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Taubman Centers Issues First Quarter Results

-- Average Rent and Leased Space Up

BLOOMFIELD HILLS, Mich., April 24, 2014 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the first quarter of 2014.

Taubman Logo.

 


March 31, 2014

Three Months Ended

March 31, 2013

Three Months Ended

Net income attributable to common shareholders per diluted share (EPS)

$5.74 (1)

$0.43

Funds from Operations (FFO) per diluted share

$0.90

$0.90

(1) Includes a net gain of $476 million ($5.30 per share) on the sale of a 49.9% interest in the entity that owns International Plaza (Tampa, Fla.), as well as investments in Arizona Mills (Tempe, Ariz.) and land in Syosset, New York (Oyster Bay).

"FFO was consistent with our expectations," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "It was positively impacted by increased rents and reduced interest expense, but was offset by the impact of our recent dispositions and various one-time items that occurred in the prior year."

Operating Statistics

Average rent per square foot for the quarter was $50.21, up 3.6 percent from $48.46 in the comparable period last year. Leased space in comparable centers was 92.6 percent on March 31, 2014, up 0.4 percent from 92.2 percent on March 31, 2013. Ending occupancy in comparable centers was the same at 90.3 percent on both March 31, 2014 and March 31, 2013.

For the quarter, comparable center NOI excluding lease cancellation income was up 2 percent. "The extremely harsh winter in the Midwest and Northeast caused higher than expected utilities and snow removal costs, dampening our NOI growth," said Mr. Taubman.

The company's 12-month trailing mall tenant sales per square foot modestly decreased to $712, a 0.7 percent decline from the 12-months ended March 31, 2013. "After 17 consecutive quarters of sales per square foot increases, a number of factors, including weather, hurt first quarter sales," said Mr. Taubman. "Women's ready-to-wear, junior apparel and electronics were most impacted."

Financing Activity

In April, the company closed on the construction loan financing for The Mall of San Juan (San Juan, Puerto Rico). The $320 million loan is interest only for the entire term at a rate of LIBOR plus 2 percent and matures April 2017, with two one-year extension options. U.S. Bank N.A. and  J.P. Morgan Chase Bank, N.A. led a syndicate of nine banks.

In March, the company completed an extension of its $65 million secondary line of credit. The line now expires in April 2016. The facility will continue to bear interest at a rate of LIBOR plus 1.4 percent.

In January, the company completed the previously announced sales of a 49.9 percent interest in International Plaza (Tampa, Fla.), land in Syosset, New York (Oyster Bay), and the company's 50 percent interest in Arizona Mills (Tempe, Ariz.). As a result of these transactions, the company recognized a gain on these dispositions, net of related income taxes, of $476 million during the quarter.

Dividend Increased

In March, the company declared a regular quarterly dividend of $0.54 per share of common stock, an increase of 8 percent. Since the company went public in 1992 it has never reduced its common dividend and has increased its dividend 17 times, achieving a 4.4 percent compounded annual growth rate. See Taubman Centers Increases Quarterly Common Dividend 8 Percent To $0.54 Per ShareMarch 6, 2014.

2014 Guidance

The company is maintaining its guidance for 2014 FFO per diluted share of $3.72 to $3.82. This includes the negative impact of about $0.12 per share due to the first quarter 2014 sale of the company's 50 percent interest in Arizona Mills and the sale of a 49.9 percent interest in International Plaza. This guidance assumes comparable center NOI growth, excluding lease cancellation income, of about 3 percent for the year. 2014 EPS is expected to be in the range of $7.12 to $7.27, which now includes the gain from the first quarter asset sales.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.com under "Investing." This includes the following:

