UNITED
STATES
|
SECURITIES
AND EXCHANGE COMMISSION
|
WASHINGTON,
D.C. 20549
|
Form
10-Q
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
OF
THE
SECURITIES EXCHANGE ACT OF 1934
|
For
the
Quarterly Period Ended: June 30, 2007
|
Commission
File No. 1-11530
|
Taubman
Centers, Inc.
|
||||
(Exact
name
of registrant as specified in its charter)
|
||||
Michigan
|
38-2033632
|
|||
(State
or
other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
|||
200
East Long
Lake Road, Suite 300, P.O. Box 200, Bloomfield Hills,
Michigan
|
48303-0200
|
|||
(Address
of
principal executive offices)
|
(Zip
Code)
|
|||
(248)
258-6800
|
||||
(Registrant's
telephone number, including area code)
|
Indicate
by
check mark whether the registrant (1) has filed all reports required
to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during
the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
|
x Yes o No
|
Indicate
by a
check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition
of "accelerated filer and large accelerated filer" in Rule 12b-2
of the
Exchange Act. (Check one):
|
Large
Accelerated Filer x Accelerated
Filer o Non-Accelerated
Filer o
|
Indicate
by a
check mark whether the registrant is a shell company (as defined
in Rule
12b-2 of the Exchange Act).
|
o Yes x No
|
As
of July
31, 2007, there were outstanding 52,907,161 shares of the Company's
common stock, par value $0.01 per
share.
|
PART
I – FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements (Unaudited)
|
|
2
|
||
3
|
||
5
|
||
6
|
||
Item
2.
|
16
|
|
Item
3.
|
31
|
|
Item
4.
|
31
|
|
PART
II – OTHER INFORMATION
|
||
Item
1.
|
32
|
|
Item
1A.
|
32
|
|
Item
2.
|
32
|
|
Item
4.
|
33
|
|
Item
6.
|
33
|
|
34
|
June
30
|
December
31
|
|||||||
2007
|
2006
|
|||||||
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 (Note 5)
|
83,263
|
86,493
|
||||||
Cash
and cash equivalents (Note
6)
|
41,384
|
26,282
|
||||||
Accounts
and notes receivable, less
provision for bad debts of $8,758 and
$7,581 in
2007 and 2006
|
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 (Note 6)
|
$ |
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 (Note 5)
|
104,226
|
101,944
|
||||||
$ |
2,947,043
|
$ |
2,680,952
|
|||||
Commitments
and contingencies (Notes 4, 6, 8, and 9)
|
||||||||
Preferred
Equity of TRG
|
$ |
29,217
|
$ |
29,217
|
||||
Minority
interests in TRG and consolidated joint ventures (Note 1)
|
$ |
20,170
|
$ |
7,811
|
||||
Shareowners'
Equity:
|
||||||||
Series
B Non-Participating Convertible
Preferred Stock, $0.001 par and liquidation
value, 40,000,000 shares authorized, 27,274,088 and
28,113,897
shares issued and outstanding
at June 30, 2007 and December
31,
2006
|
$ |
27
|
$ |
28
|
||||
Series
G Cumulative Redeemable Preferred
Stock, 4,000,000 shares authorized,
no par, $100 million liquidation preference,
4,000,000
shares issued and outstanding
at June 30, 2007 and December 31, 2006
|
||||||||
Series
H Cumulative Redeemable Preferred
Stock, 3,480,000 shares authorized,
no par, $87 million liquidation preference, 3,480,000
shares
issued and outstanding at June 30,
2007 and December 31, 2006
|
||||||||
Common
Stock, $0.01 par value, 250,000,000
shares authorized, 52,849,206 and
52,931,594 shares issued and outstanding at
June
30, 2007 and December 31,
2006
|
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 (Note
1)
|
(538,634 | ) | (517,659 | ) | ||||
$ |
47,821
|
$ |
108,642
|
|||||
$ |
3,044,251
|
$ |
2,826,622
|
|||||
Three
Months
Ended June 30
|
||||||||
2007
|
2006
|
|||||||
Revenues:
|
||||||||
Minimum
rents
|
$ |
79,507
|
$ |
76,587
|
||||
Percentage
rents
|
997
|
709
|
||||||
Expense
recoveries
|
57,923
|
52,152
|
||||||
Management,
leasing, and development
services
|
3,632
|
3,160
|
||||||
Other
|
10,215
|
6,668
|
||||||
$ |
152,274
|
$ |
139,276
|
|||||
Expenses:
|
||||||||
Maintenance,
taxes, and
utilities
|
$ |
45,587
|
$ |
40,485
|
||||
Other
operating
|
16,078
|
16,476
|
||||||
Management,
leasing, and development
services
|
1,796
|
1,527
|
||||||
General
and administrative
|
7,015
|
7,546
|
||||||
Interest
expense (Note 6)
|
32,190
|
31,871
|
||||||
Depreciation
and
amortization
|
33,568
|
33,315
|
||||||
$ |
136,234
|
$ |
131,220
|
|||||
Gains
on land
sales and interest income
|
$ |
723
|
$ |
5,504
|
||||
Income
before
equity in income of Unconsolidated Joint Ventures and minority
and
preferred
interests
|
$ |
16,763
|
$ |
13,560
|
||||
Equity
in
income of Unconsolidated Joint Ventures (Note 5)
|
9,239
|
7,412
|
||||||
Income
before
minority and preferred interests
|
$ |
26,002
|
$ |
20,972
|
||||
Minority
interest in consolidated joint ventures (Note 1):
|
||||||||
Minority
share of income of consolidated
joint ventures
|
(621 | ) | (733 | ) | ||||
Distributions
in excess of minority share
of income of consolidated joint
ventures
|
