DOCSLIB.ORG

Taubman Centers Inc

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Taubman Centers Inc TAUBMAN CENTERS INC FORM 10-Q (Quarterly Report) Filed 11/16/98 for the Period Ending 09/30/98 Address 200 E LONG LAKE RD SUITE 300 P O BOX 200 BLOOMFIELD HILLS, MI 48303-0200 Telephone 2482586800 CIK 0000890319 Symbol TCO SIC Code 6798 - Real Estate Investment Trusts Industry Real Estate Operations Sector Services Fiscal Year 12/31 http://www.edgar-online.com © Copyright 2013, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended: June 30, 1998 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 (I.R.S. Employer incorporation or organization) Identification No.) 200 East Long Lake Road, Suite 300, P.O. Box 200, Bloomfield Hills, Michigan (Address of principal executive offices) 48303-0200 ------------ (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. Yes X . No . As of November 12, 1998, there were outstanding 52,922,823 shares of the Company's common stock, par value $0.01 per share. PART 1. FINANCIAL INFORMATION Item 1. Financial Statements. The following financial statements of Taubman Centers, Inc. (the Company) are provided pursuant to the requirements of this item. The financial statements of The Taubman Realty Group Limited Partnership (TRG) are also provided. INDEX TO FINANCIAL STATEMENTS TAUBMAN CENTERS, INC. Balance Sheet as of September 30, 1998 and December 31, 1997................. 2 Statement of Operations for the three months ended September 30, 1998 and 1997................................................. 3 Statement of Operations for the nine months ended September 30, 1998 and 1997................................................. 4 Statement of Cash Flows for the nine months ended September 30, 1998 and 1997................................................. 5 Notes to Financial Statements................................................ 6 THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP Consolidated Balance Sheet as of September 30, 1998 and December 31, 1997.... 12 Consolidated Statement of Operations for the three months ended September 30, 1998 and 1997................................................. 13 Consolidated Statement of Operations for the nine months ended September 30, 1998 and 1997................................................. 14 Consolidated Statement of Cash Flows for the nine months ended September 30, 1998 and 1997................................................. 15 Notes to Consolidated Financial Statements................................... 16 - 1 - TAUBMAN CENTERS, INC. BALANCE SHEET (in thousands, except share data) September 30 December 31 ------------ ----------- 1998 1997 ---- ---- Assets: Investment in TRG (Notes 1 and 2): Partnership interest $ 347,859 Series A Preferred Equity interest 200,000 --------- $ 547,859 Properties, net of accumulated depreciation and amortization of $167,259 $1,204,531 Investment in Unconsolidated Joint Ventures 96,067 Cash and cash equivalents 33,804 8,965 Accounts and notes receivable, less allowance for doubtful accounts of $386 14,249 Accounts receivable from related parties 8,428 Deferred charges and other assets 21,302 ---------- --------- $1,378,381 $ 556,824 ========== ========= Liabilities: Unsecured notes payable $ 441,496 Mortgage notes payable 241,969 Accounts payable and accrued liabilities 155,144 $ 277 Dividends payable 12,435 11,929 ---------- --------- $ 851,044 $ 12,206 Commitments and Contingencies (Note 3) Minority Interests (Note 1) Shareowners' Equity (Notes 3 and 4): Series A Cumulative Redeemable Preferred Stock, $0.01 par value, 50,000,000 shares authorized, $200 million liquidation preference, 8,000,000 shares issued and outstanding at September 30, 1998 and December 31, 1997 $ 80 $ 80 Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized at September 30, 1998, none issued Common Stock, $0.01 par value, 250,000,000 shares authorized, 52,916,896 and 50,759,657 issued and outstanding at September 30, 1998 and December 31, 1997 529 508 Additional paid-in capital 697,088 668,951 Dividends in excess of net income (170,360) (124,921) ---------- --------- $ 527,337 $ 544,618 ---------- --------- $1,378,381 $ 556,824 ========== ========= See notes to financial statements. - 2 - TAUBMAN CENTERS, INC. STATEMENT OF OPERATIONS (in thousands, except share data) Three Months Ended September 30 ------------------------------- 1998 1997 ---- ---- Income: Income before extraordinary item from investment in TRG (Note 2): Equity in TRG's income before extraordinary item allocable to partnership unitholders $ 1,567 $ 6,408 Series A Preferred Equity interest in TRG 4,150 Interest and other 100 78 -------- ------- $ 5,817 $ 6,486 -------- ------- Operating Expenses: General and administrative $ 182 $ 210 Management fee 62 62 -------- ------- $ 244 $ 272 -------- ------- Income before extraordinary item $ 5,573 $ 6,214 Equity in TRG's extraordinary item (Note 2) (19,699) -------- ------- Net income (loss) $(14,126) $ 6,214 Preferred dividends (4,150) -------- ------- Net income (loss) available to common shareowners $(18,276) $ 6,214 ======== ======= Basic earnings per common share: Income before extraordinary item $ .03 $ .12 ======== ======= Net income (loss) $ (.35) $ .12 ======== ======= Diluted earnings per common share: Income before extraordinary item $ .03 $ .12 ======== ======= Net income (loss) $ (.34) $ .12 ======== ======= Cash dividends declared per common share $ .235 $ .23 ======== ======= Weighted average number of common shares outstanding 52,899,013 50,745,241 ========== ========== See notes to financial statements. - 3 - TAUBMAN CENTERS, INC. STATEMENT OF OPERATIONS (in thousands, except share data) Nine Months Ended September 30 ------------------------------ 1998 1997 ---- ---- Income: Income before extraordinary items from investment in TRG (Note 2): Equity in TRG's income before extraordinary items allocable to partnership unitholders $ 11,910 $ 19,102 Series A Preferred Equity interest in TRG 12,450 Interest and other 295 229 -------- -------- $ 24,655 $ 19,331 Operating Expenses: General and administrative $ 582 $ 591 Management fee 187 187 -------- -------- $ 769 $ 778 -------- -------- Income before extraordinary items $ 23,886 $ 18,553 Equity in TRG's extraordinary items (Note 2) (20,066) -------- -------- Net income $ 3,820 $ 18,553 Preferred dividends (12,450) -------- -------- Net income (loss) available to common shareowners $ (8,630) $ 18,553 ======== ======== Basic earnings per common share: Income before extraordinary items $ .22 $ .37 ======== ======== Net income (loss) $ (.17) $ .37 ======== ======== Diluted earnings per common share: Income before extraordinary items $ .22 $ .36 ======== ======== Net income (loss) $ (.17) $ .36 ======== ======== Cash dividends declared per common share $ .705 $ .69 ======== ======== Weighted average number of common shares outstanding 51,949,256 50,730,179 ========== ========== See notes to financial statements. - 4 - TAUBMAN CENTERS, INC. STATEMENT OF CASH FLOWS (in thousands) Nine Months Ended September 30 ------------------------------ 1998 1997 ---- ---- Cash Flows From Operating Activities: Income before extraordinary items $ 23,886 $ 18,553 Adjustments to reconcile income before extraordinary items to net cash provided by operating activities: Increase in accounts payable and other liabilities 136 26 Increase in other assets (49) (37) -------- -------- Net Cash From Operating Activities $ 23,973 $ 18,542 -------- -------- Cash Flows Provided by Investing Activities: Purchase of additional interest in TRG $(26,660) Distributions from TRG in excess of income before extraordinary items 25,360 $ 16,147 -------- -------- Net Cash Provided By (Used In) Investing Activities $ (1,300) $ 16,147 -------- -------- Cash Flows From Financing Activities: Cash dividends to common shareowners $(36,303) $(35,001) Cash dividends to preferred shareowners (12,450) Proceeds from stock issuance 26,660 -------- -------- Net Cash Used in Financing Activities $(22,093) $(35,001) -------- -------- Net Increase (Decrease) In Cash $ 580 $ (312) Cash and Cash Equivalents at Beginning of Period 8,965 9,388 Effect of consolidating TRG in connection with the GMPT Exchange (see below) 24,259 -------- -------- Cash and Cash Equivalents at End of Period $ 33,804 $ 9,076 ======== ======== On September 30, 1998, the Company obtained a majority and controlling interest in TRG as a result of the GMPT Exchange (Note 1). Upon obtaining this controlling interest, the Company consolidated the financial position of TRG, its investment in which the Company had previously presented under the equity method. In replacing the Company's investment in TRG with its underlying assets and liabilities, the Company's
Load more

Recommended publications
  • STATE of MICHIGAN CIRCUIT COURT for the 6TH JUDICIAL CIRCUIT OAKLAND COUNTY SIMON PROPERTY GROUP, INC. and SIMON PROPERTY GROUP