  • Company Information
  • Income Statement
  • Earnings Reconciliations
  • Changes in Funds from Operations and Earnings Per Share
  • Components of Other Income, Other Operating Expense, and Nonoperating Income
  • Recoveries Ratio Analysis
  • Balance Sheets
  • Debt Summary
  • Other Debt, Equity and Certain Balance Sheet Information
  • Construction and Redevelopment
  • Dispositions
  • Capital Spending
  • Operational Statistics
  • Owned Centers
  • Major Tenants in Owned Portfolio
  • Anchors in Owned Portfolio
  • Operating Statistics Glossary

Investor Conference Call

The company will host a conference call at 11:00 a.m. EDT on Friday, April 25 to discuss these results, business conditions and the company's outlook for the remainder of 2014. The conference call will be simulcast at www.taubman.com.  An online replay will follow shortly after the call and continue for approximately 90 days.

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing six properties in the U.S. and Asia totaling 5.6 million square feet. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. www.taubman.com.

For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties.  You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties..

 

TAUBMAN CENTERS, INC.

Table 1 - Summary of Results

For the Periods Ended March 31, 2014 and 2013

(in thousands of dollars, except as indicated)






Three Months Ended 


2014


2013





Net income

526,157


46,356

Noncontrolling share of income of consolidated joint ventures

(3,118)


(2,781)

Noncontrolling share of income of TRG 

(147,662)


(11,789)

Preferred stock dividends 

(5,784)


(3,600)

Distributions to participating securities of TRG

(468)


(442)

Net income attributable to Taubman Centers, Inc. common shareowners

369,125


27,744

Net income per common share - basic 

5.84


0.44

Net income per common share - diluted

5.74


0.43

Beneficial interest in EBITDA - Combined (1)

608,989


128,483

Adjusted Beneficial interest in EBITDA- Combined (1)

122,369


128,483

Funds from Operations(1)

81,223


81,513

Funds from Operations attributable to TCO (1)

58,036


58,205

Funds from Operations per common share - basic(1)

0.92


0.92

Funds from Operations per common share - diluted (1)

0.90


0.90

Weighted average number of common shares outstanding - basic

63,165,611


63,415,922

Weighted average number of common shares outstanding - diluted

64,821,603


64,570,812

Common shares outstanding at end of period

63,262,045


63,677,971

Weighted average units - Operating Partnership - basic

88,312,842


88,760,871

Weighted average units - Operating Partnership - diluted

89,968,834


90,787,023

Units outstanding at end of period - Operating Partnership

88,407,745


89,013,319

Ownership percentage of the Operating Partnership at end of period

71.6%


71.5%

Number of owned shopping centers at end of period

24


24





Operating Statistics:




Net Operating Income excluding lease cancellation income - growth % (1)(2)

2.0%



Mall tenant sales - all centers (3)

1,335,294


1,454,788

Mall tenant sales - comparable (2)(3)

1,329,450


1,412,398

Ending occupancy - all centers

89.6%


90.3%

Ending occupancy - comparable(2)

90.3%


90.3%

Average occupancy - all centers 

90.2%


90.4%

Average occupancy - comparable (2)

90.8%


90.5%

Leased space - all centers

92.1%


92.4%

Leased space - comparable(2)

92.6%


92.2%

All centers:




Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (3)

14.9%


13.7%

Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (3)

13.6%


12.0%

Mall tenant occupancy costs as a percentage of tenant sales - Combined (3)

14.5%


13.2%

Comparable centers:




Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (2)(3)

14.9%


13.7%

Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (2)(3)

13.6%


11.8%

Mall tenant occupancy costs as a percentage of tenant sales - Combined (2)(3)

14.5%


13.2%

Average rent per square foot - Consolidated Businesses (2)

47.93


47.68

Average rent per square foot - Unconsolidated Joint Ventures (2)

55.81


50.78

Average rent per square foot - Combined (2)

50.21


48.46

 

(1)

Beneficial Interest in EBITDA represents the Operating Partnership's share of the earnings before interest, income taxes, and depreciation and amortization of its consolidated and unconsolidated businesses. The Company believes Beneficial Interest in EBITDA provides a useful indicator of operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.