(1,649 | ) | (2,938 | ) | ||||
Minority
interest in TRG:
|
||||||||
Minority
share of income of
TRG
|
(7,187 | ) | (2,780 | ) | ||||
Distributions
in excess of minority share
of income of TRG (Note 1)
|
(3,437 | ) | (6,115 | ) | ||||
TRG
Series F
preferred distributions
|
(615 | ) | (615 | ) | ||||
Net
income
|
$ |
12,493
|
$ |
7,791
|
||||
Series
A, G,
H, and I preferred stock dividends (Note 7)
|
(3,659 | ) | (10,403 | ) | ||||
Net
income
(loss) allocable to common shareowners
|
$ |
8,834
|
$ | (2,612 | ) | |||
Net
income
|
$ |
12,493
|
$ |
7,791
|
||||
Other
comprehensive income:
|
||||||||
Unrealized
gain on interest rate
instruments and other
|
5,733
|
2,219
|
||||||
Reclassification
adjustment for amounts
recognized in net income
|
315
|
313
|
||||||
Comprehensive
income
|
$ |
18,541
|
$ |
10,323
|
||||
Basic
earnings per common share (Note 10) -
|
||||||||
Net
income (loss)
|
$ |
0.17
|
$ | (0.05 | ) | |||
Diluted
earnings per common share (Note 10) -
|
||||||||
Net
income (loss)
|
$ |
0.16
|
$ | (0.05 | ) | |||
Cash
dividends declared per common share
|
$ |
0.375
|
$ |
0.305
|
||||
Weighted
average number of common shares outstanding
|
53,412,542
|
52,782,144
|
Six
Months
Ended June 30
|
||||||||
2007
|
2006
|
|||||||
Revenues:
|
||||||||
Minimum
rents
|
$ |
158,162
|
$ |
152,582
|
||||
Percentage
rents
|
3,305
|
3,599
|
||||||
Expense
recoveries
|
108,546
|
97,045
|
||||||
Management,
leasing, and development
services
|
8,522
|
6,083
|
||||||
Other
|
18,765
|
17,988
|
||||||
$ |
297,300
|
$ |
277,297
|
|||||
Expenses:
|
||||||||
Maintenance,
taxes, and
utilities
|
$ |
83,506
|
$ |
75,283
|
||||
Other
operating
|
32,874
|
33,071
|
||||||
Management,
leasing, and development
services
|
4,586
|
3,045
|
||||||
General
and administrative
|
14,336
|
14,470
|
||||||
Interest
expense (Note 6)
|
61,884
|
66,154
|
||||||
Depreciation
and
amortization
|
66,101
|
66,704
|
||||||
$ |
263,287
|
$ |
258,727
|
|||||
Gains
on land
sales and interest income
|
$ |
1,114
|
$ |
7,927
|
||||
Income
before
equity in income of Unconsolidated Joint Ventures and minority
and
preferred
interests
|
$ |
35,127
|
$ |
26,497
|
||||
Equity
in
income of Unconsolidated Joint Ventures (Note 5)
|
17,425
|
15,883
|
||||||
Income
before
minority and preferred interests
|
$ |
52,552
|
$ |
42,380
|
||||
Minority
interest in consolidated joint ventures (Note 1):
|
||||||||
Minority
share of income 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
interest in TRG:
|
||||||||
Minority
share of income of
TRG
|
(14,928 | ) | (8,497 | ) | ||||
Distributions
in excess of minority share
of income of TRG (Note 1)
|
(6,270 | ) | (9,296 | ) | ||||
TRG
Series F
preferred distributions
|
(1,230 | ) | (1,230 | ) | ||||
Net
income
|
$ |
26,549
|
$ |
19,225
|
||||
Series
A, G,
H, and I preferred stock dividends (Note 7)
|
(7,317 | ) | (16,406 | ) | ||||
Net
income
allocable to common shareowners
|
$ |
19,232
|
$ |
2,819
|
||||
Net
income
|
$ |
26,549
|
$ |
19,225
|
||||
Other
comprehensive income:
|
||||||||
Unrealized
gain on interest rate
instruments and other
|
5,757
|
3,133
|
||||||
Reclassification
adjustment for amounts
recognized in net income
|
631
|
774
|
||||||
Comprehensive
income
|
$ |
32,937
|
$ |
23,132
|
||||
Basic
and
diluted earnings per common share (Note 10) -
|
||||||||
Net
income
|
$ |
0.36
|
$ |
0.05
|
||||
Cash
dividends declared per common share
|
$ |
0.75
|
$ |
0.61
|
||||
Weighted
average number of common shares outstanding
|
53,418,055
|
52,456,890
|
Six
Months
Ended June 30
|
||||||||
2007
|
2006
|
|||||||
Cash
Flows
From Operating Activities:
|
||||||||
Net
income
|
$ |
26,549
|
$ |
19,225
|
||||
Adjustments
to reconcile net income to net
cash provided by operating activities:
|
||||||||
Minority
and preferred
interests
|
26,003
|
23,155
|
||||||
Depreciation
and
amortization
|
66,101
|
66,704
|
||||||
Provision
for bad debts
|
2,464
|
2,912
|
||||||
Gains
on sales of land
|
(4,084 | ) | ||||||
Other
|
4,123
|
3,401
|
||||||
Increase
(decrease) in cash attributable
to changes in assets and liabilities:
|
||||||||
Receivables,
deferred charges, and other
assets
|
(8,037 | ) | (4,400 | ) | ||||
Accounts
payable and other
liabilities
|
(14,975 | ) | (15,439 | ) | ||||
Net
Cash
Provided By Operating Activities
|
$ |
102,228
|
$ |
91,474
|
||||
Cash
Flows
From Investing Activities:
|
||||||||
Additions
to properties
|
$ | (99,258 | ) | $ | (84,864 | ) | ||
Net
proceeds from disposition of interest
in center (Note 5)
|
9,000
|
|||||||
Acquisition
of marketable equity
securities
|
(2,290 | ) | ||||||
Acquisition
of additional interest in The
Pier Shops (Note 3)
|
(24,504 | ) | ||||||
Cash
transferred in upon consolidation of
The Pier Shops (Note 3)
|
33,388
|
|||||||
Proceeds
from sales of
land
|
5,423
|
|||||||
Contributions
