TCO-6.30.15-10Q

0000890319-15-000138.txt : 20150805 0000890319-15-000138.hdr.sgml : 20150805 20150805111022 ACCESSION NUMBER: 0000890319-15-000138 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150805 DATE AS OF CHANGE: 20150805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAUBMAN CENTERS INC CENTRAL INDEX KEY: 0000890319 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 382033632 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11530 FILM NUMBER: 151027919 BUSINESS ADDRESS: STREET 1: 200 E LONG LAKE RD STREET 2: SUITE 300 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304-2324 BUSINESS PHONE: 2482586800 MAIL ADDRESS: STREET 1: 200 E LONG LAKE RD STREET 2: SUITE 300 CITY: BLOOMFIELD HILLS STATE: MI ZIP: 48304-2324 10-Q 1 tco-63015x10q.htm 10-Q TCO-6.30.15-10Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: June 30, 2015

Commission File No. 1-11530

Taubman Centers, Inc.

(Exact name of registrant as specified in its charter)



Michigan		38-2033632
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
200 East Long Lake Road, Suite 300, Bloomfield Hills, Michigan		48304-2324
(Address of principal executive offices)		(Zip code)
(248) 258-6800
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer,” “accelerated filer" and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer x Accelerated Filer o Non-Accelerated Filer o Smaller Reporting Company o

(Do not check if a smaller reporting company)

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes x No

As of August 4, 2015, there were outstanding 60,857,520 shares of the Company's common stock, par value $0.01 per share.

Table of Contents

TAUBMAN CENTERS, INC.

CONTENTS



PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited):
	Consolidated Balance Sheet – June 30, 2015 and December 31, 2014	2
	Consolidated Statement of Operations and Comprehensive Income – Three and Six Months Ended June 30, 2015 and 2014	3
	Consolidated Statement of Changes in Equity – Six Months Ended June 30, 2015 and 2014	4
	Consolidated Statement of Cash Flows – Six Months Ended June 30, 2015 and 2014	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	56
Item 4.	Controls and Procedures	56
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 6.	Exhibits	58

SIGNATURES

Table of Contents

TAUBMAN CENTERS, INC.

CONSOLIDATED BALANCE SHEET

(in thousands, except share data)



	June 30 2015			December 31 2014
Assets:
Properties	$	3,467,620		$	3,262,505
Accumulated depreciation and amortization	(1,010,571		)	(970,045		)
	$	2,457,049		$	2,292,460
Investment in Unconsolidated Joint Ventures (Notes 2 and 4)	412,377			370,004
Cash and cash equivalents	42,328			276,423
Restricted cash (Note 5)	16,917			37,502
Accounts and notes receivable, less allowance for doubtful accounts of $3,949 and $2,927 in 2015 and 2014	41,190			49,245
Accounts receivable from related parties	2,754			832
Deferred charges and other assets	206,662			188,435
Total Assets	$	3,179,277		$	3,214,901

Liabilities:
Notes payable (Note 5)	$	2,212,461		$	2,025,505
Accounts payable and accrued liabilities	303,878			292,802
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Notes 2 and 4)	474,449			476,651
	$	2,990,788		$	2,794,958
Commitments and contingencies (Notes 5, 7, 8, 9, and 10)

Equity:
Taubman Centers, Inc. Shareowners’ Equity:
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,044,939 and 25,117,000 shares issued and outstanding at June 30, 2015 and December 31, 2014	$	25		$	25
Series J Cumulative Redeemable Preferred Stock, 7,700,000 shares authorized, no par, $192.5 million liquidation preference, 7,700,000 shares issued and outstanding at June 30, 2015 and December 31, 2014
Series K Cumulative Redeemable Preferred Stock, 6,800,000 shares authorized, no par, $170.0 million liquidation preference, 6,800,000 shares issued and outstanding at June 30, 2015 and December 31, 2014
Common Stock, $0.01 par value, 250,000,000 shares authorized, 60,886,865 and 63,324,409 shares issued and outstanding at June 30, 2015 and December 31, 2014	609			633
Additional paid-in capital	678,883			815,961
Accumulated other comprehensive income (loss) (Note 13)	(19,284		)	(15,068		)
Dividends in excess of net income	(500,344		)	(483,188		)
	$	159,889		$	318,363
Noncontrolling interests (Note 7)	28,600			101,580
	$	188,489		$	419,943
Total Liabilities and Equity	$	3,179,277		$	3,214,901

See notes to consolidated financial statements.

Table of Contents

TAUBMAN CENTERS, INC.

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands, except share data)



	Three Months Ended June 30						Six Months Ended June 30
	2015			2014			2015			2014
Revenues:
Minimum rents	$	76,869		$	96,532		$	151,436		$	194,422
Percentage rents	1,077			1,094			4,007			5,756
Expense recoveries	46,020			61,203			89,932			123,912
Management, leasing, and development services	3,341			2,965			6,298			5,470
Other	4,666			8,191			9,289			15,203
	$	131,973		$	169,985		$	260,962		$	344,763
Expenses:
Maintenance, taxes, utilities, and promotion	$	35,107		$	48,830		$	66,740		$	96,771
Other operating	14,680			16,050			27,898			31,546
Management, leasing, and development services	1,411			1,696			2,541			2,981
General and administrative	12,055			11,587			23,980			23,124
Interest expense	14,781			25,434			28,306			51,564
Depreciation and amortization	26,378			36,850			50,419			71,968
	$	104,412		$	140,447		$	199,884		$	277,954
Nonoperating income (expense) (Notes 2 and 8)	1,456			(5,321		)	2,702			(4,218		)
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax	$	29,017		$	24,217		$	63,780		$	62,591
Income tax expense (Note 3)	(688		)	(311		)	(1,526		)	(1,010		)
Equity in income of Unconsolidated Joint Ventures (Note 4)	14,004			14,675			31,079			26,743
Income before gain on dispositions, net of tax	$	42,333		$	38,581		$	93,333		$	88,324
Gain on dispositions, net of tax (Note 2)				473						476,887
Net income	$	42,333		$	39,054		$	93,333		$	565,211
Net income attributable to noncontrolling interests (Note 7)	(12,825		)	(11,455		)	(27,927		)	(162,235		)
Net income attributable to Taubman Centers, Inc.	$	29,508		$	27,599		$	65,406		$	402,976
Distributions to participating securities of TRG (Note 9)	(493		)	(470		)	(985		)	(938		)
Preferred stock dividends	(5,785		)	(5,785		)	(11,569		)	(11,569		)
Net income attributable to Taubman Centers, Inc. common shareowners	$	23,230		$	21,344		$	52,852		$	390,469

Net income	$	42,333		$	39,054		$	93,333		$	565,211
Other comprehensive income (Note 13):
Unrealized gain (loss) on interest rate instruments and other	1,844			(9,075		)	(7,545		)	(14,587		)
Cumulative translation adjustment	(2,108		)	5,036			(4,025		)	1,850
Reclassification adjustment for amounts recognized in net income	2,942			8,170			5,835			11,474
	$	2,678		$	4,131		$	(5,735	)	$	(1,263	)
Comprehensive income	$	45,011		$	43,185		$	87,598		$	563,948
Comprehensive income attributable to noncontrolling interests	(13,565		)	(12,775		)	(26,255		)	(161,987		)
Comprehensive income attributable to Taubman Centers, Inc.	$	31,446		$	30,410		$	61,343		$	401,961

Basic earnings per common share (Note 11)	$	0.38		$	0.34		$	0.85		$	6.18

Diluted earnings per common share (Note 11)	$	0.37		$	0.33		$	0.84		$	6.08

Cash dividends declared per common share	$	0.5650		$	0.5400		$	1.1300		$	1.0800

Weighted average number of common shares outstanding – basic	61,606,563			63,263,237			62,319,211			63,214,694

See notes to consolidated financial statements.

Table of Contents

TAUBMAN CENTERS, INC.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SIX MONTHS ENDED JUNE 30, 2015 AND 2014

(in thousands, except share data)



	Taubman Centers, Inc. Shareowners’ Equity
	Preferred Stock				Common Stock					Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Dividends in Excess of Net Income			Non-Redeemable Noncontrolling Interests			Total Equity
	Shares		Amount		Shares		Amount
Balance, January 1, 2014	39,651,069		$	25	63,101,614		$	631		$	796,787		$	(8,914	)	$	(908,656	)	$	(95,533	)	$	(215,660	)
Issuance of stock pursuant to Continuing Offer (Notes 9 and 10)	(25,500	)			25,500																	—
Repurchase of common stock (Note 6)					(266	)				(17		)										(17		)
Share-based compensation under employee and director benefit plans (Note 9)					136,622		2			6,088												6,090
Adjustments of noncontrolling interests (Note 7)										(5		)	21						(17		)	(1		)
Contributions from noncontrolling interests																			22,345			22,345
Dividends and distributions																(80,876		)	(33,752		)	(114,628		)
Other	1,431									133						(224		)	10			(81		)
Net income																402,976			162,235			565,211
Other comprehensive income (Note 13):
Unrealized loss on interest rate instruments and other													(10,321		)				(4,266		)	(14,587		)
Cumulative translation adjustment													1,324						526			1,850
Reclassification adjustment for amounts recognized in net income													7,982						3,492			11,474
Balance, June 30, 2014	39,627,000		$	25	63,263,470		$	633		$	802,986		$	(9,908	)	$	(586,780	)	$	55,040		$	261,996

Balance, January 1, 2015	39,617,000		$	25	63,324,409		$	633		$	815,961		$	(15,068	)	$	(483,188	)	$	101,580		$	419,943
Issuance of stock pursuant to Continuing Offer (Notes 9 and 10)	(72,061	)			72,065		1			(1		)										—
Repurchase of common stock (Note 6)					(2,803,421	)	(28		)	(207,452		)										(207,480		)
Share-based compensation under employee and director benefit plans (Note 9)					293,812		3			13,758												13,761
Adjustments of noncontrolling interests (Notes 2 and 7)										56,610			(153		)				(65,753		)	(9,296		)
Dividends and distributions																(82,296		)	(33,482		)	(115,778		)
Other										7						(266		)				(259		)
Net income																65,406			27,927			93,333
Other comprehensive income (Note 13):
Unrealized loss on interest rate instruments and other													(5,345		)				(2,200		)	(7,545		)
Cumulative translation adjustment													(2,851		)				(1,174		)	(4,025		)
Reclassification adjustment for amounts recognized in net income													4,133						1,702			5,835
Balance, June 30, 2015	39,544,939		$	25	60,886,865		$	609		$	678,883		$	(19,284	)	$	(500,344	)	$	28,600		$	188,489

See notes to consolidated financial statements.

Table of Contents

TAUBMAN CENTERS, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands)



	Six Months Ended June 30
	2015			2014
Cash Flows From Operating Activities:
Net income	$	93,333		$	565,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,419			71,968
Provision for bad debts	1,432			1,217
Gain on dispositions				(486,620		)
Discontinuation of hedge accounting (Note 2)				5,678
Other	8,287			4,990
Increase (decrease) in cash attributable to changes in assets and liabilities:
Receivables, restricted cash, deferred charges, and other assets	1,481			1,523
Accounts payable and accrued liabilities	(396		)	(21,081		)
Net Cash Provided By Operating Activities	$	154,556		$	142,886

Cash Flows From Investing Activities:
Additions to properties	$	(210,959	)	$	(163,624	)
Cash drawn from (provided to) escrow related to center construction projects (Note 5)	18,625			(42,873		)
Proceeds from dispositions, net of transaction costs (Note 2)				385,598
Contributions to Unconsolidated Joint Ventures	(50,260		)	(20,884		)
Distributions from Unconsolidated Joint Ventures in excess of income	1,715			6,946
Other	662			7,287
Net Cash Provided By (Used In) Investing Activities	$	(240,217	)	$	172,450

Cash Flows From Financing Activities:
Proceeds from (payments to) revolving lines of credit, net	$	124,910		$	(87,710	)
Debt proceeds	82,994			61,752
Debt payments	(20,155		)	(103,168		)
Debt issuance costs	(7,554		)
Increase in deposits	(10,000		)
Repurchase of common stock	(207,480		)	(17		)
Issuance of common stock and/or partnership units in connection with incentive plans	4,629			(2,381		)
Distributions to noncontrolling interests	(33,482		)	(33,752		)
Distributions to participating securities of TRG	(985		)	(938		)
Contributions from noncontrolling interests				22,345
Cash dividends to preferred shareowners	(11,569		)	(11,569		)
Cash dividends to common shareowners	(69,742		)	(68,487		)
Net Cash Used In Financing Activities	$	(148,434	)	$	(223,925	)

Net Increase (Decrease) In Cash and Cash Equivalents	$	(234,095	)	$	91,411

Cash and Cash Equivalents at Beginning of Period	276,423			40,993

Cash and Cash Equivalents at End of Period	$	42,328		$	132,404

See notes to consolidated financial statements.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Interim Financial Statements

General

Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of June 30, 2015 included 19 urban and suburban shopping centers operating in 10 states and Puerto Rico.

Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong.

The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted.

Consolidation

The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements.

Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Ownership

In addition to the Company’s common stock, there were three classes of preferred stock outstanding (Series B, J, and K) as of June 30, 2015. Dividends on the 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) and the 6.25% Series K Cumulative Redeemable Preferred Stock (Series K Preferred Stock) are cumulative and are paid on the last day of each calendar quarter. The Company owns corresponding Series J and Series K Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company’s Series J and Series K Preferred Stock.

The Company also is obligated to issue to partners in the Operating Partnership other than the Company, upon subscription, one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit. The Series B Preferred Stock entitles its holders to one vote per share on all matters submitted to the Company’s shareowners and votes together with the common stock on all matters as a single class. The holders of Series B Preferred Stock are not entitled to dividends or earnings. The Series B Preferred Stock is convertible into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Outstanding voting securities of the Company at June 30, 2015 consisted of 25,044,939 shares of Series B Preferred Stock and 60,886,865 shares of common stock.

The Operating Partnership

At June 30, 2015, the Operating Partnership’s equity included two classes of preferred equity (Series J and K) and the net equity of the partnership unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and Series K Preferred Equity are owned by the Company and are eliminated in consolidation.

The Company's ownership in the Operating Partnership at June 30, 2015 consisted of a 71% managing general partnership interest, as well as the Series J and Series K Preferred Equity interests. The Company's average ownership percentage in the Operating Partnership for the six months ended June 30, 2015 and 2014 was 71% and 72%, respectively. At June 30, 2015, the Operating Partnership had 85,950,254 partnership units outstanding, of which the Company owned 60,886,865 units.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 2 - Dispositions, Acquisition, and Developments

Dispositions

Sale of Centers to Starwood

In October 2014, the Company completed the disposition of a portfolio of seven centers to an affiliate of the Starwood Capital Group (Starwood). The following centers were sold: MacArthur Center in Norfolk, Virginia, Stony Point Fashion Park in Richmond, Virginia, Northlake Mall in Charlotte, North Carolina, The Mall at Wellington Green in Wellington, Florida, The Shops at Willow Bend in Plano, Texas, The Mall at Partridge Creek in Clinton Township, Michigan, and Fairlane Town Center in Dearborn, Michigan. The results of the seven centers are in the Company's continuing operations for all periods prior to the October 2014 sale, pursuant to the Company's previous adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" beginning January 1, 2014.

In June 2014, in connection with the discontinuation of hedge accounting on the MacArthur Center swap, the Company accelerated the reclassification of amounts in AOCI to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. For the three and six months ended June 30, 2014, the accelerated amount was a loss of $4.9 million. The Company also recorded a loss of $0.8 million for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. For the three and six months ended June 30, 2014, the Company incurred total expenses of $5.7 million, $5.4 million at TRG's beneficial share, related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable, as well as disposition costs of $0.4 million related to the sale of the centers to Starwood. These expenses are classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.

As a result of the sale, the Company underwent a restructuring plan in 2014 to reduce its workforce across various areas of the organization. As of June 30, 2015, substantially all of the restructuring costs were paid.

International Plaza

In January 2014, the Company sold a total of 49.9% of the Company's interests in the entity that owns International Plaza, including certain governance rights, for $499 million (excluding transaction costs), which consisted of $337 million of cash and approximately $162 million of beneficial interest in debt. A gain of $368 million (net of tax of $9.7 million) was recognized as a result of the transaction. The Company's ownership in the center decreased to a noncontrolling 50.1% interest, which is accounted for under the equity method subsequent to the disposition.

Arizona Mills/Oyster Bay

In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of $154.91 per unit. The fair value of the partnership units recognized for accounting purposes was $77.7 million, after considering the one-year restriction on the sale of these partnership units (Note 12). The number of partnership units subsequently increased to 590,124, in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. The Company's investment in the partnership units is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. As a result of the sale, the Company was relieved of its $84 million share of the $167 million mortgage loan outstanding on Arizona Mills at the time of the sale. A gain of $109 million was recognized as a result of the transaction.

Acquisition

Purchase of U.S. Headquarters Building

In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for approximately $16.1 million from an affiliate of the Taubman family. In exchange for the building, the Company assumed the $17.4 million, 5.90% fixed rate loan on the building, issued 1,431 Operating Partnership units (and a corresponding number of shares of Series B Preferred Stock), and received $1.4 million in escrowed and other cash from the affiliate. In March 2015, the Company refinanced the loan on the building (Note 5).

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

U.S. Development

International Market Place

International Market Place, a 0.4 million square foot center, is under construction in Waikiki, Honolulu, Hawaii. The center will be anchored by Saks Fifth Avenue and is expected to open in August 2016. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. As of June 30, 2015, the Company's capitalized costs for the project were $176.0 million ($164.9 million at TRG's share).

The Mall of San Juan

The Mall of San Juan, a 0.6 million square foot center in San Juan, Puerto Rico, opened in March 2015. The center is anchored by Nordstrom and Saks Fifth Avenue. As of June 30, 2015, the Company owned a 95% interest in the center subsequent to the acquisition of an additional 15% interest in April 2015. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used $9.3 million of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the Noncontrolling interests and an offsetting reduction of Properties (Note 14).

Asia Development

CityOn.Xi'an

The Company has a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, which will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development under construction in Xi'an, China. Through this joint venture, the Company will beneficially own a 30% interest in the shopping center, which is scheduled to open in spring 2016. As of June 30, 2015, the Company's share of total project costs were $88.2 million, as increased by $0.5 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

CityOn.Zhengzhou

The Company also has a second joint venture with Wangfujing which owns a majority interest in and will manage an approximately 1.0 million square foot multi-level shopping center, CityOn.Zhengzhou, under construction in Zhengzhou, China. Through this joint venture, the Company beneficially owns a 32% interest in the shopping center, which is scheduled to open in fall 2016. As of June 30, 2015, the Company's share of total project costs were $58.5 million, as decreased by immaterial cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

Hanam Union Square

The Company's joint venture with Shinsegae Group, South Korea's largest retailer, is developing an approximately 1.7 million square foot shopping center, Hanam Union Square, under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in early fall 2016. The Company has partnered with a major institution in Asia for a 49% ownership interest in Hanam Union Square. The institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3%. As of June 30, 2015, the Company's share of total project costs were $173.5 million, as decreased by $5.0 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 3 - Income Taxes

Income Tax Expense

The Company’s income tax expense (benefit) for the three and six months ended June 30, 2015 and 2014 consisted of the following:



	Three Months Ended June 30						Six Months Ended June 30
	2015			2014			2015			2014
Federal current	$	260		$	(1,366	)	$	756		$	7,538
Federal deferred	(20		)	972			(105		)	1,165
Foreign current	492			364			766			581
Foreign deferred	(185		)	(45		)	(156		)	(48		)
State current	135			(75		)	255			1,519
State deferred	6			(12		)	10			(12		)
	$	688		$	(162	)	$	1,526		$	10,743
Less income tax (expense) benefit allocated to Gain on Dispositions ⁽¹⁾				473						(9,733		)
Total income tax expense	$	688		$	311		$	1,526		$	1,010


(1)	Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income.

Deferred Taxes

Deferred tax assets and liabilities as of June 30, 2015 and December 31, 2014 were as follows:



	2015			2014
Deferred tax assets:
Federal	$	1,521		$	1,382
Foreign	2,035			1,806
State	1,130			471
Total deferred tax assets	$	4,686		$	3,659
Valuation allowances	(2,424		)	(1,703		)
Net deferred tax assets	$	2,262		$	1,956
Deferred tax liabilities:
Federal	$	626		$	592
Foreign	475			473
State	128			89
Total deferred tax liabilities	$	1,229		$	1,154

The Company believes that it is more likely than not the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the Manager’s profitability, the timing and amounts of gains on peripheral land sales, the profitability of Taubman Asia's operations, and other factors affecting the results of operations of the Taxable REIT Subsidiaries. The valuation allowances relate to net operating loss carryforwards and tax basis differences where there is uncertainty regarding their realizability.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4 - Investments in Unconsolidated Joint Ventures

General Information

The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below.



Shopping Center		Ownership as of June 30, 2015 and December 31, 2014
CityOn.Xi'an (under construction)		Note 2
CityOn.Zhengzhou (under construction)		Note 2
Fair Oaks		50%
Hanam Union Square (under construction)		Note 2
International Plaza		50.1
The Mall at Millenia		50
Stamford Town Center		50
Sunvalley		50
The Mall at University Town Center		50
Waterside Shops		50
Westfarms		79

The Company's carrying value of its Investment in Unconsolidated Joint Ventures differs from its share of the partnership or members’ equity reported in the combined balance sheet of the Unconsolidated Joint Ventures due to (i) the Company's cost of its investment in excess of the historical net book values of the Unconsolidated Joint Ventures and (ii) the Operating Partnership’s adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures. The Company's additional basis allocated to depreciable assets is recognized on a straight-line basis over 40 years. The Operating Partnership’s differences in bases are amortized over the useful lives or terms of the related assets and liabilities.

In its Consolidated Balance Sheet, the Company separately reports its investment in Unconsolidated Joint Ventures for which accumulated distributions have exceeded investments in and net income of the Unconsolidated Joint Ventures. The net equity of certain joint ventures is less than zero because distributions are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. In addition, any distributions related to refinancing of the centers further decrease the net equity of the centers.

The estimated fair value of the Unconsolidated Joint Ventures’ mortgage notes payable was $2.0 billion at both June 30, 2015 and December 31, 2014. The methodology for determining this fair value is consistent with that used for determining the fair value of consolidated mortgage notes payable (Note 12).

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of June 30, 2015 and December 31, 2014 excluded the balances of CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.



	June 30 2015			December 31 2014
Assets:
Properties	$	1,601,636		$	1,580,926
Accumulated depreciation and amortization	(568,755		)	(548,646		)
	$	1,032,881		$	1,032,280
Cash and cash equivalents	29,252			49,765
Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014	35,695			38,788
Deferred charges and other assets	41,079			33,200
	$	1,138,907		$	1,154,033

Liabilities and accumulated deficiency in assets:
Notes payable	$	2,006,424		$	1,989,546
Accounts payable and other liabilities	68,735			103,161
TRG's accumulated deficiency in assets	(523,737		)	(525,759		)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets	(412,515		)	(412,915		)
	$	1,138,907		$	1,154,033

TRG's accumulated deficiency in assets (above)	$	(523,737	)	$	(525,759	)
TRG's investment in properties under construction (Note 2)	277,588			232,091
TRG basis adjustments, including elimination of intercompany profit	130,088			132,058
TCO's additional basis	53,989			54,963
Net investment in Unconsolidated Joint Ventures	$	(62,072	)	$	(106,647	)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures	474,449			476,651
Investment in Unconsolidated Joint Ventures	$	412,377		$	370,004

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



	Three Months Ended June 30						Six Months Ended June 30
	2015			2014			2015			2014
Revenues	$	88,418		$	80,294		$	180,332		$	157,519
Maintenance, taxes, utilities, promotion, and other operating expenses	$	29,286		$	25,448		$	56,281		$	50,446
Interest expense	21,318			18,400			42,547			36,547
Depreciation and amortization	13,654			10,338			26,406			21,196
Total operating costs	$	64,258		$	54,186		$	125,234		$	108,189
Nonoperating income (expense)	(3		)	(5		)	5			(3		)
Net income	$	24,157		$	26,103		$	55,103		$	49,327

Net income attributable to TRG	$	13,435		$	14,303		$	30,488		$	27,061
Realized intercompany profit, net of depreciation on TRG’s basis adjustments	1,055			859			1,563			656
Depreciation of TCO's additional basis	(486		)	(487		)	(972		)	(974		)
Equity in income of Unconsolidated Joint Ventures	$	14,004		$	14,675		$	31,079		$	26,743

Beneficial interest in Unconsolidated Joint Ventures’ operations:
Revenues less maintenance, taxes, utilities, promotion, and other operating expenses	$	33,911		$	31,484		$	70,417		$	60,574
Interest expense	(11,405		)	(9,955		)	(22,768		)	(19,799		)
Depreciation and amortization	(8,502		)	(6,854		)	(16,570		)	(14,032		)
Equity in income of Unconsolidated Joint Ventures	$	14,004		$	14,675		$	31,079		$	26,743

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5 - Beneficial Interest in Debt and Interest Expense

The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and The Mall of San Juan (20% prior to April 2015, and subsequently 5%), as well as the noncontrolling interests in The Mall at Wellington Green (10%) and MacArthur Center (5%) through the disposition of the centers in October 2014 (Note 2).



	At 100%					At Beneficial Interest
	Consolidated Subsidiaries			Unconsolidated Joint Ventures		Consolidated Subsidiaries		Unconsolidated Joint Ventures
Debt as of:
June 30, 2015	$	2,212,461		$	2,006,424	$	2,060,722	$	1,093,078
December 31, 2014	2,025,505			1,989,546		1,852,749		1,085,991

Capitalized interest:
Six Months Ended June 30, 2015	$	16,783	(1)	$	157	$	16,188	$	79
Six Months Ended June 30, 2014	11,672		⁽¹⁾	1,692		11,214		852

Interest expense:
Six Months Ended June 30, 2015	$	28,306		$	42,547	$	24,918	$	22,768
Six Months Ended June 30, 2014	51,564			36,547		47,414		19,799

(1)

The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.

2015 Financing

In March 2015, the Company completed a $12.0 million non-recourse refinancing on its U.S. headquarters building. The loan is interest only for the entire nine-year term, bears interest at LIBOR plus 1.40%, and is prepayable at any time. The rate on the loan is fixed at 3.49% as a result of an interest rate swap (Note 8). The proceeds from the new loan and available cash were used to pay off the existing $17.0 million, 5.90% fixed rate loan.

Debt Covenants and Guarantees

Certain loan agreements contain various restrictive covenants, including the following corporate covenants on the Company’s unsecured primary revolving line of credit, unsecured term loan, and the construction facilities on The Mall at University Town Center and The Mall of San Juan: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio, and a maximum payout ratio. In addition, the Company’s primary revolving line of credit and term loan have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, and Twelve Oaks Mall on a combined basis. These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio, and a minimum unencumbered asset occupancy ratio. As of June 30, 2015, the corporate maximum payout ratio was the most restrictive covenant. The Company was in compliance with all of its covenants and loan obligations as of June 30, 2015. The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain the Company’s tax status, pay preferred distributions, and for distributions related to the sale of certain assets.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In connection with the financing of the construction facility at The Mall at University Town Center, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional guarantee of 25% of the principal balance and 50% of all accrued but unpaid interest. The maximum amount of the construction facility is $225 million. The outstanding balance of The Mall at University Town Center construction financing facility as of June 30, 2015 was $215.1 million. Accrued but unpaid interest as of June 30, 2015 was $0.3 million. The principal guarantee may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guarantee may be released. The Company believes the likelihood of a payment under the guarantee to be remote.

In connection with the financing of the construction facility at The Mall of San Juan, the Operating Partnership has provided an unconditional guarantee of the construction loan principal balance and all accrued but unpaid interest during the term of the loan. In addition, the Operating Partnership has provided a guarantee as to the completion of the center. The maximum amount of the construction facility is $320 million. The outstanding balance of The Mall of San Juan construction financing facility as of June 30, 2015 was $234.8 million. Accrued but unpaid interest as of June 30, 2015 was $0.2 million. The Company believes the likelihood of a payment under the guarantees to be remote.

In connection with the additional $175 million financing at International Plaza, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional and several guarantee of 50.1% of all obligations and liabilities related to an interest rate swap that was required on the debt for the term of the loan. As of June 30, 2015, the interest rate swap was in an asset position of $0.2 million and had unpaid interest of $0.2 million. The Company believes the likelihood of a payment under the guarantee to be remote.

Other

The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders. As of June 30, 2015 and December 31, 2014, the Company’s cash balances restricted for these uses were $16.9 million and $37.5 million, respectively. As of June 30, 2015, $15.0 million of the $16.9 million of restricted cash was required under certain debt agreements to be in escrow for certain major construction projects.

Note 6 - Equity Transactions

In August 2013, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock. In March 2015, the Company's Board of Directors increased the authorization by $250 million, bringing the total authorization to $450 million. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. As of June 30, 2015, the Company repurchased 3,590,492 shares of its common stock at an average price of $72.35 per share for a total of $259.8 million under the authorization. As of June 30, 2015, $190.2 million remained available under the repurchase program. All shares repurchased have been cancelled. For each share of the Company’s stock repurchased, one of the Company’s Operating Partnership units was redeemed. Repurchases of common stock were financed through general corporate funds, including borrowings under existing revolving lines of credit.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 7 - Noncontrolling Interests

Redeemable Noncontrolling Interests

The Company's president of Taubman Asia (the Asia President) has an ownership interest in Taubman Asia, a consolidated subsidiary. The Asia President is entitled to 10% of Taubman Asia's dividends, with 85% of his dividends being withheld as contributions to capital. These withholdings will continue until he contributes and maintains his capital consistent with a 10% ownership interest, including all capital funded by the Operating Partnership for Taubman Asia's operating and investment activities subsequent to the Asia President obtaining his ownership interest. The Operating Partnership will have a preferred investment in Taubman Asia to the extent the Asia President has not yet contributed capital commensurate with his ownership interest. This preferred investment will accrue an annual preferential return equal to the Operating Partnership's average borrowing rate (with the preferred investment and accrued return together being referred to herein as the preferred interest). The Taubman Asia operating agreement provides that so long as the Taubman Asia President is employed by Taubman Asia on April 1, 2016, then during the month ended April 30, 2016, he will have the right to exercise an option to put up to 40% of his ownership interest for cash in December 2016 at a valuation determined as of October 31, 2016. In addition, Taubman Asia has the ability to call, and the Asia President has the ability to put, the Asia President’s ownership interest upon specified terminations of the Asia President’s employment, although such put or call right may not be exercised for specified time periods after certain termination events. The redemption price for the ownership interest is 50% (increasing to 100% as early as June 2017) of the fair value of the ownership interest less the amount required to return the Operating Partnership's preferred interest. The Company has determined that the Asia President's ownership interest in Taubman Asia qualifies as an equity award, considering its specific redemption provisions, and accounts for it as a contingently redeemable noncontrolling interest, with a carrying value of zero at both June 30, 2015 and December 31, 2014. Any adjustments to the redemption value are recorded through equity.

The Company owns a 93.5% controlling interest in a joint venture that is redeveloping International Market Place in Waikiki, Honolulu, Hawaii. The 6.5% joint venture partner has no obligation nor the right to contribute capital. The Company is entitled to a preferential return on its capital contributions. The Company has the right to purchase the joint venture partner's interest and the joint venture partner has the right to require the Company to purchase the joint venture partner's interest after the third anniversary of the opening of the center, and annually thereafter. The purchase price of the joint venture partner's interest will be based on fair value. Considering the redemption provisions, the Company accounts for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at both June 30, 2015 and December 31, 2014. Any adjustments to the redemption value are recorded through equity.

Equity Balances of Nonredeemable Noncontrolling Interests

The net equity balance of the nonredeemable noncontrolling interests as of June 30, 2015 and December 31, 2014 included the following:



	2015			2014
Non-redeemable noncontrolling interests:
Noncontrolling interests in consolidated joint ventures	$	(22,912	)	$	(14,796	)
Noncontrolling interests in partnership equity of TRG	51,512			116,376
	$	28,600		$	101,580

Income Allocable to Noncontrolling Interests

Net income attributable to the noncontrolling interests for the three months ended June 30, 2015 and June 30, 2014 included the following:



	2015		2014
Net income attributable to non-redeemable noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	$	2,672	$	2,252
Noncontrolling share of income of TRG	10,153		9,203
	$	12,825	$	11,455

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Net income attributable to the noncontrolling interests for the six months ended June 30, 2015 and June 30, 2014 included the following:



	2015		2014
Net income attributable to non-redeemable noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	$	5,263	$	5,370
Noncontrolling share of income of TRG	22,664		156,865
	$	27,927	$	162,235

Equity Transactions

The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the six months ended June 30, 2015 and June 30, 2014:



	2015		2014
Net income attributable to Taubman Centers, Inc. common shareowners	$	52,852	$	390,469
Transfers (to) from the noncontrolling interest:
Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest ⁽¹⁾	56,610		(5		)
Net transfers (to) from noncontrolling interests	56,610		(5		)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests	$	109,462	$	390,464


(1)	In 2015 and 2014 adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6).

Finite Life Entities

Accounting Standards Codification Topic 480, “Distinguishing Liabilities from Equity” establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At June 30, 2015, the Company held a controlling interest in a consolidated entity with a specified termination date in 2083. The noncontrolling owners' interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $430 million at June 30, 2015, compared to a book value of $(22.9) million that is classified in Noncontrolling Interests in the Company’s Consolidated Balance Sheet. The fair value of the noncontrolling interest was calculated as the noncontrolling interest's ownership shares of the underlying property's fair value. The property's fair value was estimated by considering its in-place net operating income, current market capitalization rate, and mortgage debt outstanding.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 8 - Derivative and Hedging Activities

Risk Management Objective and Strategies for Using Derivatives

The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date.

The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

As of June 30, 2015, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.



Instrument Type	Ownership		Notional Amount		Swap Rate		Credit Spread on Loan			Total Swapped Rate on Loan			Maturity Date
Consolidated Subsidiaries:
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100	%	$	200,000	1.64	%	1.35	%	⁽¹⁾	2.99	%	⁽¹⁾	February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100	%	175,000		1.65	%	1.35	%	⁽¹⁾	3.00	%	⁽¹⁾	February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾	100	%	100,000		1.64	%	1.35	%	⁽¹⁾	2.99	%	⁽¹⁾	February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾	100	%	12,000		2.09	%	1.40	%		3.49	%		March 2024
Unconsolidated Joint Ventures:
Receive variable (LIBOR) /pay-fixed swap⁽³⁾	50	%	135,721		2.40	%	1.70	%		4.10	%		April 2018
Receive variable (LIBOR) /pay-fixed swap⁽³⁾	50	%	135,721		2.40	%	1.70	%		4.10	%		April 2018
Receive variable (LIBOR) /pay-fixed swap⁽⁴⁾	50.1	%	173,731		1.83	%	1.75	%		3.58	%		December 2021

(1)

The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date.


(2)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.


(3)	The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall.


(4)	The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.

Cash Flow Hedges of Interest Rate Risk

For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in Accumulated Other Comprehensive Income (AOCI) during the term of the hedged debt transaction.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amounts reported in AOCI related to currently outstanding derivatives are recognized as an adjustment to income as interest payments are made on the Company’s variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction.

The Company expects that approximately $10.0 million of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months.

The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and June 30, 2014. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments and settled derivative instruments associated with hedged debt.

During the three months ended June 30, 2015, the Company had an immaterial amount of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the three months ended June 30, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.



	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
	Three Months Ended June 30						Three Months Ended June 30
	2015		2014				2015			2014
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiary ⁽¹⁾						Nonoperating Income (Expense) ⁽¹⁾				$	(4,880	)
Interest rate contracts – consolidated subsidiaries ⁽¹⁾	$	2,745	$	(5,284	)	Interest Expense ⁽¹⁾	$	(1,817	)	(2,507		)
Interest rate contracts – UJVs	2,041		(501		)	Equity in Income of UJVs	(1,125		)	(783		)
Total derivatives in cash flow hedging relationships	$	4,786	$	(5,785	)		$	(2,942	)	$	(8,170	)

(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the six months ended June 30, 2015, the Company had $0.2 million of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the six months ended June 30, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.



	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)						Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)
	Six Months Ended June 30							Six Months Ended June 30
	2015			2014				2015			2014
Derivatives in cash flow hedging relationships:
Interest rate contracts – consolidated subsidiary ⁽¹⁾							Nonoperating Income (Expense) ⁽¹⁾				$	(4,880	)
Interest rate contracts – consolidated subsidiaries ⁽¹⁾	$	(1,792	)	$	(7,735	)	Interest Expense ⁽¹⁾	$	(3,587	)	(5,043		)
Interest rate contracts – UJVs	82			(258		)	Equity in Income of UJVs	(2,248		)	(1,551		)
Total derivatives in cash flow hedging relationships	$	(1,710	)	$	(7,993	)		$	(5,835	)	$	(11,474	)

(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.

The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014.



		Fair Value
	Consolidated Balance Sheet Location	June 30 2015			December 31 2014
Derivatives designated as hedging instruments:
Asset derivatives:
Interest rate contracts – consolidated subsidiary	Deferred Charges and Other Assets	$	45
Interest rate contract – UJV	Investment in UJVs	82			$	109
Total assets designated as hedging instruments		$	127		$	109

Liability derivatives:
Interest rate contracts – consolidated subsidiary	Accounts Payable and Accrued Liabilities	$	(6,095	)	$	(4,044	)
Interest rate contracts – UJV	Investment in UJVs	(5,044		)	(5,154		)
Total liabilities designated as hedging instruments		$	(11,139	)	$	(9,198	)

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Contingent Features

Two of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default. One of the Company's outstanding derivatives contains provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. Three of the Company’s outstanding derivatives contain provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. One of the Company's outstanding derivatives contains provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default. As of June 30, 2015, the Company is not in default on any indebtedness that would trigger a credit-risk-related default on its current outstanding derivatives.

As of June 30, 2015 and December 31, 2014, the fair value of derivative instruments with credit-risk-related contingent features that were in a liability position was $11.1 million and $9.2 million, respectively. As of June 30, 2015 and December 31, 2014, the Company was not required to post any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their fair value. See Note 5 regarding guarantees and Note 12 for fair value information on derivatives.

Note 9 - Share-Based Compensation

The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted units of limited partnership in the Operating Partnership, options to purchase shares or Operating Partnership units, unrestricted shares or Operating Partnership units, and other awards to acquire up to an aggregate of 8.5 million Company common shares or Operating Partnership units. In addition, non-employee directors have the option to defer their compensation under a deferred compensation plan.

Non-option awards granted after an amendment of the 2008 Omnibus Plan in 2010 are deducted at a ratio of 1.85 Company common shares or Operating Partnership units, while non-option awards granted prior to the amendment are deducted at a ratio of 2.85. Options are deducted on a one-for-one basis. The amount available for future grants is adjusted when the number of contingently issuable shares or units are settled, for grants that are forfeited, and for options that expire without being exercised.

Prior to the adoption of the 2008 Omnibus Plan, the Company provided share-based compensation through an incentive option plan and non-employee directors' stock grant and deferred compensation plans.

The compensation cost charged to income for the Company’s share-based compensation plans was $3.5 million and $7.6 million for the three and six months ended June 30, 2015, respectively. The compensation cost charged to income for the Company’s share-based compensation plans was $3.8 million and $7.4 million for the three and six months ended June 30, 2014, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $0.6 million and $1.4 million for the three and six months ended June 30, 2015, respectively, and $0.5 million and $1.0 million for the three and six months ended June 30, 2014, respectively.

The Company estimated the grant-date fair values of options, performance share units, and restricted share units using the methods discussed in the separate sections below for each type of grant. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the times of grants. The Company assumes no forfeitures of options or performance share units due to the small number of participants and low turnover rate.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Options

A summary of option activity for the six months ended June 30, 2015 is presented below:



	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Range of Exercise Prices
Outstanding at January 1, 2015	521,293		$	39.20	1.6	$	26.56	-	$	51.15
Exercised	(228,750	)	29.72
Outstanding at June 30, 2015	292,543		$	46.60	1.9	$	35.50	-	$	51.15

Fully vested options at June 30, 2015	292,543		$	46.60	1.9

No options were granted during the six months ended June 30, 2015.

The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $6.7 million as of June 30, 2015.

The total intrinsic value of options exercised during the six months ended June 30, 2015 was $10.0 million. Cash received from option exercises for the six months ended June 30, 2015 was $6.8 million. No options were exercised during the six months ended June 30, 2014.

As of June 30, 2015, all options outstanding were fully vested, and there was no unrecognized compensation cost related to options.

Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011, beginning in December 2017 (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in ten annual installments. The deferred units are accounted for as participating securities of the Operating Partnership.

Performance Share Units

In March 2015, the Company granted Performance Share Units (PSU) under the 2008 Omnibus Plan. Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018 if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier.

The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date, historical returns of the Company and the peer group of companies, a risk-free interest rate of 1.12% and a measurement period of approximately three years. The resulting weighted average grant-date fair value was $112.30 per PSU.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of PSU activity for the six months ended June 30, 2015 is presented below:



	Number of Performance Share Units			Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	254,651			$	132.86
Vested	(43,575	)	₍₁₎	97.44
Granted	50,256			112.30
Forfeited	(5,854	)		174.95
Outstanding at June 30, 2015	255,478			$	134.52


(1)	Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the six months ended June 30, 2015 was zero.

None of the PSU outstanding at June 30, 2015 were vested. As of June 30, 2015, there was $15.0 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 1.9 years.

Restricted Share Units

In March 2015, Restricted Share Units (RSU) were issued under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The Company estimated the values of these RSU using the Company’s common stock price at the grant date. The Company’s valuation was a grant-date fair value of $74.36 per RSU.

A summary of RSU activity for the six months ended June 30, 2015 is presented below:



	Number of Restricted Share Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	293,651		$	67.00
Vested	(93,331	)	65.49
Granted	100,682		74.36
Forfeited	(13,884	)	69.90
Outstanding at June 30, 2015	287,118		$	69.92

None of the RSU outstanding at June 30, 2015 were vested. As of June 30, 2015, there was $10.5 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 2.0 years.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 10 - Commitments and Contingencies

Cash Tender

At the time of the Company's initial public offering and acquisition of its partnership interest in the Operating Partnership in 1992, the Company entered into an agreement (as later amended and restated, the Cash Tender Agreement) with A. Alfred Taubman, as trustee of the A. Alfred Taubman Restated Revocable Trust (the Revocable Trust) and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in the Operating Partnership, whereby each of the revocable trust and TVG has the right to tender to the Company partnership units in the Operating Partnership (provided that the aggregate value is at least $50 million) and cause the Company to purchase the tendered interests at a purchase price based on a market valuation of the Company on the trading date immediately preceding the date of the tender. Control of TVG is shared by the Revocable Trust and entities affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman). At the election of the person making a tender, partnership units in the Operating Partnership held by members of A. Alfred Taubman’s family and partnership units held by entities in which his family members hold interests may be included in such a tender. Upon the death of A. Alfred Taubman in April 2015, the successor trustees of the trust (Robert S. Taubman, William S. Taubman and Gayle Taubman Kalisman) act on behalf of the trust.

The Company will have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of the Company's common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its stock. The tendering partner will bear all market risk if the market price at closing is less than the purchase price and will bear the costs of sale. Any proceeds of the offering in excess of the purchase price will be for the sole benefit of the Company. The Company accounts for the Cash Tender Agreement as a freestanding written put option. As the option put price is defined by the current market price of the Company's stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero.

Based on a market value at June 30, 2015 of $69.50 per share for the Company's common stock, the aggregate value of interests in the Operating Partnership that may be tendered under the Cash Tender Agreement was $1.7 billion. The purchase of these interests at June 30, 2015 would have resulted in the Company owning an additional 28% interest in the Operating Partnership.

Continuing Offer

The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, currently TVG and the Revocable Trust), permitted assignees of all present holders, those future holders of partnership interests in the Operating Partnership as the Company may, in its sole discretion, agree to include in the continuing offer, all existing optionees under the previous option plan, and all existing and future optionees under the 2008 Omnibus Plan to exchange shares of common stock for partnership interests in the Operating Partnership (the Continuing Offer). Under the Continuing Offer agreement, one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock. Upon a tender of Operating Partnership units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Litigation

The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to personal injury claims. We believe the Company's insurance policy terms and conditions and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, that may not be covered by insurance, and not all potential losses are insured against.

Other

See Note 5 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 7 for contingent features relating to certain joint venture agreements, Note 8 for contingent features relating to derivative instruments, and Note 9 for obligations under existing share-based compensation plans.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 11 - Earnings Per Share

Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 10), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 9). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period.



	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):
Basic	$	23,230	$	21,344	$	52,852	$	390,469
Impact of additional ownership of TRG	91		74		196		3,556
Diluted	$	23,321	$	21,418	$	53,048	$	394,025

Shares (Denominator) – basic	61,606,563		63,263,237		62,319,211		63,214,694
Effect of dilutive securities	779,479		711,376		837,491		1,619,315
Shares (Denominator) – diluted	62,386,042		63,974,613		63,156,702		64,834,009

Earnings per common share - basic	$	0.38	$	0.34	$	0.85	$	6.18
Earnings per common share – diluted	$	0.37	$	0.33	$	0.84	$	6.08

The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.



	Three Months Ended June 30		Six Months Ended June 30
	2015	2014	2015	2014
Weighted average noncontrolling partnership units outstanding	4,043,824	4,348,429	4,096,487	4,343,555
Unissued partnership units under unit option deferral elections	871,262	871,262	871,262

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 12 - Fair Value Disclosures

This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values.

Recurring Valuations

Derivative Instruments

The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk.

Other

The Company's valuation of an insurance deposit utilizes unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore falls into Level 1 of the fair value hierarchy.

For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:



	Fair Value Measurements as of June 30, 2015 Using					Fair Value Measurements as of December 31, 2014 Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
Derivative interest rate contract (Note 8)			$	45
Insurance deposit	$	14,373				$	13,059
Total assets	$	14,373	$	45		$	13,059	$	—

Derivative interest rate contracts (Note 8)			$	(6,095	)			$	(4,044	)
Total liabilities			$	(6,095	)			$	(4,044	)

The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. Corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet.

Financial Instruments Carried at Other Than Fair Values

Simon Property Group Limited Partnership Units

As of June 30, 2015, the Company owned 590,124 partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units, which is derived from SPG's common stock price and therefore falls into level 2 of the fair value hierarchy, was $102.1 million at June 30, 2015 and $105.2 million at December 31, 2014. The partnership units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of $77.7 million at both June 30, 2015 and December 31, 2014.

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Notes Payable

The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at June 30, 2015 and December 31, 2014, the Company employed the credit spreads at which the debt was originally issued. For debt refinanced prior to 2010, excluding debt assumed from acquisitions, an additional 0.75% credit spread was added to the discount rate at June 30, 2015 and December 31, 2014 to attempt to account for current market conditions. This additional spread is an estimate and is not necessarily indicative of what the Company could obtain in the market at the reporting date. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of June 30, 2015 or December 31, 2014. To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity.

The estimated fair values of notes payable at June 30, 2015 and December 31, 2014 were as follows:



	2015				2014
	Carrying Value		Fair Value		Carrying Value		Fair Value
Notes payable	$	2,212,461	$	2,223,777	$	2,025,505	$	2,056,474

The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall 1% increase in rates employed in making these estimates would have decreased the fair values of the debt shown above at June 30, 2015 by $22.5 million or 1.0%.

Cash Equivalents and Notes Receivable

The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy.

See Note 4 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 8 regarding additional information on derivatives.

Note 13 - Accumulated Other Comprehensive Income

Changes in the balance of each component of AOCI for the six months ended June 30, 2015 are as follows:



	Taubman Centers, Inc. AOCI									Noncontrolling Interests AOCI
	Cumulative translation adjustment			Unrealized gains (losses) on interest rate instruments and other			Total			Cumulative translation adjustment			Unrealized gains (losses) on interest rate instruments and other			Total
January 1, 2015	$	(101	)	$	(14,967	)	$	(15,068	)	$	(41	)	$	5,879		$	5,838
Other comprehensive income (loss) before reclassifications	(2,851		)	(5,345		)	(8,196		)	(1,174		)	(2,200		)	(3,374		)
Amounts reclassified from AOCI				4,133			4,133						1,702			1,702
Net current period other comprehensive income (loss)	$	(2,851	)	$	(1,212	)	$	(4,063	)	$	(1,174	)	$	(498	)	$	(1,672	)
Adjustments due to changes in ownership	1			(154		)	(153		)	(1		)	154			153
June 30, 2015	$	(2,951	)	$	(16,333	)	$	(19,284	)	$	(1,216	)	$	5,535		$	4,319

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Changes in the balance of each component of AOCI for the six months ended June 30, 2014 are as follows:



	Taubman Centers, Inc. AOCI								Noncontrolling Interests AOCI
	Cumulative translation adjustment		Unrealized gains (losses) on interest rate instruments and other			Total			Cumulative translation adjustment			Unrealized gains (losses) on interest rate instruments and other			Total
January 1, 2014	$	5,040	$	(13,954	)	$	(8,914	)	$	2,011		$	6,141		$	8,152
Other comprehensive income (loss) before reclassifications	1,324		(10,321		)	(8,997		)	526			(4,266		)	(3,740		)
Amounts reclassified from AOCI			7,982			7,982						3,492			3,492
Net current period other comprehensive income (loss)	$	1,324	$	(2,339	)	$	(1,015	)	$	526		$	(774	)	$	(248	)
Adjustments due to changes in ownership	5		16			21			(5		)	(16		)	(21		)
June 30, 2014	$	6,369	$	(16,277	)	$	(9,908	)	$	2,532		$	5,351		$	7,883

The following table presents reclassifications out of AOCI for the six months ended June 30, 2015:



Details about AOCI Components	Amounts reclassified from AOCI		Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:
Realized loss on interest rate contracts - consolidated subsidiaries	$	3,587	Interest Expense
Realized loss on interest rate contracts - UJVs	2,248		Equity in Income of UJVs
Total reclassifications for the period	$	5,835

The following table presents reclassifications out of AOCI for the six months ended June 30, 2014:



Details about AOCI Components	Amounts reclassified from AOCI		Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:
Discontinuation of hedge accounting - consolidated subsidiary	$	4,880	Nonoperating Income (Expense)
Realized loss on interest rate contracts - consolidated subsidiaries	5,043		Interest Expense
Realized loss on interest rate contracts - UJVs	1,551		Equity in Income of UJVs
Total reclassifications for the period	$	11,474

Table of Contents

TAUBMAN CENTERS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 14 - Cash Flow Disclosures and Non-Cash Investing and Financing Activities

Interest paid for the six months ended June 30, 2015 and 2014, net of amounts capitalized of $16.8 million and $11.7 million, respectively, was $26.4 million and $48.5 million, respectively. Income taxes paid for the six months ended June 30, 2015 and 2014 were $0.7 million and $8.9 million, respectively. The following non-cash investing and financing activities occurred during the six months ended June 30, 2015 and June 30, 2014.



	Six Months Ended June 30
	2015		2014
Recapitalization of The Mall of San Juan joint venture (Note 2)	$	9,296
Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2)			$	77,711
Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2)			91
Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2)			18,215
Other non-cash additions to properties	47,974		51,439

Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various assets and liabilities were also adjusted upon the disposition of interests in International Plaza and the deconsolidation of the Company's remaining interest (Note 2).