    STATE OF MICHIGAN CIRCUIT COURT FOR THE 6TH JUDICIAL CIRCUIT OAKLAND COUNTY SIMON PROPERTY GROUP, INC. and SIMON PROPERTY GROUP, L.P., Plaintiffs, Case No. v. TAUBMAN CENTERS, INC. and TAUBMAN REALTY GROUP, L.P., Honorable Defendants. There is no other pending or resolved civil action arising out of the transaction or occurrence alleged in this complaint. This case involves a business or commercial dispute as defined in MCL 600.8031 and meets the statutory requirements to be assigned to the business court. COMPLAINT Plaintiffs Simon Property Group, Inc. (“SPG”) and Simon Property Group L.P. (“SPG Operating Partnership”) (collectively “Simon”), by and through their undersigned counsel, file this Complaint against Defendants Taubman Centers, Inc. (“TCO”) and Taubman Realty Group, L.P. (“TRG”) (collectively, “Taubman” or “Defendants”), upon knowledge as to matters relating to themselves and upon information and belief as to all other matters, and allege as follows: NATURE OF THE CLAIMS 1. On February 9, 2020, after extensive negotiations, Simon agreed to acquire most of Taubman—a retail real estate company that promotes itself as having the “most productive” shopping centers in the United States—for approximately $3.6 billion. Taubman agreed that Simon could terminate the deal if Taubman suffered a Material Adverse Effect Document Submitted for Filing to MI Oakland County 6th Circuit Court. (“MAE”) or if Taubman breached its covenant to operate its business in the ordinary course until closing. The parties explicitly agreed that a “pandemic” would be an MAE, if it disproportionately affected Taubman “as compared to other participants in the industries in which [it] operate[s].” On June 10, 2020, Simon properly exercised its right to terminate the acquisition agreement (the “Agreement”; Ex.
    [Show full text]
  • Two-Year Appraisal Services Contracts to Terzo Bologna, Integra Realty
    CITY of NOVI CITY COUNCIL Agenda Item 8 May 20,2013 cityofnovi.org SUBJECT: Approval to award two (2) year appraisal services contracts to Terzo Bologna Inc., Integra Realty Resources, and fuller Appraisal Services to provide Property Appraisal and Related Services, for an estimated annual amount of $135,000. • I SUBMITTING DEPARTMENT: A,,es~mg ,~/'/ CITY MANAGER APPRO¢: I EXPENDITURE REQUIRED $135,000 Estimated AMOUNT BUDGETED $135,000 2013-2014 and $135,000 2104-2015 APPROPRIATION REQUIRED $0 LINE ITEM NUMBER 101-209.00-816.900 BACKGROUND INFORMATION: The City periodically requires professional property appraisals and expert testimony on commercial, industrial and residential properties that are being appealed to the Michigan Tax Tribunal. A Request for Qualifications (RFQ) was posted in March 2013 on the MITN/Bidnet website and three (3) responses were received. All three responders are currently providing appraisal services to the City of Novi. The most recent RFQs were evaluated for their personnel qualifications and their expertise in the areas of commercial, industrial, residential, and personal property appraisals. The three firms listed above are in good standing and have assisted the Assessing Department in the resolution of many cases. Two one (1) year options will be available to the city at the end of two (2) year contract. For each Michigan Tax Tribunal case requiring an appraisal, the firms will be reviewed for subject expertise and contacted for competitive quotes when appropriate. All quotes provided for appraisals will be lump sum for the complete appraisal. Typically, an appraisal will cost between $5,000 and $15,000 depending on property type and complexity.
    [Show full text]
  • Taubman Centers, Inc. Annual Meeting Investor Presentation
    Taubman Centers, Inc. Annual Meeting Investor Presentation Spring 2018 0 We are Taubman We own, manage and develop retail properties that deliver superior financial performance to our shareholders 23 Owned Centers¹ We distinguish ourselves by creating extraordinary retail properties where customers choose to shop, dine and be entertained; where retailers can thrive $10.7bn Total Market Cap² As we benefit from the markets in which we operate, we endeavor to give back and ensure our presence adds value to our employees, our tenants and communities $12.5bn Est. Gross Asset Value³ We foster a rewarding and empowering work environment, where we strive for excellence, encourage innovation and demonstrate teamwork 68 We recognize that strong governance improves corporate decision-making and Years in strengthens our company, and we have taken steps to significantly enhance Operation our governance We have been the best performing U.S. public mall REIT over the last 20 years 468 with a 14% total shareholder return CAGR and have grown our sales per square Employees4 foot by ~18% over the past five years5 Source: Company filings as of 31-Dec-2017 (1) Includes centers from unconsolidated JVs, as of 1-May-2018. (2) As of 31-Dec-2017. (3) Per Green Street Advisors. (4) Full-time employees as of 31-Dec-2017, including Taubman Asia and certain other affiliates. (5) TSR per KeyBanc Capital Markets: The Leaderboard; sales per square foot growth reflects the increase from 2012 ($688) to 2017 ($810). 1 Key Accomplishments Through 2017 Both our recent and historical performance reflect our ability to create long-term sustainable value 14.0% 4.5 % $810 20-Year Total Shareholder Dividend CAGR Highest Sales Per Square 1 2 Return CAGR Since IPO Foot in the U.S.
