Recent Highlights
- Reported net income attributable to common stockholders of
$0.13 per diluted share - Reported normalized FFO attributable to common stockholders of
$0.83 per diluted share - Seniors Housing Operating ("SHO") portfolio spot occupancy increased approximately 70 basis points ("bps") during the quarter to 77.7%, while average pro rata occupancy growth exceeded guidance of 140 bps(1)
- SHO same store revenue growth accelerated 4.8% in the fourth quarter compared to the prior year
- Achieved same store REVPOR growth of 3.4% within the SHO portfolio during the fourth quarter as compared to 2.2% in the third quarter
- Completed
$1.5 billion of pro rata gross investments during the fourth quarter including$1.4 billion in acquisitions and loan funding and$142 million in development funding - In November, we issued
$500 million in 2.75% senior unsecured notes dueJanuary 2032 , matching our lowest-ever coupon on a 10-year note - Sold 11.3 million shares of common stock under our ATM program via forward sale agreements at an initial weighted average price of
$85.06 sinceOctober 1, 2021 for total gross proceeds of approximately$961 million . As ofFebruary 14, 2022 , approximately 11.1 million shares remain unsettled, which are expected to generate future gross proceeds of$949 million - Awarded a rating of A- from CDP, reflecting our comprehensive disclosure, awareness and management of environmental risks, and best practices associated with environmental leadership
Annual Highlights
- SHO portfolio spot occupancy increased approximately 510 bps from the pandemic-low of 72.6% on
March 12, 2021 (1) - Completed
$5.7 billion of pro rata gross investments during 2021 - Formed 19 new and proprietary long-term growth relationships with best-in-class developers and operators that are expected to meaningfully contribute to capital deployment opportunities
- Announced substantial exit of the operating relationship with Genesis Healthcare ("Genesis") through real estate transactions totaling
$880 million in value, generating an 8.5% unlevered IRR over full term of Genesis relationship - Moody's Investors Services and
S&P Global Ratings revised their ratings outlook forWelltower to Stable from Negative and affirmedWelltower's issuer credit ratings as 'Baa1' and 'BBB+', respectively - Appointed
John F. Burkhart as Executive Vice President, Chief Operating Officer - Added 51 net new employees in 2021, with a focus on Business Insights, Development and Investments, representing a greater than 10% expansion in the
Welltower team
(1) Occupancy metrics represent occupancy at our share for 546 properties in operation as of
COVID-19 Update
In the current quarter, SHO portfolio expenses were significantly higher than expectations, driven by higher COVID-19 related expenses, including personal protective equipment and testing costs, coupled with elevated labor expenses. Higher labor expenses resulted mainly from increased utilization of contract labor due to a rise in occupancy and challenging labor market conditions stemming from the global surge in COVID-19 cases towards the end of the year. Our share of contract labor totaled
Our share of property-level expenses associated with the COVID-19 pandemic relating to our total SHO portfolio, net of reimbursements including Provider Relief Funds and similar programs in the
Capital Activity and Liquidity Inclusive of available borrowings under our line of credit, cash and cash equivalents, and restricted cash, at
Dividend On
Notable Investment Activity Completed During the Quarter
New Perspective Senior Living We formed a new 98/2 joint venture with New Perspective Senior Living and simultaneously acquired three newly developed senior housing communities in fast growing micro markets in the Midwest with densification opportunities. The portfolio was acquired for a pro rata investment of
Quality Senior Living During the quarter, we formed a new partnership with Quality Senior Living ("QSL") through the acquisition of a five-property portfolio of recently developed Class-A communities across the Mid-Atlantic and
Wingate Senior Living During the fourth quarter, we acquired two seniors housing properties located in the Boston MSA for
Outpatient Medical Acquisition During the fourth quarter, we acquired a portfolio of eight medical office buildings in
Other Transactions Additionally during the fourth quarter, we acquired seven seniors housing communities for pro rata investment of
Annual Investment and Disposition Activity During 2021, we completed
Notable Annual Investment Activity
Atria Senior Living During the third quarter, we completed the acquisition of a portfolio of 85 seniors housing properties owned by Holiday Retirement for
