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BLOOMFIELD HILLS, Mich., Oct. 26 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE: TCO) today announced its financial results for the third quarter of 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080428/CLM116LOGO )
Net income (loss) allocable to common shareholders per diluted share (EPS) was $(1.77) for the quarter ended September 30, 2009, versus $0.17 for the quarter ended September 30, 2008. The 2009 results include the $2.00 per share impact of the previously announced impairment charges relating to The Pier Shops at Caesars (Atlantic City, N.J.) and Regency Square (Richmond, Va.). EPS for the nine months ended September 30, 2009 was $(1.39), versus $0.26 for the first nine months of 2008.
Adjusted Funds from Operations per diluted share (which excludes the 2009 impairment charges) was $0.74 for the quarters ended September 30, 2009 and 2008 respectively. Funds from Operations (FFO) was $(1.26) per diluted share for the quarter ended September 30, 2009.
Adjusted FFO (which excludes the 2009 impairment charges and the restructuring charge taken in the first half of the year) for the nine months ended September 30, 2009 was $2.13, an increase of 2.4 percent from $2.08 for the nine months ended September 30, 2008. There were no adjustments during the first three quarters of 2008. FFO per share was $0.11 for the nine months ended September 30, 2009.
"We're continuing to experience a tough retail environment," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "As retailers rationalize locations, we have been very successful collecting lease cancellation income. This more than offset the declines in rents and recoveries during the quarter."
Operating Statistics in Line with Prior Guidance
Ending occupancy for Taubman's portfolio was 88.5 percent on September 30, 2009 versus 90.5 percent on September 30, 2008. Leased space was 91.0 percent on September 30, 2009 versus 92.4 percent on September 30, 2008.
Average rent per square foot in the company's 16 consolidated properties for the third quarter of 2009 was $42.36 versus $44.04 for the third quarter of 2008. For the nine months ended September 30, 2009, average rent per square foot in the consolidated properties was $43.47 versus $44.04 in the nine months ended September 30, 2008.
Mall tenant sales per square foot declined 8.0 percent from the third quarter of 2008. For the twelve months ended September 30, 2009, mall tenant sales per square foot was down 11.8 percent to $497 per square foot.
"The sales performance trend is the best we've reported since the third quarter of 2008," said Mr. Taubman. "In fact, the month of September, while down 2.9 percent, was significantly better than we have been reporting all year. We are hopeful that the improved sales trends mark the bottom of this cycle. As sales improve, our retailers will become more profitable. Eventually, this will be reflected in stronger leasing and operating results."
Guidance
The company previously announced adjusted FFO guidance in the range of $2.73 to $2.93 per diluted share, excluding the restructuring charge incurred in the first half of the year. Excluding the impact of the impairment and restructuring charges, the company is narrowing the range for adjusted FFO per share guidance to $2.88 to $2.93, the top of the previously announced range. FFO per diluted share is expected to be $0.87 to $0.92. The company is also narrowing its guidance for 2009 EPS to $(1.13) to $(1.03).
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 (Loss) 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 1:00 PM. (EDT) on October 27 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 approximately 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. 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" or "Taubman" 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 continuing impacts of the U.S. recession and global credit environment, 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 September 30, 2009 and 2008
-------------------------------------------------
(in thousands of dollars, except as indicated)