    [Show full text]
  • Issue: Shopping Malls Shopping Malls
    Issue: Shopping Malls Shopping Malls By: Sharon O’Malley Pub. Date: August 29, 2016 Access Date: October 1, 2021 DOI: 10.1177/237455680217.n1 Source URL: http://businessresearcher.sagepub.com/sbr-1775-100682-2747282/20160829/shopping-malls ©2021 SAGE Publishing, Inc. All Rights Reserved. ©2021 SAGE Publishing, Inc. All Rights Reserved. Can they survive in the 21st century? Executive Summary For one analyst, the opening of a new enclosed mall is akin to watching a dinosaur traversing the landscape: It’s something not seen anymore. Dozens of malls have closed since 2011, and one study predicts at least 15 percent of the country’s largest 1,052 malls could cease operations over the next decade. Retail analysts say threats to the mall range from the rise of e-commerce to the demise of the “anchor” department store. What’s more, traditional malls do not hold the same allure for today’s teens as they did for Baby Boomers in the 1960s and ’70s. For malls to remain relevant, developers are repositioning them into must-visit destinations that feature not only shopping but also attractions such as amusement parks or trendy restaurants. Many are experimenting with open-air town centers that create the feel of an urban experience by positioning upscale retailers alongside apartments, offices, parks and restaurants. Among the questions under debate: Can the traditional shopping mall survive? Is e-commerce killing the shopping mall? Do mall closures hurt the economy? Overview Minnesota’s Mall of America, largest in the U.S., includes a theme park, wedding chapel and other nonretail attractions in an attempt to draw patrons.
    [Show full text]
  • Taubman Centers Lifts up Reits
    November/December 2011 PIONEER MILTON COOPER LED THE WAY. THE MODERN REIT AT Robert Taubman Chairman, President & CEO 20TAUBMAN CENTers’ IPO INTRODUCED THE UPREIT AND HELPED CHANGE THE INDUSTRY. www.REIT.com T aubman’s IPO brought the UPREIT into practice and more real estate players into the public market. Robert S. Taubman Chairman, President & CEO REIT.com • 2 Lifts UP REITs By: Anna Robaton y the early 1990s, Taubman Centers Inc. (NYSE: company access to a more permanent source of capital at a time TCO) had amassed one of the best-performing port- when financing was scarce and the scope of its projects was growing. folios in its sector and established itself as a pioneer of “The UPREIT really unlocked the public capital markets to pri- the American mall business. vate ownership of real estate,” says Robert Taubman, the company’s B Yet, in November 1992, the company, which had chairman, president and CEO. He estimates that more than 90 been the managing partner of a limited partnership, became a percent of the equity capital that has been raised by listed REITs pioneer of a different sort when it went public in the form of since his company’s IPO has been raised through the UPREIT the first-ever umbrella partnership real estate investment trust structure and the total REIT float has increased from about $10 (UPREIT)—an approach that allowed Taubman and eventu- billion in 1992 to nearly $400 billion today. ally many other privately held real estate companies to go public “All of these (private) companies rolled up their assets and created without exposing existing partners to large capital gains tax bills, a consolidated entity in the UPREIT structure because it solved the explains REIT historian Ralph L.
