-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NAjVHV2ibrTglYt1PNgX11OVLu3wwY2BvfbZF+Fte15D35yxtOUN2amMEQsdRpe1 H3e/ypEP2a5x7nVXdRPO9g== 0000890319-08-000006.txt : 20080423 0000890319-08-000006.hdr.sgml : 20080423 20080422174143 ACCESSION NUMBER: 0000890319-08-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080422 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080423 DATE AS OF CHANGE: 20080422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAUBMAN CENTERS INC CENTRAL INDEX KEY: 0000890319 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 382933632 STATE OF INCORPORATION: MI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11530 FILM NUMBER: 08770089 BUSINESS ADDRESS: STREET 1: 200 E LONG LAKE RD STREET 2: SUITE 300 P O BOX 200 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48303-0200 BUSINESS PHONE: 2482586800 MAIL ADDRESS: STREET 1: 200 E LONG LAKE RD STREET 2: SUITE 300 P O BOX 200 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48303-0200 8-K 1 form8k042208.htm FORM 8-K, APRIL 22, 2008 form8k042208.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
 
FORM 8-K
 
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
Date of report (date of earliest event reported):                                                                                                           April 22, 2008
 
TAUBMAN CENTERS, INC.
(Exact Name of Registrant as Specified in its Charter)
 
Michigan
(State or Other Jurisdiction of Incorporation)
 
1-11530
38-2033632
(Commission File Number)
(I.R.S. Employer Identification No.)
 
200 East Long Lake Road, Suite 300,
Bloomfield Hills, Michigan
 
48304-2324
(Address of Principal Executive Office)
(Zip Code)
 
Registrant’s Telephone Number, Including Area Code: (248) 258-6800
 
None
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
 
             o         Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)
 
             o         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)
 
             o         Pre-commencement communications pursuant to Rule 14d-2(b) under theExchange Act (17 CFR 240.14d-2(b))
 
             o         Pre-commencement communications pursuant to Rule 13e-4(c) under theExchange Act (17 CFR 240.13e-4(c))

 
 

 

Item 2.02.                                RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The information under this caption is furnished by Taubman Centers, Inc. (the "Company") in accordance with Securities and Exchange Commission Release No. 33-8216. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On April 22, 2008, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2008. A copy of the press release is attached as Exhibit 99 to this report.

Item 9.01.
FINANCIAL STATEMENTS AND EXHIBITS.

 
(d)
Exhibits


Exhibit
Description
   
99
Press Release, dated April 22, 2008, entitled “Taubman Centers Reports First Quarter Results.”





 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: April 22, 2008
TAUBMAN CENTERS, INC.
   
 
By: /s/ Lisa A. Payne                                                                           
 
Lisa A. Payne
 
Vice Chairman and Chief Financial Officer

 
 

 

EXHIBIT INDEX

Exhibit
Description
   
99
Press Release, dated April 22, 2008, entitled “Taubman Centers Reports First Quarter Results.”





 
 

 

EX-99 2 form8k042208ex99.htm PRESS RELEASE, APRIL 22, 2008 form8k042208ex99.htm


 
Taubman Lgo                                                                                                                            ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                                                                                                                                                           ;                                                                                                                                                                          &# 160;                                               `
Taubman Centers, Inc.
200 East Long Lake Road, Suite 300
Bloomfield Hills, MI  48304-2324
(248) 258-6800

CONTACT:
Barbara Baker
 
 
Taubman Centers, Inc.
 
 
(248) 258-7367
 
 
www.taubman.com
 

FOR IMMEDIATE RELEASE



TAUBMAN CENTERS REPORTS FIRST QUARTER RESULTS
·  
Funds From Operations Per Share up 4.6%
·  
Tenant Sales Per Square Foot up 3.0%
·  
International Plaza and Fair Oaks Financings Completed
·  
Maintains Annual Guidance

BLOOMFIELD HILLS, Mich., April 22, 2008 -- Taubman Centers, Inc. (NYSE:  TCO) today reported its financial results for the first quarter of 2008.
Net Income allocable to common shareholders per diluted common share (EPS) for the quarter ended March 31, 2008 was $0.09, versus $0.19 per diluted common share for the same period last year.
For the quarter ended March 31, 2008, Funds From Operations (FFO) per diluted share was $0.68, an increase of 4.6 percent from $0.65 for the quarter ended March 31, 2007.
“Our results were driven by strong rents across the portfolio and the performance of The Mall at Partridge Creek, which opened last October in Clinton Township, Michigan,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.  “This FFO increase was achieved despite a reduction from the prior year in lease cancellation revenue and third party service fees.”