StoryPoint Senior Living We expanded our relationship with StoryPoint through the acquisition of 11 seniors housing communities located across the Midwest for
Safanad/HC-One Loan Funding and
Genesis Update During the first quarter, we entered into a definitive agreement to execute a series of mutually beneficial transactions resulting in the substantial exit of
Investment Activity Subsequent to Quarter End Subsequent to the end of the fourth quarter, we closed an additional
Outlook for First Quarter 2022 The degree to which the COVID-19 pandemic continues to impact our operations and those of our operators and tenants, including the variability in the timing of recovery, is dependent on a variety of factors and remains highly uncertain. Accordingly, we are only introducing earnings guidance for the quarter ended
- Same Store NOI: We expect average blended SSNOI growth of 7.0%, which is comprised of the following components:
- Seniors Housing Operating approximately 15.0%
- Seniors Housing Triple-net approximately 5.0% to 6.0%
- Outpatient Medical approximately 1.0% to 2.0%
- Health System approximately 2.75%
- Long-Term/Post-Acute Care approximately 1.0% to 2.0%
- Provider Relief Funds: Our first quarter guidance includes approximately
$6 million of Provider Relief Funds which are expected to be received during the quarter. - General and Administrative Expenses: We anticipate first quarter general and administrative expenses to be approximately
$35 million to$37 million and stock-based compensation expense to be approximately$7 million . - Investments: Our earnings guidance includes only those acquisitions closed or announced to date. Furthermore, no transitions or restructures beyond those announced to date are included.
- Development: We anticipate funding approximately
$728 million of development in 2022 relating to projects underway onDecember 31, 2021 . - Dispositions: We expect pro rata disposition proceeds of
$220 million at a blended yield of 5.3% in 2022. This includes approximately$161 million of expected proceeds from properties classified as held-for-sale as ofDecember 31, 2021 and$59 million in expected loan payoffs.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the Supplemental Reporting Measures section for further discussion and our definition of normalized FFO and SSNOI and Exhibit 3 for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our first quarter outlook and assumptions on the fourth quarter 2021 conference call.
Conference Call Information We have scheduled a conference call on
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders ("NICS"), as defined by
Historical cost accounting for real estate assets in accordance with
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Acquisitions and development conversions are included in the same store amounts five full quarters after acquisition or being placed into service. Land parcels, loans and sub-leases, as well as any properties sold or classified as held for sale during the period, are excluded from the same store amounts. Redeveloped properties (including major refurbishments of a Seniors Housing Operating property where 20% or more of units are simultaneously taken out of commission for 30 days or more or Outpatient Medical properties undergoing a change in intended use) are excluded from the same store amounts until five full quarters post completion of the redevelopment. Properties undergoing operator transitions and/or segment transitions are also excluded from the same store amounts until five full quarters post completion of the operator transition or segment transition. In addition, properties significantly impacted by force majeure, acts of God or other extraordinary adverse events are excluded from same store amounts until five full quarters after the properties are placed back into service. SSNOI excludes non-cash NOI and includes adjustments to present consistent property ownership percentages and to translate Canadian properties and
REVPOR represents the average revenues generated per occupied room per month at our Seniors Housing Operating properties. It is calculated as our pro rata version of total resident fees and services revenues from the income statement divided by average monthly occupied room days. SS REVPOR is used to evaluate the REVPOR performance of our properties under a consistent population which eliminates changes in the composition of our portfolio. It is based on the same pool of properties used for SSNOI and includes any revenue normalizations used for SSNOI. We use REVPOR and SS REVPOR to evaluate the revenue-generating capacity and profit potential of our Seniors Housing Operating portfolio independent of fluctuating occupancy rates. They are also used in comparison against industry and competitor statistics, if known, to evaluate the quality of our Seniors Housing Operating portfolio.