Three Months Ended Year to Date
------------------ ------------
2009 2008 (2) 2009 2008 (2)
---- -------- ---- --------
Net income (loss) (1),(2) (138,788) 27,836 (93,396) 72,766
Noncontrolling share of
(income) loss of
consolidated joint
ventures (2) 3,456 (1,416) (270) (3,722)
Distributions in excess of
noncontrolling share of
income of consolidated
joint ventures (2) (1,578) (7,973)
Noncontrolling share of
(income) loss of TRG (2) 45,894 (7,445) 34,018 (17,866)
Distributions in excess
of noncontrolling share
of income of TRG (2) (3,565) (15,183)
TRG series F preferred
distributions (615) (615) (1,845) (1,845)
Preferred stock dividends (3,658) (3,658) (10,975) (10,975)
Distributions to
participating
securities of TRG (362) (362) (1,198) (1,085)
Net income (loss)
attributable to Taubman
Centers, Inc. common
shareowners (2) (94,073) 9,197 (73,666) 14,117
Net income (loss) per
common share - basic (2) (1.77) 0.17 (1.39) 0.27
Net income (loss) per
common share - diluted (2) (1.77) 0.17 (1.39) 0.26
Beneficial interest in
EBITDA -Consolidated
Businesses (1), (3) (79,985) 78,973 72,791 231,550
Beneficial interest in
EBITDA -Unconsolidated
Joint Ventures (3) 24,413 25,636 70,897 71,394
Funds from
Operations (1), (3) (100,323) 59,712 8,637 167,681
Funds from Operations
attributable to
TCO (1), (3) (67,019) 39,764 5,707 111,588
Funds from Operations
per common share -
basic (1), (3) (1.26) 0.75 0.11 2.11
Funds from Operations
per common share -
diluted (1), (3) (1.26) 0.74 0.11 2.08
Adjusted Funds from
Operations (1), (3) 60,479 59,712 172,069 167,681
Adjusted Funds from
Operations attributable
to TCO (1), (3) 40,402 39,764 114,884 111,588
Adjusted Funds from
Operations per common
share - basic (1), (3) 0.76 0.75 2.16 2.11
Adjusted Funds from
Operations per common
share - diluted (1), (3) 0.74 0.74 2.13 2.08
Weighted average number
of common shares
outstanding -basic 53,147,866 52,908,924 53,112,145 52,815,246
Weighted average number
of common shares
outstanding -diluted 53,147,866 53,412,236 53,112,145 53,370,218
Common shares outstanding
at end of period 53,171,237 52,948,733
Weighted average units -
Operating Partnership -
basic 79,558,921 79,450,825 79,541,688 79,365,719
Weighted average units -
Operating Partnership -
diluted 81,254,902 80,825,398 80,936,239 80,791,952
Units outstanding at
end of period -
Operating Partnership 79,558,922 79,481,177
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) 1,020,834 1,112,502 2,957,114 3,312,137
Ending occupancy 88.5% 90.5% 88.5% 90.5%
Average occupancy 88.4% 90.4% 88.6% 90.1%
Leased space at end of
period 91.0% 92.4% 91.0% 92.4%
Mall tenant occupancy
costs as a percentage
of tenant sales -
Consolidated
Businesses (4) 15.8% 15.6% 16.9% 15.6%
Mall tenant occupancy
costs as a percentage of
tenant sales -
Unconsolidated Joint
Ventures (4) 15.6% 14.7% 15.8% 14.1%
Rent per square foot -
Consolidated Businesses 42.36 44.04 43.47 44.04
Rent per square foot -
Unconsolidated Joint
Ventures 44.56 44.52 44.59 44.72
(1) The three and nine month periods ended September 30, 2009 include
impairment charges related to the write down of the book values of The
Pier Shops and Regency Square to their fair values. The nine month period
ended September 30, 2009 also includes a restructuring charge, which
primarily represents the costs of termination of personnel. No similar
charges were incurred in the three and nine month periods ended September 30, 2008.
(2) On January 1, 2009, the Company adopted Accounting Standards
Codification (ASC) Topic 810, "Consolidation" as it relates to
noncontrolling interests. 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 attributed 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 loss attributable to Taubman Centers, Inc. common
shareowners for the three and nine months ended September 30, 2009 would
have been $(153.0) million and $(146.9) million, respectively or $(2.88)
and $(2.77) per common share, respectively if accounted for under the
previous method of accounting for noncontrolling interests prior to the
new accounting requirements. Certain 2008 amounts have been reclassified
to conform with 2009 classifications.
