UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934

Date of report (earliest event reported):	May 9, 2003	
TAUBMAN CENTERS, INC.
(Exact Name of Registrant as Specified in its Charter)

Michigan	1-11530	38-2033632	
(State of Other Jurisdiction	(Commission	(I.R.S. Employer	
of Incorporation)	File Number)	Identification No.)	

                          200 East Long Lake Road, Suite 300,	 	
                          Bloomfield Hills, Michigan	48303-0200	
                         (Address of Principal Executive Office)	(Zip Code)	

Registrant's Telephone Number, Including Area Code:	(248) 258-6800	

None
(Former Name or Former Address, if Changed Since Last Report)

Item 9. Regulation FD Disclosure (Information Below is Furnished Under Item 12).
        The information under this caption is furnished by Taubman Centers, Inc. (the “Company”) in accordance with Securities Exchange Commission Release No. 33-8216. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
        On May 9, 2003, the Company issued a press release announcing its results of operations for the first quarter ended March 31, 2003. A copy of the press release is attached as Exhibit 99 to this report. In the earnings release, the Company used the non-GAAP financial measure of Funds from Operations (“FFO”) . A reconciliation of FFO to the comparable GAAP financial measure (net loss) is contained in the attached earnings release. Disclosure regarding the definition of FFO used by the Company and why the Company’s management believes the presentation of FFO provides useful information to investors is included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002.

SIGNATURES
        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 9, 2003	TAUBMAN CENTERS, INC.	
 	 	
 	By: /s/ Lisa A. Payne	
 		
 	Lisa A. Payne	
 	Executive Vice President and	
 	Chief Financial and	
 	Administrative Officer	

EXHIBIT INDEX
Exhibit Number

99		Press Release of Taubman Centers, Inc. dated May 9, 2003	

		
 	Taubman Centers, Inc.	
 	200 East Long Lake Road	
 	Bloomfield Hills, MI 48304	
 	(248) 258-6800	

