BLOOMFIELD HILLS, Mich., July 24 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. today announced strong financial results for the second quarter 2007 and increased guidance for the year.
Net income (loss) allocable to common shareholders per diluted share (EPS) was $0.16 for the quarter ended June 30, 2007 versus $(0.05) for the quarter ended June 30, 2006. EPS for the six months ended June 30, 2007 was $0.36 per diluted common share, versus $0.05 per diluted common share for the first six months of 2006.
Taubman Centers' Funds from Operations (FFO) per diluted share was $0.68 for the quarter ended June 30, 2007, an increase of 23.6 percent from $0.55 per diluted share for the same period last year. FFO per diluted share was up 11.5 percent from Adjusted FFO per share of $0.61 for the quarter ended June 30, 2006, which excludes financing-related charges incurred in the 2006 quarter. There have been no financing-related charges to date in 2007.
For the six months ended June 30, 2007, FFO per diluted share was $1.33, up 15.7 percent from $1.15 for the first six months of 2006. FFO per diluted share was up 8.1 percent from Adjusted FFO per share of $1.23 for the six months ended June 30, 2006.
"This strong performance reflected growth in rents and recoveries at our centers and an increase in lease cancellation revenue," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "The fundamentals of our business continue to be robust."
Occupancy, Rents and Sales Up
Leasing activity continues to be strong. Comparable center ending occupancy at June 30, 2007 was 90.0 percent, up 1.2 percent from June 30, 2006. Leased space was 92.4 percent at June 30, 2007, up 0.6 percent from June 30, 2006. Average rents in the consolidated properties were $43.64, up 1.8 percent from $42.88 for the second quarter of 2006. Tenant sales per square foot was up 3.6 percent for the quarter and 6.1 percent year to date.
"Continued occupancy gains along with rental rate increases led to strong Net Operating Income (NOI) growth for the quarter," said Mr. Taubman. "While increases in sales per square foot moderated from the first quarter, retailer sentiment remains very positive. Leasing activity remains high and retail bankruptcies continue at historic lows."
Focused on Growth
"Looking ahead, we are eagerly anticipating fall 2007 openings of three great projects: The Mall at Partridge Creek, our new open air center, in Clinton Township, Mich. and significant expansions of Twelve Oaks Mall in Novi, Mich. and Stamford Town Center in Stamford, Conn.," said Mr. Taubman.
"All three are on budget and expected to reach or exceed target stabilized returns."
An additional 24 stores were recently announced at The Mall at Partridge Creek, bringing the total to 70 of which two-thirds are unique to Macomb County. The center, which will be anchored by Nordstrom, Parisian and MJR Cinema 14, will debut on October 18, 2007 and is now 93 percent leased and committed. Offering a wide range of dining options and fashion tenants, the strong merchandising lineup addresses voids in this growing, underserved market.
Opening September 28, Twelve Oaks' new Nordstrom wing further enhances the center as one of the top shopping destinations in the state of Michigan. Twenty-two new stores have been announced including Martin + Osa, Arden B, Lucky Brand Jeans, Coldwater Creek, For Love 21, and lucy. "The new wing, an expanded and renovating Macy's, and retailers such as A/X Armani Exchange and Puma joining the existing shopping center, promise to keep Twelve Oaks Mall, now in its 30th year, as fresh for its customers as when it first opened," added Mr. Taubman.
Stamford Town Center's new open-air plaza, debuting November 1, will transform the south side of the mall. It features seven new sit down restaurants, an H&M and the largest Barnes & Noble in Connecticut. The restaurant line-up includes Mitchell's Fish Market, P.F. Chang's China Bistro, California Pizza Kitchen, Famous Dave's Bar-B-Que, Cosi, The Capital Grille and Kona Grill. Also opening for the holiday season will be a renovation of the 7th level, adding a 450-seat food court with nine kitchens and a Warner Bros. Looney Tunes themed play area.
