TAUBMAN CENTERS, INC. TCO Income Statement

Taubman centers, inc. (TCO)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09
Revenues:
Rental revenues
142,658	149,247	141,213	147,006	144,289	91,515	87,306	87,580	86,825	89,980	84,487	86,787	84,303	87,252	81,402	82,694	81,977	81,911	77,484	76,869	74,567	80,341	96,691	96,532	97,890	108,686	103,501	103,233	102,309	106,058	99,564	98,940	93,744	91,043	84,929	83,759	82,881	75,628	84,517	84,081	83,354	83,403	84,016
Overage rents
4,217	10,491	3,865	1,713	3,141	9,217	3,263	1,565	2,625	9,569	3,600	1,179	2,575	10,060	6,264	924	2,772	11,194	5,032	1,077	2,930	11,910	5,263	1,094	4,662	14,780	7,021	1,083	5,628	15,259	6,315	2,049	4,403	10,767	4,737	1,550	3,304	6,502	3,426	1,061	2,074	2,621	561
Recovery of Direct Costs
-	-	-	-	-	51,337	52,096	50,553	51,528	57,240	51,960	49,413	53,012	55,176	52,151	47,380	47,760	50,885	47,206	46,020	43,912	52,343	63,527	61,203	62,709	74,945	67,943	65,569	64,037	72,927	66,633	62,215	56,477	66,377	57,231	54,268	51,437	59,142	56,682	56,334	52,921	56,720	58,525
Management Leasing And Development Services
566	811	1,927	892	1,216	791	860	826	794	944	1,147	1,375	917	1,736	1,399	23,196	1,728	3,512	3,367	3,341	2,957	3,744	3,135	2,965	2,505	2,188	8,753	1,819	3,382	4,370	10,234	8,559	8,648	10,128	5,083	4,480	5,860	4,687	4,359	4,007	3,056	3,444	3,189
Other
12,018	16,187	15,501	11,993	11,562	14,629	15,595	12,245	19,720	14,451	12,028	15,922	8,276	11,967	6,805	4,696	5,218	8,725	6,894	4,666	4,623	9,984	7,428	8,191	7,012	11,173	6,720	6,483	7,901	11,092	6,793	7,702	5,992	9,007	6,575	5,350	6,152	19,634	6,279	8,599	10,084	17,012	12,648
Total Revenues
159,459	176,736	162,506	161,604	160,208	167,489	159,120	152,769	161,492	172,184	153,222	154,676	149,083	166,191	148,021	158,890	139,455	156,227	139,983	131,973	128,989	158,322	176,044	169,985	174,778	211,772	193,938	178,187	183,257	209,706	189,539	179,465	169,264	187,322	158,555	149,407	149,634	165,593	155,263	154,082	151,489	163,200	158,939
Expenses:
Maintenance, taxes, utilities, and promotion
38,751	45,032	40,786	39,182	38,538	44,086	38,149	38,085	37,637	45,510	42,351	39,519	39,711	46,598	39,053	35,917	34,938	41,148	37,230	35,107	31,633	41,164	52,184	48,830	47,941	61,131	55,375	52,762	46,557	57,698	53,253	48,903	41,698	49,380	45,200	43,848	40,664	34,584	49,882	48,312	44,925	46,286	46,946
Other operating
18,142	22,278	19,753	21,232	19,225	23,155	19,253	21,034	23,866	29,157	23,939	22,098	19,319	21,012	18,592	20,482	18,708	17,501	12,732	14,680	13,218	15,560	18,036	16,050	15,496	17,285	19,295	18,492	16,163	20,843	16,128	19,922	16,310	19,163	15,255	15,804	17,079	12,562	14,071	14,765	15,956	16,506	16,352
Management, leasing, and development services
493	665	1,895	491	531	284	476	408	302	459	524	595	579	1,008	1,268	894	872	1,815	1,558	1,411	1,130	1,700	1,539	1,696	1,285	1,149	1,027	1,119	2,026	5,743	6,165	6,987	8,522	4,463	2,889	2,323	2,280	2,276	2,204	2,185	1,593	2,140	1,930
General and administrative
8,016	13,804	9,632	8,554	8,576	11,629	8,530	8,522	8,493	9,369	9,482	9,416	10,751	13,405	11,578	11,693	11,380	13,132	8,615	12,055	11,925	13,799	11,369	11,587	11,537	13,338	11,812	12,628	12,236	11,638	9,571	10,043	8,407	8,600	7,709	8,005	7,284	8,641	7,168	7,036	7,389	7,155	6,847