		
CONTACT:	Barbara Baker
Taubman Centers, Inc.
(248) 258-7367
www.taubman.com	

FOR IMMEDIATE RELEASE
TAUBMAN CENTERS CONFIRMS STRONG FIRST QUARTER RESULTS
FFO (Excluding Costs of Hostile Tender Offer) Increased 28.4% to $42 Million
Net Loss was $7.1 Million Including $9.8 Million Hostile Tender Offer Costs
        BLOOMFIELD HILLS, Mich, May 9, 2003 — Taubman Centers (NYSE:TCO) announced its financial results for the first quarter, 2003.
        For the quarter ended March 31, 2003, Taubman Centers Funds from Operations (FFO) excluding costs related to the hostile tender offer was $42.0 million or $0.49 per share (diluted) for the quarter, an increase of 28.4 percent from $32.7 million or $0.39 per share (diluted) in the first quarter of 2002. Taubman Centers FFO (in accordance with guidelines from the National Association of Real Estate Investment Trusts) was $32.1 million or $0.38 per share (diluted).
        For the quarter ended March 31, 2003, Taubman Centers Net Loss was $7.1 million or $0.14 per diluted common share versus a Net Loss of $2.3 million or $0.05 per diluted common share for the quarter ended March 31, 2002. These results include $23.5 million of depreciation relating to the company’s consolidated properties and $9.8 million of costs incurred during the quarter relating to the unsolicited hostile tender offer by Simon Property Group (NYSE:SPG) and Westfield America Trust (ASX:WFA).
        “We are pleased with these operating results,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. “They demonstrate the resilience of the regional mall business and the strength and quality of our assets, which continue to produce strong FFO per share growth, even in a tough economy.”
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Taubman Centers/2
Core Growth
        Core NOI growth in comparable stabilized centers was 5 percent for the quarter. This was due to continuing increases in occupancy, a moderate increase in rents, lease cancellation income and an increase in specialty leasing income. The company excludes all lease cancellation income in excess of $500,000 per tenant in its core NOI growth computation. If the company had excluded all lease cancellation income in the NOI calculation, Core NOI growth would have been 3 percent for the quarter.
        Occupancy in the company’s stabilized comparable centers at March 31, 2003 was 87.9 percent, up 1.1 percent from March 31, 2002. Total occupancy as of March 31 was up 2.2 percent over the prior year. Average rents for the quarter were $42.48, up 1.2 percent from the first quarter of 2002.
        “While occupancy and rents continue to climb, sales continue to be soft,” said Mr. Taubman. “Economic uncertainty, as well as the late Easter holiday contributed to this quarter’s 2.0 percent year–over-year sales per square foot decrease.”
Growth from Development
        The company was pleased to announce on May 7 that Stony Point Fashion Park (Richmond, Va.) , its next project scheduled to open, is over 90 percent leased and committed. “We are delighted with the leasing success and quality of merchandising at this center and are looking forward to its opening as scheduled on September 18,” said Mr. Taubman.
Refinancing Variable Rate Debt
        During the quarter, the company placed permanent financings on Great Lakes Crossing (Auburn Hills, Mich.) and The Mall at Millenia (Orlando, Fla.) . As a result, at March 31, 68 percent of the company’s share of debt is fixed. Including hedges in place, 88 percent of its share of debt is fixed.
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Taubman Centers/3
        The Great Lakes Crossing financing closed on February 14, 2003. The $151 million mortgage bears an all-in interest rate of 5.3 percent and matures in March 2013. The company received net excess proceeds of $6 million that were used to pay down working capital lines. In March, the company purchased the 15 percent remaining minority interest in Great Lakes Crossing for $3.2 million in cash pursuant to a favorable pricing formula pre-established in the partnership agreement.
        The Millenia financing closed on March 28, 2003. The $210 million 10-year mortgage bears an all-in interest rate of 5.5 percent and is in excess of total costs. The company received $21 million of net excess proceeds that were used to pay down working capital lines.
Gordon Investment Completed/Share Repurchase Program Update
        On May 2, G.K. Las Vegas Limited Partnership, (Sheldon M. Gordon, along with his affiliates in their prior ownership of The Forum Shops at Caesars) invested $50 million in exchange for 2.08 million Taubman operating partnership units at $24 per unit. These funds will be used to partially finance the $100 million increase to the company’s existing share repurchase program announced on February 10, 2003. As reported in the April 28 10-K/A, the company’s share base had declined by 1.4 million shares due to share repurchases subsequent to quarter end. The average cost of these purchases was $17.73 per share.
Outlook
        As previously announced on April 23, 2003, the company is increasing guidance for 2003 FFO per share as well as establishing 2003 Net Income/Loss per common share guidance for 2003 (both excluding costs related to the hostile tender offer). FFO per share (excluding costs related to the hostile tender offer) is expected to be in the range of $1.80 to $1.84 for the year. Net Loss per common share for the year (excluding costs related to the hostile tender offer) is expected to be in the range of $0.13 to $0.26. These estimates assume completion of the previously announced $103 million share repurchase program during 2003.
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Taubman Centers/4
Supplemental Investor Information Available
        The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.com under “Investor Relations.” This includes the following:

o	Income Statements	
o	Reconciliation of Net Income to Funds from Operations, EBITDA and Comparable Center NOI	
o	Changes in Funds from Operations and Earnings Per Share	
o	Components of Other Income	
o	Balance Sheets	
o	Debt Summary	
o	Other Debt Information	
o	Construction and Stabilization	
o	Capital Spending	
o	Acquisitions and Divestitures	
o	Operational Statistics	
o	Owned Centers	
o	Major Tenants in Owned Portfolio	
o	Anchors in Owned Portfolio	
Investor Conference Call
        The company will host a conference call at 11:00 a.m. (EDT) on May 9 to discuss these results and will simulcast the conference call at www.taubman.com under “Investor Relations” as well as www.companyboardroom.com and www.streetevents.com . The online replay will follow shortly after the call and continue for 90 days.
        Taubman Centers, Inc., a real estate investment trust, owns and/or manages 30 urban and suburban regional and super regional shopping centers in 13 states. In addition, Stony Point Fashion Park is under construction and will open September 18, 2003, and Northlake Mall ( Charlotte, N.C. ) will begin construction later this year and will open fall 2005. Taubman Centers is headquartered in Bloomfield Hills, Mich.
         This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management’s current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, construction delays, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

