CLEVELAND, OH , the nation's leading owner, manager and
developer of market-dominant shopping centers, today reported
operating results for the first quarter ended March 31, 2008.
-- Funds From Operations ("FFO") per diluted share was $0.83 and net
income per diluted share was $0.28 for the three-month period ended March
31, 2008, as compared to the prior-year comparable period of $0.91 and
$0.42, respectively. The decrease in FFO and net income per share for the
three-month period ended March 31, 2008, is primarily related to the
release of certain tax reserves in the first quarter of 2007 and a
reduction in the amount of transactional income offset by a full three
months of operating results as a result of the merger with Inland Retail
Real Estate Trust, Inc.("IRRETI").
-- Executed leases during the first quarter totaled approximately 2.9
million square feet, including 144 new leases and 329 renewals.
-- On a cash basis, base rental rates increased 27.8% on new leases, 7.0%
on renewals and 10.7% overall.
-- Core portfolio leased percentage at March 31, 2008 was 95.8%.
-- Same store net operating income ("NOI") for the quarter increased 2.0%
over the prior-year comparable period.
Scott Wolstein, Developers Diversified's Chairman and Chief
Executive Officer, commented, "We're pleased to report this
quarter's financial results, which demonstrate the strength of our
portfolio and consistency in our performance, despite challenges in
the broader economy. We expect property fundamentals in our
portfolio to remain strong as our largest tenant relationships
continue to benefit from market share gains due to solid balance
sheets and price-sensitive consumers."
"We're pleased with the progress we've made in addressing our
2008 debt and loan maturities and we remain focused on our balance
sheet in order to minimize our risk profile while allowing us to
pursue opportunities created by the credit market dislocation," Mr.
Wolstein continued.
Financial Results:
Net income applicable to common shareholders was $32.9 million,
or $0.28 per share (diluted and basic), for the three-month period
ended March 31, 2008, as compared to $48.7 million, or $0.42 per
share (diluted and basic), for the prior-year comparable period.
The decrease in net income for the three-month period ended March
31, 2008, is primarily related to the release of certain tax
reserves in the first quarter of 2007 and a reduction in the amount
of transactional income offset by a full three months of operating
results as a result of the merger with IRRETI.
For the three-month periods ended March 31, 2008 and 2007, FFO
per share was $0.83 (diluted and basic) and $0.91 (diluted and
basic), respectively. FFO applicable to common shareholders was
$99.6 million for the three-month period ended March 31, 2008, as
compared to $106.2 million for the three-month period ended March
31, 2007. The decrease in FFO for the three-month period ended
March 31, 2008, is a result of the same factors impacting net
income as described above.
FFO is a supplemental non-GAAP financial measurement used as a
standard in the real estate industry and a widely accepted measure
of real estate investment trust ("REIT") performance. Management
believes that FFO provides an additional indicator of the financial
performance of a REIT. The Company also believes that FFO more
appropriately measures the core operations of the Company and
provides a benchmark to its peer group. FFO does not represent cash
generated from operating activities in accordance with generally
accepted accounting principles ("GAAP"), is not necessarily
indicative of cash available to fund cash needs and should not be
considered as an alternative to net income computed in accordance
with GAAP as an indicator of the Company's operating performance or
as an alternative to cash flow as a measure of liquidity. FFO is
defined and calculated by the Company as net income, adjusted to
exclude: (i) preferred share dividends, (ii) gains from disposition
of depreciable real estate property, except for those sold through
the Company's merchant building program, which are presented net of
taxes, (iii) extraordinary items and (v) certain non-cash items.
These non-cash items principally include real property depreciation
and amortization of intangibles, equity income from joint ventures
and equity income from minority equity investments and adding the
Company's proportionate share of FFO from its unconsolidated joint
ventures and minority equity investments, determined on a
consistent basis. Other real estate companies may calculate FFO in
a different manner. A reconciliation of net income to FFO is
presented in the financial highlights section.
Leasing:
The following results from the first quarter ended March 31,
2008 highlight continued strong leasing activity throughout the
portfolio:
-- Executed 144 new leases aggregating 0.8 million square feet and 329
renewals aggregating 2.1 million square feet.
-- On a cash basis, rental rates on new leases increased 27.8% and rental
rates on renewals increased 7.0%. Overall, rental rates for new leases and
renewals increased 10.7%.
