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Taubman Centers Announces Second Quarter Results
- Managing through Challenging Retail Environment
- Results Consistent with Prior Guidance
- Cost Saving Initiatives Contribute to Results
- Strong Balance Sheet
BLOOMFIELD HILLS, Mich., July 23 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO) today announced its financial results for the second quarter of 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080428/CLM116LOGO )
Net income allocable to common shareholders per diluted share (EPS) was $0.17 for the quarter ended June 30, 2009, up from $0.01 for the quarter ended June 30, 2008. EPS for the six months ended June 30, 2009 was $0.38, up from $0.09 for the first six months of 2008.
Taubman Centers' Funds from Operations (FFO) per diluted share was $0.65 for the quarter ended June 30, 2009 versus $0.66 for the quarter ended June 30, 2008.
For the six months ended June 30, 2009, Taubman Centers' FFO per diluted share was $1.35 versus $1.34 for the first six months of 2008. Excluding the restructuring charge incurred in 2009, the company's Adjusted FFO per diluted share for the six months ended June 30, 2009 was $1.38, an increase of 3.0 percent from the first six months of 2008.
"The environment for retail real estate continues to be challenging," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "Lease cancellation income from our tenants offset a decline in rents. In addition, we are very focused on costs throughout our organization, which contributed to our results during the quarter." The company reported a four cent favorable variance in expenses for the quarter.
Operating Statistics
Ending occupancy for Taubman's portfolio was 88.6 percent on June 30, 2009 versus 90.1 percent on June 30, 2008, a decline primarily due to the closing in late 2008 of three big box store locations at the company's value centers, which were part of national bankruptcies. Average rent per square foot in the company's 16 consolidated properties for the second quarter of 2009 was $43.00, versus $44.40 for the second quarter of 2008. For the six months ended June 30, 2009, average rent per square foot in the consolidated properties was $44.02 versus $44.06 in the six months ended June 30, 2008.
Mall tenant sales per square foot declined 11.2 percent from the second quarter of 2008. For the twelve months ended June 30, 2009, mall tenant sales per square foot were down 9.8 percent to $508 per square foot.
"Weakness in the U.S. economy continues to impact retailers," said Mr. Taubman. "As expected, this was reflected in our operating results. Nonetheless, leasing continues to be active with retailers planning openings in 2010 and 2011, when they expect conditions to improve."
Strong Balance Sheet
"Our strong balance sheet is providing the operating flexibility to weather these tough conditions," said Lisa A. Payne, vice chairman and chief financial officer of Taubman Centers. "We have no debt maturities until the fall of 2010 and collectively through 2011, only about 13 percent of our share of total debt matures." The company's secured credit lines total $590 million and mature in 2011 with a one year extension option to 2012 on $550 million of the lines. As of June 30, $382 million was available for use.
Guidance
The company is modestly narrowing its guidance on 2009 FFO per diluted share from the previously announced $2.69 to $2.94 to $2.70 to $2.90. Excluding the restructuring charge that was recognized in 2009, the company expects 2009 Adjusted FFO per diluted share to be in the range of $2.73 to $2.93. The company also is modestly narrowing its guidance for 2009 EPS to $0.71 to $0.96.
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 July 24 to discuss these results, business conditions and the company's outlook for the remainder of 2009. 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.
Taubman Centers is a real estate investment trust engaged in the development and management of regional and super regional shopping centers. Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast. The company's Taubman Asia subsidiary is working on retail projects in Macao, China and Incheon, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information about Taubman, visit www.taubman.com.
For ease of use, references in this press release to "Taubman Centers," "Taubman," or the "company" mean Taubman Centers, Inc. 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.
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 the ongoing U.S. recession, the existing global credit and financial crisis and other 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, INC.