Taubman Centers/5
TAUBMAN CENTERS, INC.
For the Three Months Ended March 31, 2003 and 2002

(in thousands of dollars, except as indicated)

	Three Months Ended March 31	
	2003	2002	
Income before discontinued operations and minority and preferred interests	7,888 	8,272 	
Discontinued operations - gain on disposition of interest in center (1)	 	2,049 	
Discontinued operations - income from operations (1)	 	1,744 	
Minority interest in consolidated joint ventures	(152)	211 	
Minority share of income of TRG (2)	(1,207)	(4,540)	
Distributions in excess of earnings allocable to minority partners (2)	(7,260)	(3,620)	
TRG preferred distributions	(2,250)	(2,250)	
Net income (loss)	(2,981)	1,866 	
Preferred dividends	(4,150)	(4,150)	
Net income (loss) allocable to common shareowners	(7,131)	(2,284)	
Income (loss) from continuing operations per common share - diluted	(0.14)	(0.06)	
Net income (loss) per common share - basic	(0.14)	(0.04)	
Net income (loss) per common share - diluted	(0.14)	(0.05)	
EBITDA (3)	70,782 	68,236 	
Funds from Operations - Operating Partnership (3)	32,118 	32,675 	
Funds from Operations allocable to TCO (3)	19,990 	20,159 	
Funds from Operations per common share - basic	0.38 	0.40 	
Funds from Operations per common share - diluted	0.38 	0.39 	
Weighted average number of common shares outstanding	52,229,616 	50,883,089 	
Common shares outstanding at end of period	52,270,965 	51,017,431 	
Weighted average units - Operating Partnership - basic	83,915,974 	82,476,097 	
Weighted average units - Operating Partnership - diluted	85,252,511 	84,104,727 	
Units outstanding at end of period - Operating Partnership	84,055,807 	82,784,497 	
Ownership percentage of the Operating Partnership at end of period	62.3%	61.8%	
Number of owned shopping centers at end of period	20 	19 	
 		
Operating Statistics:		
Mall tenant sales	706,227 	645,317 	
Mall tenant sales - comparable centers (4)	515,775 	514,217 	
Ending occupancy	85.5%	83.3%	
Ending occupancy - comparable centers (4)	87.9%	86.8%	
Average occupancy	85.7%	83.3%	
Average occupancy - comparable centers (4)	88.4%	87.2%	
Leased space at end of period (5)	88.6%	87.4%	
Leased space at end of period - comparable centers (4)(5)	91.1%	91.5%	
Mall tenant occupancy costs as a percentage of tenant sales (6)	18.7%	17.8%	
Rent per square foot - mall tenants (4)	$42.48 	$41.96 	

Taubman Centers/6
Notes:

(1)	The Company sold La Cumbre Plaza and Paseo Nuevo in March 2002 and May 2002, respectively. The gain on the sale of La Cumbre Plaza and the results of the operations of La Cumbre Plaza and Paseo Nuevo have been reported as discontinued operations.	

(2)	Because the Operating Partnership’s net equity allocable to partnership unitholders is less than zero, the income allocated to minority partners during the three months ended March 31, 2003 and 2002 is equal to the minority partners’ share of distributions. The Company’s net equity allocable to partnership unitholders is less than zero due to accumulated distributions in excess of net income and not as a result of operating losses.	

(3)	The Company defines EBITDA as the Operating Partnership’s share of both the Consolidated Businesses’ and Unconsolidated Joint Ventures’ earnings before interest and depreciation and amortization, excluding gains on dispositions of depreciated operating properties.	

 	The National Association of Real Estate Investment Trusts (NAREIT) defines Funds from Operations as net income (loss) (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from extraordinary income items and sales of properties, plus real estate related depreciation and after adjustments for unconsolidated partnerships and joint ventures. NAREIT suggests that FFO is a useful supplemental measure of operating performance for REITs.	