-- Total portfolio average annualized base rent per occupied square foot,
excluding Brazil, as of March 31, 2008 was $12.38, as compared to $12.36 at
March 31, 2007.
-- Core portfolio leased rate was 95.8% as of March 31, 2008, as compared
to 96.0% at March 31, 2007.
The Company and its joint ventures (at 100%) estimate total
annual recurring leasing capital expenditures to be approximately
$25 million ($0.21 per square foot of owned GLA) in 2008.
Acquisitions:
In January 2008, through a 50% consolidated joint venture
interest with Holborn Brampton Limited Partnership, the Company
acquired 43 acres of land in Brampton, Ontario, Canada, for
approximately $32.6 million to develop a retail shopping
center.
Dispositions:
In the first quarter of 2008, the Company sold two shopping
centers, including one which was considered held for sale at
December 31, 2007, aggregating approximately 0.1 million square
feet for an aggregate sales price of $8.0 million.
Macquarie DDR Trust Share Purchase:
In February 2008, the Company began purchasing units of
Macquarie DDR Trust ("MDT"), an Australian Based Listed Property
Trust sponsored by Macquarie Bank Limited (ASX: MBL), an
international investment bank, advisor and manager of specialized
real estate funds. MDT is DDR's joint venture partner in the DDR
Macquarie Fund LLC joint venture ("the Fund"). Through the
combination of its purchase of the units in MDT and its direct and
indirect ownership of the Fund, DDR is entitled to an approximate
17.2% of the economic interest in the Fund at March 31, 2008.
Through April 21, 2008, the Company has purchased 59.7 million MDT
units in open market transactions at an aggregate cost of
approximately $27.5 million, which reflects a weighted-average
price per unit of $0.46.
Wholly-Owned and Consolidated Joint Venture Development:
The Company currently has the following wholly-owned and
consolidated joint venture shopping center projects under
construction:
Estimated
Expected Initial
Net Cost Anchor
Location Owned GLA ($ Millions) Opening* Description
--------- ----------- --------- -----------
Ukiah (Mendocino), Community
California ** 409,900 $ 101.4 1H 10 Center
Community
Miami (Homestead), Florida 275,839 74.9 2H 08 Center
Miami, Florida 400,685 142.6 2H 06 Mixed Use
Community
Tampa (Brandon), Florida 241,700 55.5 2H 09 Center
Community
Tampa (Wesley Chapel), Florida 73,360 13.7 2H 09 Center
Community
Boise (Nampa), Idaho 450,855 123.1 2H 07 Center
Boston, Massachusetts Community
(Seabrook, New Hampshire) 210,180 50.1 2H 09 Center
Community
Elmira (Horseheads), New York 350,987 53.0 1H 07 Center
Raleigh (Apex), North Carolina Community
(Promenade) 81,780 17.9 2H 09 Center
Raleigh (Apex), North Carolina
(Beaver Creek Crossing, Phase Community
II) 162,270 50.8 2H 10 Center
Community
Austin (Kyle), Texas ** 325,005 60.0 2H 09 Center
--------- -----------
Total 2,982,561 $ 743.0
========= ===========
* 1H = First Half, 2H = Second Half
** Consolidated 50% Joint Venture
At March 31, 2008, $430.3 million of costs were incurred in
relation to the Company's 11 development projects under
construction.
In addition to these current developments, the Company and its
Joint Ventures are scheduled to commence construction on various
other developments, including several international projects. The
Company has also identified several additional potential
development opportunities reflecting an aggregate estimated cost of
over $1 billion. While there are no assurances any of these
projects will be undertaken, they provide a source of potential
development projects over the next several years. As of March 31,
2008, the projected unleveraged GAAP return on the Company's
aggregate development and redevelopment pipeline is approximately
10%.
Unconsolidated Joint Venture Development:
The Company's unconsolidated joint ventures have the following
shopping center projects under construction. At March 31, 2008,
$283.7 million of costs had been incurred in relation to these
development projects.
