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CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Rental revenues (Note 1) $ 112,218,000 $ 147,006,000 $ 254,876,000 $ 291,295,000
Overage rents 749,000 1,713,000 4,966,000 4,854,000
Management, leasing, and development services 824,000 892,000 1,390,000 2,108,000
Other (Note 1) 4,744,000 11,993,000 16,762,000 23,555,000
Total Revenues 118,535,000 161,604,000 277,994,000 321,812,000
Expenses:        
Maintenance, taxes, utilities, and promotion 34,511,000 39,182,000 73,262,000 77,720,000
Other operating 12,792,000 21,232,000 30,934,000 40,457,000
Management, leasing, and development services 659,000 491,000 1,152,000 1,022,000
General and administrative 7,523,000 8,554,000 15,539,000 17,130,000
Restructuring charges (Note 1) 0 84,000 362,000 709,000
Simon Property Group, Inc. transaction costs (Note 1) 9,060,000   15,445,000  
Costs associated with shareholder activism (Note 1) 0 12,000,000 0 16,000,000
Interest expense 33,353,000 38,010,000 68,202,000 74,895,000
Depreciation and amortization 61,838,000 44,259,000 113,534,000 89,215,000
Operating Expenses 159,736,000 163,812,000 318,430,000 317,148,000
Nonoperating income (expense) (Notes 9 and 11) (910,000) 6,627,000 (362,000) 15,360,000
Income (loss) before income tax benefit (expense), equity in income (loss) of UJVs, gains on partial dispositions of ownership interests in UJVs, net of tax, and gains on remeasurements of ownership interests in UJVs (42,111,000) 4,419,000 (40,798,000) 20,024,000
Income tax benefit (expense) (Note 3) 248,000 (2,364,000) (508,000) (2,903,000)
Equity in income (loss) of UJVs (Note 4) (712,000) 14,822,000 10,572,000 29,494,000
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest (42,575,000) 16,877,000 (30,734,000) 46,615,000
Gains on partial dispositions of ownership interests in UJVs (Note 2) 363,000   11,277,000  
Gains on remeasurements of ownership interests in UJVs (Note 2) 417,000   14,146,000  
Net income (loss) (41,795,000) 16,877,000 (5,311,000) 46,615,000
Net (income) loss attributable to noncontrolling interests (Note 6) 13,511,000 (4,240,000) 3,278,000 (12,470,000)
Net income (loss) attributable to Taubman Centers, Inc. (28,284,000) 12,637,000 (2,033,000) 34,145,000
Distributions to participating securities of TRG (Notes 1 and 8)   (593,000) (595,000) (1,220,000)
Preferred stock dividends (5,785,000) (5,785,000) (11,569,000) (11,569,000)
Net income (loss) attributable to Taubman Centers, Inc. common shareholders (34,069,000) 6,259,000 (14,197,000) 21,356,000
Other comprehensive income (loss) (Note 12):        
Unrealized loss on interest rate instruments (2,192,000) (9,533,000) (20,111,000) (14,421,000)
Cumulative translation adjustment 9,355,000 (13,829,000) (9,620,000) (10,511,000)
Reclassification adjustment for amounts recognized in net income (loss) 3,286,000 (423,000) 4,054,000 (1,846,000)
Other comprehensive income (loss) 10,449,000 (23,785,000) (25,677,000) (26,778,000)
Comprehensive income (loss) (31,346,000) (6,908,000) (30,988,000) 19,837,000
Comprehensive (income) loss attributable to noncontrolling interests 10,315,000 2,970,000 9,727,000 (4,394,000)
Comprehensive income (loss) attributable to Taubman Centers, Inc. $ (21,031,000) $ (3,938,000) $ (21,261,000) $ 15,443,000
Basic earnings (loss) per common share (Note 10) $ (0.55) $ 0.10 $ (0.23) $ 0.35
Diluted earnings (loss) per common share (Note 10) $ (0.55) $ 0.10 $ (0.23) $ 0.35
Weighted average number of common shares outstanding – basic 61,590,226 61,171,614 61,419,931 61,147,947