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with
About
Forward-Looking Statements and Risk Factors This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When
|
||||
Financial Exhibits |
||||
Consolidated Balance Sheets (unaudited) |
||||
(in thousands) |
||||
|
||||
2021 |
2020 |
|||
Assets |
||||
Real estate investments: |
||||
Land and land improvements |
$ 3,968,430 |
$ 3,440,650 |
||
Buildings and improvements |
31,062,203 |
28,024,971 |
||
Acquired lease intangibles |
1,789,628 |
1,500,030 |
||
Real property held for sale, net of accumulated depreciation |
134,097 |
216,613 |
||
Construction in progress |
651,389 |
487,742 |
||
Less accumulated depreciation and intangible amortization |
(6,910,114) |
(6,104,297) |
||
Net real property owned |
30,695,633 |
27,565,709 |
||
Right of use assets, net |
522,796 |
465,866 |
||
Real estate loans receivable, net of credit allowance |
1,068,681 |
443,372 |
||
Net real estate investments |
32,287,110 |
28,474,947 |
||
Other assets: |
||||
Investments in unconsolidated entities |
1,039,043 |
946,234 |
||
|
68,321 |
68,321 |
||
Cash and cash equivalents |
269,265 |
1,545,046 |
||
Restricted cash |
77,490 |
475,997 |
||
Straight-line rent receivable |
365,643 |
344,066 |
||
Receivables and other assets |
803,453 |
629,031 |
||
Total other assets |
2,623,215 |
4,008,695 |
||
Total assets |
$ 34,910,325 |
$ 32,483,642 |
||
Liabilities and equity |
||||
Liabilities: |
||||
Unsecured credit facility and commercial paper |
$ 324,935 |
$ — |
||
Senior unsecured notes |
11,613,758 |
11,420,790 |
||
Secured debt |
2,192,261 |
2,377,930 |
||
Lease liabilities |
545,944 |
418,266 |
||
Accrued expenses and other liabilities |
1,235,554 |
1,041,594 |
||
Total liabilities |
15,912,452 |
15,258,580 |
||
Redeemable noncontrolling interests |
401,294 |
343,490 |
||
Equity: |
||||
Common stock |
448,605 |
418,691 |
||
Capital in excess of par value |
23,133,641 |
20,823,145 |
||
|
(107,750) |
(104,490) |
||
Cumulative net income |
8,663,736 |
8,327,598 |
||
Cumulative dividends |
(14,380,915) |
(13,343,721) |
||
Accumulated other comprehensive income |
(121,316) |
(148,504) |
||
|
17,636,001 |
15,972,719 |
||
Noncontrolling interests |
960,578 |
908,853 |
||
Total equity |
18,596,579 |
16,881,572 |
||
Total liabilities and equity |
$ 34,910,325 |
$ 32,483,642 |
Consolidated Statements of Income (unaudited) |
||||||||||
(in thousands, except per share data) |
||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||
|
|
|||||||||
2021 |
2020 |
2021 |
2020 |
|||||||
Revenues: |
||||||||||
Resident fees and services |
$ 897,251 |
$ 713,534 |
$ 3,197,223 |
$ 3,074,022 |
||||||
Rental income |
359,145 |
382,049 |
1,374,695 |
1,443,360 |
||||||
Interest income |
39,672 |
21,096 |
137,563 |
69,156 |
||||||
Other income |
13,196 |
5,337 |
32,634 |
19,429 |
||||||
Total revenues |
1,309,264 |
1,122,016 |
4,742,115 |
4,605,967 |
||||||
Expenses: |
||||||||||
Property operating expenses |
785,179 |
620,561 |
2,774,562 |
2,597,823 |
||||||
Depreciation and amortization |
284,501 |
242,733 |
1,037,566 |
1,038,437 |
||||||
Interest expense |
121,848 |
121,173 |
489,853 |
514,388 |
||||||
General and administrative expenses |
33,109 |
27,848 |
126,727 |