to Unconsolidated Joint
Ventures
|
(2,937 | ) | (2,129 | ) | ||||
Distributions
from Unconsolidated Joint
Ventures in excess of income
|
4,418
|
4,959
|
||||||
Net
Cash Used
In Investing Activities
|
$ | (91,183 | ) | $ | (67,611 | ) | ||
Cash
Flows
From Financing Activities:
|
||||||||
Debt
proceeds
|
$ |
136,313
|
$ |
495,500
|
||||
Debt
payments
|
(7,961 | ) | (382,782 | ) | ||||
Debt
issuance costs
|
(1,154 | ) | ||||||
Contribution
from minority
interest
|
3,500
|
|||||||
Issuance
of preferred
stock
|
113,000
|
|||||||
Redemption
of preferred
stock
|
(226,000 | ) | ||||||
Repurchase
of common stock (Note
7)
|
(50,000 | ) | ||||||
Equity
issuance costs
|
(607 | ) | ||||||
Distributions
to minority and preferred
interests
|
(27,056 | ) | (68,491 | ) | ||||
Cash
dividends to preferred
shareowners
|
(7,317 | ) | (11,754 | ) | ||||
Cash
dividends to common
shareowners
|
(39,950 | ) | (31,915 | ) | ||||
Other
|
28
|
|||||||
Net
Cash
Provided By (Used In) Financing Activities
|
$ |
4,057
|
$ | (110,703 | ) | |||
Net
Increase
(Decrease) In Cash and Cash Equivalents
|
$ |
15,102
|
$ | (86,840 | ) | |||
Cash
and Cash
Equivalents at Beginning of Period
|
26,282
|
163,577
|
||||||
Effect
of
consolidating Cherry Creek Shopping Center (Note 1)
(Cherry
Creek Shopping Center's cash
balance at beginning of year)
|
2,354
|
|||||||
Cash
and Cash
Equivalents at End of Period
|
$ |
41,384
|
$ |
79,091
|
Shopping
Center
|
Ownership
as
of
June
30, 2007
and
December
31, 2006
|
Arizona
Mills
|
50%
|
Fair
Oaks
Mall
|
50
|
The
Mall at
Millenia
|
50
|
Stamford
Town
Center
|
50
|
Sunvalley
|
50
|
Waterside
Shops at Pelican Bay
|
25
|
Westfarms
|
79
|
June
30
|
December
31
|
|||||||
2007
|
2006
|
|||||||
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, less
provision for bad debts of $1,926
and
$2,032 in 2007 and 2006
|
19,071
|
26,769
|
||||||
Deferred
charges and other
assets
|
18,799
|
23,417
|
||||||
$ |
737,346
|
$ |
923,306
|
|||||
Liabilities
and accumulated deficiency in assets:
|
||||||||
Notes
payable
|
$ |
1,007,284
|
$ |
1,097,347
|
||||
Accounts
payable and other
liabilities
|
34,490
|
84,177
|
||||||
TRG's
accumulated deficiency in
assets
|
(166,670 | ) | (163,778 | ) | ||||
Unconsolidated
Joint Venture Partners'
accumulated deficiency in
assets
|
(137,758 | ) | (94,440 | ) | ||||
$ |
737,346
|
$ |
923,306
|
|||||
TRG's
accumulated deficiency in assets (above)
|
$ | (166,670 | ) | $ | (163,778 | ) | ||
TRG
basis
adjustments, including elimination of intercompany profit
|
76,149
|
77,797
|
||||||
TCO's
additional basis
|
69,558
|
70,530
|
||||||
Net
Investment in Unconsolidated Joint Ventures
|
$ | (20,963 | ) | $ | (15,451 | ) | ||
Distributions
in excess of investments in and net income of Unconsolidated
Joint Ventures
|
104,226
|
101,944
|
||||||
Investment
in
Unconsolidated Joint Ventures
|
$ |
83,263
|
$ |
86,493
|
Three
Months
Ended June 30
|
Six
Months
Ended June 30
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenues
|
$ |
63,871
|
$ |
58,204
|
$ |
127,693
|
$ |
116,604
|
||||||||
Maintenance,
taxes, utilities, and other operating expenses
|
$ |
21,713
|
$ |
20,844
|
$ |
46,270
|
$ |
39,995
|
||||||||
Interest
expense
|
16,617
|
13,353
|
34,421
|
26,595
|
||||||||||||
Depreciation
and amortization
|
9,180
|
9,470
|
18,908
|
18,960
|
||||||||||||
Total
operating costs
|
$ |
47,510
|
$ |
43,667
|
$ |
99,599
|
$ |
85,550
|
||||||||
Interest
income
|
367
|
270
|
814
|
522
|
||||||||||||
Net
income
|
$ |
16,728
|
$ |
14,807
|
$ |
28,908
|
$ |
31,576
|
||||||||
Net
income
allocable to TRG
|
$ |
9,426
|
$ |
7,499
|
$ |
17,997
|
$ |
16,524
|
||||||||
Realized
intercompany profit, net of depreciation on TRG's basis
adjustments
|
299
|
399
|
400
|
331
|
||||||||||||
Depreciation
of TCO's additional basis
|
(486 | ) | (486 | ) | (972 | ) | (972 | ) | ||||||||
Equity
in
income of Unconsolidated Joint Ventures
|
$ |
9,239
|
$ |
7,412
|
$ |
17,425
|
$ |
15,883
|
||||||||
Beneficial
interest in Unconsolidated Joint Ventures' operations:
|
||||||||||||||||
Revenues
less maintenance, taxes,
utilities, and other operating
expenses
|
$ |
23,536
|
$ |
21,389
|
$ |
45,420
|
$ |
43,757
|
||||||||
Interest
expense
|
(8,325 | ) | (7,617 | ) | (16,627 | ) | (15,173 | ) | ||||||||
Depreciation
and
amortization
|
(5,972 | ) | (6,360 | ) | (11,368 | ) | (12,701 | ) | ||||||||
Equity
in income of Unconsolidated Joint
Ventures
|
$ |
9,239
|
$ |
7,412
|
$ |
17,425
|
$ |
15,883
|
At
100%
|
At
Beneficial
Interest
|
|||||||||||||||
Consolidated
Subsidiaries
|
Unconsolidated
Joint
Ventures
|
Consolidated
Subsidiaries
|
Unconsolidated
Joint
Ventures
|
|||||||||||||
Debt
as
of:
|
||||||||||||||||
June
30, 2007
|
$ |
2,582,590
|
$ |
1,007,284
|
$ |
2,296,848
|
$ |
519,634
|
||||||||
December
31, 2006
|
2,319,538
|
1,097,347
|
2,063,111
|
522,180
