Taubman Centers, Inc. 2012 Annual Report
Taubman Centers, Inc.2012 Annual Repor t
creates extraordinary retail environments forcommunities, shoppers, merchants and investors. Our portfolio ofregional and super regional malls, located in major markets fromcoast to coast, is the most productive in the publicly held U.S.regional mall industry. We delight customers and build shareholder value through the intensive management of our existingproperties, acquisitions, and the highly selective development ofnew shopping destinations.TA U B M A N C E N T E R STaubman Centers, Inc. page a2
“Sustainable success in any endeavor requires balance.That’s especially true in our business. For us, developing andmanaging productive retail properties is both an art and a science.We create and operate our dominant shopping destinations withequal parts planning and passion. Taubman properties are designedto maximize the opportunities for both shoppers and retailers.And we make our investment decisions carefully balancing today’scosts against tomorrow’s returns.For more than six decades – the last 20 years as a public company –we’ve gotten the balance just about right.”– ROBERT S. TAUBMANpage 1
C O M PA R I S O N O F C U M U L AT I V ESHAREHOLDER RETURNThe graph below displays the cumulative total returns on a 100 investment in each of ourCommon Stock, the MSCI US REIT Index, the FTSE NAREIT Equity Retail Index, the S&PComposite – 500 Stock Index and the S&P 400 MidCap Index for the period December 31,2002 through December 31, 2012 (assuming in all cases, the reinvestment of dividends).During 2012, Taubman Centers’ shareowners enjoyed a 29.7 percent total shareholderreturn. Over the 10-year period ended December 31, 2012, total shareholder returnwas 21.8 percent.Taubman Centers, Inc.FTSE NAREIT Equity Retail IndexMSCI US REIT IndexS&P MidCap 400 IndexS&P 500 IndexThe company’s 10-year compound annual shareholder return was the highest in thepublicly held U.S. regional mall industry and placed the company fourth of the 85 U.S.REITs that have operated during this 577.1%554.69437.07447 720.64 *.6203zero at 61p3space between points is 3p8368.90 poundAnnualGrowth Rate0203Taubman Centers, Inc. page 2040506070809101112
A LETTER FROMROBERT S. TAUBMANChairman of the Board,President & Chief Executive OfficerFor Taubman Centers, 2012 was an outstanding year.Performance was driven by a balance of contributions from both internal andexternal sources of growth. Our core properties produced tremendous resultsand we made substantial progress on our development pipeline that will fuelour company’s growth for years to come.Since Taubman Centers’ IPO inNovember 1992, total shareholder return has been about17 percent compounded annually. In the more recent 10-yearperiod ending December 31,2012, total annual shareholderreturn was nearly 22 percent,the best performance among allpublicly held U.S. regional mallpage 3REITs. And I’m especially proudto report that during 2012 ourshareholders were rewardedwith a total return of 29.7 percent, comparing very favorablyto the MSCI US REIT Index’s17.7 percent and the S&P 500Index’s 15.9 percent.
SOLID CONTRIBUTIONSFROM THE COREStarting with the critical metricof average tenant sales persquare foot, the company’sproperties achieved historicresults of 688 in 2012, anincrease of 7.3 percent over thecomparable portfolio in 2011.This was another record forTaubman Centers and the publicly held U.S. regional mallindustry. Tenants doing businessin our space enjoy average salesper square foot 120 higher thanour closest competitor. That’sone of the reasons such point-ofdifference merchants as Diesel,MAC, Restoration Hardware,Gap, Victoria’s Secret and D&Gopened their first U.S. malllocations in Taubman centers.In fact, many of the first Applestores were opened in Taubmanshopping centers.Taubman Centers, Inc. page 4Great, unique merchants arethe most important reason thatover the 10-year period endedDecember 31, 2012, the compounded annual growth of ourtenant sales per square foot hasbeen 5.1 percent. As a comparison, the core Consumer PriceIndex compounded annualgrowth over this same 10-yearperiod was just 1.9 percent.This massive outperformancein sales growth has led to compounded annual AdjustedFunds from Operations growthof approximately 6 percentover the same period.Reflecting the positive retailersentiment in our centers, leasedspace was 93.4 percent at yearend, up 1 percent from 92.4percent on December 31, 2011.Ending occupancy in our centerswas 91.8 percent on December31, 2012 – the highest in ourhistory – up a solid 1.1 percentfrom 90.7 percent on December31, 2011. Including temporaryin-line tenants with leases of oneyear or less, ending occupancywas 96.6 percent, the best combined occupancy number inour history.Average rent per square foot forthe year was a record 46.69, up3.3 percent from 45.22 in 2011.Capitalizing on the aggressivemanagement of our costs andstrong tenant sales performanceover the last several years, NetOperating Income (NOI)excluding lease cancellationincome increased 7.2 percent in2012. This is the highest NOIgrowth rate we’ve achieved in10 years.