    [Show full text]
  • Centerbuild Conference
    Directory CenterBuild Conference Arizona Biltmore | Phoenix, AZ December 3 – 6, 2019 #ICSC CenterBuild Conference What is CenterBuild? The CenterBuild Conference is the premier event for design and construction professionals dedicated to the planning, development, design and construction of shopping centers, retail stores and retail-focused developments. The world of physical retail is rapidly evolving and the CenterBuild Conference emphasizes a content-rich, highly interactive program that encourages the exchange of ideas. The CenterBuild Conference affords maximum opportunities to connect with industry professionals, expand existing relationships while establishing new relationships in the quickly evolving creative economy. The CenterBuild Conference is organized around three pillars of professional development: Conference experience that inspires; Creative Solutions in Relevant Content Industry Connections the rich, retail real estate sector. To CenterBuild Attendees: Each of us live and work in exceptional times. The retail real estate industry is experiencing transformational change not seen in 50 years. Against the backdrop of change stands the underlying narrative around opportunity – opportunity found in The Promise of the Creative Economy. The Creative Economy is a basket economy inclusive of all creative sectors that trade in Creating & Building EXPERIENCE. The 2019 ICSC CenterBuild Conference is built around the confluence of design, technology, business practices and culture providing a content-rich, wide-ranging professional development opportunity. Creative industries are critical to the economic, social and emotional value proposition in our communities. Innovative ideas get implemented supporting growth initiatives and furthering investment opportunities – The Promise. ICSC and the 2019 CenterBuild Conference Program Advisory Committee welcome you to the market-place of ideas where we are confident you will engage in a high degree of professional development.
    [Show full text]
  • GGP Evolving 2007 Annual Report
    ORT P 7 ANNUAL RE 7 ANNUAL 200 GENERAL GROWTH PROPERTIES | 2007 ANNUAL REPORT ggp.com | 960-5000 ) 312 110 North Wacker Drive, Chicago, Illinois 60606 North Wacker 110 ( ggp | evolving The people of General Growth Properties create and operate some of the most exciting, vibrant and entertaining shopping centers and planned communities in the world. But our passion is to think bigger —beyond the structures and lift | company profi le property we own—to the environment we share lift | fi nancial highlights and the communities we serve. In that spirit, GGP 1 | shareholders’ letter continuously fi nds situations where sustainability is 17 | retail portfolio as good for our business as it is for the environment. following portfolio | form 10-K Staying true to our vision and values, using honest directors/offi cers evaluations and the powerful multiplier of teamwork, corporate information GGP strives to evolve every area of our business. Bridgeland Houston, Texas company profi le General Growth Properties, Inc. is one of the largest U.S.- based publicly traded real estate investment trusts (REIT) based upon market capitalization. Best known for its ownership or management of more than 200 shopping malls in 45 states, we are also a leading developer of master planned communities and mixed-use properties. We have ownership interests in master planned communities in Texas, Maryland and Nevada and in smaller mixed-use projects under development in additional locations. Our shopping center portfolio totals FINANCIAL HIGHLIGHTS dollars in thousands, except per share amounts approximately 200 million square feet of retail space accommodating more than % Change 2007 24,000 retail stores nationwide.
    [Show full text]
  • THE MILLS CORPORATION (Exact Name of Registrant As Specified in Its Charter)
    SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ፤ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2002 or អ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12994 THE MILLS CORPORATION (Exact Name of Registrant as Specified in Its Charter) DELAWARE 52-1802283 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporate or organization) 1300 WILSON BOULEVARD, SUITE 400 ARLINGTON, VA 22209 (Address of principal executive office) (Zip Code) Registrant's telephone number, including area code: (703) 526-5000 Securities registered pursuant to Section 12(b) of the Act: Title of each Class Name of each exchange on which registered COMMON STOCK, $0.01 PAR VALUE NEW YORK STOCK EXCHANGE 9% SERIES B CUMULATIVE REDEEMABLE NEW YORK STOCK EXCHANGE PREFERRED STOCK, $0.01 PAR VALUE 9% SERIES C CUMULATIVE REDEEMABLE NEW YORK STOCK EXCHANGE PREFERRED STOCK, $0.01 PAR VALUE Securities registered pursuant to Section 12(g) of the Act: None 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 periods that the registrant was required to file such report(s)) and (2) has been subject to such filing requirements for the past 90 days. Yes ፤ No អ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • Simon Property Group to Acquire Taubman Centers, Inc
    SIMON PROPERTY GROUP TO ACQUIRE TAUBMAN CENTERS, INC. INVESTOR PRESENTATION FEBRUARY 10, 2020 IMPORTANT INFORMATION FORWARD-LOOKING STATEMENTS This presentation contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would,” “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the failure to receive, on a timely basis or otherwise, the required approvals by Taubman’s shareholders; the risk that a condition to closing of the transaction may not be satisfied; Simon’s and Taubman’s ability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized (including Simon’s underwritten capitalization rate and its expectations regarding FFO per share accretion); the ability of Taubman to retain key personnel and maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which Simon and Taubman operate, as detailed from time to time in each of Simon’s and Taubman’s reports filed with the SEC.
