Taubman Centers Issues First Quarter Results -- Average Rent and Leased Space Up -- The Mall of San Juan Construction Financing Complete -- 2014 FFO Guidance Maintained PR Newswire BLOOMFIELD HILLS, Mich., April 24, 2014 BLOOMFIELD HILLS, Mich., April 24, 2014 /PRNewswire/ -- Taubman Centers, Inc. (NYSE:TCO) today reported financial results for the first quarter of 2014. Taubman Logo. March 31, 2014 March 31, 2013 Three Months Ended Three Months Ended Net income attributable to common $5.74 ^(1) $0.43 shareholders per diluted share (EPS) Funds from Operations (FFO) per $0.90 $0.90 diluted share (1) Includes a net gain of $476 million ($5.30 per share) on the sale of a 49.9% interest in the entity that owns International Plaza (Tampa, Fla.), as well as investments in Arizona Mills (Tempe, Ariz.) and land in Syosset, New York (Oyster Bay). "FFO was consistent with our expectations," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "It was positively impacted by increased rents and reduced interest expense, but was offset by the impact of our recent dispositions and various one-time items that occurred in the prior year." Operating Statistics Average rent per square foot for the quarter was $50.21, up 3.6 percent from $48.46 in the comparable period last year. Leased space in comparable centers was 92.6 percent on March 31, 2014, up 0.4 percent from 92.2 percent on March 31, 2013. Ending occupancy in comparable centers was the same at 90.3 percent on both March 31, 2014 and March 31, 2013. For the quarter, comparable center NOI excluding lease cancellation income was up 2 percent. "The extremely harsh winter in the Midwest and Northeast caused higher than expected utilities and snow removal costs, dampening our NOI growth," said Mr. Taubman. The company's 12-month trailing mall tenant sales per square foot modestly decreased to $712, a 0.7 percent decline from the 12-months ended March 31, 2013. "After 17 consecutive quarters of sales per square foot increases, a number of factors, including weather, hurt first quarter sales," said Mr. Taubman. "Women's ready-to-wear, junior apparel and electronics were most impacted." Financing Activity In April, the company closed on the construction loan financing for The Mall of San Juan (San Juan, Puerto Rico). The $320 million loan is interest only for the entire term at a rate of LIBOR plus 2 percent and matures April 2017, with two one-year extension options. U.S. Bank N.A. and J.P. Morgan Chase Bank, N.A. led a syndicate of nine banks. In March, the company completed an extension of its $65 million secondary line of credit. The line now expires in April 2016. The facility will continue to bear interest at a rate of LIBOR plus 1.4 percent. In January, the company completed the previously announced sales of a 49.9 percent interest in International Plaza (Tampa, Fla.), land in Syosset, New York (Oyster Bay), and the company's 50 percent interest in Arizona Mills (Tempe, Ariz.). As a result of these transactions, the company recognized a gain on these dispositions, net of related income taxes, of $476 million during the quarter. Dividend Increased In March, the company declared a regular quarterly dividend of $0.54 per share of common stock, an increase of 8 percent. Since the company went public in 1992 it has never reduced its common dividend and has increased its dividend 17 times, achieving a 4.4 percent compounded annual growth rate. See Taubman Centers Increases Quarterly Common Dividend 8 Percent To $0.54 Per Share – March 6, 2014. 2014 Guidance The company is maintaining its guidance for 2014 FFO per diluted share of $3.72 to $3.82. This includes the negative impact of about $0.12 per share due to the first quarter 2014 sale of the company's 50 percent interest in Arizona Mills and the sale of a 49.9 percent interest in International Plaza. This guidance assumes comparable center NOI growth, excluding lease cancellation income, of about 3 percent for the year. 2014 EPS is expected to be in the range of $7.12 to $7.27, which now includes the gain from the first quarter asset sales. 