Table 1 - Summary of Results
For the Periods Ended June 30, 2009 and 2008
--------------------------------------------
(in thousands of dollars, except as indicated)
Three Months Ended Six Months Ended
------------------ ----------------
2009 2008 (1) 2009 2008 (1)
---- -------- ---- --------
Net income (1), (2) 20,866 21,414 45,392 44,930
Noncontrolling share of
income of consolidated
joint ventures (1) (2,033) (1,130) (3,726) (2,306)
Distributions in excess of
noncontrolling share of
income of consolidated
joint ventures (1) (4,258) (6,395)
Noncontrolling share of
income of TRG (1) (5,290) (4,505) (11,876) (10,421)
Distributions in excess of
noncontrolling share of
income of TRG (1) (6,513) (11,617)
TRG preferred distributions (615) (615) (1,230) (1,230)
Preferred stock dividends (3,659) (3,659) (7,317) (7,317)
Distributions to
participating
securities of TRG (361) (361) (836) (724)
Net income attributable to
Taubman Centers, Inc.
common shareowners (1) 8,908 373 20,407 4,920
Net income per common
share - basic and diluted
(1) 0.17 0.01 0.38 0.09
Beneficial interest in
EBITDA -Consolidated
Businesses (2), (3) 75,087 75,360 152,776 152,577
Beneficial interest in
EBITDA -Unconsolidated
Joint Ventures (3) 22,536 22,644 46,484 45,758
Funds from Operations
(2), (3) 52,390 53,213 108,960 107,969
Funds from Operations
attributable to TCO (2),
(3) 34,968 35,421 72,726 71,824
Funds from Operations per
common share - basic (2),
(3) 0.66 0.67 1.37 1.36
Funds from Operations per
common share -diluted (2),
(3) 0.65 0.66 1.35 1.34
Weighted average number
of common shares
outstanding -
basic 53,120,769 52,859,653 53,093,988 52,767,430
Weighted average number
of common shares
outstanding -
diluted 53,666,868 53,431,974 53,466,563 53,348,232
Common shares
outstanding at
end of period 53,120,769 52,892,604
Weighted average units -
Operating Partnership -
basic 79,558,454 79,411,822 79,532,928 79,322,237
Weighted average units -
Operating Partnership -
diluted 80,975,814 80,855,405 80,776,764 80,774,301
Units outstanding at
end of period -
Operating Partnership 79,558,454 79,440,048
Ownership percentage of
the Operating
Partnership at
end of period 66.8% 66.6%
Number of owned shopping
centers at end of period 23 23 23 23
Operating Statistics:
Mall tenant sales (4) 994,811 1,116,027 1,936,280 2,199,635
Ending occupancy 88.6% 90.1% 88.6% 90.1%
Average occupancy 88.7% 90.0% 88.8% 90.0%
Leased space at end of
period 91.1% 92.7% 91.1% 92.7%
Mall tenant occupancy
costs as a percentage
of tenant sales -
Consolidated Businesses
(4) 16.7% 15.4% 17.5% 15.6%
Mall tenant occupancy
costs as a percentage
of tenant sales -
Unconsolidated Joint
Ventures (4) 15.7% 13.7% 15.9% 13.8%
Rent per square foot -
Consolidated Businesses 43.00 44.40 44.02 44.06
Rent per square foot -
Unconsolidated Joint
Ventures 44.24 45.40 44.56 44.84
(1) In January of 2009, the Company adopted Statement No. 160
"Noncontrolling Interests in Consolidated Financial Statements - an
amendment of ARB No. 51" (SFAS 160). Consequently, noncontrolling
interests in consolidated subsidiaries with equity balances of less than
zero are now allocated income equal to their ownership interests in the
subsidiaries. Under previous accounting, because the net equity balances
of the Operating Partnership and the outside partners in certain
consolidated joint ventures were less than zero, the income attributable
to the noncontrolling partners was equal to their share of distributions.
The net equity of these noncontrolling partners is less than zero due
to accumulated distributions in excess of net income and not as a result
of operating losses. Net income attributable to Taubman Centers, Inc.
common shareowners for the three and six months ended June 30, 2009
would have been $1.6 and $6.1 million, respectively or $0.03 and $0.11
per common share, respectively if accounted for under the previous method
of accounting for noncontrolling interests prior to SFAS 160. Certain
2008 amounts within tables 1 to 6 of this press release have been
reclassified to conform with 2009 classifications.