128,394 |
||||||
Loss (gain) on derivatives and financial instruments, net |
(830) |
569 |
(7,333) |
11,049 |
||||||
Loss (gain) on extinguishment of debt, net |
(1,090) |
13,796 |
49,874 |
47,049 |
||||||
Provision for loan losses, net |
(39) |
83,085 |
7,270 |
94,436 |
||||||
Impairment of assets |
2,357 |
9,317 |
51,107 |
135,608 |
||||||
Other expenses |
15,483 |
33,088 |
41,739 |
70,335 |
||||||
Total expenses |
1,240,518 |
1,152,170 |
4,571,365 |
4,637,519 |
||||||
Income (loss) from continuing operations before income taxes |
||||||||||
and other items |
68,746 |
(30,154) |
170,750 |
(31,552) |
||||||
Income tax (expense) benefit |
(2,051) |
(290) |
(8,713) |
(9,968) |
||||||
Income (loss) from unconsolidated entities |
(12,174) |
258 |
(22,933) |
(8,083) |
||||||
Gain (loss) on real estate dispositions, net |
11,673 |
185,464 |
235,375 |
1,088,455 |
||||||
Income (loss) from continuing operations |
66,194 |
155,278 |
374,479 |
1,038,852 |
||||||
Net income (loss) |
66,194 |
155,278 |
374,479 |
1,038,852 |
||||||
Less: |
Net income (loss) attributable to noncontrolling interests (1) |
7,522 |
(8,451) |
38,341 |
60,008 |
|||||
Net income (loss) attributable to common stockholders |
$ 58,672 |
$ 163,729 |
$ 336,138 |
$ 978,844 |
||||||
Average number of common shares outstanding: |
||||||||||
Basic |
436,909 |
417,123 |
424,976 |
415,451 |
||||||
Diluted |
438,719 |
418,753 |
426,841 |
417,387 |
||||||
Net income (loss) attributable to common stockholders per share: |
||||||||||
Basic |
$ 0.13 |
$ 0.39 |
$ 0.79 |
$ 2.36 |
||||||
Diluted(2) |
$ 0.13 |
$ 0.39 |
$ 0.78 |
$ 2.33 |
||||||
Common dividends per share |
$ 0.61 |
$ 0.61 |
$ 2.44 |
$ 2.70 |
||||||
(1) Includes amounts attributable to redeemable noncontrolling interests. |
||||||||||
(2) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
FFO Reconciliations |
Exhibit 1 |
|||||||||||
(in thousands, except per share data) |
Three Months Ended |
Twelve Months Ended |
||||||||||
|
|
|||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||
Net income (loss) attributable to common stockholders |
$ 58,672 |
$ 163,729 |
$ 336,138 |
$ 978,844 |
||||||||
Depreciation and amortization |
284,501 |
242,733 |
1,037,566 |
1,038,437 |
||||||||
Impairments and losses (gains) on real estate dispositions, net |
(9,316) |
(176,147) |
(184,268) |
(952,847) |
||||||||
Noncontrolling interests(1) |
(13,988) |
(20,579) |
(54,190) |
(23,968) |
||||||||
Unconsolidated entities(2) |
19,107 |
16,091 |
85,476 |
62,096 |
||||||||
NAREIT FFO attributable to common stockholders |
338,976 |
225,827 |
1,220,722 |
1,102,562 |
||||||||
Normalizing items, net(3) |
23,136 |
125,468 |
147,816 |
381,618 |
||||||||
Normalized FFO attributable to common stockholders |
$ 362,112 |
$ 351,295 |
$ 1,368,538 |
$ 1,484,180 |
||||||||
Average diluted common shares outstanding |
438,719 |
418,753 |
426,841 |
417,387 |
||||||||
Per diluted share data attributable to common stockholders: |
||||||||||||
Net income (loss)(4) |
$ 0.13 |
$ 0.39 |
$ 0.78 |
$ 2.33 |
||||||||
NAREIT FFO |
$ 0.77 |
$ 0.54 |
$ 2.86 |
$ 2.64 |
||||||||
Normalized FFO |
$ 0.83 |
$ 0.84 |
$ 3.21 |
$ 3.56 |
||||||||
Normalized FFO Payout Ratio: |
||||||||||||
Dividends per common share |