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: oCompany Information oIncome Statement oEarnings Reconciliations oChanges in Funds from Operations and Earnings Per Share oComponents of Other Income, Other Operating Expense, and Nonoperating Income oRecoveries Ratio Analysis oBalance Sheets oDebt Summary oOther Debt, Equity and Certain Balance Sheet Information oConstruction and Redevelopment oDispositions oCapital Spending oOperational Statistics oOwned Centers oMajor Tenants in Owned Portfolio oAnchors in Owned Portfolio oOperating Statistics Glossary Investor Conference Call The company will host a conference call at 11:00 a.m. EDT on Friday, April 25 to discuss these results, business conditions and the company's outlook for the remainder of 2014. The conference call will be simulcast at www.taubman.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 six properties in the U.S. and Asia totaling 5.6 million square feet. Taubman Centers is headquartered in Bloomfield Hills, Mich.and Taubman Asia is headquartered in Hong Kong.Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. 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, 2014 and 2013 (in thousands of dollars, except as indicated) Three Months Ended 2014 2013 Net income 526,157 46,356 Noncontrolling share of income of consolidated joint (3,118) (2,781) ventures Noncontrolling share of income of TRG (147,662) (11,789) Preferred stock dividends (5,784) (3,600) Distributions to participating securities of TRG (468) (442) Net income attributable to Taubman Centers, Inc. common 369,125 27,744 shareowners Net income per common share - basic 5.84 0.44 Net income per common share - diluted 5.74 0.43 Beneficial interest in EBITDA - Combined (1) 608,989 128,483 Adjusted Beneficial interest in EBITDA- Combined (1) 122,369 128,483 Funds from Operations(1) 81,223 81,513 Funds from Operations attributable to TCO (1) 58,036 58,205 Funds from Operations per common share - basic(1) 0.92 0.92 Funds from Operations per common share - diluted (1) 0.90 0.90 Weighted average number of common shares outstanding - 63,165,611 63,415,922 basic Weighted average number of common shares outstanding - 64,821,603 64,570,812 diluted Common shares outstanding at end of period 63,262,045 63,677,971 Weighted average units - Operating Partnership - basic 88,312,842 88,760,871 Weighted average units - Operating Partnership - 89,968,834 90,787,023 diluted Units outstanding at end of period - Operating 88,407,745 89,013,319 Partnership Ownership percentage of the Operating Partnership at 71.6% 71.5% end of period Number of owned shopping centers at end of period 24 24 Operating Statistics: Net Operating Income excluding lease cancellation 2.0% income - growth % (1)(2) Mall tenant sales - all centers (3) 1,335,294 1,454,788 Mall tenant sales - comparable (2)(3) 1,329,450 1,412,398 Ending occupancy - all centers 89.6% 90.3% Ending occupancy - comparable(2) 90.3% 90.3% Average occupancy - all centers 90.2% 90.4% Average occupancy - comparable (2) 90.8% 90.5% Leased space - all centers 92.1% 92.4% Leased space - comparable(2) 92.6% 92.2% All centers: Mall tenant occupancy costs as a percentage of tenant 14.9% 13.7% sales - Consolidated Businesses (3) Mall tenant occupancy costs as a percentage of tenant 13.6% 12.0% sales - Unconsolidated Joint Ventures (3) Mall tenant occupancy costs as a percentage of tenant 14.5% 13.2% sales - Combined (3) Comparable centers: Mall tenant occupancy costs as a percentage of tenant 14.9% 13.7% sales - Consolidated Businesses (2)(3) Mall tenant occupancy costs as a percentage of tenant 13.6% 11.8% sales - Unconsolidated Joint Ventures (2)(3) Mall tenant occupancy costs as a percentage of tenant 14.5% 13.2% sales - Combined (2)(3) Average rent per square foot - Consolidated Businesses 47.93 47.68 (2) Average rent per square foot - Unconsolidated Joint 55.81 50.78 Ventures (2) Average rent per square foot - Combined (2) 50.21 48.46 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 (1) 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. For the three month period ended March 31, 2014, EBITDA was adjusted for the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project. 