Danfun128 said:

Or any other average 35mm release, apparently.

As I understand it, projectionists would routinely splice the reels together onto a big platter and then cut them apart again to return them to the reels. Obviously to run the film without heads and tails appearing on screen at each reel change they had to be spliced where the real picture information is. Over time, the frames at each end of the reel would get damaged and be cut off. Since the film soundtrack is on the film too, this would not cause audio sync issues and really nobody would notice one or two missing frames. From what I have seen of Team Negative One's prints they are nearly all missing some frames at the beginning and end of each reel when compared to the GOUT.