Strong Operating Statistics
Taubman’s comparable shopping centers were 93.0 percent leased on March 31, 2008, up 0.9 percent from 92.1 percent on March 31, 2007.  Comparable center occupancy was 90.0 percent on March 31, 2008, up 0.3 percent from 89.7 percent on March 31, 2007.  “As these strong occupancy numbers indicate, retailers continue to open stores in our centers.  In fact, openings totaled 442,000 square feet in the quarter, exceeding last year’s square footage by 38 percent,” said Mr. Taubman.
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Taubman Centers/2

For the quarter, average rents in the consolidated properties were $44.56, up 1.5 percent from the first quarter of 2007.  In the unconsolidated properties, average rents were $44.24, up 5.9 percent from the first quarter of 2007.
Tenant sales per square foot was up 3.0 percent from the first quarter of 2007. “While the general economic environment is challenging, our centers continue to perform,” said Mr. Taubman.

Nordstrom Opens at Partridge Creek
On April 18, a new Nordstrom store joined Parisian and MJR Theatres at The Mall at Partridge Creek.  Coincident with Nordstrom’s opening, several stores including Chico’s, Bare Escentuals and Pizza Rustica also opened, bringing occupancy to over 90 percent. In addition, Tin Fish restaurant is under construction to open this summer.  The Mall at Partridge Creek continues to delight shoppers with its relaxed, open-air, pedestrian-friendly environment.  The new center is on target to reach its 10 percent stabilized return.

Solid Balance Sheet
In a period of challenged financial markets, Taubman’s balance sheet is one of the strongest in the real estate industry.  Early in the first quarter, the company refinanced International Plaza (Tampa, Fla.) with a $325 million, non-recourse, 5.375 percent all-in fixed rate loan, repaying a $175 million mortgage.  Taubman’s debt to total market capitalization at the end of the quarter was 41 percent, with 88 percent of the company’s share of debt either fixed or swapped at an average interest rate of 5.7 percent.  At quarter end, more than $300 million was available under the company’s existing lines of credit.
In addition, at the beginning of April, the company completed a $250 million refinancing of Fair Oaks (Fairfax, VA.).  This non-recourse loan has a three-year maturity with two one-year extension options and has been swapped for the first three years to an all-in fixed rate of 4.56 percent.  Proceeds were used to pay down the $140 million 6.6 percent existing debt on the property.  Excess funds were distributed to the joint venture partners, and Taubman’s 50 percent share was used to pay down its revolving credit facilities.  With the successful completion of this refinancing, the company has no significant debt maturities until 2010.

Guidance Ranges Maintained
The company is maintaining its guidance on 2008 FFO per diluted share in a range of $3.05 to $3.12.  The company anticipates its 2008 Net Income allocable to common shareholders (EPS) will be in the range of $0.60 to $0.83 per common share.

(more)

 
 

Taubman Centers/3

Updated assumptions are as follows:
·  
Full year Core Net Operating Income (NOI) growth of 4.5 to 5.0 percent – excluding the impact of lease cancellation income;
·  
Modest occupancy growth in 2008;
·  
Rent per square foot growth of about 3 percent;
·  
Modest improvement in the operations of The Pier Shops at Caesars (Atlantic City, NJ) versus 2007 levels;
·  
Lease cancellation revenue in the range of $7 to $8 million;
·  
Management, leasing and development revenue net of expenses and taxes in the range of $6 to $7 million;
·  
Land sale gains in the range of $3 to $4 million; and
·  
Total expenses for U.S. and Asia predevelopment activities of about $13 million.

Supplemental Investor Information Available
The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.com under “Investor Relations.”  This includes the following:
·  
Income Statement
·  
Earnings Reconciliations
·  
Changes in Funds from Operations and Earnings Per Share
·  
Components of Other Income, Other Operating Expense, and Gains on Land Sales and Other Nonoperating Income
·  
Recoveries Ratio Analysis
·  
Balance Sheets
·  
Debt Summary
·  
Other Debt, Equity and Certain Balance Sheet Information
·  
Construction
·  
Capital Spending
·  
Operational Statistics
·  
Owned Centers
·  
Major Tenants in Owned Portfolio
·  
Anchors in Owned Portfolio

Investor Conference Call
The company will host a conference call at 11:00 a.m. (EDT) on April 23 to discuss these results, its future developments, and the company’s outlook for 2008. The conference call will be simulcast at www.taubman.com under “Investor Relations” as well as www.earnings.com and www.streetevents.com.  An online replay will follow shortly after the call and continue for 90 days.  In addition, the conference call will be available as a podcast at www.reitcafe.com.