$50 Million of Share Repurchases Completed; Additional $100 Million
Authorized
During the second quarter, the company repurchased 923,000 shares of its common stock at an average price of $54.15 per share, completing its $50 million share repurchase authorization. In addition, the Board of Directors today authorized an additional $100 million share repurchase program. "These repurchases and our new authorization demonstrate the Board's continuing confidence in the underlying value of our assets, the prospects for growth, and the strength of our balance sheet," said Lisa A. Payne, vice chairman and chief financial officer. "We believe over the long-term share repurchases will prove to be a very attractive investment for the company."
Increased Guidance
Due to its strong results, the company is increasing its guidance for 2007 FFO per share to the range of $2.80 to $2.85. Net income allocable to common shareholders for the year is expected to be in the range of $0.72 to $0.90 per share.
Supplemental Investor Information Available
The company provides supplemental investor information along with its earnings announcements, available online at http://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 Gains on Land
Sales and Interest Income
-- Recoveries Ratio Analysis
-- Balance Sheets
-- Debt Summary
-- Other Debt, Equity and Certain Balance Sheet Information
-- Construction
-- Capital Spending
-- Acquisitions
-- Operational Statistics
-- Owned Centers
-- Major Tenants in Owned Portfolio
-- Anchors in Owned Portfolio
Investor Conference Call
The company will host a conference call on July 25 at 11:00 a.m. (EDT) to discuss these results and will simulcast the conference call at http://www.taubman.com/ under "Investor Relations" as well as http://www.earnings.com/ and http://www.streetevents.com/. The online replay will follow shortly after the call and continue for approximately 90 days. In addition, the conference call will be available as a podcast at http://www.reitcafe.com/.
Taubman Centers, Inc., a real estate investment trust, owns, develops, acquires and operates regional shopping centers nationally. Taubman Centers currently owns and/or manages 23 urban and suburban regional and super regional shopping centers in 11 states with an industry-leading sales productivity averaging well over $500 per square foot. In addition, The Mall at Partridge Creek is under construction and will open October 18, 2007. Taubman Centers is headquartered in Bloomfield Hills, Mich.
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 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 Three and Six Months Ended June 30, 2007 and 2006
(in thousands of dollars, except as indicated)
Three Months Ended Six Months Ended
2007 2006 2007 2006
Income before minority and
preferred interests (1) 26,002 20,972 52,552 42,380
Minority share of
consolidated joint
ventures (2) (621) (733) (2,534) (2,439)
Distributions less than
minority share of income
of consolidated joint
ventures (1,649) (2,938) (1,041) (1,693)
Minority share of income
of TRG (2) (7,187) (2,780) (14,928) (8,497)
Distributions in excess of
minority
share of income of TRG (3,437) (6,115) (6,270) (9,296)
TRG preferred
distributions (615) (615) (1,230) (1,230)
Net income 12,493 7,791 26,549 19,225
Preferred dividends (3) (3,659) (10,403) (7,317) (16,406)
Net income (loss)
allocable to common
shareowners 8,834 (2,612) 19,232 2,819
Net income per common
share - basic 0.17 (0.05) 0.36 0.05
Net income per common
share - diluted 0.16 (0.05) 0.36 0.05
Beneficial interest in
EBITDA - consolidated
