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Taubman Centers Issues Strong First Quarter Results

- Net Operating Income (NOI) Excluding Lease Cancellation Income Up 9.3%

- Mall Tenant Sales Per Square Foot Up 13.3%

- Net Income, FFO, Average Rents Per Square Foot, and Occupancy Up

- Substantial Progress on Three U.S. Developments


News provided by

Taubman Centers, Inc.

Apr 26, 2012, 05:00 ET

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BLOOMFIELD HILLS, Mich., April 26, 2012 /PRNewswire/ -- Taubman Centers, Inc. (NYSE:  TCO) today reported financial results for the first quarter of 2012.

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


March 31, 2012
Three Months
Ended

March 31, 2011
Three Months
Ended

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

$0.30

$0.19

Funds from Operations (FFO) per diluted share

Growth rate

$0.75

19.0%

$0.63

 

FFO per diluted share (excluding The Pier Shops and Regency Square)  

Growth rate

$0.75

8.7%

$0.69

 

"The core growth from our centers is excellent," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "An unprecedented nine quarters of double-digit tenant sales increases has created a halo over all the fundamentals of our business. We're pleased to kick off the new year with such positive momentum."

Sales, Occupancy, Rents, and NOI Up 

Mall tenant sales per square foot at Taubman properties were up 13.3 percent from the first quarter of 2011. This brings the company's 12-month trailing mall tenant sales per square foot to $659.

Leased space in comparable centers for Taubman's portfolio was 92.0 percent on March 31, 2012, up 1.5 percent from 90.5 percent on March 31, 2011. Ending occupancy in comparable centers was 89.5 percent on March 31, 2012, up 1.6 percent from 87.9 percent on March 31, 2011. Average rent per square foot for the quarter was $46.14, up from $45.20 in the comparable period last year. 

For the quarter, NOI excluding lease cancellation income was up 9.3 percent. "The NOI growth we experienced this quarter is exceptional, one of the largest quarter over quarter increases we have ever seen," said Mr. Taubman. "However, we expect NOI growth to moderate through the year."

City Creek Center Opens with Fanfare and Thousands of Shoppers

City Creek Center (Salt Lake City, Utah), the centerpiece of a 23-acre mixed-use development in downtown Salt Lake City, opened on March 22, 2012. Anchored by Nordstrom and Macy's, it is the only regional shopping center to open in the United States this year. In fact, according to the International Council of Shopping Centers, it is the first new enclosed regional shopping center to open in the United States in the last six years. Thousands of visitors attended the grand opening, and traffic at the shopping center continues to be overwhelming, well exceeding initial estimates. "We are thrilled with the response from the Salt Lake City community to this unique and wonderful project," said Mr. Taubman. See Taubman's City Creek Center Opens to Thousands, Many From Around the World – March 22, 2012.

Development Progress

The company expects to begin construction this summer on Plaza Internacional in San Juan, Puerto Rico. The 640,000 square foot center will be anchored by the island's first Nordstrom and first Saks Fifth Avenue and will have 400,000 square feet of restaurants and mall tenant space. A late 2014 opening is planned. The project is expected to cost approximately $405 million and the anticipated unlevered return is 8 to 8.5 percent. During 2012, the landowner can elect to own up to 20 percent of the project. A casino/hotel, owned and developed by the landowner, is expected to open with, and connect to, the new center.

In Sarasota, Florida, the company announced this week that it plans to start construction on The Mall at University Town Center in the second half of 2012 with an opening in Fall 2014. The nearly 900,000 square foot center will be anchored by Saks Fifth Avenue, Macy's and Dillard's and will have 460,000 square feet of restaurants and mall tenant space. The company expects an 8 to 8.5 percent unlevered return on its 50 percent share of the approximately $315 million total project cost. See Taubman Announces Construction To Begin On The Mall At University Town Center In Sarasota, Fla. – April 24, 2012.