|
||||||||||||
Capital
lease
obligations as of:
|
||||||||||||||||
June
30, 2007
|
$ |
7,529
|
$ |
1,046
|
$ |
7,512
|
$ |
523
|
||||||||
December
31, 2006
|
7,501
|
676
|
7,336
|
338
|
||||||||||||
Capitalized
interest:
|
||||||||||||||||
Six
months ended June 30,
2007
|
$ |
7,428
|
$ |
78
|
$ |
7,400
|
$ |
19
|
||||||||
Six
months ended June 30,
2006
|
4,316
|
4,314
|
||||||||||||||
Interest
expense:
|
||||||||||||||||
Six
months ended June 30,
2007
|
$ |
61,884
|
$ |
34,421
|
$ |
55,046
|
$ |
16,627
|
||||||||
Six
months ended June 30,
2006
|
66,154
|
26,595
|
59,864
|
15,173
|
Center
|
Loan
balance
as of 6/30/07
|
TRG's
beneficial
interest in loan balance as
of
6/30/07
|
Amount
of
loan balance guaranteed by TRG as of 6/30/07
|
%
of
loan
balance
guaranteed
by
TRG
|
%
of interest
guaranteed by TRG
|
|||||||||||||||
(in
millions
of dollars)
|
||||||||||||||||||||
Dolphin
Mall
|
95.0
|
95.0
|
95.0
|
100%
|
100%
|
|||||||||||||||
Fairlane
Town
Center
|
80.0
|
80.0
|
80.0
|
100%
|
100%
|
|||||||||||||||
Twelve
Oaks
Mall
|
-
|
-
|
-
|
100%
|
100%
|
2007
|
|
Expected
volatility
|
20.76%
|
Expected
dividend yield
|
3.00%
|
Expected
terms (in years)
|
7
|
Risk-free
interest rate
|
4.45%
|
Weighted-average
grant-date fair value
|
$11.77
|
Number
of
Options
|
Weighted
Average Exercise Price
|
Weighted
Average Remaining
Contractual
Term
(in
years)
|
Range
of
Exercise
Prices
|
|||||||||||||
Outstanding
at January 1, 2007
|
1,115,376
|
$ |
32.55
|
8.5
|
$29.38
-
$40.39
|
|||||||||||
Granted
|
226,875
|
55.90
|
||||||||||||||
Outstanding
at June 30, 2007
|
1,342,251
|
$ |
36.50
|
8.3
|
$29.38
-
$55.90
|
|||||||||||
Fully
vested
options at June 30, 2007
|
279,048
|
$ |
34.16
|
8.1
|
Restricted
Stock Units
|
Weighted-Average
Grant
Date
Fair Value
|
|||||||
Outstanding
at January 1, 2007
|
261,685
|
$35.79
|
||||||
Granted
|
102,905
|
56.54
|
||||||
Redeemed
|
(672 | ) |
34.93
|
|||||
Forfeited
|
(3,095 | ) |
44.73
|
|||||
Outstanding
at June 30, 2007
|
360,823
|
41.63
|
Three
Months
Ended June 30
|
Six
Months
Ended June 30
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
income
(loss) allocable to common shareowners (Numerator)
|
$ |
8,834
|
$ | (2,612 | ) | $ |
19,232
|
$ |
2,819
|
|||||||
Shares
(Denominator) – basic
|
53,412,542
|
52,782,144
|
53,418,055
|
52,456,890
|
||||||||||||
Effect
of
dilutive securities
|
643,718
|
648,175
|
245,043
|
|||||||||||||
Shares
(Denominator) – diluted
|
54,056,260
|
52,782,144
|
54,066,230
|
52,701,933
|
||||||||||||
Income
(loss)
per common share:
|
||||||||||||||||
Basic
|
$ |
0.17
|
$ | (0.05 | ) | $ |
0.36
|
$ |
0.05
|
|||||||
Diluted
|
$ |
0.16
|
$ | (0.05 | ) | $ |
0.36
|
$ |
0.05
|
Three
Months
Ended
June
30
|
Six
Months
Ended
June 30
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Average
rent
per square foot:
|
||||||||||||||||
Consolidated
Businesses
|
$ |
43.64
|
$ |
42.88
|
$ |
43.75
|
$ |
42.84
|
||||||||
Unconsolidated
Joint
Ventures
|
41.52
|
41.12
|
41.43
|
41.48
|
||||||||||||
Opening
base
rent per square foot:
|
||||||||||||||||
Consolidated
Businesses
|
$ |
45.85
|
$ |
42.02
|
$ |
51.34
|
$ |
43.23
|
||||||||
Unconsolidated
Joint
Ventures
|
42.91
|
33.36
|
46.13
|
42.74
|
||||||||||||
Square
feet
of GLA opened:
|
||||||||||||||||
Consolidated
Businesses
|
173,469
|
214,732
|
393,813
|
470,293
|
||||||||||||
Unconsolidated
Joint
Ventures
|
40,256
|
75,498
|
142,163
|
162,497
|
||||||||||||
Closing
base
rent per square foot:
|
||||||||||||||||
Consolidated
Businesses
|
$ |
46.82
|
$ |
39.60
|
$ |
42.26
|
$ |
41.91
|
||||||||
Unconsolidated
Joint
Ventures
|
54.59
|
50.47
|
47.27
|
45.83
|
||||||||||||
Square
feet
of GLA closed:
|
||||||||||||||||
Consolidated
Businesses
|
143,634
|
196,713
|
547,505
|
594,696
|
||||||||||||
Unconsolidated
Joint
Ventures
|
41,838
|
26,401
|
180,717
|
178,743
|
||||||||||||
Releasing
spread per square foot:
|
||||||||||||||||
Consolidated
Businesses
|
$ | (0.97 | ) | $ |
2.42
|
$ |
9.08
|
$ |
1.32
|
|||||||
Unconsolidated
Joint
Ventures
|
(11.68 | ) | (17.11 | ) | (1.14 | ) | (3.09 | ) |
2nd
Quarter
2007
|
1st
Quarter
2007
|
Total
2006
|
4th
Quarter
2006
|
3rd
Quarter
2006
|
2nd
Quarter
2006
|
1st
Quarter
2006
|
||||||||||||||||||||||
(in
thousands
of dollars, except as indicated)
|
||||||||||||||||||||||||||||
Mall
tenant
sales (1)
|
1,066,258
|
1,044,558
|
4,348,826
|
1,447,188
|
985,224
|
989,275
|
927,139
|
|||||||||||||||||||||
Revenues
and
gains on land sales
and
interest income:
|
||||||||||||||||||||||||||||
Consolidated
Businesses
|
152,997
|
145,417
|
588,744
|
163,455
|
140,065
|
144,780
|
140,444
|
|||||||||||||||||||||
Unconsolidated
Joint
Ventures
|
64,233
|
64,275
|
253,486
|
72,584
|
63,772
|
58,554
|
58,576
|
|||||||||||||||||||||
Occupancy:
|
||||||||||||||||||||||||||||
Ending-comparable
|