(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 September 30, 2009 and 2008
--------------------------------------------------------
(in thousands of dollars)
2009 2008
--------------------------- ---------------------------
UNCONSOLIDATED UNCONSOLIDATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES (1) BUSINESSES VENTURES (1)
------------ -------------- ------------ --------------
REVENUES:
Minimum rents 83,403 39,074 87,401 39,187
Percentage rents 2,621 974 3,262 1,681
Expense recoveries 56,720 24,415 60,838 25,011
Management, leasing,
and development
services 3,444 3,316
Other 17,012 2,823 8,896 1,175
------ ----- ----- -----
Total revenues 163,200 67,286 163,713 67,054
EXPENSES:
Maintenance, taxes,
and utilities 46,286 16,802 48,741 17,201
Other operating 16,506 5,515 18,482 3,892
Management, leasing,
and development
services 2,140 1,843
General and
administrative 7,155 6,790
Impairment charges
(2) 166,680
Interest expense 36,407 16,219 36,039 16,471
Depreciation and
amortization 37,726 9,491 35,464 9,923
------ ----- ------ -----
Total expenses 312,900 48,027 147,359 47,487
Gains on land sales
and other
nonoperating income 247 31 411 115
--- --- --- ---
(149,453) 19,290 16,765 19,682
====== ======
Income tax (expense)
benefit 211 (218)
Equity in income of
Unconsolidated Joint
Ventures 10,454 11,289
------ ------
Net income (loss) (138,788) 27,836
Net (income) loss
attributable to
noncontrolling
interests:
Noncontrolling
share of (income)
loss of
consolidated joint
ventures 3,456 (1,416)
Distributions in
excess of
noncontrolling
share of income
of consolidated
joint ventures (1,578)
TRG series F
preferred
distributions (615) (615)
Noncontrolling share
of (income) loss
of TRG 45,894 (7,445)
Distributions in
excess of
noncontrolling
share of income
of TRG (3,565)
Distributions to
participating
securities of TRG (362) (362)
Preferred stock
dividends (3,658) (3,658)
------ ------
Net income (loss)
attributable to
Taubman Centers,
Inc. common
shareowners (94,073) 9,197
======= =====
SUPPLEMENTAL
INFORMATION:
EBITDA - 100% (2) (75,320) 45,000 88,268 46,076
EBITDA - outside
partners' share (4,665) (20,587) (9,295) (20,440)
------ ------- ------ -------
Beneficial
interest in
EBITDA (2) (79,985) 24,413 78,973 25,636
Beneficial
interest
expense (31,420) (8,416) (31,088) (8,570)
Beneficial
income tax
(expense) benefit 211 (218)
Non-real estate
depreciation (853) (748)
Preferred dividends
and distributions (4,273) (4,273)
------ ------ ------ ------
Fund from
Operations
contribution (2) (116,320) 15,997 42,646 17,066
======== ====== ====== ======
Net straightline
adjustments to
rental revenue,
recoveries, and
ground rent
expense at TRG % 334 158 251 162
=== === === ===
(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.
(2) In the third quarter of 2009, the Company wrote down the book values
of The Pier Shops and Regency Square to their fair values. The impairment
charges were $160.8 million at TRG's share.
TAUBMAN CENTERS, INC.
Table 3 - Income Statement
For the Nine Months Ended September 30, 2009 and 2008
-------------------------------------------------------
(in thousands of dollars)
2009 2008
--------------------------- ---------------------------
UNCONSOLIDATED UNCONSOLIDATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES (1) BUSINESSES VENTURES (1)
------------ -------------- ------------ --------------
REVENUES:
Minimum rents 254,855 116,594 261,554 116,395
Percentage rents 5,342 2,177 7,162 3,600
Expense recoveries 172,003 72,060 178,686 69,089
Management,
leasing, and
development
services 10,189 10,901
Other 37,440 6,199 23,239 5,541
------ ----- ------ -----
Total revenues 479,829 197,030 481,542 194,625
EXPENSES:
Maintenance,
taxes, and
utilities 137,773 49,135 138,766 48,629
Other operating 47,823 17,868 56,478 16,026
Restructuring
charge (2) 2,630
Management,
leasing, and
development
services 5,976 6,521
General and
administrative 20,890 23,066
Impairment
charges (3) 166,680
Interest expense 109,113 48,289 108,993 48,624
Depreciation and
amortization 110,077 28,839 106,978 29,385
------- ------ ------- ------
Total expenses 600,962 144,131 440,802 142,664
Gains on land sales
and other
nonoperating income 680 88 3,670 594
Impairment loss
on marketable
securities (1,666)
------ ------ ------ ------
(122,119) 52,987 44,410 52,555
====== ======
Income tax expense (257) (658)
Equity in income of
Unconsolidated Joint
Ventures 28,980 29,014
------ ------
Net income (loss) (93,396) 72,766
Net (income) loss
attributable to
noncontrolling
interests:
Noncontrolling
share of income of
consolidated joint
ventures (270) (3,722)
Distributions in
excess of
noncontrolling
share of income of
consolidated joint
ventures (7,973)
TRG series F
preferred
distributions (1,845) (1,845)
Noncontrolling
share of (income)
loss of TRG 34,018 (17,866)
Distributions in
excess of
noncontrolling
share of income
of TRG (15,183)
Distributions to
participating
securities of TRG (1,198) (1,085)
Preferred stock
dividends (10,975) (10,975)
------- -------
Net income (loss)
attributable to
Taubman Centers, Inc.