(more)
 

 
Taubman Centers/4

Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally.  Taubman Centers currently owns and/or manages 24 urban and suburban regional and super regional shopping centers in 11 states with an industry-leading sales productivity averaging over $550 per square foot.  Taubman Centers is headquartered in Bloomfield Hills, Mich.
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. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

#   #   #

 
 

 
 
Taubman Centers/5


TAUBMAN CENTERS, INC.
           
Table 1 - Summary of Results
           
For the Three Months Ended March 31, 2008 and 2007
(in thousands of dollars, except as indicated)
           
             
   
Three Months Ended
 
   
2008
   
2007
 
             
Income before minority and preferred interests
    23,516       26,550  
Minority share of consolidated joint ventures (1)
    (1,176 )     (1,913 )
Distributions in excess of minority share of income of consolidated joint ventures
    (2,137 )     608  
Minority share of income of TRG (1)
    (5,916 )     (7,741 )
Distributions in excess of minority share of income of TRG
    (5,467 )     (2,833 )
TRG preferred distributions
    (615 )     (615 )
Net income
    8,205       14,056  
Preferred dividends
    (3,658 )     (3,658 )
Net income allocable to common shareowners
    4,547       10,398  
Net income per common share - basic and diluted
    0.09       0.19  
Beneficial interest in EBITDA - consolidated businesses (2)
    77,217       71,763  
Beneficial interest in EBITDA - unconsolidated joint ventures (2)
    23,114       21,884  
Funds from Operations (2)
    54,756       53,919  
Funds from Operations allocable to TCO (2)
    36,403       35,527  
Funds from Operations per common share - basic (2)
    0.69       0.67  
Funds from Operations per common share - diluted (2)
    0.68       0.65  
Weighted average number of common shares outstanding - basic
    52,675,207       53,423,628  
Weighted average number of common shares outstanding - diluted
    53,264,489       54,076,259  
Common shares outstanding at end of period
    52,808,293       53,602,344  
Weighted average units - Operating Partnership - basic
    79,232,651       81,079,570  
Weighted average units - Operating Partnership - diluted
    80,693,195       82,603,463  
Units outstanding at end of period - Operating Partnership
    79,365,737       81,079,641  
Ownership percentage of the Operating Partnership at end of period
    66.5 %     66.1 %
Number of owned shopping centers at end of period
    23       22  
                 
Operating Statistics:
               
Mall tenant sales (3)
    1,083,608       1,042,697  
Ending occupancy
    89.8 %     89.7 %
Ending occupancy - comparable (4)
    90.0 %     89.7 %
Average occupancy
    89.9 %     89.8 %
Average occupancy - comparable (4)
    90.2 %     89.8 %
Leased space at end of period
    93.0 %     92.1 %
Leased space at end of period - comparable (4)
    93.0 %     92.1 %
Mall tenant occupancy costs as a percentage of tenant sales - consolidated businesses (3)
    15.8 %     15.4 %
Mall tenant occupancy costs as a percentage of tenant sales - unconsolidated joint ventures (3)
    13.8 %     13.0 %
Rent per square foot - consolidated businesses (4)
    44.56       43.88  
Rent per square foot - unconsolidated joint ventures (4)
    44.24       41.76  
                 

 
 

 
 
Taubman Centers/6
 
   
   
(1)
Because the net equity balances of the Operating Partnership and the outside partners in certain consolidated joint ventures are less than zero, the income allocated to the minority and outside partners during the three months ended March 31, 2008 and 2007 is equal to their share of distributions. The net equity of these minority partners is less than zero due to accumulated distributions in excess of net income and not as a result of operating losses.
   
(2)
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 National Association of Real Estate Investment Trusts (NAREIT) defines Funds from Operations (FFO) as net income (loss) (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from extraordinary items and sales of properties, 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. FFO is primarily used by the Company in measuring performance and in formulating corporate goals and compensation.
   
 
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 common definitions.  None of these non-GAAP measures should be considered alternatives to net income as an indicator of the Company's operating performance, and they do not represent cash flows from operating, investing, or financing activities as defined by GAAP.
   
(3)
Based on reports of sales furnished by mall tenants.
   
(4)
Statistics exclude The Mall at Partridge Creek and The Pier Shops at Caesars.  The 2007 statistics have been restated to include comparable centers to 2008.
   

 
 

 
 
Taubman Centers/7

TAUBMAN CENTERS, INC.
                       