90.0 | % | 89.6 | % | 91.3 | % | 91.3 | % | 89.3 | % | 88.8 | % | 88.2 | % | ||||||||||||||
Average-comparable
|
89.8
|
89.7
|
89.1
|
90.5
|
89.0
|
88.6
|
88.2
|
|||||||||||||||||||||
Ending
|
89.9
|
89.7
|
91.3
|
91.3
|
89.5
|
89.0
|
88.3
|
|||||||||||||||||||||
Average
|
89.7
|
89.8
|
89.2
|
90.6
|
89.2
|
88.7
|
88.4
|
|||||||||||||||||||||
Leased
space:
|
||||||||||||||||||||||||||||
Comparable
|
92.5 | % | 92.0 | % | 92.4 | % | 92.4 | % | 92.3 | % | 91.7 | % | 90.8 | % | ||||||||||||||
All
centers
|
92.4
|
92.1
|
92.5
|
92.5
|
92.4
|
91.8
|
90.9
|
(1)
|
Based
on
reports of sales furnished by mall tenants. 2007 information
for Arizona Mills is based on
estimates.
|
2nd
Quarter
2007
|
1st
Quarter
2007
|
Total
2006
|
4th
Quarter
2006
|
3rd
Quarter
2006
|
2nd
Quarter
2006
|
1st
Quarter
2006
|
|||||||||||||||||||||
Consolidated
Businesses:
|
|||||||||||||||||||||||||||
Minimum
rents
|
9.7 | % | 10.0 | % | 9.1 | % | 7.1 | % | 9.9 | % | 9.9 | % | 10.5 | % | |||||||||||||
Percentage
rents
|
0.1
|
0.3
|
0.4
|
0.8
|
0.3
|
0.1
|
0.4
|
||||||||||||||||||||
Expense
recoveries
|
5.8
|
5.1
|
4.9
|
4.2
|
4.9
|
5.6
|
4.8
|
||||||||||||||||||||
Mall
tenant occupancy
costs
|
15.6 | % | 15.4 | % | 14.4 | % | 12.1 | % | 15.1 | % | 15.6 | % | 15.7 | % | |||||||||||||
Unconsolidated
Joint Ventures:
|
|||||||||||||||||||||||||||
Minimum
rents
|
8.7 | % | 8.8 | % | 8.3 | % | 6.4 | % | 9.2 | % | 9.1 | % | 9.7 | % | |||||||||||||
Percentage
rents
|
0.3
|
0.2
|
0.4
|
0.8
|
0.3
|
0.2
|
0.2
|
||||||||||||||||||||
Expense
recoveries
|
4.4
|
3.9
|
3.8
|
3.2
|
4.1
|
4.1
|
3.9
|
||||||||||||||||||||
Mall
tenant occupancy
costs
|
13.4 | % | 12.9 | % | 12.5 | % | 10.4 | % | 13.6 | % | 13.4 | % | 13.8 | % |
Three
Months
Ended June 30, 2007
|
Three
Months
Ended June 30, 2006
|
|||
CONSOLIDATED
BUSINESSES
|
UNCONSOLIDATED
JOINT
VENTURES
AT
100%(1)
|
CONSOLIDATED
BUSINESSES
|
UNCONSOLIDATED
JOINT
VENTURES
AT
100%(1)
|
REVENUES:
|
||||||||||||||||
Minimum
rents
|
79.5
|
37.1
|
76.6
|
35.9
|
||||||||||||
Percentage
rents
|
1.0
|
1.6
|
0.7
|
0.8
|
||||||||||||
Expense
recoveries
|
57.9
|
22.8
|
52.2
|
20.4
|
||||||||||||
Management,
leasing and development
services
|
3.6
|
3.2
|
||||||||||||||
Other
|
10.2
|
2.3
|
6.7
|
1.2
|
||||||||||||
Total
revenues
|
152.3
|
63.9
|
139.3
|
58.3
|
||||||||||||
EXPENSES:
|
||||||||||||||||
Maintenance,
taxes, and
utilities
|
45.6
|
16.0
|
40.5
|
14.2
|
||||||||||||
Other
operating
|
16.1
|
4.8
|
16.5
|
5.9
|
||||||||||||
Management,
leasing and development
services
|
1.8
|
1.5
|
||||||||||||||
General
and
administrative
|
7.0
|
7.5
|
||||||||||||||
Interest
expense
|
32.2
|
16.6
|
31.9
|
13.4
|
||||||||||||
Depreciation
and amortization (2)
|
33.6
|
9.8
|
33.3
|
10.2
|
||||||||||||
Total
expenses
|
136.2
|
47.1
|
131.2
|
43.8
|
||||||||||||
Gains
on land
sales and interest income
|
0.7
|
0.4
|
5.5
|
0.3
|
||||||||||||
16.8
|
17.1
|
13.6
|
14.8
|
|||||||||||||
Equity
in
income of Unconsolidated Joint Ventures (2)
|
9.2
|
7.4
|
||||||||||||||
Income
before
minority and preferred interests
|
26.0
|
21.0
|
||||||||||||||
Minority
and
preferred interests:
|
||||||||||||||||
TRG
preferred
distributions
|
(0.6 | ) | (0.6 | ) | ||||||||||||
Minority
share of income of
consolidated joint ventures
|
(0.6 | ) | (0.7 | ) | ||||||||||||
Distributions
in excess of minority
share of income
of
consolidated joint ventures
|
(1.6 | ) | (2.9 | ) | ||||||||||||
Minority
share of income of
TRG
|
(7.2 | ) | (2.8 | ) | ||||||||||||
Distributions
in excess of minority
share of income of
TRG
|
(3.4 | ) | (6.1 | ) | ||||||||||||
Net
income
|
12.5
|
7.8
|
||||||||||||||
Preferred
dividends
|
(3.7 | ) | (10.4 | ) | ||||||||||||
Net
income
(loss) allocable to common shareowners
|
8.8
|
(2.6 | ) | |||||||||||||
SUPPLEMENTAL
INFORMATION:
|
||||||||||||||||
EBITDA
- 100%
|
82.5
|
43.5
|
78.7
|
38.4
|
||||||||||||
EBITDA
- outside partners'
share
|
(8.3 | ) | (20.0 | ) | (6.8 | ) | (17.0 | ) | ||||||||
Beneficial
interest in
EBITDA
|
74.2
|
23.5
|
71.9
|
21.4
|
||||||||||||
Beneficial
interest
expense
|
(28.6 | ) | (8.3 | ) | (28.7 | ) | (7.6 | ) | ||||||||
Non-real
estate
depreciation
|
(0.7 | ) | (0.6 | ) | ||||||||||||
Preferred
dividends and
distributions
|
(4.3 | ) | (11.0 | ) | ||||||||||||
Funds
from Operations
contribution
|
40.7
|
15.2
|
31.6
|
13.8
|
(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 our ownership interest. In our consolidated financial
statements, we account for investments in the Unconsolidated Joint
Ventures under the equity method. The results of The Pier Shops are
presented within the Consolidated Businesses for periods beginning
April
13, 2007, as a result of our acquisition of a controlling interest
in the
center. Results of The Pier Shops prior to the acquisition date
are included within the Unconsolidated Joint
Ventures.