businesses (4) 74,247 71,926 146,010 144,629
Beneficial interest in
EBITDA - unconsolidated
joint ventures (4) 23,536 21,389 45,420 43,757
Funds from Operations (4) 55,954 45,410 109,873 94,530
Funds from Operations
allocable to TCO (4) 36,968 29,563 72,495 61,145
Funds from Operations per
common share - basic (4) 0.69 0.62 1.36 1.25
Funds from Operations per
common share - diluted
(4) 0.68 0.61 1.33 1.23
Weighted average number of
common shares
outstanding-basic 53,412,542 52,782,144 53,418,055 52,456,890
Weighted average number of
common shares outstanding
-diluted 54,056,260 52,782,144 54,066,230 52,701,933
Common shares outstanding
at end of period 52,849,206 52,786,236 52,849,206 52,786,236
Weighted average units -
Operating Partnership -
basic 80,843,466 81,076,833 80,960,865 81,076,598
Weighted average units -
Operating Partnership -
diluted 82,358,446 82,215,216 82,480,301 82,192,903
Units outstanding at end
of period - Operating
Partnership 80,156,503 81,078,342 80,156,503 81,078,342
Ownership percentage of
the Operating Partnership
at end of period 65.9% 65.1% 65.9% 65.1%
Number of owned shopping
centers at end of period 22 22 22 22
Operating Statistics:
Mall tenant sales (5) 1,066,258 989,275 2,110,816 1,916,414
Ending occupancy 89.9% 89.0% 89.9% 89.0%
Ending occupancy -
comparable (6) 90.0% 88.8% 90.0% 88.8%
Average occupancy 89.7% 88.7% 89.6% 88.5%
Average occupancy -
comparable (6) 89.8% 88.6% 89.8% 88.4%
Leased space at end of
period 92.4% 91.8% 92.4% 91.8%
Leased space at end of
period - comparable (6) 92.5% 91.7% 92.5% 91.7%
Mall tenant occupancy
costs as a percentage of
tenant sales-consolidated
businesses (5) 15.6% 15.6% 15.5% 15.6%
Mall tenant occupancy
costs as a percentage of
tenant sales-
unconsolidated joint
ventures (5) 13.4% 13.4% 13.2% 13.6%
Rent per square foot -
consolidated businesses
(6) 43.64 42.88 43.75 42.84
Rent per square foot -
unconsolidated joint
ventures (6) 41.52 41.12 41.43 41.48
(1) Income before minority and preferred interests for the six months
ended June 30, 2006 includes a $2.1 million charge representing
the write-off of financing costs related to the pay-off of the
loans on The Shops at Willow Bend prior to their maturity dates.
No similar charges were incurred in 2007.
(2) Because the net equity balances of the Operating Partnership and
the outside partners in certain consolidated joint ventures are
less than zero, the income allocated to the minority and outside
partners during the three and six months ended June 30, 2007 and
2006 is equal to their share of distributions. The net equity of
these minority partners is less than zero due to accumulated
distributions in excess of net income and not as a result of
operating losses.
(3) Preferred dividends for the three and six months ended June 30, 2006
include charges of $4.0 million and $0.6 million incurred in
connection with the redemption of the remaining $113 million of the
Series A Preferred Stock and the redemption of the Series I Preferred
Stock, respectively.
(4) Beneficial Interest in EBITDA represents the Operating
Partnership's share of the earnings before interest 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 (loss) (computed
in accordance with Generally Accepted Accounting Principles
(GAAP)), excluding gains (or losses) 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.
(5) Based on reports of sales furnished by mall tenants. The 2007
information for Arizona Mills is based on estimates.
(6) Statistics exclude Waterside Shops at Pelican Bay and The Pier
Shops at Ceasars. The 2006 statistics have been restated to
include comparable centers to 2007.
TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended June 30, 2007 and 2006
(in thousands of dollars)
2007 2006
UNCONSOLID- UNCONSOLID-
ATED ATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES(1) BUSINESSES VENTURES(1)
REVENUES:
Minimum rents 79,507 37,135 76,587 35,896
Percentage rents 997 1,592 709 786
Expense recoveries 57,923 22,818 52,152 20,427
Management, leasing
and development
services 3,632 - 3,160 -
Other 10,215 2,321 6,668 1,175
Total revenues 152,274 63,866 139,276 58,284
EXPENSES:
Maintenance, taxes
and utilities 45,587 15,953 40,485 14,237
Other operating 16,078 4,778 16,476 5,919
Management, leasing
and development
services 1,796 - 1,527 -
General and
administrative 7,015 - 7,546 -
Interest expense 32,190 16,617 31,871 13,353
Depreciation and
amortization 33,568 9,789 33,315 10,242
Total expenses 136,234 47,137 131,220 43,751
Gains on land sales
and interest income 723 367 5,504 270
16,763 17,096 13,560 14,803
Equity in income of
Unconsolidated Joint
Ventures 9,239 7,412
Income before minority
and preferred
interests 26,002 20,972
Minority and preferred
interests:
TRG preferred
distributions (615) (615)
Minority share of
consolidated joint
ventures (621) (733)
Distributions in excess
of minority share of
income of consolidated
joint ventures (1,649) (2,938)
Minority share of
income of TRG (7,187) (2,780)
Distributions in excess
of minority share of
income of TRG (3,437) (6,115)
Net income 12,493 7,791
Preferred dividends(2) (3,659) (10,403)
Net income (loss)
allocable to common
shareowners 8,834 (2,612)
SUPPLEMENTAL INFORMATION:
EBITDA - 100% 82,521 43,502 78,746 38,398
EBITDA - outside
partners' share (8,274) (19,966) (6,820) (17,009)
Beneficial interest
in EBITDA 74,247 23,536 71,926 21,389
Beneficial interest
expense (28,554) (8,325) (28,658) (7,617)
Non-real estate
depreciation (676) - (612) -
Preferred dividends
and distributions (4,274) - (11,018) -
Funds from Operations
contribution 40,743 15,211 31,638 13,772
Net straightline
adjustments to
rental revenue,
recoveries,
and ground rent
expense at TRG % 344 135 197 298
(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) Preferred dividends for the three months ended June 30, 2006 include
charges of $4.0 million and $0.6 million incurred in connection with
the redemption of the remaining $113 million of the Series A Preferred
Stock and the redemption of the Series I Preferred Stock,
respectively.
TAUBMAN CENTERS, INC.
Table 3 - Income Statement
For the Year to Date Periods Ended June 30, 2007 and 2006
(in thousands of dollars)
2007 2006
UNCONSOLID- UNCONSOLID-
ATED ATED
CONSOLIDATED JOINT CONSOLIDATED JOINT
BUSINESSES VENTURES(1) BUSINESSES VENTURES(1)
REVENUES:
Minimum rents 158,162 75,571 152,582 70,430
Percentage rents 3,305 2,631 3,599 1,714
Expense recoveries 108,546 45,409 97,045 38,499
Management, leasing and
development services 8,522 - 6,083 -
Other 18,765 4,083 17,988 5,965
Total revenues 297,300 127,694 277,297 116,608
EXPENSES:
Maintenance, taxes and
utilities 83,506 33,698 75,283 27,619
Other operating 32,874 11,179 33,071 11,161
Management, leasing and
development services 4,586 - 3,045 -
General and administrative 14,336 - 14,470 -
Interest expense (2) 61,884 34,421 66,154 26,595
Depreciation and
amortization 66,101 19,955 66,704 20,424
Total expenses 263,287 99,253 258,727 85,799
Gains on land sales and
interest income 1,114 814 7,927 522
35,127 29,255 26,497 31,331
Equity in income of
Unconsolidated Joint
Ventures 17,425 15,883
Income before minority and
preferred interests 52,552 42,380
Minority and preferred
interests:
TRG preferred distributions (1,230) (1,230)
Minority share of
consolidated joint
ventures (2,534) (2,439)
Distributions in excess of
minority share of income of
consolidated joint ventures (1,041) (1,693)
Minority share of income
of TRG (14,928) (8,497)
Distributions in excess of
minority share of income
of TRG (6,270) (9,296)
Net income 26,549 19,225
Preferred dividends (3) (7,317) (16,406)
Net income allocable to common
shareowners 19,232 2,819
SUPPLEMENTAL INFORMATION:
EBITDA - 100% 163,112 83,631 159,355 78,350
EBITDA - outside partners'
share (17,102) (38,211) (14,726) (34,593)
Beneficial interest in
EBITDA 146,010 45,420 144,629 43,757
Beneficial interest expense (55,046) (16,627) (59,864) (15,173)
Non-real estate depreciation (1,337) - (1,183) -
Preferred dividends and
distributions (8,547) - (17,636) -
Funds from Operations
contribution 81,080 28,793 65,946 28,584
Net straightline adjustments
to rental revenue,
recoveries, and ground rent
expense at TRG % 715 239 68 223
(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) Interest expense for the six months ended June 30, 2006 includes a
$2.1 million charge representing the write-off of financing costs
related to the pay-off of the loans on The Shops at Willow Bend prior
to their maturity date.