(4)	Excludes centers opened in 2001, The Mall at Millenia, Sunvalley, Paseo Nuevo, and La Cumbre Plaza.	

(5)	Leased space comprises both occupied space and space that is leased but not yet occupied.	

(6)	Mall tenant occupancy costs are defined as the sum of minimum rents, percentage rents and expense recoveries, excluding utilities.	

Taubman Centers/7
TAUBMAN CENTERS, INC.
Income Statement
For the Three Months Ended March 31, 2003 and 2002

(in thousands of dollars)

	2003	2002	
			
 	CONSOLIDATED
BUSINESSES	UNCONSOLIDATED
JOINT
VENTURES (1)	TOTAL	CONSOLIDATED
BUSINESSES	UNCONSOLIDATED
JOINT
VENTURES (1)	TOTAL	

REVENUES:	 		 		 		 		 		 		 	
         Minimum rents	 	52,843	 	48,416	 	101,259	 	46,750	 	41,480	 	88,230	 	
         Percentage rents	 	1,186	 	932	 	2,118	 	1,065	 	629	 	1,694	 	
         Expense recoveries	 	32,226	 	24,711	 	56,937	 	27,775	 	20,557	 	48,332	 	
         Management, leasing and development	 	4,792	 	 	 	4,792	 	5,128	 	 	 	5,128	 	
         Other	 	11,012	 	5,322	 	16,334	 	5,904	 	2,019	 	7,923	 	
													
 	 	102,059	 	79,381	 	181,440	 	86,622	 	64,685	 	151,307	 	
 		
OPERATING COSTS:	 		
         Recoverable expenses	 	28,670	 	20,537	 	49,207	 	23,386	 	15,523	 	38,909	 	
         Other operating	 	9,539	 	5,055	 	14,594	 	9,956	 	5,230	 	15,186	 	
         Costs related to unsolicited tender offer	 	9,849	 	 	 	9,849	 		
         Management, leasing and development	 	4,548	 	 	 	4,548	 	4,893	 	 	 	4,893	 	
         General and administrative	 	5,940	 	 	 	5,940	 	4,920	 	 	 	4,920	 	
         Interest expense	 	22,512	 	19,720	 	42,232	 	20,629	 	18,199	 	38,828	 	
         Depreciation and amortization	 	23,516	 	13,819	 	37,335	 	20,703	 	14,077	 	34,780	 	
													
               Total operating costs	 	104,574	 	59,131	 	163,705	 	84,487	 	53,029	 	137,516	 	
													
 	 	(2,515	)	20,250	 	17,735	 	2,135	 	11,656	 	13,791	 	

Equity in income of Unconsolidated Joint Ventures	 	10,403	 	 	 	 	 	6,137	 		

Income before discontinued operations	 	7,888	 	 	 	 	 	8,272	 		
         and minority and preferred interests	 		
Discontinued operations:	 		
         Gain on disposition of interest in center	 	 	 	 	 	 	 	2,049	 		
         EBITDA	 	 	 	 	 	 	 	2,205	 		
         Depreciation	 	 	 	 	 	 	 	(461	)		
Minority and preferred interests:	 		
         TRG preferred distributions	 	(2,250	)	 	 	 	 	(2,250	)		
         Minority share in consolidated joint ventures	 	(152	)	 	 	 	 	211	 		
         Minority share of income of TRG	 	(1,207	)	 	 	 	 	(4,540	)		
         Distributions in excess of minority share of income	 	(7,260	)	 	 	 	 	(3,620	)		
									
Net income (loss)	 	(2,981	)	 	 	 	 	1,866	 		
Series A preferred dividends	 	(4,150	)	 	 	 	 	(4,150	)		
									
Net income (loss) allocable to common shareowners	 	(7,131	)	 	 	 	 	(2,284	)		

SUPPLEMENTAL INFORMATION:	 		
         EBITDA - 100%	 	43,513	 	53,789	 	97,302	 	45,672	 	43,932	 	89,604	 	
         EBITDA - outside partners' share	 	(2,039	)	(24,481	)	(26,520	)	(2,117	)	(19,251	)	(21,368	)	
													
