2014

Taubman Centers Issues Strong First Quarter Results - Funds from Operations (FFO) Up 20%

- Net Operating Income (NOI) Excluding Lease Cancellation Income Up 5%

- Mall Tenant Sales Per Square Foot Up 5.6%

- Net Income, Average Rent Per Square Foot, Occupancy, and Leased Space Up

BLOOMFIELD HILLS, Mich., April 25, 2013 /PRNewswire/ -- Taubman Centers, Inc. (NYSE:   TCO) today reported financial results for the first quarter of 2013.


March 31, 2013

Three Months
Ended

March 31, 2012

Three Months
Ended

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

$0.43

$0.30

Funds from Operations (FFO) per diluted share

Growth rate

$0.90

20.0%

$0.75

(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )

"We're pleased to kick off 2013 with this strong performance," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "Our results were propelled by increased rents and recoveries. We also received significant contributions from our newest center, City Creek Center (Salt Lake City, Utah), and our recent acquisitions of additional interests in International Plaza (Tampa, Fla.) and Waterside Shops (Naples, Fla.)."

NOI, Sales Per Square Foot, Rents, Occupancy, and Leased Space Up 

For the quarter, NOI excluding lease cancellation income was up 5 percent. "Our core properties continue to post outstanding results through increased sales, rents, and occupancy," said Mr. Taubman.

Mall tenant sales per square foot were up 5.6 percent from the first quarter of 2012. This brings the company's 12-month trailing mall tenant sales per square foot to $698, an increase of 5.9 percent from the 12-months ended March 31, 2012.

Average rent per square foot for the quarter was $47.83, up 4.2 percent from $45.90 in the comparable period last year. Ending occupancy in all centers was 90.3 percent on March 31, 2013, up 0.8 percent from 89.5 percent on March 31, 2012. Leased space in all centers was 92.4 percent on March 31, 2013, up 0.5 percent from 91.9 percent on March 31, 2012. 

Development

The company continues to progress on its development pipeline in the U.S. and Asia.

  • Taubman Prestige Outlets Chesterfield (Chesterfield, Mo.) – opening August 2, 2013
  • The Mall at University Town Center (Sarasota, Fla.) – opening October 16, 2014
  • The Mall of San Juan (San Juan, Puerto Rico) – opening March 26, 2015
  • Saigao City Plaza – retail component (Xi'an, China) – opening 2015
  • Zhengzhou Vancouver Times Square (Zhengzhou, China) – opening 2015
  • Hanam Union Square (Hanam, Gyeonggi Province, South Korea) – opening 2016

Financing Activity

In March, the company announced a new primary unsecured revolving line of credit. The new line increases the company's borrowing capacity from $650 million to $1.1 billion and includes an accordion feature that would increase the borrowing capacity to as much as $1.5 billion, if fully exercised. See Taubman Centers Announces The Closing Of $1.1 Billion Line Of CreditMarch 1, 2013.

Also in March, the company issued $170 million, including the exercise of the underwriter's option, of perpetual 6.25% Series K Cumulative Preferred Stock (NYSE: TCO PR K) at a price of $25.00 per share. Proceeds were used to reduce outstanding borrowings under the company's revolving lines of credit. 

In January, the company completed the previously announced $225 million, 10-year, non-recourse financing on Great Lakes Crossing Outlets (Auburn Hills, Mich.). The loan bears interest at an all-in fixed rate of 3.63%. The company received approximately $100 million of excess proceeds after the repayment of the previously outstanding $126 million, 5.25% fixed rate loan, which were used to reduce outstanding borrowings under the company's revolving lines of credit.

Dividend Increased

In March, the company declared a regular quarterly dividend of $0.50 per share of common stock, an increase of 8.1 percent. Since the company went public in 1992 it has never reduced its common dividend and has increased its dividend 16 times, achieving a 4.2 percent compounded annual growth rate. See Taubman Centers Increases Quarterly Common Dividend 8.1 Percent To $0.50 Per ShareMarch 8, 2013.

2013 Guidance

The company is adjusting its guidance for 2013 FFO per diluted share to the range of $3.57 to $3.67 from the previous range of $3.57 to $3.70. The change includes the negative 6.5 cent impact of the company's March 2013 Series K Preferred Stock offering. This guidance assumes comparable center NOI growth, excluding lease cancellation income, of at least 3 percent for the year. 2013 EPS is expected to be in the range of $1.67 to $1.82.