A C C E L E R AT I N GEXTERNAL GROWTHComplementing the strong performance of our core assets, wecontinued in 2012 to makeprogress on all four prongs ofour external growth strategy:development of traditionalregional mall properties; development of outlet centers; acquisitions; and Asia expansion.DEVELOPMENTIn the first quarter of 2012 wecelebrated the opening of CityCreek Center in Salt Lake City,Utah. Anchored by Nordstromand Macy’s, City Creek Centeris the retail component of CityCreek, a 23-acre, mixed-usedevelopment on three blocksincluding hotel, offices, andresidential space in the heart ofdowntown Salt Lake City. Thecenter has been enthusiasticallyembraced by the communityand is off to a great start.page 5We’re very proud that CityCreek Center was named “BestRetail Development” for 2012at the prestigious InternationalProperty Awards in London.The center won for the entireAmericas region, whichincludes the U.S., Canada,Central and South America,and the Caribbean.City Creek Center was the firstenclosed regional shoppingcenter to open in the UnitedStates in six years. It shouldcome as no surprise that ourcompany would have the confidence to lead the industry outof this period of inactivity.Development is in our DNA andwe’re one of very few companieswith the history, people, capital,and credibility able to sponsora large-scale retail project.In the last decade, about 40 newregional malls were built in theU.S. About 18 to 20 would havemet our standards, and we builtnine of those. We think only 15to 20 new regional malls will bebuilt this decade. About half ofthose – seven to ten – will meetour quality standards. Of these,we are expecting to build atleast five.We are well on our way, as inaddition to City Creek Center,during 2012 we broke groundon two new regional malls andone outlet center: The Mall at University TownCenter is an 880,000 squarefoot traditional two-levelenclosed mall in Sarasota,Florida, anchored by SaksFifth Avenue, Dillard’s andMacy’s. The center, openingon October 16, 2014, willfeature more than 100 specialty stores and restaurants,over half of which will benew to the market.
A D J U S T E D F U N D S F R O M O P E R AT I O N S /DIVIDENDS PER SHARE ( )Taubman Centers’ Adjusted Funds from Operations(1) in 2012 was 3.34 per share – thehighest recorded in our history. Over the last decade, Adjusted Funds from Operationsgrew at a 5.9 percent compound annual rate. Over the10-year period ended December 31,2012, Taubman Centers’ dividend has grown 76.2 percent – a compounded annualgrowth rate of 6.5 percent. Since the company went public in 1992 it has never reducedits common dividend and has increased its dividend 16 times.(1)Adjusted Funds from Operations excludes charges and gains on redemption of preferred stock and equity, gains or losseson extinguishment of debt, PRC taxes on sale of Taubman TCBL assets, acquisition costs, Westfarms litigation settlements,and certain restructuring and impairment charges. See Notes and Reconciliations page at the end of this report.(2)Excludes special dividend of 0.1834 per share paid in December, 2010.(3)The annualized amount of the first quarter 2013 regular dividend is 2.00. The Mall of San Juan, theisland of Puerto Rico’s firstluxury retail venue, is a650,000 square foot two-levelshopping center featuring thefirst Saks Fifth Avenue andNordstrom in the Caribbean.Approximately 60 percent ofthe center’s 100 stores andrestaurants are expected tobe new to the island. Thecenter is scheduled to openon March 26, 2015.Taubman Centers, Inc. page 6 Taubman Prestige OutletsChesterfield is located in thewestern St. Louis suburbancity of Chesterfield, Missouri.The center’s initial phase willfeature 310,000 square feet ofspace with approximately 80stores. This open-air property,opening on August 2, 2013,will join our very successfulDolphin Mall and GreatLakes Crossing Outlets as ourthird outlet venue. The centerfurther diversifies our portfolio, building on our corecapabilities and respondingto the needs of our retailers.ACQUISITIONSOn the acquisition front, for thesecond year in a row we wereable to invest more than a halfbillion dollars. We are pleased tobe able to increase our ownership in two very high performing assets located in Florida: In December, we acquired anadditional 49.9 percent interest in International Plaza inTampa for 437 million.This brings the company’sownership in the center to100 percent. Also in December, weacquired an additional 25percent interest in WatersideShops in Naples for 78 million, bringing the company’sownership in the center to50 percent.