    [Show full text]
  • Taubman Declares Common and Preferred Dividends 9-3-15
    Macerich T 310.394.6000 401 Wilshire Blvd. www.macerich.com Suite 700 Santa Monica, California 90401-1452 Taubman Centers, Inc. T 248.258.6800 200 East Long Lake Road www.taubman.com Suite 300 Bloomfield Hills, Michigan 48304 -2324 Taubman and Macerich to Acquire Country Club Plaza BLOOMFIELD HILLS, Mich., January 4, 2016 - - Taubman Centers, Inc. (NYSE: TCO) and The Macerich Company (NYSE: MAC) today announced an agreement to purchase Country Club Plaza (Kansas City, Mo.) from Highwoods Properties, Inc. (NYSE: HIW). The purchase price for the mixed-use retail and office property is $660 million cash, excluding transaction costs. Taubman and Macerich will each have a 50% interest in the center, which will be jointly managed by both companies. Concurrent with or shortly after closing, a long-term, fixed-rate loan for 50-60% of the purchase price is expected to be placed on the asset. “Taubman and Macerich are bringing our collective expertise together to continue to ensure the long-term growth and success of the iconic Country Club Plaza,” said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers. “This purchase is consistent with our strategy to own high quality, dominant assets in great markets.” ”This investment represents the latest example of Macerich’s continuing strategy of recycling capital out of slower-growth assets, including Panorama Mall which we recently sold for $100 million, into truly irreplaceable, market-dominant centers with stronger growth prospects,” said Arthur Coppola, chairman and chief executive officer of Macerich. “Together with Taubman, we see opportunities to expand the market reach of the Plaza as well as the potential for further retail densification of this timeless asset.” The transaction has been approved by the Boards of Directors of Taubman and Macerich.
    [Show full text]
  • CONTACTS: Shelly Doran 317.685.7330 Investors Les Morris 317.263.7711 Media for IMMEDIATE RELEASE SIMON PROPERTY GROUP ANNOU
    CONTACTS: Shelly Doran 317.685.7330 Investors Les Morris 317.263.7711 Media FOR IMMEDIATE RELEASE SIMON PROPERTY GROUP ANNOUNCES THIRD QUARTER RESULTS AND DECLARES QUARTERLY DIVIDENDS Indianapolis, Indiana – October 30, 2003...Simon Property Group, Inc. (the “Company”) (NYSE:SPG) today announced diluted funds from operations (“FFO”) per share for the third quarter of 2003 of $0.93, compared to $0.93 (as restated) for the third quarter of 2002. Diluted earnings per share for the third quarter was $0.22 per share, compared to $0.32 for the third quarter of 2002. Third quarter 2003 results were impacted by the following events: • On October 8, 2003, SPG and Westfield America, Inc., the U.S. subsidiary of Westfield America Trust (ASX: WFA), announced the withdrawal of their tender offer for all of the outstanding common shares of Taubman Centers, Inc. (NYSE: TCO). As a result of this withdrawal, all costs related to the tender offer were expensed during the third quarter. The costs totaled $10.5 million, or $0.04 per share, impacting FFO and net income. • On September 10, 2003, the Federal District Court for the District of Minnesota issued its Order in the litigation brought by Triple Five of Minnesota, Inc. against the Company and other named defendants. While the Court did not find that the Company breached fiduciary duties to Triple Five of Minnesota, Inc., its Order nonetheless gives Triple Five the right, within nine months after the date of the Order, to purchase the Company’s 27.5% partnership interest that the Company acquired from Teachers’ Insurance and Annuity Association in October of 1999.
    [Show full text]
  • Taubman Centers, Inc. Form 10-K
    Taubman Centers, Inc. Form 10-K For the Fiscal Year Ended: December 31, 2019 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ 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 (I.R.S. Employer Identification No.) incorporation or organization) 200 East Long Lake Road, Suite 300, Bloomfield Hills, Michigan USA 48304-2324 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (248) 258-6800 Securities registered pursuant to Section 12(b) of the Act: Trading Name of each exchange Title of each class Symbol on which registered Common Stock, TCO New York Stock Exchange $0.01 Par Value 6.5% Series J Cumulative TCO PR J New York Stock Exchange Redeemable Preferred Stock, No Par Value 6.25% Series K Cumulative TCO PR K New York Stock Exchange Redeemable Preferred Stock, No Par Value Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
    [Show full text]