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. Statistics exclude non-comparable centers. In 2014 and 2013, (2) non-comparable centers are Taubman Prestige Outlets Chesterfield and Arizona Mills. (3) Based on reports of sales furnished by mall tenants. TAUBMAN CENTERS, INC. Table 2 - Income Statement For the Three Months Ended March 31, 2014 and 2013 (in thousands of dollars) 2014 2013 CONSOLIDATED UNCONSOLIDATED CONSOLIDATED UNCONSOLIDATED JOINT JOINT BUSINESSES BUSINESSES VENTURES (1) VENTURES (1) REVENUES: Minimum rents 97,890 46,508 102,309 40,071 Percentage 4,662 2,054 5,628 2,197 rents Expense 62,709 27,036 64,037 23,584 recoveries Management, leasing, and 2,505 3,382 development services Other 7,012 1,627 7,901 1,699 Total 174,778 77,225 183,257 67,551 revenues EXPENSES: Maintenance, taxes, 47,941 20,003 46,557 17,211 utilities, and promotion Other 15,496 4,927 16,163 4,103 operating Management, leasing, and 1,285 2,026 development services General and 11,537 12,236 administrative Interest 26,130 17,892 34,452 16,934 expense Depreciation and 35,118 11,700 37,022 10,071 amortization Total 137,507 54,522 148,456 48,319 expenses Nonoperating 1,103 2 2,237 8 income 38,374 22,705 37,038 19,240 Income tax (699) (1,028) expense Equity in income of Unconsolidated 12,068 10,346 Joint Ventures 49,743 46,356 Gain on dispositions, net 476,414 of tax (2) Net income 526,157 46,356 Net income attributable to noncontrolling interests: Noncontrolling share of income of (3,118) (2,781) consolidated joint ventures Noncontrolling share of (147,662) (11,789) income of TRG Distributions to participating (468) (442) securities of TRG Preferred stock (5,784) (3,600) dividends Net income attributable to Taubman Centers, 369,125 27,744 Inc. common shareowners SUPPLEMENTAL INFORMATION: EBITDA - 100% 586,242 52,297 108,512 46,245 (3) EBITDA - outside (6,343) (23,207) (6,060) (20,214) partners' share Beneficial interest in 579,899 29,090 102,452 26,031 EBITDA Gain on (486,620) dispositions Beneficial interest (24,066) (9,844) (32,289) (9,376) expense Beneficial income tax (699) (1,028) expense - TRG and TCO Beneficial income tax 59 33 expense - TCO Non-real estate (812) (710) depreciation Preferred dividends and (5,784) (3,600) distributions Funds from Operations 61,977 19,246 64,858 16,655 contribution STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS: Net straight-line adjustments to rental revenue, recoveries, and ground rent expense 421 146 1,023 103 at TRG % Green Hills purchase accounting 192 204 adjustments - minimum rents increase Green Hills, El Paseo Village, and Gardens on El Paseo purchase accounting adjustments - interest 306 858 expense reduction Waterside Shops purchase accounting adjustments - 263 263 interest expense reduction Taubman BHO headquarters purchase accounting adjustment - interest expense 61 reduction With the exception of the Supplemental Information, amounts include 100% of (1) 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. International Plaza's operations were consolidated through the disposition date. Subsequent to the disposition, the Company's remaining 50.1% interest is accounted for under the equity method of accounting within Unconsolidated Joint Ventures. In addition, Arizona Mills' operations were accounted for under equity method accounting through the disposition in January 2014. During the three months ended March 31, 2014, the gain on dispositions of (2) interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project is net of income tax expense of $10.2 million recognized. For the three months ended March 31, 2014, EBITDA includes the Company's (3) $486.6 million (before tax) gain from the dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project. 