156 3.34 *46.707zero at 19p9 (top of year txt box)space between points 4p43.343.08Adjusted FFO per shareDividends per 9503041.16005TA U B M A N A S I AAs anticipated, in 2012, wedramatically expanded ourpresence and capabilities inAsia. With offices in HongKong, Beijing, Shanghai, andSeoul, we now believe we havethe ability to source, build, andoperate in China and SouthKorea. Underpinning our confidence was the successfulopening of the IFC project inSeoul. At its opening in August,the 430,000 square foot retailcenter was 100 percent leased.IFC Mall is part of a 5.4 millionsquare-foot mixed-use projectand we’re delighted with theinitial results.page s a result, we have been ableto accelerate our investmentopportunities. In the last eightmonths Taubman Asia hasannounced three new projects: Hanam Union Square, locatedjust east of Seoul, will be a 1.7million square foot westernstyle shopping center. We’rejoint venturing with ShinsegaeGroup, South Korea’s largestretailer, to build, lease, andmanage the shopping center.Scheduled for a 2016 opening,this will be the largest shopping center in Korea. Xi’an Saigao City Plaza willbe an over one million squarefoot shopping center locatedin Xi’an, China. We will bejoint venturing with Wangfujing, one of China’s largestdepartment store chains, and12together we will own a controlling interest in and manage the shopping center. Thecenter is scheduled to open in2015 and is part of a 5.9 million square foot mixed-useproject, which includes twohotels, a residential tower,two serviced apartment towers and an office building. Zhengzhou Vancouver TimesSquare will be an approximately one million squarefoot multi-level shoppingcenter located in Zhengzhou,China. Zhengzhou is home toa number of major industriesand the headquarters of Foxconn, the manufacturer ofmany of Apple’s products.This is a second joint venturewith Wangfujing, and together we’ll own a majority interest and manage the center,which is scheduled to openin 2015.
STRENGTHENINGOUR BALANCE SHEETKey to our growth will be maintaining a strong balance sheetwith significant flexibility. Wewill continue to find ways tosecure capital whenever webelieve it is favorably priced.In 2012, we issued over 400million in common and preferred stock and completedmore than 850 million of refinancings. In addition, in March2013, we completed a 170million preferred stock offering.At 6.25 percent coupon, this isthe lowest coupon ever for anunrated REIT.Our solid performance andstrong financial position madeit possible to once again growTaubman Centers’ dividend by2.8 percent in March 2012. InMarch 2013, we announced anadditional 8.1 dividend increase.Since our public offering in 1992,Taubman Centers, Inc. page 8Taubman Centers’ dividendhas been increased 16 times,achieving a 4.2 percent compounded annual growth rate.LOOKINGF O R WA R DAs we look to the future, ourcompany is well positioned forcontinued growth from our coreproperties and our growingdevelopment pipeline. With theglobal economic environmentimproving at a slow but steadypace, we’re confident we’ll seeour share of attractive opportunities to put both our capitaland capabilities to work in theU.S. and Asia. As we make theseimportant investment andresource decisions, we’ll beguided by all we have learnedand achieved over six decadesof economic cycles.Our impressive record ofsuccess gives us that confidenceto strike the right balancebetween the realities of riskwith the promises of reward.The company’s outstandingperformance in 2012 wouldnot have been possible withoutthe dedication of the talentedwomen and men of TaubmanCenters, the leadership of ourBoard of Directors, and thesupport of our shareowners.Thank you for all yourcontributions.Sincerely,R O B E R T S . TA U B M A NChairman of the Board,President & Chief Executive Officer
C I T Y C R E E K C E N T E R – S A L T L A K E C I T Y, U TA HCity Creek Center – conceived to complement and enliven Salt Lake City’s downtown commercial,residential and leisure offerings - opened in March 2012. The center is the retail centerpiece of one ofthe most ambitious urban mixed-use redevelopment projects in the United States and was the firstenclosed regional shopping center to open in the U.S. since 2006.page 9