DDR's Estimated
Effective Expected Initial
Ownership Owned Net Cost Anchor
Location Percentage GLA ($ Millions) Opening* Description
---------- --------- --------- --------- -----------
Kansas City Community
(Merriam), Kansas 20.0% 202,116 $ 46.8 2H 08 Center
Detroit (Bloomfield Lifestyle
Hills), Michigan 10.0% 882,197 192.5 2H 09 Center
Lifestyle
Dallas (Allen), Texas 10.0% 797,665 171.2 1H 08 Center
Enclosed
Manaus, Brazil 47.4% 477,630 82.6 1H 09 Mall
--------- ---------
Total 2,359,608 $ 493.1
========= =========
* 1H = First Half, 2H = Second Half
Wholly-Owned and Consolidated Joint Venture Redevelopments and
Expansions:
The Company is currently expanding/redeveloping the following
wholly-owned and consolidated joint venture shopping centers at a
projected aggregate net cost of approximately $152.5 million. At
March 31, 2008, approximately $99.6 million of costs had been
incurred in relation to these projects.
Property Description
---------------------------- -------------------------------------------
Miami (Plantation), Florida Redevelop shopping center to include Kohl's
and additional junior tenants
Chesterfield, Michigan Construct 25,400 sf of small shop space and
retail space
Olean, New York Wal-Mart expansion and tenant relocation
Fayetteville, North Carolina Redevelop 18,000 sf of small shop space and
construct an outparcel building
Akron (Stow), Ohio Redevelop former K-Mart space and develop
new outparcels
Dayton (Huber Heights), Ohio Construct 45,000 sf junior tenant
Unconsolidated Joint Venture Redevelopments and Expansions:
The Company's unconsolidated joint ventures are currently
expanding/redeveloping the following shopping centers at a
projected net cost of $458.9 million, which includes original
acquisition costs related to assets acquired for development. At
March 31, 2008, approximately $404.4 million of costs had been
incurred in relation to these projects. The following is a summary
of these joint venture redevelopment and expansion projects:
DDR's
Effective
Ownership
Property Percentage Description
---------------------- --------- ---------------------------------------
Buena Park, California 20.0% Large-scale redevelopment of enclosed
mall to open-air format
Los Angeles (Lancaster), Relocate Wal-Mart and redevelop former
California 21.0% Wal-Mart space
Chicago (Deer Park), Re-tenant former retail shop space with
Illinois 25.75% junior tenant and construct 13,500 sf
multi-tenant outparcel building
Benton Harbor, Michigan 20.0% Construct 89,000 sf of anchor space and
retail shops
Kansas City, Missouri 20.0% Relocate retail shops and re-tenant
former retail shop space
Cincinnati, Ohio 18.0% Redevelop former JCPenney space
Financing:
In March 2008, the Company entered into mortgage loans with
Metropolitan Life Insurance Company on six of its shopping center
assets, four of which are located in the continental U.S. and two
of which are located in Puerto Rico, for an aggregate of $350.0
million with a maturity date of April 2013. The loans have a fixed
interest rate of 5.0% and provide for interest-only debt service
payments with a balloon payment at maturity. The Company used the
proceeds from the loans to repay scheduled 2008 debt maturities and
the remaining balance to repay revolving credit facilities.
Other loan closings during the quarter included a $71 million
construction loan on our Homestead, Florida development and the
refinancing of $72 million of joint venture debt. In addition, our
50% joint venture with Sonae Sierra, which owns and develops retail
real estate in Brazil, closed on a R$50 million Reais credit
facility in late February.
In January 2008, the Company repaid unsecured notes aggregating
$100.0 million through borrowings on the Company's revolving credit
facilities.
Developers Diversified Realty Corporation currently owns and
manages over 740 retail operating and development properties in 45
states, plus Puerto Rico, Brazil, Russia and Canada, totaling
approximately 162 million square feet. Developers Diversified
Realty Corporation is a self-administered and self-managed REIT
operating as a fully integrated real estate company which acquires,
develops, leases and manages shopping centers.
A copy of the Company's Supplemental Financial/Operational
package is available to all interested parties upon request at our
corporate office to Michelle M. Dawson, Vice President of Investor
Relations, Developers Diversified Realty Corporation, 3300
Enterprise Parkway, Beachwood, OH 44122 or on our Web site which is
located at http://www.ddr.com.
Developers Diversified Realty Corporation considers portions of
this information to be forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21
E of the Securities Exchange Act of 1934, both as amended, with
respect to the Company's expectation for future periods. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that its expectations will be achieved.
