Does heavy use of partials increase String object instantiations?

I refactor my views like below, and am wondering: does this contribute to more object churn? I.e., the String results from the partials must be concatenated into the final result … where, if this was one large file, there wouldn’t be such concatenation?

%html{:lang => "en"}
  = render 'html_head'
  = render 'body_tag'

  = render 'top_nav_bar'

    = render "breadcrumbs"

        = render 'devise_alerts'
        = yield

      - if show_sidebar?(hide: @hide_sidebar, controller_name: controller_name)
          = render 'right_side_bar'

    = render "footer"

  = javascript_include_tag 'application.js'
  = render 'analytics'
  = render 'closing_body_tag'