R E TA I L C O M P O N E N T O F X I ’ A N S A I G A O C I T Y P L A Z A – X I ’ A N , C H I N AXi’an Saigao City Plaza will be an over one million square foot shopping center located in Xi’an, China.We will be joint venturing with Wangfujing, and together we will own a controlling interest in andmanage the shopping center. The center is scheduled to open in 2015 and is part of a 5.9 million squarefeet mixed-use project, which includes two hotels, a residential tower, two serviced apartment towersand an office building.Taubman Centers, Inc. page 10
RISK REWA R D“We’re confident developing new properties will continue to be a differentiatingstrategy for us. Throughout our history, knowing when to take that risk hascreated tremendous value for our shareowners.”– LISA A. PAYNEpage 11
A LETTER FROMLISA A. PAYNEVice Chairman,Chief Financial OfficerNothing ventured, nothing gained.That’s not a generally accepted accounting phrase. But it does capture theessence of a question we ask ourselves every day: How do we best deployour capital to create value and maximize return on investment?In determining the best course, ithelps to be able to call upon theexpertise and confidence thatcome from our 63-year historyof developing extraordinarilyproductive retail properties.Because we’ve had a lot ofexperience balancing risk andreward, we’ve enjoyed consistently strong returns on ourinvestments.Taubman Centers, Inc. page 12One clear indication of oursuccess is the fact that of theapproximately 2 billion ofcapital investment we’ve madein development projects since2001, our unlevered InternalRate of Return (IRR) has been
27.2BALANCE SHEETCOMPOSITION (%)6.4At December 31, 2012 our debt to total market capitalization stood at just 33.6 percent,as compared to the sector average of 47.9 percent. With our conservative balance sheetmanagement, we maintain the financial flexibility to fund new investments and protect ourliquidity from volatile capital markets. We typically place moderate leverage on our assets,reducing risk and increasing the likelihood that we will generate excess proceeds fromrefinancing activity.over 16 percent, based on aterminal cap rate of 5 percent.Assuming 50 percent leverage,the IRR would have beenapproximately 22 percent.And on average, the centerswe’ve developed since 2001 areat least equal in quality to ourportfolio average.I remember 10 years agoaddressing investor concernsregarding these now highlyproductive assets as theyemerged from our developmentpipeline. Many of the sameconcerns are being expressedtoday with our current crop ofnew projects. But we’re confident developing new propertieswill continue to be a differentiating strategy for us. Throughout our history, knowing whento take that risk has createdtremendous value for ourshareowners.page 13We estimate that about 40 percent of our current share pricecan be attributed to the developments that have come onlinesince 2001. And because theasset value of our propertiesincreases over time, as we refinance our centers we are ableto fund new development withinternal sources of capital.During 2012, our share ofproperty refinancings generatedexcess proceeds of more than 215 million.64.61.8Common Stock and OperatingPartnership EquityFixed DebtFloating DebtPreferred StockConsider that in our 20 years asa public company we’ve nearlyquintupled our total market capand more than quintupled ournet equity. During that time wehave issued only 350 millionof common equity – includingequity issued for acquisitionsand net of buybacks. Yet we’veincreased our dividend 16 timesand reduced our payout ratiofrom 104 percent to 55 percent.In March 2013 we finalized anincrease to our primary line ofcredit to 1.1 billion, up from 650 million, with an accordionfeature that increases the borrowing capacity to as much as 1.5 billion if fully exercised.This provides us additionalfinancial flexibility to fund ouroperations and developmentpipeline.