(2) Includes $0.2 million and $2.6 million of restructuring charges for
the three and six months ended June 30, 2009, respectively. No similar
charges were incurred in 2008.
(3) 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 (computed in
accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains 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.
(4) Based on reports of sales furnished by mall tenants.
TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended June 30, 2009 and 2008
---------------------------------------------------
(in thousands of dollars)
2009 2008 (1)
---- --------
UNCONSOL- UNCONSOL-
IDATED IDATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES (2) BUSINESSES VENTURES (2)
------------ ------------ ------------ ------------
REVENUES:
Minimum rents 84,016 38,553 87,583 38,797
Percentage rents 561 95 1,325 458
Expense recoveries 58,525 23,819 60,384 21,664
Management, leasing,
and development
services 3,189 3,891
Other 12,648 1,187 7,229 2,578
------ ----- ----- -----
Total
revenues 158,939 63,654 160,412 63,497
EXPENSES:
Maintenance, taxes,
and utilities 46,946 16,296 46,485 16,080
Other operating 16,352 5,965 19,695 5,587
Restructuring charge
(3) 169
Management, leasing,
and development
services 1,930 2,421
General and
administrative 6,847 7,943
Interest expense 36,473 16,120 35,972 16,278
Depreciation and
amortization 36,058 9,911 36,179 9,839
------ ----- ------ -----
Total
expenses 144,775 48,292 148,695 47,784
Gains on land sales and
other nonoperating
income 198 3 1,456 160
Impairment loss on
marketable securities
(4) (1,666)
------ ------ ------ ------
12,696 15,365 13,173 15,873
====== ======
Income tax expense (198) (250)
Equity in income of
Unconsolidated Joint
Ventures 8,368 8,491
----- -----
Net income 20,866 21,414
Net income attributable
to noncontrolling
interests:
Noncontrolling share
of income of
consolidated
joint ventures (2,033) (1,130)
Distributions in excess
of noncontrolling share
of income of
consolidated
joint ventures (4,258)
TRG series F preferred
distributions (615) (615)
Noncontrolling share of
income of TRG (5,290) (4,505)
Distributions in excess
of noncontrolling
share of income of TRG (6,513)
Distributions to
participating
securities of TRG (361) (361)
Preferred stock dividends (3,659) (3,659)
------ ------
Net income attributable
to Taubman Centers,
Inc. common shareowners 8,908 373
===== ===
SUPPLEMENTAL INFORMATION:
EBITDA - 100% (3) 85,227 41,396 85,324 41,990
EBITDA - outside
partners' share (3) (10,140) (18,860) (9,964) (19,346)
------- ------- ------ -------
Beneficial interest in
EBITDA (3) 75,087 22,536 75,360 22,644
Beneficial interest
expense (31,538) (8,369) (31,065) (8,457)
Beneficial income tax
expense (198) (250)
Non-real estate
depreciation (854) (745)
Preferred dividends and
distributions (4,274) (4,274)
------ ------ ------ ------
Funds from Operations
contribution (3) 38,223 14,167 39,026 14,187
====== ====== ====== ======
Net straightline
adjustments to
rental revenue,
recoveries,
and ground rent
expense at TRG % 80 104 475 52
== === === ==
(1) Certain amounts have been reclassified to conform to 2009
classifications.
(2) 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.
(3) In 2009, the Company recognized a restructuring charge which
primarily represents the costs of termination of personnel.
(4) The marketable securities represent shares in a Vanguard REIT
fund that were purchased to facilitate a tax efficient structure for the
2005 disposition of Woodland mall. Until now, the Company marked to
market this investment through other comprehensive income on the
balance sheet. The Company concluded this quarter that the impairment is
no longer temporary, and therefore recognized a loss through its income
statement. The balance of the securities was $1.2 million as of June 30,
2009, and is included in Deferred Charges and Other Assets. To preserve
the original tax planning it continues to be necessary to carry this
investment. There are no other assets of this type on the Company's
balance sheet.