         EBITDA contribution	 	41,474	 	29,308	 	70,782	 	43,555	 	24,681	 	68,236	 	
         Beneficial interest expense	 	(21,338	)	(10,340	)	(31,678	)	(19,419	)	(9,023	)	(28,442	)	
         Non-real estate depreciation	 	(586	)	 	 	(586	)	(719	)	 	 	(719	)	
         Preferred dividends and distributions	 	(6,400	)	 	 	(6,400	)	(6,400	)	 	 	(6,400	)	
													
         Funds from Operations contribution (2)	 	13,150	 	18,968	 	32,118	 	17,017	 	15,658	 	32,675	 	

         Net straightline adjustments to rental revenue and	 		
           ground rent expense at TRG %	 	 	 	 	 	280	 	 	 	 	 	591	 	

(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 the Company’s ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.	

(2)	FFO for the three months ended March 31, 2003 includes costs of $9.8 million incurred in connection with the unsolicited tender offer. There were no such costs incurred during the three months ended March 31, 2002.	

Taubman Centers/8
TAUBMAN CENTERS, INC.
Reconciliation of Net Income to Funds from Operations, EBITDA, and Comparable Center Net Operating Income
For the Three Months Ended March 31, 2003 and 2002

(in thousands of dollars)

 	Three Months Ended March 31	
	2003	2002	
 	 	 	
Net income allocable to common shareowners	 	(7,131	)	(2,284	)	
	 		
Add (less) depreciation and gains on dispositions of properties:	 		
         Gain on disposition of interest in center	 	 	 	(2,049	)	
         Depreciation and amortization:	 		
                  Consolidated businesses at 100%	 	23,516	 	20,703	 	
                  Minority partners in consolidated joint ventures	 	(713	)	(1,118	)	
                  Discontinued operations	 	 	 	461	 	
                  Share of unconsolidated joint ventures	 	8,565	 	9,521	 	
                  Non-real estate depreciation	 	(586	)	(719	)	
	 		
Add minority interests in TRG:	 		
         Minority share of income in TRG	 	1,207	 	4,540	 	
         Distributions in excess of minority share of income of TRG	 	7,260	 	3,620	 	

Funds from Operations - TRG (1)	 	32,118	 	32,675	 	
					
Funds from Operations - TCO (1)	 	19,990	 	20,159	 	

Funds from Operations - TRG (from above)	 	32,118	 	32,675	 	
	 		
Add (less):	 		
         Preferred dividends and distributions	 	6,400	 	6,400	 	
         Non-real estate depreciation	 	586	 	719	 	
         Interest expense for all businesses	 	42,232	 	38,828	 	
         Interest expense allocable to minority partners in consolidated joint ventures	 	(1,174	)	(1,210	)	
         Interest expense allocable to outside partners in unconsolidated joint ventures	 	(9,380	)	(9,176	)	

Beneficial interest in EBITDA - TRG	 	70,782	 	68,236	 	
	 		
Add:	 		
         EBITDA allocable to minority partners in consolidated joint ventures	 	2,039	 	2,117	 	
         EBITDA allocable to outside partners in unconsolidated joint ventures	 	24,481	 	19,251	 	

EBITDA at 100% - TRG	 	97,302	 	89,604	 	
	 		
Add (less) items excluded from shopping center Net Operating Income:	 		
         General and administrative expenses	 	5,940	 	4,920	 	
         Management, leasing and development services, net	 	(244	)	(235	)	
         Costs related to unsolicited tender offer	 	9,849	 		
         Gains on peripheral land sales	 	(252	)	(1,957	)	
         Individually significant lease cancellation fees (2)	 	(4,998	)		
         Dolphin CDD reversal in 2002	 	 	 	(2,867	)	
         Straight-line of minimum rent	 	(299	)	(542	)	
         Non-center specific operating expenses and other	 	2,266	 	5,097	 	

Net Operating Income - all centers at 100%	 	109,564	 	94,020	 	
	 		
Less - Net Operating Income of non-comparable centers (3)	 	(29,060	)	(17,242	)	

Net Operating Income - comparable centers at 100%	 	80,504	 	76,778	 	

(1)	TRG’s FFO for the three months ended March 31, 2003 includes costs of $9.8 million incurred in connection with the unsolicited tender offer. There were no such costs incurred during the three months ended March 31, 2002. TCO’s share of TRG’s FFO is based on an average ownership of 62% during the three months ended March 31, 2003 and 2002.	