Also in March 2013, we completed a 170 million 6.25 percent preferred stock offering.The net proceeds were used toreduce outstanding borrowingsunder our revolving lines ofcredit.We feel very comfortable withour ability to fund all our capitalneeds. In fact, if we elected to notraise any capital through the saleof joint venture interests or sellcommon equity at any pointduring the development cycle ofour current pipeline, our analysisshows our debt to market capwould be roughly 40 percent.Taubman Centers, Inc. page 14At December 31, 2012, our debtto total market capitalizationstood at 33.6 percent, downnearly 5 percent compared tothe same period last year. As wefund our development pipelineover the next few years, we’recommitted to maintaining ourstrong balance sheet. At yearend, it was one of the most conservative in the publicly heldU.S. regional mall industry. Webelieve our balance sheet willcontinue to be a key competitiveadvantage that allows us torespond to opportunities.We expect to act prudently tomaintain that balance sheetwe’ve worked so hard over 20years to create. Successfullybalancing risk and reward issomething we’ve done withconfidence for more than sixdecades.L I S A A . PAY N EVice Chairman,Chief Financial Officer
HANAM UNION SQUARE – HANAM, GYEONGGI PROVINCE, SOUTH KOREAHanam Union Square, located just east of Seoul, will be a 1.7 million square foot western-style shoppingcenter. We’re joint venturing with Shinsegae Group, South Korea’s largest retailer, to build, lease, andmanage the shopping center. Scheduled for a 2016 opening, this will be the largest shopping centerin Korea.page 15
THE MALL OF SAN JUAN – SAN JUAN, PUERTO RICOIn September 2012, we broke ground on the The Mall of San Juan, the island of Puerto Rico’s firstluxury development. The 650,000 square foot, two-level upscale shopping center will feature the firstSaks Fifth Avenue and Nordstrom in the Caribbean and approximately 100 stores and restaurants, 60percent of which are expected to be new to the island. The Mall of San Juan will be the dominant upscaleshopping destination for the entire island of Puerto Rico. The center will open on March 26, 2015.Taubman Centers, Inc. page 16
TODAY TOMOR R OW“For merchants and developers, it’s always been about keeping things fresh,balancing the timeless elements of retailing with the best of contemporary fashion,technology and environment. That requires making the right investments todayto ensure a brighter tomorrow.”– WILLIAM S. TAUBMANpage 17
TENANT SALES PER SQUARE FOOT ( )(1)Tenant sales per square foot is the most important measure of the quality of regional mallassets. The higher the retailers’ sales, the higher the rents those retailers can pay, whichtranslates to greater rewards to the landlord and its shareholders. Once again in 2012,Taubman led the publicly held U.S. regional mall industry with sales per square foot of 688, another record for the company and for the publicly held U.S. regional mallindustry. Over the last decade, the compounded annual growth of our tenant sales persquare foot has been 5.1 percent, more than two and half times greater than the 1.9percent compounded annual growth of the core Consumer Price Index.(1)See Notes and Reconciliations page at the end of this report for properties included and excluded.A LETTER FROMWILLIAM S. TAUBMANChief Operating OfficerNothing ever stays the same.Nowhere is that more the case than in retailing. Not long ago, there wereno Apple stores and online shopping was just an emerging concept. Likefashion, retailing is constantly changing to meet the needs and address thetastes of the ever-more-demanding consumer.Since our founding in 1950,we’ve operated with the mindset of a retailer, and we’ve beenwilling to invest in our properties to keep them fresh andappealing to customers. That’sbeen the approach that guidesour core investment decisions.Taubman Centers, Inc. page 18We’re constantly balancing theopportunities to maximizeNOI for today with the need toinvest for growth years downthe road.