TAUBMAN CENTERS, INC.
Table 3 - Income Statement
For the Six Months Ended June 30, 2009 and 2008
-------------------------------------------------
(in thousands of dollars)
2009 2008 (1)
---- --------
UNCONSOL- UNCONSOL-
IDATED IDATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES (2) BUSINESSES VENTURES (2)
------------ ------------ ------------ ------------
REVENUES:
Minimum rents 171,452 77,520 174,153 77,208
Percentage rents 2,721 1,203 3,900 1,919
Expense recoveries 115,283 47,645 117,848 44,078
Management,
leasing, and
development
services 6,745 7,585
Other 20,428 3,376 14,343 4,366
------ ----- ------ -----
Total revenues 316,629 129,744 317,829 127,571
EXPENSES:
Maintenance,
taxes, and
utilities 91,487 32,333 90,025 31,428
Other operating 31,317 12,353 37,996 12,134
Restructuring
charge (3) 2,630
Management,
leasing, and
development
services 3,836 4,678
General and
administrative 13,735 16,276
Interest expense 72,706 32,070 72,954 32,153
Depreciation and
amortization 72,351 19,348 71,514 19,462
------ ------ ------ ------
Total expenses 288,062 96,104 293,443 95,177
Gains on land sales
and other
nonoperating income 433 57 3,259 479
Impairment loss on
marketable
securities (4) (1,666)
------ ------ ------ ------
27,334 33,697 27,645 32,873
====== ======
Income tax expense (468) (440)
Equity in income of
Unconsolidated Joint
Ventures 18,526 17,725
------ ------
Net income 45,392 44,930
Net income attributable
to noncontrolling
interests:
Noncontrolling
share of income of
consolidated joint
ventures (3,726) (2,306)
Distributions in excess
of noncontrolling share
of income of
consolidated joint
ventures (6,395)
TRG series F
preferred
distributions (1,230) (1,230)
Noncontrolling
share of income of
TRG (11,876) (10,421)
Distributions in
excess of
noncontrolling share
of income of TRG (11,617)
Distributions to
participating
securities of TRG (836) (724)
Preferred stock
dividends (7,317) (7,317)
------ ------
Net income attributable
to Taubman Centers,
Inc. common
shareowners 20,407 4,920
====== =====
SUPPLEMENTAL INFORMATION:
EBITDA - 100% (3) 172,391 85,115 172,113 84,488
EBITDA - outside
partners' share
(3) (19,615) (38,631) (19,536) (38,730)
------- ------- ------- -------
Beneficial
interest in EBITDA
(3) 152,776 46,484 152,577 45,758
Beneficial
interest expense (62,898) (16,653) (63,219) (16,719)
Beneficial income
tax expense (468) (440)
Non-real estate
depreciation (1,734) (1,441)
Preferred
dividends and
distributions (8,547) (8,547)
------ ------ ------ ------
Funds from
Operations
contribution (3) 79,129 29,831 78,930 29,039
====== ====== ====== ======
Net straightline
adjustments to
rental revenue,
recoveries,
and ground rent
expense at TRG % 159 159 1,068 113
=== === ===== ===
(1) Certain amounts have been reclassified to conform to 2009
classifications.
(2) 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.
(3) In 2009, the Company recognized restructuring charges, which
primarily represent the costs of termination of personnel.
(4) The marketable securities represent shares in a Vanguard REIT fund
that were purchased to facilitate a tax efficient structure for the 2005
disposition of Woodland mall. Until now, the Company marked to market
this investment through other comprehensive income on the balance sheet.
The Company concluded this quarter that the impairment is no longer
temporary, and therefore recognized a loss through its income statement.
The balance of the securities was $1.2 million as of June 30, 2009, and
is included in Deferred Charges and Other Assets. To preserve the
original tax planning it continues to be necessary to carry this
investment. There are no other assets of this type on the Company's
balance sheet.
TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net
Income Attributable to Taubman
Centers, Inc. Common Shareowners
to Funds from Operations and Adjusted
Funds from Operations
For the Periods Ended June 30, 2009 and 2008
--------------------------------------------
(in thousands of dollars; amounts attributable to TCO
may not recalculate due to rounding)
Three Months
Ended Year to Date
------------ ------------
2009 2008 (1) 2009 2008 (1)
---- -------- ---- --------
Net income
attributable to TCO
common shareowners 8,908 373 20,407 4,920
Add (less) depreciation
and amortization:
Consolidated businesses
at 100% 36,058 36,179 72,351 71,514
Noncontrolling
partners in
consolidated
joint ventures (3,172) (3,927) (6,081) (7,495)
Share of
Unconsolidated
Joint Ventures 5,799 5,696 11,305 11,314
Non-real estate
depreciation (854) (745) (1,734) (1,441)
Add noncontrolling
interests:
Noncontrolling
share of income
of TRG 5,290 4,505 11,876 10,421
Distributions in
excess of
noncontrolling
share of income
of TRG 6,513 11,618
Distributions in
excess of
noncontrolling
share of income of
consolidated joint
ventures 4,258 6,395
Add distributions
to participating
securities of TRG 361 361 836 723
--- --- --- ---
Funds from Operations 52,390 53,213 108,960 107,969
TCO's average
ownership
percentage of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Funds from
Operations
attributable to TCO 34,968 35,421 72,726 71,824
====== ====== ====== ======
Funds from Operations 52,390 53,213 108,960 107,969
Restructuring charge 169 2,630
--- --- ----- ---
Adjusted Funds from
Operations (2) 52,559 53,213 111,590 107,969
TCO's average
ownership
percentage of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Adjusted Funds from
Operations
attributable to TCO
(2) 35,081 35,421 74,482 71,824
====== ====== ====== ======
(1) Certain amounts have been reclassified to conform to
2009 classifications.
(2) FFO for the three and six months ended June 30, 2009 includes,
and Adjusted FFO excludes, the restructuring charges which primarily
represent the costs of termination of personnel. The Company
discloses this Adjusted FFO due to the significance and infrequent
nature of the charges. Given the significance of the charges, the
Company believes it is essential to a reader's understanding of the
Company's results of operations to emphasize the impact on the Company's
earnings measures. The adjusted measures are not and should not be
considered alternatives to net income or cash flows from operating,
investing, or financing activities as defined by GAAP.
TAUBMAN CENTERS, INC.
Table 5 - Reconciliation of Net Income to Beneficial
Interest in EBITDA
For the Periods Ended June 30, 2009 and 2008
--------------------------------------------
(in thousands of dollars; amounts attributable to TCO may
not recalculate due to rounding)
Three Months
Ended Year to Date
------------ ------------
2009 2008 (1) 2009 2008 (1)
---- -------- ---- --------
Net income 20,866 21,414 45,392 44,930
Add (less) depreciation and
amortization:
Consolidated
businesses at 100% 36,058 36,179 72,351 71,514
Noncontrolling
partners in
consolidated joint
ventures (3,172) (3,927) (6,081) (7,495)
Share of
Unconsolidated
Joint Ventures 5,799 5,696 11,305 11,314
Add (less) interest expense
and income tax expense:
Interest expense:
Consolidated
businesses at
100% 36,473 35,972 72,706 72,954
Noncontrolling
partners in
consolidated
joint ventures (4,935) (4,907) (9,808) (9,735)
Share of
Unconsolidated
Joint Ventures 8,369 8,457 16,653 16,719
Income tax expense 198 250 468 440
Less noncontrolling
share of income of
consolidated joint
ventures (2,033) (1,130) (3,726) (2,306)
------ ------ ------ ------
Beneficial Interest
in EBITDA 97,623 98,004 199,260 198,335
TCO's average
ownership percentage
of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Beneficial Interest
in EBITDA
attributable to TCO 65,212 65,235 133,004 131,937
====== ====== ======= =======
(1) Certain amounts have been reclassified to conform to 2009
classifications.
TAUBMAN CENTERS, INC.