Table 2 - Income Statement
                       
For the Three Months Ended Ended March 31, 2008 and 2007
 (in thousands of dollars)
                       
                         
   
2008
   
2007
 
         
UNCONSOLIDATED
   
 
   
UNCONSOLIDATED
 
   
CONSOLIDATED
   
JOINT
   
CONSOLIDATED
   
JOINT
 
   
BUSINESSES
   
VENTURES (1)
   
BUSINESSES
   
VENTURES (1)
 
                         
REVENUES:
                       
Minimum rents
    86,570       38,411       78,655       38,436  
Percentage rents
    2,575       1,461       2,308       1,039  
Expense recoveries
    57,464       22,414       50,623       22,591  
Management, leasing and development services
    3,694               4,890          
Other
    7,114       1,788       8,550       1,762  
Total revenues
    157,417       64,074       145,026       63,828  
                                 
EXPENSES:
                               
Maintenance, taxes and utilities
    43,540       15,348       37,919       17,745  
Other operating
    18,301       6,547       16,796       6,401  
Management, leasing and development services
    2,257               2,790          
General and administrative
    8,333               7,321          
Interest expense
    36,982       15,875       29,694       17,804  
Depreciation and amortization
    35,335       9,623       32,533       10,166  
Total expenses
    144,748       47,393       127,053       52,116  
                                 
Gains on land sales and other nonoperating income
    1,803       319       391       447  
      14,472       17,000       18,364       12,159  
Income tax expense
    (190 )                        
Equity in income of Unconsolidated Joint Ventures
    9,234               8,186          
                                 
Income before minority and preferred interests
    23,516               26,550          
Minority and preferred interests:
                               
TRG preferred distributions
    (615 )             (615 )        
Minority share of consolidated joint ventures
    (1,176 )             (1,913 )        
Distributions less than (in excess of) minority share of income of consolidated joint ventures
    (2,137 )             608          
Minority share of income of TRG
    (5,916 )             (7,741 )        
Distributions in excess of minority share of income of TRG
    (5,467 )             (2,833 )        
Net income
    8,205               14,056          
Preferred dividends
    (3,658 )             (3,658 )        
Net income allocable to common shareowners
    4,547               10,398          
                                 
                                 
SUPPLEMENTAL INFORMATION:
                               
EBITDA - 100%
    86,789       42,498       80,591       40,129  
EBITDA - outside partners' share
    (9,572 )     (19,384 )     (8,828 )     (18,245 )
Beneficial interest in EBITDA
    77,217       23,114       71,763       21,884  
Beneficial interest expense
    (32,154 )     (8,262 )     (26,492 )     (8,302 )
Beneficial income tax expense
    (190 )                        
Non-real estate depreciation
    (696 )             (661 )        
Preferred dividends and distributions
    (4,273 )             (4,273 )        
Funds from Operations contribution
    39,904       14,852       40,337       13,582  
                                 
Net straightline adjustments to rental revenue, recoveries, and ground rent expense at TRG %
    593       61       371       104  
 
                   
 (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.  The Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.

 
 

 

Taubman Centers/8

TAUBMAN CENTERS, INC.
           
Table 3- Reconciliation of Net Income Allocable to Common Shareowners to Funds from Operations
 
For the Periods Ended March 31, 2008 and 2007
(in thousands of dollars; amounts allocable to TCO may not recalculate due to rounding)
       
             
   
Three Months Ended
 
   
2008
   
2007
 
             
Net income allocable to common shareowners
    4,547       10,398  
                 
Add (less) depreciation and amortization:
               
Consolidated businesses at 100%     35,335        32,533  
Minority partners in consolidated joint ventures
     (3,568      (3,713
Share of unconsolidated joint ventures      5,618        5,396  
Non-real estate depreciation
    (696 )     (661 )
                 
Add minority interests:
               
Minority share of income of TRG
    5,916       7,741  
Distributions in excess of minority share of income of TRG                 5,467        2,833  
Distributions (less than) in excess of minority share of income of consolidated joint ventures
    2,137       (608 )
                 
Funds from Operations
    54,756       53,919  
                 
TCO's average ownership percentage of TRG
    66.5 %     65.9 %
                 
Funds from Operations allocable to TCO
    36,403       35,527  
                 

 
 

 

Taubman Centers/9

 
TAUBMAN CENTERS, INC.
           