156 688 *.2267zero at 19p9 (top of year txt box)space between points 4p4688641508441035555334660405Since 2000, we have renovated,expanded or built from scratchover 80 percent of our centers.We’re constantly reinvesting inour centers in order to makethe environments compellingand enhance them as real destinations. It’s critical to offerenough key brands to excitecustomers and keep them coming back. We have the shortestlease terms in the industry sowe turn our stores more often,keeping the properties refreshedwith appealing new offeringsand providing our customersan exciting atmosphere.Throughout our history we havepioneered innovations thatbecome the industry standard,including the earliest two-levelcenters, the first food courts,the first multiplex theatres, thefirst ring road traffic systems,and the first column-free storepage 1952906070856450209design. We’re always workingon ways to improve our customer experience and differentiate our centers. And webelieve new technologies willbring us that opportunity.Today the best retailers touchtheir customers seamlesslywhether through e-commerce,catalogues, direct mail or brickand mortar. Brick and mortarenables retailers to holisticallypresent and establish theirbrands, and create an interactive human experience thatuniquely inspires customers.Retailers are using technologyto improve the customer experience at all levels from thefront of the house, to the logistics chain, to products, design,and assortment, to the efficiencyof the manufacturing processand pricing, to customer knowledge and service. Social media101112platforms also enhance theconnectivity of the customerand retailer. And in this omnichannel world, the brand ismore important than ever.For merchants and developers,it’s always been about keepingthings fresh, balancing the timeless elements of retailing withthe best of contemporary fashion, technology and environment. That requires making theright investments today toensure a brighter tomorrow.W I L L I A M S . TA U B M A NChief Operating Officer
L E A S E D S PA C E A N D O C C U PA N C Y ( % )The world’s greatest merchants want to do business in the most productive retail environments in the U.S., and our occupancy and leased space percentages reflect the attractiveness of our shopping centers. Despite ups and downs in the economy, our leased spacepercentage has remained consistent. Occupancy for our centers at December 31, 2012 was91.8 percent, up 1.1 percent from last year. Temporary tenants comprised an additional4.8 percent, bringing the total to 96.6 percent – the highest combined occupancy numberwe’ve ever had. Leased space was 93.4 percent, up 1 percent from last year – anotherreflection of the positive retailer sentiment in our centers.89.887.40390.789.604Taubman Centers, Inc. page 2091.790.00592.5447 93.4 *4.77zero at 61p3space between points is 4p4cheated Ending Occ by movingline down by 2 pointsLeased SpaceEnding 8091092.490.71193.491.812
T H E M A L L AT U N I V E R S I T Y T O W N C E N T E R – S A R A S O TA , F L O R I D AIn October 2012, we broke ground on The Mall at University Town Center, a two-level enclosed mallin Sarasota, Florida, anchored by Saks Fifth Avenue, Dillard’s and Macy’s. The 880,000 square footcenter will include more than 100 specialty stores and restaurants, approximately half of which areanticipated to be new to the market. Located at i-75 and University Parkway, the area’s most heavilytraveled interchange, The Mall at University Town Center will be the dominant fashion shoppingdestination in the growing Sarasota region. The center will open on October 16, 2014.page 21
GREAT LAKES CROSSING OUTLETS2 0 1 2 Po r t folioCITY CREEK CENTERUSACORPORATE HEADQUARTERSBloomfield Hills, MICORPORATE OFFICENew York, NYARIZONA MILLSTempe, AZarizonamills.comBEVERLY CENTERLos Angeles, CAbeverlycenter.comSHOPS AT CHARLESTON PLACECharleston, SC(Leasing services)Salt Lake City, UTshopcitycreekcenter.comTHE SHOPS AT CRYSTALSLas Vegas, NV (Leasing services)crystalsatcitycenter.comDOLPHIN MALLMiami, FLshopdolphinmall.comFAIR OAKSFairfax, VAshopfairoaksmall.comFAIRLANE TOWN CENTERDearborn, MIshopfairlane.comCHERRY CREEK SHOPPING CENTERTHE GARDENS ON EL PASEOAND EL PASEO VILLAGEDenver, COshopcherrycreek.comPalm Desert, CAthegardensonelpaseo.comMAP KEYOwned centersLeasing and /or management servicesProjects under construction orexpected to begin constructionCorporate OfficesTaubman Centers, Inc. page 22Auburn Hills, MIgreatlakescrossingoutlets.comTHE MALL AT GREEN HILLSNashville, TNthemallatgreenhills.comINTERNATIONAL PLAZATampa, FLshopinternationalplaza.comMACARTHUR CENTERNorfolk,VAshopmacarthur.comTHE MALL AT MILLENIAOrlando, FLmallatmillenia.comNORTHLAKE MALLCharlotte, NCshopnorthlake.comTHE MALL AT PARTRIDGE CREEKClinton Township, MIshoppartridgecreek.com