In addition, the company recently announced that it has broken ground on a new outlet development project – Taubman Prestige Outlets Chesterfield, located in the western St. Louis suburban city of Chesterfield, Missouri. The 450,000 square foot open-air shopping center will feature more than 100 stores and will open in Fall 2013. The company expects an 8 to 8.5 percent unlevered return on its 90 percent share of the approximately $150 million total project cost. "The interest from tenants has been overwhelming," added Mr. Taubman. "This is the premier outlet center site in the St. Louis market with unparalleled visibility and superior regional access."  See Taubman Breaks Ground on High-end Outlet Mall in Suburban St. Louis – April 5, 2012.

2012 Guidance Increased

The company is increasing its guidance on 2012 FFO per diluted share to $3.18 to $3.25, from $3.14 to $3.24. The company is also increasing its guidance on 2012 EPS to $1.20 to $1.32, from $1.14 to $1.29. This guidance now assumes comparable center NOI growth, excluding lease cancellation income, of about 4 percent for the year.   

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 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 10:00 AM Eastern Daylight Time on Friday, April 27 to discuss these results, business conditions and the company's outlook for the remainder of 2012. 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 approximately 90 days.

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 27 U.S. owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan, and its Taubman Asia subsidiary is headquartered in Hong Kong.  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, including, but not limited to the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry and integration and other acquisition risks. 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 March 31, 2012 and 2011




(in thousands of dollars, except as indicated)









Three Months Ended 


2012


2011





Income from continuing operations

32,177


30,569

Income (loss) from discontinued operations



(6,125)

Net income

32,177


24,444

Noncontrolling share of income of consolidated joint ventures

(1,834)


(3,385)

Noncontrolling share of income of TRG - continuing operations

(8,751)


(7,611)

Noncontrolling share of loss of TRG - discontinued operations



1,922

TRG series F preferred distributions 



(615)

Preferred stock dividends

(3,658)


(3,658)

Distributions to participating securities of TRG

(403)


(381)

Net income attributable to Taubman Centers, Inc. common shareowners

17,531


10,716

Net income per common share - basic 

0.30


0.19

Net income per common share - diluted

0.30


0.19

Beneficial interest in EBITDA - Consolidated Businesses (1)

85,984


74,463

Beneficial interest in EBITDA- Unconsolidated Joint Ventures (1)

25,106


23,709

Funds from Operations(1)

65,152


52,730

Funds from Operations attributable to TCO (1)

44,790


36,180

Funds from Operations per common share - basic(1)

0.77


0.65

Funds from Operations per common share - diluted (1)

0.75


0.63

Weighted average number of common shares outstanding - basic

58,247,148


55,560,988

Weighted average number of common shares outstanding - diluted

59,907,860


56,980,832

Common shares outstanding at end of period

58,727,927


55,875,471

Weighted average units - Operating Partnership - basic

84,726,888


80,976,967

Weighted average units - Operating Partnership - diluted

87,258,862


83,268,073

Units outstanding at end of period - Operating Partnership

85,206,435


81,034,357

Ownership percentage of the Operating Partnership at end of period

68.9%


69.0%

Number of owned shopping centers at end of period

24


23





Operating Statistics (2):




Net Operating Income excluding lease cancellation income - growth % (3)

9.3%



Mall tenant sales(3)(4)

1,265,057


1,114,951

Ending occupancy - all centers

89.5%


87.9%

Ending occupancy - comparable  (3)

89.5%


87.9%

Average occupancy - all centers 

89.7%


88.2%

Average occupancy - comparable (3)

89.6%


88.2%

Leased space - all centers

91.9%


90.5%

Leased space - comparable  (3)

92.0%


90.5%

Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (3)(4)

13.7%


14.8%

Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (3)(4)

12.0%


13.1%

Mall tenant occupancy costs as a percentage of tenant sales - Combined (3)(4)

13.1%


14.2%

Average rent per square foot - Consolidated Businesses (3)

46.97


45.28

Average rent per square foot - Unconsolidated Joint Ventures (3)

44.41


45.04

Average rent per square foot - Combined (3)

46.14


45.20





   

(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 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 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 operating 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. In the reconciliation in Table 3 of this Press Release, the Company has separately presented the prior year impacts of The Pier Shops and Regency Square, as the titles for these centers were transferred to the lenders and operations of these centers have been reclassified to discontinued operations.