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:

  • Income Statements
  • 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
  • Acquisitions
  • 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 AM Eastern Daylight Time on Friday, April 26 to discuss these results, business conditions and the company's outlook for the remainder of 2013. The conference call will be simulcast at www.taubman.com under "Investing" as well as www.earnings.com and www.streetevents.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 Taubman Prestige Outlets Chesterfield in Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea.  Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong.  Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry.  For more information about Taubman, visit 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, 2013 and 2012




(in thousands of dollars, except as indicated)









Three Months Ended 


2013


2012





Net income

46,356


32,177

Noncontrolling share of income of consolidated joint ventures

(2,781)


(1,834)

Noncontrolling share of income of TRG 

(11,789)


(8,751)

Preferred stock dividends 

(3,600)


(3,658)

Distributions to participating securities of TRG

(442)


(403)

Net income attributable to Taubman Centers, Inc. common shareowners

27,744


17,531

Net income per common share - basic 

0.44


0.30

Net income per common share - diluted

0.43


0.30

Beneficial interest in EBITDA - Combined (1)

128,483


111,090

Funds from Operations (1)

81,513


65,152

Funds from Operations attributable to TCO (1)

58,205


44,790

Funds from Operations per common share - basic (1)

0.92


0.77

Funds from Operations per common share - diluted (1)

0.90


0.75

Weighted average number of common shares outstanding - basic

63,415,922


58,247,148

Weighted average number of common shares outstanding - diluted

64,570,812


59,907,860

Common shares outstanding at end of period

63,677,971


58,727,927

Weighted average units - Operating Partnership - basic

88,760,871


84,726,888

Weighted average units - Operating Partnership - diluted

90,787,023


87,258,862

Units outstanding at end of period - Operating Partnership

89,013,319


85,206,435

Ownership percentage of the Operating Partnership at end of period

71.5%


68.9%

Number of owned shopping centers at end of period

24


24





Operating Statistics:




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

5.0%



Mall tenant sales - all centers (3)

1,454,788


1,354,100

Mall tenant sales - comparable (2)(3)

1,421,045


1,347,913

Ending occupancy - all centers

90.3%


89.5%

Ending occupancy - comparable (2)

90.2%


89.7%

Average occupancy - all centers 

90.4%


89.7%

Average occupancy - comparable (2)

90.4%


89.8%

Leased space - all centers

92.4%


91.9%

Leased space - comparable (2)

92.3%


92.2%

All centers:




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

13.7%


13.2%

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

12.0%


12.0%

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

13.2%


12.9%

Comparable centers:




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

13.7%


13.3%

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

12.0%


12.0%

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

13.1%


12.9%

Average rent per square foot - Consolidated Businesses (2)

48.13


46.56

Average rent per square foot - Unconsolidated Joint Ventures 

47.11


44.41

Average rent per square foot - Combined (2)

47.83


45.90





 

(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. 

 


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.  The 2012 statistics, other than sales per square foot growth, have been restated to include comparable centers to 2013.





(3)

Based on reports of sales furnished by mall tenants. 

 

 TAUBMAN CENTERS, INC. 





 Table 2 - Income Statement 





 For the Three Months Ended March 31, 2013 and 2012 





 (in thousands of dollars) 

















2013


2012




CONSOLIDATED BUSINESSES


 UNCONSOLIDATED JOINT VENTURES (1) 


CONSOLIDATED BUSINESSES


 UNCONSOLIDATED JOINT VENTURES (1) 











REVENUES:









Minimum rents

102,309


40,071


93,744


38,627


Percentage rents

5,628


2,197


4,403


2,203


Expense recoveries

64,037


23,584


56,477


22,764


Management, leasing, and development services

3,382




8,648




Other

7,901


1,699


5,992


1,716



Total revenues

183,257


67,551


169,264


65,310











EXPENSES:









Maintenance, taxes, utilities, and promotion

46,557


17,211


41,698


16,109


Other operating

16,163


4,103


16,310


3,622


Management, leasing, and development services

2,026




8,522




General and administrative

12,236




8,407




Interest expense 

34,452


16,934


37,527


15,667


Depreciation and amortization 

37,022


10,071


36,434


8,576



Total expenses

148,456


48,319


148,898


43,974











Nonoperating income

2,237


8


124


8




37,038


19,240


20,490


21,344

Income tax expense

(1,028)




(214)



Equity in income of Unconsolidated Joint Ventures

10,346




11,901













Net income 

46,356




32,177



Net income attributable to noncontrolling interests:









Noncontrolling share of income of consolidated joint ventures 

(2,781)




(1,834)




Noncontrolling share of income of TRG

(11,789)




(8,751)