For this purpose, any statements contained herein that are not
historical fact may be deemed to be forward-looking statements.
There are a number of important factors that could cause the
results of the Company to differ materially from those indicated by
such forward-looking statements, including, among other factors,
local conditions such as oversupply of space or a reduction in
demand for real estate in the area, competition from other
available space, dependence on rental income from real property,
the loss of a major tenant, constructing properties or expansions
that produce a desired yield on investment or inability to enter
into definitive agreements with regard to our financing
arrangements or our failure to satisfy conditions to the completion
of these arrangements. For more details on the risk factors, please
refer to the Company's Form 10-K as of December 31, 2007.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands - except per share data)
Three-Month Periods
Ended March 31,
Revenues: 2008 2007
--------- ---------
Minimum rents (A) $ 160,852 $ 149,825
Percentage and overage rents (A) 3,006 2,005
Recoveries from tenants 53,602 45,722
Ancillary and other property income 4,662 4,702
Management, development and other fee income 16,287 9,082
Other (B) 3,487 7,709
--------- ---------
241,896 219,045
--------- ---------
Expenses:
Operating and maintenance 36,869 27,342
Real estate taxes 27,675 25,810
General and administrative (C) 20,715 21,518
Depreciation and amortization 57,139 52,096
--------- ---------
142,398 126,766
--------- ---------
Other income (expense):
Interest income 582 3,682
Interest expense (62,214) (60,471)
Other expense (D) (497) (225)
--------- ---------
(62,129) (57,014)
--------- ---------
Income before equity in net income of joint ventures,
minority equity interests, income tax (expense)
benefit of taxable REIT subsidiaries and franchise
taxes, discontinued operations and gain on
disposition of real estate, net of tax 37,369 35,265
Equity in net income of joint ventures (E) 7,388 6,281
Minority equity interests (F) (2,371) (5,839)
Income tax (expense) benefit of taxable REIT
subsidiaries and franchise taxes (G) (1,045) 15,061
--------- ---------
Income from continuing operations 41,341 50,768
(Loss) income from discontinued operations (H) (284) 5,758
--------- ---------
Income before gain on disposition of real estate 41,057 56,526
Gain on disposition of real estate, net of tax 2,367 6,010
--------- ---------
Net income $ 43,424 $ 62,536
========= =========
Net income applicable to common shareholders $ 32,857 $ 48,744
========= =========
Funds From Operations ("FFO"):
Net income applicable to common shareholders $ 32,857 $ 48,744
Depreciation and amortization of real estate
investments 54,362 52,449
Equity in net income of joint ventures (E) (7,388) (6,281)
Joint ventures' FFO (E) 19,181 13,559
Minority equity interests (OP Units) (F) 595 569
Gain on disposition of depreciable real estate (19) (2,857)
--------- ---------
FFO applicable to common shareholders 99,588 106,183
Preferred dividends 10,567 13,792
--------- ---------
FFO $ 110,155 $ 119,975
========= =========
Per share data:
Earnings per common share
Basic $ 0.28 $ 0.42
========= =========
Diluted $ 0.28 $ 0.42
========= =========
Dividends Declared $ 0.69 $ 0.66
========= =========
Funds From Operations - Basic (I) $ 0.83 $ 0.91
========= =========
Funds From Operations - Diluted (I) $ 0.83 $ 0.91
========= =========
Basic - average shares outstanding (I) 119,148 114,851
========= =========
Diluted - average shares outstanding (I) 119,349 115,661
========= =========
(A) Increases in base and percentage rental revenues for the three-month
period ended March 31, 2008, as compared to the prior-year comparable
period, aggregated $12.1 million, consisting of $3.2 million related to
leasing of core portfolio properties (an increase of 2.5% from 2007),
$17.8 million from the acquisition of assets and the merger with
IRRETI, $1.4 million related to developments and redevelopments and
$0.4 million from an increase in occupancy at the business centers.
These amounts were offset by a decrease of $10.7 million due to the
disposition of properties in 2007 and 2008. Included in the rental
revenues for the three-month periods ended March 31, 2008 and 2007, is
approximately $2.8 million and $3.1 million, respectively, of revenue
resulting from the recognition of straight-line rents.