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. 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 The Pier Shops and Regency Square.



(3)

Statistics exclude City Creek Center, The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village.



(4)

Based on reports of sales furnished by mall tenants.

TAUBMAN CENTERS, INC. 








Table 2 - Income Statement 








For the Three Months Ended March 31, 2012 and 2011 








(in thousands of dollars) 























2012


2011





CONSOLIDATED
BUSINESSES


 UNCONSOLIDATED JOINT
VENTURES (1) 


CONSOLIDATED
BUSINESSES


 UNCONSOLIDATED JOINT
VENTURES (1) 













REVENUES:










Minimum rents

93,744


38,627


82,881


38,791



Percentage rents

4,403


2,203


3,304


1,357



Expense recoveries

56,477


22,764


51,437


22,230



Management, leasing, and development services

8,648




5,860





Other

5,992


1,716


6,152


981



     Total revenues

169,264


65,310


149,634


63,359













EXPENSES:










Maintenance, taxes, utilities, and promotion

41,698


16,109


40,664


16,180



Other operating

16,310


3,622


17,079


3,764



Management, leasing, and development services

8,522




2,280





General and administrative

8,407




7,284





Interest expense

37,527


15,667


29,774


15,596



Depreciation and amortization 

36,434


8,576


32,025


9,375



     Total expenses

148,898


43,974


129,106


44,915













Nonoperating income

124


8


105


5





20,490


21,344


20,633


18,449


Income tax expense

(214)




(210)




Equity in income of Unconsolidated Joint Ventures

11,901




10,146















Income from continuing operations

32,177




30,569




Discontinued operations (2):










EBITDA





880





Interest expense





(5,241)





Depreciation and amortization





(1,764)




Income (loss) from discontinued operations





(6,125)















Net income 

32,177




24,444




Net income attributable to noncontrolling interests:










Noncontrolling share of income of consolidated joint ventures 

(1,834)




(3,385)





TRG series F preferred distributions





(615)





Noncontrolling share of income of TRG - continuing operations

(8,751)




(7,611)





Noncontrolling share of loss of TRG - discontinued operations





1,922




Distributions to participating securities of TRG

(403)




(381)




Preferred stock dividends

(3,658)




(3,658)




Net income attributable to Taubman Centers, Inc. common shareowners

17,531




10,716


























SUPPLEMENTAL INFORMATION:










EBITDA - 100% 

94,451


45,587


83,312


43,420



EBITDA - outside partners' share 

(8,467)


(20,481)


(8,849)


(19,711)



Beneficial interest in EBITDA

85,984


25,106


74,463


23,709



Beneficial interest expense

(33,321)


(8,094)


(32,116)


(8,077)



Beneficial income tax expense

(211)




(210)





Non-real estate depreciation

(654)




(766)





Preferred dividends and distributions 

(3,658)




(4,273)





Funds from Operations contribution

48,140


17,012


37,098


15,632














Net straight-line adjustments to rental revenue, recoveries,










  and ground rent expense at TRG % 

252


58


(195)


28














Purchase accounting adjustments - minimum rents

213




















Purchase accounting adjustments - interest expense reduction

(858)



















(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.

(2)

Includes the operations of Regency Square and The Pier Shops.