Note 15 - New Accounting Pronouncement

In February 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”. This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities. The Company is currently evaluating the application of this ASU, however the effect of the ASU on the Company's consolidated financial statements is not expected to be material.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance.

In July 2015, the FASB approved a proposal to amend ASU No. 2014-09, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The amended proposal would permit public entities to adopt ASU No. 2014-09 early but not before the original effective date of annual periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations.

Table of Contents


Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations or beliefs concerning future events and performance. Actual results may differ materially from those expected because of various risks and uncertainties. The forward-looking statements included in this report are made as of the date hereof. Except as required by law, we assume no obligation to update these forward looking statements, even if new information becomes available in the future. Other risks and uncertainties are detailed from time to time in reports filed with the SEC, and in particular those set forth under "Risk Factors" in our most recent Annual Report on Form 10-K. The following discussion should be read in conjunction with the accompanying consolidated financial statements of Taubman Centers, Inc. and the notes thereto.

General Background and Performance Measurement

Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of our real estate properties. In this report, the terms "we", "us", and "our" refer to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. We own, manage, lease, acquire, dispose of, develop, and expand regional and super-regional shopping centers and interests therein. The Consolidated Businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia). Shopping centers owned through joint ventures that are not controlled by us but over which we have significant influence (Unconsolidated Joint Ventures) are accounted for under the equity method.

References in this discussion to “beneficial interest” refer to our ownership or pro-rata share of the item being discussed. Also, the operations of the shopping centers are often best understood by measuring their performance as a whole, without regard to our ownership interest. Consequently, in addition to the discussion of the operations of the Consolidated Businesses, the operations of the Unconsolidated Joint Ventures are presented and discussed as a whole.

The comparability of information used in measuring performance is affected by the opening of The Mall of San Juan in March 2015 and the opening of The Mall at University Town Center in October 2014 (See "Results of Operations - U.S. Development"), the disposition of our interest in Arizona Mills in January 2014 (see "Results of Operations - Dispositions - Arizona Mills/Oyster Bay"), and the sale of seven centers to an affiliate of Starwood Capital Group (Starwood) in October 2014 (see "Results of Operations - Dispositions - Sale of Centers to Starwood"). Additional "comparable center" statistics that exclude the centers noted above are provided to present the performance of comparable centers. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding period. Comparable center statistics for 2014 have been restated to include comparable centers to 2015. Subsequent to the sale of a total of 49.9% of our interests in the entity that owns International Plaza in January 2014, we began accounting for our remaining interest in International Plaza under the equity method of accounting. This affects the comparability of operating results for Consolidated Businesses and Unconsolidated Joint Ventures period over period. Additionally, Taubman Prestige Outlets Chesterfield (Chesterfield) has been excluded from comparable trailing 12 month statistics reported for 2015 and 2014 as the center was not open for the entire 12 months ended June 30, 2014.

Use of Non-GAAP Measures

We use Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases. We define NOI as property-level operating revenues (includes rental income excluding straight-line adjustments of minimum rent) less maintenance, taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in mall tenant sales, occupancy and rental rates, and operating costs. We also use NOI excluding lease cancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trend analysis. We generally provide separate projections for expected NOI growth and our lease cancellation income.

Table of Contents

The operating results in “Results of Operations” include the supplemental earnings measures of Beneficial interest in EBITDA and Funds from Operations (FFO). Beneficial interest in EBITDA represents our share of the earnings before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. We believe Beneficial interest in EBITDA generally provides a useful indicator of operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from extraordinary items, sales of properties, and impairment write-downs of depreciable real estate, plus real estate related depreciation and after adjustments for unconsolidated partnerships and joint ventures. We believe that FFO is a useful supplemental measure of operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, we and most industry investors and analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarily use FFO in measuring performance and in formulating corporate goals and compensation.

We may also present adjusted versions of NOI, Beneficial interest in EBITDA, and FFO when used by management to evaluate our operating performance when certain significant items have impacted our results that affect comparability with prior or future periods due to the nature or amounts of these items. In addition to the reasons noted above for each measure, we believe the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of such measures between periods. For the three and six month periods ended June 30, 2014, FFO was adjusted for expenses related to the sale of centers to Starwood (see "Results of Operations - Dispositions - Sale of Centers to Starwood"). Specifically, these measures were adjusted for a charge related to the discontinuation of hedge accounting on the interest rate swap previously designated to hedge the MacArthur Center (MacArthur) note payable as well as disposition costs incurred related to the sale.

Our presentations of NOI, Beneficial interest in EBITDA, FFO, and adjusted versions of these measures, if any, are not necessarily comparable to the similarly titled measures of other REITs due to the fact that not all REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of our operating performance. Additionally, these measures do not represent cash flows from operating, investing or financing activities as defined by GAAP. Reconciliations of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations and Adjusted Funds from Operations, Net Income to Beneficial Interest in EBITDA, and Net Income to Net Operating Income are presented following the Comparison of the Six Months Ended June 30, 2015 to the Six Months Ended June 30, 2014.

New Accounting Pronouncement

Refer to "Note 15 - New Accounting Pronouncement" in the consolidated financial statements, regarding our ongoing evaluation of the Accounting Standards Update (ASU) addressing revenue recognition. In July 2015, the Financial Accounting Standards Board approved a proposal to amend ASU 2014-09, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The amended proposal would permit public entities to adopt ASU 2014-09 early, but not before the original effective date of annual periods beginning after December 15, 2016.

Table of Contents

Current Operating Trends

Our comparable mall tenants reported a 2.8% increase in mall tenant sales per square foot in the second quarter of 2015 from the same period in 2014. For the six months ended June 30, 2015, our comparable mall tenant sales per square foot increased 2.5% over the comparable period in 2014. For the trailing twelve month period ended June 30, 2015, mall tenant sales per square foot were $818, a 1.4% increase from $807 for the trailing twelve month period ended June 30, 2014.

Over the long term, the level of mall tenant sales is the single most important determinant of revenues of the shopping centers because mall tenants provide approximately 90% of these revenues and mall tenant sales determine the amount of rent, percentage rent, and recoverable expenses, excluding utilities (together, total occupancy costs), that mall tenants can afford to pay. However, levels of mall tenant sales can be considerably more volatile in the short run than total occupancy costs, and may be impacted significantly, either positively or negatively, by the success or lack of success of a small number of tenants or even a single tenant.

We believe that the ability of mall tenants to pay occupancy costs and earn profits over long periods of time increases as mall tenant sales per square foot increase, whether through inflation or real growth in customer spending. Because most mall tenants have certain fixed expenses, the occupancy costs that they can afford to pay and still be profitable are a higher percentage of mall tenant sales at higher sales per square foot.

Mall tenant sales directly impact the amount of percentage rents certain tenants and anchors pay. The effects of increases or declines in mall tenant sales on our operations are moderated by the relatively minor share of total rents that percentage rents represent.

In negotiating lease renewals, we generally intend to maximize the minimum rentals we achieve. As a result, a tenant will generally pay a higher amount of minimum rent and an initially lower amount of percentage rent upon renewal.

While mall tenant sales are critical over the long term, the high quality regional mall business has been a very stable business model with its diversity of income from thousands of tenants, its staggered lease maturities, and high proportion of fixed rent. However, a sustained trend in sales does impact, either negatively or positively, our ability to lease vacancies and negotiate rents at advantageous rates.

Mall tenant occupancy costs (the sum of minimum rents, percentage rents, and expense recoveries, excluding utilities) as a percentage of sales in our Consolidated Businesses and Unconsolidated Joint Ventures are as follows:



	Trailing 12 Months Ended June 30
	2015⁽¹⁾		2014 ⁽¹⁾
Consolidated Businesses:
Minimum rents	9.0	%	8.6	%
Percentage rents	0.6		0.6
Expense recoveries	4.5		4.3
Mall tenant occupancy costs	14.1	%	13.6	%
Unconsolidated Joint Ventures:
Minimum rents	8.6	%	8.5	%
Percentage rents	0.4		0.5
Expense recoveries	4.2		4.2
Mall tenant occupancy costs	13.2	%	13.1	%
Combined:
Minimum rents	8.8	%	8.6	%
Percentage rents	0.5		0.6
Expense recoveries	4.3		4.3
Mall tenant occupancy costs	13.7	%	13.4	%


(1)	Based on reports of sales furnished by mall tenants of all centers reported during that period. Due to the closing of the Starwood sale in October 2014, mall tenant sales data for the sale portfolio was excluded from the trailing 12 months ended June 30, 2014.


(2)	Amounts in this table may not add due to rounding.

Table of Contents

Ending occupancy and leased space statistics as of June 30, 2015 and June 30, 2014 are as follows:



	2015 ⁽¹⁾		2014 ⁽¹⁾
Ending occupancy - all centers	90.6	%	92.6	%
Ending occupancy - comparable centers	93.0		92.8
Leased space - all centers	95.7		95.3
Leased space - comparable centers	96.9		95.9

(1) Occupancy statistics also include anchor spaces at value and outlet centers (Dolphin Mall, Great Lakes Crossing Outlets, and Chesterfield).

We continue to expect year-end 2015 comparable center occupancy will be approximately 96%. See “Seasonality” for further information on occupancy and leased space statistics.

The difference between leased space and occupancy is that leased space includes spaces where leases have been signed but the tenants are not yet open. The occupancy statistic represents those spaces upon which we are currently collecting rent from tenants. The spread between comparable center leased space and occupied space at 3.9% this quarter, is slightly higher than our history of 1% to 3% in the second quarter, however it was consistent with our expectations. The difference is largely a result of significant closings that occurred late last year or early this year, primarily due to bankruptcies, for which most of the space has been re-leased, but is not yet occupied.

As leases have expired in the centers, we have generally been able to rent the available space, either to the existing tenant or a new tenant, at rental rates that are higher than those of the expired leases. Generally, center revenues have increased as older leases rolled over or were terminated early and replaced with new leases negotiated at current rental rates that were usually higher than the average rates for existing leases. Average rent per square foot statistics reflect the contractual rental terms of the lease currently in effect and include the impact of rental concessions. In periods of increasing sales, rents on new leases will generally tend to rise. In periods of slower growth or declining sales, rents on new leases will grow more slowly or will decline for the opposite reason, as tenants' expectations of future growth become less optimistic.

Table of Contents

Rent per square foot statistics are computed using contractual rentals per the tenant lease agreements, which reflect any lease modifications, including those for rental concessions. Rent per square foot information for our comparable centers in our Consolidated Businesses and Unconsolidated Joint Ventures are as follows:



	Three Months Ended June 30				Six Months Ended June 30
	2015		2014		2015		2014
Average rent per square foot: ⁽¹⁾
Consolidated Businesses	$	61.52	$	60.54	$	61.12	$	59.71
Unconsolidated Joint Ventures	58.70		58.06		58.95		56.99
Combined	60.35		59.50		60.22		58.60


(1)	Statistics exclude non-comparable centers.



	Trailing 12 Months Ended June 30 ^{(1) (2)}
	2015			2014
Opening base rent per square foot:
Consolidated Businesses	$	77.46		$	68.25
Unconsolidated Joint Ventures	60.71			63.69
Combined	70.36			66.36
Square feet of GLA opened:
Consolidated Businesses	461,268			425,581
Unconsolidated Joint Ventures	339,795			299,542
Combined	801,063			725,123
Closing base rent per square foot:
Consolidated Businesses	$	57.09		$	60.70
Unconsolidated Joint Ventures	51.10			44.55
Combined	54.47			53.89
Square feet of GLA closed:
Consolidated Businesses	506,207			453,523
Unconsolidated Joint Ventures	392,861			330,863
Combined	899,068			784,386
Releasing spread per square foot:
Consolidated Businesses	$	20.37		$	7.55
Unconsolidated Joint Ventures	9.61			19.14
Combined	15.89			12.47
Releasing spread per square foot growth:
Consolidated Businesses	35.7		%	12.4		%
Unconsolidated Joint Ventures	18.8		%	43.0		%
Combined	29.2		%	23.1		%


(1)	Statistics exclude non-comparable centers.


(2)	Opening and closing statistics exclude spaces greater than or equal to 10,000 square feet.

(2) Opening and closing statistics exclude spaces gr

The spread between opening and closing rents may not be indicative of future periods, as this statistic is not computed on comparable tenant spaces, and can vary significantly from period to period depending on the total amount, location, and average size of tenant space opening and closing in the period. Average rent per square foot across our portfolio, including comparable centers for both consolidated and unconsolidated properties, was up 1.4% for the second quarter and up 2.8% for the six month period ending June 30, 2015. Average rent per square for the year ended December 31, 2015 is still expected to be up about 2.5% over the average rent per square foot of $59.14 for the year ended December 31, 2014, as restated to include comparable centers to 2015.

Table of Contents

Seasonality

The regional shopping center industry is seasonal in nature, with mall tenant sales highest in the fourth quarter due to the Christmas season, and with lesser, though still significant, sales fluctuations associated with the Easter holiday and back-to-school period. While minimum rents and recoveries are generally not subject to seasonal factors, most leases are scheduled to expire in the first quarter, and the majority of new stores open in the second half of the year in anticipation of the Christmas selling season. Additionally, most percentage rents are recorded in the fourth quarter. Accordingly, revenues and occupancy levels are generally highest in the fourth quarter. Gains on sales of peripheral land and lease cancellation income may vary significantly from quarter to quarter.



	2015						2014
	2^nd Quarter			1^st Quarter			Total			4^th Quarter			3^rd Quarter			2nd Quarter			1^st Quarter
	(in thousands, except occupancy and leased space data)
Mall tenant sales: ⁽¹⁾
Comparable ⁽²⁾	$	1,142,136		$	1,123,838		$	4,908,028		$	1,539,728		$	1,121,619		$	1,129,184		$	1,117,497
All Centers ⁽³⁾	1,203,516			1,175,757			4,969,462			1,601,162			1,121,619			1,129,184			1,117,497
Revenues and nonoperating income (expense):
Consolidated Businesses	133,429			130,235			636,322			118,842			176,935			164,664			175,881
Unconsolidated Joint Ventures	87,871			91,922			337,995			99,830			80,649			80,289			77,227
Ending occupancy:
Comparable	93.0		%	92.7		%	94.7		%	94.7		%	93.1		%	92.8		%	93.1		%
All Centers	90.6			89.8			94.1			94.1			93.0			92.6			93.0
Leased Space:
Comparable	96.9		%	95.5		%	96.2		%	96.2		%	95.8		%	95.9		%	96.0		%
All Centers	95.7			93.7			96.0			96.0			95.3			95.3			95.5


(1)	Based on reports of sales furnished by mall tenants.


(2)	Statistics for all periods exclude non-comparable centers.


(3)	Due to the closing of the Starwood sale in October 2014, mall tenant sales data for the sale portfolio was excluded for all periods presented.

Table of Contents

Results of Operations

In addition to the results and trends in our operations discussed in the preceding sections, the following sections discuss certain transactions that affected operations during the three and six month periods ended June 30, 2015 and June 30, 2014, or are expected to affect operations in the future.

Dispositions

Sale of Centers to Starwood

In October 2014, we completed the disposition of a portfolio of seven centers to Starwood. As part of the sale, we defeased or prepaid loans including accrued interest totaling $623 million secured by Northlake Mall, The Mall at Wellington Green, MacArthur, and The Mall at Partridge Creek. During the second quarter of 2014, we incurred $5.7 million of expenses, $5.4 million at our beneficial share, related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur note payable, as well as disposition costs of $0.4 million related to the sale of centers to Starwood. These expenses are classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. See "Note 2 - Dispositions, Acquisition, and Developments - Dispositions - Sale of Centers to Starwood" to our consolidated financial statements for further information on the sale.

In 2014, we early adopted ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity". The operations of the centers sold to Starwood are included in continuing operations for periods prior to the sale pursuant to the application of ASU No. 2014-08.

International Plaza

In January 2014, we sold a total of 49.9% of our interests in the entity that owns International Plaza, including certain governance rights. See "Note 2 - Dispositions, Acquisition, and Developments - Dispositions - International Plaza" to our consolidated financial statements for further information on the sale, including the gain recognized on the transaction. The disposition decreased our ownership in the center to a noncontrolling 50.1% interest. We now account for our remaining interest in International Plaza under the equity method of accounting.

Arizona Mills/Oyster Bay

Also, in January 2014, we completed the sale of our 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group. See "Note 2 - Dispositions, Acquisition, and Developments - Dispositions - Arizona Mills/Oyster Bay" to our consolidated financial statements for further information on the sale, including the gain recognized on the transaction.

U.S. Development

In March 2015, The Mall of San Juan opened in San Juan, Puerto Rico. In April 2015, we acquired an additional 15% interest in The Mall of San Juan, bringing our ownership in the center to 95% (see "Liquidity and Capital Resources - Capital Spending - New Developments"). In 2015, we are now expecting FFO from The Mall of San Juan will be about $0.03 per share better than our previous assumption of negative $0.07 per share. We are still expecting The Mall of San Juan to have no net operating income in 2015.

In October 2014, The Mall at University Town Center, which is owned by a 50% Unconsolidated Joint Venture, opened in Sarasota, Florida.

Our U.S. development includes one project, International Market Place, which is currently under construction in Waikiki, Honolulu, Hawaii (see "Liquidity and Capital Resources - Capital Spending - New Developments"). In addition, we are progressing on our project in Miami, Florida (see "Liquidity and Capital Resources - Capital Spending - New Developments").

Table of Contents

Taubman Asia

We have formed a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, to own an interest in a shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza in Xi'an, China. We have also formed a joint venture with Wangfujing to develop a shopping center, CityOn.Zhengzhou, in Zhengzhou, China. See "Liquidity and Capital Resources - Capital Spending - New Developments" for more information on these developments.

Also, we have invested in a shopping center project, Hanam Union Square, in Hanam, Gyeonggi Province, South Korea in which we have formed a joint venture with Shinsegae Group (Shinsegae), South Korea's largest retailer (see "Liquidity and Capital Resources - Capital Spending - New Developments").

Debt and Equity Transactions

In March 2015, a $12 million non-recourse refinancing was completed on our U.S. headquarters building. The loan is interest only for the entire nine-year term, bears interest at LIBOR plus 1.40%, and is prepayable at any time. The rate on the loan is fixed at 3.49% as a result of an interest rate swap. The proceeds from the new loan and available cash were used to pay off the existing $17.0 million, 5.90% fixed rate loan.

In October 2014, as part of the sale of centers to Starwood, we prepaid or defeased our then outstanding loans on the centers sold. See "Sale of Centers to Starwood" above.

In January 2014, we used funds from the sale of a total of 49.9% of our interests in the entity that owns International Plaza to pay down the $99.5 million loan on Stony Point Fashion Park. As a result of the sale of 49.9% of our interests in the entity that owns International Plaza in January 2014, we were relieved of $162 million of our beneficial interest in debt (see "Dispositions - International Plaza" above).

In January 2014, we were relieved of our $84 million share of the $167 million mortgage loan outstanding on Arizona Mills at the time of the sale (see "Dispositions - Arizona Mills/Oyster Bay" above).

In August 2013, our Board of Directors authorized a share repurchase program under which we may repurchase up to $200 million of our outstanding common stock. In March 2015, our Board of Directors increased the authorization by $250 million, bringing the total authorization to $450 million. We plan to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. Purchases of common stock are financed with general corporate funds, including borrowings under our existing revolving lines of credit. As of June 30, 2015, we repurchased 3,590,492 shares of our common stock at an average price of $72.35 per share, for a total of $259.8 million under the authorization. All shares repurchased have been cancelled. For each share of our stock repurchased, one of our Operating Partnership units was redeemed. As of June 30, 2015, $190.2 million remained under the repurchase program.

See "Liquidity and Capital Resources - Upcoming Maturities" for a discussion of our planned refinancings that are expected to be completed by 2016.

Center Operations

For the three months ended June 30, 2015, NOI of our comparable centers, excluding lease cancellation income, was up 2.5% over the same period in 2014. For the six months ended June 30, 2015, NOI of our comparable centers, excluding lease cancellation income, was up 3.1% from the comparable period in 2014. We continue to estimate that NOI of our comparable centers, excluding lease cancellation income, will be up 2.5% to 3% in 2015. See “General Background and Performance Measurement – Use of Non-GAAP Measures” for the definition and discussion of NOI and see “Reconciliation of Net Income to Net Operating Income.”

For the six months ended June 30, 2015, we recognized our $3.0 million share of lease cancellation income. We continue to expect our share of lease cancellation income will be about $4 million to $5 million for 2015.

Table of Contents

Interest Expense

Interest expense is impacted by the capitalization of interest on the costs of our U.S. and Asia development projects. We capitalize interest on our consolidated project costs and our equity contributions to Unconsolidated Joint Ventures under development using our average consolidated borrowing rate, which does not reflect the specific source of funds for the costs and is generally greater than our incremental borrowing rate. Any excess of the capitalization rate over our incremental borrowing rate positively impacts our results of operations during the construction phase of our development projects. This positive impact will affect our results until the overall level of construction spending decreases. We continue to expect our beneficial share of consolidated and unconsolidated interest expense for 2015 to be between $100 million to $105 million ($145 million to $150 million at 100%), which includes the interest expense impacts from the openings of The Mall at University Town Center and The Mall of San Juan.

In 2016 we expect a significant increase in interest expense primarily due to the opening of four ground-up development projects. As these projects open, interest capitalization will end and we will begin recognizing interest expense. Also, pending the amount of share repurchases, we expect to be in a net cash position throughout most of 2016. Therefore, assuming we are in a net cash position, excess financing proceeds will result in incremental debt with additional interest expense.

Table of Contents

Comparison of the Three Months Ended June 30, 2015 to the Three Months Ended June 30, 2014

The following table sets forth operating results for the three months ended June 30, 2015 and June 30, 2014, showing the results of the Consolidated Businesses and Unconsolidated Joint Ventures:



	Three Months Ended						Three Months Ended
	June 30, 2015						June 30, 2014
	CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES AT 100%⁽¹⁾			CONSOLIDATED BUSINESSES ⁽¹⁾			UNCONSOLIDATED JOINT VENTURES AT 100%⁽¹⁾
	(in millions)
REVENUES:
Minimum rents	$	76.9		$	52.9		$	96.5		$	48.4
Percentage rents	1.1			1.2			1.1			1.1
Expense recoveries	46.0			31.7			61.2			27.6
Management, leasing, and development services	3.3						3.0
Other	4.7			2.1			8.2			3.2
Total revenues	$	132.0		$	87.9		$	170.0		$	80.3
EXPENSES:
Maintenance, taxes, utilities, and promotion	$	35.1		$	22.8		$	48.8		$	20.0
Other operating	14.7			4.6			16.1			4.5
Management, leasing, and development services	1.4						1.7
General and administrative	12.1						11.6
Interest expense	14.8			21.1			25.4			18.1
Depreciation and amortization ⁽²⁾	26.4			14.4			36.9			11.1
Total expenses	$	104.4		$	62.8		$	140.4		$	53.7
Nonoperating income (expense) ⁽³⁾	1.5			—			(5.3		)	—
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax	$	29.0		$	25.0		$	24.2		$	26.6
Income tax expense	(0.7		)				(0.3		)
Equity in income of Unconsolidated Joint Ventures ⁽²⁾	14.0						14.7
Income before gain on dispositions, net of tax	$	42.3					$	38.6
Gain on dispositions, net of tax ⁽⁴⁾							0.5
Net income	$	42.3					$	39.1
Net income attributable to noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	(2.7		)				(2.3		)
Noncontrolling share of income of TRG	(10.2		)				(9.2		)
Distributions to participating securities of TRG	(0.5		)				(0.5		)
Preferred stock dividends	(5.8		)				(5.8		)
Net income attributable to Taubman Centers, Inc. common shareowners	$	23.2					$	21.3

SUPPLEMENTAL INFORMATION⁽⁵⁾:
EBITDA - 100%	$	70.2		$	60.5		$	86.5		$	55.8
EBITDA - outside partners' share	(5.0		)	(26.5		)	(5.9		)	(24.3		)
Beneficial interest in EBITDA	$	65.2		$	33.9		$	80.6		$	31.5
Beneficial interest expense	(13.0		)	(11.4		)	(23.3		)	(10.0		)
Beneficial income tax expense - TRG and TCO	(0.7		)				(0.3		)
Beneficial income tax expense - TCO	0.1						0.1
Non-real estate depreciation	(0.7		)				(0.9		)
Preferred dividends and distributions	(5.8		)				(5.8		)
Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	45.1		$	22.5		$	50.3		$	21.5

(1)

With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presented at 100% in order to allow for measurement of their performance as a whole, without regard to our ownership interest. In our consolidated financial statements, we account for investments in the Unconsolidated Joint Ventures under the equity method. International Plaza's operations were consolidated through the January 2014 disposition. Subsequent to the disposition, our remaining 50.1% interest is accounted for under the equity method within Unconsolidated Joint Ventures. In addition, Arizona Mills' operations were accounted for under the equity method through the disposition in January 2014. The results of the centers sold to Starwood were consolidated through the October 2014 disposition.


(2)	Amortization of our additional basis in the Operating Partnership included in depreciation and amortization was $1.1 million in 2015 and $1.2 million in 2014. Also, amortization of our additional basis included in equity in income of Unconsolidated Joint Ventures was $0.5 million in both 2015 and 2014.


(3)	Nonoperating expense for the three months ended June 30, 2014 includes $5.7 million in connection with the discontinuation of hedge accounting related to the MacArthur interest rate swap and $0.4 million of disposition costs related to the sale of centers to Starwood.


(4)	During the three months ended June 30, 2014, a reduction of $0.5 million to the tax on the gain on the disposition of interests in International Plaza was recognized.


(5)	See “General Background and Performance Measurement – Use of Non-GAAP Measures” for the definition and discussion of EBITDA and FFO.


(6)	Amounts in this table may not add due to rounding.

Table of Contents

Consolidated Businesses

Total revenues for the three months ended June 30, 2015 were $132.0 million, a $38.0 million or 22.4% decrease from the comparable period in 2014. Minimum rents, expense recoveries, and other income all decreased primarily due to the October 2014 Starwood sale, partially offset by the opening of The Mall of San Juan in March 2015.

The decrease in minimum rents was partially offset by an increase in average rent per square foot. The decrease in expense recoveries was partially offset by an increase in fixed common area maintenance revenues. The decrease in other income was further attributable to a decrease in lease cancellation income.

Total expenses for the three months ended June 30, 2015 were $104.4 million, a $36.0 million or 25.6% decrease from the comparable period in 2014. Maintenance, taxes, utilities, and promotion expense, other operating expense, interest expense, and depreciation and amortization expense all decreased primarily due to the Starwood sale, partially offset by the opening of The Mall of San Juan. The decrease in interest expense was also partially attributable to interest capitalization for Asia development projects.

Nonoperating income (expense) in 2014 primarily consisted of expenses relating to the discontinuation of hedge accounting on the interest rate swap previously designated to hedge the MacArthur note payable and disposition costs incurred related to the Starwood sale. In addition, nonoperating income (expense) in both periods included interest and dividend income.

In 2015, the consolidated non-comparable centers contributed total operating revenues of $3.1 million, and incurred operating expenses, excluding interest expense and depreciation and amortization, of the same amount. In 2014, the consolidated non-comparable centers contributed total operating revenues of $42.4 million, and incurred operating expenses, excluding interest expense and depreciation and amortization, of $19.6 million.

Unconsolidated Joint Ventures

Total revenues for the three months ended June 30, 2015 were $87.9 million, up $7.6 million or 9.5% over the comparable period in 2014. Minimum rents and expense recoveries increased primarily due to The Mall at University Town Center. Other income decreased primarily due to a decrease in lease cancellation income.

Total expenses increased by $9.1 million or 16.9%, to $62.8 million for the three months ended June 30, 2015. Maintenance, taxes, utilities, and promotion expense, interest expense, and depreciation expense all increased due to The Mall at University Town Center. The increase in interest expense was further attributable to the additional financing on International Plaza that was completed in December 2014.

In 2015, the unconsolidated non-comparable center contributed total operating revenues of $9.1 million, and incurred operating expenses, excluding interest expense and depreciation and amortization of $2.8 million. In 2014, the unconsolidated non-comparable center was not open and operating and as such, did not contribute to total revenues or expenses.

As a result of the foregoing, income of the Unconsolidated Joint Ventures decreased by $1.6 million to $25.0 million. Our equity in income of the Unconsolidated Joint Ventures was $14.0 million, a $0.7 million or 4.8% decrease from the comparable period in 2014

Table of Contents

Net Income

Net income was $42.3 million for the three months ended June 30, 2015 compared to $39.1 million for the three months ended June 30, 2014. After allocation of income to noncontrolling, preferred, and participating interests, the net income attributable to Taubman Centers, Inc. common shareowners for the three months ended June 30, 2015 was $23.2 million compared to $21.3 million in the comparable period in 2014.

FFO and FFO per Common Share

Our FFO attributable to partnership unitholders and participating securities of TRG was $67.6 million for the three months ended June 30, 2015 compared to $71.9 million for the three months ended June 30, 2014. FFO per diluted common share was $0.76 for the three months ended June 30, 2015 and $0.80 per common share for the three months ended June 30, 2014. Adjusted FFO attributable to partnership unitholders and participating securities of TRG for the three months ended June 30, 2014, which excluded disposition costs incurred related to the sale of centers to Starwood and a charge related to the discontinuation of hedge accounting on the interest rate swap previously designated to hedge the MacArthur note payable, was $77.7 million compared to $67.6 million for the three months ended June 30, 2015. See “General Background and Performance Measurement – Use of Non-GAAP Measures” for the definition of FFO and “Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations and Adjusted Funds from Operations."

Table of Contents

Comparison of the Six Months Ended June 30, 2015 to the Six Months Ended June 30, 2014

The following table sets forth operating results for the six months ended June 30, 2015 and June 30, 2014, showing the results of the Consolidated Businesses and Unconsolidated Joint Ventures:



	Six Months Ended						Six Months Ended
	June 30, 2015						June 30, 2014
	CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES AT 100%⁽¹⁾			CONSOLIDATED BUSINESSES ⁽¹⁾			UNCONSOLIDATED JOINT VENTURES AT 100%⁽¹⁾
	(in millions)
REVENUES:
Minimum rents	$	151.4		$	105.6		$	194.4		$	94.9
Percentage rents	4.0			3.5			5.8			3.2
Expense recoveries	89.9			63.3			123.9			54.6
Management, leasing, and development services	6.3						5.5
Other	9.3			7.5			15.2			4.9
Total revenues	$	261.0		$	179.8		$	344.8		$	157.5
EXPENSES:
Maintenance, taxes, utilities, and promotion	$	66.7		$	44.3		$	96.8		$	40.0
Other operating	27.9			10.1			31.5			9.4
Management, leasing, and development services	2.5						3.0
General and administrative	24.0						23.1
Interest expense	28.3			42.0			51.6			36.0
Depreciation and amortization ⁽²⁾	50.4			27.9			72.0			22.8
Total expenses	$	199.9		$	124.2		$	278.0		$	108.2
Nonoperating income (expense) ⁽³⁾	2.7			—			(4.2		)	—
Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax	$	63.8		$	55.6		$	62.6		$	49.3
Income tax expense	(1.5		)				(1.0		)
Equity in income of Unconsolidated Joint Ventures ⁽²⁾	31.1						26.7
Income before gain on dispositions, net of tax	$	93.3					$	88.3
Gain on dispositions, net of tax ⁽⁴⁾							476.9
Net income	$	93.3					$	565.2
Net income attributable to noncontrolling interests:
Noncontrolling share of income of consolidated joint ventures	(5.3		)				(5.4		)
Noncontrolling share of income of TRG	(22.7		)				(156.9		)
Distributions to participating securities of TRG	(1.0		)				(0.9		)
Preferred stock dividends	(11.6		)				(11.6		)
Net income attributable to Taubman Centers, Inc. common shareowners	$	52.9					$	390.5

SUPPLEMENTAL INFORMATION⁽⁵⁾:
EBITDA - 100% ⁽⁶⁾	$	142.5		$	125.4		$	672.7		$	108.1
EBITDA - outside partners' share	(10.3		)	(55.0		)	(12.3		)	(47.5		)
Beneficial interest in EBITDA	$	132.2		$	70.4		$	660.5		$	60.6
Gain on dispositions							(486.6		)
Beneficial interest expense	(24.9		)	(22.8		)	(47.4		)	(19.8		)
Beneficial income tax expense - TRG and TCO	(1.5		)				(1.0		)
Beneficial income tax expense - TCO	0.3						0.1
Non-real estate depreciation	(1.6		)				(1.7		)
Preferred dividends and distributions	(11.6		)				(11.6		)
Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	92.9		$	47.6		$	112.3		$	40.8

(1)


(2)	Amortization of our additional basis in the Operating Partnership included in depreciation and amortization was $2.3 million in 2015 and $2.5 million in 2014. Also, amortization of our additional basis included in equity in income of Unconsolidated Joint Ventures was $1.0 million in both 2015 and 2014.


(3)	Nonoperating expense for the six months ended June 30, 2014 includes $5.7 million in connection with the discontinuation of hedge accounting related to the MacArthur interest rate swap and $0.4 million of disposition costs related to the sale of centers to Starwood.


(4)	During the six months ended June 30, 2014, the gain on dispositions of interest in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project is net of income tax expense of $9.7 million.


(5)	See “General Background and Performance Measurement – Use of Non-GAAP Measures” for the definition and discussion of EBITDA and FFO.


(6)	For the six months ended June 30, 2014, EBITDA includes the Company's $486.6 million (before tax) gain from the dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project.


(7)	Amounts in this table may not add due to rounding.

Table of Contents

Consolidated Businesses

Total revenues for the six months ended June 30, 2015 were $261.0 million, a $83.8 million or 24.3% decrease from the comparable period in 2014. Minimum rents, percentage rents, expense recoveries, and other income all decreased primarily due to the October 2014 Starwood sale and the reclassification of International Plaza into an Unconsolidated Joint Venture.

The decrease in minimum rents was partially offset by an increase in average rent per square foot and the opening of The Mall of San Juan in March 2015. The decrease in other income was further attributable to a decrease in lease cancellation income.

Total expenses for the six months ended June 30, 2015 were $199.9 million, a $78.1 million or 28.1% decrease from the comparable period in 2014. Maintenance, taxes, utilities, and promotion expense, other operating expense, interest expense, and depreciation and amortization expense all decreased primarily due to the Starwood sale and the reclassification of International Plaza as an Unconsolidated Joint Venture, partially offset by the opening of The Mall of San Juan.

The decrease in other operating expense was partially offset by an increase in professional fees, management costs, and bad debt expense. The decrease in interest expense was also partially attributable to interest capitalization for U.S. and Asia development projects.

Nonoperating income (expense) in 2014 primarily consisted of expenses due to the discontinuation of hedge accounting on the interest rate swap previously designated to hedge the MacArthur note payable and disposition costs incurred related to the Starwood sale. In addition, nonoperating income (expense) in both periods included interest and dividend income.

In 2014, we recognized a $476.9 million gain, net of tax, on the dispositions of a total of 49.9% of our interest in the entity that owns International Plaza as well as our investments in Arizona Mills and the Oyster Bay land.

We continue to expect pre-development expense for both the U.S. and Asia to be in the range of $5 million to $6 million. Also, we continue to expect net management, leasing, and development services income to be about $7 million to $7.5 million in 2015 and our quarterly general and administrative expense run rate is still expected to average between $12 million and $13 million, including both U.S. and Asia.

In 2015, the consolidated non-comparable centers contributed total operating revenues of $3.3 million, and incurred operating expenses, excluding interest expense and depreciation and amortization, of $3.4 million. In 2014, the consolidated non-comparable centers contributed total operating revenues of $84.3 million, and incurred operating expenses, excluding interest expense and depreciation and amortization, of $38.0 million.

Unconsolidated Joint Ventures

Total revenues for the six months ended June 30, 2015 were $179.8 million, up $22.3 million or 14.2% over the comparable period in 2014. Minimum rents and expense recoveries increased primarily due to The Mall at University Town Center and the reclassification of International Plaza into an Unconsolidated Joint Venture, partially offset by the sale of Arizona Mills in January 2014. Minimum rent was further increased by an increase in average rent per square foot, partially offset by a decrease in occupancy. Other income increased primarily due to an increase in lease cancellation income.

Total expenses increased by $16.0 million or 14.8%, to $124.2 million for the six months ended June 30, 2015. Maintenance, taxes, utilities, and promotion expense, interest expense, and depreciation expense all increased due to The Mall at University Town Center and the reclassification of International Plaza, partially offset by Arizona Mills.

In 2015, the unconsolidated non-comparable center contributed total operating revenues of $17.6 million, and incurred operating expenses, excluding interest expense and depreciation and amortization of $5.6 million. In 2014, the unconsolidated non-comparable center contributed total operating revenues of $3.6 million, and incurred operating expenses, excluding interest expense and depreciation and amortization, of $1.4 million.

As a result of the foregoing, income of the Unconsolidated Joint Ventures increased by $6.3 million to $55.6 million. Our equity in income of the Unconsolidated Joint Ventures was $31.1 million, a $4.4 million or 16.5% increase from the comparable period in 2014.

Table of Contents

Net Income

Net income was $93.3 million for the six months ended June 30, 2015 compared to $565.2 million for the six months ended June 30, 2014. After allocation of income to noncontrolling, preferred, and participating interests, the net income attributable to Taubman Centers, Inc. common shareowners for the six months ended June 30, 2015 was $52.9 million compared to $390.5 million in the comparable period in 2014.

FFO and FFO per Common Share

Our FFO attributable to partnership unitholders and participating securities of TRG was $140.5 million for the six months ended June 30, 2015 compared to $153.1 million for the six months ended June 30, 2014. FFO per diluted common share was $1.57 for the six months ended June 30, 2015 and $1.70 per common share for the six months ended June 30, 2014. Adjusted FFO attributable to partnership unitholders and participating securities of TRG for the six months ended June 30, 2014, which excluded disposition costs incurred related to the sale of centers to Starwood and a charge related to the discontinuation of hedge accounting on the interest rate swap previously designated to hedge the MacArthur note payable, was $158.9 million compared to $140.5 million for the three months ended June 30, 2015. See “General Background and Performance Measurement – Use of Non-GAAP Measures” for the definition of FFO and “Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations and Adjusted Funds from Operations."

Table of Contents

Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations and Adjusted Funds from Operations



	Three Months Ended June 30
	2015							2014
	Dollars in millions			Diluted Shares/ Units	Per Share/ Unit			Dollars in millions			Diluted Shares/ Units	Per Share/ Unit
Net income attributable to TCO common shareowners - Basic	$	23.2		61,606,563	$	0.38		$	21.3		63,263,237	$	0.34
Add impact of share-based compensation	0.1			779,479				0.1			711,376
Net income attributable to TCO common shareowners - Diluted	$	23.3		62,386,042	$	0.37		$	21.4		63,974,613	$	0.33
Add depreciation of TCO’s additional basis	1.6				0.03			1.7				0.03
Add TCO's additional income tax expense	0.1				—			0.1				—
Net income attributable to TCO common shareowners, excluding step-up depreciation and additional income tax expense	$	25.0		62,386,042	$	0.40		$	23.2		63,974,613	$	0.36
Add:
Noncontrolling share of income of TRG	10.2			25,063,389				9.2			25,145,571
Distributions to participating securities of TRG	0.5			871,262				0.5			871,262
Net income attributable to partnership unitholders and participating securities	$	35.7		88,320,693	$	0.40		$	32.9		89,991,446	$	0.37
Add (less) depreciation and amortization⁽¹⁾:
Consolidated businesses at 100%	26.4				0.30			36.9				0.41
Depreciation of TCO’s additional basis	(1.6		)		(0.02		)	(1.7		)		(0.02		)
Noncontrolling partners in consolidated joint ventures	(0.5		)		(0.01		)	(1.6		)		(0.02		)
Share of Unconsolidated Joint Ventures	8.5				0.10			6.9				0.08
Non-real estate depreciation	(0.7		)		(0.01		)	(0.9		)		(0.01		)
Less gain on dispositions, net of tax								(0.5		)		(0.01		)
Less impact of share-based compensation	(0.1		)		—			(0.1		)		—
Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	67.6		88,320,693	$	0.77		$	71.9		89,991,446	$	0.80
TCO's average ownership percentage of TRG	71.1		%					71.6		%
Funds from Operations attributable to TCO's common shareowners, excluding additional income tax expense	$	48.0			$	0.77		$	51.4			$	0.80
Less TCO's additional income tax expense	(0.1		)		—			(0.1		)		—
Funds from Operations attributable to TCO's common shareowners	$	47.9			$	0.76		$	51.3			$	0.80

Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	67.6		88,320,693	$	0.77		$	71.9		89,991,446	$	0.80

Beneficial share of disposition costs related to the Starwood sale								0.4				—
Beneficial share of discontinuation of hedge accounting - MacArthur								5.4				0.06
Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	67.6		88,320,693	$	0.77		$	77.7		89,991,446	$	0.86
TCO's average ownership percentage of TRG	71.1		%					71.6		%
Adjusted Funds from Operations attributable to TCO's common shareowners, excluding additional income tax expense	$	48.0			$	0.77		$	55.6			$	0.86
Less TCO's additional income tax expense	(0.1		)		—			(0.1		)		—
Adjusted Funds from Operations attributable to TCO's common shareowners	$	47.9			$	0.76		$	55.5			$	0.86


(1)	Depreciation includes $3.2 million and $5.6 million of mall tenant allowance amortization for the three months ended June 30, 2015 and 2014, respectively.


(2)	Amounts in this table may not recalculate due to rounding

Table of Contents

Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations and Adjusted Funds from Operations



	Six Months Ended June 30
	2015							2014
	Dollars in millions			Diluted Shares/ Units	Per Share/ Unit			Dollars in millions			Diluted Shares/ Units	Per Share/ Unit
Net income attributable to TCO common shareowners - Basic	$	52.9		62,319,211	$	0.85		$	390.5		63,214,694	$	6.18
Add distributions to participating securities of TRG								0.9			871,262
Add impact of share-based compensation	0.2			837,491				2.6			748,053
Net income attributable to TCO common shareowners - Diluted	$	53.0		63,156,702	$	0.84		$	394.0		64,834,009	$	6.08
Add depreciation of TCO’s additional basis	3.2				0.05			3.4				0.05
Add TCO's additional income tax expense	0.3				—			0.1				—
Net income attributable to TCO common shareowners, excluding step-up depreciation and additional income tax expense	$	56.6		63,156,702	$	0.90		$	397.6		64,834,009	$	6.13
Add:
Noncontrolling share of income of TRG	22.7			25,083,637				156.9			25,146,396
Distributions to participating securities of TRG	1.0			871,262
Net income attributable to partnership unitholders and participating securities	$	80.2		89,111,601	$	0.90		$	554.5		89,980,405	$	6.16
Add (less) depreciation and amortization⁽¹⁾:
Consolidated businesses at 100%	50.4				0.57			72.0				0.80
Depreciation of TCO’s additional basis	(3.2		)		(0.04		)	(3.4		)		(0.04		)
Noncontrolling partners in consolidated joint ventures	(1.6		)		(0.02		)	(2.8		)		(0.03		)
Share of Unconsolidated Joint Ventures	16.6				0.19			14.0				0.16
Non-real estate depreciation	(1.6		)		(0.02		)	(1.7		)		(0.02		)
Less gain on dispositions, net of tax								(476.9		)		(5.30		)
Less impact of share-based compensation	(0.2		)		—			(2.6		)		(0.03		)
Funds from Operations attributable to partnership unitholders and participating securities of TRG	140.5			89,111,601	$	1.58		$	153.1		89,980,405	$	1.70
TCO's average ownership percentage of TRG	71.3		%					71.5		%
Funds from Operations attributable to TCO's common shareowners, excluding additional income tax expense	$	100.2			$	1.58		$	109.5			$	1.70
Less TCO's additional income tax expense	(0.3		)		—			(0.1		)		—
Funds from Operations attributable to TCO's common shareowners	$	99.9			$	1.57		$	109.4			$	1.70

Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	140.5		89,111,601	$	1.58		$	153.1		89,980,405	$	1.70

Beneficial share of disposition costs related to the Starwood sale								0.4				—
Beneficial share of discontinuation of hedge accounting - MacArthur								5.4				0.06
Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG	$	140.5		89,111,601	$	1.58		$	158.9		89,980,405	$	1.77
TCO's average ownership percentage of TRG	71.3		%					71.5		%
Adjusted Funds from Operations attributable to TCO's common shareowners, excluding additional income tax expense	$	100.2			$	1.58		$	113.7			$	1.77
Less TCO's additional income tax expense	(0.3		)		—			(0.1		)		—
Adjusted Funds from Operations attributable to TCO's common shareowners	$	99.9			$	1.57		$	113.5			$	1.76


(1)	Depreciation includes $6.4 million and $11.2 million of mall tenant allowance amortization for the six months ended June 30, 2015 and 2014, respectively.


(2)	Amounts in this table may not recalculate due to rounding

Table of Contents

Reconciliation of Net Income to Beneficial Interest in EBITDA



	Three Months Ended June 30						Six Months Ended June 30
	(in millions)
	2015			2014			2015			2014
Net income	$	42.3		$	39.1		$	93.3		$	565.2

Add (less) depreciation and amortization:
Consolidated businesses at 100%	26.4			36.9			50.4			72.0
Noncontrolling partners in consolidated joint ventures	(0.5		)	(1.6		)	(1.6		)	(2.8		)
Share of Unconsolidated Joint Ventures	8.5			6.9			16.6			14.0

Add (less) interest expense and income tax expense:
Interest expense:
Consolidated businesses at 100%	14.8			25.4			28.3			51.6
Noncontrolling partners in consolidated joint ventures	(1.7		)	(2.1		)	(3.4		)	(4.2		)
Share of Unconsolidated Joint Ventures	11.4			10.0			22.8			19.8
Income tax expense:
Income tax expense on dispositions of International Plaza, Arizona Mills, and Oyster Bay				(0.5		)				9.7
Other income tax expense	0.7			0.3			1.5			1.0

Less noncontrolling share of income of consolidated joint ventures	(2.7		)	(2.3		)	(5.3		)	(5.4		)

Beneficial interest in EBITDA	$	99.1		$	112.1		$	202.6		$	721.0

TCO's average ownership percentage of TRG	71.1		%	71.6		%	71.3		%	71.5		%

Beneficial interest in EBITDA attributable to TCO	$	70.5		$	80.2		$	144.5		$	515.8


(1)	Amounts in this table may not add due to rounding.

Table of Contents

Reconciliation of Net Income to Net Operating Income



	Three Months Ended June 30						Six Months Ended June 30
	(in millions)
	2015			2014			2015			2014
Net income	$	42.3		$	39.1		$	93.3		$	565.2

Add (less) depreciation and amortization:
Consolidated businesses at 100%	26.4			36.9			50.4			72.0
Noncontrolling partners in consolidated joint ventures	(0.5		)	(1.6		)	(1.6		)	(2.8		)
Share of Unconsolidated Joint Ventures	8.5			6.9			16.6			14.0

Add (less) interest expense and income tax expense:
Interest expense:
Consolidated businesses at 100%	14.8			25.4			28.3			51.6
Noncontrolling partners in consolidated joint ventures	(1.7		)	(2.1		)	(3.4		)	(4.2		)
Share of Unconsolidated Joint Ventures	11.4			10.0			22.8			19.8
Income tax expense:
Income tax expense on dispositions of International Plaza, Arizona Mills, and Oyster Bay				(0.5		)				9.7
Other income tax expense	0.7			0.3			1.5			1.0

Less noncontrolling share of income of consolidated joint ventures	(2.7		)	(2.3		)	(5.3		)	(5.4		)

Add EBITDA attributable to outside partners:
EBITDA attributable to noncontrolling partners in consolidated joint ventures	5.0			5.9			10.3			12.3
EBITDA attributable to outside partners in Unconsolidated Joint Ventures	26.5			24.3			55.0			47.5

EBITDA at 100%	$	130.6		$	142.3		$	268.0		$	780.8

Add (less) items excluded from shopping center Net Operating Income:
General and administrative expenses	12.1			11.6			24.0			23.1
Management, leasing, and development services, net	(1.9		)	(1.3		)	(3.8		)	(2.5		)
Straight-line of rents	(1.4		)	(1.2		)	(2.1		)	(2.3		)
Gain on dispositions										(486.6		)
Disposition costs related to the Starwood sale				0.4						0.4
Discontinuation of hedge accounting - MacArthur				5.7						5.7
Dividend income	(0.9		)	(0.6		)	(1.7		)	(0.8		)
Interest income	(0.6		)	(0.2		)	(1.2		)	(0.3		)
Other nonoperating income (expense)							0.2			(0.8		)
Non-center specific operating expenses and other	6.0			5.2			10.3			9.0
Net Operating Income at 100% - all centers	$	143.9		$	161.9		$	293.7		$	325.8
Less Net Operating Income of non-comparable centers⁽¹⁾	(6.0		)	0.6			(11.2		)	(0.9		)
Net Operating Income at 100% - comparable centers	$	137.9		$	162.5		$	282.5		$	324.9
Lease cancellation income	(0.3		)	(4.3		)	(4.4		)	(6.2		)
Net Operating Income at 100% excluding lease cancellation income ⁽²⁾	$	137.6		$	158.2		$	278.1		$	318.6


(1)	Includes The Mall of San Juan, The Mall at University Town Center, Arizona Mills, and the centers sold to Starwood in 2014. 2014 includes an adjustment to reflect the allocation of costs to Starwood centers that are now being allocated to the remainder of the portfolio.


(2)	See "General Background and Performance Measurement - Use of Non-GAAP Measures" for the definition and discussion of Net Operating Income excluding lease cancellation income and its use and utility as a performance measure.


(3)	Amounts in this table may not add due to rounding.

Table of Contents

Liquidity and Capital Resources

General

Our internally generated funds and distributions from operating centers and other investing activities, augmented by use of our existing revolving lines of credit, provide resources to maintain our current operations and assets and pay dividends. Generally, our need to access the capital markets is limited to refinancing debt obligations at or near maturity and funding major capital investments. From time to time, we also may access the equity markets or sell interests in operating properties to raise additional funds or refinance existing obligations on a strategic basis.

Property Encumbrances

We are primarily financed with property-specific secured debt and currently have five unencumbered center properties. The entities that own Beverly Center, Dolphin Mall, and Twelve Oaks Mall are guarantors under our unsecured primary revolving credit facility and unsecured term loan and are unencumbered assets under such facility and term loan. Per the related debt agreements, we are required to have a minimum of three eligible unencumbered assets with a minimum unencumbered asset value. Therefore, while any of the assets may be removed from the unencumbered asset pool and encumbered upon notice to lender, provided that there is no default and the required covenant calculations are met on a pro forma basis, a replacement eligible unencumbered asset would need to be added to the unencumbered asset pool. Additionally, besides the three centers previously noted, Chesterfield and Stamford Town Center, a 50% owned Unconsolidated Joint Venture property, are unencumbered.

Cash and Revolving Lines of Credit

As of June 30, 2015, we had a consolidated cash balance of $42.3 million. We also have an unsecured revolving line of credit of $1.1 billion and a secured revolving line of credit of $65 million. The availability under these facilities as of June 30, 2015, after considering then outstanding loan balances and outstanding letters of credit, was $1.035 billion. Seventeen banks participate in our $1.1 billion revolving line of credit and the failure of one bank to fund a draw on our line does not negate the obligation of the other banks to fund their pro-rata shares. The unsecured line includes an accordion feature that would increase the borrowing capacity to as much as $1.5 billion if fully exercised, subject to obtaining additional lender commitments, customary closing conditions, and covenant compliance for the unencumbered asset pool. As of June 30, 2015, we could not fully utilize the accordion feature unless additional assets were added to our unencumbered asset pool. The line matures in February 2019, with a one-year extension option. The facility bears interest at a range based on our total leverage ratio. As of June 30, 2015, the leverage ratio resulted in a rate of LIBOR plus 1.15%.