(B) Other income for the three-month periods ended March 31, 2008 and 2007
was comprised of the following (in millions):
Three-Month Periods
Ended March 31,
2008 2007
---------- ----------
Acquisition fees $ - $ 6.3
Lease termination fees 3.3 1.3
Other miscellaneous 0.2 0.1
---------- ----------
$ 3.5 $ 7.7
========== ==========
(C) General and administrative expenses include internal leasing salaries,
legal salaries and related expenses associated with the releasing of
space, which are charged to operations as incurred. For the
three-month periods ended March 31, 2008 and 2007, general and
administrative expenses were approximately 4.3% and 5.7%, respectively,
of total revenues, including joint venture revenues. For the
three-month period ended March 31, 2007, the Company recorded a charge
of approximately $4.1 million to general and administrative expense in
connection with the Company's former president's departure as an
executive officer. Excluding this charge, general and administrative
expenses were 4.6% of total revenues for the three-month period ended
March 31, 2007.
(D) Other income/expense primarily relates to abandoned acquisition and
development project costs.
(E) The following is a summary of the combined operating results of the
Company's joint ventures:
Three-Month Periods
Ended March 31,
2008 2007
--------- ---------
Revenues from operations (a) $ 238,187 $ 145,258
--------- ---------
Operating expense 80,918 48,443
Depreciation and amortization of
real estate investments 56,604 30,502
Interest expense 77,295 45,669
--------- ---------
214,817 124,614
--------- ---------
Income from operations before tax
expense and discontinued operations 23,370 20,644
Income tax expense (3,780) (2,249)
Loss from discontinued operations,
net of tax - (157)
Loss on disposition of discontinued
operations, net of tax (2) (341)
Other gain, net 6,439 -
--------- ---------
Net income $ 26,027 $ 17,897
========= =========
DDR ownership interests (b) $ 7,489 $ 6,511
========= =========
FFO from joint ventures are summarized
as follows:
Net income $ 26,027 $ 17,897
Loss on disposition of real estate,
including discontinued operations 2 -
Depreciation and amortization of
real estate investments 56,604 30,963
--------- ---------
$ 82,633 $ 48,860
========= =========
DDR ownership interests (b) $ 19,181 $ 13,559
========= =========
DDR joint venture distributions
received, net (c) $ 13,700 $ 10,218
========= =========
(a) Revenues for the three-month periods ended March 31, 2008 and 2007
included approximately $2.3 million and $1.3 million, respectively,
resulting from the recognition of straight-line rents of which the
Company's proportionate share was $0.3 million and $0.2 million,
respectively.
(b) The Company's share of joint venture net income decreased by $0.1
million and $0.3 million for the three-month periods ended March
31, 2008 and 2007, respectively. These adjustments reflect basis
differences impacting amortization and depreciation and gain on
dispositions.
At March 31, 2008 and 2007, the Company owned joint venture
interests, excluding consolidated joint ventures, in 273 and 212
shopping center properties, respectively. In addition, at March
31, 2008 and 2007, the Company owned 44 and 48 shopping center
sites formerly owned by Service Merchandise, respectively, through
its 20% owned joint venture with Coventry II.
(c) Distributions may include funds received from asset sales and
refinancings in addition to ongoing operating distributions.
(F) Minority equity interests are comprised of the following:
Three-Month Periods
Ended March 31,
2008 2007
---------- ----------
Minority equity interests $ 1,776 $ 1,488
Operating partnership units 595 569
Preferred operating partnership
units - 3,782
---------- ----------
$ 2,371 $ 5,839
========== ==========
The preferred operating partnership units were redeemed in June 2007.
(G) During the first quarter of 2007, the Company released to income
approximately $15.0 million of previously established valuation
allowances against certain deferred tax assets as management had
determined, due to several factors, that it is more likely than not
that the deferred tax asset will be realized. The release was primarily
due to the Company's increased use of its taxable REIT subsidiaries
relating to its merchant building program.