Impairment charges (Note 3)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	166,680	-
Restructuring Charges
400	1,900	900	100	600	1,000	46	-100	-346	9,737	1,751	416	1,896	-	-	-	-	-	-	-	-	-	3,031	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	169
Simon Property Group, Inc. transaction costs
6,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs Associated With Shareowner Activism
0	600	700	12,000	4,000	2,500	1,500	5,000	3,500	2,500	3,500	5,000	3,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition costs (Note 2)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,681	-	-	-	-	-	-	-	-
Interest Expense
34,849	35,817	37,695	38,010	36,885	35,955	33,396	33,023	30,823	28,498	27,782	26,746	25,546	24,440	22,129	20,588	19,128	18,590	16,145	14,781	13,525	15,857	23,382	25,434	26,130	30,434	32,515	32,622	34,452	33,470	34,943	36,676	37,527	32,748	30,064	29,691	29,774	18,116	38,906	37,923	37,417	36,407	36,473
Depreciation, Depletion and Amortization
51,696	51,343	47,849	44,259	44,956	54,950	46,307	42,996	35,022	44,848	45,805	39,442	37,711	38,040	40,637	29,716	29,746	28,780	27,156	26,378	24,041	23,686	24,553	36,850	35,118	39,510	40,982	38,258	37,022	40,434	36,414	36,235	36,434	33,204	33,054	34,424	32,025	27,769	44,500	35,918	37,084	37,726	36,058
Operating Expenses
158,694	243,759	159,161	163,812	153,336	173,578	147,611	148,991	139,297	170,126	155,134	143,232	139,013	147,503	133,257	119,290	114,772	120,966	103,436	104,412	95,472	112,441	134,094	140,447	137,507	162,847	161,006	155,881	148,456	169,826	156,474	158,766	148,898	151,172	135,852	134,095	129,106	103,948	156,731	146,139	144,364	312,900	144,775
Nonoperating income, net (Notes 9 and 11)
548	981	11,108	6,627	8,733	856	8,700	12,301	-7,143	15,481	2,494	3,074	2,779	14,212	4,569	2,676	1,470	1,544	1,010	1,456	1,246	-39,480	891	-5,321	1,103	-483	-456	50	2,237	26	56	71	124	395	96	656	105	1,193	191	1,150	149	247	198
Impairment loss on marketable securities (Note 16)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,666
Income before income tax expense, equity in income of UJVs, gains on partial dispositions of ownership interests in UJVs, net of tax, and gains on remeasurements of ownership interests in UJVs
1,313	-66,042	14,453	4,419	15,605	-5,233	20,209	16,079	15,052	17,539	582	14,518	12,849	32,900	19,333	42,276	26,153	36,805	37,557	29,017	34,763	6,401	42,841	24,217	38,374	48,442	32,476	22,356	37,038	39,906	33,121	20,770	20,490	36,545	22,799	15,968	20,633	62,838	-1,277	9,093	7,274	-149,453	12,696
Income tax expense (Note 3)
756	1,408	2,021	2,364	539	553	-996	28	184	-270	54	113	208	1,928	-460	442	302	138	584	688	838	574	683	311	699	694	1,453	234	1,028	3,526	732	492	214	197	208	-5	210	186	238	114	196	-211	198
Income (Loss) from Equity Method Investments
11,284	-580	20,252	14,822	14,672	18,724	16,910	14,042	19,728	20,275	13,723	13,258	20,118	19,922	15,391	15,910	18,478	9,928	15,219	14,004	17,075	20,780	14,479	14,675	12,068	18,418	12,220	11,481	10,346	12,751	12,672	11,170	11,901	14,074	10,958	10,886	10,146	16,199	9,973	9,505	9,735	10,454	8,368
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
11,841	-	32,684	-	29,738	-	38,115	-	-	-	-	-	-	-	-	-	-	-	52,192	-	-	26,607	56,637	38,581	49,743	66,166	43,243	33,603	46,356	-	-	-	-	50,422	33,549	26,859	30,569	-	-	-	-	-	-