|
(2)
|
Amortization
of our additional basis in the Operating Partnership included in
depreciation and amortization was $1.2 million in both 2007 and
2006. Also, amortization of our additional basis included in
equity in income of Unconsolidated Joint Ventures was $0.5 million
in both
2007 and 2006.
|
(3)
|
Amounts
in
this table may not add due to
rounding.
|
Six
Months
Ended June 30, 2007
|
Six
Months
Ended June 30, 2006
|
|||
CONSOLIDATED
BUSINESSES
|
UNCONSOLIDATED
JOINT
VENTURES
AT
100%(1)
|
CONSOLIDATED
BUSINESSES
|
UNCONSOLIDATED
JOINT
VENTURES
AT
100%(1)
|
REVENUES:
|
||||||||||||||||
Minimum
rents
|
158.2
|
75.6
|
152.6
|
70.4
|
||||||||||||
Percentage
rents
|
3.3
|
2.6
|
3.6
|
1.7
|
||||||||||||
Expense
recoveries
|
108.5
|
45.4
|
97.0
|
38.5
|
||||||||||||
Management,
leasing and development
services
|
8.5
|
6.1
|
||||||||||||||
Other
|
18.8
|
4.1
|
18.0
|
6.0
|
||||||||||||
Total
revenues
|
297.3
|
127.7
|
277.3
|
116.6
|
||||||||||||
EXPENSES:
|
||||||||||||||||
Maintenance,
taxes, and
utilities
|
83.5
|
33.7
|
75.3
|
27.6
|
||||||||||||
Other
operating
|
32.9
|
11.2
|
33.1
|
11.2
|
||||||||||||
Management,
leasing and development
services
|
4.6
|
3.0
|
||||||||||||||
General
and
administrative
|
14.3
|
14.5
|
||||||||||||||
Interest
expense (2)
|
61.9
|
34.4
|
66.2
|
26.6
|
||||||||||||
Depreciation
and amortization (3)
|
66.1
|
20.0
|
66.7
|
20.4
|
||||||||||||
Total
expenses
|
263.3
|
99.3
|
258.7
|
85.8
|
||||||||||||
Gains
on land
sales and interest income
|
1.1
|
0.8
|
7.9
|
0.5
|
||||||||||||
35.1
|
29.3
|
26.5
|
31.3
|
|||||||||||||
Equity
in
income of Unconsolidated Joint Ventures (3)
|
17.4
|
15.9
|
||||||||||||||
Income
before
minority and preferred interests
|
52.6
|
42.4
|
||||||||||||||
Minority
and
preferred interests:
|
||||||||||||||||
TRG
preferred
distributions
|
(1.2 | ) | (1.2 | ) | ||||||||||||
Minority
share of income of
consolidated joint ventures
|
(2.5 | ) | (2.4 | ) | ||||||||||||
Distributions
in excess of minority
share of income
of
consolidated joint ventures
|
(1.0 | ) | (1.7 | ) | ||||||||||||
Minority
share of income of
TRG
|
(14.9 | ) | (8.5 | ) | ||||||||||||
Distributions
in excess of minority
share of income of
TRG
|
(6.3 | ) | (9.3 | ) | ||||||||||||
Net
income
|
26.5
|
19.2
|
||||||||||||||
Preferred
dividends
|
(7.3 | ) | (16.4 | ) | ||||||||||||
Net
income
allocable to common shareowners
|
19.2
|
2.8
|
||||||||||||||
SUPPLEMENTAL
INFORMATION:
|
||||||||||||||||
EBITDA
- 100%
|
163.1
|
83.6
|
159.4
|
78.4
|
||||||||||||
EBITDA
- outside partners'
share
|
(17.1 | ) | (38.2 | ) | (14.7 | ) | (34.6 | ) | ||||||||
Beneficial
interest in
EBITDA
|
146.0
|
45.4
|
144.6
|
43.8
|
||||||||||||
Beneficial
interest
expense
|
(55.0 | ) | (16.6 | ) | (59.9 | ) | (15.2 | ) | ||||||||
Non-real
estate
depreciation
|
(1.3 | ) | (1.2 | ) | ||||||||||||
Preferred
dividends and
distributions
|
(8.5 | ) | (17.6 | ) | ||||||||||||
Funds
from Operations
contribution
|
81.1
|
28.8
|
65.9
|
28.6
|
(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 our ownership interest. In our consolidated financial
statements, we account for investments in the Unconsolidated Joint
Ventures under the equity method. The results of The Pier Shops are
presented within the Consolidated Businesses for periods beginning
April
13, 2007, as a result of our acquisition of a controlling interest
in the
center. Results of The Pier Shops prior to the acquisition date
are included within the Unconsolidated Joint
Ventures.