(H) The operating results relating to assets classified as discontinued
operations are summarized as follows:
Three-Month Periods
Ended March 31,
2008 2007
--------- ----------
Revenues $ 119 $ 11,916
--------- ----------
Expenses:
Operating 134 3,257
Interest, net 10 3,220
Depreciation 68 2,500
--------- ----------
Total expenses 212 8,977
--------- ----------
(Loss) income before (loss)
gain on disposition of real
estate (93) 2,939
(Loss) gain on disposition of
real estate (191) 2,819
--------- ----------
Net (loss) income $ (284) $ 5,758
========= ==========
(I) For purposes of computing FFO per share (basic), the weighted average
shares outstanding were adjusted to reflect the conversion of
approximately 0.9 million Operating Partnership Units (OP Units)
outstanding at March 31, 2008 and 2007, into 0.9 million common shares
of the Company for both of the three-month periods ended March 31, 2008
and 2007, respectively, on a weighted average basis. The weighted
average diluted shares and OP Units outstanding, for purposes of
computing FFO, were approximately 120.6 million and 116.9 million for
the three-month periods ended March 31, 2008 and 2007, respectively.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(In thousands)
Selected Balance Sheet Data:
March 31, December 31,
2008 (A) 2007 (A)
----------- -----------
Assets:
Real estate and rental property:
Land $ 2,103,771 $ 2,142,942
Buildings 5,945,652 5,933,890
Fixtures and tenant improvements 245,980 237,117
----------- -----------
8,295,403 8,313,949
Less: Accumulated depreciation (1,077,841) (1,024,048)
----------- -----------
7,217,562 7,289,901
Construction in progress 782,534 664,926
Assets held for sale - 5,796
----------- -----------
Real estate, net 8,000,096 7,960,623
Investments in and advances to joint ventures 646,627 638,111
Cash 70,964 49,547
Restricted cash 49,635 58,958
Notes receivable 19,076 18,557
Receivables, including straight-line rent, net 197,552 199,354
Other assets, net 169,793 164,666
----------- -----------
$ 9,153,743 $ 9,089,816
=========== ===========
Liabilities:
Indebtedness:
Revolving credit facilities $ 741,818 $ 709,459
Unsecured debt 2,522,431 2,622,219
Mortgage and other secured debt 2,445,552 2,259,336
----------- -----------
5,709,801 5,591,014
Dividends payable 89,606 85,851
Other liabilities 281,835 285,245
----------- -----------
6,081,242 5,962,110
Minority equity interests 130,857 128,881
Shareholders' equity 2,941,644 2,998,825
----------- -----------
$ 9,153,743 $ 9,089,816
=========== ===========
(A) Amounts include the consolidation of Mervyns, a 50% owned joint
venture, which includes $405.8 million of real estate assets at March
31, 2008 and December 31, 2007, $258.5 million of mortgage debt at
March 31, 2008 and December 31, 2007, and $73.4 million and $74.6
million of minority equity interest at March 31, 2008 and December 31,
2007, respectively.
DEVELOPERS DIVERSIFIED REALTY CORPORATION
Financial Highlights
(in thousands)
Selected Balance Sheet Data (Continued):
Combined condensed balance sheets relating to the Company's joint ventures
are as follows:
March 31, December 31,
2008 2007
----------- -----------
Land $ 2,386,799 $ 2,384,069
Buildings 6,269,832 6,253,167
Fixtures and tenant improvements 113,309 101,115
----------- -----------
8,769,940 8,738,351
Less: Accumulated depreciation (463,607) (412,806)
----------- -----------
8,306,333 8,325,545
Construction in progress 260,845 207,387
----------- -----------
Real estate, net 8,567,178 8,532,932
Receivables, including straight-line rent, net 119,732 124,540
Leasehold interests 13,634 13,927
Other assets 439,253 365,925
----------- -----------
$ 9,139,797 $ 9,037,324
=========== ===========
Mortgage debt (a) $ 5,581,082 $ 5,551,839
Notes and accrued interest payable to DDR 8,196 8,492
Other liabilities 269,393 201,083
----------- -----------
5,858,671 5,761,414
Accumulated equity 3,281,126 3,275,910
----------- -----------
$ 9,139,797 $ 9,037,324
=========== ===========
(a) The Company's proportionate share of joint venture debt aggregated
approximately $1,070.9 million and $1,034.1 million at March 31, 2008
and December 31, 2007, respectively.
Contact: Scott A. Wolstein Chairman and Chief Executive Officer
216-755-5500 Michelle M. Dawson Vice President of Investor
Relations 216-755-5500 Email Contact
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