(2)	The Company excludes individual lease cancellation fees in excess of $0.5 million from its computation of comparable center net operating income.	

(3)	Includes centers opened in 2001, The Mall at Millenia, Sunvalley, Paseo Nuevo, and La Cumbre Plaza.	

Taubman Centers/9
TAUBMAN CENTERS, INC.
Balance Sheets
As of March 31, 2003 and December 31, 2002

(in thousands of dollars)

 	As of	
 		
	March 31, 2003	December 31, 2002	
 	 	 	
Consolidated Balance Sheet of Taubman Centers, Inc.:	 		 		 	
	 		
Assets:	 		
  Properties	 	2,576,222	 	2,533,530	 	
  Accumulated depreciation and amortization	 	(422,610	)	(404,566	)	
					
 	 	2,153,612	 	2,128,964	 	
  Investment in Unconsolidated Joint Ventures	 	3,886	 	31,402	 	
  Cash and cash equivalents	 	24,969	 	32,502	 	
  Accounts and notes receivable	 	32,561	 	32,416	 	
  Accounts and notes receivable from related parties	 	3,087	 	3,887	 	
  Deferred charges and other assets	 	40,326	 	40,536	 	
					
 	 	2,258,441	 	2,269,707	 	

Liabilities:	 		
  Notes payable	 	1,568,423	 	1,543,693	 	
  Accounts payable and accrued liabilities	 	218,246	 	240,811	 	
  Dividend and distributions payable	 	17,912	 	13,746	 	
					
 	 	1,804,581	 	1,798,250	 	
	 		
Preferred Equity of TRG	 	97,275	 	97,275	 	
	 		
Shareowners' Equity:	 		
  Series A Cumulative Redeemable Preferred Stock	 	80	 	80	 	
  Series B Non-Participating Convertible Preferred Stock	 	32	 	32	 	
  Common stock	 	523	 	522	 	
  Additional paid-in capital	 	692,392	 	690,387	 	
  Accumulated other comprehensive income	 	(16,334	)	(17,485	)	
  Dividends in excess of net income	 	(320,108	)	(299,354	)	
					
 	 	356,585	 	374,182	 	
					
 	 	2,258,441	 	2,269,707	 	

Combined Balance Sheet of Unconsolidated Joint Ventures:	 		
	 		
Assets:	 		
  Properties	 	1,249,209	 	1,248,335	 	
  Accumulated depreciation and amortization	 	(298,153	)	(287,670	)	
					
 	 	951,056	 	960,665	 	
  Cash and cash equivalents	 	29,485	 	37,576	 	
  Accounts and notes receivable	 	18,461	 	16,487	 	
  Deferred charges and other assets	 	40,001	 	31,668	 	
					
 	 	1,039,003	 	1,046,396	 	

Liabilities:	 		
  Notes payable	 	1,353,035	 	1,289,739	 	
  Accounts payable and other liabilities	 	70,895	 	91,596	 	
					
 	 	1,423,930	 	1,381,335	 	
	 		
Accumulated Deficiency in Assets:	 		
  Accumulated deficiency in assets - TRG	 	(212,854	)	(187,584	)	
  Accumulated deficiency in assets - Joint Venture Partners	 	(167,672	)	(142,835	)	
  Accumulated other comprehensive income - TRG	 	(3,474	)	(3,568	)	
  Accumulated other comprehensive income - Joint Venture Partners	 	(927	)	(952	)	
					
 	 	(384,927	)	(334,939	)	
					
 	 	1,039,003	 	1,046,396