THE MALL OF SAN JUANTWELVE OAKS MALLSan Juan, Puerto Ricothemallofsanjuan.comNovi, MIshoptwelveoaks.comTAUBMAN ASIA REGIONAL HEADQUARTERSTHE MALL AT SHORT HILLSTHE MALL AT UNIVERSITY TOWN CENTERHong KongShort Hills, NJshopshorthills.comSarasota, FLthemallatuniversitytowncenter.comSTAMFORD TOWN CENTERWATERSIDE SHOPSStamford, CTshopstamfordtowncenter.comNaples, FLwatersideshops.comSTONY POINT FASHION PARKTHE MALL AT WELLINGTON GREENRichmond, VAshopstonypoint.comPalm Beach County, , CAshopsunvalley.comWest Hartford, CTshopwestfarms.comTAUBMAN PRESTIGE OUTLETS CHESTERFIELDTHE SHOPS AT WILLOW BENDChesterfield, MOtaubmanprestigeoutletschesterfield.comPlano, TXshopwillowbend.compage 23ASIACORPORATE OFFICESBeijing, ChinaShanghai, ChinaSeoul, South KoreaHANAM UNION SQUAREHanam, South KoreaIFC MALLYeouido, Seoul, South Korea(Leasing and management services)ifcseoul.comXI’AN SAIGAO CITY PLAZA (Retail Component)Xi’an, ChinaZHENGZHOU VANCOUVER TIMES SQUAREZhengzhou, China
2012 Taubm an Cent er s , Inc.For m 10-KTaubman Centers, Inc. page 24
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549Form 10-KANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2012ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from toCommission File No. 1-11530TAUBMAN CENTERS, INC.(Exact name of registrant as specified in its charter)Michigan(State or other jurisdiction ofincorporation or organization)38-2033632(I.R.S. Employer Identification No.)200 East Long Lake Road, Suite 300,Bloomfield Hills, Michigan(Address of principal executive offices)48304-2324(Zip code)Registrant's telephone number, including area code:(248) 258-6800Securities registered pursuant to Section 12(b) of the Act:Name of each exchangeon which registeredNew York Stock ExchangeTitle of each classCommon Stock, 0.01 Par Value6.5% Series J CumulativeRedeemable Preferred Stock,No Par ValueNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: NoneYesIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.NoYesNoIndicate 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 thepreceding 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 90YesNodays.Indicate by check mark whether the regis
Chesterfield is located in the western St. Louis suburban city of Chesterfield, Missouri. The center’s initial phase will feature 310,000square feet of space with approximately 80 stores. This open-air property, opening on August 2, 2013, will join our very successful Dolphin Mall and Great Lakes Crossing Outlets as our third outlet venue .
organizations that seek accreditation (Source: NCCAM) Dialysis centers Endoscopy centers Imaging centers Infusion therapy services Laser centers Lithotripsy services MRI centers Plastic surgery centers Podiatric clinics Radiation/oncology clinics Rehabilitation centers Sleep centers Urgent/emergency care centers
Two-Year Calendar 7 Planning Calendars SCampus 2011-12 January 2012 May 2012 September 2012 February 2012 June 2012 October 2012 March 2012 July 2012 November 2012 April 2012 August 2012 December 2012 S M T W T F S
65 Primary Care Sites 18 Mental Health/Substance Abuse Treatment Clinics 91 Specialty Care Sites 3 Multi-Specialty Centers 8 Pediatric Specialty Centers 9 Women's Health Centers 13 Rehabilitation Centers 9 Dental Centers 8 Imaging Centers Care Management Organization Home Health Programs
substitutes for large enterprise data centers or cloud data centers. Instead, edge data centers will be constructed as a complement to large data centers as the data center industry continues to grow and evolve to meet the demands of new technology. Because data centers use large amounts of costly electricity and water, they have emerged as leading
GS Live Centers 3-8 Skoda Live Centers 9-13 STM Live Centers 10 Skoda Live Center Sets 14 STM Carbide Tipped Dead Lathe Centers 14 High Performance Live Centers. 2 TOLI R WRLD. High Performance Live CentersHigh Performance Live Centers GS Tooling is an industry leader in precision tooling where high-performance .
Fiscal Fiscal Fiscal Fiscal YTD YTD YTD YTD UNIT 2009 2010 2011 Mar. 31, 2011 Mar. 31, 2012 2009 2010 2011 Mar. 31, 2011 Mar. 31, 2012 Taubman Arch & Urban 864 841
MacArthur Center –Norfolk, Virginia Year Opened: 1999 GLA: 934,000 Sq. Ft Ownership: 95% Anchors: Dillard’s, Nordstrom Northlake Mall –Charlotte, North Carolina Year Opened: 2005 GLA: 1,071,000 Sq. Ft Ownership: 100% Anchors: Belk, Dick’s Sporting Goods, Dillard’s, Macy’s The
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