The Company uses Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases. The Company defines NOI as property-level operating revenues (includes rental income excluding straight-line adjustments of minimum rent) less maintenance, taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from peripheral land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. The Company also uses NOI excluding lease cancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trend analysis. The Company generally provides separate projections for expected comparable center NOI growth and lease cancellation income. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding period presented.




The National Association of Real Estate Investment Trusts (NAREIT) defines Funds from Operations (FFO) as net income (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from extraordinary items and sales of properties and impairment write-downs of depreciable real estate, plus real estate related depreciation and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that FFO is a useful supplemental measure of operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, the Company and most industry investors and analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. The Company primarily uses FFO in measuring performance and in formulating corporate goals and compensation. 




The Company may also present adjusted versions of NOI, Beneficial Interest in EBITDA, and FFO when used by management to evaluate operating performance when certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items. The Company believes the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of such measures between periods. For the three month period ended March 31, 2014, EBITDA was adjusted for the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project.




These non-GAAP measures as presented by the Company are not necessarily comparable to similarly titled measures used by other REITs due to the fact that not all REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of the Company's operating performance. Additionally, these measures do not represent cash flows from operating, investing or financing activities as defined by GAAP.





(2)

Statistics exclude non-comparable centers. In 2014 and 2013, non-comparable centers are Taubman Prestige Outlets Chesterfield and Arizona Mills. 





(3)

Based on reports of sales furnished by mall tenants. 

 

 TAUBMAN CENTERS, INC. 

 Table 2 - Income Statement 

 For the Three Months Ended March 31, 2014 and 2013 

 (in thousands of dollars) 














2014


2013




CONSOLIDATED

BUSINESSES


 UNCONSOLIDATED JOINT

VENTURES (1) 


CONSOLIDATED

BUSINESSES


 UNCONSOLIDATED JOINT

VENTURES (1) 











REVENUES:









Minimum rents

97,890


46,508


102,309


40,071


Percentage rents

4,662


2,054


5,628


2,197


Expense recoveries

62,709


27,036


64,037


23,584


Management, leasing, and development services

2,505




3,382




Other

7,012


1,627


7,901


1,699



Total revenues

174,778


77,225


183,257


67,551











EXPENSES:









Maintenance, taxes, utilities, and promotion

47,941


20,003


46,557


17,211


Other operating

15,496


4,927


16,163


4,103


Management, leasing, and development services

1,285




2,026




General and administrative

11,537




12,236




Interest expense

26,130


17,892


34,452


16,934


Depreciation and amortization 

35,118


11,700


37,022


10,071



Total expenses

137,507


54,522


148,456


48,319











Nonoperating income 

1,103


2


2,237


8




38,374


22,705


37,038


19,240

Income tax expense 

(699)




(1,028)



Equity in income of Unconsolidated Joint Ventures

12,068




10,346






49,743




46,356



Gain on dispositions, net of tax (2)

476,414







Net income 

526,157




46,356



Net income attributable to noncontrolling interests:









Noncontrolling share of income of consolidated joint ventures 

(3,118)




(2,781)




Noncontrolling share of income of TRG

(147,662)




(11,789)



Distributions to participating securities of TRG

(468)




(442)



Preferred stock dividends 

(5,784)




(3,600)



Net income attributable to Taubman Centers, Inc. common shareowners 

369,125




27,744























SUPPLEMENTAL INFORMATION:









EBITDA - 100% (3)

586,242


52,297


108,512


46,245


EBITDA - outside partners' share 

(6,343)


(23,207)


(6,060)


(20,214)


Beneficial interest in EBITDA

579,899


29,090


102,452


26,031


Gain on dispositions

(486,620)








Beneficial interest expense

(24,066)


(9,844)


(32,289)


(9,376)


Beneficial income tax expense - TRG and TCO

(699)




(1,028)