Construction Financing

In addition to the revolving lines of credit described above, we have a $225 million construction facility for The Mall at University Town Center, an Unconsolidated Joint Venture. As of June 30, 2015, $9.9 million was available under the construction facility. The construction facility is interest only during the initial three-year term at LIBOR plus 1.70%, which decreases to LIBOR plus 1.60% upon the achievement of certain performance measures. The facility matures in October 2016 and has four one-year extension options.

We also have a $320 million construction facility for The Mall of San Juan, a consolidated joint venture. As of June 30, 2015, $85.2 million was available under the construction facility. The facility, which matures in April 2017 and has two one-year extension options, is interest only for the entire term and bears interest at LIBOR plus 2.00%, which may decrease to LIBOR plus 1.75% upon achieving certain performance measures.

In July 2015, our joint venture closed on a construction facility for Hanam Union Square. We have a 34.3% interest in the Unconsolidated Joint Venture. The financing consists of a five-year 520 billion Korean Won denominated loan (approximately $445 million U.S. dollars at current exchange rates) and a five-year U.S. dollar loan of approximately $50 million. The Korean Won denominated portion of the loan bears interest at the Korea Development Bank Five-Year Bond Yield plus 1.06% and is fixed upon each draw. At current bond yields, the rate would be approximately 3.20%. The U.S. dollar denominated floating rate loan bears interest at three-month LIBOR plus 1.60%. A cross currency interest rate swap is intended to be executed in August 2015 to fix the interest rate on the U.S. dollar portion of the loan and swap the U.S. dollar denomination from U.S. dollars to Korean Won. At current rates, if the interest rate is swapped to fixed, the weighted average rate of the U.S. dollar portion of the financing would be between 3.00% and 3.50%. Our share of the total proceeds will be approximately $170 million.

We also expect to enter into a three-year, $330 million construction financing for our International Market Place project in August 2015. The loan is expected to bear interest at LIBOR plus 1.75% and have two one-year extension options.

Table of Contents

Refer to "Note 5 - Beneficial Interest in Debt and Interest Expense" to our consolidated financial statements for further details of our construction financings and related guarantees.

Upcoming Maturities

In April 2015, we agreed on the basic terms of a new 12-year loan for The Mall at Short Hills. The new $1 billion loan will be interest only at an all-in rate of approximately 3.50% and is expected to close in September 2015. Using the proceeds from the new loan, we expect to pay off without penalty the existing $540.0 million, 5.47% fixed rate loan scheduled to mature in December 2015.

The $15.7 million, 4.42% fixed rate loan on El Paseo Village matures in December 2015. We expect to pay off the loan in October 2015, the earliest prepayment date without penalty.

Our mortgages on Cherry Creek Shopping Center, The Gardens on El Paseo, and Waterside Shops are all maturing at various dates in 2016. We expect to refinance all three of these loans at favorable rates. Also in 2016, the joint venture that owns The Mall at University Town Center plans to refinance the construction loan and lock in a long-term favorable rate. In total, we expect approximately $100 million of excess proceeds at our share on these four refinancings.

Term Loan

Our $475 million unsecured term loan matures in February 2019. The loan includes an accordion feature that increases the borrowing capacity to as much as $600 million if fully exercised, subject to obtaining additional lender commitments, customary closing conditions, and covenant compliance for the unencumbered asset pool. As of June 30, 2015, we could not fully utilize the accordion feature unless additional assets were added to our unencumbered asset pool. As of June 30, 2015, the loan leverage ratio resulted in a rate of LIBOR plus 1.35%.

Summaries of Capital Activities and Transactions for the Six Months Ended June 30, 2015 and 2014

Operating Activities

Our net cash provided by operating activities was $154.6 million in 2015, compared to $142.9 million in 2014. See also “Results of Operations” for descriptions of 2015 and 2014 transactions affecting operating cash flows.

Investing Activities

Net cash used in investing activities was $240.2 million in 2015, compared to $172.5 million provided by investing activities in 2014. Additions to properties in 2015 and 2014 related primarily to the costs of new centers under development as well as capital and tenant improvements at existing centers. A tabular presentation of 2015 and 2014 capital spending is shown in “Capital Spending”. In 2015, $18.6 million of the cash in escrow was used to fund a current redevelopment project. Cash placed in escrow to fund certain construction projects was $42.9 million in 2014. Proceeds from the January 2014 dispositions, net of transaction costs, were $385.6 million in 2014.

Contributions to Unconsolidated Joint Ventures in 2015 and 2014 of $50.3 million and $20.9 million, respectively, primarily related to the funding of Taubman Asia project costs. Distributions from Unconsolidated Joint Ventures in excess of income were $1.7 million and $6.9 million in 2015 and 2014, respectively.

Financing Activities

Net cash used in financing activities was $148.4 million in 2015 compared to $223.9 million in 2014. In 2015, net debt proceeds were $180.2 million, generally provided by borrowings on the revolving lines of credit and the construction facility on The Mall of San Juan, partially offset by the pay off of the original loan on the U.S. headquarters building and debt issuance costs paid in relation to the expected refinancing of The Mall at Short Hills. In 2014, net debt payments were $129.1 million, reflecting the pay down of a portion of our revolving lines of credit and the pay off of the mortgage note payable on Stony Point, partially offset by debt proceeds provided by the construction facility on The Mall of San Juan. Also in 2015, a $10 million deposit was paid in connection with the expected refinancing of The Mall at Short Hills.

Table of Contents

In 2015, $207.5 million was paid to repurchase common stock. An immaterial amount of common stock was repurchased in 2014. In 2015, $4.6 million were received in connection with incentive plans, compared to $2.4 million paid in 2014. Contributions from noncontrolling interests in 2014 was $22.3 million for funding an escrow required for a redevelopment project at Cherry Creek Shopping Center. Total dividends and distributions paid were $115.8 million and $114.7 million in 2015 and 2014, respectively.

Beneficial Interest in Debt

At June 30, 2015, the Operating Partnership's debt and its beneficial interest in the debt of its Consolidated Businesses and Unconsolidated Joint Ventures totaled $3,153.8 million, with an average interest rate of 3.83% excluding amortization of debt issuance costs and interest rate hedging costs. These costs are reported as interest expense in the results of operations. Interest expense includes non-cash amortization of premiums relating to acquisitions. On an annualized basis, this amortization of acquisition premiums is equal to 0.07% of the average all-in rate. Beneficial interest in debt includes debt used to fund development and expansion costs. Beneficial interest in construction work in progress totaled $604.8 million as of June 30, 2015, which included $581.7 million of assets on which interest is being capitalized. The following table presents information about our beneficial interest in debt as of June 30, 2015:



	Amount		Interest Rate Including Spread
	(in millions)
Fixed rate debt	$	1,838.6	4.69	%	^{(1) (2)}

Floating rate debt swapped to fixed rate:
Swap maturing in April 2018	135.7		4.10	%
Swap maturing in February 2019	475.0		3.00	%
Swap maturing in December 2021	87.0		3.58	%
Swap maturing in March 2024	12.0		3.49	%
	$	709.8	3.29	%	⁽¹⁾

Floating month to month	605.4		1.86	%	⁽¹⁾
Total floating rate debt	$	1,315.2	2.63	%	⁽¹⁾

Total beneficial interest in debt	$	3,153.8	3.83	%	⁽¹⁾

Amortization of financing costs ⁽³⁾			0.27	%
Average all-in rate			4.10	%


(1)	Represents weighted average interest rate before amortization of financing costs.


(2)	Includes non-cash amortization of premiums related to acquisitions.


(3)	Financing costs include debt issuance costs and costs related to interest rate agreements of certain fixed rate debt.


(4)	Amounts in table may not add due to rounding.

Sensitivity Analysis

We have exposure to interest rate risk on our debt obligations and interest rate instruments. We use derivative instruments primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. We routinely use cap, swap, and treasury lock agreements to meet these objectives. Based on the Operating Partnership's beneficial interest in floating rate debt in effect at June 30, 2015, a one percent increase in interest rates on this floating rate debt would decrease cash flows by approximately $6.1 million, and due to the effect of capitalized interest, decrease annual earnings by approximately $3.8 million. A one percent decrease in interest rates (or to zero percent for LIBOR rates that are below one percent) would increase cash flows by approximately $1.1 million and due to the effect of capitalized interest, increase annual earnings by approximately $0.7 million. Based on our consolidated debt and interest rates in effect at June 30, 2015, a one percent increase in interest rates would decrease the fair value of debt by approximately $22.5 million, while a one percent decrease in interest rates would increase the fair value of debt by approximately $23.8 million.

Table of Contents

Loan Commitments and Guarantees

Certain loan agreements contain various restrictive covenants, including the following corporate covenants on our unsecured primary revolving line of credit, unsecured term loan, and the construction facilities on The Mall at University Town Center and The Mall of San Juan: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio, and a maximum payout ratio. In addition, our primary revolving line of credit and term loan have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, and Twelve Oaks Mall on a combined basis. These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio, and a minimum unencumbered asset occupancy ratio. As of June 30, 2015, the corporate maximum payout ratio was the most restrictive covenant. We are in compliance with all of our loan covenants and obligations as of June 30, 2015. The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain our tax status, pay preferred distributions, and for distributions related to the sale of certain assets. See "Note 5 - Beneficial Interest in Debt and Interest Expense" to our consolidated financial statements for more details on loan guarantees.

Cash Tender Agreement

The A. Alfred Taubman Restated Revocable Trust and Taubman Ventures Group LLC have the right to tender partnership units in the Operating Partnership and cause us to purchase the tendered interests at a purchase price based on a market valuation of TCO on the trading date immediately preceding the date of the tender. See “Note 10 – Commitments and Contingencies – Cash Tender” to our consolidated financial statements for more details.

Capital Spending

New Developments

In March 2015, The Mall of San Juan in San Juan, Puerto Rico opened 80% leased or committed. The 0.6 million square foot of retail is anchored by the Caribbean's first Nordstrom and Saks Fifth Avenue. Capital spending at the center will continue subsequent to opening as construction continues on tenant spaces expected to open throughout 2015. In April 2015, we acquired an additional 15% interest in The Mall of San Juan, bringing our ownership in the center to 95%. The additional interest was acquired at cost.

International Market Place, a 0.4 million square foot center, in Waikiki, Honolulu, Hawaii, is under construction. We are responsible for management, leasing, and development of the center. The center will be anchored by the only full-line Saks Fifth Avenue in Hawaii, and is expected to open in August 2016. We have a 93.5% interest in the project and are funding all construction costs. We had capitalized costs of $176.0 million in the project as of June 30, 2015. We are expecting an after-tax unlevered stabilized return of 7% on our share of the approximately $465 million total project cost. This project is subject to a participating ground lease.

In 2013, we announced our involvement in The Mall at Miami Worldcenter, which will be developed in partnership with the Forbes Company. We will own at least one-third of the project, and as much as one-half, depending on the participation of the land owner. The center will be part of a mixed-use development offering a hotel, convention and entertainment space, office, residential, and retail. The 0.7 million square foot center will feature Macy's and Bloomingdale's.

Our joint venture with Wangfujing will own a 60% controlling interest in and manage a shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China. It is scheduled to open in spring 2016 and is part of a 5.9 million square foot mixed-use project. We are investing in the retail portion only, which will be about 1.0 million square feet with over half of that in mall specialty stores. As of June 30, 2015, our share of total project costs was $88.2 million, as increased by $0.5 million of cumulative currency translation adjustments. Our total anticipated investment, including capitalized interest, will be approximately $115 million for a 30% equity interest. We are expecting a 6% to 6.5% unlevered return at stabilization.

Our second joint venture with Wangfujing owns a majority interest in and will manage a shopping center to be located in Zhengzhou, China. Currently under construction, the approximately 1.0 million square foot shopping mall, CityOn.Zhengzhou, is expected to open in fall 2016. As of June 30, 2015, our share of total project costs was $58.5 million, including an immaterial impact of cumulative currency translation adjustments. Our total anticipated investment, including capitalized interest, will be approximately $115 million for a 32% equity interest. We are expecting a 6% to 6.5% unlevered return at stabilization.

Table of Contents

Our joint venture with Shinsegae, is developing an approximately 1.7 million square foot shopping center, Hanam Union Square, in Hanam, Gyeonggi Province, South Korea. The center is scheduled to open in early fall 2016. We have partnered with a major institution in Asia for a 49% ownership interest in Hanam Union Square. The institutional partner owns 14.7% of the project, bringing our effective ownership to 34.3%. As of June 30, 2015, our share of total project costs was $173.5 million, as decreased by $5.0 million of cumulative currency translation adjustments. Our total anticipated investment, including capitalized interest, will be about $380 million for our 34.3% equity interest in the retail portion of the project. We are expecting a 7% to 7.5% unlevered return at stabilization.

Estimates of total project costs through completion in Asia exclude fluctuations in foreign currency exchange rates.

Internally generated funds and excess proceeds from refinancings of maturing debt obligations, as well as borrowings under our revolving lines of credit would be sufficient to finance the anticipated remaining costs of these projects, but we also expect additional construction loan financings (see "Liquidity and Capital Resources - Construction Financings" above).

2015 Capital Spending

Capital spending for routine maintenance of the shopping centers is generally recovered from tenants. Capital spending through June 30, 2015, is summarized in the following table:



	2015 ⁽¹⁾
	Consolidated Businesses		Beneficial Interest in Consolidated Businesses		Unconsolidated Joint Ventures		Beneficial Interest in Unconsolidated Joint Ventures
	(in millions)
New development projects - U.S. ⁽²⁾	$	141.7	$	133.8	$	3.1	$	1.8
New development projects - Asia ^{(3) (4)}					75.7		75.7
Existing centers:
Projects with incremental GLA or anchor replacement	32.3		21.7		8.9		4.4
Projects with no incremental GLA and other	26.3		26.2		1.8		1.0
Mall tenant allowances	2.6		2.4		9.1		4.7
Asset replacement costs recoverable from tenants	7.3		6.6		1.5		0.9
Corporate office improvements, technology, equipment, and other	1.1		1.1
Total	$	211.3	$	191.8	$	100.1	$	88.6


(1)	Costs are net of intercompany profits and are computed on an accrual basis.


(2)	Includes costs related to The Mall of San Juan, International Market Place, and The Mall at University Town Center.


(3)	Includes costs related to CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square. Asia spending is included at our beneficial interest in both the Unconsolidated Joint Ventures and Beneficial Interest in Unconsolidated Joint Ventures columns.


(4)	Asia costs exclude $4.1 million of net unfavorable translation adjustments.


(5)	Amounts in this table may not add due to rounding.

For the six months ended June 30, 2015, in addition to the costs above, we incurred our $2.3 million share of Consolidated Businesses’ and $0.9 million share of Unconsolidated Joint Ventures’ capitalized leasing costs.

The following table presents a reconciliation of the Consolidated Businesses’ capital spending shown above (on an accrual basis) to additions to properties (on a cash basis) as presented in our Consolidated Statement of Cash Flows for the six months ended June 30, 2015:



	(in millions)
Consolidated Businesses’ capital spending	$	211.3
Other differences between cash and accrual basis	(0.3		)
Additions to properties	$	211.0

Table of Contents

Planned 2015 Capital Spending

The following table summarizes planned capital spending for 2015, including actual spending through June 30, 2015 and anticipated spending for the remainder of the year:



	2015 ⁽¹⁾
	Consolidated Businesses		Beneficial Interest in Consolidated Businesses		Unconsolidated Joint Ventures		Beneficial Interest in Unconsolidated Joint Ventures
	(in millions)
New development projects - U.S. ⁽²⁾	$	270.0	$	254.7	$	4.1	$	2.0
New development projects - Asia ^{(3) (4)}					200.8		200.8
Existing centers:
Projects with incremental GLA or anchor replacement	85.7		63.7		23.3		11.7
Projects with no incremental GLA and other	46.4		45.3		2.9		1.8
Mall tenant allowances	12.4		10.7		15.8		8.4
Asset replacement costs recoverable from tenants	19.1		18.4		10.9		5.7
Corporate office improvements, technology, equipment, and other	3.9		3.9
Total	$	437.5	$	396.6	$	257.7	$	230.4


(1)	Costs are net of intercompany profits and are computed on an accrual basis.


(2)	Includes costs related to The Mall of San Juan, International Market Place, and The Mall at University Town Center. Excludes costs related to The Mall at Miami Worldcenter.


(3)	Includes costs related to CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square. Asia spending is included at our beneficial interest in both the Unconsolidated Joint Ventures and Beneficial Interest in Unconsolidated Joint Ventures columns.


(4)	Asia costs exclude currency translation adjustments.


(5)	Amounts in this table may not add due to rounding.

We anticipate that our share of costs incurred for new center development projects included in the table above will be approximately $340 million in 2016.

We have ongoing redevelopment or expansion projects at Cherry Creek Shopping Center, Dolphin Mall, International Plaza, and Sunvalley that will add approximately 160,000 square feet of incremental GLA, all with expected completion dates in 2015. Our share of these projects will cost approximately $60 million, and we expect a weighted average return of 9.5% to 10.5%. As of June 30, 2015, we had capitalized costs of $41.1 million related to these redevelopment and expansion projects. In addition, we have an ongoing redevelopment project at The Mall at Green Hills that will add approximately 170,000 square feet of incremental GLA that we expect to be completed by 2019. The project will cost approximately $200 million, and we expect a weighted average return of 6.5% to 7.5%. As of June 30, 2015, we had capitalized costs of $22.1 million related to this redevelopment project.

Disclosures regarding planned capital spending, including estimates regarding timing of openings, capital expenditures, occupancy, and returns on new developments are forward-looking statements and certain significant factors could cause the actual results to differ materially, including but not limited to (1) actual results of negotiations with anchors, tenants, and contractors, (2) timing and outcome of litigation and entitlement processes, (3) changes in the scope, number, and valuation of projects, (4) cost overruns, (5) timing of expenditures, (6) availability of and cost of financing and other financing considerations, (7) actual time to start construction and complete projects, (8) changes in economic climate, (9) competition from others attracting tenants and customers, (10) increases in operating costs, (11) timing of tenant openings, (12) early lease terminations and bankruptcies, and (13) fluctuations in foreign currency exchange rates. In addition, estimates of capital spending will change as new projects are approved by our board of directors.

Table of Contents

Dividends

We pay regular quarterly dividends to our common and preferred shareowners. Dividends to our common shareowners are at the discretion of the Board of Directors and depend on the cash available to us, our financial condition, capital and other requirements, and such other factors as the Board of Directors deems relevant. To qualify as a REIT, we must distribute at least 90% of our REIT taxable income prior to net capital gains to our shareowners, as well as meet certain other requirements. We must pay these distributions in the taxable year the income is recognized, or in the following taxable year if they are declared during the last three months of the taxable year, payable to shareowners of record on a specified date during such period and paid during January of the following year. Such distributions are treated as paid by us and received by our shareowners on December 31 of the year in which they are declared. In addition, at our election, a distribution for a taxable year may be declared in the following taxable year if it is declared before we timely file our tax return for such year and if paid on or before the first regular dividend payment after such declaration. These distributions qualify as dividends paid for the 90% REIT distribution test for the previous year and are taxable to holders of our capital stock in the year in which paid. Preferred dividends accrue regardless of whether earnings, cash availability, or contractual obligations were to prohibit the current payment of dividends.

The annual determination of our common dividends is based on anticipated Funds from Operations available after preferred dividends and our REIT taxable income, as well as assessments of annual capital spending, financing considerations, and other appropriate factors.

Any inability of the Operating Partnership or its Joint Ventures to secure financing as required to fund maturing debts, capital expenditures and changes in working capital, including development activities and expansions, may require the utilization of cash to satisfy such obligations, thereby possibly reducing distributions to partners of the Operating Partnership and funds available to us for the payment of dividends.

On May 29, 2015, we declared a quarterly dividend of $0.565 per common share, $0.40625 per share on our 6.5% Series J Preferred Stock, and $0.390625 per share on our 6.25% Series K Preferred Stock, which was paid on June 30, 2015 to shareowners of record on June 15, 2015.

Table of Contents


Item 3.	Quantitative and Qualitative Disclosures About Market Risk

The information required by this item is included in this report at Item 2 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Sensitivity Analysis.”


Item 4.	Controls and Procedures

As of the end of the period covered by this quarterly report, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2015, our disclosure controls and procedures were effective to ensure the information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized, and reported within the time periods prescribed by the SEC, and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II

OTHER INFORMATION


Item 1.	Legal Proceedings

There is no material outstanding litigation as of June 30, 2015.


Item 1 A.	Risk Factors

There were no material changes in our risk factors previously disclosed in Part I, Item 1A. of our Form 10-K for the year ended December 31, 2014.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds



	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
					312,714,433
April 2015	498,626	$	74.84	498,626	$	275,396,718

May 2015	636,956	74.26		636,956	228,094,795

June 2015	514,609	73.61		514,609	190,216,071

Total	1,650,191	$	74.23	1,650,191	$	190,216,071

The restrictions on our ability to pay dividends on our common stock are set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Dividends".

Table of Contents

Item 6. Exhibits

Incorporated by Reference

Exhibit Number

Exhibit Description

Form

Period Ending

Exhibit

Filing Date

Filed Herewith

Statement Re: Computation of Taubman Centers, Inc. Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

31.1

Certification of Chief Executive Officer pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Financial Officer pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Debt Maturity Schedule

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

Table of Contents

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 thereunto duly authorized.



		TAUBMAN CENTERS, INC.
Date:	August 5, 2015	By: /s/ Lisa A. Payne
		Lisa A. Payne
		Vice Chairman, Chief Financial Officer, and Director (Principal Financial Officer)

EX-12 2 a2015q2exhibit12.htm EXHIBIT 12 2015 Q2 Exhibit 12



						Exhibit 12

		TAUBMAN CENTERS, INC.

		Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
		(in thousands, except ratios)

			Six Months Ended June 30
			2015			2014

		Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax⁽¹⁾	$	63,780		$	62,591

		Add back:
		Fixed charges	47,207			65,958
		Amortization of previously capitalized interest	1,028			2,105
		Distributed income of Unconsolidated Joint Ventures	31,079			26,743

		Deduct:
		Capitalized interest	(16,783		)	(11,672		)

		Earnings available for fixed charges and preferred dividends	$	126,311		$	145,725

		Fixed charges:
		Interest expense	$	28,306		$	51,564
		Capitalized interest	16,783			11,672
		Interest portion of rent expense	2,118			2,722

		Total fixed charges	$	47,207		$	65,958

		Preferred dividends	11,569			11,569

		Total fixed charges and preferred dividends	$	58,776		$	77,527

		Ratio of earnings to fixed charges and preferred dividends	2.1			1.9


(1	)	In 2014, the gain on dispositions, net of tax, of $476.9 million, which includes the gain on dispositions of interests in International Plaza, Arizona Mills, and land in Syosset, New York related to the former Oyster Bay project, has been excluded from earnings for purposes of calculating the ratio of earnings to fixed charges and preferred dividends.

EX-31.1 3 a2015q2exhibit311.htm EXHIBIT 31.1 2015 Q2 Exhibit 31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to 15 U.S.C. Section 10A, as Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Robert S. Taubman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Taubman Centers, Inc.;


2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and


b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:	August 5, 2015	/s/ Robert S. Taubman
		Robert S. Taubman
		Chairman of the Board of Directors, President, and Chief Executive Officer

EX-31.2 4 a2015q2exhibit312.htm EXHIBIT 31.2 2015 Q2 Exhibit 31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to 15 U.S.C. Section 10A, as Adopted Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Lisa A. Payne, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Taubman Centers, Inc.;


2.	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and


5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):


a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting, which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and


b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date:	August 5, 2015	/s/ Lisa A. Payne
		Lisa A. Payne
		Vice Chairman, Chief Financial Officer, and Director (Principal Financial Officer)

EX-32.1 5 a2015q2exhibit321.htm EXHIBIT 32.1 2015 Q2 Exhibit 32.1

Exhibit 32.1

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, Robert S. Taubman, Chief Executive Officer of Taubman Centers, Inc. (the "Registrant"), certify that based upon a review of the Quarterly Report on Form 10-Q for the period ended June 30, 2015 (the "Report"):


(i)	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and


(ii)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.



/s/ Robert S. Taubman	Date:	August 5, 2015
Robert S. Taubman
Chairman of the Board of Directors, President, and Chief Executive Officer

EX-32.2 6 a2015q2exhibit322.htm EXHIBIT 32.2 2015 Q2 Exhibit 32.2

Exhibit 32.2

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

I, Lisa A. Payne, Chief Financial Officer of Taubman Centers, Inc. (the "Registrant"), certify that based upon a review of the Quarterly Report on Form 10-Q for the period ended June 30, 2015 (the "Report"):


(i)	The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and


(ii)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.



/s/ Lisa A. Payne	Date:	August 5, 2015
Lisa A. Payne
Vice Chairman, Chief Financial Officer, and Director (Principal Financial Officer)

EX-99 7 a2015q2exhibit99.htm EXHIBIT 99 2015 Q2 Exhibit 99



TAUBMAN CENTERS, INC.															MORTGAGE AND OTHER NOTES PAYABLE (a)																				Exhibit 99
Debt Summary															INCLUDING WEIGHTED AVERAGE INTEREST RATES AT JUNE 30, 2015
As of June 30, 2015
(in millions of dollars, amounts may not add due to rounding)
				100%			Beneficial Interest			Effective Rate			LIBOR Rate		Principal Amortization and Debt Maturities
Consolidated Fixed Rate Debt:				6/30/2015			6/30/2015			6/30/2015		(b)	Spread		2015		2016		2017		2018		2019		2020		2021		2022		2023		2024		Total
Cherry Creek Shopping Center		50.00	%	280.0			140.0			5.24	%						140.0																		140.0
City Creek Center				82.5			82.5			4.37	%				0.7		1.5		1.6		1.6		1.7		1.8		1.9		2.0		69.8				82.5
El Paseo Village				15.7		(c)	15.7			3.89	%	(c)			15.7																				15.7	(n)
The Gardens on El Paseo				82.5		(d)	82.5			4.66	%	(d)			0.6		81.9																		82.5	(n)
Great Lakes Crossing Outlets				215.1			215.1			3.60	%				2.2		4.6		4.8		4.9		5.1		5.3		5.5		5.7		177.0				215.1
The Mall at Short Hills				540.0			540.0			5.47	%				540.0																				540.0
Total Consolidated Fixed				1,215.8			1,075.8								559.2		228.0		6.3		6.6		6.8		7.1		7.4		7.7		246.8				1,075.8
Weighted Rate				4.93	%		4.89	%							5.41	%	4.99	%	3.79	%	3.79	%	3.79	%	3.79	%	3.80	%	3.80	%	3.82	%

Consolidated Floating Rate Debt:
The Mall at Green Hills				150.0			150.0			1.78	%		1.60	%							150.0		(o)												150.0
The Mall of San Juan		95.00%		234.8		(e)	223.0			2.19	%		2.00	%					223.0		(e)														223.0
TRG $65M Revolving Credit Facility				19.9			19.9			1.59	%	(f)	1.40	%			19.9		(f)																19.9
TRG $1.1B Revolving Credit Facility				105.0			105.0			1.33	%	(g)	1.15	%									105.0		(g)										105.0
Total Consolidated Floating				509.7			497.9										19.9		223.0		150.0		105.0												497.9
Weighted Rate				1.87	%		1.86	%									1.59	%	2.19	%	1.78	%	1.33	%

Consolidated Floating Rate Debt Swapped to Fixed:
TRG Term Loan				475.0			475.0			3.00	%	(h)	1.35	%									475.0												475.0
U.S. Headquarters				12.0		(i)	12.0			3.49	%	(i)																					12.0		12.0
Total Consolidated Floating Swapped to Fixed				487.0			487.0																475.0										12.0		487.0
Weighted Rate				3.01	%		3.01	%															3.00	%									3.49	%

Total Consolidated				2,212.5			2,060.7								559.2		247.9		229.4		156.6		586.8		7.1		7.4		7.7		246.8		12.0		2,060.7
Weighted Rate				3.80	%		3.72	%							5.41	%	4.72	%	2.23	%	1.86	%	2.71	%	3.79	%	3.80	%	3.80	%	3.82	%	3.49	%
Joint Ventures Fixed Rate Debt:
International Plaza		50.10	%	322.6			161.6			4.85	%				1.2		2.6		2.7		2.9		3.0		3.1		146.1								161.6
The Mall at Millenia		50.00	%	350.0			175.0			4.00	%						0.5		3.1		3.2		3.4		3.5		3.6		3.8		3.9		149.9		175.0	(p)
Sunvalley		50.00	%	181.5			90.7			4.44	%				0.8		1.7		1.8		1.9		2.0		2.1		2.2		78.3						90.7
Taubman Land Associates		50.00	%	22.9			11.4			3.84	%				0.1		0.2		0.2		0.3		0.3		0.3		0.3		9.7						11.4
Waterside Shops		50.00	%	165.0			83.8		(j)	4.21	%	(j)			0.5		83.3																		83.8	(n)
Westfarms		78.94	%	304.3			240.2			4.50	%				2.3		4.8		5.0		5.2		5.4		5.7		5.9		205.9						240.2
Total Joint Venture Fixed				1,346.2			762.8								5.0		93.1		12.8		13.4		14.0		14.7		158.1		297.8		3.9		149.9		762.8
Weighted Rate				4.40	%		4.41	%							4.53	%	4.25	%	4.43	%	4.43	%	4.43	%	4.43	%	4.81	%	4.46	%	4.00	%	4.00	%

Joint Ventures Floating Rate Debt:
The Mall at University Town Center		50.00	%	215.1		(k)	107.5			1.88	%		1.70	%			107.5		(k)																107.5
Rate				1.88	%		1.88	%									1.88	%

Joint Venture Floating Rate Debt Swapped to Fixed:
International Plaza		50.10	%	173.7			87.0			3.58	%	(l)			0.8		1.6		1.7		1.7		1.8		1.9		77.6								87.0
Fair Oaks		50.00	%	271.4			135.7			4.10	%	(m)			1.0		2.2		2.3		130.2														135.7
Total Joint Venture Floating Swapped to Fixed				445.2			222.8								1.8		3.8		4.0		131.9		1.8		1.9		77.6								222.8
Weighted Rate				3.90	%		3.90	%							3.88	%	3.88	%	3.88	%	4.09	%	3.58	%	3.58	%	3.58	%

Total Joint Venture				2,006.4			1,093.1								6.8		204.4		16.8		145.4		15.8		16.5		235.7		297.8		3.9		149.9		1,093.1
Weighted Rate				4.02	%		4.06	%							4.36	%	3.00	%	4.30	%	4.12	%	4.34	%	4.34	%	4.40	%	4.46	%	4.00	%	4.00	%

TRG Beneficial Interest Totals
Fixed Rate Debt				2,561.9			1,838.6		(c),(d),(j)						564.3		321.1		19.2		20.0		20.9		21.7		165.5		305.4		250.7		149.9		1,838.6
				4.65	%		4.69	%							5.40	%	4.78	%	4.22	%	4.22	%	4.22	%	4.23	%	4.76	%	4.44	%	3.82	%	4.00	%
Floating Rate Debt				724.8			605.5										127.5		223.0		150.0		105.0												605.5
				1.87	%		1.86	%									1.84	%	2.19	%	1.78	%	1.33	%
Floating Rate Swapped to Fixed				932.2			709.8								1.8		3.8		4.0		131.9		476.8		1.9		77.6						12.0		709.8
				3.43	%		3.29	%							3.88	%	3.88	%	3.88	%	4.09	%	3.00	%	3.58	%	3.58	%					3.49	%
Total				4,218.9			3,153.8		(c),(d),(j)						566.1		452.3		246.2		301.9		602.7		23.6		243.0		305.4		250.7		161.9		3,153.8
				3.91	%		3.83	%							5.40	%	3.94	%	2.37	%	2.95	%	2.75	%	4.18	%	4.39	%	4.44	%	3.82	%	3.96	%

							Average Maturity Fixed Debt								4
							Average Maturity Total Debt								4

(a)	All debt is secured and non-recourse to TRG unless otherwise indicated.														(i)		Debt is swapped to an effective rate of 3.49% until maturity.
(b)	Includes the impact of interest rate swaps that qualify for hedge accounting, if any, but does not include effect of amortization of debt issuance costs, losses on settlement of derivatives used to hedge the refinancing of certain fixed rate debt or interest rate cap premiums.														(j)		Beneficial interest in debt include $1.3 million of purchase accounting premium from acquisition of an additional 25% investment in Waterside Shops which reduces the stated rate on the debt of 5.54% to an effective rate of 4.21% on total beneficial interest in debt.

(c)	Debt includes $0.03 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 4.42% to an effective rate of 3.89%.														(k)		$225 million construction facility which bears interest at LIBOR + 1.70% and decreases to LIBOR + 1.60% upon achieving certain performance measures. Four one-year extension options are available. TRG has provided an unconditional guarantee of 25% of the principal balance of the facility and 50% of the interest. The principal guarantee may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guarantee may be released.
(d)	Debt includes $1.0 million of purchase accounting premium from acquisition which reduces the stated rate on the debt of 6.10% to an effective rate of 4.66%.
(e)	$320 million construction facility which bears interest at LIBOR + 2.0% and decreases to LIBOR + 1.75% upon achieving certain performance measures. Two one-year extension options are available. TRG has provided an unconditional guarantee of the principal balance and all accrued but unpaid interest during the term of the loan.

(f)	Rate floats daily at LIBOR plus spread. Letters of credit totaling $4.9 million are also outstanding on facility. The facility is recourse to TRG and secured by an indirect interest in 40% of The Mall at Short Hills.														(l)		Debt is swapped to an effective rate of 3.58% until maturity. TRG has provided a several guarantee of 50.1% of the swap obligations.
															(m)		Debt is swapped to an effective rate of 4.10% until 2.5 months prior to maturity.
(g)	The unsecured facility bears interest at a range of LIBOR + 1.15% to 1.70% with a facility fee ranging from 0.20% to 0.30% based on the Company's total leverage ratio. A one year extension option is available.														(n)		Principal amortization includes amortization of purchase accounting adjustments.
															(o)		A one-year extension option is available.
(h)	The unsecured loan bears interest at a range of LIBOR + 1.35% to 1.90% based on the Company's leverage ratio. The LIBOR rate is swapped until maturity to a fixed rate of 1.65%, which results in an effective interest rate in the range of 3.0% to 3.55%.														(p)		The loan on The Mall at Millenia is interest only until November 2016 and then amortizes principal based on 30 years. The interest only period may be extended until the maturity date provided that the net income available for debt service equals or exceeds a certain amount for the calendar year 2015.

EX-101.INS 8 tco-20150630.xml XBRL INSTANCE DOCUMENT 0000890319 2015-01-01 2015-06-30 0000890319 2015-08-04 0000890319 2014-12-31 0000890319 2015-06-30 0000890319 us-gaap:SeriesBPreferredStockMember 2015-06-30 0000890319 tco:SeriesKPreferredStockMember 2014-12-31 0000890319 tco:SeriesJPreferredStockMember 2014-12-31 0000890319 tco:SeriesKPreferredStockMember 2015-06-30 0000890319 tco:SeriesJPreferredStockMember 2015-06-30 0000890319 us-gaap:SeriesBPreferredStockMember 2014-12-31 0000890319 2015-04-01 2015-06-30 0000890319 2014-01-01 2014-06-30 0000890319 2014-04-01 2014-06-30 0000890319 us-gaap:PreferredStockMember 2014-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2014-01-01 2014-06-30 0000890319 us-gaap:NoncontrollingInterestMember 2013-12-31 0000890319 us-gaap:PreferredStockMember 2013-12-31 0000890319 us-gaap:CommonStockMember 2015-06-30 0000890319 us-gaap:NoncontrollingInterestMember 2014-01-01 2014-06-30 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0000890319 us-gaap:CommonStockMember 2014-06-30 0000890319 us-gaap:CommonStockMember 2015-01-01 2015-06-30 0000890319 us-gaap:CommonStockMember 2013-12-31 0000890319 us-gaap:AdditionalPaidInCapitalMember 2014-01-01 2014-06-30 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-06-30 0000890319 us-gaap:AdditionalPaidInCapitalMember 2015-01-01 2015-06-30 0000890319 us-gaap:NoncontrollingInterestMember 2015-01-01 2015-06-30 0000890319 us-gaap:PreferredStockMember 2014-12-31 0000890319 us-gaap:CommonStockMember 2014-01-01 2014-06-30 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-06-30 0000890319 2013-12-31 0000890319 us-gaap:PreferredStockMember 2015-06-30 0000890319 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2013-12-31 0000890319 us-gaap:PreferredStockMember 2014-01-01 2014-06-30 0000890319 2014-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2014-12-31 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-06-30 0000890319 us-gaap:AdditionalPaidInCapitalMember 2014-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2015-01-01 2015-06-30 0000890319 us-gaap:PreferredStockMember 2015-01-01 2015-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2015-06-30 0000890319 us-gaap:NoncontrollingInterestMember 2014-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2013-12-31 0000890319 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-06-30 0000890319 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2014-06-30 0000890319 us-gaap:NoncontrollingInterestMember 2014-12-31 0000890319 us-gaap:CommonStockMember 2014-12-31 0000890319 us-gaap:AdditionalPaidInCapitalMember 2015-06-30 0000890319 us-gaap:AdditionalPaidInCapitalMember 2013-12-31 0000890319 us-gaap:NoncontrollingInterestMember 2015-06-30 0000890319 tco:SeriesJPreferredStockMember 2015-01-01 2015-06-30 0000890319 us-gaap:SeriesBPreferredStockMember 2015-01-01 2015-06-30 0000890319 tco:SeriesKPreferredStockMember 2015-01-01 2015-06-30 0000890319 tco:WestfarmsMember 2015-06-30 0000890319 tco:InternationalPlazaMember 2015-06-30 0000890319 tco:InternationalMarketPlaceMember 2015-06-30 0000890319 tco:CityOn.ZhengzhouMember 2015-06-30 0000890319 tco:StarwoodTransactionMember 2014-01-01 2014-06-30 0000890319 us-gaap:OfficeBuildingMember 2014-01-01 2014-06-30 0000890319 us-gaap:OfficeBuildingMember 2014-06-30 0000890319 tco:SPGUnitsMember 2014-06-30 0000890319 tco:CityOn.XianMember 2015-06-30 0000890319 tco:HanamUnionSquareMember 2015-06-30 0000890319 tco:ArizonaMillsandOysterBayDomain 2014-01-01 2014-06-30 0000890319 tco:SPGUnitsMember 2015-01-01 2015-06-30 0000890319 tco:InternationalPlazaMember 2014-01-01 2014-06-30 0000890319 tco:ArizonaMillsMember 2014-01-01 2014-06-30 0000890319 tco:MallOfSanJuanMember 2015-06-30 0000890319 tco:SPGUnitsMember 2014-01-01 2014-06-30 0000890319 tco:StarwoodTransactionMember 2014-01-01 2014-12-31 0000890319 tco:MallOfSanJuanMember 2015-01-01 2015-06-30 0000890319 tco:ArizonaMillsMember 2014-06-30 0000890319 tco:InternationalPlazaMember 2015-06-30 0000890319 us-gaap:DomesticCountryMember 2015-06-30 0000890319 us-gaap:StateAndLocalJurisdictionMember 2015-06-30 0000890319 us-gaap:DomesticCountryMember 2014-12-31 0000890319 us-gaap:StateAndLocalJurisdictionMember 2014-12-31 0000890319 us-gaap:ForeignCountryMember 2015-06-30 0000890319 us-gaap:ForeignCountryMember 2014-12-31 0000890319 tco:SunvalleyMember 2015-06-30 0000890319 tco:StamfordTownCenterMember 2015-06-30 0000890319 tco:FairOaksMember 2015-06-30 0000890319 tco:WatersideShopsMember 2015-06-30 0000890319 tco:MallAtMilleniaMember 2015-06-30 0000890319 tco:TheMallatUniversityTownCenterMember 2015-06-30 0000890319 us-gaap:UnconsolidatedPropertiesMember 2015-06-30 0000890319 us-gaap:UnconsolidatedPropertiesMember 2014-12-31 0000890319 tco:FairOaksMember 2014-12-31 0000890319 tco:StamfordTownCenterMember 2014-12-31 0000890319 tco:SunvalleyMember 2014-12-31 0000890319 tco:InternationalPlazaMember 2014-12-31 0000890319 tco:MallAtMilleniaMember 2014-12-31 0000890319 tco:TheMallatUniversityTownCenterMember 2014-12-31 0000890319 tco:WestfarmsMember 2014-12-31 0000890319 tco:WatersideShopsMember 2014-12-31 0000890319 us-gaap:LongTermDebtMember us-gaap:OfficeBuildingMember 2015-01-01 2015-06-30 0000890319 tco:TheMallatUniversityTownCenterMember 2015-06-30 0000890319 us-gaap:LongTermDebtMember us-gaap:OfficeBuildingMember 2015-06-30 0000890319 us-gaap:LongTermDebtMember us-gaap:OfficeBuildingMember 2014-12-31 0000890319 tco:MallOfSanJuanMember 2015-03-31 0000890319 tco:CherryCreekShoppingCenterMember 2015-06-30 0000890319 tco:MallAtWellingtonGreenMember 2014-06-30 0000890319 tco:MacArthurCenterMember 2014-06-30 0000890319 tco:TaubmanAsiaMember 2015-06-30 0000890319 tco:TaubmanAsiaMember 2015-01-01 2015-06-30 0000890319 tco:FiniteLifeEntitiesMember 2015-06-30 0000890319 tco:FiniteLifeEntitiesMember 2015-01-01 2015-06-30 0000890319 tco:InternationalMarketPlaceMember 2014-12-31 0000890319 tco:TaubmanAsiaMember 2014-12-31 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember us-gaap:ConsolidatedPropertiesMember 2014-04-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:EquityMethodInvestmentsMember 2014-04-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember us-gaap:ConsolidatedPropertiesMember 2015-04-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:ConsolidatedPropertiesMember 2014-04-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:UnconsolidatedPropertiesMember 2015-04-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:EquityMethodInvestmentsMember 2015-04-01 2015-06-30 0000890319 us-gaap:CashFlowHedgingMember 2014-04-01 2014-06-30 0000890319 us-gaap:CashFlowHedgingMember 2015-04-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:NonoperatingIncomeExpenseMember us-gaap:ConsolidatedPropertiesMember 2014-04-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:ConsolidatedPropertiesMember 2015-04-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:UnconsolidatedPropertiesMember 2014-04-01 2014-06-30 0000890319 tco:DefaultOption50millionprovisionMember 2015-01-01 2015-06-30 0000890319 us-gaap:UnsecuredDebtMember 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap1Member 2015-06-30 0000890319 tco:DefaultOption0.1MprovisionMember 2015-01-01 2015-06-30 0000890319 tco:DefaultOptionEntity50MRecourseIndebtednessProvisionMember 2015-01-01 2015-06-30 0000890319 us-gaap:LondonInterbankOfferedRateLIBORMember 2015-01-01 2015-06-30 0000890319 tco:DefaultOption1MprovisionMember 2015-01-01 2015-06-30 0000890319 us-gaap:UnsecuredDebtMember 2015-01-01 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap4Domain 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap1Member 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap2Domain 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap2Member 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap3Domain 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap3Member 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap1Member 2015-01-01 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap3Domain 2015-01-01 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap4Domain 2015-01-01 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap3Member 2015-01-01 2015-06-30 0000890319 tco:UnconsolidatedJointVenturesInterestRateSwap2Member 2015-01-01 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap1Member 2015-01-01 2015-06-30 0000890319 tco:ConsolidatedSubsidiariesInterestRateSwap2Domain 2015-01-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:ConsolidatedPropertiesMember 2014-01-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember us-gaap:ConsolidatedPropertiesMember 2015-01-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:NonoperatingIncomeExpenseMember us-gaap:ConsolidatedPropertiesMember 2014-01-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:InterestExpenseMember us-gaap:ConsolidatedPropertiesMember 2014-01-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:ConsolidatedPropertiesMember 2015-01-01 2015-06-30 0000890319 us-gaap:CashFlowHedgingMember 2014-01-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:UnconsolidatedPropertiesMember 2015-01-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:EquityMethodInvestmentsMember 2015-01-01 2015-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:OtherComprehensiveIncomeMember us-gaap:UnconsolidatedPropertiesMember 2014-01-01 2014-06-30 0000890319 us-gaap:InterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:EquityMethodInvestmentsMember 2014-01-01 2014-06-30 0000890319 us-gaap:CashFlowHedgingMember 2015-01-01 2015-06-30 0000890319 us-gaap:EquityMethodInvestmentsMember tco:InterestRateContractsUjvsMember 2015-06-30 0000890319 us-gaap:EquityMethodInvestmentsMember us-gaap:InterestRateContractMember 2014-12-31 0000890319 tco:DeferredChargesAndOtherAssetsMember us-gaap:InterestRateContractMember 2013-12-31 0000890319 us-gaap:EquityMethodInvestmentsMember tco:InterestRateContractsUjvsMember 2014-12-31 0000890319 us-gaap:EquityMethodInvestmentsMember us-gaap:InterestRateContractMember 2015-06-30 0000890319 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember 2014-12-31 0000890319 us-gaap:AccountsPayableAndAccruedLiabilitiesMember us-gaap:InterestRateContractMember 2015-06-30 0000890319 tco:DeferredChargesAndOtherAssetsMember tco:InterestRateContractsConsolidatedSubsidiariesMember 2015-06-30 0000890319 us-gaap:RestrictedStockUnitsRSUMember 2015-01-01 2015-06-30 0000890319 tco:A2008OmnibusPlanMember 2015-01-01 2015-06-30 0000890319 tco:UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember 2015-01-01 2015-06-30 0000890319 tco:A2008OmnibusPlanMember 2015-06-30 0000890319 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-06-30 0000890319 us-gaap:PerformanceSharesMember 2015-01-01 2015-06-30 0000890319 us-gaap:RestrictedStockUnitsRSUMember 2015-06-30 0000890319 us-gaap:EmployeeStockOptionMember 2015-06-30 0000890319 us-gaap:PerformanceSharesMember 2015-06-30 0000890319 us-gaap:RestrictedStockUnitsRSUMember 2014-12-31 0000890319 us-gaap:EmployeeStockOptionMember 2014-12-31 0000890319 tco:A2014OptionModificationDomain 2014-01-01 2014-12-31 0000890319 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-12-31 0000890319 tco:A2014OptionModificationDomain 2015-01-01 2015-06-30 0000890319 us-gaap:PerformanceSharesMember 2014-12-31 0000890319 us-gaap:EmployeeStockOptionMember 2014-01-01 2014-06-30 0000890319 us-gaap:StockCompensationPlanMember 2015-01-01 2015-06-30 0000890319 us-gaap:StockCompensationPlanMember 2014-01-01 2014-06-30 0000890319 tco:UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember 2015-04-01 2015-06-30 0000890319 tco:UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember 2014-01-01 2014-06-30 0000890319 us-gaap:StockCompensationPlanMember 2015-04-01 2015-06-30 0000890319 tco:UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember 2014-04-01 2014-06-30 0000890319 us-gaap:StockCompensationPlanMember 2014-04-01 2014-06-30 0000890319 tco:UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember 2015-01-01 2015-06-30 0000890319 us-gaap:FairValueInputsLevel2Member 2015-06-30 0000890319 us-gaap:FairValueInputsLevel2Member 2014-12-31 0000890319 us-gaap:FairValueInputsLevel1Member 2015-06-30 0000890319 us-gaap:FairValueInputsLevel1Member 2014-12-31 0000890319 tco:SPGUnitsMember 2015-06-30 0000890319 tco:SPGUnitsMember 2014-01-01 2014-12-31 0000890319 us-gaap:ConsolidatedPropertiesMember 2014-12-31 0000890319 us-gaap:ConsolidatedPropertiesMember 2015-06-30 0000890319 tco:SPGUnitsMember 2014-12-31 0000890319 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2015-01-01 2015-06-30 0000890319 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2014-01-01 2014-06-30 utreg:sqft xbrli:shares iso4217:USD xbrli:shares iso4217:USD xbrli:pure utreg:Rate false --12-31 Q2 2015 2015-06-30 10-Q 0000890319 60857520 Yes Large Accelerated Filer TAUBMAN CENTERS INC. No Yes 12000000 200000000 175000000 100000000 135721000 135721000 173731000 0.0075 0.0075 0.28 -1000 21000 -5000 -17000 -9296000 -153000 56610000 -65753000 5043000 3587000 1551000 2248000 1700000000 11214000 16188000 852000 79000 15000000 88200000 58500000 173500000 320000000 225000000 164900000 22345000 22345000 December 2017 1852749000 2060722000 nine 1085991000 1093078000 P40Y 400000 476651000 474449000 54963000 53989000 132058000 130088000 -106647000 -62072000 487000 974000 486000 972000 859000 656000 1055000 1563000 232091000 277588000 14303000 27061000 13435000 30488000 38788000 35695000 548646000 568755000 1590000 2197000 1692000 157000 49765000 29252000 33200000 41079000 10338000 21196000 13654000 26406000 -412915000 -412515000 -525759000 -523737000 18400000 36547000 21318000 42547000 25448000 50446000 29286000 56281000 -5000 -3000 -3000 5000 1580926000 1601636000 54186000 108189000 64258000 125234000 less than zero 430000000 zero 5400000 5678000 5700000 22500000 0.010 6854000 14032000 8502000 16570000 9955000 19799000 11405000 22768000 31484000 60574000 33911000 70417000 -162000 10743000 688000 1526000 47414000 24918000 36547000 42547000 provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default 91000 0.15 0.60 0.49 48830000 96771000 35107000 66740000 1696000 2981000 1411000 2541000 2965000 5470000 3341000 6298000 50000000 16100000 390464000 109462000 -5000 56610000 18215000 0.50 0.499 60000000 499000000 0.01 ten seven two three 60886865 1 2 3 1 555150 590124 5000 1000 -16000 154000 16000 -154000 -21000 153000 21000 -153000 5000 1000 0.147 77711000 77711000 77711000 77700000 105200000 102100000 0.10 0.85 337000000 385598000 9296000 1400000 one 0 1.85 2.85 one-for-one 900000 3000000 2100000 72.35 250000000 259800000 3590492 0.40 0.50 1.00 0.0349 0.0299 0.0300 0.0299 0.0410 0.0410 0.0358 0.50 0.501 0.25 0.125 one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit 154.91