 

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, 2012 and 2011 

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


































2012






2011








Shares 


Per Share




Shares 


Per Share 




Dollars


/Units


/Unit


Dollars


/Units


/Unit















Net income attributable to TCO common shareowners - Basic


17,531


58,247,148


0.30


10,716


55,560,988


0.19














Add impact of share-based compensation


168


1,660,712




98


1,419,844
















Net income attributable to TCO common shareowners - Diluted


17,699


59,907,860


0.30


10,814


56,980,832


0.19














Add depreciation of TCO's additional basis


1,719




0.03


1,720




0.03














Net income attributable to TCO common shareowners,














excluding step-up depreciation


19,418


59,907,860


0.32


12,534


56,980,832


0.22














Add:














Noncontrolling share of income of TRG - continuing operations


8,751


26,479,740




7,611


25,415,979




Noncontrolling share of loss of TRG - discontinued operations








(1,922)






Distributions to participating securities


403


871,262




381


871,262

















Net income attributable to partnership unitholders 














and participating securities


28,572


87,258,862


0.33


18,604


83,268,073


0.22














Add (less) depreciation and amortization:














Consolidated businesses at 100% - continuing operations


36,434




0.42


32,025




0.38


Consolidated businesses at 100% - discontinued operations








1,764




0.02


Depreciation of TCO's additional basis


(1,719)




(0.02)


(1,720)




(0.02)


Noncontrolling partners in consolidated joint ventures 


(2,424)




(0.03)


(2,565)




(0.03)


Share of Unconsolidated Joint Ventures


5,111




0.06


5,486




0.07


Non-real estate depreciation


(654)




(0.01)


(766)




(0.01)














Less impact of share-based compensation


(168)




(0.00)


(98)




(0.00)














Funds from Operations


65,152


87,258,862


0.75


52,730


83,268,073


0.63














TCO's average ownership percentage of TRG


68.7%






68.6%


















Funds from Operations attributable to TCO


44,790




0.75


36,180




0.63





















































Funds from Operations








52,730


83,268,073


0.63














The Pier Shops' and Regency Square's negative FFO








4,360




0.05














Funds from Operations,














excluding The Pier Shops and Regency Square








57,090


83,268,073


0.69














TCO's average ownership percentage of TRG








68.6%


















Funds from Operations attributable to TCO,














excluding The Pier Shops and Regency Square








39,171




0.69















TAUBMAN CENTERS, INC.





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



For the Periods Ended March 31, 2012 and 2011





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













Three Months Ended





2012


2011








Net income


32,177


24,444








Add (less) depreciation and amortization:






Consolidated businesses at 100% - continuing operations


36,434


32,025


Consolidated businesses at 100% - discontinued operations




1,764


Noncontrolling partners in consolidated joint ventures


(2,424)


(2,565)


Share of Unconsolidated Joint Ventures


5,111


5,486








Add (less) interest expense and income tax expense:






Interest expense:







Consolidated businesses at 100% - continuing operations


37,527


29,774



Consolidated businesses at 100% - discontinued operations




5,241



Noncontrolling partners in consolidated joint ventures


(4,206)


(2,899)



Share of Unconsolidated Joint Ventures


8,094


8,077


Share of income tax expense


211


210








Less noncontrolling share of income of consolidated joint ventures


(1,834)


(3,385)








Beneficial Interest in EBITDA


111,090


98,172








TCO's average ownership percentage of TRG


68.7%


68.6%








Beneficial Interest in EBITDA attributable to TCO


76,371


67,359








  

TAUBMAN CENTERS, INC.





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





For the Periods Ended March 31, 2012 and 2011





(in thousands of dollars)






Three Months Ended



2012


2011







Net income

32,177


24,444







Add (less) depreciation and amortization:





       Consolidated businesses at 100% - continuing operations

36,434


32,025


       Consolidated businesses at 100% - discontinued operations



1,764


       Noncontrolling partners in consolidated joint ventures

(2,424)


(2,565)


       Share of Unconsolidated Joint Ventures

5,111


5,486







Add (less) interest expense and income tax expense:





       Interest expense:





            Consolidated businesses at 100% - continuing operations

37,527


29,774


            Consolidated businesses at 100% - discontinued operations



5,241


            Noncontrolling partners in consolidated joint ventures

(4,206)


(2,899)


            Share of Unconsolidated Joint Ventures

8,094


8,077


       Share of income tax expense

211


210







Less noncontrolling share of income of consolidated joint ventures

(1,834)


(3,385)







Add EBITDA attributable to outside partners:





       EBITDA attributable to noncontrolling partners in consolidated joint ventures

8,467


8,849


       EBITDA attributable to outside partners in Unconsolidated Joint Ventures

20,481


19,711







EBITDA at 100%

140,038


126,732







Add (less) items excluded from shopping center NOI:





       General and administrative expenses

8,407


7,284


       Management, leasing, and development services, net

(126)


(3,580)


       Interest income

(132)


(133)


       Straight-line of rents

(649)


(209)


       Non-center specific operating expenses and other

6,896


7,270







Net Operating Income - all centers at 100%

154,434


137,364







Less - Net Operating Income of non-comparable centers

(5,739)

(1)

(819)

(2)






NOI at 100% - comparable centers

148,695


136,545







NOI - growth % 

8.9%









NOI at 100% - comparable centers

148,695


136,545







Lease cancellation income

(989)


(1,384)







NOI at 100% - comparable centers excluding lease cancellation income

147,706


135,161







NOI excluding lease cancellation income - growth %

9.3%









(1) Includes City Creek Center, The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village.





(2) Includes The Pier Shops and Regency Square.





TAUBMAN CENTERS, INC.






Table 6 - Balance Sheets






As of March 31, 2012 and December 31, 2011






 (in thousands of dollars) 











As of






March 31, 2012


December 31, 2011

Consolidated Balance Sheet of Taubman Centers, Inc. :












Assets:







Properties



4,100,155


4,020,954


Accumulated depreciation and amortization



(1,299,655)


(1,271,943)





2,800,500


2,749,011


Investment in Unconsolidated Joint Ventures



74,776


75,582


Cash and cash equivalents



27,101


24,033


Restricted cash (1)



6,084


295,318


Accounts and notes receivable, net



54,441


59,990


Accounts receivable from related parties



1,829


1,418


Deferred charges and other assets



131,699


131,440





3,096,430


3,336,792








Liabilities:







Mortgage notes payable



2,945,761


2,864,135


Installment notes (1)





281,467


Accounts payable and accrued liabilities



232,608


255,146


Distributions in excess of investments in and net income of








Unconsolidated Joint Ventures



193,838


192,257






3,372,207


3,593,005








Redeemable noncontrolling interests



82,949


84,235








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



587


580



Additional paid-in capital



666,007


673,923



Accumulated other comprehensive income (loss)



(25,575)


(27,613)



Dividends in excess of net income



(872,687)


(863,040)






(231,642)


(216,124)


Noncontrolling interests:








Noncontrolling interests in consolidated joint ventures



(102,439)


(101,872)



Noncontrolling interests in partnership equity of TRG 



(24,645)


(22,452)






(127,084)


(124,324)






(358,726)


(340,448)






3,096,430


3,336,792

























Combined Balance Sheet of Unconsolidated Joint Ventures :













Assets:







Properties



1,108,090


1,107,314


Accumulated depreciation and amortization



(452,304)


(446,059)





655,786


661,255


Cash and cash equivalents



19,987


22,042


Accounts and notes receivable, net



19,161


24,628


Deferred charges and other assets  



20,715


21,289





715,649


729,214








Liabilities:







Mortgage notes payable



1,135,721


1,138,808


Accounts payable and other liabilities, net



48,498


55,737





1,184,219


1,194,545








Accumulated Deficiency in Assets:







Accumulated deficiency in assets - TRG



(237,795)


(235,525)


Accumulated deficiency in assets - Joint Venture Partners



(214,260)


(211,478)


Accumulated other comprehensive income (loss) - TRG



(8,292)


(9,233)


Accumulated other comprehensive income (loss) - Joint Venture Partners



(8,223)


(9,095)





(468,570)


(465,331)





715,649


729,214








(1)  Installment notes were paid in full in February 2012 with restricted cash drawn on the Company's line of credit as of December 31, 2011.

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, 2012









Funds from Operations per common share


3.18


3.25









Real estate depreciation - TRG


(1.85)


(1.80)









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)


1.20


1.32









SOURCE Taubman Centers, Inc.

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