Beneficial income tax expense - TCO

59




33




Non-real estate depreciation

(812)




(710)




Preferred dividends and distributions 

(5,784)




(3,600)




Funds from Operations contribution 

61,977


19,246


64,858


16,655











STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:









Net straight-line adjustments to rental revenue, recoveries,










and ground rent expense at TRG % 

421


146


1,023


103


Green Hills purchase accounting adjustments - minimum rents increase

192




204




Green Hills, El Paseo Village, and Gardens on El Paseo purchase accounting 










adjustments - interest expense reduction

306




858




Waterside Shops purchase accounting adjustments - interest expense reduction



263




263


Taubman BHO headquarters purchase accounting adjustment - 










interest expense reduction

61

















(1)

With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method. International Plaza's operations were consolidated through the disposition date. Subsequent to the disposition, the Company's remaining 50.1% interest is accounted for under the equity method of accounting within Unconsolidated Joint Ventures. In addition, Arizona Mills' operations were accounted for under equity method accounting through the disposition in January 2014.






(2)

During the three months ended March 31, 2014, the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project is net of income tax expense of $10.2 million recognized.



(3)

For the three months ended March 31, 2014, EBITDA includes the Company's $486.6 million (before tax) gain from the dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project.

 

TAUBMAN CENTERS, INC.

Table 3 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations

For the Three Months Ended March 31, 2014 and 2013

(in thousands of dollars except as noted; may not add or recalculate due to rounding)


































2014






2013








Shares 


Per Share




Shares 


Per Share 




Dollars


/Units


/Unit


Dollars


/Units


/Unit















Net income attributable to TCO common shareowners - Basic


369,125


63,165,611


5.84


27,744


63,415,922


0.44















Add distributions of participating securities of TRG


468


871,262









Add impact of share-based compensation


2,587


784,730




152


1,154,890

















Net income attributable to TCO common shareowners - Diluted


372,180


64,821,603


5.74


27,896


64,570,812


0.43















Add depreciation of TCO's additional basis


1,720




0.03


1,720




0.03

Add TCO's additional income tax expense


59




0.00


33




0.00















Net income attributable to TCO common shareowners,














excluding step-up depreciation and additional income tax expense

373,959


64,821,603


5.77


29,649


64,570,812


0.46















Add:














Noncontrolling share of income of TRG 


147,662


25,147,231




11,789


25,344,949




Distributions to participating securities of TRG








442


871,262

















Net income attributable to partnership unitholders 














and participating securities


521,621


89,968,834


5.80


41,880


90,787,023


0.46















Add (less) depreciation and amortization:














Consolidated businesses at 100%


35,118




0.39


37,022




0.41


Depreciation of TCO's additional basis


(1,720)




(0.02)


(1,720)




(0.02)


Noncontrolling partners in consolidated joint ventures


(1,161)




(0.01)


(1,116)




(0.01)


Share of Unconsolidated Joint Ventures


7,178




0.08


6,309




0.07


Non-real estate depreciation


(812)




(0.01)


(710)




(0.01)

Less gain on dispositions, net of tax


(476,414)




(5.30)







Less impact of share-based compensation


(2,587)




(0.03)


(152)




(0.00)















Funds from Operations


81,223


89,968,834


0.90


81,513


90,787,023


0.90















TCO's average ownership percentage of TRG


71.5%






71.4%



















Funds from Operations attributable to TCO,














excluding additional income tax expense


58,095




0.90


58,238




0.90















Less TCO's additional income tax expense


(59)




(0.00)


(33)




(0.00)















Funds from Operations attributable to TCO 


58,036




0.90


58,205




0.90















 

TAUBMAN CENTERS, INC.