common shareowners (73,666) 14,117
======= ======
SUPPLEMENTAL
INFORMATION:
EBITDA - 100%
(2) (3) 97,071 130,115 260,381 130,564
EBITDA - outside
partners' share (24,280) (59,218) (28,831) (59,170)
------- ------- ------- -------
Beneficial interest
in EBITDA (2) (3) 72,791 70,897 231,550 71,394
Beneficial interest
expense (94,318) (25,069) (94,307) (25,289)
Beneficial income
tax expense (257) (658)
Non-real estate
depreciation (2,587) (2,189)
Preferred dividends
and distributions (12,820) (12,820)
------- ------ ------- ------
Funds from
Operations
contribution
(2) (3) (37,191) 45,828 121,576 46,105
======= ====== ======= ======
Net straightline
adjustments to
rental revenue,
recoveries, and
ground rent
expense at TRG % 493 316 1,319 275
=== === ===== ===
(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) In 2009, the Company recognized a restructuring charge, which
primarily represents the costs of termination of personnel.
(3) In the third quarter of 2009, the Company wrote down the book values
of The Pier Shops and Regency Square to their fair values. The impairment
charges were $160.8 million at TRG's share.
TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net Income (Loss) Attributable to Taubman
Centers, Inc. Common Shareowners to Funds from Operations and Adjusted
Funds from Operations
For the Periods Ended September 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 2009 2008
---- ---- ---- ----
Net income (loss) attributable
to TCO common shareowners (94,073) 9,197 (73,666) 14,117
Add (less) depreciation and
amortization:
Consolidated businesses at 100% 37,726 35,464 110,077 106,978
Noncontrolling partners in
consolidated joint ventures (3,134) (2,928) (9,215) (10,423)
Share of Unconsolidated Joint
Ventures 5,543 5,777 16,848 17,091
Non-real estate depreciation (853) (748) (2,587) (2,189)
Add noncontrolling interests:
Noncontrolling share of income
(loss) of TRG (45,894) 7,445 (34,018) 17,866
Distributions in excess of
noncontrolling share of income
of TRG 3,565 15,183
Distributions in excess of
noncontrolling share of income
of consolidated joint ventures 1,578 7,973
Add distributions to
participating securities of TRG 362 362 1,198 1,085
--- --- ----- -----
Funds from Operations (1) (100,323) 59,712 8,637 167,681
TCO's average ownership
percentage of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Funds from Operations
attributable to TCO (1) (67,019) 39,764 5,707 111,588
======= ====== ===== =======
Funds from Operations (100,323) 59,712 8,637 167,681
TRG's share of impairment
charges (1) 160,802 160,802
Restructuring charge (1) 2,630
------- ------ ------- -------
Adjusted Funds from Operations (1) 60,479 59,712 172,069 167,681
TCO's average ownership
percentage of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Adjusted Funds from Operations
attributable to TCO (1) 40,402 39,764 114,884 111,588
====== ====== ======= =======
(1) FFO for the three and nine month periods ended September 30, 2009
includes, and Adjusted FFO excludes, impairment charges related to the
write down of The Pier Shops and Regency Square to their fair values. Also, FFO for the nine month period ended September 30, 2009 includes, and
Adjusted FFO excludes, a restructuring charge, which primarily represents
the costs of termination of personnel. The Company discloses this Adjusted
FFO due to the significance and infrequent nature of these 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 (Loss) to Beneficial Interest in
EBITDA
For the Periods Ended September 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 2009 2008
---- ---- ---- ----
Net income (loss) (138,788) 27,836 (93,396) 72,766
Add (less) depreciation and
amortization:
Consolidated businesses at 100% 37,726 35,464 110,077 106,978
Noncontrolling partners in
consolidated joint ventures (3,134) (2,928) (9,215) (10,423)
Share of Unconsolidated
Joint Ventures 5,543 5,777 16,848 17,091
Add (less) interest expense
and income tax expense:
Interest expense:
Consolidated businesses at 100% 36,407 36,039 109,113 108,993
Noncontrolling partners in
consolidated joint ventures (4,987) (4,951) (14,795) (14,686)
Share of Unconsolidated
Joint Ventures 8,416 8,570 25,069 25,289
Income tax expense (benefit) (211) 218 257 658
Less noncontrolling share of
(income) loss of consolidated
joint ventures 3,456 (1,416) (270) (3,722)
----- ------ ---- ------
Beneficial Interest in EBITDA (55,572) 104,609 143,688 302,944
TCO's average ownership
percentage of TRG 66.8% 66.6% 66.8% 66.5%
---- ---- ---- ----
Beneficial Interest in
EBITDA attributable to TCO (37,124) 69,670 95,880 201,607
======= ====== ====== =======
TAUBMAN CENTERS, INC.