$ 0.61 |
$ 0.61 |
$ 2.44 |
$ 2.70 |
||||||||
Normalized FFO attributable to common stockholders per share |
$ 0.83 |
$ 0.84 |
$ 3.21 |
$ 3.56 |
||||||||
Normalized FFO payout ratio |
73% |
73 % |
76% |
76% |
||||||||
Other items:(5) |
||||||||||||
Net straight-line rent and above/below market rent amortization(6) |
$ (18,792) |
$ (21,640) |
$ (77,464) |
$ (90,926) |
||||||||
Non-cash interest expenses(7) |
7,027 |
2,108 |
21,599 |
11,545 |
||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(46,344) |
(21,634) |
(100,925) |
(81,271) |
||||||||
Stock-based compensation(8) |
2,945 |
1,875 |
16,934 |
22,154 |
||||||||
(1) Represents noncontrolling interests' share of net FFO adjustments. |
||||||||||||
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities. |
||||||||||||
(3) See Exhibit 2. |
||||||||||||
(4) Includes adjustment to the numerator for income (loss) attributable to OP unitholders. |
||||||||||||
(5) Amounts presented net of noncontrolling interests' share and including |
||||||||||||
(6) Excludes normalized other impairment (see Exhibit 2). |
||||||||||||
(7) Excludes normalized incremental interest expense (see Exhibit 2). |
||||||||||||
(8) Excludes certain severance related stock-based compensation recorded in other expense (see Exhibit 2). |
Normalizing Items |
Exhibit 2 |
|||||||||
(in thousands, except per share data) |
Three Months Ended |
Twelve Months Ended |
||||||||
|
|
|||||||||
2021 |
2020 |
2021 |
2020 |
|||||||
Loss (gain) on derivatives and financial instruments, net |
$ (830) |
(1) |
$ 569 |
$ (7,333) |
$ 11,049 |
|||||
Loss (gain) on extinguishment of debt, net |
(1,090) |
(2) |
13,796 |
49,874 |
47,049 |
|||||
Provision for loan losses, net |
(39) |
(3) |
83,085 |
7,270 |
94,436 |
|||||
Nonrecurring income tax benefits |
— |
— |
(6,298) |
— |
||||||
Incremental interest expense |
— |
— |
— |
5,871 |
||||||
Other impairment |
— |
— |
49,241 |
146,508 |
||||||
Other expenses |
15,483 |
(4) |
33,088 |
41,739 |
70,335 |
|||||
Leasehold interest adjustment |
1,400 |
(5) |
— |
760 |
— |
|||||
Casualty losses, net of recoveries |
4,788 |
(6) |
— |
5,786 |
— |
|||||
Normalizing items attributable to noncontrolling interests and unconsolidated entities, net |
3,424 |
(7) |
(5,070) |
6,777 |
6,370 |
|||||
Net normalizing items |
$ 23,136 |
|
|
|
||||||
Average diluted common shares outstanding |
438,719 |
418,753 |
426,841 |
417,387 |
||||||
Net normalizing items per diluted share |
$ 0.05 |
$ 0.30 |
$ 0.35 |
$ 0.91 |
||||||
(1) Primarily related to mark-to-market of the equity warrants received as part of the Safanad/ |
||||||||||
(2) Primarily related to the extinguishment of secured debt |
||||||||||
(3) Primarily related to reserves for loan losses under the current expected credit losses accounting standard. |
||||||||||
(4) Primarily related to non-capitalizable transaction costs, including an accrual for non-capitalizable promotes, and legal fees and accrued litigation settlements. |
||||||||||
(5) Represents |
||||||||||
(6) Primarily relates to casualty losses net of any insurance recoveries. |
||||||||||
(7) Primarily related to our share of accrued litigation settlements and non-capitalizable transaction costs on unconsolidated entities. |