Table 4 - Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDA

For the Periods Ended March 31, 2014 and 2013

(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)












Three Months Ended





2014


2013








Net income


526,157


46,356








Add (less) depreciation and amortization:






Consolidated businesses at 100%


35,118


37,022


Noncontrolling partners in consolidated joint ventures


(1,161)


(1,116)


Share of Unconsolidated Joint Ventures


7,178


6,309








Add (less) interest expense and income tax expense:






Interest expense:







Consolidated businesses at 100% 


26,130


34,452



Noncontrolling partners in consolidated joint ventures


(2,064)


(2,163)



Share of Unconsolidated Joint Ventures


9,844


9,376


Income tax expense:







Income tax expense on dispositions


10,206





Other income tax expense


699


1,028








Less noncontrolling share of income of consolidated joint ventures


(3,118)


(2,781)








Beneficial Interest in EBITDA


608,989


128,483








TCO's average ownership percentage of TRG


71.5%


71.4%








Beneficial Interest in EBITDA attributable to TCO


435,578


91,796






















Beneficial Interest in EBITDA 


608,989


128,483









Gain on dispositions


(486,620)










Adjusted Beneficial Interest in EBITDA


122,369


128,483








TCO's average ownership percentage of TRG


71.5%


71.4%








Adjusted Beneficial Interest in EBITDA attributable to TCO


87,524


91,796

 

TAUBMAN CENTERS, INC.

Table 5 - Reconciliation of Net Income to Net Operating Income (NOI)

For the Periods Ended March 31, 2014, 2013, and 2012

(in thousands of dollars)
















Three Months Ended


Three Months Ended





2014


2013


2013


2012













Net income


526,157


46,356


46,356


32,177













Add (less) depreciation and amortization:










Consolidated businesses at 100%

35,118


37,022


37,022


36,434



Noncontrolling partners in consolidated joint ventures

(1,161)


(1,116)


(1,116)


(2,424)



Share of Unconsolidated Joint Ventures

7,178


6,309


6,309


5,111













Add (less) interest expense and income tax expense:










Interest expense:











Consolidated businesses at 100%

26,130


34,452


34,452


37,527




Noncontrolling partners in consolidated joint ventures

(2,064)


(2,163)


(2,163)


(4,206)




Share of Unconsolidated Joint Ventures

9,844


9,376


9,376


8,094



Share of income tax expense:











Income tax expense on dispositions

10,206










Other income tax expense

699


1,028


1,028


211













Less noncontrolling share of income of consolidated joint ventures

(3,118)


(2,781)


(2,781)


(1,834)













Add EBITDA attributable to outside partners:










EBITDA attributable to noncontrolling partners in consolidated joint ventures

6,343


6,060


6,060


8,467



EBITDA attributable to outside partners in Unconsolidated Joint Ventures

23,207


20,214


20,214


20,481













EBITDA at 100%

638,539


154,757


154,757


140,038













Add (less) items excluded from shopping center NOI:










General and administrative expenses

11,537


12,236


12,236


8,407



Management, leasing, and development services, net

(1,220)


(1,356)


(1,356)


(126)



Gain on dispositions

(486,620)









Straight-line of rents

(1,044)


(1,456)


(1,456)


(649)



Gain on sale of peripheral land



(863)


(863)





Gain on sale of marketable securities



(1,323)


(1,323)





Dividend income

(224)









Interest income

(127)


(59)


(59)


(132)



Other nonoperating income

(754)









Non-center specific operating expenses and other

3,748


3,592


3,851


6,896













NOI - all centers at 100%

163,835


165,528


165,787


154,434













Less - NOI of non-comparable centers

(1,432)

(1)

(6,332)

(2)

(3,126)

(3)

(349)

(3)












NOI at 100% - comparable centers

162,403


159,196


162,661


154,085













NOI - growth %

2.0%




5.6%


























NOI at 100% - comparable centers

162,403


159,196


162,661


154,085













Lease cancellation income

(1,958)


(1,836)


(1,836)


(989)













NOI at 100% - comparable centers excluding lease cancellation income

160,445


157,360


160,825


153,096













NOI at 100% excluding lease cancellation income - growth %

2.0%




5.0%


























(1)

Includes Taubman Prestige Outlets Chesterfield and Arizona Mills for the approximately one-month period prior to its disposition.