Distributions to participating securities of TRG

(442)




(403)



Preferred stock dividends

(3,600)




(3,658)



Net income attributable to Taubman Centers, Inc. common shareowners

27,744




17,531























SUPPLEMENTAL INFORMATION:









EBITDA - 100% 

108,512


46,245


94,451


45,587


EBITDA - outside partners' share 

(6,060)


(20,214)


(8,467)


(20,481)


Beneficial interest in EBITDA

102,452


26,031


85,984


25,106


Beneficial interest expense 

(32,289)


(9,376)


(33,321)


(8,094)


Beneficial income tax expense - TRG and TCO

(1,028)




(211)




Beneficial income tax expense - TCO

33








Non-real estate depreciation

(710)




(654)




Preferred dividends and distributions 

(3,600)




(3,658)




Funds from Operations contribution

64,858


16,655


48,140


17,012












Net straight-line adjustments to rental revenue, recoveries,









  and ground rent expense at TRG % 

1,023


103


572


58












Green Hills purchase accounting adjustments - minimum rents increase

204




213














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










adjustments - interest expense reduction

858




858














Waterside Shops purchase accounting adjustments - interest expense reduction



263















(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. 
















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, 2013 and 2012 





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




































2013






2012








Shares 


Per Share




Shares 


Per Share 




Dollars


/Units


/Unit


Dollars


/Units


/Unit















Net income attributable to TCO common shareowners - Basic


27,744


63,415,922


0.44


17,531


58,247,148


0.30















Add impact of share-based compensation


152


1,154,890




168


1,660,712

















Net income attributable to TCO common shareowners - Diluted


27,896


64,570,812


0.43


17,699


59,907,860


0.30















Add depreciation of TCO's additional basis


1,720




0.03


1,719




0.03

Add TCO's additional income tax expense


33




0.00





















Net income attributable to TCO common shareowners,














excluding step-up depreciation and additional income tax expense

29,649


64,570,812


0.46


19,418


59,907,860


0.32















Add:














Noncontrolling share of income of TRG 


11,789


25,344,949




8,751


26,479,740




Distributions to participating securities of TRG


442


871,262




403


871,262

















Net income attributable to partnership unitholders 














and participating securities


41,880


90,787,023


0.46


28,572


87,258,862


0.33















Add (less) depreciation and amortization:














Consolidated businesses at 100%


37,022




0.41


36,434




0.42


Depreciation of TCO's additional basis


(1,720)




(0.02)


(1,719)




(0.02)


Noncontrolling partners in consolidated joint ventures


(1,116)




(0.01)


(2,424)




(0.03)


Share of Unconsolidated Joint Ventures


6,309




0.07


5,111




0.06


Non-real estate depreciation


(710)




(0.01)


(654)




(0.01)















Less impact of share-based compensation


(152)




(0.00)


(168)




(0.00)















Funds from Operations


81,513


90,787,023


0.90


65,152


87,258,862


0.75















TCO's average ownership percentage of TRG


71.4%






68.7%



















Funds from Operations attributable to TCO














excluding additional income tax expense


58,238




0.90


44,790




0.75















Less TCO's additional income tax expense


(33)




(0.00)





















Funds from Operations attributable to TCO


58,205




0.90


44,790




0.75















 

TAUBMAN CENTERS, INC.





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



For the Periods Ended March 31, 2013 and 2012





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












Three Months Ended





2013


2012








Net income


46,356


32,177








Add (less) depreciation and amortization:






Consolidated businesses at 100%


37,022


36,434


Noncontrolling partners in consolidated joint ventures


(1,116)


(2,424)


Share of Unconsolidated Joint Ventures


6,309


5,111








Add (less) interest expense and income tax expense:






Interest expense:







Consolidated businesses at 100% 


34,452


37,527



Noncontrolling partners in consolidated joint ventures


(2,163)


(4,206)



Share of Unconsolidated Joint Ventures


9,376


8,094


Share of income tax expense


1,028


211








Less noncontrolling share of income of consolidated joint ventures


(2,781)


(1,834)








Beneficial Interest in EBITDA


128,483


111,090








TCO's average ownership percentage of TRG


71.4%


68.7%








Beneficial Interest in EBITDA attributable to TCO


91,796


76,371








 

TAUBMAN CENTERS, INC.





