Taubman Centers Issues First Quarter Results

                 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, bbaker@taubman.com  
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