(3) Preferred dividends for the six months ended June 30, 2006 include
charges of $4.0 million and $0.6 million incurred in connection with
the redemption of the remaining $113 million of the Series A Preferred
Stock and the redemption of the Series I Preferred Stock,
respectively.
TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net Income (Loss) Allocable to Common
Shareowners to Funds from Operations and Adjusted Funds
from Operations
For the Periods Ended June 30, 2007 and 2006
(in thousands of dollars; amounts allocable to TCO may not recalculate due
to rounding)
Three Months Ended Year to Date
2007 2006 2007 2006
Net income (loss) allocable to
common shareowners 8,834 (2,612) 19,232 2,819
Add (less) depreciation and
amortization:
Consolidated businesses at 100% 33,568 33,315 66,101 66,704
Minority partners in consolidated
joint ventures (4,017) (2,874) (7,730) (5,997)
Share of unconsolidated joint
ventures 5,972 6,360 11,368 12,701
Non-real estate depreciation (676) (612) (1,337) (1,183)
Add minority interests:
Minority share of income of TRG 7,187 2,780 14,928 8,497
Distributions in excess of
minority share of income of TRG 3,437 6,115 6,270 9,296
Distributions in excess of
minority share of income of
consolidated joint ventures 1,649 2,938 1,041 1,693
Funds from Operations 55,954 45,410 109,873 94,530
TCO's average ownership percentage
of TRG 66.1% 65.1% 66.0% 64.7%
Funds from Operations allocable to
TCO 36,968 29,563 72,495 61,145
Funds from Operations 55,954 45,410 109,873 94,530
Charge upon redemption of Series A
Preferred Stock - 4,045 - 4,045
Charge upon redemption of Series I
Preferred Stock - 607 - 607
Write-off of financing costs - - - 2,065
Adjusted Funds from Operations (1) 55,954 50,062 109,873 101,247
TCO's average ownership percentage
of TRG 66.1% 65.1% 66.0% 64.7%
Adjusted Funds from Operations
allocable to TCO (1) 36,968 32,591 72,495 65,500
(1) Adjusted FFO excludes the following unusual and/or nonrecurring items:
charges of $4.0 million ($0.050 per share) and $0.6 million ($0.005
per share) incurred during the second quarter of 2006 in connection
with the redemption of the remaining $113 million of the Series A
Preferred Stock and the redemption of the Series I Preferred Stock,
respectively, and a $2.1 million ($0.025 per share) charge during the
first quarter of 2006 in connection with the write-off of financing
costs related to the pay-off of the loans on The Shops at Willow Bend
prior to their maturity date. 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, 2007 and 2006
(in thousands of dollars; amounts allocable to TCO may not recalculate
due to rounding)
Three Months Ended Year to Date
2007 2006 2007 2006
Net income 12,493 7,791 26,549 19,225
Add (less) depreciation and
amortization:
Consolidated businesses at 100% 33,568 33,315 66,101 66,704
Minority partners in consolidated
joint ventures (4,017) (2,874) (7,730) (5,997)
Share of unconsolidated joint
ventures 5,972 6,360 11,368 12,701
Add (less) preferred interests and
interest expense:
Preferred distributions 615 615 1,230 1,230
Interest expense:
Consolidated businesses at 100% 32,190 31,871 61,884 66,154
Minority partners in
consolidated joint ventures (3,636) (3,213) (6,838) (6,290)
Share of unconsolidated joint
ventures 8,325 7,617 16,627 15,173
Add minority interests:
Minority share of income of TRG 7,187 2,780 14,928 8,497
Distributions in excess of
minority share of income of TRG 3,437 6,115 6,270 9,296
Distributions in excess of
minority share of income of
consolidated joint ventures 1,649 2,938 1,041 1,693
Beneficial Interest in EBITDA 97,783 93,315 191,430 188,386
TCO's average ownership percentage
of TRG 66.1% 65.1% 66.0% 64.7%
Beneficial Interest in EBITDA
allocable to TCO 64,604 60,749 126,308 121,875
TAUBMAN CENTERS, INC.