49245000

41190000

292802000

303878000

483188000

500344000

-13954000

6141000

-16277000

5351000

-14967000

5879000

-16333000

5535000

5040000

2011000

6369000

2532000

-101000

-41000

500000

-5000000

-2951000

-1216000

-8914000

8152000

-9908000

7883000

-15068000

5838000

-19284000

4319000

815961000

678883000

3800000

7400000

3500000

7600000

2927000

3949000

871262

4348429

4343555

871262

4043824

871262

4096487

1000000

1700000

400000

600000

3214901000

3179277000

13059000

14373000

45000

1431

51439000

47974000

40993000

132404000

276423000

42328000

91411000

-234095000

one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock

0.5400

1.0800

0.5650

1.1300

0.01

250000000

63324409

60886865

63324409

60886865

633000

609000

30410000

401961000

31446000

61343000

12775000

161987000

13565000

26255000

43185000

563948000

45011000

87598000

176000000

234800000

215100000

ratio of 14,000 shares of Series B Preferred Stock for one share of common stock

5036000

1850000

1324000

526000

-2108000

-4025000

-2851000

-1174000

-1366000

7538000

260000

756000

364000

581000

492000

766000

-75000

1519000

135000

255000

0.0140

LIBOR

one-month LIBOR

0.0590

188435000

206662000

972000

1165000

-20000

-105000

-45000

-48000

-185000

-156000

-12000

6000

10000

3659000

1382000

1806000

471000

4686000

1521000

2035000

1130000

1956000

2262000

1703000

2424000

1154000

592000

473000

89000

1229000

626000

475000

128000

36850000

71968000

26378000

50419000

0.0140

0.0135

0.0170

0.0175

109000

127000

200000

45000

82000

45000

9198000

4044000

5154000

11139000

6095000

5044000

0.0209

0.0164

0.0165

0.0164

0.0240

0.0183

0.0349

0.0190

-783000

-2507000

-4880000

-8170000

-1551000

-5043000

-4880000

-11474000

4880000

-1125000

-1817000

-2942000

-2248000

-3587000

-5835000

-5284000

-501000

-5785000

-7735000

-258000

-7993000

2745000

2041000

4786000

-1792000

82000

-1710000

4044000

6095000

800000

0.0135

2024-03-01

2019-02-01

2018-04-01

2021-12-01

200000

74000

3556000

91000

196000

-114628000

-80876000

-115778000

-82296000

5785000

11569000

5785000

11569000

832000

2754000

0.34

6.18

0.38

0.85

0.33

6.08

0.37

0.84

500000

1000000

600000

1400000

6800000

15000000

10500000

P1Y10M13D

P2Y7D

0.50

0.501

0.50

0.79

0.30

0.32

0.343

0.501

0.50

0.501

0.50

0.79

1154033000

1138907000

103161000

68735000

1154033000

1138907000

26103000

49327000

24157000

55103000

1032280000

1032881000

1989546000

2006424000

80294000

157519000

88418000

180332000

370004000

412377000

4900000

473000

-9733000

-9700000

486620000

473000

476887000

109000000

368000000

11587000

23124000

12055000

23980000

21344000

390469000

23230000

52852000

11455000

162235000

12825000

27927000

24217000

62591000

29017000

63780000

38581000

88324000

42333000

93333000

0.34

6.18

0.38

0.85

0.33

6.08

0.37

0.84

14675000

26743000

14004000

31079000

311000

1010000

688000

1526000

8900000

700000

-1523000

-1481000

-21081000

-396000

42873000

-18625000

11672000

16783000

25434000

51564000

14781000

28306000

48500000

26400000

200000

300000

10000000

2794958000

2990788000

3214901000

3179277000

4044000

6095000

0.72

0.71

2083-01-01

101580000

28600000

-22900000

-33752000

-33482000

-14796000

-22912000

116376000

51512000

0.05

0.10

0.20

0.50

0.065

0.05

0.10

0.71

0.935

0.95

1.00

0.50

0.501

-223925000

-148434000

172450000

-240217000

142886000

154556000

27599000

402976000

29508000

65406000

11455000

162235000

12825000

27927000

21344000

390469000

23230000

52852000

21418000

394025000

23321000

53048000

17400000

84000000

162000000

2252000

5370000

2672000

5263000

9203000

156865000

10153000

22664000

-5321000

-4218000

1456000

2702000

167000000

2025505000

17000000

2025505000

2212461000

175000000

12000000

2212461000

2056474000

2000000000

2223777000

2000000000

140447000

277954000

104412000

199884000

96532000

194422000

76869000

151436000

13059000

14373000

774000

498000

-2339000

-1212000

-526000

1174000

1324000

-2851000

1324000

526000

-2851000

-1174000

3740000

3374000

-8997000

-8196000

4131000

-1263000

2678000

-5735000

248000

1672000

-1015000

-4063000

-8170000

-11474000

-7982000

-3492000

-11474000

-2942000

-5835000

-4133000

-1702000

-5835000

-10321000

-4266000

-5345000

-2200000

-9075000

-14587000

-10321000

-4266000

1844000

-7545000

-5345000

-2200000

16050000

31546000

14680000

27898000

8191000

15203000

4666000

9289000

-4990000

-8287000

470000

938000

493000

985000

0.95

10000000

-7287000

-662000

17000

207480000

7554000

938000

985000

68487000

69742000

33752000

33482000

11569000

2381000

-4629000

163624000

210959000

20884000

50260000

1094000

5756000

1077000

4007000

0.065

0.0625

0.001

192500000

170000000

192500000

170000000

0.001

7700000

6800000

40000000

7700000

6800000

40000000

7700000

6800000

25117000

7700000

6800000

25044939

7700000

6800000

25117000

7700000

6800000

25044939

25000

one vote per share

6946000

1715000

61752000

82994000

22345000

-87710000

124910000

39054000

565211000

402976000

162235000

42333000

93333000

65406000

27927000

1217000

1432000

970045000

1010571000

3262505000

3467620000

2292460000

2457049000

103168000

20155000

37502000

16917000

169985000

344763000

131973000

260962000

P3Y

Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date

represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date

5854

13884

174.95

69.90

50256

100682

112.30

74.36

254651

293651

255478

287118

132.86

67.00

134.52

69.92

43575

93331

97.44

65.49

0.0112

8500000

292543

46.60

10000000

6700000

521293

292543

39.20

46.60

29.72

26.56

35.50

51.15

69.50

P1Y11M1D

P1Y7M6D

P1Y11M1D

63101614

39651069

63263470

39627000

63324409

39617000

60886865

39544939

25500

-25500

72065

-72061

136622

293812

-228750

-1000

1000

6090000

6088000

2000

13761000

13758000

3000

200000000

450000000

190200000

-266

-2803421

-17000

-207480000

-207452000

-28000

318363000

159889000

-215660000

-908656000

-8914000

796787000

631000

-95533000

25000

261996000

-586780000

-9908000

802986000

633000

55040000

25000

419943000

-483188000

-15068000

815961000

633000

101580000

25000

188489000

-500344000

-19284000

678883000

609000

28600000

25000

-81000

-224000

133000

10000

-259000

-266000

7000

1431

61203000

123912000

46020000

89932000

85950254

475000000

711376

1619315

779479

837491

63974613

64834009

62386042

63156702

63263237

63214694

61606563

62319211

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> Dispositions, Acquisition, and Developments</font></div><div style="line-height:120%;text-align:justify;padding-left:60px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Dispositions</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Sale of Centers to Starwood</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2014, the Company completed the disposition of a portfolio of </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> centers to an affiliate of the Starwood Capital Group (Starwood). The following centers were sold: MacArthur Center in Norfolk, Virginia, Stony Point Fashion Park in Richmond, Virginia, Northlake Mall in Charlotte, North Carolina, The Mall at Wellington Green in Wellington, Florida, The Shops at Willow Bend in Plano, Texas, The Mall at Partridge Creek in Clinton Township, Michigan, and Fairlane Town Center in Dearborn, Michigan. The results of the </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> centers are in the Company's continuing operations for all periods prior to the October 2014 sale, pursuant to the Company's previous adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" beginning January 1, 2014. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, in connection with the discontinuation of hedge accounting on the MacArthur Center swap, the Company accelerated the reclassification of amounts in AOCI to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. For the three and six months ended June 30, 2014, the accelerated amount was a loss of </font><font style="font-family:inherit;font-size:10pt;">$4.9 million</font><font style="font-family:inherit;font-size:10pt;">. The Company also recorded a loss of </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. For the three and six months ended June 30, 2014, the Company incurred total expenses of </font><font style="font-family:inherit;font-size:10pt;">$5.7 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$5.4 million</font><font style="font-family:inherit;font-size:10pt;"> at TRG's beneficial share, related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable, as well as disposition costs of </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> related to the sale of the centers to Starwood. These expenses are classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the sale, the Company underwent a restructuring plan in 2014 to reduce its workforce across various areas of the organization. As of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, substantially all of the restructuring costs were paid.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">International Plaza</font></div><div style="line-height:120%;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2014, the Company sold a total of </font><font style="font-family:inherit;font-size:10pt;">49.9%</font><font style="font-family:inherit;font-size:10pt;"> of the Company's interests in the entity that owns International Plaza, including certain governance rights, for </font><font style="font-family:inherit;font-size:10pt;">$499 million</font><font style="font-family:inherit;font-size:10pt;"> (excluding transaction costs), which consisted of </font><font style="font-family:inherit;font-size:10pt;">$337 million</font><font style="font-family:inherit;font-size:10pt;"> of cash and approximately </font><font style="font-family:inherit;font-size:10pt;">$162 million</font><font style="font-family:inherit;font-size:10pt;"> of beneficial interest in debt. A gain of </font><font style="font-family:inherit;font-size:10pt;">$368 million</font><font style="font-family:inherit;font-size:10pt;"> (net of tax of </font><font style="font-family:inherit;font-size:10pt;">$9.7 million</font><font style="font-family:inherit;font-size:10pt;">) was recognized as a result of the transaction. The Company's ownership in the center decreased to a noncontrolling </font><font style="font-family:inherit;font-size:10pt;">50.1%</font><font style="font-family:inherit;font-size:10pt;"> interest, which is accounted for under the equity method subsequent to the disposition. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Arizona Mills/Oyster Bay</font></div><div style="line-height:120%;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2014, the Company completed the sale of its </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;"> interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of </font><font style="font-family:inherit;font-size:10pt;">$60 million</font><font style="font-family:inherit;font-size:10pt;"> of cash and </font><font style="font-family:inherit;font-size:10pt;">555,150</font><font style="font-family:inherit;font-size:10pt;"> partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of </font><font style="font-family:inherit;font-size:10pt;">$154.91</font><font style="font-family:inherit;font-size:10pt;"> per unit. The fair value of the partnership units recognized for accounting purposes was </font><font style="font-family:inherit;font-size:10pt;">$77.7 million</font><font style="font-family:inherit;font-size:10pt;">, after considering the </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year restriction on the sale of these partnership units (Note 12). The number of partnership units subsequently increased to </font><font style="font-family:inherit;font-size:10pt;">590,124</font><font style="font-family:inherit;font-size:10pt;">, in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. The Company's investment in the partnership units is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. As a result of the sale, the Company was relieved of its </font><font style="font-family:inherit;font-size:10pt;">$84 million</font><font style="font-family:inherit;font-size:10pt;"> share of the </font><font style="font-family:inherit;font-size:10pt;">$167 million</font><font style="font-family:inherit;font-size:10pt;"> mortgage loan outstanding on Arizona Mills at the time of the sale. A gain of </font><font style="font-family:inherit;font-size:10pt;">$109 million</font><font style="font-family:inherit;font-size:10pt;"> was recognized as a result of the transaction.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Acquisition</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Purchase of U.S. Headquarters Building</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for approximately </font><font style="font-family:inherit;font-size:10pt;">$16.1 million</font><font style="font-family:inherit;font-size:10pt;"> from an affiliate of the Taubman family. In exchange for the building, the Company assumed the </font><font style="font-family:inherit;font-size:10pt;">$17.4 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">5.90%</font><font style="font-family:inherit;font-size:10pt;"> fixed rate loan on the building, issued </font><font style="font-family:inherit;font-size:10pt;">1,431</font><font style="font-family:inherit;font-size:10pt;"> Operating Partnership units (and a corresponding number of shares of Series B Preferred Stock), and received </font><font style="font-family:inherit;font-size:10pt;">$1.4 million</font><font style="font-family:inherit;font-size:10pt;"> in escrowed and other cash from the affiliate. In March 2015, the Company refinanced the loan on the building (Note 5). </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">U.S. Development</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">International Market Place</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">International Market Place, a </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">0.4 million</font><font style="font-family:inherit;font-size:10pt;"> square foot center, is under construction in Waikiki, Honolulu, Hawaii. The center will be anchored by Saks Fifth Avenue and is expected to open in August 2016. The Company owns a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">93.5%</font><font style="font-family:inherit;font-size:10pt;"> interest in the project, which is subject to a participating ground lease. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company's capitalized costs for the project were </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$176.0 million</font><font style="font-family:inherit;font-size:10pt;"> (</font><font style="font-family:inherit;font-size:10pt;">$164.9 million</font><font style="font-family:inherit;font-size:10pt;"> at TRG's share).</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">The Mall of San Juan</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Mall of San Juan, a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.6 million</font><font style="font-family:inherit;font-size:10pt;"> square foot center in San Juan, Puerto Rico, opened in March 2015. The center is anchored by Nordstrom and Saks Fifth Avenue. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company owned a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">95%</font><font style="font-family:inherit;font-size:10pt;"> interest in the center subsequent to the acquisition of an additional </font><font style="font-family:inherit;font-size:10pt;">15%</font><font style="font-family:inherit;font-size:10pt;"> interest in April 2015. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used </font><font style="font-family:inherit;font-size:10pt;">$9.3 million</font><font style="font-family:inherit;font-size:10pt;"> of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the Noncontrolling interests and an offsetting reduction of Properties (Note 14).</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Asia Development</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">CityOn.Xi'an</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, which will own a </font><font style="font-family:inherit;font-size:10pt;">60%</font><font style="font-family:inherit;font-size:10pt;"> controlling interest in and manage an approximately </font><font style="font-family:inherit;font-size:10pt;">1.0 million</font><font style="font-family:inherit;font-size:10pt;"> square foot shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development under construction in Xi'an, China. Through this joint venture, the Company will beneficially own a </font><font style="font-family:inherit;font-size:10pt;">30%</font><font style="font-family:inherit;font-size:10pt;"> interest in the shopping center, which is scheduled to open in spring 2016. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company's share of total project costs were </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$88.2 million</font><font style="font-family:inherit;font-size:10pt;">, as increased by </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">CityOn.Zhengzhou</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company also has a second joint venture with Wangfujing which owns a majority interest in and will manage an approximately </font><font style="font-family:inherit;font-size:10pt;">1.0 million</font><font style="font-family:inherit;font-size:10pt;"> square foot multi-level shopping center, CityOn.Zhengzhou, under construction in Zhengzhou, China. Through this joint venture, the Company beneficially owns a </font><font style="font-family:inherit;font-size:10pt;">32%</font><font style="font-family:inherit;font-size:10pt;"> interest in the shopping center, which is scheduled to open in fall 2016. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company's share of total project costs were </font><font style="font-family:inherit;font-size:10pt;">$58.5 million</font><font style="font-family:inherit;font-size:10pt;">, as decreased by immaterial cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Hanam Union Square</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's joint venture with Shinsegae Group, South Korea's largest retailer, is developing an approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.7 million</font><font style="font-family:inherit;font-size:10pt;"> square foot shopping center, Hanam Union Square, under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in early fall 2016. The Company has partnered with a major institution in Asia for a </font><font style="font-family:inherit;font-size:10pt;">49%</font><font style="font-family:inherit;font-size:10pt;"> ownership interest in Hanam Union Square. The institutional partner owns </font><font style="font-family:inherit;font-size:10pt;">14.7%</font><font style="font-family:inherit;font-size:10pt;"> of the project, bringing the Company's effective ownership to </font><font style="font-family:inherit;font-size:10pt;">34.3%</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company's share of total project costs were </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$173.5 million</font><font style="font-family:inherit;font-size:10pt;">, as decreased by </font><font style="font-family:inherit;font-size:10pt;">$5.0 million</font><font style="font-family:inherit;font-size:10pt;"> of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Combined Financial Information</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> excluded the balances of CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.4375%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="73%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30 <br clear="none"/>2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31 <br clear="none"/>2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Properties</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,601,636</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,580,926</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accumulated depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(568,755</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(548,646</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,032,881</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,032,280</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and cash equivalents</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,252</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,765</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,695</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,788</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred charges and other assets</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">41,079</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,200</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,138,907</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,154,033</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liabilities and accumulated deficiency in assets:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,006,424</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,989,546</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable and other liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68,735</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">103,161</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TRG's accumulated deficiency in assets</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(523,737</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(525,759</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unconsolidated Joint Venture Partners' accumulated deficiency in assets</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(412,515</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(412,915</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,138,907</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,154,033</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TRG's accumulated deficiency in assets (above)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(523,737</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(525,759</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TRG's investment in properties under construction (Note 2)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">277,588</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">232,091</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TRG basis adjustments, including elimination of intercompany profit</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">130,088</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132,058</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TCO's additional basis</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,989</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,963</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net investment in Unconsolidated Joint Ventures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(62,072</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(106,647</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Distributions in excess of investments in and net income of Unconsolidated Joint Ventures</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">474,449</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">476,651</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in Unconsolidated Joint Ventures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">412,377</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">370,004</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="61%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">88,418</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80,294</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">180,332</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157,519</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maintenance, taxes, utilities, promotion, and other operating expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,286</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,448</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">56,281</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,446</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,318</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,547</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,547</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,654</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,338</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,406</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,196</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total operating costs</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,186</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">125,234</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108,189</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonoperating income (expense)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,157</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,103</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55,103</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,327</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to TRG</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,303</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30,488</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,061</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Realized intercompany profit, net of depreciation on TRG’s basis adjustments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,055</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">859</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,563</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">656</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation of TCO's additional basis</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(486</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(487</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(972</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(974</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in income of Unconsolidated Joint Ventures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,004</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,675</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,079</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,743</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beneficial interest in Unconsolidated Joint Ventures’ operations:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues less maintenance, taxes, utilities, promotion, and other operating expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,911</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,484</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,417</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">60,574</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,405</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,955</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22,768</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(19,799</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,502</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,854</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(16,570</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,032</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in income of Unconsolidated Joint Ventures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,004</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,675</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31,079</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,743</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The net equity balance of the nonredeemable noncontrolling interests as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> included the following:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.9140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-redeemable noncontrolling interests:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling interests in consolidated joint ventures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22,912</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(14,796</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling interests in partnership equity of TRG</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,512</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,376</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,600</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,580</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to the noncontrolling interests for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> included the following:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.9140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to non-redeemable noncontrolling interests:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling share of income of consolidated joint ventures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,672</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,252</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling share of income of TRG</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,203</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,825</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,455</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to the noncontrolling interests for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> included the following:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:87.5%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="15%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to non-redeemable noncontrolling interests:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling share of income of consolidated joint ventures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,263</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,370</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Noncontrolling share of income of TRG</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,664</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">156,865</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,927</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">162,235</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (</font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;">) and The Mall of San Juan (</font><font style="font-family:inherit;font-size:10pt;">20%</font><font style="font-family:inherit;font-size:10pt;"> prior to April 2015, and subsequently </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;">), as well as the noncontrolling interests in The Mall at Wellington Green (</font><font style="font-family:inherit;font-size:10pt;">10%</font><font style="font-family:inherit;font-size:10pt;">) and MacArthur Center (</font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;">) through the disposition of the centers in October 2014 (Note 2).</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="36%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At 100%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At Beneficial Interest</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Subsidiaries</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unconsolidated Joint Ventures</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Subsidiaries</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unconsolidated Joint Ventures</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt as of:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,212,461</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,006,424</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,060,722</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,093,078</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2014</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,025,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,989,546</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,852,749</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,085,991</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Capitalized interest:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,783</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:7pt;"><font style="font-family:inherit;font-size:7pt;">(1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">157</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,188</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30, 2014</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,692</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,214</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">852</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,306</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,547</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,918</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,768</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30, 2014</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,564</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,547</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,414</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,799</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Cash Flow Disclosures and Non-Cash Investing and Financing Activities </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest paid for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;">, net of amounts capitalized of </font><font style="font-family:inherit;font-size:10pt;">$16.8 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, was </font><font style="font-family:inherit;font-size:10pt;">$26.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$48.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. Income taxes paid for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> were </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$8.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. The following non-cash investing and financing activities occurred during the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.49122807017544%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="70%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recapitalization of The Mall of San Juan joint venture (Note 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,296</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77,711</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other non-cash additions to properties</font></div></td><td colspan="2" style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,974</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various assets and liabilities were also adjusted upon the disposition of interests in International Plaza and the deconsolidation of the Company's remaining interest (Note 2).</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Other Comprehensive Income</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the balance of each component of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> are as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:671px;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td width="174px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="90px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="53px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="8px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="89px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="49px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Taubman Centers, Inc. AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Noncontrolling Interests AOCI</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">January 1, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,967</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(15,068</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,879</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,838</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss) before reclassifications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,851</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(5,345</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,196</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,200</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,374</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,851</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,212</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,063</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(498</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,672</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Adjustments due to changes in ownership</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(154</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">154</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,951</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,333</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(19,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,216</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,535</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the balance of each component of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are as follows:</font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:671px;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td width="174px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="90px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="53px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="8px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="89px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="49px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Taubman Centers, Inc. AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Noncontrolling Interests AOCI</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">January 1, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,040</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,954</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,914</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,011</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss) before reclassifications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,324</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(10,321</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,997</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">526</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,266</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,740</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,324</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,339</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,015</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">526</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(774</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(248</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Adjustments due to changes in ownership</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">21</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(21</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 30, 2014</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,369</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,908</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,532</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,351</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,883</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents reclassifications out of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:638px;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="237px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="166px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="205px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Details about AOCI Components</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Affected line item in Consolidated Statement of Operations</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on interest rate instruments and other:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - consolidated subsidiaries</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,587</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest Expense</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - UJVs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,248</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in Income of UJVs</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total reclassifications for the period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents reclassifications out of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:630px;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="229px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="166px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="205px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Details about AOCI Components</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Affected line item in Consolidated Statement of Operations</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on interest rate instruments and other:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Discontinuation of hedge accounting - consolidated subsidiary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,880</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Nonoperating Income (Expense)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - consolidated subsidiaries</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,043</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest Expense</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,551</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in Income of UJVs</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total reclassifications for the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,474</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.9140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Taubman Centers, Inc. common shareowners</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,852</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390,469</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Transfers (to) from the noncontrolling interest:</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">56,610</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net transfers (to) from noncontrolling interests</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">56,610</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109,462</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390,464</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:30px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">In 2015 and 2014 adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6).</font></div></td></tr></table><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivative and Hedging Activities</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Risk Management Objective and Strategies for Using Derivatives</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="19" rowspan="1"></td></tr><tr><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="4%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="4%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Instrument Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ownership</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notional Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Swap Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Credit Spread on Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Swapped Rate on Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Subsidiaries:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.64</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.99</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.64</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.99</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.09</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.40</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.49</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March 2024</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unconsolidated Joint Ventures:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,721</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.70</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,721</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.70</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">173,731</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.75</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2021</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The hedged forecasted transaction for each of these swaps is the first previously unhedged </font><font style="font-family:inherit;font-size:8pt;">one-month LIBOR</font><font style="font-family:inherit;font-size:8pt;">-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the </font><font style="font-family:inherit;font-size:8pt;">$475 million</font><font style="font-family:inherit;font-size:8pt;"> TRG Term Loan. The credit spread on this loan can also vary within a range of </font><font style="font-family:inherit;font-size:8pt;">1.35%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">1.90%</font><font style="font-family:inherit;font-size:8pt;">, depending on the Company's leverage ratio at the measurement date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on each of these swaps is equal to </font><font style="font-family:inherit;font-size:8pt;">50%</font><font style="font-family:inherit;font-size:8pt;"> of the outstanding principal balance of the loan on Fair Oaks Mall.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.</font></div></td></tr></table><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Cash Flow Hedges of Interest Rate Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in Accumulated Other Comprehensive Income (AOCI) during the term of the hedged debt transaction.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts reported in AOCI related to currently outstanding derivatives are recognized as an adjustment to income as interest payments are made on the Company’s variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company expects that approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the three and </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments and settled derivative instruments associated with hedged debt.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company had an immaterial amount of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the three months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="18" rowspan="1"></td></tr><tr><td width="32%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="24%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives in cash flow hedging relationships:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonoperating Income (Expense) </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,880</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiaries </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,745</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,284</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,817</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,507</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJVs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,041</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in Income of UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,125</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(783</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total derivatives in cash flow hedging relationships</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,786</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,785</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,942</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,170</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company had </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.875%;border-collapse:collapse;text-align:left;"><tr><td colspan="18" rowspan="1"></td></tr><tr><td width="33%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives in cash flow hedging relationships:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonoperating Income (Expense) </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,880</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiaries </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,792</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,735</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,587</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,043</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJVs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in Income of UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,248</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,551</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total derivatives in cash flow hedging relationships</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,710</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,993</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,474</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td width="38%" rowspan="1" colspan="1"></td><td width="34%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Balance Sheet Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30 <br clear="none"/>2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31 <br clear="none"/>2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives designated as hedging instruments:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asset derivatives:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred Charges and Other Assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contract – UJV</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets designated as hedging instruments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liability derivatives:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts Payable and Accrued Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJV</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in UJVs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,154</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total liabilities designated as hedging instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,139</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,198</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Contingent Features</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Two</font><font style="font-family:inherit;font-size:10pt;"> of the Company's outstanding derivatives contain</font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;"> provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> of the Company's outstanding derivatives contains </font><font style="font-family:inherit;font-size:10pt;">provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">Three</font><font style="font-family:inherit;font-size:10pt;"> of the Company’s outstanding derivatives contain </font><font style="font-family:inherit;font-size:10pt;">provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">One</font><font style="font-family:inherit;font-size:10pt;"> of the Company's outstanding derivatives contains </font><font style="font-family:inherit;font-size:10pt;">provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company is not in default on any indebtedness that would trigger a credit-risk-related default on its current outstanding derivatives.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the fair value of derivative instruments with credit-risk-related contingent features that were in a liability position was </font><font style="font-family:inherit;font-size:10pt;">$11.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$9.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company was not required to post any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their fair value. See Note 5 regarding guarantees and Note 12 for fair value information on derivatives.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Share-Based Compensation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted units of limited partnership in the Operating Partnership, options to purchase shares or Operating Partnership units, unrestricted shares or Operating Partnership units, and other awards to acquire up to an aggregate of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">8.5 million</font><font style="font-family:inherit;font-size:10pt;"> Company common shares or Operating Partnership units. In addition, non-employee directors have the option to defer their compensation under a deferred compensation plan.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-option awards granted after an amendment of the 2008 Omnibus Plan in 2010 are deducted at a ratio of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.85</font><font style="font-family:inherit;font-size:10pt;"> Company common shares or Operating Partnership units, while non-option awards granted prior to the amendment are deducted at a ratio of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.85</font><font style="font-family:inherit;font-size:10pt;">. Options are deducted on a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one-for-one</font><font style="font-family:inherit;font-size:10pt;"> basis. The amount available for future grants is adjusted when the number of contingently issuable shares or units are settled, for grants that are forfeited, and for options that expire without being exercised.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prior to the adoption of the 2008 Omnibus Plan, the Company provided share-based compensation through an incentive option plan and non-employee directors' stock grant and deferred compensation plans.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The compensation cost charged to income for the Company’s share-based compensation plans was </font><font style="font-family:inherit;font-size:10pt;">$3.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$7.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively. The compensation cost charged to income for the Company’s share-based compensation plans was </font><font style="font-family:inherit;font-size:10pt;">$3.8 million</font><font style="font-family:inherit;font-size:10pt;"> and $</font><font style="font-family:inherit;font-size:10pt;">7.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimated the grant-date fair values of options, performance share units, and restricted share units using the methods discussed in the separate sections below for each type of grant. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the times of grants. The Company assumes no forfeitures of options or performance share units due to the small number of participants and low turnover rate.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Options</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of option activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.7734375%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td width="38%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="15%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Options</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Exercise Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Remaining Contractual Term (in years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Range of Exercise Prices</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">521,293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39.20</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26.56</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">-</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51.15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(228,750</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.72</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46.60</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.9</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35.50</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">-</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51.15</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fully vested options at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46.60</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.9</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">No options were granted during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$6.7 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The total intrinsic value of options exercised during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$10.0 million</font><font style="font-family:inherit;font-size:10pt;">. Cash received from option exercises for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$6.8 million</font><font style="font-family:inherit;font-size:10pt;">. No options were exercised during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, all options outstanding were fully vested, and there was no unrecognized compensation cost related to options.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">3.0 million</font><font style="font-family:inherit;font-size:10pt;"> units by tendering </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.1 million</font><font style="font-family:inherit;font-size:10pt;"> mature units and deferring receipt of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0.9 million</font><font style="font-family:inherit;font-size:10pt;"> units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011, beginning in </font><font style="font-family:inherit;font-size:10pt;">December 2017</font><font style="font-family:inherit;font-size:10pt;"> (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in </font><font style="font-family:inherit;font-size:10pt;">ten</font><font style="font-family:inherit;font-size:10pt;"> annual installments. The deferred units are accounted for as participating securities of the Operating Partnership.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Performance Share Units</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2015, the Company granted Performance Share Units (PSU) under the 2008 Omnibus Plan. </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date</font><font style="font-family:inherit;font-size:10pt;">. The units vest in March 2018 if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date, historical returns of the Company and the peer group of companies, a risk-free interest rate of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.12%</font><font style="font-family:inherit;font-size:10pt;"> and a measurement period of approximately </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> years. The resulting weighted average grant-date fair value was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$112.30</font><font style="font-family:inherit;font-size:10pt;"> per PSU.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of PSU activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.7265625%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="41%" rowspan="1" colspan="1"></td><td width="26%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="5%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="25%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Performance Share Units</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132.86</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:7pt">(1)</sub> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97.44</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,256</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112.30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,854</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174.95</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">255,478</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134.52</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:102px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:78px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:8pt;"> </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:8pt;"> was </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">zero</font><font style="font-family:inherit;font-size:8pt;">.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">None of the PSU outstanding at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> were vested. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$15.0 million</font><font style="font-family:inherit;font-size:10pt;"> of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.9</font><font style="font-family:inherit;font-size:10pt;"> years.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Restricted Share Units</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2015, Restricted Share Units (RSU) were issued under the 2008 Omnibus Plan and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date</font><font style="font-family:inherit;font-size:10pt;">. The units vest in March 2018, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The Company estimated the values of these RSU using the Company’s common stock price at the grant date. The Company’s valuation was a grant-date fair value of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$74.36</font><font style="font-family:inherit;font-size:10pt;"> per RSU.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of RSU activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:74.4140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="49%" rowspan="1" colspan="1"></td><td width="24%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Restricted Share Units</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">293,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(93,331</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.49</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">74.36</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,884</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69.90</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">287,118</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69.92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">None of the RSU outstanding at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> were vested. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, there was </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$10.5 million</font><font style="font-family:inherit;font-size:10pt;"> of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2.0</font><font style="font-family:inherit;font-size:10pt;"> years.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings Per Share </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 10), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 9). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="40%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,230</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,344</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,852</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390,469</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impact of additional ownership of TRG </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">74</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">196</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,556</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,321</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,418</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,048</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">394,025</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares (Denominator) – basic</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,606,563</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,263,237</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,319,211</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,214,694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">779,479</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">711,376</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">837,491</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,619,315</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares (Denominator) – diluted</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,386,042</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,974,613</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,156,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,834,009</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per common share - basic</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.85</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.18</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per common share – diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.37</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.33</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.84</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.08</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.</font></div><div style="line-height:120%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:680px;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td width="346px" rowspan="1" colspan="1"></td><td width="82px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="82px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="68px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="68px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average noncontrolling partnership units outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,043,824</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,348,429</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,096,487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,343,555</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unissued partnership units under unit option deferral elections</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:76.7578125%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="30%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shopping Center</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ownership as of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30, 2015 and</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CityOn.Xi'an (under construction)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Note 2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CityOn.Zhengzhou (under construction)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Note 2</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Oaks</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Hanam Union Square (under construction)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Note 2</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">International Plaza</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.1</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Mall at Millenia</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stamford Town Center</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sunvalley</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Mall at University Town Center</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Waterside Shops</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Westfarms</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The estimated fair values of notes payable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.28125%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="37%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Carrying Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Carrying Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,212,461</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,223,777</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,025,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,056,474</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value Disclosures </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Recurring Valuations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivative Instruments</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's valuation of an insurance deposit utilizes unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore falls into Level 1 of the fair value hierarchy.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td width="44%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value Measurements as of June 30, 2015 Using</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value Measurements as of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2014 Using</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quoted Prices in Active Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quoted Prices in Active Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative interest rate contract (Note 8)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Insurance deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,373</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,059</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,373</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,059</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative interest rate contracts (Note 8)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. Corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Financial Instruments Carried at Other Than Fair Values</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simon Property Group Limited Partnership Units</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company owned </font><font style="font-family:inherit;font-size:10pt;">590,124</font><font style="font-family:inherit;font-size:10pt;"> partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units, which is derived from SPG's common stock price and therefore falls into level 2 of the fair value hierarchy, was </font><font style="font-family:inherit;font-size:10pt;">$102.1 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$105.2 million</font><font style="font-family:inherit;font-size:10pt;"> at </font><font style="font-family:inherit;font-size:10pt;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">. The partnership units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of </font><font style="font-family:inherit;font-size:10pt;">$77.7 million</font><font style="font-family:inherit;font-size:10pt;"> at both </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Notes Payable</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company employed the credit spreads at which the debt was originally issued. For debt refinanced prior to 2010, excluding debt assumed from acquisitions, an additional </font><font style="font-family:inherit;font-size:10pt;">0.75%</font><font style="font-family:inherit;font-size:10pt;"> credit spread was added to the discount rate at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> to attempt to account for current market conditions. This additional spread is an estimate and is not necessarily indicative of what the Company could obtain in the market at the reporting date. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">. To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The estimated fair values of notes payable at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.28125%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="37%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Carrying Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Carrying Value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,212,461</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,223,777</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,025,505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,056,474</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1%</font><font style="font-family:inherit;font-size:10pt;"> increase in rates employed in making these estimates would have decreased the fair values of the debt shown above at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> by </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">$22.5 million</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">1.0%</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash Equivalents and Notes Receivable</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">See Note 4 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 8 regarding additional information on derivatives.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Income Tax Expense</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s income tax expense (benefit) for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.6328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="55%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">756</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal deferred</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(20</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">972</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(105</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign current</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">766</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">581</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign deferred</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(185</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(45</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(156</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State current</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(75</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,519</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State deferred</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">688</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(162</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,526</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less income tax (expense) benefit allocated to Gain on Dispositions </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">473</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,733</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total income tax expense</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">688</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,526</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,010</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Deferred Taxes</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets and liabilities as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.9140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,521</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,382</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,806</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">471</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total deferred tax assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,686</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,659</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation allowances</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,424</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,703</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net deferred tax assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,262</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,956</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">592</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">475</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">473</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total deferred tax liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,229</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,154</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company believes that it is more likely than not the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the Manager’s profitability, the timing and amounts of gains on peripheral land sales, the profitability of Taubman Asia's operations, and other factors affecting the results of operations of the Taxable REIT Subsidiaries. The valuation allowances relate to net operating loss carryforwards and tax basis differences where there is uncertainty regarding their realizability.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">New Accounting Pronouncement</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”. This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities. The Company is currently evaluating the application of this ASU, however the effect of the ASU on the Company's consolidated financial statements is not expected to be material.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. </font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB approved a proposal to amend ASU No. 2014-09, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The amended proposal would permit public entities to adopt ASU No. 2014-09 early but not before the original effective date of annual periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents reclassifications out of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:638px;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="237px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="166px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="205px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Details about AOCI Components</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Affected line item in Consolidated Statement of Operations</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on interest rate instruments and other:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - consolidated subsidiaries</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,587</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest Expense</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - UJVs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,248</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in Income of UJVs</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total reclassifications for the period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents reclassifications out of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:630px;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="229px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="166px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="9px" rowspan="1" colspan="1"></td><td width="205px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Details about AOCI Components</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Affected line item in Consolidated Statement of Operations</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on interest rate instruments and other:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Discontinuation of hedge accounting - consolidated subsidiary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,880</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Nonoperating Income (Expense)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - consolidated subsidiaries</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,043</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Interest Expense</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Realized loss on interest rate contracts - UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,551</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Equity in Income of UJVs</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total reclassifications for the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11,474</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the balance of each component of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> are as follows:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:671px;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td width="174px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="90px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="53px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="8px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="89px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="49px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Taubman Centers, Inc. AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Noncontrolling Interests AOCI</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">January 1, 2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(14,967</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(15,068</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(41</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,879</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,838</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss) before reclassifications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,851</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(5,345</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,196</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,200</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,374</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,702</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,851</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,212</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,063</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(498</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,672</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Adjustments due to changes in ownership</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(154</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">154</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,951</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,333</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(19,284</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,216</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,535</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the balance of each component of AOCI for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are as follows:</font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:671px;border-collapse:collapse;text-align:left;"><tr><td colspan="24" rowspan="1"></td></tr><tr><td width="174px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="90px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="53px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="8px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="59px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="89px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="6px" rowspan="1" colspan="1"></td><td width="49px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Taubman Centers, Inc. AOCI</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Noncontrolling Interests AOCI</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Cumulative translation adjustment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Unrealized gains (losses) on interest rate instruments and other</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">January 1, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,040</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(13,954</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,914</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,011</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,141</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Other comprehensive income (loss) before reclassifications</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,324</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(10,321</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(8,997</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">526</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(4,266</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(3,740</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from AOCI</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,982</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3,492</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1,324</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(2,339</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,015</font></div></td><td style="vertical-align:bottom;padding-right:12px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">526</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(774</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(248</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Adjustments due to changes in ownership</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">21</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(21</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">June 30, 2014</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6,369</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(16,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(9,908</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:12px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2,532</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5,351</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7,883</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.</font></div><div style="line-height:120%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:680px;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td width="346px" rowspan="1" colspan="1"></td><td width="82px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="82px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="68px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td><td width="5px" rowspan="1" colspan="1"></td><td width="68px" rowspan="1" colspan="1"></td><td width="4px" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average noncontrolling partnership units outstanding</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,043,824</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,348,429</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,096,487</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,343,555</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unissued partnership units under unit option deferral elections</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">871,262</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following non-cash investing and financing activities occurred during the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.49122807017544%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="70%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recapitalization of The Mall of San Juan joint venture (Note 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,296</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">77,711</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2)</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other non-cash additions to properties</font></div></td><td colspan="2" style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47,974</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51,439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s income tax expense (benefit) for the </font><font style="font-family:inherit;font-size:10pt;">three and six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:98.6328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="55%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal current</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">260</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">756</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal deferred</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(20</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">972</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(105</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign current</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">364</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">766</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">581</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign deferred</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(185</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(45</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(156</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(48</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State current</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(75</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">255</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,519</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State deferred</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">688</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(162</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,526</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less income tax (expense) benefit allocated to Gain on Dispositions </font><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">473</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,733</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total income tax expense</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">688</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,526</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,010</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-24px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;"></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets and liabilities as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.9140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="67%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,521</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,382</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,035</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,806</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,130</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">471</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total deferred tax assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,686</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,659</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuation allowances</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,424</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,703</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net deferred tax assets</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,262</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,956</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred tax liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Federal</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">592</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">475</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">473</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">State</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">128</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">89</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total deferred tax liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,229</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,154</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:96.875%;border-collapse:collapse;text-align:left;"><tr><td colspan="18" rowspan="1"></td></tr><tr><td width="33%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives in cash flow hedging relationships:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonoperating Income (Expense) </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,880</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiaries </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,792</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,735</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,587</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,043</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJVs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(258</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in Income of UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,248</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,551</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total derivatives in cash flow hedging relationships</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,710</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7,993</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,474</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.2421875%;border-collapse:collapse;text-align:left;"><tr><td colspan="18" rowspan="1"></td></tr><tr><td width="32%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="24%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives in cash flow hedging relationships:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonoperating Income (Expense) </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,880</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiaries </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,745</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,284</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest Expense </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,817</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,507</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJVs</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,041</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in Income of UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,125</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(783</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:36px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total derivatives in cash flow hedging relationships</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,786</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,785</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,942</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,170</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;text-indent:12px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.</font></div><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:normal;font-weight:normal;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td width="38%" rowspan="1" colspan="1"></td><td width="34%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Balance Sheet Location</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">June 30 <br clear="none"/>2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31 <br clear="none"/>2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivatives designated as hedging instruments:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Asset derivatives:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deferred Charges and Other Assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contract – UJV</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in UJVs</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">82</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets designated as hedging instruments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">109</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Liability derivatives:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – consolidated subsidiary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts Payable and Accrued Liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate contracts – UJV</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment in UJVs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,044</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,154</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total liabilities designated as hedging instruments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11,139</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,198</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;">, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="19" rowspan="1"></td></tr><tr><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="10%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="4%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="4%" rowspan="1" colspan="1"></td><td width="14%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Instrument Type</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ownership</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notional Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Swap Rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Credit Spread on Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total Swapped Rate on Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maturity Date</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated Subsidiaries:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">200,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.64</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.99</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.64</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.35</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.99</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">February 2019</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.09</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.40</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.49</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March 2024</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unconsolidated Joint Ventures:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,721</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.70</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">135,721</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.40</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.70</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.10</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receive variable (LIBOR) /pay-fixed swap</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> (4)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">173,731</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.83</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.75</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.58</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 2021</font></div></td></tr></table></div></div><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The hedged forecasted transaction for each of these swaps is the first previously unhedged </font><font style="font-family:inherit;font-size:8pt;">one-month LIBOR</font><font style="font-family:inherit;font-size:8pt;">-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the </font><font style="font-family:inherit;font-size:8pt;">$475 million</font><font style="font-family:inherit;font-size:8pt;"> TRG Term Loan. The credit spread on this loan can also vary within a range of </font><font style="font-family:inherit;font-size:8pt;">1.35%</font><font style="font-family:inherit;font-size:8pt;"> to </font><font style="font-family:inherit;font-size:8pt;">1.90%</font><font style="font-family:inherit;font-size:8pt;">, depending on the Company's leverage ratio at the measurement date.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on each of these swaps is equal to </font><font style="font-family:inherit;font-size:8pt;">50%</font><font style="font-family:inherit;font-size:8pt;"> of the outstanding principal balance of the loan on Fair Oaks Mall.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:24px;"><font style="font-family:inherit;font-size:8pt;">(4)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.</font></div></td></tr></table><div style="line-height:120%;padding-left:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td width="40%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Three Months Ended June 30</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Six Months Ended June 30</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,230</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,344</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,852</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390,469</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impact of additional ownership of TRG </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">91</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">74</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">196</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,556</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,321</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,418</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,048</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">394,025</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares (Denominator) – basic</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,606,563</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,263,237</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,319,211</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,214,694</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effect of dilutive securities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">779,479</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">711,376</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">837,491</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,619,315</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shares (Denominator) – diluted</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,386,042</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,974,613</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">63,156,702</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">64,834,009</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:3px double #000000;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per common share - basic</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.38</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.34</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.85</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.18</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per common share – diluted</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.37</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.33</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.84</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.08</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td width="44%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value Measurements as of June 30, 2015 Using</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair Value Measurements as of</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2014 Using</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Description</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quoted Prices in Active Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Quoted Prices in Active Markets for Identical Assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Significant Other Observable Inputs<br clear="none"/>(Level 2)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative interest rate contract (Note 8)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Insurance deposit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,373</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,059</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,373</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,059</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative interest rate contracts (Note 8)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6,095</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4,044</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of PSU activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:69.7265625%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="41%" rowspan="1" colspan="1"></td><td width="26%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="5%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="25%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Performance Share Units</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">132.86</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43,575</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><sub style="vertical-align:bottom;line-height:120%;font-size:7pt">(1)</sub> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97.44</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50,256</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112.30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(5,854</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174.95</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">255,478</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">134.52</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:102px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:78px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:8pt;"> </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:8pt;"> was </font><font style="font-family:inherit;font-size:8pt;color:#000000;text-decoration:none;">zero</font><font style="font-family:inherit;font-size:8pt;"></font></div></td></tr></table></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of RSU activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:74.4140625%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="49%" rowspan="1" colspan="1"></td><td width="24%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="23%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Restricted Share Units</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">293,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">67.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(93,331</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65.49</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">100,682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">74.36</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,884</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69.90</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">287,118</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69.92</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of option activity for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June 30, 2015</font><font style="font-family:inherit;font-size:10pt;"> is presented below:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.7734375%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td width="38%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="9%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="15%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="2%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="7%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Options</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Exercise Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted Average Remaining Contractual Term (in years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Range of Exercise Prices</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January 1, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">521,293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39.20</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.6</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26.56</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">-</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51.15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(228,750</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.72</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46.60</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.9</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35.50</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">-</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51.15</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fully vested options at June 30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292,543</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46.60</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.9</font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#bfe4ff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr></table></div></div></div>

