabi lityo f Systems,LightingControllabi lityo f Systems,ThermalComfort
Thermal Comfort,Design
Lo -Emitting Materials,Adhesives&Sealants
Lo -Emitting Materials,Paints&CoatingsLo -Emitting Materials,Carpet SystemsLo -Emitting Materials,CompositeWood&AgrifiberProducts
Outdoor Air DeliveryMonitoring
Increased VentilationConstruction IA Q ManagementPlan,DuringConstruction
Construction IA Q ManagementPlan,BeforeOccupancy
Certified Wood
Indoor Environmental Quality
MinimumIAQ Performance
Environmental Tobacco Smoke(ETS)Contr ol
Recycled Content,Specify20%
Regional Materials,10%Extracted,ProcessedandMnfctrdLocally
Regional Materials,20%Extracted,ProcessedandMnfctrdLocally
RapidlyRene ableMaterials
Construction Waste Management,Divert75%Materials Reuse,Specify5%
Materials Reuse,Specify10%
Recycled Content,Specify10%
Building Reuse,Maintain75%ofExistingShell
Building Reuse,Maintain100%ofExistingShell
Building Reuse,Maintain100%Shell&50%Non-Shell
Construction Waste Management,Divert50%
Green Power
Materials & Resources
Storage& Collection of Recyclables
On-SiteRenewableEnergy,20%
Enhanced Commissioning
Enhanced Refrigerant Management
Measurement &Verif ication
OptimizeEnergyPerformance,50%New/ 40%Existing
OptimizeEnergyPerformance,60%New/ 50%Existing
On-SiteRene ableEnergy,2.5-7.5%
On-SiteRenewableEnergy,10%
Fundamental Refrigerant Management
OptimizeEnergyPerformance,20%Ne / 10%Existing
OptimizeEnergyPerformance,30%Ne / 20%Existing
OptimizeEnergyPerformance,40%New/ 30%Existing
Water Use Reduction,30%Reduction
Energy & Atmosphere
Fundamental Commissioning of theBu ilding Energy Systems*
MinimumEnergyPerformance
Water EfficientLandscaping,Reduceby50%
Water EfficientLandscaping,No PotableUseorNo Irrigation
InnovativeWaste ater Technologies
Water Use Reduction,20%Reduction
Heat Island Effect,Non-RoofSurfaces
Heat IslandsEffect,RoofSurfaces
Light Pollution Reduction
Water Efficiency
SiteDevelopment ,ProtectorRestoreHabitat
SiteDevelopment ,MaximizeOpenSpace
Stormwater Management,QuantityControl
Storm ater Management,QualityControl
AlternativeTransportation,PublicTransportationAccess
AlternativeTransportation,BicycleStorage&ChangingRooms
AlternativeTransportation,Lo EmittingandFuel EfficientVehicles
AlternativeTransportation,ParkingCapacity
Construction ActivityPollution Prevention
SiteSelection
Development Densityan d Community Connectivity
Brownfi eld Redevelopment
Sustainable Sites
ThisscorecardcomparestheLEEDstatusofthe currentprototypedocumentswiththe
IncrementalandStretchgreenversionsoftheprototype.TheprojectgoalidentifiedfortheIncrementalgreenversionisCertifiedandStretchversionisSilver.VolumeBuildwillbeattemptedaspartof theStretchversion.
MI-MngdBaseGreenPrototype
Increm.
(volbld?) Stretch
Stretch
Vol.
Build
Establish new financial model
Create scalable green feature
packages to give franchisees
more choice
Validate green features through
rigorous cost/payback analysis
Use LEED volume build to
streamline submittal process
Embed cost and payback for
green into pro forma
Back of House ENERGY Analysis
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42%
20%
16%
6%
16%
Water Heating LightingSpace Heating Cooling
Other
Sources: Commercial Buildings Energy Consumption Survey (CBECS). Energy Information Administration, 1998.
Residential Energy Consumption Survey (RECS). Energy Information Administration, 1999.
nalysis of End Use
32%
23%
33%
5%7%
Water Heating LightingSpace Heating Cooling
Other
Hotel Multi-Family Residential
y
Boiler Efficiency
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y
Flexible and
Robust: if
operating at high
temperatures,
condensing
boilers stilloperate at high
efficiency >80%
Condensing
boilers can be
used to capturewaste heat that is
typically sent up
the flue.
Solar Heating & Heat Recovery
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g y
80-90% of theenergy used toheat water is sentdown the drain.
Recapturing heatfrom drain pipescan provideenergy savings inhot watermakeup.
Year-round
supplemental
water heating can
be provided by a
solar thermal
system.
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green cost analogy
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Chevy Malibu
green building cost options
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green building cost options
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constant program process
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Pro forma MODEL
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Green Rent Premium 2% $0.70 PSF/Yr. $595,385
Green Overlay
Improved lease up for green product offering ($0.01) $308,646
Utilities (LEED Silver) 20% 850,550 Sq. Ft. $1.20 PSF $1,020,660
TOTAL NET GREEN OPERATING INCOME 17,402,666
Improvement to NOI 5.8%
NET NOI IMPROVEMENT $952,350SIMPLE PAYBACK 9.2 years
Office 850,550Scheduled Gross Income
Office Space 850,550 Sq. Ft. $35.00 PSF/Yr. $29,769,250Signage Income $500,000 $0.6Plus: Parking Income 2,002 spaces $0 per mo. $0 $0.0
____________ _____
Total Scheduled Gross Income $30,269,250 $35.6
Plus: Recoveries $0____________
Effective Gross Income $28,086,817
Operating Expenses
Operating ExpensesManagement Fees $28,086,817 3.0% of EGI $842,605
Janitorial Services 850,550 Sq. Ft. $1.25 PSF $1,063,188Window Washing 850,550 Sq. Ft. $0.25 PSF $212,638Repairs & Maintenance 850,550 Sq. Ft. $0.50 PSF $425,275Insurance $155,100,294 0.500% Costs $775,501Professional fees 850,550 Sq. Ft. $0.20 PSF $170,110General & Administrative 850,550 Sq. Ft. $0.50 PSF $425,275Security 850,550 Sq. Ft. $0.75 PSF $637,913Landscaping 850,550 Sq. Ft. $0.25 PSF $212,638Parking Expense not paid by Tenant $2,149,980Gr. Lease Payment $216,442
RE Taxes $247,113,601 1.0246% Value $2,531,926____________
Total Operating Expenses $10,684,151
Net Operating Income $17,402,666
(Less): Vacancy 10.00% of SGI ($3,086,464)
TOTAL NET OPERATING INCOME 16,450,316
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Thank You!
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people planet
financial