(2)

Includes Arizona Mills.

(3)

Includes City Creek Center.




 

TAUBMAN CENTERS, INC.

Table 6 - Balance Sheets

As of March 31, 2014 and December 31, 2013

 (in thousands of dollars)



As of



March 31, 2014


December 31, 2013

Consolidated Balance Sheet of Taubman Centers, Inc. (1):










Assets:






Properties


4,191,823


4,485,090


Accumulated depreciation and amortization


(1,420,745)


(1,516,982)




2,771,078


2,968,108


Investment in Unconsolidated Joint Ventures


326,905


327,692


Cash and cash equivalents


178,138


40,993


Restricted cash


48,083


5,046


Accounts and notes receivable, net


57,064


73,193


Accounts receivable from related parties


2,967


1,804


Deferred charges and other assets


161,865


89,386




3,546,100


3,506,222






Liabilities:






Notes payable


2,580,033


3,058,053


Accounts payable and accrued liabilities


283,718


292,280


Distributions in excess of investments in and net income of







Unconsolidated Joint Ventures


408,602


371,549



3,272,353


3,721,882

Equity:






Taubman Centers, Inc. Shareowners' Equity:







Series B Non-Participating Convertible Preferred Stock


25


25



Series J Cumulative Redeemable Preferred Stock







Series K Cumulative Redeemable Preferred Stock







Common stock


633


631



Additional paid-in capital


798,705


796,787



Accumulated other comprehensive income (loss)


(12,719)


(8,914)



Dividends in excess of net income


(573,755)


(908,656)



212,889


(120,127)


Noncontrolling interests:







Noncontrolling interests in consolidated joint ventures


(13,424)


(37,191)



Noncontrolling interests in partnership equity of TRG


74,282


(58,342)



60,858


(95,533)



273,747


(215,660)



3,546,100


3,506,222











Combined Balance Sheet of Unconsolidated Joint Ventures (1)(2):










Assets:






Properties


1,435,623


1,305,658


Accumulated depreciation and amortization


(525,829)


(478,820)




909,794


826,838


Cash and cash equivalents


17,297


28,782


Accounts and notes receivable, net


33,770


33,626


Deferred charges and other assets 


32,102


28,095



992,963


917,341






Liabilities:






Notes payable


1,732,021


1,551,161


Accounts payable and other liabilities


65,022


70,226



1,797,043


1,621,387






Accumulated Deficiency in Assets:






Accumulated deficiency in assets - TRG


(455,581)


(406,266)


Accumulated deficiency in assets - Joint Venture Partners


(337,109)


(285,904)


Accumulated other comprehensive income (loss) - TRG


(5,695)


(5,938)


Accumulated other comprehensive income (loss) - Joint Venture Partners


(5,695)


(5,938)



(804,080)


(704,046)



992,963


917,341






(1)

International Plaza was consolidated in the Company's balance sheet as of December 31, 2013 but is an Unconsolidated Joint Venture as of March 31, 2014 as a result of the disposition.






(2)

Unconsolidated Joint Venture amounts exclude the balances of entities that own interests in Asia projects that are currently under development.

 

TAUBMAN CENTERS, INC.

Table 7 -  Annual Guidance

(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)





Range for Year Ended



December 31, 2014






Funds from Operations per common share


3.72


3.82






Gain on dispositions, net of tax


5.30


5.30






Real estate depreciation - TRG


(1.77)


(1.72)






Distributions on participating securities of TRG


(0.02)


(0.02)






Depreciation of TCO's additional basis in TRG


(0.11)


(0.11)






Net income attributable to common shareowners, per common share (EPS)


7.12


7.27

 

 

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SOURCE Taubman Centers, Inc.

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