EX-101.SCH 9 tco-20150630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2414402 - Disclosure - Accumulated Other Comprehensive Income (Details) link:presentationLink link:calculationLink link:definitionLink 2114100 - Disclosure - Accumulated Other Comprehensive Income (Notes) link:presentationLink link:calculationLink link:definitionLink 2314301 - Disclosure - Accumulated Other Comprehensive Income (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Beneficial Interest in Debt and Interest Expense link:presentationLink link:calculationLink link:definitionLink 2405404 - Disclosure - Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Beneficial Interest in Debt and Interest Expense (Details) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Beneficial Interest in Debt and Interest Expense (Specific Debt Instrument Detail) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Beneficial Interest in Debt and Interest Expense (Tables) link:presentationLink link:calculationLink link:definitionLink 2415402 - Disclosure - Cash Flow Disclosures, Supplemental (Details) link:presentationLink link:calculationLink link:definitionLink 2115100 - Disclosure - Cash Flow Disclosures, Supplemental (Notes) link:presentationLink link:calculationLink link:definitionLink 2315301 - Disclosure - Cash Flow Disclosures, Supplemental (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 2410401 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - CONSOLIDATED BALANCE SHEET link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - CONSOLIDATED BALANCE SHEET (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - CONSOLIDATED STATEMENT OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Derivative and Hedging Activities link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Derivative and Hedging Activities (Interest Rate Derivatives) (Details) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Derivative and Hedging Activities (Tables) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Dispositions, Acquisition, and Developments link:presentationLink link:calculationLink link:definitionLink 2402401 - Disclosure - Dispositions, Acquisition, and Developments (Details) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information Document link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 2411403 - Disclosure - Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 2211201 - Disclosure - Earnings Per Share (Policies) link:presentationLink link:calculationLink link:definitionLink 2311302 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Equity Transactions link:presentationLink link:calculationLink link:definitionLink 2406402 - Disclosure - Equity Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 2306301 - Disclosure - Equity Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Fair Value Disclosures link:presentationLink link:calculationLink link:definitionLink 2413403 - Disclosure - Fair Value Disclosures (Details) link:presentationLink link:calculationLink link:definitionLink 2413404 - Disclosure - Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) link:presentationLink link:calculationLink link:definitionLink 2413402 - Disclosure - Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) link:presentationLink link:calculationLink link:definitionLink 2313301 - Disclosure - Fair Value Disclosures (Tables) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Interim Financial Statements link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Interim Financial Statements (Details) link:presentationLink link:calculationLink link:definitionLink 2401402 - Disclosure - Interim Financial Statements (Operating Partnership) (Details) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Investments in Unconsolidated Joint Ventures link:presentationLink link:calculationLink link:definitionLink 2404403 - Disclosure - Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) link:presentationLink link:calculationLink link:definitionLink 2404404 - Disclosure - Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - Investments in Unconsolidated Joint Ventures (Details) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - Investments in Unconsolidated Joint Ventures (Tables) link:presentationLink link:calculationLink link:definitionLink 2417402 - Disclosure - New Accounting Pronouncement (Details) link:presentationLink link:calculationLink link:definitionLink 2117100 - Disclosure - New Accounting Pronouncement (Notes) link:presentationLink link:calculationLink link:definitionLink 2317301 - Disclosure - New Accounting Pronouncement (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Noncontrolling Interests link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Noncontrolling Interests (Details) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Noncontrolling Interests (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Share-Based Compensation link:presentationLink link:calculationLink link:definitionLink 2409402 - Disclosure - Share-Based Compensation (Details) link:presentationLink link:calculationLink link:definitionLink 2309301 - Disclosure - Share-Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 10 tco-20150630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 11 tco-20150630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 12 tco-20150630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Derivative Instruments and Hedging Activities Disclosure [Abstract] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Hedging Relationship [Axis] Hedging Relationship [Axis] Hedging Relationship [Domain] Hedging Relationship [Domain] Cash Flow Hedging [Member] Cash Flow Hedging [Member] Real Estate Property Ownership [Axis] Real Estate Property Ownership [Axis] Real Estate Properties [Domain] Real Estate Properties [Domain] Unconsolidated Properties [Member] Unconsolidated Properties [Member] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Contract [Domain] Derivative Contract [Domain] Interest Rate Contracts Consolidated Subsidiaries Member Interest Rate Contracts Consolidated Subsidiaries Member Derivative instrument whose primary underlying risk is tied to the right to receive or pay a sum of money at a given interest rate, held by consolidated subsidiaries. Interest Rate Contracts Ujvs Member Derivative instrument whose primary underlying risk is tied to the right to receive or pay a sum of money at a given interest rate, held by unconsolidated joint ventures. Interest Rate Contract [Member] Interest Rate Contract [Member] Default Option $1M provision [Member] Default Option $1M provision [Member] A contract in which one party has the right to claim payment from another party in the event that the creditee defaults on any indebtedness in excess of $1 million. Default Option Entity $50M Recourse Indebtedness Provision [Member] Default Option Entity $50M Recourse Indebtedness Provision [Member] A contract in which one party has the right to declare an obligation to be in default if the hedged entity defaults on any recourse indebtedness in excess of $50 million. Default Option $50 million provision [Member] Default Option $50 million provision [Member] A contract in which one party has the right to claim payment from another party in the event that the Operating Partnership defaults on any indebtedness in excess of $50 million. Default Option $0.1M provision [member] [Member] Default Option - $0.1M provision [Member] A contract in which one party has the right to claim payment from another party in the event that the creditee defaults on any indebtedness in excess of $100 thousand. Derivatives, Fair Value, by Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Deferred Charges And Other Assets [Member] Deferred Charges And Other Assets [Member] Line item in the statement of financial position in which the fair value amounts of the derivative instruments are included. Accounts Payable and Accrued Liabilities [Member] Accounts Payable and Accrued Liabilities [Member] Equity Method Investments [Member] Equity Method Investments [Member] Derivatives, Fair Value [Line Items] Derivatives, Fair Value [Line Items] Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract] Derivative, Fair Value, Net [Abstract] Derivative Liability, Fair Value, Gross Liability Derivative Liability, Fair Value, Gross Liability Derivative Asset, Fair Value, Gross Asset Derivative Asset, Fair Value, Gross Asset Contingent features [Abstract] Derivative, Credit Risk Related Contingent Features [Abstract] Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default Interest Rate Recourse Provisions Description of default provisions if hedged entity or operating partnership defaults on any of its indebtedness in excess of this maximum amount Number of Interest Rate Derivatives Held Subject to Certain Contingencies Number of Interest Rate Derivatives Held Subject to Certain Contingencies Number of interest rate derivative instruments held by the entity at the reporting date that are subject to certain debt contingencies. Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] Accumulated Other Comprehensive Income Components [Table] Accumulated Other Comprehensive Income (Loss) [Table] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Accumulated Other Comprehensive Income Components [Line Items] Accumulated Other Comprehensive Income Components [Line Items] [Line Items] for Accumulated Other Comprehensive Income Components [Table] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax [Table Text Block] Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] Fair Value Disclosures [Abstract] Schedule of Real Estate Properties [Table] Schedule of Real Estate Properties [Table] Consolidated Properties [Member] Consolidated Properties [Member] Real Estate Properties [Line Items] Real Estate Properties [Line Items] Notes Payable Notes Payable Notes Payable, Fair Value Disclosure Notes Payable, Fair Value Disclosure Estimated fair values of notes payable [Abstract] Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable Represents the additional credit spread to account for current market conditions. This additional credit spread was added to the credit spread at which the debt was originally issued, to determine the discount rates for purposes of estimating the fair value of notes payable. Notes Payable Fair Values Hypothetical Percent Increase In Interest Rates Notes Payable Fair Values Hypothetical Percent Increase In Interest Rates The hypothetical percent increase in interest rates used to estimate the fair values of notes payable. Disclosed to show the sensitivity of the fair values estimates on the interest rates selected. Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable The dollar impact (in millions) of a one-percentage-point increase in the interest rates used to estimate the fair values of notes payable - resulting in a decrease in estimated fair values. Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent The percentage impact of a one-percentage-point increase in the interest rates used to estimate the fair values of notes payable - resulting in a decrease in estimated fair values. Document and Entity Information [Abstract] Document and Entity Information [Abstract] Entities [Table] Entities [Table] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Entity Information [Line Items] Entity Information [Line Items] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Amendment Flag Amendment Flag Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity Well-known Seasoned Issuer Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Voluntary Filers Entity Current Reporting Status Entity Current Reporting Status Earnings Per Share [Abstract] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Weighted average noncontrolling partnership units outstanding Stock Compensation Plan [Member] Unissued partnership units under unit option deferral elections Unissued Partnership Units Under Unit Option Deferral Election Member Unissued partnership units under a unit option deferral election that were not included in diluted earnings per share (EPS) because to do so would increase EPS amounts or decrease loss per share amounts for the period presented. Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] Basic Income (Loss) from Continuing Operations Attributable to Parent Impact of additional ownership of TRG Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities Diluted Net Income (Loss) Available to Common Stockholders, Diluted Shares (Denominator) – basic Weighted Average Number of Shares Outstanding, Basic Effect of dilutive securities Weighted Average Number Diluted Shares Outstanding Adjustment Shares (Denominator) – diluted Weighted Average Number of Shares Outstanding, Diluted Earnings per common share - basic Income (Loss) from Continuing Operations, Per Basic Share Earnings per common share – diluted Income (Loss) from Continuing Operations, Per Diluted Share Equity Method Investments and Joint Ventures [Abstract] Statement [Table] Statement [Table] Statement, Scenario [Axis] Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Statement [Line Items] Statement [Line Items] Beneficial Interests In Joint Ventures Equity Method Investments [Table Text Block] Equity Method Investment Summarized Financial Information Text Block Equity Method Investment Summarized Financial Information Text Block Disclosure of the combined balance sheet and results of operations information for Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures. Comprehensive Income (Loss) Note [Text Block] Comprehensive Income (Loss) Note [Text Block] Debt Disclosure [Abstract] Noncontrolling Interest [Table] Noncontrolling Interest [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Long-term Debt [Member] Long-term Debt [Member] Cherry Creek Shopping Center [Member] Cherry Creek Shopping Center [Member] Shopping center owned by consolidated subsidiaries in which the Company owns a beneficial interest. The Mall of San Juan [Member] The Mall of San Juan [Member] The Mall of San Juan [Member] Mall At Wellington Green [Member] Mall At Wellington Green [Member] Shopping center owned by consolidated subsidiaries in which the Company owns a beneficial interest. Mac Arthur Center Member MacArthur Center Member Shopping center owned by consolidated subsidiaries in which the Company owns a beneficial interest. Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Instrument, Basis Spread on Variable Rate Debt Instrument, Basis Spread on Variable Rate Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners At 100% [Abstract] At100 Percent Abstract Debt, unconsolidated joint ventures at 100% Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities Capitalized interest, consolidated subsidiaries at 100% Interest Costs Capitalized Capitalized interest, unconsolidated joint ventures @100% Equity Method Investment Summarized Financial Information, Capitalized Interest This item represents the disclosure of summarized financial information of interest capitalized for unconsolidated subsidiaries and 50 percent-of-less owned entities accounted for using the equity method of accounting. Interest expense, consolidated subsidiaries at 100% Interest Expense Interest Expense, Unconsolidated Joint Ventures, at 100% Interest Expense, Unconsolidated Joint Ventures, at 100% This item represents the disclosure of summarized financial information of interest expense for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting, including any addiitonal interest adjustments for amortization of debt fair value premiums and discounts. At beneficial interest [Abstract] At Beneficial Interest Abstract Debt Consolidated Subsidiaries At Beneficial Interest Debt Consolidated Subsidiaries At Beneficial Interest The carrying value of debt held by consolidated subsidiaries, excluding debt related to noncontrolling interests. Debt, unconsolidated joint ventures at beneficial interest Debt Unconsolidated Joint Ventures At Beneficial Interest The Company's beneficial interest in the carrying value of debt held by unconsolidated joint venture entities, which are not controlled by the Company but over which the Company may exercise significant influence. These investments are accounted for under the equity method. Capitalized interest, consolidated subsidiaries at beneficial interest Capitalized Interest Consolidated Subsidiaries At Beneficial Interest The amount of interest that was capitalized during the period by consolidated subsidiaries, excluding interest related to noncontrolling interests. Capitalized Interest, Unconsolidated Joint Ventures at Beneficial Interest Capitalized Interest, Unconsolidated Joint Ventures at Beneficial Interest The Company's beneficial interest in the amount of interest that was capitalized during the period by unconsolidated joint venture entities, which are not controlled by the Company bur over which the Company may exercise significant influence. These investments are accounted for under the equity method. Interest expense, consolidated subsidiaries at beneficial interest Interest Expense Consolidated Subsidiaries At Beneficial Interest The cost of borrowed funds accounted for as interest by consolidated subsidiaries, excluding interest related to noncontrolling interests. Interest expense, unconsolidated joint ventures at beneficial interest Income Loss From Equity Method Investments Portion Due To Interest Expense This item represents the entity's proportionate share for the period of the interest expense of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Supplemental Cash Flow Elements [Abstract] Cash Flow, Supplemental Disclosures [Text Block] Cash Flow, Supplemental Disclosures [Text Block] Equity Transactions [Abstract] Equity Transactions [Abstract] Stockholders' Equity Note Disclosure [Text Block] Stockholders' Equity Note Disclosure [Text Block] Dispositions, Acquisition, and Development [Abstract] Dispositions, Acquisition, and Development [Abstract] Schedule of Business Acquisitions, by Acquisition [Table] Schedule of Business Acquisitions, by Acquisition [Table] Real Estate, Type of Property [Axis] Real Estate, Type of Property [Axis] Real Estate [Domain] Real Estate [Domain] Office Building [Member] Office Building [Member] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] International Plaza [Member] International Plaza [Member] Shopping center owned by consolidated subsidiaries in which the Company owns a beneficial interest. Starwood Transaction [Member] Starwood Transaction [Member] Centers included in the pending Starwood Transaction: MacArthur Center, Stony Point Fashion Park, Northlake Mall, The Mall at Wellington Green, The Shops at Willow Bend, The Mall at Partridge Creek, and Fairlane Town Center [Member] Arizona Mills [Member] Arizona Mills Member Shopping center owned by joint ventures in which the Company owns a beneficial interest. Arizona Mills and Oyster Bay [Domain] Arizona Mills and Oyster Bay [Domain] Arizona Mills and Oyster Bay [Domain] SPG Units [Member] SPG Units [Member] Simon Property Group Limited Partnership Units received in connection with the Company's sale of its 50% of Arizona Mills in January 2014. International Market Place [Member] International Market Place [Member] tco_InternationalMarketPlace [Member] CityOn.Xi'an [Member] CityOn.Xi'an [Member] CityOn.Xi'an [Member] CityOn.Zhengzhou [Member] CityOn.Zhengzhou [Member] CityOn.Zhengzhou [Member] Hanam Union Square [Member] Hanam Union Square [Member] Hanam Union Square [Member] Schedule of Equity Method Investment, Equity Method Investee, Name [Axis] Investment, Name [Axis] Equity Method Investee, Name [Domain] Investment, Name [Domain] Disposal Group Name [Axis] Disposal Group Name [Axis] Disposal Groups, Including Discontinued Operations, Name [Domain] Disposal Groups, Including Discontinued Operations, Name [Domain] Dispositions, Acquisitions, and Development [Line items] Significant Acquisitions and Disposals [Line Items] Number of centers disposed Number of centers disposed Represents the number of centers that were disposed of during the year. Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value The amount of net gain (loss) reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period. This amount also includes an additional adjustment to record the derivative at fair value. Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest The amount of net gain (loss), At the Company’s beneficial interest, reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period. This amount also includes an additional adjustment to record the derivative at fair value. Derivative, Loss on Derivative Derivative, Loss on Derivative Disposition Costs Incurred Disposition Costs Incurred Disposition Costs Incurred Noncash Or Part Noncash, Acquisition Interest Sold Noncash Or Part Noncash, Acquisition Interest Sold Noncash Or Part Noncash, Acquisition Interest Sold Noncash or Part Noncash Divestiture, Total Consideration Received Noncash or Part Noncash Divestiture, Total Consideration Received Amount of total consideration received for selling an asset or business through a noncash (or part noncash) transaction. Proceeds from dispositions, net of transaction costs (Note 2) Proceeds from Divestiture of Real Estate Partnership, net of Transaction Costs The cash inflow from the sale of interest in partnership during the period, net of transaction costs. Noncash or Part Noncash Divestiture, Amount of Consideration Received Noncash or Part Noncash Divestiture, Amount of Consideration Received Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes Gain (Loss) on Sale of Properties, Applicable Income Taxes Gain (Loss) on Sale of Properties, Applicable Income Taxes Equity Method Investment, Ownership Percentage Equity Method Investment, Ownership Percentage Company’s Share of Project Costs in Equity Method Investments Company’s Share of Project Costs in Equity Method Investments The Company’s share of project costs (including debt and equity contributions) of an equity method investee. Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction Value of Partnership Unit Received in Connection with Disposition Value of Partnership Unit Received in Connection with Disposition Value of Partnership Unit Received in Connection with Disposition Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date Fair Value of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets valued as of the Acquisition Date. Restriction Period on Sale of Partnership Units Received, years Restriction Period on Sale of Partnership Units Received, years Restrictive period in which the partnership units received as part of consideration in connection with the sale of equity method investments cannot be sold. Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction Net Consideration Paid to Acquire U.S. Headquarters Building Net Consideration Paid to Acquire U.S. Headquarters Building Net Consideration Paid to Acquire U.S. Headquarters Building. Noncash or Part Noncash Acquisition, Debt Assumed Noncash or Part Noncash Acquisition, Debt Assumed Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building Area of Real Estate Property Area of Real Estate Property Noncontrolling Interest, Ownership Percentage by Parent Noncontrolling Interest, Ownership Percentage by Parent Joint Venture Acquisition, Interest Acquired Joint Venture Acquisition, Interest Acquired The level of ownership interest acquired by a joint venture partnership. Recapitalization of The Mall of San Juan Joint Venture Recapitalization of The Mall of San Juan Joint Venture Noncontrolling partner's use of previously funded capital for the reimbursement of certain shared infrastructure costs. Construction in Progress, Gross Construction in Progress, Gross Cumulative translation adjustment Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax Construction in Progress, Gross, Company's Share Construction in Progress, Gross, Company's Share The Company's share of the gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Joint Venture, Ownership Percentage Joint Venture, Ownership Percentage The percentage of ownership by the joint venture in the shopping center. Outside Partner, Ownership Percentage Outside Partner, Ownership Percentage The percentage ownership in the joint venture held by outside partner(s). Fair Value Disclosures Fair Value Disclosures [Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Estimated fair value of notes payable Fair Value, by Balance Sheet Grouping [Table Text Block] Fair Value, Assets and Liabilities Measured on Recurring Basis [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Fair Value, Measurements, Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Inputs, Level 2 [Member] Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value Assets and liabilities measured at fair value on a recurring basis [Abstract] Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] Insurance deposit Other Assets, Fair Value Disclosure Total assets Assets, Fair Value Disclosure, Recurring Derivative interest rate contracts Derivative Liability Total liabilities Financial and Nonfinancial Liabilities, Fair Value Disclosure Cash Flow Disclosures and Non-Cash Investing and Financing Activities [Table] Cash Flow Disclosures and Non-Cash Investing and Financing Activities [Table] Cash Flow Disclosures and Non-Cash Investing and Financing Activities [Table] Interest Costs Capitalized Interest Paid, Net Interest Paid, Net EX-101.PRE 13 tco-20150630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 14 R39.htm IDEA: XBRL DOCUMENT

Beneficial Interest in Debt and Interest Expense (Details) - Long-term Debt, Type [Domain] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
At 100% [Abstract]
Notes Payable	$ 2,212,461		$ 2,212,461			$ 2,025,505
Debt, unconsolidated joint ventures at 100%	2,006,424		2,006,424			1,989,546
Capitalized interest, consolidated subsidiaries at 100%			16,783	$ 11,672
Capitalized interest, unconsolidated joint ventures @100%			157	1,692
Interest expense, consolidated subsidiaries at 100%	14,781	$ 25,434	28,306	51,564
Interest Expense, Unconsolidated Joint Ventures, at 100%			42,547	36,547
At beneficial interest [Abstract]
Debt Consolidated Subsidiaries At Beneficial Interest	2,060,722		2,060,722			1,852,749
Debt, unconsolidated joint ventures at beneficial interest	1,093,078		1,093,078			$ 1,085,991
Capitalized interest, consolidated subsidiaries at beneficial interest			16,188	11,214
Capitalized Interest, Unconsolidated Joint Ventures at Beneficial Interest			79	852
Interest expense, consolidated subsidiaries at beneficial interest			24,918	47,414
IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense	$ 11,405	$ 9,955	$ 22,768	$ 19,799
Cherry Creek Shopping Center [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%		50.00%
The Mall of San Juan [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%		5.00%		20.00%
Mall At Wellington Green [Member]
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		10.00%		10.00%
Mac Arthur Center Member
Debt Instrument [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		5.00%		5.00%

XML 15 R54.htm IDEA: XBRL DOCUMENT

Cash Flow Disclosures, Supplemental (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Interest Costs Capitalized	$ 16,783	$ 11,672
Interest Paid, Net	26,400	48,500
Income Taxes Paid, Net	$ 700	8,900
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date		77,711
Issuance of partnership units in connection with the purchase of the U.S. headquarters building		91
Noncash or Part Noncash Acquisition, Debt Assumed including Unamortized Premium		18,215
Capital Expenditures Incurred but Not yet Paid	$ 47,974	$ 51,439
The Mall of San Juan [Member]
Recapitalization of The Mall of San Juan Joint Venture	$ 9,296

XML 16 R48.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions	Total
Cash tender [Abstract]
Minimum aggregate value of Operating Partnership units to be tendered	$ 50
Fair Value of Written Option, Cash Tender Agreement	zero
Market value per common share (in dollars per share)	$ 69.50
Approximate aggregate value of interests in the Operating Partnership that may be tendered	$ 1,700
Additional interest the Company would have owned in the Operating Partnership upon purchase of interests (in hundredths)	28.00%
Continuing offer [Abstract]
Common Stock, Conversion Basis	one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock
Series B Preferred Stock [Member]
Continuing offer [Abstract]
Convertible Preferred Stock, Terms of Conversion	ratio of 14,000 shares of Series B Preferred Stock for one share of common stock

EXCEL 17 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0````(`&M9!4=XY$XD]0$``#\A```3````6T-O;G1E;G1?5'EP97-= M+GAM;,W:S4[C,!`'\%>IG[_Y"G.=G88X[+J4_+?&(MM3U;'VGD:SRWV@Y%Y6VOO!M#H9-[+M MV!UDG;O5RK34N?;!YBUURJ7I4XY7LSL=THVV.07;#6P*[#]Y7>+L8PI&'TAW ML2=*=JAC>AHH'JN_C[Q4OJ*5?AC2NPH_W[LZT#"MB;WQSZ6N=SE+S+\MJQR- M;ZIPN/%OG1E;AN;']6\[ROD_7LO!3=S:X2KH1W-08'NR,95C;;49CXWJT87- M#^5):%^A-!8Z??_3T*=@9-/AA$B\JP\!TH<$Z4.!]-&`]'$&TL=G MD#Z^@/3Q%:0/OD!I!$54CD(J1S&5HZ#*453E**QR%%QW8OG*\M"_V/Z'D4X$G1H>)%]2-F`Q+M M*;V"^GH`A3&^.R6:E((C-Z."N[_8_`)02P,$%`````@`:UD%1ZKL&"/T`0`` M_R```!H```!X;"]??3,L1DS;''6!=#9!(=+G=Y-'EN&A MR_7J1SHVY=!WN3T,>?'G=.SR:OI^7;6E#*L0\J9-IR;?]$/JIJ>[?CPU9;H= M]V%H-J_-/@6MZV48+^=4CP\?9R^>M^MJ?-Y*M?C9C/M4UM7O?GS-;4HEA_.' MW$P+3(_?AO2=Y?O=[K!)3_WFUREUY8N*\&^!*LP'Z7R04H)L/L@H03X?Y)2@ M.!\4*4'+^:`E)>AV/NB6$G0W'W1'";J?#[JG!$D-9*PY20AKCM8"N!:.UP+` M%H[8`L@6CMD"T!:.V@+8%H[;`N`6CMP"Z!:.W0+P%H[>"O16CMX*]%;27AMM MMCEZ*]!;.7HKT%LY>BO06SEZ*]!;.7HKT%LY>BO06SEZ*]!;.7H;T-LX>AO0 MVSAZ&]#;2&CO0VSEZ.]#;.7H[ MT-LY>D>@=^3H'8'>D:-W!'I'CMX1Z!TY>D>@=R3]5GFA=VZ;,6U?RGCH]OG: M-?\-AT47>.?R=DS73SE/A0T76I=II13.UZN_6^>I?T/"I_\Z/+X#4$L#!!0` M```(`&M9!4?KKPHO5@,``.T-```0````9&]C4')O<',O87!P+GAM;+U7VW+: M,!#]%0U/=":I"9=>,L0S#C@EG128XJ3/BKR`)K;D2H(F_?JN94(A$4[%0_,2 M2=ZSE[-':],7NG4^5;(`93AH\IAG0I_CX45C:4QQ'@2:+2&G^CV:"'PZERJG M!K=J$P>69L9HQD,,%8XIYF&RNKOH;49R+R@ MXBFH=C=VAM1D]89U9B!TLJ%I#NVKY^ M^,S%'2A=5GK6?M_"ORT%S^>5;Z`I%XLIY4J'_;4Y7P,S4FW:M#;'=BF5K&RZ MODLP/]T@]U1#N;QHK*GB5)@&T?PW;MN-*FQU:M=9H8T*?TCUH)<`1O>#[:%= M[MKNKGDW['6M!:[V+8-M9>&&MKVZRY.$FPST9#ZEROPG*FQ-ST3TNHV=ZI]= M$"I2$@N#B@Q`[AWO;?B8DQ6]1$HJC0E-D:G'9C669@E,QP M2"RV_@\P@@2N46!KL`R,(%V4H`C]KY$9)\8.J]-+%'5*RCD(F,]AB^MEDYR^C]@:V->L[<(JG' MU*JET_)72^?,>WJ1YO`(S,1_Z'7<&MA7Y1`,Y=DQLNRX6U^/^7@$YI.__#N? M_3%==_OK,>[V.\;Y&TP?OI@6YG\QN^[FUV-Z1V!\!\#A>FI?)Z3YST.CENA# M4V-S[H79!/+"Q-IP_.KSGTX]]UN@=CKU]D3PZK/YQ4=RL/_C+OP#4$L#!!0` M```(`&M9!4<8()R4/@$``&D#```1````9&]C4')O<',O8V]R92YX;6S-DTU/ MPS`,AO\*ZKU+NVF`JJX'0)R8A,00B%M(O"VL^5#BJ>N_)_6ZEJ_+;D@]U+7? MQZ_KI!2N$-;#H[<./"H(%P==FU`(MTBVB*Y@+(@M:!XFL<+$Y-IZS3&&?L,< M%SN^`3;-LDNF`;GDR%D'3-U`3*I2BD)XX&A]CY=BP+N]KPDF!8,:-!@,+)_D M+*F>S<[8QI1LU%=E=%SS@$LKU5J!O&G'LM^IV!G!ZW"4@QS:T]<_/5"&)7WE M(:BAJFF:23.CNCAPSEZ7#T_T;U)E`G(C(*J"*K!UL$A.G5]FMW>K^Z2:9OD\ MS:[3;+[*\Z)[KMZZR;[Y&PWK?HA_Z_ADD+:+"FLX<[>DD;1<>B60A""\AHO,U1MW-B2O;6-\>4S^B;[>J^@10 M2P,$%`````@`:UD%1YE&UL[5I;<]HX%'[OK]!X9_9M"\8V@;:T$W-I=MNTF83M3A^%$5B-;'EDD81_ MOTV23;J;/`0LZ?O.14?GZ#AY\^XN8NB&B)3R> +]O6N[!3+UES@6QHO(];JM-O= M5H1I;*$81V1@?5XL:$#05%%:;U\@M.4?,_@5RU2-9:,!$U=!)KF(M/+Y;,7\ MVMX^9<_I.ATR@6XP&U@@?\YOI^1.6HCA5,+$P&IG/U9KQ]'22(""R7V4!;I) M]J/3%0@R#3LZG5C.=GSVQ.V?C,K:=#1M&N#C\7@XMLO2BW`A(5M>5`TR``6'!VULS2`Y9>*?IU ME!K9';O=05SP6.XYB1'^QL4$UFG2&98T1G*=D`4.`#?$T4Q0?*]!MHK@PI+2 M7)#6SRFU4!H(FLB!]4>"(<7K;YH]5Z%82=J$^!!&&N*< M<^9ST6S[!Z5&T?95O-RCEU@5`9<8WS2J-2S%UGB5P/&MG#P=$Q+-E`L&08:7 M)"82J3E^34@3_BNEVOZKR2.FJW"$2M"/F(9-AIRM1:!MG&IA&!: M$L;1>$[2M!'\6:PUDSY@R.S-D77.UI$.$9)>-T(^8LZ+D!&_'H8X2IKMHG%8 M!/V>7L-)P>B"RV;]N'Z&U3-L+([W1]072N0/)J<_Z3(T!Z.:60F]A%9JGZJ' M-#ZH'C(*!?&Y'C[E>G@*-Y;&O%"N@GL!_]':-\*K^(+`.7\N?<^E[[GT/:'2 MMSAD6R4)RU3393>*$IY"&V[I4_5*E=?E MK[DHN#Q;Y.FOH70^+,_Y/%_GM,T+,T.WF)&Y"M-2D&_#^>G%>!KB M.=D$N7V85VWGV-'1^^?!4;"C[SR6'<>(\J(A[J&&F,_#0X=Y>U^89Y7&4#04 M;6RL)"Q&MV"XU_$L%.!D8"V@!X.O40+R4E5@,5O&`RN0HGQ,C$7H<.>77%_C MT9+CVZ9EM6ZO*7<9;2)2.<)IF!-GJ\K>9;'!51W/55ORL+YJ/;053L_^6:W( MGPP13A8+$DACE!>F2J+S&5.^YRM)Q%4XOT4SMA*7&+SCYL=Q3E.X$G:V#P(R MN;LYJ7IE,6>F\M\M#`DL6XA9$N)-7>W5YYNTB42%(JP#`4A%W+C[^^3:G>,U_HL M@6V$5#)DU1?*0XG!/3-R0]A4)?.NVB8+A=OB5,V[&KXF8$O#>FZ=+2?_VU[4 M/;07/4;SHYG@'K.'YA,L0Z1^P7V*BH`1 MJV*^NJ]/^26<.[1[\8$@F_S6VZ3VW>`,?-2K6J5D*Q$_2P=\'Y(&8XQ;]#1? MCQ1BK::QK<;:,0QY@%CS#*%F.-^'19H:,]6+K#F-"F]!U4#E/]O4#6CV#30< MD05>,9FV-J/D3@H\W/[O#;#"Q([A[8N_`5!+`P04````"`!K605'-A'%#8P" M```Z#@``#0```'AL+W-T>6QE*SYY7I`C-4#D6!N5[)A61(Z4U7]F% M:P@?!V@69O83N#M M:;H.B&J#`_\(^"M.,4NPW%,$G>5_U4(P,BF\NNCB,!>\J;TQ=(8X+)_!$E'M M;]U3084$2A>WUF(M'#'L/.X1)8DDQI@C1NC:FX32]O:T(0X+I!26?*H?0#V?K0N].2XX=B*MWQ'O MN43KT?AF)\`..F\B9(;E-O,(;DQQ2'&N=(`D\X49E2B,=*&48'J2$307'%&# MW$34$XU-,:6/YO;YE;?8JQPX'_,?^Q`8%9NI/HAZVI2!/51OE^;8N]B;L[A@ ME6\3Z&A4%'3]A9(Y9]B)=::IJ)^.X4=[\'&(-E2P$)(\:W]3"*DV8`G!$DM% MTEW+'XF*&5ZINH*]5;Y/X;E;?DU-ES^U1HTNP;<^GK.36]-#96ZYJ;T@3Y?T M,3C^E]FW$W9DOFW5G"'A`H=CFH7>2IOT5]KKU-0EJOVVK\I,`]9;:?T]M:"_ M=X=N+O]/FE"UWPMQG\! M4$L#!!0````(`&M9!4>*)(R)J`0``,\1```/````>&PO=V]R:V)O;VLN>&UL ME9A=<]HX%(;_BL97V9GL@FTY7U,Z0X`TZ:20*6SV6K%%T%2V6,E.LOWU>V1( M^[((;[G"-M:C(^DY^O`'=_5J[+O9"G<'V8M M*_IO:6PI:KJUSSVS7*IE+*J>TF_?]:S4HM:F6";]76CM+_)^EG4\[#WICY8EIM";F"+E7)_;?^(6"&7HM'U@H)]KW<0Q0E/ MDK,-P[_VJ.2K0Z!_P$1>JQ>Y$$^#J!\QT=3F1NE:VK&HY2=KFK6JGHD5L:6R MKI[[YK9OEJI2I?KNXZ8[MS*OM\:J[Z:JA9[GUFC=EO)_M(6H!O?C"<58JWSG MQ5H\??4C,8C.^@1\44X]*:WJ?P91>ZVE;TGO/TUIN__G%:O:SGD?8B:J@DVJ MFBCLKMH,'G6-CX%>OBO:BNV5H@M[5\2;KD+0:#:=S^[OQL/%9,RNA_?#Z6C" MYK>3R0(8"3"28QCLY$%8`*4`2O\'-%_0SY?)=,%F-VSV,/DZ!!`'$#\&-+H= M3C\!*`-0=A1H.+]E`#H#T-D^Z*XBXU3);E0EJEP)S>8U^>?'T`'E'"CG^Y2Q MPPT-LX(.Z8QO9%^&FF'8=;63Q[ MUM#//#0^B$)SXX"Z\Y6P\O=KX:A'1Z:D6=GMI31*&X>L-66IMN/DXQE1^R@> M2>+M#'>,TL8!:R?"5E30L0=I61L9ED99XX"M-T)9]BAT(QF)FVOC&KM;/UH: M!S0=YC3--;K5:U:O*`C?)5:NJ%>HLQ&%ZL8!=T?"K=@-+4<8RRF;-^NUIC3$ MV0[=30+N3FE1H["FHNN\369V,D44NIL$W,4\9">T@FCI?D/`SM0; ML+JI#&BT.\T MZ/?A98^=C!&%IJ=!T[M0,T3M;#-"TW77,IJBZ2F:G@9,WTW@L:R%TCL#EZ+@ M:4#PS@Q.4?`4!4^#FXPNU#FB4/`T('@WZ@)1*'D:D+QS7DDO$862IP').U$< M)><#USNT2.T$4NLX#KH?6A9`)*#H/B'YH8=@^ MQP,,BIX%1#^$VH:%*!0]"XA^"#5QM:*#)Z)0]2R@>N=RE>&^)4/5L]"IL6NY MRE#U#%7/^/:X_?.$7=",4,G"?W]P;35T@,_]1PGZV9PE>.8WFO[^BRFH;O\U M(6++1NL1/9M5]T:T9^X-^?TSQ,=_`5!+`P04````"`!K605'D59U)F0"``"_ M"```&````'AL+W=O^X-LYN&M;*BK>! M8)=MN,.;`\X,Q")^5JR7LWY@-G_D_-T,OI^W(3)[8#4[*6."ZN;!#JRNC26M M_'LT^JEIB//^T_I7ZZ[>_I%*=N#UK^JL;GJW*`S.[$+OM7KC_3 M2_L-3G>I>/.DA$%#/X:V:FW;#RLI&FDP@8P$,A%(\E]"/!+BB8`M(1IV9OWZ M0A4M"\'[0`R7T5%SYW@3ZY,[F4E[4'9->R;U[*-$1?0P9D;$?D"0&0)/B$C; MG@0()+`G'IW\*W#P$3$L$(,>Q)8>S^@)3$]`>F+IR8R>.@?@(S)8(`4%4H^^ M<@0&1&H1K47D:Q3C-:R2@2J9IY([*CYB06`%"JP\.G8C!8`LA$H.2N0^WXF5 M/0!9")8U*+'V^8DC`4!26,+\'Z"40KZ%S$TJY-TY08LZ"ZF+?1TWM$9,-L?D M"RI@_NXP\576KHJ/(6A!!4YB'/L6L/.?&#'S,\M0GJ[212TXX[&?T,2-,PBS M$&@83GOLYSUQ0PW"+,4`G/;8SVKBQ1J`<7V)9O6B8>)JZZ@,3OS>VK(]FYUJ M]8[8>O,)+XN.7MD/*JY5*X,C5[IJV=IRX5PQO17THAV^Z=?$-*C919GN2O?% M4%^'@>+=\[DPO5G*OU!+`P04````"`!K605'*&-XC\8#``#E$```&````'AL M+W=O`_;4%5#2['G?^=&?_8Y!-Z??[3^91QNM/]2=F';5/^<]OTQNA7+Q3XJ M_]9<_PCS&/30X*ZINO%WL7OK^J;^"%DNZO+'=#R=Q^-U>N+$',8'X!R`MP!0 MOPR0)&I_%D77Q[OL: M[:IX']J9)9M)@O>21\664;B;I(C]WTP@:P+'>'D?[_EXR<;+,5[=Q4N1#&*2 MV%%RGB3*6(.);LOHT*`6FO>C6#^*^H'$SR31=_W\!@*$MHEPRPB]%4)E#&G6 MD*:&DC7<:-(/*FV%\HD?1H<>E1&\'\/Z,=2/3/P8TH\"E#9)SBV5R3@[0O%N M+.O&4CBV>] M>.K%)%X\LTS@TUW%J&+.9%)XP"Y'*D'=$%0)9@6T2G%%54YF)@8RV`1JQJ5F M@)H1QAA"3ZH#YY3,30_/4$#JR*>.D.8$6(]D5W%"!.4%9#SQ7`9)P*XRG`"> MI$!1JE*4`D4D(D0DI2CEA`)U%N[`PQ0H355*4Z"8E$(ZFQ*#T46:NMPV!1ZG M0'FJ4IX"`U2K%.$[JS-&YU:>1RI0IJJ4J;/&/HS="^O()#%"ZY77F2(#>+(" M16L603P/P=-\-GP+R$,,*<14"K%9\S#Y::(QR!2#.JTPIPU#Y]!;*'`"=E"H;C[(+V4K^&OLGT]G;O%2]/' M;]OQ"_30-'V(C8I/<83'4.YO%U4X],.IC>?M]!4^7?3-Y>-/A=L_&^O_`5!+ M`P04````"`!K605'4RB>,!<#```-#P``&````'AL+W=O1*VO M[&53<:4/FT/0GAK!=UU150:,D"2H>%'[JT5W[J59+>19E44M7AJO/5<5;_ZN M12DO2Y_ZUQ.OQ>&HS(E@M0AN=;NB$G5;R-IKQ'[I?Z'/&Q89I"-^%>+2CO8] M(_\FY;LY^+%;^L0XB%)LE6F"Z\V'V(BR-"WIGO\,C?[OTQ2.]Z^M?^N&J_7? M>"LVLOQ=[-11VQ+?VXD]/Y?J55Z^BV$,L6EP*\NV^_:VYU;)ZEKB>Q7_[+=% MW6TO_94X',KP`C84L%L!C1X6A$-!Z!0$O5DWKJ]<\=6BD1>OZ6_&B9M[3I]# M_Y8001P5R+&?IF+-\0M0GA#Z9X],CV:@?\D2H(S,!6281 M:A)!D]PQZ9%X/.*8]!]'9PYI.<6H4PR<$J>G=0QZ2DB6)5D2.TH(&(8LBDB. M&R6H40*-G%NQ3N8:(>!#HQ0U2J$1P^LSM#Z#]:$SHA[)[8<+/()3E.62HRXY M=(D*Q2F*N)FZL#,\<*(Q]:X>%*8;HF=_XM*!Z*%*8BF!T#,_XC`#?_ M$6)[X$%(D21TTWE@QIW0?(A=UV<.:GOA<4B1/`1S!.9A9J>]UYV412T9T=#&9=DJ%6TZ#MA&CLHQ5Z9W53O-_UJK3]0\G1=?-Y6P*M_4$L#!!0````(`&M9 M!4=$;.](UP8```(D```8````>&PO=V]R:W-H965T&ULC9I; M<]LV$(7_BD;OMK"+"PF/[9F08J=]Z$RF#^VS8M.V)I+H2G2<_ON"$FU3NP=) M_&!)U(?+`<#=`XC7K]W^Z^&I;?O9]^UF=[B9/_7]\]5B<;A[:K>KPV7WW.[2 M-P_=?KOJT\?]X^+PO&]7]\="V\V"C0F+[6J]F]]>'Z]]WM]>=R_]9KUK/^]G MAY?M=K7_KVHWW>O-G.9O%_Y:/S[UPX7%[?7BO=S]>MON#NMN-]NW#S?S3W35 MN"-R)/Y>MZ^'R?O9T/DO7?=U^/#'__V]'37X MH<*[;G,X_I_=O1SZ;OM69#[;KKZ?7M>[X^OKZ9O2C,5P`1X+\'N!]W9P`3L6 ML!\%W`\+N+&`^]46_%C`BQ86)^W'D5NN^M7M];Y[G>U/T_V\&E857?DT-W?# MQ>-4'+]+8W=(5[_=%G2]^#;4,R+5">$IPN?(4B,?E2Q2^^^=8-2)BE5QT4"M MB<**/ORTDN:'E9QUT\*QLL?R=EK>X?(.EG?'\FY:WHNQ/B'%$=F=D%"&*$9# M4S%X*R=%4^3)V2!&!6#1.6:LS$-E7BL3S50GQ$^;,44AA"$H.J%+0\X845.C M(5_X@#4%J"EH3:*1*NB>!,-&B-)4(#9R^6JJC%'.::,I8ALI,UD%%%9H8:40 M5JAFK'4B+M0:XK0,A2P-!8ZBN49#WA4&:RJAIE)K$C=-58+)"F*5UAHJ*0KA M2PU%+D5SC8;(3V?]3%2$HJ(258JU547=BJ4H8V,-L!!C*2=+8QQ,#'(1:LPZ M5X2,MB%/H\1C5#0M,TF#,JF+]/B(KE8C<]973S):U`!S96G%:"\!%D+A!-8` M+(:BR*F#.?$3L59GI3K6\^J"7"0UPH+Q2IW&N"C5S0HP2]YE8BOA5$KVYT%H M9,[5D8Q"B`HQ2&V:8B\C6H.HF%V5.,F3SO*ED\H<"./&>RD-8.3+0FK36,H) ME#P#417+8T@D`C`LC M\R6JS#'E9@^;`0)N0%H<`@D\&E+9#F"I/VKN-#8L=!57`,8^YC:`V`VP4>JB M]#HCU3HG1A(S/=8SJV5KI4!LZB]#)Q+`$6K:JM M`5BR=+E\Q]BGL/8I475;NP8G'7@#H;1ZBTQWL+E@;2[D]KABO:&'@ZWM@(W& MR_0+,#C8&O/!,^6B`'87K-U%E.Z"=:*_("Y9FB?(I4BO[A7`<1%9'BC`^@*S M]1F)V&*PMAC2K%8,+$;T1D4Z@!4^1BD0G#]XIPP4P)SA6&1\/6./P=IC1.DQ M6.?Z"Z?O*D05TC\A2NUK&TC93/YE["U8>PNY-:H8N89"=J?^-6R)L.3_Y6E@ M\W/N7!_V%ZS]A5Q*%0/C8%ENDVN$D74JM&C,<^G5J2TX;HC&Y>19;#"L/FX@ MD\GC%N=QJ_-X\@)BB"S(T*647@/J(AJ5QQ%6>">7-\)2I,OE%HL3N=6)G*25 MK:Q.JA=,*C0!S!MY\KQ$E:68H^2!XXOI3NI<7.;H7N=QDD>PE47;?R>W/H`J M204F0/G2*FG@\"+ME3,>Q6)38+4I(.D<*PMV_T'M6@'ER$H#!J@4O[0X@!'G MC@DMM@166P(RTA-8\).`-^JH"&&65-P%6)GRJCP'`Y@/-KI,6K'8#UCM!TCF MYLKJW'Q!ULO#]AIR:1^M%`*.TZ9-S2"J+U#,1A9L"JPV!>H(MAJAJ6VUY)S< MF"/,.%*WG\9"2D'2M@+,&8HA8ULMM@966P,5$JL1*B=-F4NK;D!(R5Z M`!4NQ` M=OU@\R97WQ]? M^<3#`Q+B>D57-8'K2[IJ3@^G?%1_>_V\>FS_7.T?U[O#[$O7]]WV^/#$0]?U M;1*09G@^>VI7]^\?-NU#/[PMTOO]Z1&5TX>^>WY[XN;]L9_;_P%02P,$%``` M``@`:UD%1Z>SRF'9!0``EAX``!@```!X;"]W;W)KRFU1?ZJ> MRUW[GX=JORV:]N?^<5X_[\OBOC?:;N9&*3_?%NO=].JB?_9U?W51O32;]:[\ MNI_4+]MML?_GNMQ4KY=3/7U[\&W]^-1T#^97%_.CW?UZ6^[J=;6;[,N'R^EO M^O/*J@[2(_YB+A?5YJ_U??/4>JNFD_ORH7C9--^JUU4Y MK,%U`]Y5F[K_.[E[J9MJ^V8RG6R+7X?/]:[_?#W\)ZK!#!N8P<`<#;0^:T"# M`1T-C#MK8`<#^VY@SAJXP<`=#IWL#QGX7'2)KC_'-EWNNH=]=O3_:[>S;I_^O-+:7,Q_ M=@,-F.L#QHPP-,8L$,:.,4N$<6/,#<+X,>868<(8\P5AXABS0IATQ,S;N!V# M9V#P3#^`/1W`*!:\`R;TF%V/F1GMO&>XA<09%INEA'C2+'X2$Y(/D87G%G@5 M$]^P+P"55/2.;<@*X9PCPK$D&$L"L62+6QPP[F0>2MYIY1.+E`2VD5+:GZQP MY)*%+ME^%!JY9/``#@[@P)KXP7'"U9EQ3K'T6$K8RQD-O//"&'U$/O/$> MSQ+@+`',PA+Y.LA9^`&^.8\9.1*A(Q$XPA+W.LH\48F'/LJ3R7Q%P\2(G4W0 MV02<91%9)C&+)N]S&=DQ-JKW"LS$"N/U`!H'GQ=J@'&\4$L,/],K.%=FHW6& MPS184^)KTM(70]9Q=_X+-G8(\X(&Q$"<&`;0>.':>KX;7Q`PJA@RQU+C^JI! M@>7LL=*R<,Z(@LOE&*Z;VH*IV)E9#*!1.ML3A\83X?JJ98$-8M]!@8TBF25( M$_%]0*6:5]`5&BI3IC6NTUH6ZF3YJF2A=MX9K;G/$F>528$S.,#IMK10+N]Q M[=>@^/,P7FM4V:T3+0K$*9(%!.!LEK0T)@L-V$*)/EC6>1V=XGX#%,DTD2AG M!A"'URFQM%T, MN/-=L\1XGI0W8,+8GI/(I0?`S5+;$_/&&9%C;/MPEBPK`&S;.ILI&`;SGP'\ M1XZ'2A);VSR;H$2K"9">C"<;