|
(2)
|
Interest
expense for the six months ended June 30, 2006 includes a $2.1 million
charge incurred in connection with the write-off of financing costs
related to the pay-off of the loans on Willow Bend when the loans
became
prepayable without penalty.
|
(3)
|
Amortization
of our additional basis in the Operating Partnership included in
depreciation and amortization was $2.5 million and $2.4 million in
2007
and 2006, respectively. Also, amortization of our additional
basis included in equity in income of Unconsolidated Joint Ventures
was
$1.0 million in both 2007 and 2006.
|
(4) | Amounts in this table may not add due to rounding. |
Three
Months
Ended June 30
|
Six
Months
Ended June 30
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(in
millions
of dollars)
|
||||||||||||||||
Net
income
(loss) allocable to common shareowners
|
8.8
|
(2.6 | ) |
19.2
|
2.8
|
|||||||||||
Add
(less)
depreciation and amortization: (1)
|
||||||||||||||||
Consolidated
businesses at
100%
|
33.6
|
33.3
|
66.1
|
66.7
|
||||||||||||
Minority
partners in consolidated joint
ventures
|
(4.0 | ) | (2.9 | ) | (7.7 | ) | (6.0 | ) | ||||||||
Share
of unconsolidated joint
ventures
|
6.0
|
6.4
|
11.4
|
12.7
|
||||||||||||
Non-real
estate
depreciation
|
(0.7 | ) | (0.6 | ) | (1.3 | ) | (1.2 | ) | ||||||||
Add
minority
interests:
|
||||||||||||||||
Minority
share of income of
TRG
|
7.2
|
2.8
|
14.9
|
8.5
|
||||||||||||
Distributions
in excess of minority
share of income
of
TRG
|
3.4
|
6.1
|
6.3
|
9.3
|
||||||||||||
Distributions
in excess of minority
share of income
of
consolidated joint ventures
|
1.6
|
2.9
|
1.0
|
1.7
|
||||||||||||
Funds
from
Operations
|
56.0
|
45.4
|
109.9
|
94.5
|
||||||||||||
TCO's
average
ownership percentage of TRG
|
66.1 | % | 65.1 | % | 66.0 | % | 64.7 | % | ||||||||
Funds
from
Operations allocable to TCO
|
37.0
|
29.6
|
72.5
|
61.1
|
(1)
|
Depreciation
includes $2.9 million and $2.8 million of mall tenant allowance
amortization for the three months ended June 30, 2007 and 2006,
respectively, and $5.5 million and $4.6 million for the six months
ended
June 30, 2007 and 2006,
respectively.
|
(2)
|
Amounts
in
this table may not recalculate due to
rounding.
|
Three
Months
Ended June 30
|
Six
Months
Ended June 30
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(in
millions
of dollars)
|
||||||||||||||||
Net
income
|
12.5
|
7.8
|
26.5
|
19.2
|
||||||||||||
Add
(less)
depreciation and amortization:
|
||||||||||||||||
Consolidated
businesses at
100%
|
33.6
|
33.3
|
66.1
|
66.7
|
||||||||||||
Minority
partners in consolidated joint
ventures
|
(4.0 | ) | (2.9 | ) | (7.7 | ) | (6.0 | ) | ||||||||
Share
of unconsolidated joint
ventures
|
6.0
|
6.4
|
11.4
|
12.7
|
||||||||||||
Add
(less)
preferred interests and interest expense:
|
||||||||||||||||
Preferred
distributions
|
0.6
|
0.6
|
1.2
|
1.2
|
||||||||||||
Interest
expense:
|
||||||||||||||||
Consolidated
businesses at
100%
|
32.2
|
31.9
|
61.9
|
66.2
|
||||||||||||
Minority
partners in consolidated joint
ventures
|
(3.6 | ) | (3.2 | ) | (6.8 | ) | (6.3 | ) | ||||||||
Share
of unconsolidated joint
ventures
|
8.3
|
7.6
|
16.6
|
15.2
|
||||||||||||
Add
minority
interests:
|
||||||||||||||||
Minority
share of income of
TRG
|
7.2
|
2.8
|
14.9
|
8.5
|
||||||||||||
Distributions
in excess of minority
share of income
of
TRG
|
3.4
|
6.1
|
6.3
|
9.3
|
||||||||||||
Distributions
in excess of minority
share of income
of
consolidated joint ventures
|
1.6
|
2.9
|
1.0
|
1.7
|
||||||||||||
Beneficial
interest in EBITDA
|
97.8
|
93.3
|
191.4
|
188.4
|
||||||||||||
TCO's
average
ownership percentage of TRG
|
66.1 | % | 65.1 | % | 66.0 | % | 64.7 | % | ||||||||
Beneficial
interest in EBITDA allocable to TCO
|
64.6
|
60.7
|
126.3
|
121.9
|
(1)
|
Amounts
in
this table may not recalculate due to
rounding.
|
Amount
|
Interest
Rate
Including
Spread
|
|||||||
(in
millions
of dollars)
|
||||||||
Fixed
rate
debt
|
2,573.8
|
5.68 | %(1) | |||||
Floating
rate
debt:
|
||||||||
Swapped
through October
2012
|
15.0
|
5.95 | % | |||||
Floating
month to month
|
227.7
|
6.12 | %(1) | |||||
Total
floating rate
debt
|
242.7
|
6.11 | %(1) | |||||
Total
beneficial interest in debt
|
2,816.5
|
5.72 | %(1) | |||||
Amortization
of financing costs (2)
|
0.16 | % | ||||||
Average
all-in rate
|
5.88 | % |
(1)
|
Represents
weighted average interest rate before amortization of financing
costs.
|
(2)
|
Financing
costs include financing fees, interest rate cap premiums, and
losses on
settlement of derivatives used to hedge the refinancing of certain
fixed
rate debt.
|
(3)
|
Amounts
in
table may not add due to
rounding.