Table 4- Reconciliation of Net Income to Beneficial Interest in EBITDA
           
For the Periods Ended March 31, 2008 and 2007
(in thousands of dollars; amounts allocable to TCO may not recalculate due to rounding)
       
             
   
Three Months Ended
 
   
2008
   
2007
 
             
Net income
    8,205       14,056  
                 
Add (less) depreciation and amortization:
               
    Consolidated businesses at 100%
    35,335       32,533  
      Minority partners in consolidated joint ventures
    (3,568 )     (3,713 )
    Share of unconsolidated joint ventures
    5,618       5,396  
                 
Add (less) preferred interests, interest expense and income tax expense:
               
Preferred distributions
    615       615  
Interest expense:
               
  Consolidated businesses at 100%
    36,982       29,694  
   Minority partners in consolidated joint ventures
    (4,828 )     (3,202 )
  Share of unconsolidated joint ventures
    8,262       8,302  
Income tax expense
    190          
                 
Add minority interests:
               
  Minority share of income of TRG
    5,916       7,741  
Distributions in excess of minority share  of income of TRG
    5,467       2,833  
  Distributions (less than) in excess of minority share of income of consolidated joint ventures
    2,137       (608 )
                 
Beneficial Interest in EBITDA
    100,331       93,647  
                 
TCO's average ownership percentage of TRG
    66.5 %     65.9 %
                 
Beneficial Interest in EBITDA allocable to TCO
    66,702       61,704  
                 

 
 

 

Taubman Centers/10
 
TAUBMAN CENTERS, INC.
           
Table 5- Balance Sheets
           
As of March 31, 2008 and December 31, 2007
 (in thousands of dollars)
           
             
   
As of
 
   
March 31, 2008
   
December 31, 2007
 
Consolidated Balance Sheet of Taubman Centers, Inc.:
           
             
Assets:
           
Properties
    3,778,947       3,781,136  
Accumulated depreciation and amortization
    (957,526 )     (933,275 )
      2,821,421       2,847,861  
Investment in Unconsolidated Joint Ventures
    90,014       92,117  
Cash and cash equivalents
    40,768       47,166  
Accounts and notes receivable, net
    48,995       52,161  
Accounts and notes receivable from related parties
    1,956       2,283  
Deferred charges and other assets
    215,575       109,719  
      3,218,729       3,151,307  
                 
Liabilities:
               
Notes payable
    2,840,951       2,700,980  
Accounts payable and accrued liabilities
    248,982       296,385  
Dividends and distributions payable
    21,915       21,839  
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
    101,313       100,234  
      3,213,161       3,119,438  
                 
Preferred Equity of TRG
    29,217       29,217  
                 
Minority interests in TRG and consolidated joint ventures
    17,351       18,494  
                 
Shareowners' Equity:
               
Series B Non-Participating Convertible Preferred Stock
    27       27  
Series G Cumulative Redeemable Preferred Stock
               
Series H Cumulative Redeemable Preferred Stock
               
Common Stock
    528       526  
Additional paid-in capital
    546,788       543,333  
Accumulated other comprehensive income (loss)
    (19,806 )     (8,639 )
Dividends in excess of net income
    (568,537 )     (551,089 )
      (41,000 )     (15,842 )
      3,218,729       3,151,307  
                 
Combined Balance Sheet of Unconsolidated Joint Ventures:
               
                 
Assets:
               
Properties
    1,056,816       1,056,380  
Accumulated depreciation and amortization
    (343,641 )     (347,459 )
      713,175       708,921  
Cash and cash equivalents
    24,232       40,097  
Accounts and notes receivable
    22,802       26,271  
Deferred charges and other assets
    17,238       18,229  
      777,447       793,518  
                 
Liabilities:
               
Notes payable
    1,001,483       1,003,463  
Accounts payable and other liabilities
    45,237       55,242  
      1,046,720       1,058,705  
                 
Accumulated Deficiency in Assets:
               
Accumulated deficiency in assets - TRG
    (150,228 )     (149,009 )
Accumulated deficiency in assets - Joint Venture Partners
    (113,147 )     (112,709 )
Accumulated other comprehensive income (loss) - TRG
    (3,534 )     (2,354 )
Accumulated other comprehensive income (loss) - Joint Venture Partners
    (2,364 )     (1,115 )
      (269,273 )     (265,187 )
      777,447       793,518  

 
 

 

Taubman Centers/11

 
TAUBMAN CENTERS, INC.
           
Table 6 - 2008 Annual Outlook
(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)
 
             
             
   
Range for Year Ended
 
   
March 31, 2008
 
             
Funds from Operations per common share
    3.05       3.12  
                 
Real estate depreciation - TRG
    (2.00 )     (1.92 )
                 
Depreciation of TCO's additional basis in TRG
    (0.13 )     (0.13 )
                 
Distributions in excess of earnings allocable to minority interest
    (0.31 )     (0.24 )
                 
Net income allocable to common shareowners, per common share
    0.60       0.83  
                 
                 

 
 

 


 
 
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