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes
10,914	-	138,696	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	437	-	-	629,667	0	473	476,414	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on remeasurement of ownership interest in Unconsolidated Joint Venture
13,729	-	145,010	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,797	-11,681	-6,569	-6,125	-	-	-	-	-	-
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
36,484	-32,631	316,390	16,877	29,738	12,938	38,115	30,093	34,596	38,084	14,251	27,663	32,759	50,894	35,184	57,744	44,329	46,595	52,629	42,333	51,000	656,274	56,637	39,054	526,157	66,166	43,243	33,603	46,356	49,131	45,061	31,448	32,177	220,796	21,868	20,290	24,444	58,572	8,458	18,484	16,813	-138,788	20,866
Net income attributable to noncontrolling interests (Note 6)
10,233	-6,220	94,648	4,240	8,230	3,475	10,756	8,402	9,623	11,471	3,528	7,819	9,234	15,290	10,111	16,717	13,420	14,572	15,931	12,825	15,102	206,174	16,700	11,455	150,780	20,111	12,536	9,561	14,570	17,750	12,295	11,013	10,585	15,763	12,906	9,938	11,611	27,825	3,707	7,011	6,510	-48,735	7,938
(Income) loss from discontinued operations attributable to noncontrolling interests (Note 9)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,802	-3,539	-2,032	-1,922	-	-	-	-	-	-
Net income attributable to Taubman Centers, Inc.
26,251	-26,411	221,742	12,637	21,508	9,463	27,359	21,691	24,973	26,613	10,723	19,844	23,525	35,604	25,073	41,027	30,909	32,023	36,698	29,508	35,898	450,100	39,937	27,599	375,377	46,055	30,707	24,042	31,786	31,381	32,766	20,435	21,592	153,231	12,501	12,384	14,755	37,341	4,751	11,473	10,303	-90,053	12,928
Distributions to participating securities of TRG (Note 8)
595	596	597	593	627	599	599	599	599	577	576	576	571	544	537	524	512	492	492	493	492	4,609	471	470	468	436	435	436	442	403	403	403	403	392	382	381	381	541	371	361	362	362	361
Preferred stock dividends
5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,785	5,784	5,764	3,600	3,071	10,663	3,659	3,658	3,659	3,658	3,659	3,658	3,659	3,658	3,659	3,658	3,658	3,659
Net Income (Loss) Available to Common Stockholders, Basic
19,872	-32,792	215,361	6,259	15,097	3,079	20,976	15,307	18,590	20,251	4,363	13,483	17,170	29,275	18,752	34,718	24,613	25,746	30,422	23,230	29,622	439,706	33,682	21,344	369,125	39,834	24,488	17,842	27,744	27,907	21,700	16,373	17,531	149,180	8,461	8,344	10,716	33,141	722	7,453	6,283	-94,073	8,908
Other comprehensive income (loss) (Note 12):
Net income (loss)
36,484	-32,631	316,390	16,877	29,738	12,938	38,115	30,093	34,596	38,084	14,251	27,663	32,759	-	35,184	57,744	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21,868	20,290	24,444	-	8,458	18,484	16,813	-138,788	20,866
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax
-17,919	2,247	-1,864	-9,533	-4,888	-11,422	1,552	3,413	6,419	8,129	-307	-4,962	-2,803	10,716	1,520	-4,684	-11,860	4,673	-10,796	1,844	-9,389	-6,010	2,593	-9,075	-5,512	3,060	-1,984	7,309	432	1,754	-1,822	-7,223	2,785	-993	-19,253	-2,972	2,635	11,772	569	3,466	2,433	1,093	4,064
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease)
-18,975	6,292	-9,952	-13,829	3,318	-1,016	-15,377	-10,568	3,721	13,775	9,076	1,003	9,449	-24,868	7,222	-5,635	5,942	179	-11,433	-2,108	-1,917	-4,761	-4,282	5,036	-3,186	2,833	5,086	-653	-2,859	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax
-768	1,534	396	423	-1,423	1,110	469	1,004	-774	-2,253	-1,034	-1,042	-3,235	-727	-3,241	-2,334	-3,037	-3,102	-3,084	-2,942	-2,893	-2,656	-2,599	-8,170	-3,304	-1,749	-1,740	-1,719	-375	-1,132	-151	245	245	-735	245	-410	-315	2,206	-315	-316	-315	-315	-314
Other comprehensive income (loss)
-36,126	9,851	-12,212	-23,785	-2,993	-13,548	-14,294	-8,159	10,914	24,157	9,803	-2,917	9,881	-13,425	11,983	-7,985	-2,881	7,954	-19,145	2,678	-8,413	-8,115	910	4,131	-5,394	7,642	4,842	8,375	-2,052	4,550	-1,671	-6,978	3,030	-748	-19,008	-2,562	2,950	-	-	-	-	-	-
Impairment loss on marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,666
Comprehensive income
358	-22,780	304,178	-6,908	26,745	-610	23,821	21,934	45,510	62,241	24,054	24,746	42,640	37,469	47,167	49,759	41,448	54,549	33,484	45,011	42,587	648,159	57,547	43,185	520,763	73,808	48,085	41,978	44,304	53,681	43,390	24,470	35,207	220,048	2,860	17,728	27,394	70,658	9,342	22,266	19,561	-137,380	26,910
Comprehensive income attributable to noncontrolling interests
588	-2,780	93,435	-2,970	7,364	-441	6,610	6,032	12,793	18,489	6,385	6,967	12,115	10,990	13,744	14,618	12,575	16,909	10,294	13,565	12,690	203,869	16,969	12,775	149,212	22,379	13,900	12,134	14,030	19,127	11,834	8,692	11,585	53,875	3,210	7,019	10,752	26,410	4,784	9,206	8,090	-47,996	10,807
Comprehensive (loss) income attributable to Taubman Centers, Inc.
-230	-20,000	210,743	-3,938	19,381	-169	17,211	15,902	32,717	43,752	17,669	17,779	30,525	26,479	33,423	35,141	28,873	37,640	23,190	31,446	29,897	444,290	40,578	30,410	371,551	51,429	34,185	29,844	30,274	34,554	31,556	15,778	23,622	166,173	-350	10,709	16,642	44,248	4,558	13,060	11,471	-89,384	16,103
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.09	-0.14	-0.08	-0.08	-	-	-	-	-	-
Earnings Per Share, Basic
0.32	-0.54	3.52	0.10	0.25	0.05	0.34	0.25	0.31	0.34	0.07	0.22	0.28	0.48	0.31	0.58	0.41	0.43	0.50	0.38	0.47	6.94	0.53	0.34	5.84	0.63	0.38	0.28	0.44	-	0.36	0.28	0.30	2.62	0.15	0.15	0.19	0.60	0.01	0.14	0.12	-1.77	0.17
Discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2.03	-0.14	-0.08	-0.07	-	-	-	-	-	-
Earnings Per Share, Diluted
0.32	-0.51	3.48	0.10	0.25	0.06	0.34	0.25	0.30	0.34	0.07	0.22	0.28	0.48	0.31	0.57	0.41	0.42	0.50	0.37	0.47	6.87	0.53	0.33	5.74	0.62	0.38	0.28	0.43	-	0.35	0.27	0.30	2.55	0.14	0.15	0.19	0.60	0.01	0.14	0.11	-1.77	0.17
Common Stock, Dividends, Per Share, Declared
-	-	-	-	-	-	-	-	-	-	0.62	0.62	0.62	-	0.59	0.59	0.59	-	0.56	0.56	0.56	-	0.54	0.54	0.54	-	0.50	0.50	0.50	-	0.46	0.46	0.46	-	0.43	0.43	0.43	-	0.41	0.41	0.41	0.41	0.41
Basic earnings per common share (Note 16)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.53	0.29	0.23	0.27	-	-	-	-	-	-
Diluted earnings per common share (Note 16)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.52	0.28	0.23	0.26	-	-	-	-	-	-
Weighted Average Number of Shares Outstanding, Basic
61,249	61,221	61,211	61,171	61,124	61,066	61,001	60,992	60,917	60,740	60,710	60,694	60,555	60,428	60,396	60,353	60,275	60,196	60,713	61,606	63,039	63,324	63,317	63,263	63,165	63,410	63,753	63,786	63,415	61,929	60,571	58,789	58,247	57,962	57,890	56,186	55,560	54,690	54,679	54,550	54,357	53,147	53,120