Table 6 - Balance Sheets
As of June 30, 2009 and December 31, 2008
-----------------------------------------
(in thousands of dollars)
As of
--------
June 30, 2009 December 31, 2008
------------- -----------------
Consolidated Balance Sheet of
Taubman Centers, Inc. (1):
Assets:
Properties 3,708,342 3,699,480
Accumulated depreciation and
amortization (1,106,675) (1,049,626)
---------- ----------
2,601,667 2,649,854
Investment in Unconsolidated Joint
Ventures 88,636 89,933
Cash and cash equivalents 11,772 62,126
Accounts and notes receivable, net 32,761 46,732
Accounts receivable from related
parties 1,686 1,850
Deferred charges and other assets 121,722 124,487
------- -------
2,858,244 2,974,982
========= =========
Liabilities:
Notes payable 2,758,938 2,796,821
Accounts payable and accrued
liabilities 234,068 262,226
Dividends and distributions payable 22,002
Distributions in excess of investments
in and net income of
Unconsolidated Joint Ventures 155,141 154,141
------- -------
3,148,147 3,235,190
Equity:
Taubman Centers, Inc. Shareowners'
Equity:
Series B Non-Participating Convertible
Preferred Stock 26 26
Series G Cumulative Redeemable
Preferred Stock
Series H Cumulative Redeemable
Preferred Stock
Common Stock 531 530
Additional paid-in capital 559,240 556,145
Accumulated other comprehensive income
(loss) (26,498) (29,778)
Dividends in excess of net income (749,965) (726,097)
-------- --------
(216,666) (199,174)
Noncontrolling interests:
Noncontrolling interests in
consolidated joint ventures (90,579) (90,251)
Noncontrolling interests in TRG (11,875)
Preferred Equity of TRG 29,217 29,217
------ ------
(73,237) (61,034)
------- -------
(289,903) (260,208)
-------- --------
2,858,244 2,974,982
========= =========
(1) Certain 2008 amounts have been
reclassified to conform to 2009
classifications.
Combined Balance Sheet of Unconsolidated
Joint Ventures:
Assets:
Properties 1,090,505 1,087,341
Accumulated depreciation and
amortization (381,331) (366,168)
-------- --------
709,174 721,173
Cash and cash equivalents 19,196 28,946
Accounts and notes receivable 18,560 26,603
Deferred charges and other assets 19,904 20,098
------ ------
766,834 796,820
======= =======
Liabilities:
Notes payable 1,098,370 1,103,903
Accounts payable and other liabilities,
net 42,235 61,570
------ ------
1,140,605 1,165,473
Accumulated Deficiency in Assets:
Accumulated deficiency in assets - TRG (197,205) (194,178)
Accumulated deficiency in assets -
Joint Venture Partners (165,452) (160,862)
Accumulated other comprehensive income
(loss) - TRG (5,970) (7,288)
Accumulated other comprehensive income
(loss) - Joint Venture Partners (5,144) (6,325)
------ ------
(373,771) (368,653)
-------- --------
766,834 796,820
======= =======
TAUBMAN CENTERS, INC.
Table 7 - Annual Outlook
-------------------------
(all dollar amounts per common share on a diluted basis;
amounts may not add due to rounding)
Range for Year
Ended
December 31, Range for
2009 Before Restructuring Year Ended
Restructuring December
Charge Charge (1) 31, 2009
------------- ---------- ---------
Funds from
Operations
per common
share 2.73 2.93 (0.03) 2.70 2.90
Real estate
depreciation -
TRG (1.84) (1.79) (1.84) (1.79)
Distributions
on
participating
securities of
TRG (0.02) (0.02) (0.02) (0.02)
Depreciation
of TCO's
additional
basis in TRG (0.13) (0.13) (0.13) (0.13)
----- ----- --- ----- -----
Net income
attributable
to common
shareowners,
per common
share 0.74 0.99 (0.03) 0.71 0.96
==== ==== ===== ==== ====
(1) In 2009, the Company recognized a restructuring charge of $2.6
million, which represents primarily the cost of terminations
of personnel.
SOURCE Taubman Centers, Inc.