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, 2014 and 2013 (in thousands of dollars except as noted; may not add or recalculate due to rounding) 2014 2013 Shares Per Shares Per Share Share Dollars /Units /Unit Dollars /Units /Unit Net income attributable to TCO common 369,125 63,165,611 5.84 27,744 63,415,922 0.44 shareowners - Basic Add distributions of participating 468 871,262 securities of TRG Add impact of share-based 2,587 784,730 152 1,154,890 compensation Net income attributable to TCO common 372,180 64,821,603 5.74 27,896 64,570,812 0.43 shareowners - Diluted Add depreciation of TCO's 1,720 0.03 1,720 0.03 additional basis Add TCO's additional income 59 0.00 33 0.00 tax expense Net income attributable to TCO common shareowners, excluding step-up depreciation and 373,959 64,821,603 5.77 29,649 64,570,812 0.46 additional income tax expense Add: Noncontrolling share of income 147,662 25,147,231 11,789 25,344,949 of TRG Distributions to participating 442 871,262 securities of TRG Net income attributable to partnership unitholders and participating 521,621 89,968,834 5.80 41,880 90,787,023 0.46 securities Add (less) depreciation and amortization: Consolidated businesses at 35,118 0.39 37,022 0.41 100% Depreciation of TCO's additional (1,720) (0.02) (1,720) (0.02) basis Noncontrolling partners in (1,161) (0.01) (1,116) (0.01) consolidated joint ventures Share of Unconsolidated 7,178 0.08 6,309 0.07 Joint Ventures Non-real estate (812) (0.01) (710) (0.01) depreciation Less gain on dispositions, net (476,414) (5.30) of tax Less impact of share-based (2,587) (0.03) (152) (0.00) compensation Funds from 81,223 89,968,834 0.90 81,513 90,787,023 0.90 Operations TCO's average ownership 71.5% 71.4% percentage of TRG Funds from Operations attributable to TCO, excluding additional 58,095 0.90 58,238 0.90 income tax expense Less TCO's additional income (59) (0.00) (33) (0.00) tax expense Funds from Operations 58,036 0.90 58,205 0.90 attributable to TCO TAUBMAN CENTERS, INC. Table 4 - Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDA For the Periods Ended March 31, 2014 and 2013 (in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding) Three Months Ended 2014 2013 Net income 526,157 46,356 Add (less) depreciation and amortization: Consolidated businesses at 100% 35,118 37,022 Noncontrolling partners in consolidated (1,161) (1,116) joint ventures Share of Unconsolidated Joint Ventures 7,178 6,309 Add (less) interest expense and income tax expense: Interest expense: Consolidated businesses at 100% 26,130 34,452 Noncontrolling partners in (2,064) (2,163) consolidated joint ventures Share of Unconsolidated Joint 9,844 9,376 Ventures Income tax expense: Income tax expense on dispositions 10,206 Other income tax expense 699 1,028 Less noncontrolling share of income of consolidated (3,118) (2,781) joint ventures Beneficial Interest in EBITDA 608,989 128,483 TCO's average ownership percentage of TRG 71.5% 71.4% Beneficial Interest in EBITDA attributable to TCO 435,578 91,796 Beneficial Interest in EBITDA 608,989 128,483 Gain on dispositions (486,620) Adjusted Beneficial Interest in EBITDA 122,369 128,483 TCO's average ownership percentage of TRG 71.5% 71.4% Adjusted Beneficial Interest in EBITDA attributable 87,524 91,796 to TCO TAUBMAN CENTERS, INC. Table 5 - Reconciliation of Net Income to Net Operating Income (NOI) For the Periods Ended March 31, 2014, 2013, and 2012 (in thousands of dollars) Three Months Ended Three Months Ended 2014 2013 2013 2012 Net 526,157 46,356 46,356 32,177 income Add (less) depreciation and amortization: Consolidated 35,118 37,022 37,022 36,434 businesses at 100% Noncontrolling partners in (1,161) (1,116) (1,116) (2,424) consolidated joint ventures Share of Unconsolidated Joint 7,178 6,309 6,309 5,111 Ventures Add (less) interest expense and income tax expense: Interest expense: Consolidated 26,130 34,452 34,452 37,527 businesses at 100% Noncontrolling partners in (2,064) (2,163) (2,163) (4,206) consolidated joint ventures Share of Unconsolidated 9,844 9,376 9,376 8,094 Joint Ventures Share of income tax expense: Income tax expense 10,206 on dispositions Other income tax 699 1,028 1,028 211 expense Less noncontrolling share of income of consolidated joint (3,118) (2,781) (2,781) (1,834) ventures Add EBITDA attributable to outside partners: EBITDA attributable to noncontrolling partners in 6,343 6,060 6,060 8,467 consolidated joint ventures EBITDA attributable to outside partners in 23,207 20,214 20,214 20,481 Unconsolidated Joint Ventures EBITDA at 100% 638,539 154,757 154,757 140,038 Add (less) items excluded from shopping center NOI: General and administrative 11,537 12,236 12,236 8,407 expenses Management, leasing, and development (1,220) (1,356) (1,356) (126) services, net Gain on