Table 6 - Balance Sheets
As of September 30, 2009 and December 31, 2008
----------------------------------------------
(in thousands of dollars)
As of
--------
September 30, 2009 December 31, 2008
------------------ -----------------
Consolidated Balance
Sheet of Taubman
Centers, Inc.:
Assets:
Properties 3,553,470 3,699,480
Accumulated
depreciation and
amortization (1,138,941) (1,049,626)
---------- ----------
2,414,529 2,649,854
Investment in
Unconsolidated
Joint Ventures 87,791 89,933
Cash and cash
equivalents 18,886 62,126
Accounts and notes
receivable, net 28,188 46,732
Accounts receivable
from related parties 1,940 1,850
Deferred charges
and other assets 55,867 124,487
------ -------
2,607,201 2,974,982
========= =========
Liabilities:
Notes payable 2,686,239 2,796,821
Accounts payable
and accrued
liabilities 230,247 262,226
Dividends payable 22,002
Distributions in excess of
investments in and net
income of Unconsolidated
Joint Ventures 157,282 154,141
------- -------
3,073,768 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 532 530
Additional paid-in
capital 562,789 556,145
Accumulated other
comprehensive
income (loss) (25,829) (29,778)
Dividends in excess
of net income (866,194) (726,097)
-------- --------
(328,676) (199,174)
Noncontrolling interests:
Noncontrolling
interests in
consolidated joint
ventures (98,728) (90,251)
Noncontrolling interests
in TRG (68,380)
Preferred Equity of TRG 29,217 29,217
------ ------
(137,891) (61,034)
-------- -------
(466,567) (260,208)
-------- --------
2,607,201 2,974,982
========= =========
Combined Balance Sheet of
Unconsolidated Joint Ventures:
Assets:
Properties 1,091,847 1,087,341
Accumulated
depreciation and
amortization (388,561) (366,168)
-------- --------
703,286 721,173
Cash and cash
equivalents 19,319 28,946
Accounts and notes
receivable 20,334 26,603
Deferred charges
and other assets 18,426 20,098
------ ------
761,365 796,820
======= =======
Liabilities:
Notes payable 1,095,655 1,103,903
Accounts payable
and other
liabilities, net 43,773 61,570
------ ------
1,139,428 1,165,473
Accumulated Deficiency in
Assets:
Accumulated
deficiency in
assets - TRG (199,167) (194,178)
Accumulated
deficiency in
assets - Joint
Venture Partners (167,539) (160,862)
Accumulated other
comprehensive
income (loss) - TRG (6,057) (7,288)
Accumulated other
comprehensive
income (loss) -
Joint Venture Partners (5,300) (6,325)
------ ------
(378,063) (368,653)
-------- --------
761,365 796,820
======= =======
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,
2009 Before Range for
Impairment and Year Ended
Restructuring Impairment Restructuring December
Charges Charges (1) Charge (2) 31, 2009
--------------- ---------- ------------- -----------
Funds from
Operations per
common share (3) 2.88 2.93 (1.98) (0.03) 0.87 0.92
Real estate
depreciation - TRG (1.83) (1.78) (1.83) (1.78)
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 (loss)
attributable to
common
shareowners,
per common share (3) 0.91 1.01 (2.02) (0.03) (1.13) (1.03)
==== ==== ===== ===== ===== =====
(1) In the third quarter of 2009, the Company recognized impairment
charges totaling $166.7 million on The Pier Shops and Regency Square to
reduce their book values to their fair values. TRG's share of these
impairment charges was $160.8 million.
(2) In 2009, the Company recognized a restructuring charge of $2.6
million, which represents primarily the cost of terminations of personnel.
(3) Per share amounts for Funds from Operations are calculated using
estimated average diluted shares, which include the impact of common stock
equivalents. Per share amounts for net loss attributable to common
shareholders are calculated using estimated average outstanding shares,
which exclude the impact of common stock equivalents because the impact is
anti-dilutive to net loss per share.
SOURCE Taubman Centers, Inc.
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