Outlook Reconciliation: Quarter Ending |
Exhibit 3 |
||||||
(in millions, except per share data) |
Current Outlook |
||||||
Low |
High |
||||||
FFO Reconciliation: |
|||||||
Net income attributable to common stockholders |
$ 78 |
$ 101 |
|||||
Impairments and losses (gains) on real estate dispositions, net(1,2) |
(30) |
(30) |
|||||
Depreciation and amortization(1) |
309 |
309 |
|||||
NAREIT FFO and Normalized FFO attributable to common stockholders |
357 |
380 |
|||||
Diluted per share data attributable to common stockholders: |
|||||||
Net income |
$ 0.17 |
$ 0.22 |
|||||
NAREIT FFO and Normalized FFO |
$ 0.79 |
$ 0.84 |
|||||
Other items:(1) |
|||||||
Net straight-line rent and above/below market rent amortization |
$ (20) |
$ (20) |
|||||
Non-cash interest expenses |
5 |
5 |
|||||
Recurring cap-ex, tenant improvements, and lease commissions |
(27) |
(27) |
|||||
Stock-based compensation |
8 |
8 |
|||||
(1) Amounts presented net of noncontrolling interests' share and |
|||||||
(2) Includes estimated gains on expected dispositions. |
Reconciliation of SHO SS REVPOR Growth |
Exhibit 4 |
||||||||
(in thousands except SS REVPOR) |
Three Months Ended |
Three Months Ended |
|||||||
|
|
|
|||||||
2021 |
2020 |
2021 |
2020 |
||||||
Consolidated SHO revenues |
$ 904,780 |
$ 715,020 |
$ 839,519 |
$ 742,065 |
|||||
Unconsolidated SHO revenues attributable to WELL(1) |
47,836 |
43,175 |
45,991 |
42,574 |
|||||
SHO revenues attributable to noncontrolling interests(2) |
(75,052) |
(55,155) |
(73,414) |
(58,505) |
|||||
SHO pro rata revenues(3) |
877,564 |
703,040 |
812,096 |
726,134 |
|||||
Non-cash revenues on same store properties |
(562) |
(851) |
(562) |
(848) |
|||||
Revenues attributable to non-same store properties |
(240,544) |
(102,016) |
(142,217) |
(54,813) |
|||||
Currency and ownership adjustments(4) |
514 |
3,801 |
(448) |
2,266 |
|||||
Normalizing adjustment for government grants(5) |
(4,406) |
— |
— |
— |
|||||
Other normalizing adjustments(6) |
(383) |
(549) |
— |
(1,481) |
|||||
SHO SS revenues(7) |
$ 632,183 |
$ 603,425 |
$ 668,869 |
$ 671,258 |
|||||
SHO SS revenue YOY growth |
4.8% |
(0.4)% |
|||||||
Average occupied units/month(8) |
38,686 |
38,190 |
39,716 |
40,736 |
|||||
SHO SS REVPOR(9) |
$ 5,403 |
$ 5,224 |
$ 5,568 |
$ 5,448 |
|||||
SS REVPOR YOY growth |
3.4% |
2.2% |
|||||||
(1) Represents Welltower's interests in joint ventures where |
|||||||||
(2) Represents minority partners' interests in joint ventures where |
|||||||||
(3) Represents SHO revenues at |
|||||||||
(4) Includes where appropriate adjustments to reflect consistent property ownership percentages, to translate Canadian properties at a USD/CAD rate of 1.2684 and to translate |
|||||||||
(5) Represents normalizing adjustment related to amounts recognized related to the Health and |
|||||||||
(6) Represents aggregate normalizing adjustments which are individually less than .50% of SSNOI growth. |
|||||||||
(7) Represents SS SHO revenues at |
|||||||||
(8) Represents average occupied units for SS properties on a pro rata basis. |
|||||||||
(9) Represents pro rata SS average revenues generated per occupied room per month. |
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Tim McHugh (419) 247-2800