dispositions (486,620) Straight-line of rents (1,044) (1,456) (1,456) (649) Gain on sale of (863) (863) peripheral land Gain on sale of (1,323) (1,323) marketable securities Dividend income (224) Interest income (127) (59) (59) (132) Other nonoperating (754) income Non-center specific operating expenses and 3,748 3,592 3,851 6,896 other NOI - all centers at 100% 163,835 165,528 165,787 154,434 Less - NOI of non-comparable (1,432) (1) (6,332) (2) (3,126) (3) (349) (3) centers NOI at 100% - comparable 162,403 159,196 162,661 154,085 centers NOI - growth % 2.0% 5.6% NOI at 100% - comparable 162,403 159,196 162,661 154,085 centers Lease cancellation income (1,958) (1,836) (1,836) (989) NOI at 100% - comparable centers excluding lease 160,445 157,360 160,825 153,096 cancellation income NOI at 100% excluding lease cancellation income - growth 2.0% 5.0% % Includes Taubman Prestige Outlets Chesterfield and Arizona (1) Mills for the approximately one-month period prior to its disposition. (2) Includes Arizona Mills. (3) Includes City Creek Center. TAUBMAN CENTERS, INC. Table 6 - Balance Sheets As of March 31, 2014 and December 31, 2013 (in thousands of dollars) As of March 31, 2014 December 31, 2013 Consolidated Balance Sheet of Taubman Centers, Inc. (1): Assets: Properties 4,191,823 4,485,090 Accumulated depreciation and (1,420,745) (1,516,982) amortization 2,771,078 2,968,108 Investment in Unconsolidated Joint 326,905 327,692 Ventures Cash and cash equivalents 178,138 40,993 Restricted cash 48,083 5,046 Accounts and notes receivable, net 57,064 73,193 Accounts receivable from related 2,967 1,804 parties Deferred charges and other assets 161,865 89,386 3,546,100 3,506,222 Liabilities: Notes payable 2,580,033 3,058,053 Accounts payable and accrued 283,718 292,280 liabilities Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 408,602 371,549 3,272,353 3,721,882 Equity: Taubman Centers, Inc. Shareowners' Equity: Series B Non-Participating 25 25 Convertible Preferred Stock Series J Cumulative Redeemable Preferred Stock Series K Cumulative Redeemable Preferred Stock Common stock 633 631 Additional paid-in capital 798,705 796,787 Accumulated other (12,719) (8,914) comprehensive income (loss) Dividends in excess of net (573,755) (908,656) income 212,889 (120,127) Noncontrolling interests: Noncontrolling interests in (13,424) (37,191) consolidated joint ventures Noncontrolling interests in 74,282 (58,342) partnership equity of TRG 60,858 (95,533) 273,747 (215,660) 3,546,100 3,506,222 Combined Balance Sheet of Unconsolidated Joint Ventures (1)(2): Assets: Properties 1,435,623 1,305,658 Accumulated depreciation and (525,829) (478,820) amortization 909,794 826,838 Cash and cash equivalents 17,297 28,782 Accounts and notes receivable, net 33,770 33,626 Deferred charges and other assets 32,102 28,095 992,963 917,341 Liabilities: Notes payable 1,732,021 1,551,161 Accounts payable and other 65,022 70,226 liabilities 1,797,043 1,621,387 Accumulated Deficiency in Assets: Accumulated deficiency in assets - (455,581) (406,266) TRG Accumulated deficiency in assets - (337,109) (285,904) Joint Venture Partners Accumulated other comprehensive (5,695) (5,938) income (loss) - TRG Accumulated other comprehensive income (loss) - Joint Venture (5,695) (5,938) Partners (804,080) (704,046) 992,963 917,341 International Plaza was consolidated in the Company's balance sheet as of (1) December 31, 2013 but is an Unconsolidated Joint Venture as of March 31, 2014 as a result of the disposition. (2) Unconsolidated Joint Venture amounts exclude the balances of entities that own interests in Asia 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, 2014 Funds from Operations per common share 3.72 3.82 Gain on dispositions, net of tax 5.30 5.30 Real estate depreciation - TRG (1.77) (1.72) 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 7.12 7.27 common share (EPS) Logo- http://photos.prnewswire.com/prnh/20080428/CLM116LOGO SOURCE Taubman Centers, Inc. Website: http://www.taubman.com Contact: Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor Relations, 248-258-7367, email@example.com
Taubman Centers Issues First Quarter Results
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