122ms of noise on bounced/exported files

Does anybody else notice that there is about 122ms of noise on exported or bounced files from Pro Tools 12?

I can't hear the noise, or even see the noise in Pro Tools zoom but if I open in WaveLab, I can see about 122ms of noise. I actually don't know if the noise comes from consolidating the clip in Pro Tools, or on the export but it's certainly visible in WaveLab. The file should have about 200ms if digital black before any sound comes in, but PT always adds this noise. This is likely also what was confusing the auto-blanking in my dither module of choice in Pro Tools...because there isn't true silence at the head of the file.

See this screen shot:

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122ms of noise on bounced/exported files