Y-;K1< MXVDP(QHDHT3%03HJR`Q*PF]12N!(+B/\"/,A(4'&I1\!/DP4=28\A'F"D$[B MVH]D]9\EPYGW!L"<]YHW0V@T[5@@5PCE77"Y"R3,-_01U450=;D0>%U'P&A. M`S'V*7.K]1'515!UV9C;75R"2:HN(89(BJZ9<8GOK43QZU4X4*[G)ESP219\ MH7-(UO%$)*09@'EG%5-M-H.0'QV\;;A',R4L)!#,F M=_M'F$,(<(B0.(3$E.+5_Q;!3'0BL9&$TR%S"4N8C@A),Q%O(*)XF;Z60B M?S^`<$ZU'0=7NV@%T><2V&*FM(`I+7^-8B534G+6)A[])4!VM[8^BBYQ?O(R M[;EX+/\H]H_K73WY7C5-M>W?GCU455.VHZI/[7A/97%__+$I'YKN:VB_[P^O M30\_FNKY[2WP\57TU;]02P,$%`````@`:UD%1\8\&^ZA!```]Q4``!@```!X M;"]W;W)K:7I3$O/9YCS\>&R_.=?.SW95E-_E5 M'8[MXW37=:>'^;S=[,JJ:+_4I_(8OGFIFZKHPFOS.F]/35ELATK58]^>>Z_MF__+E]G&:]A_)0 M;KJ^B2)\O)?K\G#H6PJ1_[TV^AFSKSA^_FC]ZY!NL/]<'E3HN4U? M.'34\%W(K`VE[TO2M)B_]PU=-:N+AL>:FV(>6K^%8!1BQ5%UO@^PCA5.X0@* M)J&&^NHN"<8-:-B`'AK0HP9R+3KA(G&#Y'B1J/`G,HE5QAJF1'\9:,:`;!+= M86$#-LK&6Y'-16+&/C--N<@F5CG*K<=>'/3B(B^D9=>ZJ--"PG*.N,@+,3EL MQ4,K'E@Q(HJ/HLRTMY8S'"B'@7(02`S`.H\'P+I$S_8<0DLWB^*X7"[=+.I; MS]X),U?5V(W.\T3.E``)@6F;&!^"H'@B!AWG948<3P3M268$5(83JX@P54A% M=C1+-RJ>,"J7@XU43)E/8($PI"BF%.EHP#5(7!L360(ZS7X$BGM+&%4$6&52 M\P;#BF):D8EVH)A$?0?F1A(+",>N8?D_>J^8NCHT./K'(C?%\;P93DP$UY7)?<MLO(->'0%P.M:I1HJIMU,*>TE%;$NN3@4 MYJ("7+1RSU"`B[F72P.J5&)=J,1OU/@T2?%8Q`=%9C7ZE7(?"9-3`7):N2$H M0$0*^T;DZ+>Z>TN8G`J0TSII*4;BS.9.GKG74.=U:MM4F)T*L5/N+PH=)[77 M2N(<"`I=Q@%X!DF23@-2U.Q,">=NHQ0F+(*4-;)/4;%E&5G M-:C^[3JK)Y'>X9V\FF M?CMV_WLYE"]=_^C"[_!]02P,$%``` M``@`:UD%1X-I.7B?`0``L0,``!@```!X;"]W;W)K'"^RZWUTL*ID M*ZZ1&HR3:(B%]D0?\^.YB!$IX+N$R6W.)&J_(+Y&XVMSHEF4``IJ'QE$V*[P M!$I%HI#XY\+YGC("M^<;^^=4;5!_$0Z>4/V0C>^#V(R2!EHQ*O^"TQ=82KB/ MA#4JEU92C\ZCOD$HT>)MWJ5)^S3?%/D"VP?P!&E%'9ZH[W06A+GBO5?[`2W:-1$O,>8[AVY@U@@7V-07?2W'F M_\#Y/ORPJ_"0X(<_%![V"8I=@B(1%/\M<2^F^"L)V_14@^W2Z#A2XVC2H&Z\ MZW0^\O0F[^%5.8@.O@G;2>/(!7UXV=3_%M%#D)+=W5/2A_^S&@I:'X\/X6SG MD9H-C\/M@ZR_M/H-4$L#!!0````(`&M9!4<^[S2#H0$``+$#```8````>&PO M=V]R:W-H965T&UL;5/!;N,@$/T5Q`<4AR1-%3F6FJY6NX>5 MJAYVS\0>VZC`>`''W;]?P+'KMKX`,\Q[\V88\@'MJVL!/'G3RK@3;;WOCHRY ML@4MW!UV8,)-C58+'TS;,-=9$%4":<5XEMTS+:2A19Y\S[;(L?=*&GBVQ/5: M"_OO#`J'$]W0R?$BF]9'!RMR-N,JJ<$XB898J$_T<7,\[V)$"O@M87"+,XG: M+XBOT?A9G6@6)8""TD<&$;8K/(%2D2@D_GOC?$\9@B\UAG[-K M)+K%G,<8OHR9(UA@GU/PM11G_@7.U^';587;!-]^4'B_3K!;)=@E@MT'@L.G M$M=B'CXE88N>:K!-&AU'2NQ-&M2%=Y[.1Y[>Y#V\R#O1P"]A&VD.RF#S+_TN(_4$L#!!0````(`&M9 M!4&PO=V]R:W-H965T&UL?5/! M;MP@$/T5Q`<$+]XTVY774C95U1XJ13FT9]8>VRC`N(#7Z=\7L->Q4JL78(9Y M;]X,0S&B?74=@"=O6AEWHIWW_9$Q5W6@A;O#'DRX:=!JX8-I6^9Z"Z).(*T8 MS[)/3`MI:%DDW[,M"QR\D@:>+7&#UL+^.8/"\41W].9XD6WGHX.5!5MPM=1@ MG$1#+#0G^K@[GO4C@PC;%9Y`J4@4 M$O^>.=]31N#Z?&/_FJH-ZB_"P1.J7[+V71";45)#(P;E7W#\!G,)]Y&P0N72 M2JK!>=0W""5:O$V[-&D?IYL\GV';`#X#^`(X9$GXE"C)_"*\*`N+([%3:WL1 M7W!WY*$1572FNM-=$.J"]UKN'CX7[!J)YICS%,/7,4L$"^Q+"KZ5XLS_@?-M M>+ZI,$_P?)W]D&T3[#<)]HE@_]\2-V(.'XMDJYYJL&T:'4M'"#V%;:1RYH`\OF_K?('H(4K*[>TJZ\'\60T'CX_$AG.TT4I/A ML;]]D.67EG\!4$L#!!0````(`&M9!4<2,O8MH`$``+$#```9````>&PO=V]R M:W-H965T*D4Y MM&?6'MLHP+B`U^G?%[#7<5JK%V"&>6_>#$,QHGUU'8`G;UH9=Z*=]_V1,5=U MH(6[PQY,N&G0:N&#:5OF>@NB3B"M&,^R>Z:%-+0LDN_9E@4.7DD#SY:X06MA M?Y]!X7BB.WISO,BV\]'!RH(MN%IJ,$ZB(1::$WW<'<]YC$@!/R2,;G4F4?L% M\34:W^H3S:($4%#YR"#"=H4G4"H2A<2_9L[WE!&X/M_8OZ1J@_J+L M?1?$9I34T(A!^1<,B2\"E1DOE9>%$6%D=BI];V(K[@[LA#(ZKH3'6GNR#4!>^UW#WP@ETC MT1QSGF+X.F:)8(%]2<&W4ISY/W"^#=]O*MPG^/Z#POTV0;Y)D">"_+\E;L7D M?R5AJYYJL&T:'4M'"=V%;:1RYH`\OF_K?('H( M4K*[`R5=^#^+H:#Q\?@IG.TT4I/AL;]]D.67EG\`4$L#!!0````(`&M9!4>- MK)8JH@$``+$#```9````>&PO=V]R:W-H965T0/*`YQVC1R+#5=K78/*U4]M&=BCVU48+R`X^[?%[#CNEU?@!GFO7DS M#/F`YLVV`(Z\*ZGM,6F=ZPZ4VK(%Q>T-=J#]38U&<>=-TU#;&>!5!"E)69K> M4L6%3HH\^IY,D6/OI-#P9(CME>+FWPDD#L=DDUP=SZ)I77#0(JYP8&8L;4=#R^X M.3#?B#(X8]WQS@NUWGLI-OM=3B^!:(HYC3%L&3-'4,\^IV!K*4[L/SA;AV]7 M%6XC?/M%X>TZ0;9*D$6"[`O!W;<2UV+VWY+014\5F":.CB4E]CH.ZL([3^<# MBV_R&5[D'6_@#S>-T):G-+B&M_S^S(:%VX7CGSV8&UL;5/!;MP@$/T5Q`<$F]UMDY774C95U1XJ13FT M9]8>VRC`N(#7Z=\7L-=Q4U^`&>:]>3,,Q8CVU74`GKQI9=R)=M[W1\9LMB#J!M&(\RSXQ+:2A99%\S[8L]S$B!?R4,+K5F43M%\37 M:'RO3S2+$D!!Y2.#"-L5GD"I2!02_YXYWU-&X/I\8_^:J@WJ+\+!$ZI?LO9= M$)M14D,C!N5?`\ZAN$$BW>IEV:M(_3S2&;8=L`/@/X M`KA/`#8E2C*_""_*PN)([-3:7L07S(\\-***SE1WN@M"7?!>R_S^H6#72#3' MG*<8OHY9(EA@7U+PK11G_A^<;\-WFPIW";Y;9W_(M@GVFP3[1+#_AR#_4.)6 MS$>5;-53#;9-H^-(A8-)@[KR+M/YR-.;O(>712]:^"%L*XTC%_3A95/_&T0/ M04IV=Z"D"_]G,10T/AX_A[.=1FHR//:W#[+\TO(O4$L#!!0````(`&M9!4&PO=V]R:W-H965T0/"%[L[67EM91-5"4/E:(\M,^L/;91@'$`KY._#^"UX[967X`9YIPY M,PS%B.;%=@".O"FI[3'IG.L/E-JJ`\7M#?:@_4V#1G'G3=-2VQO@=00I25F: M?J&*"YV41?0]F;+`P4FAXN\V#0A-31\D.X9QP>XEK`/A!5*&U=2 M#=:AFB$)4?QMVH6.^SC=9#-L&\"N`+8`OJ51^)0HRKSGCI>%P9&8J;4]#R^X M.S#?B"HX8]WQS@NUWGLI=]^S@EX"T37F-,6P=MT):G-/B&=_S^+(:%QX?C5G\TT4I/AL)\_ MR/)+RP]02P,$%`````@`:UD%1VTWZ]>A`0``L0,``!D```!X;"]W;W)K&UL?5-1;]L@$/XKB!]0')*F6>18:CI-V\.DJ@_;,['/ M-BIP'N"X^_<#[+CN9NT%N..^[[X[CGQ`^^I:`$_>M#+N1%OONR-CKFQ!"W>' M'9AP4Z/5P@?3-LQU%D250%HQGF5[IH4TM,B3[]D6.?9>20//EKA>:V%_GT'A M<*(;>G.\R*;UT<&*G,VX2FHP3J(A%NH3?=P:10F@H/21083M"D^@5"0*B7]-G.\I(W!YOK%_2=4&]1?AX`G53UGY-HC- M**F@%KWR+SA\A:F$^TA8HG)I)67O/.H;A!(MWL9=FK0/X\W^,,'6`7P"\!EP MR)+P,5&2^5EX4>06!V+'UG8BON#FR$,CRNA,=:>[(-0%[[78?-KG[!J)IICS M&,.7,7,$"^QS"KZ6XLS_@?-U^'95X3;!MQ\4/JP3[%8)=HE@]]\2UV(.?R5A MBYYJL$T:'4=*[$T:U(5WGLY'GM[D/;S(.]'`=V$;:1RYH`\OF_I?(WH(4K*[ M>TK:\']F0T'MX_$AG.TX4J/AL;M]D/F7%G\`4$L#!!0````(`&M9!4>@8)E< MH0$``+$#```9````>&PO=V]R:W-H965T0/""SK-,W*:RF;J&H/E:(@NB3B"M*&?L"]5" MFJPLDN_9E@4.7DD#SY:X06MA_YQ`X7C,=MG5\2+;SD<'+0NZX&JIP3B)AEAH MCMG#[G#*8T0*^"5A=*LSB=K/B*_1^%$?,Q8E@(+*1P81M@L\@E*1*"1^FSD_ M4D;@^GQE_Y:J#>K/PL$CJM^R]ET0RS)20R,&Y5]P_`YS";>1L$+ETDJJP7G4 M5TA&M'B?=FG2/DXW=_D,VP;P&<`7P%>6A$^)DLPGX4596!R)G5K;B_B"NP,/ MC:BB,]6=[H)0%[R7PUW%:JQ=@AGEOW@Q#,:)]<1V`)V]:&7>BG??]D3%7=:"%N\,> M3+AIT&KA@VE;YGH+HDX@K1C/LD],"VEH623?DRT+'+R2!IXL<8/6POX^@\+Q M1'?TYGB6;>>C@Y4%6W"UU&"<1$,L-"=ZOSN>\QB1`GY*&-WJ3*+V"^)+-+[7 M)YI%":"@\I%!A.T*#Z!4)`J)7V?.]Y01N#[?V!]3M4']13AX0/5+UKX+8C-* M:FC$H/PSCM]@+N$0"2M4+JVD&IQ'?8-0HL7;M$N3]G&Z.?`9M@W@,X`O@"]9 M$CXE2C*_"B_*PN)([-3:7L07W!UY:$05G:GN=!>$NN"]ECSC!;M&HCGF/,7P M5 M:K!M&AU'*AQ,&M25=YG.^_2([#V\+'K1P@]A6VDO!F&?$#[ MZEH`3]ZT,NY(6^^[`V.N;$$+=X,=F'!3H]7"!],VS'461)5`6C&>9;=,"VEH MD2??LRUR[+V2!IXM<;W6POX]@<+A2#?TZGB13>NC@Q4YFW&5U&"<1$,LU$=Z MOSF<=C$B!?R2,+C%F43M9\37:#Q51YI%":"@])%!A.T"#Z!4)`J)_TR<[RDC M<'F^LO](U0;U9^'@`=5O6?DVB,THJ:`6O?(O.#S"5,(^$I:H7%I)V3N/^@JA M1(NW<9"I[MS^6^):S-VG)&S14PVV2:/C2(F]28.Z\,[3><_3F[R'%WDG M&O@I;".-(V?TX653_VM$#T%*=K.GI`W_9S84U#X>[\+9CB,U&AZ[ZP>9?VGQ M#U!+`P04````"`!K605'W^FW;Z$!``"Q`P``&0```'AL+W=OM+]I MT"CNO&E::GL#O(X@)2E+TQNJN-!)643?DRD+')P4&IX,L8-2W/PY@L3QD&3) MQ?$LVLX%!RT+NN!JH4!;@9H8:`[)7;8_YB$B!KP(&.WJ3(+V$^)K,'[6AR0- M$D!"Y0(#]]L9[D'*0.03O\V%@9'8J;6]CR\8+9GOA%5<,:ZXYT7:KWW7++TMJ#G0#3''*<8MHK) ME@CJV9<4;"O%D?T#9]OPW:;"783OOBC\ODV0;Q+DD2#_;XD;,5GZ5Q*ZZJD" MT\;1L:3"0<=!77F7Z;QC\4T^P\NBYRW\XJ85VI(3.O^RL?\-H@,O);VZ3DCG M_\]B2&A<.'[S9S.-U&0X["\?9/FEY0=02P,$%`````@`:UD%1[9LC%RB`0`` ML0,``!D```!X;"]W;W)K&UL=5/!;MP@$/T5Q`<$ MFW72=N6UE$T5M8=*40[MF;7'-@IX',#K].\+V.MU$O<"S##OS9MAR$:.M#+&#UL+\/8+"\4!3>G$\RZ9UP<&*G"VX2FKHK,2.&*@/]#[= M'[,0$0-^2QCMZDR"]A/B2S!^5@>:!`F@H'2!0?CM#`^@5"#RB5]GSFO*`%R? M+^R/L5JO_B0L/*#Z(RO7>K$))1748E#N&<-*(,S MUAWOO%#KO>>"IVG.SH%HCCE.,7P5:C!-'!U+2ARZ.*@K[S*=]SR^R36\R'O1 MP"]A&ME94M/[_+(:"VH7C%W\VTTA-AL/^\D&67UK\ M`U!+`P04````"`!K605'K_P)4:,!``"Q`P``&0```'AL+W=OPUW%27X`9YKUY,PS%B.;5=@".O"NI[3'IG.L/E-JJ`\7M#?:@_4V# M1G'G3=-2VQO@=00I25F:WE+%A4[*(OJ>35G@X*30\&R('93BYN\))([')$NN MCA?1=BXX:%G0!5<+!=H*U,1`LL,I#Q$QX+>`T:[.)&@_([X&XV=]3-(@ M`214+C!POUW@$:0,1#[QV\SYD3(`U^;)J0&AH^ M2/>"XP^82]@'P@JEC2NI!NM072$)4?Q]VH6.^SC=Y-]FV#:`S0"V`.[3*'Q* M%&5^YXZ7A<&1F*FU/0\OF!V8;T05G+'N>.>%6N^]E"S;%_02B.:8TQ3#5C'9 M$D$]^Y*";:4XL?_@;!N^VU2XB_#=)X6WVP3Y)D$>"?)/!'=?2MR*N?^2A*YZ MJL"T<70LJ7#0<5!7WF4Z'UA\DX_PLNAY"[^X:86VY(S.OVSL?X/HP$M);_8) MZ?S_60P)C0O'.W\VTTA-AL/^^D&67UK^`U!+`P04````"`!K605'71(%!Z(! M``"Q`P``&0```'AL+W=OPUW%27X`9YKUY,PS%B/;% M=0">O&IEW(EVWO='QES5@1;N#GLPX:9!JX4/IFV9ZRV(.H&T8CS+/C$MI*%E MD7Q/MBQP\$H:>++$#5H+^_<,"L<3S>G-\2S;SD<'*PNVX&JIP3B)AEAH3O0A M/Y[W,2(%_)(PNM691.T7Q)=H_*A/-(L20$'E(X,(VQ4>0:E(%!+_F3G?4D;@ M^GQC_Y:J#>HOPL$CJM^R]ET0FU%20R,&Y9]Q_`YS"8=(6*%R:275X#SJ&X02 M+5ZG79JTC]/-X7Z&;0/X#.`+X#Y+PJ=$2>97X4596!R)G5K;B_B"^9&'1E31 MF>I.=T&H"]YKR?,O!;M&HCGF/,7P54R^1+#`OJ3@6RG._#\XWX;O-A7N$GRW MAO-LFV"_2;!/!/MW!/F'$K=B/JIDJYYJL&T:'4M'"3V%;:1RYH`\OF_K?('H(4K*[`R5=^#^+H:#Q\?@YG.TT4I/AL;]]D.67 MEO\`4$L#!!0````(`&M9!4=!]7!NK0$``!8$```9````>&PO=V]R:W-H965T M0/*`YQFBIR+#6M1C.+D:HN9M;$OGZH MP'4!QYV_'\".ZZ9L#%S.BY?S$?6;:0$L^9!"F6/26ML?*#5E"Y*;.^Q!N9D: MM>36#75#3:^!5X$D!65I>D\E[U12Y*'VHHL'T\XC`N!/!Z-9]8G/?D9\\X-?U3%) M?0004%JOP%US@2<0P@LYX_=9\]/2$]?]J_J/L%J7_LP-/*'XVU6V=6'3A%10 M\T'85QQ_PKR$D+!$8<*7E(.Q**^4A$C^,;6="NTXS>RSF18GL)G`%L)#&H)/ M1B'F,[>\R#6.1$];VW-_@IL#*$9`VKZO($'EDX^$]XD?>\@=]<-YTRY(S6 M79]PR#6B!1PU[&V M[@5FAO=F'LR0#VC?7`O@R;M6QAUHZWVW9\R5+6CA;K`#$TYJM%KXX-J&N\\Z@N%$BW>QUV:M`_CR=W#1%LG$G`9$]EH2/A9+,[\*+(K2<:>!:VD<:1$_K0_=2C&M%#D)+=W%+2AC\V.PIJ M'\UOP;;CV(V.Q^[RB>:?7'P"4$L#!!0````(`&M9!4<%3\SWH@$``+$#```9 M````>&PO=V]R:W-H965T0/*`YQNE'D M6&I:5>UAI:J'W3.QQS8J,"[@N/OW"]AQW=878(9Y;]X,0SZ@>;,M@",?2FI[ M3%KGN@.EMFQ!<7N#'6A_4Z-1W'G3--1V!G@504I2EJ:W5'&ADR*/OA=3Y-@[ M*32\&&)[I;CY=P*)PS'9)%?'JVA:%QRTR.F,JX0";05J8J`^)G>;PRD+$3'@ MCX#!+LXD:#\CO@7CN3HF:9``$DH7&+C?+G`/4@8BG_A]XOQ,&8#+\Y7],5;K MU9^YA7N4?T7E6B\V34@%->^E>\7A":82=H&P1&GC2LK>.E172$(4_QAWH>,^ MC#>[_01;![`)P&;`/HW"QT11Y@-WO,@-#L2,K>UX>,'-@?E&E,$9ZXYW7JCU MWDO!MEE.+X%HBCF-,6P1LYDCJ&>?4["U%"?V`\[6X=M5A=L(WRZS[V_7";)5 M@BP29%]*W'TK<2WF>Q*ZZ*D"T\31L:3$7L=!77CGZ;QC\4T^PXN\XPW\YJ81 MVI(S.O^RL?\UH@,O);W9):3U_V[`0``>P0``!D```!X;"]W;W)K&UL=53=;J0@%'X5X@,416?:G3@FG6XV[<4F32^ZUXP>E13$!1R[;U]` MQUK+W@@D/&.NR!4'UC>RALSNU5((:NU0- MUKT"6GF2X)C$\1X+RKJHR'WL616Y'`QG'3PKI`,`K@U&OYLCE?I;RS2V>JF,4NQ2`0VF< M`K7#!1Z`7]5_^6IM]F>JX4'R/ZPRK4TVCE`%-1VX>9'C M(\PE[)Q@*;GV7U0.VDAQI41(T/=I9)T?QVGG+IYI80*9"61#P).13_,G-;3( ME1R1FHZVI^X/)@=B#Z)T05^WW[.):AN]%"2]S?'%"T?]3:JE-&!3B6]LP:U]"98%A]JXZ:V=JZDYIH61_;75E_>F^`!0 M2P,$%`````@`:UD%1]FEIH^Z`0``>P0``!D```!X;"]W;W)K&UL;53=;J0@%'X5X@,494;;G3@FG6Z:]F*3IA?=:T:/2@IB`1R,)QU\**0'H2@ZM\)N!R/41)=`Z^L M:8T+X"+'"Z]B`CK-9(<4U,?H/CF<,H?P@#<&HU[-D]K` M'ZH:UFETEL;>47^3:BD-V%3B&UMP:U^"9<&A-FYZ:^=J:HYI861_;?7EO2F^ M`%!+`P04````"`!K605',-/R>+L!``![!```&0```'AL+W=OK%[S>A12?FQ M@&/W[1?0L=;E1N#P_9R#'(I1Z3?3`5CT(;@TIZ2SMC]B;*H.!#5WJ@?I=AJE M!;5NJ5ML>@VT#B3!,4G3'`O*9%(6(?:BRT(-EC,)+QJ900BJ_YZ!J_&4[)); MX)6UG?4!7!9XX=5,@#1,2:2A.26/N^,Y]X@`^,U@-*LY\KE?E'KSBY_U*4E] M"L"ALEZ!NN$*3\"Y%W+&[[/FIZ4GKN=0KO:OP!GI:'OJ_^#N2-Q!5#X8Z@Y[+E'CHM>29/L"7[W0C#E/&++"[!8$ M=NJ+!8E9G,E_=!*G[Z,9[@-]_R7#0US@$!4X!('#%X%L4V(,D\=-LJA)%A&X MWYC$,`]QDSQJDD<$OFU,(I@\W9C@U>T0H-O0!`95:I"AY5;1I<\>2;A=G_"R MZ&D+OZANF33HHJR[H^$F-4I9<*FD=Z[@SKT$RX)#8_WTWLWUU!S3PJK^UNK+ M>U/^`U!+`P04````"`!K605'5&6MNK8!``!7!```&0```'AL+W=OR>B3VV M4<'C!1QW_WX!.XZ;!5(2E*6IAE57'1)D8?8JRYR'*P4';QJ8@:EN/YW`HGC M,=DDU\";:%KK`[3(Z<*KA(+.".R(AOJ8/&X.I\PC`N"W@-&LYL1[/R.^^\7/ MZIBDW@)(**U7X&ZXP!-(Z85\$2I0E?4@[&HKI2$J+XQS2*+HSCM/,]G6EQ`IL)[(Y` MIT3!Y@]N>9%K'(F>CK;G_@8W!^8.HO3!4'?8O%",^8T8=@* M)'W MO(%?7#>B,^2,UO5?Z)(:T8*SDCZX@EOWRI>%A-KZZ3&UL=53!;N,@$/T5Y`\H#DF:;N18:KI:M8>5JAZZ9V*/;51@ MO(#C[M\7L..ZJ?=B8'COS1M@G/5HWFP#X,B[DMH>DL:Y=D^I+1I0W-Y@"]KO M5&@4=WYI:FI;`[R,)"4I2]-;JKC029[%V+/),^R<%!J>#;&=4MS\.X+$_I"L MDDO@1=2-"P&:9W3BE4*!M@(U,5`=DOO5_K@-B`AX%=#;V9P$[R?$M[!X*@]) M&BR`A,(%!>Z',SR`E$'()_X[:GZF#,3Y_*+^*U;KW9^XA0>4?T3I&F\V34@) M%>^D>\'^$<82HL,"I8U?4G36H;I0$J+X^S`*'<=^V+E+1]HR@8T$=D6@0Z)H M\R=W/,\,]L0,1]OR<(.K/?,'481@K#ON>:/61\\YN]UE]!R$1LQQP+`99C4A MJ%>?4K"E%$?VCM%A^M(7\_IZ8]E@'=5XA+F/TFVBTFV MWP5VZ562)=B+OF@](MI`2QZ%5R:8]):VQTP-F4+@IH[U8%T.[72@EJWU`TV MG09:!9+@F*3I/1:4R:3(0^Q)%[GJ+6<2GC0RO1!4_ST!5\,QV22WP#-K6NL# MN,CQS*N8`&F8DDA#?4P>-X?SSB,"X!>#P2SFR'N_*/7B%S^J8Y)Z"\"AM%Z! MNN$*9^#<"[G$?R;-MY2>N)S?U+^%:IW["S5P5OPWJVSKS*8)JJ"F/;?/:O@. M4PG!8:FX"5]4]L8J<:,D2-#7<60RC,.X\Y!.M#B!3`3ROX1L(F0K`AZ=A;J^ M4DN+7*L!Z?%?=-3_\LTABW(GN3XZH4FS&G$D`5F,R.P M4Y]3D%B*$_E`7R4X?T3LLWB&+%I$%OC9NR(^$=A&!;9!8/M.8+LZA1AFMRHD MAKF/&]E%C>PB`ON5D1CF864DAOFR,H(7=T2`;D+O&%2J7EK_-Q;1N3T?B;]C MJ_C)M>W896\R1=[1!GY2W3!IT$59=X/#/:N5LN`LIG?.8^L>EGG!H;9^NG=S M/?;:N+"JN[T<\_-5_`-02P,$%`````@`:UD%1[45?Q6B`0``L0,``!D```!X M;"]W;W)K&UL;5/!;MP@$/T5Q`<$F]ULHI774C95 MU1XJ13FT9]8>VRC`N(#7Z=\7L-=Q4U^`&>:]>3,,Q8CVS74`GKQK9=R)=M[W M1\9LMB#J!M&(\RPY,"VEH623?BRT+'+R2!EXL M<8/6POXY@\+Q1'-Z<[S*MO/1P]0U"B1;OTRY-VL?IYO`P MP[8!?`;P!?"8)>%3HB3SB_"B+"R.Q$ZM[45\P?S(0R.JZ$QUI[L@U`7OM>2/ M6<&ND6B..4\Q?!63+Q$LL"\I^%:*,_\/SK?ANTV%NP3?K>'Y89M@OTFP3P3[ M?TK,/Y6X%?-9)5OU5(-MT^@X4N%@TJ"NO,MT/O'T)A_A9=&+%GX(VTKCR`5] M>-G4_P;10Y"2W=U3TH7_LQ@*&A^/#^%LIY&:#(_][8,LO[3\"U!+`P04```` M"`!K605'4K_5[;@!``#[!```&0```'AL+W=OX%V=5MP\:;` MQSF'PX%2#$)^J!9`HR_..K4*6JW[)<:J:H$3=25ZZ,Q,(R0GV@SE%JM>`JD= MB3,*I706@M`(-*6P5BFCVL M@3$K9!;^G#1_E[3$X_Y!_<'MUKC?$`5KP=YIK5MC-@Q0#0W9,?TJAD>8MI!9 MP4HPY;ZHVBDM^($2($Z^QI9VKAW&F2R::'Y"/!'BF1"E%PG)1$C."'ATYO9U M3S0I"RD&),>SZ(D]\FB9F.0J6W1!N3FS,V6J^S*^3@J\MT(3YF[$Q,>84\3: M@[B>(=@8F%W$7A>QXZ0G`AD?H'4*Y!Z'"S.(YE'X(\L%UZ!Q?^CR+T"^3^B\&%NSJ*XC!F-X*-[VI,M/!.YI9U"&Z'- ME7<7LQ%"@]$+KTPTK7F)Y@MMN;OIR_#G'@1;]X:F9W[OR!U!+`P04```` M"`!K605'U+!`B!`#``!5#0``&0```'AL+W=OK#[C--G`05%_)!G'FCWQQ$6Q=* M/[;'0)Y;7NR[H+H*"$)14!=EX^=9-_;UC M_S;P4AY/R@P$>1:,.U_+#V'_'JB40&TB%^E?PJ)_>>2?Y5B#?S M\&._]I')@5=\IPQ%H2_O?,NKRC!IY3\#Z:>F"9S>W]B_=>7J]%\+R;>B^EWN MU4EGBWQOSP_%I5(OXOJ=#S6$AG`G*MG]]W87J41]"_&]NOCHKV737:_]FP0- M87``&0+(O0%T"*!C`&9?!K`A@%D!05]*-Q%/A2KRK!57K^U7[UR838)73$_U MS@QV,]N]TU,A]>A[3E*4!>^&:,!L>@R98/"("#3[*$$@B0UQPLE<8.LB8CJ' M/`$D"9P$!>ND73R=U;E0!0,)6$?`9@16'9L>$W:8II^H%-8(08T0T+`F8A.Z M&@C6B$"-"-!@E@:$"6&1&!2)'8((6QJQ4T>$DB1*HM!:>0!(*6$,+4QM`F:4 M`"5%5DH0)H9%4E`D!0@22P3"+%1B&A9D6>104.1XU@5-=7K?@4P+KL`+_0,# M%+8O!M!T#9,P#1$)V8(8V$D>,0'$;(,,H"]WUEP,[AB8NIMXH>5@N&5@=G_3 MP7!'P&Y+H,BV*PA:*A;N"MBU/$6V/P;0=&;C&)D_R[)W`.=)P5T$NVTD7F*` M78^3_U@!V-/8-2RP`A!HH740V-4$\J*]`@-HMK<3:`7N`,Z3@MU-7'='9($! MMBPA]Z\`@8U(7"-29+=5$+305PEL5^+^Q%-L]U40M%0/[&D"V!7;+1,$T04= MV-/D'D\3UZHD1(RE-+6W%(3$.';W5#`Y?-:\/7:G>.GMQ*51Y@PW&1V_%!Z) M.;Q:XQN\VO;G_4^:/#L71_ZS:(]E([U7H?31N#O`'H107">*'G2*)_V-,SY4 M_*#,;:SOV_[4WS\H<;Y]Q(Q?4OD_4$L#!!0````(`&M9!4>V&PO=V]R:W-H965T+K[I-/GZ8]D^EF4 MOZI5GM>CW]O-KKH=K^KZ[68RJ9Y6^3:KKHNW?-?\YZ4HMUG=?"Q?)]5;F6?/ M7:'M9B*3Q$ZVV7HWGDV[[WZ4LVGQ7F_6N_Q'.:K>M]NL_&^>;XK/V[$8?WWQ M<_VZJMLO)K/IY%#N>;W-=]6ZV(W*_.5V?"=N'KQM)9WB[W7^61W]/6K-/Q;% MK_;#G\^WXZ3UD&_RI[JM(FM^?>2+?+-I:VI:_K>O]+O-MN#QWU^U/W27V]A_ MS*I\46S^63_7J\9M,AX]YR_9^Z;^67S^D??78-H*GXI-U?T M;;/?^]_K7??[<_\?G_3%<`'9%Y"'`E*?+*#Z`NJ[@#A90/<%]*&`.FW)]`7, M=P%WLH#M"UAB:;+OK*ZK[[,ZFTW+XG-4[L?'6]8.0W%CFYOYU'[9W;ON?TUG M5\VW'S,E]'3RT5;4:^9[C3S2.!E*[KE$A(H'KE#"'#23QN3!J41.YQ)48,-& M%DCCB%6D\:%FB30IN2"@D0F^(`6[7G45J*`"@2O0L`+=5:"#"LB-6>XUKM/L M.LV5L<[C9@QLQH!F%.EXPYK1CFB6>XT)--9[A[U8Z,4"+V2X+BQHAWKAFJO4 M*86M.&C%`2N&6'&L&>><(-%8#JD",QZ:\<`,"@"Z1 MQB215*?0>,J,RY2D<8XT)(WWIS6!D7:F021,0!]&!J>(P%2<'VD!*7B^A*+80@+'5`I0A:7M"-ZK:3/V(QTK<9PE3ZHP]`;VHN.!HI2+ M-X43+5&B'6V*)UI8&6\*1UJB2+.KXI%6UL>;PIF6:/7!Q@1??C33>;0EG&F) M,DVG(B"2GLY%`Z+0#`Z^1*L+.J%+'GSAS'$/]WX&=:$ES`@)UA@J=E68$?(" M1BC,"'4.(Y!(Q];FF!$*,8*F27%&>!WM5X41H=!D3C%H:Q!M;6A+2&0C[>"\:I17>NZA^=1OTD0< M3:9A4Y$S!S#UZ\A*4>-<:W/!H,*!U2"PFDS#\UXDY-$5)]>:=LN`*K2#0ZUY MJ/DN%HB4H5/U@"@T@V.O0>R-H&;XYETXRY<.P[K0$L:(YKMS922UE/*F;+#; M["T-ZL(S+8PE`[!D(G`T&#?F@MV^P8`P*/MT'/N:TZ+03.0,%*Q%#"6LX=N05*:QAC#9#""; MB1W78AH9=\&XQ`PQ:*W/!@("#=T+#8A",Y@>!M##)M0,IX+WDL%C4!:>06-V M6+2DH:FU?$E##UI/2D(CF$"6+WA$0KEJ^4K&L'X9$(5F,,LL8!D],YY#$7V8 M-"`*S6"26<`?&\&[Q?RQ%^Q@+*:&13L8&B,DLI2G`Z+03.31"2`+BY'EFQSC MP7`9DH6&,**%C/*7K!1&<(J/EF%=:`GSQ9VS5G)@%22NZ40]I`KM8,(X M3AC.WEX4/G[EJ^Q!66@(\\J!50[C+Q2Q[CDM"LU@\CG$*S:8D8@N(`9$H1E, M/@?(YV*=&WG8>\&:RF'*.$`9QQX%@_V6%=&1@&'DP(*)OK&Q=&`;Y:+/C3QF ME@>DH<_:%U!$3X`&1*$9S"P/F.7H:4LO"B8+K6+/VC&)/""1HR>VO2CH7\V. MF894H1U,(@_6.BX25X_9X2]8ZWB<>(\>U+!7$/@.24C.P_-D#T@6/^OV&`X> MP4'1EI"(CL[)T3M7V[Q\[5Z/JT9/Q?NN;OOVZ-O#*WAWLGUGBWP_%S<+`;Z_ M%S?+_3M>W]7/IF_9:_Y75KZN=]7HL:CK8MN]S_52%'7>>$^NFUY:Y=GSX<,F M?ZG;/UNREOO7[/8?ZN+MZZW!PZN+L_\!4$L#!!0````(`&M9!4>I42=+/00` M``@6```9````>&PO=V]R:W-H965TEZ!_X=CF= MZW;`7J_L1]SADJF\NA2Y5:KC\^*%+6,A6DB'^/>B[M7HWFJ+?RV*[^W#WX?G MA=/6H%*UK]L427-Y4QN5IFVF9N;_AZ0?<[:!X_OW['%'MRG_-:G4IDC_NQSJ M7>]][]( M/H3A`#X$\$?`8QX<((8`\1'@_C;`'0)+U2WU-JF3 M]:HL[E;9]\[;P>[==;\UBUTUHV]K(8.5_=8F&C!1C^$CC.13 MR%:'L`?";@IX5,%1%1'7PLD$&QTA!:GACTEV?TX2@R0!9B+@>HHN7DS6,\0) M7)C`[1*XXP2!0UY(CY$=)N^+]`EFHV.>F/!]LF8Z2GH$LT,8,;,H'N3D`4Z, M<.HQWKA>3CGIF%#K1)"'.1ZAI(,8\SU,R8>4?$")E!+YVBQN2/M:QPC?)91T MC*0O_33-BTYH[,QP%\2+71`!KKCQ\0B]H,H&DQON92.HIYG/8=0CG2%3/49GR5 M`6J25LUTA:".M`.@IU"*N7*@P;XP#LK1?)Z;K+0.$HS1A>9&"ZVG8LZHS:;$ ML-\R8+C!S)YBV'$9L-R06NX`FKPJG_;JU@@5,]U1A>_-%8TME0%/#:FG,F2J M+J?^8@:+$8Q)9ZX1L6\R8)S4%".FNQGG^FXV0<4`Q<*1UTR+QM[(I-YDX1QO M[$4,F%%(S8@!A^`\I+Q-4#%",<^=*1K;#0-^$\Y\)G$L\=PQWY\<2RD'4JKM M3ZZK9*,X5)>,4#%"C;_NID5CP>7)4PBL+^(3^B*PO@@3?1%`$Y@@J*T1*@8H M5\[\LR:PO(A/R(N8.:DPD9'QD*ICW=[*YK[L#RK[A[JXOI^[/@Y_U[\`4$L#!!0` M```(`&M9!4<^EBNM[`(```@.```9````>&PO=V]R:W-H965TE-[(;3W4>2E6OA[K0^/0:#6>U%P]2`/HC1OMK(J MN#:/U2Y0ATKPC0TJ\H"&X30H>%;Z:6+'GJLTD4>=9Z5XKCQU+`I>_5N*7)X6 M/O'/`R_9;J_K@2!-@BYNDQ6B5)DLO4IL%_X3>5PQ6D,LXG]MQ)8?<_TB3S]$V\.D)ES+7-E?;WU46A;G$-\K^$=SS4I[/35O MXGD;A@-H&T"[@"X/#F!M`/L,B&RG366VKV]<\S2IY,FKFH]QX/4W)X_,*+>N M!ZU0]IWI3)G1]Y3-9TGP7A.UF&6#H1<8TB$"P]ZEH"C%DCKAM)]@!1`SG('! M)IB-9[WX"2:(($%D":*>"O,K%5Q,%(8XR00FF0`"N\*)P.4&#KD?EX22CV'@U'2`)` MKB1?@/K%8!=3UWM1&`]08.]1>HN]*!Q8<2CV'IW=(0GV'D7KGB.)"P*S MY#:HOS'#+F:N]Z)P8-%BV'N,C)>$8>\QL.Z1JVZ7+2BVH!+N4V]"FD*"BXUW M(:J=/9`H;RV/I3W_7(QVAYXG>^8)/N%I&UL?9=- M;^,V$(;_BN'[KCC\9N`8:+PHVD.!Q1[:LV+3L;#Z\$I*O/WWI23']'XHBF%_BDTY?.[.L4W_'+N^*=E)-DEGQ=Q4OP]W[:C+_ MW'7?IX\_#X]K,7F(==R/4Q5E>KS%7:SKJ:;4\H]KI?^W.07>O[_7_OOOS67?Z(USZ8J<)]5P_S[VK_.HQ=\QZR7C7E MS^59M?/SLOSCQ36,#Y#7`'D+`/UA@+H&*!10+,[F?GTIQW*[Z;O+JE^2<2ZG MG,.#2B.WGPKG@9K_2ST;4NG;5@-LBK>IHJOF:='(.XW\5;%C%/XF*9*!FPO) MNI!SO+J/#WR\8N/5'*_OXI5`G5@D;I:TLP2L`*LLZ@JC,UX$:7D_FO6CJ1\\ MJ(O$W+7SR5COC$%^.)WV5F?\&-:/(7XTH!P^&=(0""6]1\9WO$YZP1NRK"%+ M!T@C/Y:T(X,T>.91E0[.&MZ+8[TXXL4XY,51+Q"0:$=%8$)F5#SKQ#-I4LB* M)ZTH8P.>-8S*.Y]9DX$U$VB*//(2Z."#<`%YH2JETC;">YF8RV%*4#!$L4*CA5(93QET`J&6!IVI@N<>2";C!O=+TMF7=F$M->X7%4+PP>18 M`3Q,@=)4@\6F%&DKT4OA>@U.\BXC#)!!&?!RZ,:8ZQ>?4P5.Z M5]X^ZG@7WOOEIK5\C-WY_>)XN[UN_P-02P,$%`````@`:UD%1VV-<]+B M`P``V1```!D```!X;"]W;W)K&ULC9C)5[6@0W42G'5?'2-7.8JJX^3)\5FUZJM;@E)>YY^Z&6.#8`9>9B2_0'@#\) M$J3GEZK^V1R];Z/?15XV3[-CVYX?X[C9'GV1-5^JLR_#+_NJ+K(VO-:'N#G7 M/MOU1D4>2R%L7&2GFWS4^F_U5'S6A19_<_2Y]7E:0:S]X;O MI\.Q[1KBQ3R^VNU.A2^;4U5&M=\_S9[A<0.N0WKB[Y._-#?/4=?YEZKZV;W\ MN7N:B:X//O?;MG.1A:\WO_)YWGD*D7^-3C]B=H:WS^_>O_9R0_=?LL:OJOS' M:=<>0V_%+-KY??::M]^KRQ]^U&`ZA]LJ;_K/:/O:M%7Q;C*+BNSW\'TJ^^_+ M\(L3HQEO($<#>36XQN$-U&B@/@STIP9Z--#_-X(9#0R*$`_:^Y%;9VVVF-?5 M):J'Z3YG75;!HPESL^T:^ZGH?PMCUX36MX66R3Q^ZQR-S')@Y`V3R'MD31&X M$G'HP+47DNO%4A)S%&!%B42A/ORGD\VG3NZZJ=C!4KV]NALLQSO0K`/=.]!W M#E(TV@.3]$S9,\YI<&@\&$K(5*,AH10XH10>%P8SB8&4EV98:89*4P))&QAS M$T>FTEDDC:&,UF@`UI0R5CI`RAA*:&UY89859HDP9Y`N2WL,BDP9IT4:X8!&7TFB*(V'P:YTY+5ZBYRB.(&KQ_+4?F+A]TV)N0(`ZS(0EQ MD:*8,03;,)A.E9Q87#!15X&9*X7E`;/`M#)8'H.%S97(HY@2VCDLCV(R$7:B M7@-;L)]!,O+([$DFYPU11REG4JR-<64LF3E*63.Q>0!?XD$QPO!^/T)WR:]) M'>.I!"MCJ!2?KS8\I2>D\8VD_X`P@8>CI34XN6+_5`:[W&A6P)3.U5*0`>(08#[?`)C<$2H0'7>P:S MPDPF`%_Q@2GY)+5I!7Z`D`%DU3)8P*1-+-B4N;)JD$^41^-(/M/:3 M,\W(W!YV'YP1^+[!8=;AL\^:P\":1&!]'*?%3?4>],4W][;"UX?^QMQ$V^JU M;+O%P!T[[N;O']/?'#_6)^S@[^KZP^G,HF>JG:<-OL M[X3[JFI]Z+[X$B;FZ+/=]27W^[9[3,)S/=R\AY>V.K__D7#]-V/Q+U!+`P04 M````"`!K605'QXK-8]D#``#O$0``&0```'AL+W=OD)B8;`_+I[J.6=%K2XF;R'\59Z]+[E299\30[E^5E[OO%_JS3J/AD+CJK M_CF:/(W*ZC,_^<4EU]&A,4H3'P@1?AK%V6RY:-J^YLN%N99)G.FON5=`O%_[=[A"G.BMBDWFY/C[-GNE\!V$-:1#_Q_I6 M]-Z]FORK,3_JCR^'IQFI.>A$[\O:150]WO1:)TGMJ8K\LW/Z$;,V[+^_>W]I MNEO1?XT*O3;)]_A0GBNV9.8=]#&Z)N4W<_NLNS[PVN'>)$7SZ^VO16G2=Y.9 MET:_VF><-<];^T](.C/<`#H#N!O@45>O; MD@5JX;_5CCK,JL5`#R-A"-FX$'I'^!6!.PO`6*S`,;<"K%V$#"P.#YUL'SMY M<2&,D2%FAP0*\=X&:,Z#QCX8Q!A)%T,=L,8!ZSD(0%B#UF)D@\E:DD"!"6IE M;2)NA^`(<$XX3IRCQ+E#G#%KD%8MA@\"$<&`6<0GXG8NCJI0<29PX@(E+A#B M]OP3;B`A0PNU%4X>:04#G(Q$R4B$C)T=Z9+ATJ*"8(0:81*B3$*$";?&,W2C M,!E:TVL=NM.+L\#NE>L+PH!84W_KHCCE@N$=4VC'%-(Q*\Q&.6%8Q=E.LHL* M1!\U(%-734RD":(88RY&=)XB/0JMH>I`PS4EB`1'[B<"=PB0AAPD4R/LT?KP M3`%A[Y0I<&,1%1`9VNPG`G<=<+!82*.LEQ84RR MT>3@4D\1K>>!/=NKD!<%[T!'[K`U17H])0` M+G&`2)R3$A1D59S-%-`+"AK9Q0(N:X#)VLAL!%R(@/U#WG#]`$P_K+RM,9"P MIM+V`6A(!M<.0+1#C)V$\`4*\A]2@B]00+9E;DHPD+UY>0!JR?B]LV:J\U-S MCU!X>W/-RKHCO=;[7<4SU&=5JWU%YVN*M&_H?-O>1'RX7RXNT4G_%^6G."N\ M5U-6)^3F''LTIM05=_*I&LZSC@[WCT0?R_I55N]Y>Q_1?I3F\GZ]:@8:770(``(@(```9````>&PO=V]R:W-H965TU#6%9&*J\@&W..7/&,!Z2EHMWF3.FG(^JK.76S95J-IXGLYQ55+[PAM7Z MR86+BBH]%5=/-H+1LR55I8=]/_(J6M1NFMBU5Y$F_*;*HF:OPI&WJJ+B[YZ5 MO-VZR'TLO!777)D%+TV\@7.8)>MNT.;(PH-Q")^%:R5H[%CS)\X M?S>3'^>MZQL/K&29,A)4W^[LP,K2*.G(?WK1SYB&.!X_U+_9=+7]$Y7LP,O? MQ5GEVJWO.F=VH;=2O?'V.^MSL`XS7DI[=;*;5+QZ4%RGHA_=O:CMO>V>K/R> M!A-P3\`#88@#$X*>$'P2R'\)I">0"<'K4K$;<:2*IHG@K2.ZM]=0\Y&@#=%; MG9E%N[/VF=X*J5?O*8EPXMV-4(_9=Q@\PJ`!X6GU(02&0NSQC#X)<``0JZ^0 MXQP2![")`,PSL/Q@G&<8P@($%"!6@(P$`AQ--JK#Q!93=WE@A$F$)OD".!^' MH;]@*`0-A7-#L0\+1*!`]/R6Q*!`##@()N\-PA`XR`H,LIH)D&CAS:]!@?7S M:9H3`JH1'_!`ID4"@9;B+-0B`B2FWQ@(BA?B@`6Y0QB06$WC0*#U0ARXYE`P MEQA]HGT<"+1POB"X--$SM8GF18=T]YO8.4"P>`S[:@@N30359C"-!(&FI>&- MSO&*B:MMB-+)^*VV_7>T.C3=';9]X!.>)@V]LI]47(M:.B>N=#>Q9_Z%<\6T M%_]%>\GU;\$P*=E%F6&LQZ)KE-U$\>;1]X>?C_0?4$L#!!0````(`&M9!4?Q M!\H##0,``/T,```9````>&PO=V]R:W-H965TIA]TP2)T$%G`6GZ?[]VH908H^E]A+`>3-O MQLP;#_E5=*_]B7,9O#=UVZ_"DY3GQRCJ=R?>E/V#./-6_7,075-*]=@=H_[< M\7)OC)HZ`D(645-6;5CD9NVY*W)QD775\NVKAK=])=J@XX=5^$0?-Y!JB$'\KOBUG]T'.OBM$*_ZX>=^%1(= M`Z_Y3FH7I;J\\0VO:^U),?\=G7YP:L/Y_QKG4[YP^,K5S.[UH-LK\IS+K MU>I;$:>01V_:T8A9#QB88>B$B)3WB0(PBC4XYA;!!D%D.`-#DV#&GMTEP7`' M,>H@-@[B.P>QM0L#1M>$`K4&1!Z6"4Z3H#2)0\-@8=$,F'3&`D`A7E!KSQ`< M@20AGH`6:$`+)._$"FC`)#,B"JD5#((A2SR0%`TD10*Q=R9U219+:H>2.OO" MTH0`'DR&!I,AP5@TZ\RAH0DA!*=9HC1+EX9XREY7'29>\OG"IQ[]4R39S&X` M&,CS?BG:!)XHN"XR8O.X(!9[]I3BK8`RA(?:/`P1F?_U4;QI4*1K9$[OC)VJ M!9I0+Q7>.*C;.>*,V51N2V!>'KP?4*0A9'8C1$&>MD-QN5-7[RSQ%2XN4II] MH?9Q`5)$@6ZM+-U=54.0;V,!5RJ03]3*"+JK%:94XJ/"%0V(6)U:&4'WQX>/ M!UY.?RR'^5W;%J^V`KI)IYS61Z$$)R%0MY4`F?U+?(]%#S@]2WJ;KOANE\ M>)#B?/O8F+YXBO]02P,$%`````@`:UD%1V]E&Y;W`0``P`4``!D```!X;"]W M;W)K&UL?53)CILP&'X5BP?`@"%`1)":5%5[J#2: M0WMV@@EH#*:V$Z9O7R]`"?%,#L'+M_W>BI'Q-]$0(L%[1WMQ\!HIASV$XM*0 M#@N?#:17,S7C'9:JRZ]0#)S@RI`Z"J,@V,$.M[U7%F;LA9<%NTG:]N2%`W'K M.LS_'@EEX\$+O7G@M;TV4@_`LH`+KVH[THN6]8"3^N!]"?>G3",,X%=+1K%J M`YW]S-B;[ORH#EZ@(Q!*+E(K8/6YDQ.A5`LIXS^3YG]+35RW9_5OIEJ5_HP% M.3'ZNZUDH\(&'JA(C6]4OK+Q.YE*2+3@A5%A_L'E)B3K9HH'.OQNOVUOOJ.= M26>:FQ!-A&@AA/&G!#01T(8`;3)3UULO#/5(K=] J', MG*I,J-%[&6>[`MZUT(0Y6DRTPD2/B),#D2T0J`(L*2)GBLCPT4.*U"V`G`+( M",0/`MFF#(M)#::WF"38%/*,4>?='21V!HD=0?)-D/C9)/G`)'&:),\F^::2 MH\4D*Q.4Y$&<1VZCG=-HYS`*-T86DZV,TLA'<;[ZN2U3IV7JL-P^-LEA*O+-N`K^8GYM>T%.#.I[JVY735CDBC) MP%<[TJCG=.E04DO=5.\#X/:%L1W)AOF]7![M\A]02P,$%`````@`:UD%1Q8N MW\.$!```2A<``!D```!X;"]W;W)K&ULC5A-<^(X M$/TK%/>,K=:'[12A*D"HW<-63;?C[]"L/J)<`$L7K=> MMZ37;SXJW.]@?[O9Q4;WF>EK\7-BM.#U,Q M_1CXL7_=U>U`,)\%9[OM/K>':E\<)J5]>9@^BONU3%I(A_AW;T_5Q>])2_ZY M*'ZV#W]O'Z9AR\%F=E.W+M+FZ]TN;9:UGIJ9_Q^?JK M_]X?NN]3_T\<#F;8@`8#.ANX)X&047N)&`1H8H`$!1DZ`/49?3"1"H3FC)09``*)3FP!4'4I10Q*,$'@V1 M]$<9PRAC=NJ4;[,GT$'"TJ1=KHN$<;TC2@38QC,EY::!3`S<@U0`IA9'0E`D\A$CP"Z08@^+Z*VYEX`+#I7+B=<>$2;* MH&1IG"SE)X8KE>"E2H?:XP+7`1'=WI@(++(B!BR,FQX.4L87+=9B@<0XI'D"7!YNM\Y>0-7$A\N4$BQ!Q$9+* MM[&Q7)"Y_:P3E@OB?2,X&QPD0^WF[#IH3`8+#P'AX!XW?1;'"2:!PPGA<8%V2XO;66F(UD4!-W,YNP(P:X:9E M1JW=3=`Q+\^K.G]7UR+RN,#"(I&PQ"YA!/*E$(N"!)T)N=5!\LY$=7TAR.$M MT#$Q+#62=R;"N\.PU$C>F7C[9HD%0J+.Q*TC`VC4Y!HC>':>`/+._T8JL1!( MT*"06ZLE?__S<0)OBH!3<''OE]ORM;NBK2:;XNU0MSF^&#U?`S]2>V_HC"_$ M_5*`\96X?^HO>3_=SV?']-7^DY:O^T,U>2[JNLB[.\67HJAMPS[\UN1R9]/M M^2&S+W7[,VI^E_U5;_]0%\>/F^OS]?G\#U!+`P04````"`!K605'ZB*>Z5`$ M``"H&@``&0```'AL+W=O^2QE-DH2BXBK?8BN6;L]A@MT`XPX\W;![#'\72=&N$;V^#35=WT M^>@N6)]"^Z,[>-\G/^NJZ1X7A[X_/J1IMSWXNNB^A*-OAG_VH:V+?CAL7]+N MV/IB-S6JJU1GF4OKHFP6F_5T[EN[68?7OBH;_ZU-NM>Z+MI_GWP53H\+M7@_ M\;U\.?3CB72S3J_M=F7MFZX,3=+Z_>/B%_7PY/)1,BG^*OVIN_F=C)U_#N'' M>/#'[G&1C7WPE=_V8XAB^'KS7WU5C9&&S/]<@OZ?= M_QJJO\M=?QAZFRV2G=\7KU7_/9Q^]Y[ZVQV*<0O6@APNQ M'4].XY[^&SK:#6??-J3U.GT;`UTT3V>-OM$H9:Z:=(A_3:)A$CT%,!^2"`$, M#&"F`/8F@%XMHUXBS0HGL3")90%(6QR`8`":/TP'`SC0`XJ&>=;DDZ:9-#:G M+,MPGASFR4$>%^5!FAPG6<(D2Q`@GC.D$>9L!9.L>``C7(H13@1`-G_6E,"0 M8KVP+KZ>0$1&"7DP1DJ#$%H(@4%2YH[18DP4YX3#"$2D!)@4IDD1&*V)\Q## M85AP1!P4YDYQ\&R>Q:D`G48:$N9.`:A,##@22>0IC)X"7!EF2"22\F#Z%,*/ M60&)!,@U9E1G/(05IEAC1K6:;WPMK&(3#(!H',K(!$@O$-!MD@1J5+ MCQDU^1W&Q_@9CA\P/F!4-#YFU*`EDAE_Q8VO1=];C++EE'+?`Q%9$O)@E"U" M.?8]$%DGE6R88XL0C7T/1#87%C"+.;:(X]@)2&2=D$>H0=%:*R!J,:+VCC+4 M8OHLIX_['HB,M"FS&%&+5LC8]Q?1!]\;RK4T@1AERRD%QD?+[5+(@U&V"&5F M?""R@O$)@TR`469\)")AB@B#3`CDV`I(1,+\$`:9`,@D;,H(,TIWU+:$\:,Y MM2T0B<8GX4G1G-J6>&W[F?$)LTQS:EL@$HU/F&6:4]LBD6A\##+-J6V12#0^ M!IGFU+9()!G?89`=8E1Z:H@9=7?4M@[CY^;4MDBT%&;/84;=G-K6H=K6Y-+3 M,H=9=G-J6R`B$C9O#K/LYM2V2$3"ELH)#X?GU+9(1,(6Q&&0W9S:%HDHWJ>D M-R\ACL6+_[-H7\JF2YY#WX=Z>NNP#Z'W0\#LRW"!#K[870\JO^_'G_GPNSV_ M2#D?].'X_E[H^G)J\Q]02P,$%`````@`:UD%1WA!7+%9`P``[0X``!D```!X M;"]W;W)K&ULE5=-^A,IH?V3&S99@+(!3E._WTE@0D62V+[8$"\?=I]2`]V>I;5:WT00GGO15[6 M,_^@U'$2!/7F((JT?I1'4>H[.UD5J=*7U3ZHCY5(MS:HR`,9S[R+P._LOU!F8%@/@VZN&U6B++.9.E5 M8C?SG]!DC6,#L8C?F3C7O7//)/\BY:NY^+&=^:')0>1BHPQ%J@]O8BGRW##I MF?^VI!]SFL#^^87]FRU7I_^2UF(I\S_95AUTMJ'O;<4N/>7JESQ_%VT-U!!N M9%[;?V]SJI4L+B&^5Z3OS3$K[?'(0T?M!L,LIK28!Q3JGU/ME["K="B8#@72 M&7EN,4@0WRX(`PD8D('SU!8-AO8J)8S'SOI@0SDHX]01;4CU@!ARI%T#7"Q) M1E8*!^OB0%W.>EWP83(X(>["!U`<,7Q4Z`ZK0K!7('8(Q%8P+! MUH<@[XM'*&#S0W>X'X+M#T'^%[GJ`:Y%.'==ZTO8=4*P;R'(N-@(!6P0*+E= M%@P[!`YOV-XMZ'JU:&MT/QP`&*:A`UM!L(AR![:&8#0D(^\&#+L7AMR+CU#` M%H'Q'2+#%H&C&_9W"^J_"W%(D*OQ$*550:[$T4`[/OA"`Y@P'=,&-BX,&!<> M>45AV!TPO4->V!UP#,B;N)+$@+SNC@UZW_*%J/:VBZJ]C3R5RN38&^TZM2=L M>@%G?($F2P2,KW1GU_1A'_3SZ3'=BY]IM<_*VGN12G<@MD_82:F$SCU\U!H= M=._97>1BI\PIT^=5TXTU%TH>+\UEU^'._P-02P,$%`````@`:UD%1[5?*;@Y M`P``2@\``!D```!X;"]W;W)K&ULE5?+O#*V)[)8SKMHC.9+-HUL66;"2`7Y#C]^PJ!'8R.6K(Q(,X]NO?(1^(N M3K)Y;?="*.^]*NMVZ>^5.MP&0;O>BRIO;^1!U/K-5C95KO1CLPO:0R/RC0FJ MRH"&81Q4>5'[JX49>VI6"WE495&+I\9KCU65-W_N12E/2Y_XYX'G8K=7W4"P M6@27N$U1B;HM9.TU8KOT[\CM(XL[B$'\+,2I'=U[7?(O4KYV#]\W2S_L7-_$@RK)CTC/_'D@_YNP"Q_=G]J^F7)W^2]Z*!UG^*C9JK[,-?6\C MMOFQ5,_R]$T,-40=X5J6K?GUUL=6R>HTZ_>(>_^).26:ZG7W:!1UKS3 M4K1Z]&T5)>$B>.N(!LQ]CZ$C#+D@`LU^F8*B*>ZI%4ZO)W@`B/0:\FA#HL21 M!8.%,D/`K@@H)N"0@!L"?D7`)DKUF,1@:H/Y0@AAV:1>`,M(EN)L(IA-9&7# MDVB238^)1M,0FDQ2`9@PPXG$,)$8R,(Q00()DOD+DT*"=(84J54FC_`<&9PC M`U4Z"+IM!ADMG%\G<7B5S*AT`(U+3:=^`QCGJA-HZCM"@2*Q@P([DGS"D@1[ MDMBFY,YUP48BMI.B)'%08`N0^!.%8!.09,;N,H#&R_8E#K-HNKH`QD/N,"7! MIB*VJZ+$L4,1[!F2S9>%8M/0<(8L`^AJ.XW&]0Z'#(*1R"$+Q1:DM@6CQ.$< MBIU#J2U+&CHHL',HL[-(R506!'+)C^U%P9F76O)SZ^_FF@4[D`('IJYEP0ZD MP(%.3;$#*7"@K2D".?8;BHU%@;%L3>WSRO7)A;U'P8&5.K9GAKW'P('ETI1A MMS#@%DM3"')LP`Q;BH'#R-)T`(TU98Y9'%^0R%".+9%A0S'^"4VQ6QARBZ4I M`CFV*88MQ<"'G:UI_-__:3#J1"K1[$Q+UWIK>:Q-!SD:O;2-=]1T,A_PU>*0 M[\2/O-D5=>N]2*7[(=.U;*540F<2WN@<]KJQO3R48JNZVT3?-WVKUS\H>3AW MKI?V>?474$L#!!0````(`&M9!4&PO=V]R:W-H M965TP55-SV#E[ M$B>A!G#6=B:S_W[]H1"K]3:P'!(PK]3=DOI16WCY5M4_F^>R;&>_#_MC-:^'0U'_NR[WU=OM7,S?+WS;/3VW_87%:KDXM7O8 M'SWOD?5?6S__#GP^T\[7TH]^5] MVW=1=/]^E7?E?M_WU%G^QW?Z8;-O.'W_WOMV"+=S_T?1E'?5_OONH7WNO$WG MLX?RL7C=M]^JMS]*'X/I.[RO]LWP=W;_VK35X;W)?'8H?H__=\?A_]OX39;Z M9KB!]`WDJ8$69QLHWT"=&LCS#;1OH*]UR?@&YL.".]O`^@;VU$`-%A;C8`U# MO2G:8K6LJ[=9/:Z/EZ)?AN+&=I-YWU\M1 M(R<:)T/))I:(4+&-%4J8DV;1.7GR5")/US+JP.3$R%VL4<(15Z_HYPO2D)"W M2*-P0`H.O1HZ4$$'&G>@80=ZZ$`''1@R=Z-&C%:.XY`D1'0'11D9-R!RB24# M!T5,4`8&94!0Q,K:Q%92ZLH=%)'(-T`D)OZ.08TB-]7@B"R,R(*('.[`P0X< M6"@9[B"#'63`@YR,Z:@QDR`SD_8O,F*7=8%#.70HCQRRU-!ZU/3;PF1J,CJ! MEU2!,[T,,3`%[@@*P32V)&-_+LI"AQ@H"^!0A%PD8@`D(%(_"PFZ8+)58(B) MF&(VY:+%&!,QQVQJ:;0Z6G=&"LD15V"XB)@N-J4;A!=-37V2,G.&K-`O0,AD M@5D0E2A99TI9N"9NK5%N@4GG".8T!)P#AA*#N(!$M,Z"(F2N)^28!WP39 MY-9>='&97=:%+F'"20`O06L7+[HPJ9=4H3L8A!*`4$2&D(A9%A+34@):"J86 MD)B6$M!2T%I-QK1DR"0Q*"4`I:`E@P35DTVB>ON"*G0'@U("4$I:F<@8;(*+ M&D--`JA)FK5>)&00#U./2N-2*0LZBTI2+&'-*`KI([BX&TT6E MUU<`"M-``1I(`JB-BO-<&5K0;X%*VL0P.%`8!PIDNJ25GA=-+1F14(AM+\I" MAYA;104<0Y M6SCM%4A[15/-BZ:V\G.F<.(KD/B*$L:+A)[&E7+[A,*9K4!F*WH/`45,^FN< M_AH4%XH[QL#IKT6\-!63(!IGK`89J^@&#D7,J&J+@@,=2O?SFM`5G.H:I+J.S"`1`W:-$UWG9%P4E=[A+-30@&C@'`,11K7A2>4O($-1@H!K#"T"K9BT)3 M3BGWM1.%DZB4?Z.MT6ZOC)MQAF%L",RV>+(67_1T%B,7SL M-04)$AD&W1:CQP+T1!NX%TT'MEL2BAL4C!Z+J@VZM5KP`Y"(?W:Y*`L=PD"Q MJ':)+"'J,#?KEOG]QEZ_P5I,"8M.2Z/5$-]AR%RQF+68$A95%)3\-CY:^)0K MI3A3&!(60"+:8+TH/)5);<8C*<"_L7-'R:-0W4+W76] M*"-6H_&_2K;ULK.K83%YF.10UD_#>9LKS+/Q$WSIF.OTE.WMJ7R]YEQ,9Q\[#\,;\VUUM:`\@S-?F73 MLDXUHO,DJT[^)WP\8V(A#O&C88-:[#T;_$6(=WOX5I[\P,;`."NTI:!FN;,7 MQKEE,LJ_)M*_FM9QN7^P?W'IFO`O5+$7P7\VI:Y-M('OE:RB-Z[?Q/"533E$ MEK`07+E?K[@I+=J'B^^U]&-\S@Z9.ANB2;,><20!0;C<,8@PS^+$%"$ M.()P*1(',$$($H2.8/\/`5Y%.6(2A^D<)MK0V(,:>T"#K#0@S$8E(E`D`@CV M*Y$1DRX2B0^["%:)09484(E6*O%3N7`2;!0L`5420"5>J4"8!!9)09$4:)T4 M)CB`!`<@@G6#`YADHQ3VB4//*'BF(!L,&P\1_W^F&'YFF#P%$>)U"X.@=0^C MQ?CHZ95]I_+:=,J["&TFD9L7E1":&<)@9_JU-@-_/G!6:;M-S%Z.(W`\:-$_ M)OK\6#457&G#$55WE1SY:+H>U+ MLURXW$=]\*_.?>L?_MH]SU@?@RWMMNM=Y/[R9E>V+'M/ MON?OD].//GO#V_MW[W\,I0AN&`H'P0%0DJ4DI!* MN$EP6D)*I$RJE%:6D,H20AF*)AN9Y*:?%$VU58A@+^L0@50A12$CDD31>A2I M1Q%Z$J1'$2,E.)9$4"#!(%4AE0@F$;4)*9%*QA-:F2:5:4(9RE^F@_PI4$PE M"DW6%0$*[G]"(WT$R`6D'%"Z-J1'\+-1TB(-*=(0(E%(F0GGFDZE3I%$`@,0 M.&7K$#-"2SS!-R$&"E(!#X8P)=6EA#HT5;*42KA13.*5E0!%JJ4"O+Y2("1* M,[R>$*`T0C+V8$7I*SE5FA@A$XU.-D'FIC,V%R@9*YK"*PM)&?35;PA*S6^^ MYWMI#ZHNA-(,P]*`"EIC:22%QXZDC,320DK-V2-I9"E_`4Y(>[`9`+K,0EAG MN7KP^0-=:(&HM(;C!,M@HDHFA>$2YY@`A322ISC-E,?4SWZ-,TUZ]$7JP3H` M=-4%HNR:!UL:H`L=J-](-EU1@"@I8;+#A=UHX`HO1[_(K7_.C:''-SOARC:' MX0S21EMWKKM>]DWK]9SSPON=-&K/X&D%1/NZ/Q<-.^\/]\O%*3_8O_/F4-1M M].HZOW\?=ME[YSKKPV=S'_C1G]RN#Z7==_VM]O?->)89'SIW>C^:7<^'R_\! M4$L#!!0````(`&M9!4>SIE,K00(``"0(```9````>&PO=V]R:W-H965T51K-HUPYQ`AK`U';" M].UK&\(P<)"RB2_\Y_=W#MA.UG/Q)DO&E//>U*WK)!3>WY"$5>0ZO6S3,[]R+RC%]57;7L13CRVC14_'MF M->_W+G;O$Z_5I51FPLLS;XH[50UK9<5;1[#SWOV*=P=,C,0J?E>LE[.^8^"/ MG+^9P<_3WD6&@=6L4,:"ZN;&#JRNC9->^>]H^K&F"9SW[^[?;;H:_T@E._#Z M3W52I:9%KG-B9WJMU2OO?[`QA]`8%KR6]M\B@AF7=#X,XW_67$`%,DD\33`1.&#%+Z-#SY1A+!!`!H$ MUH#,#$@<+M(8-+'5M%:#_7B1"*!!*0Q"0!"R`HF2"#8(08,0*$4,&T2@0000 M)(M2#)IPGB8)XF!1#$`5H'"C'#$($P,PZ0(F?@@&4&W#)"!,LH9)$6R0@@;I MXY^I.3N@[88>^%!'T3Q7LK7,QJ[&CW]%&-Z2V'_@U8VB#=+Q;%AK-HJ.X;V- MUYL[2O&2)%BM\B5"Z0H&D!%$R`80O,+=_4Z>_ACD M_P%02P,$%`````@`:UD%1T(C+H'T`0``2`4``!D```!X;"]W;W)K&ULA53;CILP$/T5Q`>LP038C0C2)E75/E1:[4/[[,!PT=J8 MVB9L_[ZV(8005WW!]OB<,V<&V]G(Q8=L`)3WR6@G#WZC5+]'2!8-,"*?>`^= MWJFX8$3II:B1[`60TI(813@($L1(V_EY9F-O(L_XH&C;P9OPY,`8$7^.0/EX M\$/_&GAOZT:9`,HSM/#*ED$G6]YY`JJ#_QKN3XE!6,#/%D:YFGO&^YGS#[/X M7A[\P%@`"H4R"D0/%S@!I49()_X]:]Y2&N)Z?E7_:JO5[L]$PHG37VVI&FTV M\+T2*C)0]<[';S"7$!O!@E-IOUXQ2,79E>)[C'Q.8]O9<9QVGH.9YB;@F8`7 MPI+'38AF0G0CV-:AR9FMZPM1),\$'STQ_8N>F%\>[B/=N<($;:/LGJY,ZN@E M3UZB#%V,T(PY3AB\PH3WB-,C(@KC!8.T@\4&=MDXX@P.SN)TT[BL)-N["0/>=(T#;>'Y'^HR0Q:G5P&HK8W6GH%'SK[ M?JRBRZ/QBNW)O\'SK">\HIS!=I,\*1[T^AG;5E0J)29 MIGHNIIL^+13OK^_6\GCF?P%02P,$%`````@`:UD%1]08V&Y,`@``W0<``!D` M``!X;"]W;W)K&ULC57;CILP$/T5Q`?:>ZNK M1JW\0NMV&01J7_":J2?1\L9\.0I9,VV6\A2H5G)V<*2Z"@A"<5"SLO'SS.T] MRSP39UV5#7^6GCK7-9/_-KP2W1:,O$-9\T:5HO$D/Z[\ M-5YN,;40A_A=\DY-YIXUOQ/BU2Y^'E8^LAYXQ??:2C`S7/B65Y55,I'_#J+O M,2UQ.K^J?W?I&OL[IOA65'_*@RZ,6^1[!WYDYTJ_B.X''W*(K.!>5,K]>ONS MTJ*^4GRO9F_]6#9N[/HO*1IH,($,!#(2QC@P@0X$^DX(7::],Y?7-Z99GDG1 M>;*_C);9.\=+:DYN;S?=0;EO)C-E=B]YO$BSX&*%!LRFQY`)!H^(P*B/(0@4 M8D/NZ.0VP!9`I'`$"B9!'9_>)+&`!4)0('0"X42`DGAV"CTF<9BF-TDP"6,\ M2P;`(1)%*((-1:"AZ"ZC!"%8(`8%XKN,$C1SNH$P\ZOY&'-C)`&-)(``G1F! M,"$<)`6#I(!`-`N2`O<7/3K4!1AF`829_TT@S(-<[/L"E20"))('$@^J&G^] M(C!8M6M,OE`3`^CSHH"`'U4%A@L=TSM3(49S4Q0P16B2)'-3`!!%<9C,[RN8 MO*8UER?7992W%^?&-;7)[MC)UL2]QN_P/&O9B?]B\E0VRML);=YT]_(>A=#< M^$%/INH+TVO'1<6/VDX3,Y=]]^D76K379CIV]/P_4$L#!!0````(`&M9!4&PO=V]R:W-H965TDMAY MW6JWVN^UI.E;4?ZJGO*\'OW>;??5U?BIKI\O)Y/J[BG?9=6WXCG?-_\\%.4N MJYO+\G%2/9=Y=M\9[;83BJ)XLLLV^_%LVMW[7LZFQ4N]W>SS[^6H>MGMLO+? M>;XMWJ[&9OQ^X\?F\:EN;TQFT\G1[GZSR_?5IMB/ROSA:GQM+F]L!^D0/S?Y M6W7R>]0&?UL4O]J+/^^OQE$;0[[-[^K61=9\O>:+?+MM/34C_],[_1BS-3S] M_>Y]W3UN$_YM5N6+8OOWYKY^:J*-QJ/[_"%[V=8_BK<_\OX97.OPKMA6W>?H M[J6JB]V[R7BTRWX?OC?[[OOM\$\2]6;8@'H#.AH*B![PV\,)@:C9#IY;1WUF/D!0Z<8.H5LCF$UC`;M!,$Y=H)I;@49Z$`W@EA[DOF"-!<*EJ=27Y4!WJV'N MUM#=&5D=\H5P26I"^0KHIP'%I=31@'\,@!FF4#Q02:\-@7BD4O:@LW@< M6\F."-90-@7$SF"U,PPBDC+4@\[GPJ2QC`C!TC3`MP:KI]'RJ81HV8-.1[)& MO<``Y=.$`N%@631:%[UQ,APM9[""-.R3"L*"9K2B>1/+>&)0&B0+?X5@Q)P& M`L(":3P(2#)N#SH;R4:QFC``:R3'!0+"@FN0XBI2T^*F9DM#0H%@83-(V:1> M&Z0+3G&K1IU,^GD+CY6#@'*0[,H(7(YR-=JD*\U0B4^E6G2J-C84)JP4A!0"M6;D5[36):DL``H MGR1J1:WE1/M:`93VM08C-@LRM;9&:SL7$%3"`D9(P-2+@@3,>$F+`.8HQ(M8 MO@C)E\HTT"6B*)+A()6C.!00EB\"\D7J#=':Q*S3`U`^M#@C+&*D14RW8P3D MR4=J?T>CV*:!ZF$L8XQD3%8/(QG3U0-@P>IA+&0,UAS$`N@@U8XRE@H%4D.R9&:P65"\&0!>A9HPQ(3,@9`K-,R91_A^[ M9(QICS7M:9YAT)+K;4.`^F3?D#'OL>8]I]8KK!G-)DF`8"UF-(L83:X2K*8J M;MH8$0Y`N\[.NVI$[N'L_2KJD]2Q'WY^9R8<#]I;E<'4[*/MS/IL_98_Y75CYN]M7H MMJCK8M>=LSP419TWP4??FBP^Y=G]\6*;/]3M3]_\+@_G98>+NGA^/_X[GD'. M_@-02P,$%`````@`:UD%1\YE#?M3`@``AP<``!D```!X;"]W;W)K&UL=57!CILP$/T5Q`8O="2# M?'*BK,="'MDYX",C^*A)?1>`,$R#'K>#7Q8Z]L[*@EY$UP[DG7G\TO>8_:M( M1Z>='_FWP$=[;H0*!&41K+QCVY.!MW3P&#GM_+?H=1]IB$;\;LG$-WM/F3]0 M^JD./X\[/U0>2$=JH5)@N5S)GG2=RB25_RY)[YJ*N-W?LG_7Y4K[!