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





For the Three Months Ended March 31, 2013 and 2012





(in thousands of dollars)
















Three Months Ended





2013


2012








Net income


46,356


32,177








Add (less) depreciation and amortization:






Consolidated businesses at 100%


37,022


36,434


Noncontrolling partners in consolidated joint ventures


(1,116)


(2,424)


Share of Unconsolidated Joint Ventures


6,309


5,111








Add (less) interest expense and income tax expense:






Interest expense:







Consolidated businesses at 100%


34,452


37,527



Noncontrolling partners in consolidated joint ventures


(2,163)


(4,206)



Share of Unconsolidated Joint Ventures


9,376


8,094


Share of income tax expense 


1,028


211








Less noncontrolling share of income of consolidated joint ventures


(2,781)


(1,834)








Add EBITDA attributable to outside partners:






EBITDA attributable to noncontrolling partners in consolidated joint ventures


6,060


8,467


EBITDA attributable to outside partners in Unconsolidated Joint Ventures


20,214


20,481








EBITDA at 100%


154,757


140,038








Add (less) items excluded from shopping center NOI:






General and administrative expenses


12,236


8,407


Management, leasing, and development services, net


(1,356)


(126)


Gain on sale of peripheral land


(863)




Interest income


(59)


(132)


Gain on sale of marketable securities


(1,323)




Straight-line of rents


(1,456)


(649)


Non-center specific operating expenses and other


3,851


6,896








NOI - all centers at 100%


165,787


154,434








Less - NOI of non-comparable center (1)


(3,126)


(349)








NOI at 100% - comparable centers


162,661


154,085








NOI - growth % 

5.6%

















NOI at 100% - comparable centers 


162,661


154,085








Lease cancellation income


(1,836)


(989)








NOI at 100% - comparable centers excluding lease cancellation income


160,825


153,096








NOI excluding lease cancellation income - growth %


5.0%
























(1)   Includes City Creek Center.

 

TAUBMAN CENTERS, INC.





Table 6 - Balance Sheets





As of March 31, 2013 and December 31, 2012





 (in thousands of dollars) 







As of



March 31, 2013


December 31, 2012

Consolidated Balance Sheet of Taubman Centers, Inc. :










Assets:





   Properties


4,282,213


4,246,000

   Accumulated depreciation and amortization


(1,422,799)


(1,395,876)



2,859,414


2,850,124

   Investment in Unconsolidated Joint Ventures


212,875


214,152

   Cash and cash equivalents


73,730


32,057

   Restricted cash 


5,185


6,138

   Accounts and notes receivable, net


62,130


69,033

   Accounts receivable from related parties


1,850


2,009

   Deferred charges and other assets


87,328


94,982



3,302,512


3,268,495






Liabilities:





   Notes payable


2,832,385


2,952,030

   Accounts payable and accrued liabilities


270,350


278,098

   Distributions in excess of investments in and net income of





      Unconsolidated Joint Ventures


384,223


383,293



3,486,958


3,613,421






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


637


633

      Additional paid-in capital


822,088


657,071

      Accumulated other comprehensive income (loss)


(23,572)


(22,064)

      Dividends in excess of net income


(895,446)


(891,283)



(96,268)


(255,618)

   Noncontrolling interests:





      Noncontrolling interests in consolidated joint ventures


(42,308)


(45,066)

      Noncontrolling interests in partnership equity of TRG 


(45,870)


(44,242)



(88,178)


(89,308)



(184,446)


(344,926)



3,302,512


3,268,495











Combined Balance Sheet of Unconsolidated Joint Ventures (1):









Assets:





   Properties


1,126,845


1,129,647

   Accumulated depreciation and amortization


(475,936)


(473,101)



650,909


656,546

   Cash and cash equivalents


20,597


30,070

   Accounts and notes receivable, net


24,702


26,032

   Deferred charges and other assets  


32,715


31,282



728,923


743,930






Liabilities:





   Mortgage notes payable


1,488,062


1,490,857

   Accounts payable and other liabilities, net


58,227


68,282



1,546,289


1,559,139






Accumulated Deficiency in Assets:





   Accumulated deficiency in assets - TRG


(460,851)


(459,390)

   Accumulated deficiency in assets - Joint Venture Partners


(335,752)


(333,752)

   Accumulated other comprehensive income (loss) - TRG


(10,369)


(11,021)

   Accumulated other comprehensive income (loss) - Joint Venture Partners


(10,394)


(11,046)



(817,366)


(815,209)



728,923


743,930



(1)

Unconsolidated Joint Venture amounts exclude the balances of entities that own interests in 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, 2013






Funds from Operations per common share


3.57


3.67






Real estate depreciation - TRG


(1.78)


(1.73)






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)


1.67


1.82






SOURCE Taubman Centers, Inc.



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