Table 6 - Balance Sheets
As of June 30, 2007 and December 31, 2006
(in thousands of dollars)
As of
June 30, 2007 December 31, 2006
Consolidated Balance Sheet of Taubman
Centers, Inc.:
Assets:
Properties 3,645,831 3,398,122
Accumulated depreciation and
amortization (873,215) (821,384)
2,772,616 2,576,738
Investment in Unconsolidated Joint
Ventures 83,263 86,493
Cash and cash equivalents 41,384 26,282
Accounts and notes receivable, net 39,153 36,650
Accounts and notes receivable from
related parties 1,838 2,444
Deferred charges and other assets 105,997 98,015
3,044,251 2,826,622
Liabilities:
Notes payable 2,582,590 2,319,538
Accounts payable and accrued
liabilities 240,409 239,621
Dividends and distributions payable 19,818 19,849
Distributions in excess of
investments in and net income of
Unconsolidated Joint Ventures 104,226 101,944
2,947,043 2,680,952
Preferred Equity of TRG 29,217 29,217
Minority interests in TRG and
Consolidated Joint Ventures 20,170 7,811
Shareowners' Equity:
Series B Non-Participating
Convertible Preferred Stock 27 28
Series G Cumulative Redeemable
Preferred Stock - -
Series H Cumulative Redeemable
Preferred Stock - -
Common Stock 528 529
Additional paid-in capital 589,072 635,304
Accumulated other comprehensive
income (loss) (3,172) (9,560)
Dividends in excess of net income (538,634) (517,659)
47,821 108,642
3,044,251 2,826,622
Combined Balance Sheet of
Unconsolidated Joint Ventures:
Assets:
Properties 1,005,409 1,157,872
Accumulated depreciation and
amortization (330,920) (320,256)
674,489 837,616
Cash and cash equivalents 24,987 35,504
Accounts and notes receivable 19,071 26,769
Deferred charges and other assets 18,799 23,417
737,346 923,306
Liabilities:
Notes payable 1,007,284 1,097,347
Accounts payable and other
liabilities 34,490 84,177
1,041,774 1,181,524
Accumulated Deficiency in Assets:
Accumulated deficiency in assets -
TRG (165,019) (161,666)
Accumulated deficiency in assets -
Joint Venture Partners (137,485) (93,843)
Accumulated other comprehensive
income (loss) - TRG (1,651) (2,112)
Accumulated other comprehensive
income (loss) - Joint Venture
Partners (273) (597)
(304,428) (258,218)
737,346 923,306
TAUBMAN CENTERS, INC.
Table 7 - 2007 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, 2007
Funds from Operations per common
share 2.80 2.85
Real estate depreciation - TRG (1.73) (1.66)
Depreciation of TCO's additional
basis in TRG (0.13) (0.13)
Distributions in excess of earnings
allocable to minority interest (0.23) (0.16)
Net income allocable to common
shareowners, per common share 0.72 0.90