|
Payments
Due
by Period
|
||||||||||||||||||||
Total
|
Less
than
1
year
(2007)
|
1-3
years
(2008-2009)
|
3-5
years
(2010-2011)
|
More
than 5
years (2012+)
|
||||||||||||||||
(in
millions
of dollars)
|
||||||||||||||||||||
Debt
(1)
|
2,582.6
|
8.3
|
393.5
|
260.7
|
1,920.1
|
|||||||||||||||
Interest
payments
|
956.1
|
73.4
|
265.2
|
232.3
|
385.1
|
|||||||||||||||
Purchase
obligations -
|
||||||||||||||||||||
Planned
capital spending (2)
|
125.6
|
125.6
|
(1)
|
The
settlement
periods for debt do not consider extension options. Amounts
relating to interest on floating rate debt are calculated based
on the
debt balances and interest rates as of June 30,
2007.
|
(2)
|
As
of June 30,
2007, we were contractually liable for $74.8 million of this planned
spending. See "Liquidity and Capital Resources - Planned
Capital Spending" for detail regarding planned
funding.
|
(3)
|
Amounts
in
this table may not add due to
rounding.
|
2007
(1)
|
||||||||||||||||
Consolidated
Businesses
|
Beneficial
Interest
in
Consolidated Businesses
|
Unconsolidated
Joint Ventures
|
Beneficial
Interest in Unconsolidated
Joint
Ventures
|
|||||||||||||
(in
millions
of dollars)
|
||||||||||||||||
New
Development Projects:
|
||||||||||||||||
Pre-construction
development activities
(2)
|
21.9
|
21.9
|
||||||||||||||
New
centers (3)
|
23.0
|
22.9
|
||||||||||||||
Existing
Centers:
|
||||||||||||||||
Renovation
projects with incremental GLA
and/or
anchor
replacement (4)
|
24.5
|
22.4
|
21.7
|
9.2
|
||||||||||||
Renovations
with no incremental GLA
effect and other
|
0.7
|
0.7
|
1.9
|
1.0
|
||||||||||||
Mall
tenant allowances (5)
|
7.8
|
7.5
|
0.7
|
0.4
|
||||||||||||
Asset
replacement costs reimbursable by
tenants
|
5.6
|
5.2
|
1.1
|
0.6
|
||||||||||||
Corporate
office improvements and equipment
|
0.8
|
0.8
|
||||||||||||||
Additions
to
properties
|
84.3
|
81.4
|
25.4
|
11.2
|
(1)
|
Costs
are net
of intercompany profits and are computed on an accrual
basis.
|
(2)
|
Primarily
includes costs to acquire land for future development in North
Atlanta,
Georgia, and project costs of North Atlanta and Oyster
Bay.
|
(3)
|
Includes
costs
related to Partridge Creek and The Pier Shops (subsequent to the
acquisition).
|
(4)
|
Includes
costs
related to the renovation at Stamford Town Center and the expansion
at
Twelve Oaks.
|
(5)
|
Excludes
initial lease-up costs.
|
(6)
|
Amounts
in
this table may not add due to
rounding.
|
(in
millions
of dollars)
|
||||
Consolidated
Businesses’ capital spending
|
84.3
|
|||
Differences
between cash and accrual basis
|
15.0
|
|||
Additions
to
properties
|
99.3
|
2007
(1)
|
||||||||||||||||
Consolidated
Businesses
|
Beneficial
Interest in Consolidated Businesses
|
Unconsolidated
Joint Ventures
|
Beneficial
Interest in Unconsolidated Joint Ventures
|
|||||||||||||
(in
millions
of dollars)
|
||||||||||||||||
New
development projects (2)
|
127.6
|
125.9
|
||||||||||||||
Existing
centers (3)
|
81.2
|
78.2
|
55.1
|
28.7
|
||||||||||||
Corporate
office improvements and equipment
|
1.0
|
1.0
|
||||||||||||||
Total
|
209.9
|
205.2
|
55.1
|
28.7
|
(1)
|
Costs
are net
of intercompany profits.
|
(2)
|
Includes
costs
related to Partridge Creek, The Pier Shops (subsequent to the
acquisition), Oyster Bay, and North
Atlanta.
|
(3)
|
Includes
costs
related to the renovation at Stamford Town Center and the expansion
at
Twelve Oaks.
|
(4)
|
Amounts
in
this table may not add due to
rounding.
|
Period
|
Total
Number
of Shares Purchased
|
Average
Price
Paid per Share
|
Total
Number
of Shares Purchased as Part of Publicly Announced
Plans
or
Programs
|
Maximum
Dollar Value of Shares that May Yet Be Purchased Under the Plans
or
Programs
|
||||||||||||
April
2007
|
$50,000,000
|
|||||||||||||||
May
2007
|
373,200
|
$53.85
|
373,200
|
29,901,870
|
||||||||||||
June
2007
|
550,164
|
$54.35
|
550,164
|
|||||||||||||
Total
|
923,364
|
$54.15
|
923,364
|
NOMINEES
|
VOTES
FOR
|
VOTES
WITHHELD
|
Jerome
A.
Chazen
|
69,741,506
|
2,569,903
|
Craig
M.
Hatkoff
|
70,048,318
|
2,263,091
|
72,162,513
|
Votes
were
cast for ratification;
|
137,918
|
Votes
were
cast against ratification; and
|
10,976
|
Votes
abstained.
|
38,802,279
|
Votes
were
cast for;
|
30,991,115
|
Votes
were
cast against; and
|
98,634
|
Votes
abstained.
|
12
|
--
|
Statement
Re:
Computation of Taubman Centers, Inc. Ratio of Earnings to Combined
Fixed
Charges and Preferred Dividends
|
31(a)
|
--
|
Certification
of Chief Executive Officer pursuant to 15 U.S.C. Section 10A, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
31(b)
|
--
|
Certification
of Chief Financial Officer pursuant to 15 U.S.C. Section 10A, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
32(a)
|
--
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
32(b)
|
--
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
99
|
--
|
Debt
Maturity
Schedule
|
TAUBMAN
CENTERS, INC.
|
|
Date:
August
1, 2007
|
By: /s/
Lisa A. Payne
|
Lisa
A.
Payne
|
|
Vice
Chairman, Chief Financial Officer, and Director (Principal Financial
Officer)
|