\S)GG9_ MVJ-HI-O0]X[DA"^=^*#3#[+4`%7"FG9<_WKUA0O:WRB^U^.O>6T'O4[SDRQ< M:&X"6`A@):PZ;D*\$.([(=&5SLYT7=^PP&7!Z.2QN1DC5CV/7F/YYFH5U"]* M/Y.5<1F]EBB.BN"J$BV8:L:`#>:."&3V50*X)"I@T<&CP-Y&H-BM$#N+B#4_ M>>`;&M6,01HSS$6D*(L-)PZ4A`&WF<1I)G&8,62J&0,W,B!-PM`P8Z.2#&Y0 M#V:@TPQTF$D,,]"J&5E6H&4ERY\Y29U.4LM)#*"ADEHJ"*'HR9\-.660HV!3 M!EDR^1.-S*F1.3120R.S-*(,1-`MDSME; M45//-2A"NX'PR5<:/9DUD2.%6=$"VIK-09X:0L%FOO6$G?7^6-Z#FHQ&OU)VCY^8]35F,^$Q^879N!^X=J)#35\_($Z6"2)/ABVQL(V_% M]="1DU!;)/=LOB?F@Z#C[=I;[][R/U!+`P04````"`!K605'3_V_.+1\``#) M)P(`%````'AL+W-H87)E9%-T&UL[+WI;N-8EB[ZN\]3$`D'4@9H MI4B1&@+=A>MP#!E5,;4=F7GZ%/H'+=$V*R7114KA<*)_U#N<^^<"?5[B/L)] ME'J2NZ8]D9N4[(BLKNY.%"JMD,@]KKWV&K_UCW6]#3ZO5YOZG[ZYV6YOGW[W M7;VXR==9/2QO\PW\_^L2Y^]X_;WSTO%[MUOMD&V689O-ALB^U]\'K# M;1;E)M"_GP3U35;E]3]^M_W=/WZ'+W,#D^!MN=G>U/#R,E\V?_W];C,,QJ,P MB$=1VOSQ='<]#$:)_T?/6/[XIMCDP>MMOJ[_M>/Q\_RZJ+=5!@-^EZWSYE,? M3W]X]O;T77#VXMW'%^<7P>MW9\..ELY@TE6V@@$L\\_!'_+[YG-GNZK"A7E9 MU`MX[E_RK,(U")YGVU:_)R=1?#*..KIZ6:SR*CB#]Z[+JM7/FZRZSH/3Q2*' MI^"9)3_??$QOU,?[VU;_T>CDGSM?^)!71;GL'+O:PO_Q#__@VR?=C+T.+^'+ M%J4TGY1^O<_^<]PB%GAUR:^OLNOFKU?9JFZ-7.UDN5X#]5QLR\7/87!!5!R\ MWVWK+=!\L6FU):_]E*]6)S]ORCMX-<_J<@,K_[JN=^VE_Y?VJ9`V?BQ7<.*R M2O:X]=B[LFO,0ESG^6U9;6&0,/QLVUZGL_?O+MZ_>?W\]..+Y\&STS>G[\Y> M!!??OWCQ$0[L#Q?/@\'1<7`4%)O@XTVYJV'"[6W)%["_$9W"I+7J=9UOZZ?- MKS]4P'Q@7.V)`YWNUKL5T>DR!W:T*/CP(G_)UCB97^B+YHOG.9#$"]B3+1SQ MS:>\WC)QJV*!/="CU&Z0MAJ$A4!N6U.C M&^H;%B.'9B]7>1BL\AI^6JW*NVRSR`-@7?N>7Z5`]'!M&Z0X_#`R^T- ML*:,J*#%3,LM;-FI][_ZJ0>)@!:+:@=#7)GF M6]-`_E]<[I#&:ERL_/,"UQK6LM#D0C_0QN1(.HMRG>,#7T1!O!QOND>&?*B0 M[HG2X-Z$DYUO%H5I/0V#:1C,PF`>TD/1J-71"R#.[7UK62^`G4(#SX)WY>;D M`^[QHKC-B'>)N-P'"=A,IK_ M*F,]72X+7$<@B]NL6)X`S2VRVP+(I(]K\I$#D@3F>9-OZN)3KDATL"KK^EB. M3#1N4<;SXE.QA&NR0?>&R%LT@\MX4ZZ6<#=]&S!A!:=;/D!TZK9E`+0$--L^ MQ7A8ME6Y6N$*P4G)80&W0LC!M#4X7U\AL/K%:D=K_`'O!MC:9O>-CEY+1WN/ M'TNTU,T#;LT!S_8FA^.3K8[-+=K:LG[>W4&W-=.MIMC^QUH4?-#C3,,'/5IV M2T&:G3081O#'MT3U+0F\Q5APDF7'/%L/VVSGEG[,<6WA[N>Q[FU@[UIUO>%? MKJZG]Z_8[Q^_8OY%Z.CG#P?WXY#[Q4?X\Q;TG^#]R^#]AQ?GIQ]?P^_!Z;OG MP=G[MQ_.7WS_XMW%ZQ]?H'+T_NT+.`$BD_[Q>8G*Y+\>+%F.#U8-6ZSS//^4 M;W8>X>%ML2G6.Q1F/(<,-(H%?)^!ON3]_<5G4)EK_'%1?J)5;#6?;>!MO*-1 M1,MJV&:^AY?BD7[Y??(N?U\2>6;(43?(8,)@FWW. MZS``F899&P_I%H2ZTB=*TS@"E)OI^F_^_"K?Y*C9DD"U7,."HL:\A7NF+5\S MKX6[A(;9%AD?(."_5^,)U*0]5XH>M+[RI.MC5_R:M?CQ:W[^,@=VK"],6#@U M]I"$>B!CH-@#)3Y>YFO8B0#FMRSJV[*F"QU^P3L5WH<..@9B=2U78ON^?O'0 M$4E+;>'3G?U#A_QJS_/2;=SJ]EVG9&%^`>')O=`W#Y4<>MKZF.TNU]F&K#4@ M5Y`\T;+HN"H!O'7K2,=UOMA5+#+`=#^>OY*!S%L#,0R7KE%8+Y&WOG3$*.[1 M[8R73'FW\9@*WO>(A4H>;'&1'S85J-5X&S)-B`!9;O2J!VA2@G_!"NV,:E+Z M.-D9BZC8,5K8ZI6<^^6?=JQ5M9GX8@6J8W$%HE3C41*:@%LH1;6\WM`H88S= MTFK?$M#$/#)/Z]%#GCF89!_5V$$T^PSNGD609]4&.JQ)#K)I1.UYY-$!5CMD M'(]XE6P@FJ;ARH/M0V)OMM!\[Z>\N+[!/C.X5/'RW>Q(+X+39+_F"$_!7__R MOX-+G.3ATLK9]Z?O7KU`JVWPXI]_>/WQ7PZ61.@2WB-^=8M/ELK9^9"EZWT0 M7>^,=;WN5RRECTG;)1_AZ8,W=&8/::5E^WBA=4#D2-)@5TL=BE;G\\^R%>D_ MH!S;-L1QUW.#0A'"\=YW8*C`N?#JA,?HTS'.QZNO_O$<1AR\+*N[K%JV1HDF M6^H>%H&Y]NVNPJ^V>!;/R`:SP_F^OP)J4%+&7!E?P@ZWQWD.S2QN<(@6F5/[ M?+XFQ\K6_(A76R(_-G0"QP7-:5^QZ:ZU.M5LG\T1O?>_DO#:8@#NE:%N,FD>RI>-882G M81V3O<+"H7W0$>[:<^LBQIOJD3>P=>)ZM:>.$W?0.XV3>6C;O>]\X1D\UD.-?.#Q"P*M=G$\*$75]'N-?9@?<'M=S/[KW[N8\&V&>UEP98 MFF!MI=/9Q@);E=UMF!T.-"ULR^,@KQ=5>:?=/KB,)'&BXP&9S4+L3.6?@*G7 MG8X8F/`BSY?"W*(TJU]YTEX?#D'K5W7[>3./I5Y<;[I\N1=7= M6#A'@Q]J4D:.O=NU;XM?%FBWV;/%[K(.;K-[=>2/8XC=2<_T=IW/MCH9@S[5SG*86E7.:T]0\0:/HN`D?P@>/W'3`C M5,Q1^;TI;C%DA?UTL,&;G(GKKMC>X#["9%!")O'C2[7]/5H0'4"M]G?KY^W7 M]NOTFO:(W%YOO)3C>\DG'K_>!-J)31]>=#NQ.Q_$^_%9?EUL4'?$!>(@C0>] MCX$DG6^25E'H,P+J$08VY%[R9#$`5M+WW1>?#Q[#[<23"MX6RQNBNL,R;&Z+2N^[[8W,%^^=-'W@,_5^>KJ M1)E5\TJ#.6Y;[=`@#L&20!@?G+UY_/!Z"4)'K,6)L!"@Z MKZIR=QN\*=8%LKH/UEFA89O;R/X))W'^2B:QSOY4`O'?GR`]+IWC5N\NZV)9 M8*P*GHNS]S*Y.SA$+/=C4\5&/ANI'>]DT+_P&C!K]]>__#^U,T]SB0V14KMK8.__N7?Y?UO`CISM/LP%G[&.\%0\8[.)[ZMS>0*WB9\%@67 M_/,6UN0>.@,2KG)>=;7]^>8Z$Z$#G^7M+K:MM"#_;Z$ M>?T!_L-KN=MDNR4=MD)8RI5F*;5A*;!&NQ7(#>A8RI9R9?UIM['N+!RR:LO; M!@Y/26H<+:0W1NA/9@S4?+H!>7LEL6$HHK_$E8E&)W_0RW./47@YNMW:80J! MG$`@:=A9H4*;I/$X9Y86,D`1JV`IJ-RL[EF)K]9$H'";5J1PF!>.04I!H0MY M"=EY@ZNLJ/`:K=$[IS0%'(%W+=0DU*+?TDT"VY5]0A='OH'1+N6P0IN[U5;D M._=QM'7"4NK!%*M[XE\+MF'+"%0#,M`=S!T7;Q@\!X4_,T9J&;WL!RD6M+6R M.QMU5W7."H=#_Y0=%9TQ)`GU=BO&61!C,V2T>%3Q7-\5-3>^'**B+)(NKN!' MYF%&]O7VZK)E152\Q5:8F?7,/EY+)]?IV#[&H72!;]I7F!H`'G^ZK=C36AU3 MD_;1'P:G,#C:S(6\9.D7-A7D*[@*-QFM#?:%4B$QFL;1J0]9*-J>'&Y$O*U6 M^35>7:H]'"*ZOK>H$J-"7HDEZ;(L?Z;UD[4T+9!43T($*974U/T0&,P=<*=* M5JDV)Z&V>K?FH6ZJ/8-?EO`TTOHZST0J(8YC=&76'["S/`.VJCMMSA16(?L$ M=X[2O-$86%_=4W-D)D#BY#F5ERL0B'A3<`GT9.L=]&`U?-_B97MG-+1B0%F- M4R/$62I['"IK.Y@4K*A<%S:MX\6>?P8JPB-4%]<;>9N+,"M_O'P+W MXF9Z/%1B\URGF?X"S2#FHCH_R*I("C0IL2[X@FED^J M2\4W.QHA$0ZC,RL\Y"OA%VK*FJG@2'G&EJ#(-*?W4B:GXA&,S8B\1!F>,FK& M731;K-2#'ABVT[E8^=45ZI&?" M1$0ST?ZM)4:&O!,FR^JLHZA6Z%2K+7::W:)Y!R]=_H7(/F-9P$AEE[OE-1SZ M4(4:!O5M3AZW4!TT$E9!0:D5^]GD=WHRWZU)6(#W<0E`J5.W@Q'@B8BV#3+W M$)1S,"PF2;)CS=.Y!1+;YNK&KPVM`8U=W.8+.K*K!I'1ZD_G3V@@Z6@8/6F2 MR$_PCZNL6O-821_<9,H]M\I^R<@F>,O4@*TCS6]O0+^ZOM'T:-$#-6HX#.]V M\SG>4.\F/GBK0/LQF^7?";A-WBN5!`6Z3&R&2@BQ%VOA!/^1OA#`/QUZ=`H0G;0@IF9)S19]]>*J#O6)#@9QJ;=/SRPW58$'3/ZA6F$8IJJG,)WU4Q@K;8@IMWK MNW2!I@_@5H&H$NX=0`HT,$NDMY+744^+=)+V6'18D,LY.Q1\.F_$I/#&MGH& M.E`1"$VG%[E$2%)%S0$F<@U#!RZ4$QN\%RD>-7N1?N$L`WT*91DKEXK-+S^TR=]#1A#5Q1A0&NUND?V"VBZJX M9;6\!))EH9N=DN[)[8Q_Q6@(VG?_`-!L&?"\.IN0W:KI@A1W-DX11_0)#>5+$USR2U+(ZWZ)]%)KEE&T(JH8WEM=,`V++S8A2WP M5-0@8:4Z9Z7D!ID=#=&02EGID)0]JU/0;:(3%N`8]#,TM#EF`5D`<'Q18D?_ M]PT8;QV'")Q6AW:.&*YEVWKL"#[-%`%1FG.Z^JPDB0,&1KD))E7!O&$/D%?1 M3X2GS<'T*'6TGCHV4EWB=Z7_5I`'!\[Q_H-AR.@1DF?4==4X'$)*P\`.DFLQ M*'G9/ST2QU>K$\'85QFGB\ M7):4%>(:MY59)@&+*="+OE!7RSU[:IND.67)F$8?_VJ/Z\5ZK0[L%MMM?$3C M^S,XQ#\W6\%\]Z?U;;;(_^D;,KM5G_)O?A<\8&YNUQ30!5K2KZZ*%2DX MPLYTMRHVD%TZ`_6]:)G0Z*J\LZWN)*S#P5X^#=YFB]-J>[.K9#Y(]^_*"MX! MT?['HH)368!^`S<)S.`#J9PO,Z`UFY,_X^#E0%QR"I?T\-+&]664_HV6. M[&_!&5P[JQ+$`OD1!@TZ,[":D`9)CP&KP#QI&"IT![-!LQSI7^J[$!WC%?`C M?NGBIKPE)^%/!4XQ>):3)P.5LDT)C^2?L]IM'L\1O`_G^PQ:I^&?K5`FV`0? M4;8FLZ1RSC$EO,R*"MK+Z0%KE9Z#`')95AOS?,N&3"S"VJ_U24.^A]6=XJ@CN]^`$V8D@M MG(QF8?"-R0XW@3@83.KZ0_"W55GO1(;@HP&R-AT)Z!)$(+$"`\ERKL\WP:5V M`O\^`[6UN@_$>T#.`V)]?%X\#GHY+'LC@T1K:!%T?9?=MJQ*&OV`;_!&9#D. M7NYR&-#I^[/7N*@Z!IJD6MYF\A1L87YPN'$0H$U?LK%3V2UXY[^MR=X9W"G? M#C2V0H,B#ATXSXUX=O$-FIGQR&D52EY&H;A<@.`X1$\-NSM)[R9/6]^%)/S( MGCY/D^ZG3&()KX*C9#@/UG"D<"T\2A7;K/%M\\IH.-.O(.5:,5:D&:++AG+W M^%R`5([[0CH4B%:Y(5M-#(=L^F.7P')@[$A4V%)>E638\(S2X53/*,1_)OJ? ML+4?SU_!GG+D*EN;4:P.[?BH!Q(NK8*3.1QFAMN]"B?;T1*:#%52T3V3?DZ"`YU(&3=*5"SE^HI"NMV%MF M3!U,@1TW>(TO@AV$)??XJ8&[.TO&X#N"HN&`O=UBNR/7(H;Y".Q!PB&1RQU( MV04=L.IG(%X,!EU42-EHM";&B5$QJK.R`EXO:6DTFI;%*C2&6#0WVA$-[EAX M5^@Z1J/0T&=<)`XI7+--P7B+PQ29?J&/9#Z;*@F^B,KQF36,N M7H`"C?ZJ:S0^4B*A6"-#.NY'R=RPC$'^6;W6BN73KGA'"S@:C\UA0\U41021 M6?=SL08:@74\BB:Q_9AU_#2WI,BRRRULC"2N8>L3PYP&5B(:_C:WCODQ,4(K M@2AKDYHUH[T*D41(JHA4.F=9,P1.&OMM(\"4Z^;@B6J%0>D?CB:[BL9F,TFTARDAM M@:0*O,GV/Y4-YA6(P+XMUKD]$N[@C:18GCSRZJ#2:LP:6;2U,R-W[8JRS7L(0@-WS/'UI&H MQ`6:U^TP,E(]QZ"TS1`JW.8J@T?O2:,#7DOROS:4J;$T%+&ZWJUE_$?1U!), MPR`=SN&JN2H^8X@K1='0!FX:S0G$3A0FXZC'AP)==M0Y@KQKUE7@'2W"+O^0EF%MAJ08TTA)N'T3$DPU"`(XL@3KX'6F>RXF?X M7XCACN5JM]K!I^PN*PJYA5D&NH.F4>^%F=V4%=N?+[*?Z^!E<05*_BD!6G!` M6$T*QD+D`,2E)$%C=XT!S;!@$X]+-`OF8_0)VZ()&_!%7M!2%5PA^`V+8JZ3 M[AKX-HHGR)R[!/N&Y88-;W3^6997!"\=LVP/M#T9&IEB@"?+UK&U/DE4*/?@ M6]$:+C*TD&0;[Y>\G2/91#]M!=6&M+3,%@PQ.IN&0JBU7^\P4FW+; MWKT#EDP,S[!;GKV23ML"K14++7:ES.1'1XV63F^K8F5-Q7I4/T;FC@4%:2]Q M\7'KZ%#Z;$].)#;=UZ[\3E)_L$,^#,K$V)8<+6U^H5*5*&N,S;4PO:N=A$": M\#?628OUY:ZJ71<\V55$0B%*P;V[JC*E4>9*FF5BQUFZVGG&RJX=,ML)O$7L M$A^[@IN0V=92)>YS/4M#?3(RW61`464]*S2QS.>S`DBGH(DB)?C"5">@R?D MY]+2%:T)'@P.3B)#G+,)#;F+N;;2LE?WLD#C4?OXMB9I6.[B!DAGY?+S^I:T M!^;GA_!:(^.1K4,Q6,N$2)00=+7VGR3I%O!UR6ZK4 MG19ITXX_E+YA&;?%R0J)L)/6]23"#@JU'G@@E38)%"-+\'$L%\61S,!9."JU5ZB/$"QE'GUUG.&G)H M9]!8?)K3E$3F%,Y&X15MQF[;@^TB0GHR#%[=Y^7F^KK@-%Y"37.R??H) MAWT[%ODT+S[1KV5SU'$,$+6AV.[46.@RY422!&VZ=\V`"#U@9VK*R*#;,N$4 M?#BB9#C5)F(M(%\B.U;V'+.-)LK9]`]3'2?#\9/@JQV,:#KN/1E'Z7#TGXES M=P"J?43DO>[?+-]J;SZJ:2NP7E9PA!:Q43!6&[PN&`CBRK%65PYTGUDA+8[% M=&N'&3Q%Q@VMV7"-JI7@`IKW_D"M4\OFT\M\2=%`"\$O/PKBR0C^.XC"\602 M(&#&-)W@?\-T/-./:SR&03R"A^;3&-X8I?`Q"J-)BC[#O+C>Z&:3>1R,)TDP MA3;36:1_-^U$,WQ[D-!_HW1"_YC!?\E[I1N*QFDPF.)#<9I"9VDTER=T4Q-X M/\:1C.3#43"9S6A.$_XGO!;CG*)1.$W&P1O$&[#VT$`8*M@RE"C&4>1/91P1.,]#D[97USEDL#&@5BF(4Z7 M8I^J,+JVC5+[$VRGE,_S5;@^"N9LY+BQ+,O>X^Q;!@)]IW1DT\(7NB*U!91/ MH_XGCM$/+>*-Z),@@ID(4I%!>46V37J M?[,P0Q""ZLO%#F M!)]\I,@N1(5I9((1*%)ED575_15CNTGF$:PT`@=BM,250"37F`A'Z2SX7S)\ MBMEEB_;9ZZQ:RO"+*F`D+ED,S\7O9!(]")]&PE??LI_7;@D'WI!)^N2%PX>@ M\2SL0CDM8ZO'[4Y-.R)_K6,+6EG_?;'FDJ$/`\Q]0!%=@<+XD/Z-D\Z0B#!V M+WB?_4R`')[X!N`?:YCHTH[M@V]W&R"M57[OQ@Z"D/T)1HE[XCR.NZ%3Q/KF M1AJ[@"K5VI+GAW]@%`H?3K2RBDIV;!-1@;*[D:&5=T,*D*1?)53(I'@=?@TY M)KQ!6VT"7D_H3&UK1=_#>FW1)_B5SH_<#IO:,'$<"CC0[EKT=C[$&6#V9(`.Y$/W/9U M-K),)=T26+Z*$F%4E-S*E5Y?2C0!*RQ4WDLUMV9BWE'KC/LBOB\'=3DP`+P MK49W']UU'(:MSASR,@IWLSP^DD+1.^96SH%Q1_"UXTCOJL815:AA@:EPG,P4 M_8&,'F.O3A#/2YJAG-!D1&@3==##A6B%[+L.=@DC2R1;GR'7L:=/$FZTJW,L M1;$J/G$..\:CZ/U2`3M^89=\*KBFW:IR(YI-0`M6BG!K#TWUTPAJM&R>R>SB M44XZ$*76(FGFC"*PIY#/@9OL)BLI]MZX%&&KJ%@3292_Y!6:_A<9V?"=(>)F M[.H=F32O0<;8JCQ$,S0RDU@CE70KO`(V)^1Z5K67.'6]!UU_:*?\A@2^X`[' M"LRRDHF;L:)7NXHN)66[T8*MF\/EB`&(A[=FY(96U%+OHB.3T]$=&Z<*%`4N MQ<-1<&D85D<,IW-7^4>KHOSD(7L>A]TF!XM`'#HH$1FRKISPX/CQVIX.;,XC MVPA_JK3E:'7OLTX11Q9Z,X/]CMAZELU$X!R7^X')^P2"=S,)I2O:V-)F%DV0BQK'1.`YG MLTA_CF>CH+/<7A#/PSB-@V0>3B=I\+6JZ,5A-)]2(TT'H2Q6$:L7D6/L[I8]<"'CKD[!+$'VS&&OR1 M/7QNR)5++$R3GL,!KT%S\%:E6K:.,]Q1<9#/@&W!9P+F;D-G;?ONJZ\`.DIGX MFHA]SNGLP1\TM3^\W-,1HUDD_&$R3FM-! M%^KZ:Q$_7(YS?PX&LS`=T<)/PEG*7@XX/],1?<*+)?ZUMJ-5@\#LSFMK=PAY M6V-3X99D[Z.#@GAXZTFZ#1;^.@+E>H6.5L>`B+%Q;31)BINJ$ MG-2@E'NPX#&2>(W.EU\Z5:4>*\P^Q:=K<**)2#:Q,\%&[E1'H9&`4O%!&KV7 M#/BFB7A`!ED!TO2%(0_@"GQBLM%-O&VHL'Y-BDX*+;5@.SHKMA0;QP;;@@(8 MP!6BAM;*@AU09\%6QXRU(!9L2T7A`C58JM8I2%,CZ.9T&_AHV'48VUO33R^/ M?8\/#,I23QNJ*GE20<)))E%#L(?/P!"G,7M91_,Q\)291ZV%Y^!R3D>II0I$ MP.*`029X68T0900DU#//Z7K:*3#IX0&3G,[&%#9`HA!_%=%-"SRN]WT0.T!] MI,`-C-J8S&/\(H;O87@M/G_`8.(97/8HCX@$1*+$G`0WN1#VC"?%RSM1DE,R MA9L'!LDW"`[2]I(9=F0R;T5$TM$1&&"XXRR48JLADQ;-BA:V!T@7UW`S0[,] M-"1V$L\FLN&^Z$.'9CFDV#S4#CL$(B5Z;4PZ$EH_*2\+'AT/,3:QD?N6->M1$;8!\]B9 MI+?<.A5+V%!\Q^V3!*9A@\FF0[$P.\GUO"6X1&;H^6>!$@?F,K66O".!;,@, M]0SH`/9`+$&O%%PA$)Q8[7D7! M>MB'RZ M^I]BI*I43$8MZ(YP?*3:@8"]@[C_F1[@8$^,"2>,+3JL]N]J])XGI`O>.C:9 MT;KY&]('2[5(HI%ZC)+^U*-`..5.?FNX/)I;L6\#>*G5RK-'">X+X.YXQ^(. MEN7*)@U!/=#VWNSV=D6HFL]P`>"C"B=X7JYN;R@G:[7B"7P$Z0F:)V\Y[\F& M,AFUH1]8M(H3,O2EP=G-GG&V(V6PR%?:"9&OBFL"2'0FP?8P>[6=G[OWSGG, MNFX:S_/N^-ZAG@GG!K9D<:_VK#O>V!PQWVZ32P@?6Y=T`;5/KQNE?9=)L2!@ MZ85!X9,#P0J$S4(X3=.",/<#V9)GR3<\U1H#!4J5"L;](6.#8V&3V!*E3OA531;.C;G:&YQ-%PR@9&9)B8-F-4!]\V!@P!2B9>]0=R=$!F7< M=@;)FTLF]"Y'HH[@M+RE*NBM(Q>O[7GT,#I"SSPD<$='\6M$Q+WP%9W>%5,X M+\-BEYB/HTPY&@T7!QVG5N@]'-'BEHP]4H*0$*CI`2FI4&%R,Z+2[S:$&JR. MDDM*@N+4NR8%ND1C$V3/+=@)\6H4:([:?TFXO>A],7O@.0#LEXU2*ZN))H#LZ2('/3S*.&Z@_5LAJ1*&6MR4@GRN68,! MA3&M;0-,8\_@>/$0FM[]`F,&V/_4LJM M#R-=RTA^%$T-0S,KD#5A$"3:\V_$[\D*1I)1@]X9Z4F8NR,L-'($K$O2KTI1 M>,F=?667QAQJDGI:!Z%;?/)T(C)0)K=R8-O2G.WG,B#+%NTTG_M5&!SCS=@- M%ZXD(X5+28W4L1NX1+54A$"]L@:^7=RJ6(I[S>A%V$-(?HI8\BV@/V:DK5*X M(U`RJ!AQMB2]TT@D)6YB`T1@J,%XZN3(-1"$O3M[%#42YW!,;M/E5;.@K4M8 MXLJ6]6"SL]&+>2\T^HD#4?&>?+1*,QWP2(__PEO;G0P0MONC M&S78V]UK&X9DW-[A9V56$0$_E]+F<+1WVYN2G029A.Y6IL`IK,=UE:UED?U% MAZS'=Y1[>80A(M;V-2"?&[#NW0:K;[T#ME"UD-G*\-D3AIF8<6H;69RL45;Y MW5=PO$G:O.8TA!%5?*>@0CU)0>)ALU#!J3*,R:3*S%')-D*OH=0`E!@^<=#H M)K\NMP7S3GOC5$T=K'\62JZ,V-^D)6ACX03F:([><>J;J#T&C6F,(4$A)A4: M4"'6&!M5!C8:@9QZ)WXYC8?CU*K8P/F_&MX1EG]NW=V&/3JKWLT.YC8_9N3Z MW#:VF0;;5,JEU&1.]H1-#;4%\C:LI,7`K!19YL2K.P4F:"&LAC1R1_/)/EPG M9E98G05[-<6#6Q4.F*]:X$IN?1YC/R!5VK;E7995178\%=BCC8Z=I95;#*Z! MLZ(\&)XJM=[G>CA=5\MVS9K.9]S@=(S]+):BZ]A)75QDCSY]4,\<,_C$IB.J MT'X])'.5SZ=YS_S`;9D@H*RR'Q&KQ(TL,UT,)&39<,:*W4UA_0142=`7\/L- M8IYQ:2G7PR(N"F5`HV<5B!YE\RDH[`#Q$5?!36Z!^;C5_&KJ7<'[-&.",YY( M:[5L4D/)4+V/=+@G?I;8@S_[3E+[+)=-IHM`>S"6&CM07FZEJ,5-X8L;[4MS MHD4CGI!9UB'7=^00EPP![F(:4'LT2&B8?7F?;[U`2GC,\PUP8#W0:HQW$!+42=J8 M]*8+[C`IZ[<($QH+]2JWNMT@3[=1]YD6U:(.)<69E#12*^H2E`7\O98<3.MM M]XB"*ES>,X6Z?2@4+I:%)W15;FP5G0`&!%^`'Y5;"IZ]R2T*HIL(1*(IBK<4AB+B.G;)%7],,JD%N7(N*=1GQ!DFTJ,[2\33$ MFZME"Y:V!H6]HH"F2^4R1JRH`=:` M`@P,4W58\-)>WXI:4"Q,8H'O/N$TP8$(IT1&)<=I8%%,PEN!#PH[?GJL02E: M.26>UB4A)U=V&UM[5*>PYZBW#UX;\<6B*5T9P-V5SO!\A[R0]>"*2E54&FXSEK#8:^-B;Y18I-=N7SE7;.GJC)R1$?H3J@NN':Z(Z4X M/2S]YA3!K=HI?-8$%Z$"([<=T:B$6,!,"RI88@ZD'7W(^$ M244+W4Y4]C)?<#8(X$8.@V9^YMYS)!;;ZF'+3)GWZI)X`TM",;)0FVB=_K4V M@-]Z9_&M'6P@W*Y[ND[CKA?5YM$'Q:^5MR;G M@"Y\PGJ`YJ@M<2P8-4B4M(-&HP!/=6*.845<>]O&S^XXG_9R..?TL/5XQ$G^ M^SO(8H=Y9F5=@393':C;6,F'ECD=1[%Q&NF,23P\2*LSK5Q?-@ASNWHR4,X($/3HP)6&`S69)$&4$';JUW`-HL M9U68A4V),?08CJ9\X(2]L5@6QY;<8)^^GB*;7/:^4`EH!_WKRBZJTYP M#97%!8VMUH557G7>DQCR"R0Q05RT5+*4MIX!=QXU^^4S`^1P.X=;8QL5(H8K"LI=#0^>Q_X$#4^?'7$U`BQEL-6Z7U=/%^MXCB(9* MS1])?8"F55LU/SD>8AAQ`1_?%%!^61E%W'UT\L6[=CV1L'':M\KTA';.L4GJF0?$A!Q5(H,/Y ML7Y=J=$61&.QZ182/0&'?2C$'[TFGKZ96I`)_>E(#HLRCKS&ZDO.-S(B6[\C MO='W$XW!;-/E?<'OEB@WZ2<68%ARFUMI@0-KM"71#KIU\7>S6[+'PTT@/ MB1A;MVI,2%4E?!"#RM$!Q[9XQ]DF MZI/A]H**RG66L`*TWGD'#\?`G<'5O+W#2`5G!7E_R)%+7-5>9IXLK4:K>%JP M+'/V3'(1#L-OKOA:7\KD\1I7@.6ZO!X!UNA\$-T4>TZQ<:L]C3^'3UB588%3 MW0BSM`4S*R[$2)=6HHZ"!#,=D)#&+1T2[X+A?HZJ[T0@N2R@-0]2%NQ)H/FU MRIVR3Y'^;6UB8[]01 M%W3K"SP5YSCT,\[UN0#"RXB:WF"$,H-?X%.WT/JY$`O]]#;#RJYPHI_3ZUUI MA8B1P`2O>?^`DO..@^]@(B=\B#AK#A-@1Z/@"9H>1@AC,@JB(:AL3^#/.(4_ M^`3(7'/Y:%>,FS^FGVB:JEY2MY?QD![X.KW\FG.)=2\Q=1(/1W/J),$O,6<1 M_JBPN#CI3V5]R&:-CQ$0]`DBP8?3.(*.J<=H.,4_R3#"/SIE?O9WT7)RS."I MN/,(=A1!HZ#_4-LI+5$=QT$(T;OI0H)Y7%H"I5L?<.%B^TW7X)@MH5X3`VW#167AOM3A_]*(8X;$M M,"JN=I18$>]HGOR(,=YO*+@;NY+DQ%HS+%+]**]B@9HH[Q=)"I'IGD91T\0#4D`W2,"1Q#.FY_RR7Q9$(,&3#O M)=ZFW^O;5,NU=*&1OO72$1+:II^L?8]S@,*].!_=2SMLJ!H(\&K%I>\VE0)> MXGJK%8.VZ]0&,Y#:X!J+EW-]"RQ#H`'(@N)%!!B\/WM]K`KD=`Y$9.G"]MF& M**,#\8<-0%XV*:Y80\FJ#2MK:`UV)E.KV7#D/];+0I4%V89?/%+V([9__FFW ML0R@??I8W9"U:Q.^J&+U#=2#C&Q(:BQ)3N] MQ?!#F\0=P52#LDM[TNU=_8REQ/.N74-_A>Q)QY%P M5A;G>?C0M9YZT,+:=PK+S.H\-LKWCMK)'S0P*YC6XTOHQ3(-";$0T:8_!HC1`)JPV1IX*YE4H5>B72 MP^`-D.\Q:D*-$U)N+.,P#$0+`A]8$#@&B7JA5Z7=7.=AT%-KM]@WO,>TUP-E MVO.3#\S4MI/OYQU/FP90,:+5P5__\K^[LCQ(7>PG`H8)&R3A;(;`B@_OA$H1 M4R.(7Y827F\8SQ*[L1<:%Y(#I,)91,":<9B.IGMZ_>'W/]8(F9:`\IN.(@?R M\;6!?,2GH.$H)K!)!$`[UI6I'K+.5'AK2A"J,(_IC&&-8:3S1,*[9F$D&)0X M<,$%;!UXX@2Z*CF=T$!5N2)GE&UER^2(*>\?U&R/^C1$_L+U.X.@'(4K_EV/"6`EP+IQJ2KCQW7QX M'*8,<)P">QT?PH=G,;#"=-;+A.,P3ACG-TS3Z/%L&&<2C=1,YO.Q@,&'L[$P M98RZG"9_9ZS8UA(YNIJ*&W3*VENGI,G^"M`>/66/R1QIE MKAFA?VP/"-H>LGWN1QI83XN:#?DJ8-AG=Z]O[BD7S+#)\'&G61>5.+.*2K`5 MYU27[DP[FE8GJ8FH+V>+0@3EO$CDT7ZG(X8A3^55%95V_^7SU,4I/EC%*11D MS1NGP.=@$H[F6? M#7F62U6J#37I?+GA$L-6V88C#=`EN9L-`ZR5J`2;@V%XZ%BXQ&?@#A5X6^D5 MSMC[5EK__OG57V&"&AJR9Z8&F^*K3)5U+P^+^Z+M],?&_OW,^C]J@WMF.!I^ M71K>'Q-1B%`BK$R-W2`5D=O.-SN25!5>*C1GO!7D65_H.T,A1A!P611;^'R$;S2W%[Q!@ MHP,0EZ@KW`X[F?>VK!G<>`%R"RITE!EIZVNU'1XV#%X[-!U<5N@E)$^72BED M>!1%QH7:6C*1FX[9SLE(/5:,WI1:A4@MI#3<$6D M1!Q)F(XH9]5%VS@TTP)-HECZ9Q0Z=6;%TK?"-4U,)ZR"_20H4;R<9XAV'@87 M5G3^!^63Z4%MZAB`@V.@=B,>C6;!^_6FN-S5(*!MKD_(&0[R-S(-5-%66*[` M>0R_XHH$V9JT?PL5SJ2CL"/E$_ZJL1&4W$ZIUJRV"V12"(MP52S(BZ+2#9S* MUU)%5+55U0U>V<#@XF#CT/Z*H6[@,8*'A2]NW12)SCLB%*"$VDFG5>',51^R M3D@.V<:H]KYC53;C(ML8([[@[%Y&:2#XV6NDXBV1S\Q"-;.@U'6"T+X^&V@, MF$RFDS[T'ADT"0,<0=76Y:QY,DM"U$VI]-UC%1;H-@/I4;; M,Y@8!P/7O="4\R3%VF#<#IR4DU(5IF4]48QF!F>*>!0';])H*-:"7:/H[%'7 MM2!6,Y#ZD,:U]$*\-U5CB?(X!/K`T+)+)]OD5)5 M7#!CKFC0BV'PP5FRI:QKU_ZZ-Y)&C.Q,65*YST09BHM)'TAV7#_-2^#?2N(1 M39B3G3JI5U6$L+^G2A",M;ZT'-.-6&O&[>H:/F=3T1T_M@XU7?'3X<0@=3[4 MG=J4"7[]T<_MX9^UAVZ5R4`06CC+2%1614%G1Z5,O)04$3C6 MB3ODZ/$C;BXXGQ7H(FUV,?IZB^($->@$&6R22/J$ MZSIJ7F+"*W0`GM3Z9?O9KJZ-B4F5H\;2`LPD+O.5H%Q2O-@6`XG185X1@OP+ M%<#\J403(J/P4MXAXY$%]T6^6C*;T@'J5E'TQFORM$>9M''M6GMEJBWQ17R5 M$8<0U!T4XJ]PCQH)!^1"<0:F@^D^JNP`&A!J(F([E4@,"?]##*!:KT8C924# MEKVF"'?%@W>5LXD4^N_?1E5XGK9DC39,40DS8RS84-1W)H-,X"N,Y ME3H$58MBKJG$W#"=!">8>@T:6:H;72**!%;?19MW/!].XU;[SI+$IO0P#HR)HA(PT-!G]>LRA3B?P`$8QY_>&R*V% M)+X]&4X-4^VL&<'XG\UA6X?'X'(=OBJLC-LQ8A(8*LDX2U5.PIGAP2`1,CT; M:+RYDP\?==)IB2%,;=\J$^JG17P:BJW*Q4A`BHYV3;8%"\M$(#T,@Q](1R!O M*U$)R85-4:U#*)1#@+Q-#QFCLQU\-81])-1IG,2:+"P*\913F"57B4G!B19V MB=&$UYKNAISL/XK#X!RA[;8!LGG6KSW`U3=%?H6M+G8LD;*Z&UJC5=-`VAA; M%,4C=N826]8?9UY&Q&$OG,ZC&UEPU7)W:\.)-2MY&=8A7^4J!K7NL9_>9O=U MLVH)&PE%SI)VN4^5HL8*(XIF[`$F^<#&N%TVRR%SJ",'=I*[446G*C)RE$5> M9Q9"%",'&H^PH-=UL=FPG\&!,)P&@]V&\A3>5GH?$?.KP#L6X?&*O#IN3.ZV M#:4KP9V4M\]"4*Z1,-$J"&=L;0#\=$M&]VH5IM/7,Z<;8H4FJ4358]@&-.W&4WHA"JK8FQB_J32$49%UV#)W+4 M>,O=;L9`YEH&:@/L3,#^.).=0G1NXRMK@):E6'98%U59 MM\INAO^0I>,GF9J8B#X)IH+>Y1GZ`\2KC877E"T-(>1X9*)5AV0%P'UANF?# MBX&A9%F8`2B#@4KS7N;9EH`6X-"*M?H8>Y0STZ>6V,[LFK=0T2"K%AE%?\#K MT%8)UQI%VI.-RL[Y[R49D36V1@^B)0MMI8&A_5HV177_&**0#8-?J?!RUJ4+ ML-4IBI^H^EQ66H](0TAN3JPYJWTDIBIT3Q4/?*=D706)Z]7GE&L@'HY'!'\. MZSET)79_]03(. MTVDJX2+SZ3!)N(,M%6[((`^9Z@!R;DZ-X:, MGDNQXZG!.=Y_[)V3+>F^"\5N8F==-"]!=T=Q;SJ!_EUKQ7^9FRG\^[Z::G,W MP=9;YJZ'WC9MB`^#E4W@01T<';WPP*W&$^+GYRU^?O[5^7D'Z7\E=CX?"SN? M3#$/7G%S^'H\QO#"28IYY8J38W[[9!8'O`(6)X_&X8RBTB?SX7RTAY//IF%$ M1:KQX=CA@>=?F0?:YMTOXH'G7YT'8BUEYH%-AS%0Y;K8FH0B'5VU\``7]3Y\ M&%!1?Q-D/?E(FBZ"ERFC:#LT!G'@,,3Q=G>Y*A:H4+,PR(#G"'S_/CC*U!\57+WW0T:M*CZFUU8K=^#?H>'Y/+> MSA"GPB\">4L#IJ']^*J-;,UV#P,>**[`EN[=NYL#[3K4@#SFDI0H#S*FHF-H M:T=W!;QJBVQ7]Z-K\SAS`[!0L^NW@7ZME53'_J0C])V@!JF\+B@XC*VW7N?+ M@E6&6Q0D=*UL=3.;L0S9%%Y2W2-<6Q6BH4NB-*F&L`,5K&)V=05WILD=Q!<6 M-\5J6>4TU#8U#CRFL)]P&;.U\QUV\RJ[7YF(E#]DJZ*&#\=#=>R5!4I-";:U M)GO7SZP9\A3#AQ("01["[-=D^JF]\Z`;^BI;(QX9#K7=A6I%KQ7TR5$PR*CE M5=4%UL*QB$)JEMJYSBRPZ%VC*JAL:2(!QK?4Q<9`E8@=!UK!V#W"32*VH35: M/F&'[4[?YJ"P@51YF=]DJRNG]4;Q9Z?\B%5I)--R2IU;:\*(7D[!^E`*OZ`E MC,M)8<"#$D/A."_RG%U[B-*@V'_KGE@XI=Q>J;K/#;:N4L!+5=U*1F@@2%5@ M`2VTE%S>Y'>-`F72S4=]!`EN0C#[Q3B8561I5T!9B!(A`9MV(37D'7B9DJVR M5@4V,O&HN"P%=\PT3L>4W-JH4L)0&4;>7C':%+5D3M"GIW5ET]3R9;G*-?RK MN]X-AV43;]][_W&F!MI0C,.A*K9H-Z4Z*K>.&5KY!W9JF0I3GEMX6@/?T;'@ M6Z"WJH:<(V((3R%SM2SOW8 M$+B-:LKFK]Q*5M&E2%C.L\O8QK,GA\DBPS;ZL$VR*'PP!K-22\D\751&6J%S M0U%XJY4&59`RF<&`%5$ZJ$HWA"BW(#KR4E9FQ*:Q13,8:20XC6C!7 M0CBZIV/<\++.54"8&HYX]YN"[Y[=%P',@LK$^FK,W_#L8Y!'E;,=E@1@B1"2!- MEW6#0!,?O%`#7B:7GHZ52\KWHU$8N%(C^][ZT;M-`2:C^L$?>P0JC8DIFR6;A+G)*47R&=9?$>W7!/$?!^W`=N-VVQ)#I!56$ MN22*`*UTJY2G7C-*(WXS(02Z_4-HKTEC%=X`O[@VX=`&DK.B!DVX?4&E\$@. M*$$1H+X@N!;CQ%!HGL+(_[_`?UYCA+'J7 MV*89%.V*$:(8F'<)?*="40&-2@L0'+X'^>N3W(@5EYG11T6 MB0@[6&9K-$)PR&QH+A4IA+9`:P7?GWJNH<1G;IG)E5LIOB0H*ADE1N#RP]0( M8F6KRE=;X?WJ;NRJ-F8%_2.)R'R@4T3)X0PY>R^MQ^T-[04\#'DL4X:*]R1Z MV"VI$;CEB$P^@S0V.ZBQ+E1FG=XPYU/2RJ'0#+8_O+-==UH@N]`5Q#;#_4]T MFX>"S^O5T_HV6^3_]`W=<=6G_!M?"R`]%0N-%V9)1@HDN!6(U_*B6?Q!6(ME M"U1$9"(#%2;`,'A>K"B\X-?KG2S\I`%B5]BY@6PRI\+5;3YXOU<7VZKS2K>H/=A1W/TNHN1#=/B';.T`1!M+K"#($7*DY;U]>&Z\+*W+4) M](.6&*`3]M"T)ZI2$WK#7G1!"PKSP5.PVRH[BUY_A!P^='M\=@JB%PKJU'B] ML@G+!^T`,2M=U-%':VT7HVM<[IU42XR45!K;<+Y9?H>U#U52P8'!1;P$5CT! MXV$IKDZ,P,#1Q2H;@XQ#9F0LH131X!U0-EV]9'3\55GT4Q.,P'F/QLS@*QTGB*UCT&J0?/D:61D-C9$9=@!@9IWQ]P`B?YYN22HK` M&"F5_9*&.8G"R6@2II-Q,!ECL2L8\S28Q.$XFH=Q%-&W()%.YDGPPL#HJ2-C MQ6=-I_,PF!HF,'3H`)H:1SU#4?2%WX!T*.3R6_ M!UIWQ2;2QZ<;-OQNMFWA&4I2A!,RUS%[O4K:%'KXHK-B?\\L.G&BZ+9Q0 M;>T@_GI0"9/9?,`A%,0YG<0*?QLDL3.(Y?C>?A,EL2M\A)TC16]V_ MWWONH]DT@C,?M_XV15K+YVV)=@15A$-[@9&3V2B0SF(-60AJ)"!D5V8D@_9W.(%E&&MF1JQK%XVWJ^5 M1T-RCHJT5U7/"\FEEDNY=K*3,%A'#>5'Y2&K;;`KNW3.QY;%U@W(\\&+%$[) MZE:A#KZL=80:!( M')-LH)XRN)GOD4!$\M%!"?H1&AMY?,W@K,P!Q+N'+5NMV![T!DM$![%BG]9> MWA3`,*K%C7@7K+E#(WARM42DDG[84J)BR4VVOFNA,0!2)4?1P[:)]H#6ZDO4 M/8DY\T:)1EQL0!5P6E(E83BIJUE1JSZ,%@DY`Z6N"G:>`K<8AM[L3:,,L&7I MH;+$O!(ZF\+!3;E#Z\;&"5!$VX\R/%LJKEU2Y]O:]Y:RMU@D^6WMNK#).ZF, M5\NX4>+^\Y[`FM?96QHPJ'V`)6O:AO2$( M:PFC*38^>JMM@HOZ">YE-QM]`!,-$=,=/<5\0)<.]D.C'0/Q!719%\E;$WOLK\7,I;[ZWVA#A:@"8?6B*O@Z_6?>33>TYD M?8.,@0MD6>D:<'IQ4Y'%L_\VP+Q*E#IRA:7OU!+-=)D^B9,!S7;EF-!!3D!A MF//)R]M;2L96:B59HQW@32FVL1^Q38=G=\/NG3F>#6U^JC!\=.=:[94Y M#UV:;*4!H3PS/FT4D*S9Z;C5]L@/QF`[8`(OM3QFBT!G1AY3+#K;6.<:SP3J M$1_4=DF4E^"AV&X@#OK2)R#^U3XK%TE*3TV1(T[0W>\ MTHDN/KQJ^K^!/KXC=XDBYO:6.>X4K%C=_@W/H]U_@>N?$G1$.I6*WMKUM-)RF3QIUD"A*?;G,=92_LX:'K@-RU.T6YK]E4"-N M@6PHC:*LVL,IL<_6\&1$A5Q53%7JRD#7(5Q/>5US.=$"VED(6AT:<9K%&$G' M*R_)WB0V$!G"?E7,%!PT'EQY:\?Q+BHA?MNXX6UMN"/D!8."&"^;+/*JG5YB M]/!K6%HO^RF#JUU%7`29#8S+Z/BUAJN&651U$\W;JM)"]S_RK0XC!`43*C6Q MJ075B'G-J0O=I9?K1Q\YMG'5@J];/[5,47A1WBNS@I._T/W+.V<,")`?1W&8 M3"+^'(_#Z71*GT=Q&J:CE#^G$X(U]JB$Y"UP)T:Z.A8,RU4Q*S_$2+%ILBAE M,3G=4`H`*M71$^45(N,>OVY;7B20ENTN:NT=P.* MW%$"4K\YZ56TD*(@*4 MJ[3/KEO5FN=_\,6JHRX2 M"U2Q?6GB-[WQ$NC3;01@Z("%F=6T=0T\`)3QT")=1'W'CWV;(/!#D=]"Q[59]>_(Z+"PJ\`1=O^!6659 M@]OZ/8748F?E>OKUC&=!)E.:19+8CLUJ\U_ MLXZ:67"(:DW%3_!#$LXG4_F4.#T+T8%*V/X1(^_#/3:B:BCC<$S?F/)SWK(. M21B-Q_+?B-R1_%\\`8K7J`RTO4,_,F.D>@%PO6HCQF2LON61XK?SF?IN,L4G M3RWSJ+#VA:%UXT+&NJLI%QI(Q_0'4\+A&_RG2]-<*T8/:1*.QVH@+XI#(%.V7R.YSN-)TC*\63"!VR:C/8?L&DXQ_17^N\X M3.;JOX\\8#PXHNJQPM2/0J1THMZ8"B5-U0GCRA^''JLT@$.`18T9E(%F22O@ M$B\N]7@RE_,43Z<*V7\^FLF.I..8-FY,B<+3<#8;]Q?*:.\"XHX^\/YZ"BH$ M*($@_(`D"Z_S"5%GM-ZW4Z<4"9*C87Z#<<+Y&I?GH"I`;W2IP@,(_:FIKJD* MNW;9CD]ZZLL[V M=D6[!:UWB/_.,Z:=%ZM\'Q2[?KC1D1,+TBWG^PM'FA'[ETBLJ+>:E*EG, M'C+V)^BM(9B/0\5Y:$TLEQO69Y0GQ,;911-R-&DB_4:1951N0JN2%3V>6,BZ M]$YB0Y@W<6V%%K;99](/'S$+,@8=C6QC-_8ZLU#Q?&"ZAAC-I,*>BO6FUWF$'A.QNY)U%LU77[&#:`:J0"KBHZ889;+@^@$& MCCJ98D!GD`+#`F'LP)=NJV+-AFT#+92)$Q%Y-%PE/!$RZY"K$C-IRCM:9#^3$.AY^+][[3S<+[7L,D M!L[,^J/\[>'EO?V_W@0O\\M*X51*.K_Q\EHO7F!$))4@>%9BT-'@Y>G%LV.% M1W5Z\0/<#4-JY`2A2?_ZEW\_5;"8M8'0L+?B5"ST?_W+_Q%?2RU],)))K>-Q MKW?P#CGTX3(K%BHH7**OW-W])#2VRJ\QP%)@$NRP*54ZWFRX>LIULA2UE2^; M2Z"1L%49B"$I>/@4J:`U!9P+1=' MT0XO'!7AU[(7F\"0W(.D\(CT.-G%P\GES5=H$%B4H[7(")IV#[?>5CR>9`'! MZ2CG=&M>5VHZATYBTMY:";BG@XY![07=DU6^K4HCK06,E)L%"V-I4L#ZQLB4 M&;^5&MY2H4M\(<-A0MW6FM;3Q%!=(2VL2B,)BE&;^3%]48W M2[:]21),H@-*JV*V+FB<3(=HZEO.C8%W3V4H48S)LNL'DHXHO'JXM,-@.G"UA'A M'ZR!685@W/.H%)2]`JR+()ZHG)W/ZHA30]Y01=\R.-Y!7]S6@TN%M^K*J5W& M,?H%_$>\\H!RP#UQ%YZ.GNH3PUO-6SZ>Q?H$Q.%HC(0\&TV$D+$B[`B(*=+5 MJ-OC1P/89#8A0^!L0!E8YB*[:R)*A[PJ.8U6CW=)Y'(_'3[`&5UFU[IT;J=I: MM%?*%@U;D&*D6%6H\JR7&)I1DL"L('.UA_6.Q.DHR?! M][`&:UQ@.+<7:'C)>U_V\>\4B]C:VX6FJ'Q3X"_>?:;OU4[C/_;O-3[U$VJ" M"/-%BUO35VKS@^F\!8G!ANZWE'QN%]"^('!?LJ[:4=XFU,6(79Z8DDL*TO>_ MJ']6GNA:QP9[Q5`GP,;),='U.%Q/C1+D]@"C\&NYQDWK0FGQL!,#+B53\8]6 M5[>[E)P%*U#H@%BD!QP"G8QK>?CI9?MTA*TCP,S!0]T<^DN@!5H#:1.\%2K_ MS+=(M0UYX,`3=*VU\>/:2VVCM?:NV%"+T-8227CZ4V5,5K?99`3_'[-,E\Y& MX1SN23MX:8F"'1BG,YR>[5;&9!#=(;$ M832?BAC@*N36CK+.`TG\S08PR1`RM5RQ,(*[B]56"Y*'@E,9CH/QF.* MS2$I`-Z=CZ9*(H"YCIW\$09`MM<3"824P6*CQ:YV/.MH-"%QB&21#%H/ZPTP<>YA#GX%_#0(5.8*X4LF,$?V@ M0P)1Q$"\HSDMH\K!-D$8MMDJ1^"O3>88XQ>F4BHJ9B`IAR-H,\(VTUGP\>S] MMTXP/7>0CG'+@Q2CT<8"`&+/H)]?8M(9-#^5@*T("&F2X,H\;Y9Q,CBCA2NX MTKDSN"/H]NWM,IDF89+,X>^$$.5?/VBX2`]C"M<>3V%]1LE7,Q>(71<[F'*%.E:!U8#P&<@6V,<+8'XHG9'7&C)&!:(\0J"1.:5Q)&-%((QAJ3#@D MT6@&W\W=:`45O*1M#0.*UL-#G/)G"Z<&Y@W-IA2`/PF!#V%'J7P`'C^.I[VP M-G#2*#DSH?@]S-FD-^'P)&2+B*?A"!B;#FKP'#7M*'?N+Q38SE^1$:QUE/&> M@HML!GPC8KP9TBSMMZ^Z#NP@F8D%B-CGG,[>8$ZQ6R:(XM#3=,00BPE_F$Q3 M,K_0Q4,+BD8@KZ2QYZAA5+<1T9Z:TT$7ZOIK$3]]9`F_%9_390MX@#3N,P@\0IA'+WSHA)6H)[3_ MQ]T[0;SH#DE2QOC^54;'FE&V_#I-C]J^3T/I&IRH#+7DY-D3M$J!<':0$[UK M=W$&9Z&Z#\[@TOJYI66@^^:)`!W%5/3+*@#2-/YG<8+HC*K'VDT)(# MY-(S,KK);77YIYP>V,)9>55A6O0`>+T:VMML<5IM;W:5-6[\S09:;X0;T,J* M00.Z>K_8EE*^,;%THM,M5HYY@G]]Q\*UM]I;TT\OCWV/SR`*/4];\>5N%IF1 MP.$S<*YIS!;'T7P,AW_FT3]-MIF1V2.$5`,>@;?*:):&\]X4KQE$R7B)%.X(A!$CE@]#M(V:!IV5)N#Q[*,=BX` M!6)A`CH!Z/IC/D\'0\N\!,AJC'5PI_V)<`M;53[WZ-=DT/!LHJX)9*,3NJX. M%A@$O_L!8OT0B!SS%'R]PO1W"WMI%&]N]?Y%W@UAC^P>9/V3T@SM^8JWI?-T MMJ.'NI(BNJ[$CA=Z7:LH;`I!6(D?77S3=Y-NO"T(]X7US_,UK4@G+S[#0VL-I\`1B5]SE?,#8L^4DI/ZVK.#!66E)(P0 M3WJ$_&9"P(O$.R9L/AF1TK2,WIO3]8(_*%3T@.WK'M3F MD3NK$=:-4-N_OS%=!G3EI?$!K>$^@H:)65F@VY(Z!E?E+$XER!MD]B]=ZP<' MY?[G6.D444LYA68Z.G"EX?!-)I@#!YK,)&6-=Q[SA0\[-DY;#@P#P.O-![*E MU6YA&,0Z/KD^#FAD\5H%JC@N_]P[!&\ZG()!>^C@NAL3AO-H4CJ0:`X&W/5@ MZ7[4X7F#;7EL\$([*.\IMLUX`0.5^7_`7<>8OME3K64%QZZF!2B_)">\1:9PPJ;M4YH.J^;MO[&4O3I M=!0UP85G:L*/0X=<@[)=P[T[72%MUN1,%UH_U(50,&OXZR6`L&NXWZH M(H#&2@\9UEKYP`1Z:5?A=ULK^+@3/IZT3R[TGIO*6_S`I!T';@&HD3]-8!6M MW))=UH&K#BR2D,/P&C&(V<9N>(2ORTEU)P6&-.Y75=;DHQ&=R MN1U:*QI\O+_-K>B"=Z48,26&Z^(NNPW.<>AG##9TP=`^T/*;$@XJ&Y/QJ5MH M_9R#9?FGMP+5P25H.Z7_IX(EDIMP\\&;U\_>GQ\'W\%$3JZ*S\CV<1RDIX*0 M^`1OO]&(2LY$0SC;3^#/.(4_^$0\!&V1/]HA^_/']!--4]5+ZO8R'M(#7Z>7 M7W,NL>XEID[BX6A.G23XY1BK^3[1]9[CI%_C?,AFC8\QQ.()QCN&TSB"CJG' M:#C%/\DPPC_:LC7[NV@Y.>9P%-QY=!Y&T.ALS&VGM%SI#/YH!0U6+-*6"3J- M9"[(X8C2X;4PA35J:*F*K&&7&N+XJJCPY$J!+0HJD/;*37Y"@DM`HP[@.E_F MGVU=7Y]WE6>$7(2N*H8II9<)]90LFK`P&T0S7BE<9:5 M58)0!^*SE537F*.;60.D46TR8E8]$=RZYH->%,+[Q>BJ!O_D@DC,U8XP6$_E M!J*$_#&OUL1ZQ!CCH*/12UBE$5G3`F&O,*;K$QXHL4]@.:L-5WW!$_@$!Q$- MYZ,G02B@3\3;F[<\(A,26CH7PQ)TL;4!:!54,CR('QE1REY:/3!:]Z)V-\.! MS]?;UK`VP.JR5$%+1!.447:GQ`WI%'6,IX-,]"U]'S1`-203.H;FYR$= MM[_EDGBBS]JUDDS!"#]>]]>("3X(+DA=P=`D!RI72NXY-^7$T<9^]IJ"F,UP M!R^TN/`!G6$8@/>F-#D1[>9\F?0$,:4STMLM]@WO,>UU>O$?Y-Y_;DE8I/?8 MLA)11,[@)BCNU$\#5TXTJ5984Z,K=Q\9?G_>/MOC!YSB?_R(3D@TC@3_8SH7 MH]N4@GB./;Y"?I0A(PA""%/^^SNFK/U9#(PIG3E.T$9B_X`1)"@&.R6H'140 M_9"5EIE$(S63^5R0>AA8@J?*T`#'HJR)&Z[EAB*^T,`5(&FZ8"Q.1UK.!)4! ML^Q63#J<`GB'B*,MQ`9\?ZF1'1#&\[_9,>R)L^GYZ;_%442?7
'"`#+O*;-22LFD[X+K@F/L2*3!3%9.[T8'> MU9<#`KNWMR:210-5AR6HSOE:TBA9_*PQ^8O"/&@E'N"C&CHPK=TMZKWS120_ M[S34>$IR/.4`9OL`/(Z+[$?PEN("W@H$[B8;P%($DE8)&%0OW9%A$.6`T6#2"&BS<,(L05;R;)D M)^6:[4[1R2X;XX5E6'5>.+4*!ES>!_9S'UC7#DZIH,RAN;M=/852%?G]K20? MBF7T?G\*;P?&J$1,W7.F"/,,U>:!KA!?M9)WNFJB#-54"SL5_??%Y[Q:%'`) M4A60]N_G&C]$H2F@5D=*^P#(!?/K46I1.KC;7!V\MXM9;EN0G6D5>J8CD?3*$?H26I`G$PT;CT\0'3 MXK\J<5@CE"+`/,(6,;S">LUL&;9NC3U['*<)A9)C('`\!!'F1UZ7`9:6FZ8B MLLRG0^`XU`'\EH["&$@@BN(A7#4OR^HJ)Z`D5#N('T739`B,KG_[TQ04DQEU MG`Q3CIAZ9J?M&'N00I>VBS*I>MYDPL@8K`N>@#6[1O0F]B?(@6@7@FW42!?$ M$@+\44A7A^-8H6CU2UZ5AU'<>8[I`0NV<6#G7T9PYU^=X.P!?GUZFX^%WB93 M-/L-+":_#1_>7U$MM,I M6%LHDA>F#,)`^&/K%!BPRS^^)8M%KS[>!7_9K]&;1"*8".*`H!$7O?LWN\T2 MJ![HM36NZ7PX&CWQSK&!%-HU;DS9Z&BAZ6FW4BX+Q#=&L%F\X/>< MVLDP;4^D03JA\D-:HVBW$Z5"T:)Z\,?G)0:$_:OYS;EL\CP,WF4@0>KGCH+OU&P(&:?`?.`C1K0J=S7T MCMC%V__O_\6OWG)B6&L#HMB1FYH_@Q@UU)+7#Q?/@\'1,3;9]UPBSQW:EO]> M\;5H9NQ_YWF^&&J_0\K;FV87.V%]VJW$Z^Y9D)3O3$B^O>DZ#QGN\E+ MDP_YTB<3#DB7QEC!C6H?2-[QG@A@J:!-];5 M'4Y-?2R[=LLC&CRPI39KEJQ4"GK]("4P4!$MEJ)RBF;J2)]J!)WHY,W(Y=!V M)65;FP`H'*I]`Z,$\<'O*P,!JKHK2WGO7 MCOC_CZ)VV^[HD'K8`9;7C9L0DL7"S4GJ80Y`:EQ4@O53GV2&,WY?,;'*OQV. M8HP(%^6JU4*"P6^MJUZU6[KMPHJ3*HTJ::CLZ<[A4,?G40V:I*G#&NTZ;G[! MM.4U=13='BW&(QNZ[]+IOJ\Q_^99=J^OQN9+/RK/=Y/K&*;CX2TV,?R;==NV MN,"'5\+"]A_]_SBV]U[5/#.#<0<08N`%XVM*L_:!_;>.R:N`4SK4XH.P+H;. MZ88%V]+!XZ-+%P(3M"4M@>.,% MJ;'&S/1O@4\"FX]]&LB9C=M>$-^]1O$I1&-5W1KJGL=#2PF_\`GK7GM:UR3G MJ>^`N_#YCCRMV2E]ZV'*D;?%@PU_3M>MI;&KQW1-:>SE678ZVH72*3XPL*9< M,[#6G1:FWA4ZC.-._.-JUKGIG)973?=4`^EL(!F.VPTD7DL7*L=8E<9C1NB> M8)0,IYZFKJXP]>:9,CYV\N=\VV`;'[!F-R(-,Z6Q1?-[VZ*I&CWTOG4HF1!V MR;[:)F+ZS2`2662/<$(A6^V6/6N1^N2*9P@J@G`ESCB$YG0/KSD0%./LT-A, MI40,_Q7KQ;ZK(%]:')3$0J#U19XO_?R:%!I+:+)MR`>M^)MRFB0S:TZH[7_<4BNZV@C4*-73^K0FN>D%6[(&/7SUVO.T48 M_3]VO=I7:U-N"N*Q7#$058?6EGV=^HRMZZ>C0F/[B+7+^AWPC$^L;);H\[$6 M3WV^WM[L\GR'/MAZ#I8`Q/L%\#60[*O[3MI7=++O.28)BKHN,?SV][NJJ)=% MO\[[L&)_70?O68?M2M4Z0#V2`[U?;X)_\8F5R<@O;K[0(+RJB)V+3=I\G@"? MMC<@`?ARQ@R>3]=ZV%#SNJQ;SXJW:[UU/JP+P'4]T:SW=L@8.ZK'=;W:V%^K MC%;GS6N;5QS;C'%`?QE1[:DQY^3BN_XN6ZUU+:\GP0N,\K^WOSGLJK`M99NV MF>5O5M6K[0MZ8#DN_T9VQ)0?5I2K18@'5;C:0X./K<9UN,5C7_W#L%7KS._^ M>UA!+__;CZGBY6GI2XMXM9KTE@3R794/0/OWV.Y^G=)=W?SGP6/\JJQ+Q##M MQ3]^A.@J9+UFLBXLLK8JS=BX*199R_+5.CZL6]15992:WW^=:F)^,;!1T5L=&'U[3J:5`?GDUK2ZJ^)K%M7J&?6"9 M*>L,N9IER.#`#[[SWV:5]DJV4.E5Z9_NL\-=[]QU;D#H9]Q*R\#C+5'54X;J M(TNE-/D;.NV44=S2P"%_N.7_]R MUGNA,)2;R\H\V15P'JN"=1D%@W\+.BR)>RVT#="FYO.;HNW5:K5A9UC#W?RC MPN8F#/EGOBN=X*_WMLN&$0-3[S38(+XJKB7>OC=ZEV0,R\-)T0,*\0RS MY25"T".CZ91O>==U!'6LV\2P0^(-76ZN"E`@%6T8$-]X06TH?RR MOA4-6ZFL9#?ZA>]WH:G$!K9:T'.\*A.VL&MDFGQ?=\60N=A:?N M]X5&=U4CA+=0KW:1#/SVNA!E(5.*[(MZ\(8R[^VAU6*7Q(,YW5"5LM64NM1NO[&];W:*L'?L$I7RXHEK9[6/3XB2V$@&"N1 M1W!4NN8(QK>CWV=#95?Q8MJN$(:O_]2Z+>LFOJVM7C"&H9A59M05[ M^IEYY0BW]\["9GO:_IBO;\L*611?;\A,E[GDM'4'4"1>M>?`QCC9\$2#>D\? MV\YE?EULB.]W-A6-#ARI1M,YE?HUC^1>+^$B`G7D37&5L_[5Y]OS/]QYUE&) M(FB^#56(P7VW.9*NJ--\[_=8X"8*_\<__$,\:F,$&`PD&^?RJA,3P\?XO^04 M'U#QS=&F;,1O5\MQTB<.UGK./,71/#6$NK?EAPTA+>;+?IW8?:Q/A7Q3WJ%6 MI7"-'ZB?CMO947;CWQ?7-U_0NB=PZ@VH`BJ4^S+;_,PU`',I[J8J9W4M2Z-8 ME4]5\=L37:*@LG-Q9WRSO0*-BG7M.4Z2WA5\T(IYRMV]]^M<6+FMMU^G/%Z+ ME>27^HQ[('8>LHKCSE7$HG:M(8[]`9T/Z##I[/`AS40=1C8L7^>QT%5ZN>*6 MK[_?G.N90=1)WK'/7O3_5W%!5Y*J1/2/%L4ZIFDA.1551[&A) M#CE1&EIF,@M#SLA6E0_YA_QAOB3H;BP-8N$R',FZ2AQT`V@`W4#W>Q-?*N:W MOI+D:6'TG#C`IIWU/$SV24_'$>C:U%'X2O3E\9&OQS[+>7WLL?A;,S.3'H>% M0<+U,X(.PL?5ZR7Y,8C"HJ$"G\1Z-1*O7R(*48L.Z)3`)WX!A`M=$>DMA+(; MCB65MF%LK5$F->'\C1*'H,BK9$O1=4`8#CEH,R.U%1P>G>1+;9DIT@/^101D M(3#(EC5Y\LU$HUOJ%$$!>SJEXC`X3Z=7_95OBTS!)YDYRY$2GC]M'F=+3=Z$ M*?1L&?78P2VN)A:4A+?T%!+G/0Q%N8]/J,_>S>NFG0AJQ]Q2T2=WW3Q[0'!? M4O0_&\X$#=$4=KPDFL47EP)I6J=`"N<\^X5>_WG/VN^^U34;_-`Z\[9;4R7U M%]%]2$2'4V"=)PZ>9&]R#D]?]WD5RTD_P<+E.W`Z/F0I>8!A&U3/3JFND)V1 M4'1H$$R&ZE4D.S%>KSU@*B8@)F4SW#$D4"1\Q];,2K]#BEUJ`]=HP,%[`]^( ML[FDU2/%U?0*,%/HWDLZ=:HST^1]]K4U:PU;(NOV^TG^W' MN%22(X/]>KR[T:XO&R.KQ?*)=M\/$_-,AF'\TMX_%G)GVITA1#H.K.L[ZWF8 M&4Z[#MU?DWWP+K"(FT!;?$`O+>!=FIKE%'.W%L6<+"U3+HV-P`@]-/G.E4%( M"Q\1U@A"KC&\BI5WE)E7`_"UB9$-7"XQ_P$JKZ M!Y@!IS?"(!8$,PFO223"?4GZR`CMZ64-,`L5HR`)N9/$5X00L,8ZJ@K#]TKT!W;$S/BO7GMHE"A@!T>72?-^E<;H8X" M?=?JXI\''K@(LTH8DV2D;"[(#OG'Q6H^!_P:4-W-#8M2I<4VHU[,FB-#B:DX M&W%CIO78(=:Z@,?J,^^@X^'#'E5.I) M-VW;^59X*ZF!+/#PTA8)(!F<'%8A,C%RT^T-NY`(@UVVLU#Z')=5%T MT$13YKF05-@V>MMHFE#UDFN^Y!;,?1B)- M3K'QU1=XER9]\#5XU*7TP<&WR]@2*)TB&UCB"HF[..1R?]S[MI8SCGK"J`+P9F[S*SJ$(1 MCQB&EP`6Q!;`&:1'#">8Q>V88VI1B\()!<.,Y\#XX`AJ.>5O0.B-AQ0;&^E% MBUW,12=3K`P!*`4\`;._8>9E;)?J?0&_8?F@T-XGO"?ZF-Y#RHSS`1B/[^`_+4?@7`U6I8T M>3DY=-(Q!E#K-]EK?R1VY,>=<8A=<50/<(S9$UOL"+I0]BM=$2I*4=I[^4U0):BLRKIO&4NA+\_6SDO"K:4C3,64KA^S.!^4WO1(W5' M!B>7_+.O%D4%7&,=9898T2%M M$^08[%]<7E?A;!)]GGJ/4^LTM='T8^?IJ''UGP5B)+;^7^5I\*2,B&4-? MD6+34&*_#V)-HN>2@@6E]^B7@8#MNUFG1;GZC%4!OCY;-5'A1TVTMD7Z$!L$ M5M>H<^Z9]7-C)4Z;J$1<49QJJ74=S.%Q((L9$-SI(/@0-1'N1(P8V8:_,!U6 M.P55L5=A4R4&<2D5DNE;_]"&\4T5)>-XFY9PL%6F-K-CJ6PP12J&`.0M_^*& M2:5QR;X(V&`D5N4+I[X/!O+6R9D1?::<6A8HF3H[?W7>:3[?>)P`Z1&*X5BN MJ,ZF?)'\]\^_"!?D2&;9O-`<;.A8W^$%:@LV/?.KHF?)6<`'`6V"/XA(<7SL M6LF.&W&OPK0\4[%4]$AKIH!,/\ M6888MLYE%48H?O#!<&\.VZ2?!Y@J_1I$`!E#9L7,PJ9GD-F..[<6^`K+MRWS MB8/Q/!-6`>?R[2OAS:&$9!AK7[W6TVGYPVKUEQ]A(62]W@I1HJ4QT+1]-C\/ M>0,FR$:LTNAB=AI9M,[@56/WH\9/.!'+1!P:LI)/$5T#1#*R]T"R#^987JT2 M)=:ID8UP'XU]-4_6+UAK5?+30P&0?>L/6W$JAF+B]K-<##@!)/Z&/XSXD!N8#F>145N7UVL5FEJJ4B MRO3NLN2:@8V/#P'3::2RS2]JY-+THUZZ7(NS5>8)UIG`6(:V./PK/!'X#;)6 MIY]D\^.1JCQSP`O\I*=##['?RG:@%1_27S=BV#\@=$-::?/:J?AA&Y$MX3F>VN2'4W.8 M-3"P-V"A19DM\HV3_"D'C&!.9[G"GR".4:&4>9&&`3&_?E55Z^__ M!U!+`0(4`Q0````(`&M9!4=XY$XD]0$``#\A```3``````````````"``0`` M``!;0V]N=&5N=%]4>7!E&UL4$L!`A0#%`````@`:UD%1TAU!>[%```` M*P(```L``````````````(`!)@(``%]R96QS+RYR96QS4$L!`A0#%`````@` M:UD%1ZKL&"/T`0``_R```!H``````````````(`!%`,``'AL+U]R96QS+W=O M&PO=&AE;64O=&AE;64Q+GAM;%!+`0(4`Q0````(`&M9!415G4F9`(``+\(```8```````` M``````"``?X7``!X;"]W;W)K&PO=V]R:W-H M965T&UL4$L!`A0#%`````@`:UD%1U,HGC`7`P``#0\``!@` M`````````````(`!E!X``'AL+W=O$A``!X;"]W M;W)K&PO=V]R:W-H965T&UL M4$L!`A0#%`````@`:UD%1\8\&^ZA!```]Q4``!@``````````````(`!_2X` M`'AL+W=O#:3EX MGP$``+$#```8``````````````"``=0S``!X;"]W;W)K&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD% M1S?!;5^A`0``L0,``!@``````````````(`!@#<``'AL+W=O&UL4$L!`A0#%``` M``@`:UD%1XVLEBJB`0``L0,``!D``````````````(`!+CL``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1VTWZ]>A M`0``L0,``!D``````````````(`!M4```'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1W[%D3&@`0``L0,``!D````` M`````````(`!/$8``'AL+W=O&PO=V]R M:W-H965TV;(QM)``!X;"]W;W)K&UL M4$L!`A0#%`````@`:UD%1Z_\"5&C`0``L0,``!D``````````````(`!Q$L` M`'AL+W=O30``>&PO=V]R:W-H965T&UL4$L!`A0#%`````@` M:UD%1TPMXJZE`0``U0,``!D``````````````(`!6U$``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1]FEIH^Z`0`` M>P0``!D``````````````(`!`E<``'AL+W=O+L!``![!```&0``````````````@`'S M6```>&PO=V]R:W-H965T5:``!X;"]W;W)K&UL4$L!`A0#%`````@`:UD%1Z7]]O*N`0``%@0``!D````````` M`````(`!TEP``'AL+W=O&PO=V]R:W-H M965TU%7\5H@$``+$#```9 M``````````````"``;Q@``!X;"]W;W)K&UL4$L! M`A0#%`````@`:UD%1U*_U>VX`0``^P0``!D``````````````(`!E6(``'AL M+W=O&PO=V]R:W-H965TV&UL4$L!`A0#%`````@`:UD% M1ZE1)TL]!```"!8``!D``````````````(`!J6X``'AL+W=OP"```(#@``&0`````` M````````@`$=&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1VV-<]+B`P``V1`` M`!D``````````````(`!ZWD``'AL+W=O&PO=V]R:W-H965T:@8:7 M70(``(@(```9``````````````"``12"``!X;"]W;W)K&UL4$L!`A0#%`````@`:UD%1_$'R@,-`P``_0P``!D````````````` M`(`!J(0``'AL+W=O&PO=V]R:W-H965T M&UL4$L!`A0# M%`````@`:UD%1^HBGNE0!```J!H``!D``````````````(`!U8X``'AL+W=O M$%&PO=V]R:W-H965TU7RFX.0,``$H/```9``````````````"``>R6 M``!X;"]W;W)K&UL4$L!`A0#%`````@`:UD%1S/# MIFR-!@``GR4``!D``````````````(`!7)H``'AL+W=O&PO=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1[.F4RM!`@``)`@``!D` M`````````````(`!_J8``'AL+W=O&PO M=V]R:W-H965T&UL4$L!`A0#%`````@`:UD%1R;TOHE-!0``CQP``!D``````````````(`! M)*X``'AL+W=O&PO=V]R:W-H965T v3.2.0.727

Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Dec. 31, 2013

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Liability, Fair Value, Gross Liability $ (11,139) $ (9,198)

Derivative Asset, Fair Value, Gross Asset 127 109

Interest Rate Contracts Consolidated Subsidiaries Member | Deferred Charges And Other Assets [Member]

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Asset, Fair Value, Gross Asset 45

Interest Rate Contracts Ujvs Member | Equity Method Investments [Member]

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Asset, Fair Value, Gross Asset 82 109

Interest Rate Contract [Member] | Deferred Charges And Other Assets [Member]

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Asset, Fair Value, Gross Asset

Interest Rate Contract [Member] | Accounts Payable and Accrued Liabilities [Member]

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Liability, Fair Value, Gross Liability (6,095) (4,044)

Interest Rate Contract [Member] | Equity Method Investments [Member]

Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]

Derivative Liability, Fair Value, Gross Liability $ (5,044) $ (5,154)

Default Option $1M provision [Member]

Contingent features [Abstract]

Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default

Number of Interest Rate Derivatives Held Subject to Certain Contingencies 2

Default Option Entity $50M Recourse Indebtedness Provision [Member]

Contingent features [Abstract]

Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default

Number of Interest Rate Derivatives Held Subject to Certain Contingencies 1

Default Option $50 million provision [Member]

Contingent features [Abstract]

Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default

Number of Interest Rate Derivatives Held Subject to Certain Contingencies 3

Default Option $0.1M provision [member] [Member]

Contingent features [Abstract]

Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default

Number of Interest Rate Derivatives Held Subject to Certain Contingencies 1

X

- Definition
Description of default provisions if hedged entity or operating partnership defaults on any of its indebtedness in excess of this maximum amount
+ References
No definition available.
+ Details

Name: tco_InterestRateRecourseProvisions

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of interest rate derivative instruments held by the entity at the reporting date that are subject to certain debt contingencies.
+ References
No definition available.
+ Details

Name: tco_NumberofInterestRateDerivativesHeldSubjecttoCertainContingencies

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=34720828&loc=SL20225862-175312

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=36459792&loc=SL20226000-175313

+ Details

Name: us-gaap_DerivativeFairValueOfDerivativeAsset

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=34720828&loc=SL20225862-175312

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=36459792&loc=SL20226000-175313

+ Details

Name: us-gaap_DerivativeFairValueOfDerivativeLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeFairValueOfDerivativeNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_InterestRateContractsConsolidatedSubsidiariesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=tco_DeferredChargesAndOtherAssetsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_InterestRateContractsUjvsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=us-gaap_EquityMethodInvestmentsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateContractMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_BalanceSheetLocationAxis=us-gaap_AccountsPayableAndAccruedLiabilitiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_DefaultOption1MprovisionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_DefaultOptionEntity50MRecourseIndebtednessProvisionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_DefaultOption50millionprovisionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=tco_DefaultOption0.1MprovisionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 19 R33.htm IDEA: XBRL DOCUMENT v3.2.0.727

Interim Financial Statements (Operating Partnership) (Details) - shares
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

The Operating Partnership [Abstract]

Number of urban and suburban shopping centers in the Company's owned portfolio 19

Number of states in which Company operates 10

Number Of Classes Of Preferred Stock three

Common stock, shares outstanding 60,886,865 63,324,409

Number Of Classes Of Preferred Equity two

Noncontrolling Interest, Ownership Percentage by Parent 71.00%

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest 71.00% 72.00%

Units of Partnership Interest, Amount 85,950,254

Number Of Operating Partnership Units Outstanding Owned By Company 60,886,865

Series J Preferred Stock [Member]

The Operating Partnership [Abstract]

Dividend rate (in hundredths) 6.50%

Preferred Stock, Shares Outstanding 7,700,000 7,700,000

Series K Preferred Stock [Member]

The Operating Partnership [Abstract]

Dividend rate (in hundredths) 6.25%

Preferred Stock, Shares Outstanding 6,800,000 6,800,000

Series B Preferred Stock [Member]

The Operating Partnership [Abstract]

Units of Partnership Interest, Terms of Conversion one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit

Preferred Stock, voting rights one vote per share

Convertible Preferred Stock, Terms of Conversion ratio of 14,000 shares of Series B Preferred Stock for one share of common stock

Preferred Stock, Shares Outstanding 25,044,939 25,117,000

X

- Definition
Represents that number of classes of Preferred Equity that the Operating Partnership has outstanding.
+ References
No definition available.
+ Details

Name: tco_NumberOfClassesOfPreferredEquity

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of classes of preferred stock outstanding as of the balance sheet date, in addition to the Company's common stock.
+ References
No definition available.
+ Details

Name: tco_NumberOfClassesOfPreferredStock

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Operating Partnership units outstanding owned by the Company.
+ References
No definition available.
+ Details

Name: tco_NumberOfOperatingPartnershipUnitsOutstandingOwnedByCompany

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Specific terms relevant to convertibility. Includes units of partnership interestg and number of shares of preferred stock convertible into.
+ References
No definition available.
+ Details

Name: tco_UnitsOfPartnershipInterestTermsOfConversion

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingently Convertible Instruments

-URI http://asc.fasb.org/extlink&oid=6508575

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_ConvertiblePreferredStockTermsOfConversion

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

+ Details

Name: us-gaap_LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByParent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of real estate properties owned as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfRealEstateProperties

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of states the entity operates in as of the balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_NumberOfStatesInWhichEntityOperates

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition
The percentage rate used to calculate dividend payments on preferred stock.
+ References
No definition available.
+ Details

Name: us-gaap_PreferredStockDividendRatePercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Description of voting rights of nonredeemable preferred stock. Includes eligibility to vote and votes per share owned. Include also, if any, unusual voting rights.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockVotingRights

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_PreferredUnitsDescriptionAndOtherDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of units or equivalent units outstanding for all classes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 5

-Subparagraph (SAB TOPIC 4.F)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770

+ Details

Name: us-gaap_UnitsOfPartnershipInterestAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Details

Name: us-gaap_StatementClassOfStockAxis=tco_SeriesJPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=tco_SeriesKPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 20 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 21 R25.htm IDEA: XBRL DOCUMENT v3.2.0.727

Noncontrolling Interests (Tables)
6 Months Ended

Jun. 30, 2015

Noncontrolling Interest [Line Items]

Net equity balance of noncontrolling interests
The net equity balance of the nonredeemable noncontrolling interests as of June 30, 2015 and December 31, 2014 included the following:

2015

2014
Non-redeemable noncontrolling interests:

Noncontrolling interests in consolidated joint ventures
$
(22,912
)

$
(14,796
)
Noncontrolling interests in partnership equity of TRG
51,512

116,376

$
28,600

$
101,580

Net income (loss) attributable to noncontrolling interests
Net income attributable to the noncontrolling interests for the three months ended June 30, 2015 and June 30, 2014 included the following:

2015

2014
Net income attributable to non-redeemable noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures
$
2,672

$
2,252

Noncontrolling share of income of TRG
10,153

9,203

$
12,825

$
11,455

Net income attributable to the noncontrolling interests for the six months ended June 30, 2015 and June 30, 2014 included the following:

2015

2014
Net income attributable to non-redeemable noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures
$
5,263

$
5,370

Noncontrolling share of income of TRG
22,664

156,865

$
27,927

$
162,235

Effects of changes in ownership interest in consolidated subsidiaries on equity
The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the six months ended June 30, 2015 and June 30, 2014:

2015

2014
Net income attributable to Taubman Centers, Inc. common shareowners
$
52,852

$
390,469

Transfers (to) from the noncontrolling interest:

Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest ⁽¹⁾
56,610

(5
)
Net transfers (to) from noncontrolling interests
56,610

(5
)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests
$
109,462

$
390,464

(1)
In 2015 and 2014 adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6).

X

- Definition
Disclosure of the components of net equity balance attributable to noncontrolling interests.
+ References
No definition available.
+ Details

Name: tco_NetEquityBalanceOfNoncontrollingInterestsTextBlock

Namespace Prefix: tco_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of the components of net income (loss) attributable to noncontrolling interests.
+ References
No definition available.
+ Details

Name: tco_NetIncomeLossAttributableToNoncontrollingInterestsTextBlock

Namespace Prefix: tco_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4M

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591554-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

+ Details

Name: us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestEffectsOfChangesNetTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 22 R50.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]

Derivative Asset, Fair Value, Gross Asset $ 127 $ 109

Fair Value, Inputs, Level 1 [Member]

Assets and liabilities measured at fair value on a recurring basis [Abstract]

Insurance deposit 14,373 13,059

Total assets 14,373 13,059

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]

Derivative Asset, Fair Value, Gross Asset 45

Assets and liabilities measured at fair value on a recurring basis [Abstract]

Total assets 45 0

Derivative interest rate contracts (6,095) (4,044)

Total liabilities $ (6,095) $ (4,044)

X

- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value on a recurring basis by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.
+ References
No definition available.
+ Details

Name: us-gaap_AssetsFairValueDisclosureRecurring

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=34720828&loc=SL20225862-175312

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=36459792&loc=SL20226000-175313

+ Details

Name: us-gaap_DerivativeFairValueOfDerivativeAsset

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 55

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=36459792&loc=SL20226008-175313

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13495-108611

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 20

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=34720828&loc=SL20225862-175312

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958

+ Details

Name: us-gaap_DerivativeLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value of financial and nonfinancial obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

+ Details

Name: us-gaap_LiabilitiesFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Fair value portion of other assets.
+ References
No definition available.
+ Details

Name: us-gaap_OtherAssetsFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 23 R42.htm IDEA: XBRL DOCUMENT v3.2.0.727

Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions

Jun. 30, 2015

Dec. 31, 2014

Schedule of Equity Transactions [Line Items]

Stock Repurchase Program, Authorized Amount $ 450.0 $ 200.0

Stock Repurchase, Additional Authorization $ 250.0

Stock Repurchased and Retired Since Program Inception, shares 3,590,492

Stock Acquired and Retired Since Program Inception, Average Cost Per Share $ 72.35

Stock Repurchased And Retired, Value $ 259.8

Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 190.2

X

- Definition
Schedule of Equity Transactions [Line Items]
+ References
No definition available.
+ Details

Name: tco_ScheduleOfEquityTransactionsLineItems

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Stock Acquired and Retired Since Program Inception, Average Cost Per Share
+ References
No definition available.
+ Details

Name: tco_StockAcquiredandRetiredSinceProgramInceptionAverageCostPerShare

Namespace Prefix: tco_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of additional authorization of stock repurchase.
+ References
No definition available.
+ Details

Name: tco_StockRepurchaseAdditionalAuthorization

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Stock Repurchased And Retired, Value
+ References
No definition available.
+ Details

Name: tco_StockRepurchasedAndRetiredValue

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Stock Repurchased and Retired Since Program Inception, shares
+ References
No definition available.
+ Details

Name: tco_StockRepurchasedandRetiredSinceProgramInceptionshares

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of stock repurchase plan authorized.
+ References
No definition available.
+ Details

Name: us-gaap_StockRepurchaseProgramAuthorizedAmount1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount remaining of a stock repurchase plan authorized.
+ References
No definition available.
+ Details

Name: us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 24 R37.htm IDEA: XBRL DOCUMENT v3.2.0.727

Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - Investment, Name [Domain] - Entity [Domain] - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Assets:

Properties $ 1,601,636 $ 1,580,926

Accumulated depreciation and amortization (568,755) (548,646)

Properties, net 1,032,881 1,032,280

Cash and cash equivalents 29,252 49,765

Allowance for doubtful accounts 2,197 1,590

Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014 35,695 38,788

Deferred charges and other assets 41,079 33,200

Total Assets 1,138,907 1,154,033

Liabilities and accumulated deficiency in assets:

Notes payable 2,006,424 1,989,546

Accounts payable and other liabilities 68,735 103,161

TRG's accumulated deficiency in assets (523,737) (525,759)

Unconsolidated Joint Venture Partners' accumulated deficiency in assets (412,515) (412,915)

Equity Method Investment, Summarized Financial Information, Liabilities and Equity 1,138,907 1,154,033

TRG's accumulated deficiency in assets (above) (523,737) (525,759)

TRG's investment in properties under construction (Note 2) 277,588 232,091

TRG basis adjustments, including elimination of intercompany profit 130,088 132,058

TCO's additional basis 53,989 54,963

Net investment in Unconsolidated Joint Ventures (62,072) (106,647)

Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 474,449 476,651

Investment in Unconsolidated Joint Ventures $ 412,377 $ 370,004

X

- Definition
Distributions in excess of investments in and net income of unconsolidated joint ventures
+ References
No definition available.
+ Details

Name: tco_DistributionsInExcessOfInvestmentsInAndNetIncomeOfUnconsolidatedJointVentures

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the difference between the amount at which an investment accounted for under the equity method of accounting is carried (reported) on the balance sheet and the amount of underlying equity in net assets the reporting Entity has in the investee. The difference is due to the Company's cost of its investment in excess of the historical net book values of the Unconsolidated Joint Ventures.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityAdditionalBasis

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the difference between the amount at which an investment accounted for under the equity method of accounting is carried (reported) on the balance sheet and the amount of underlying equity in net assets the reporting Entity has in the investee. The difference is due to the Operating Partnership's adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityBasisAdjustments

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the net investment in unconsolidated joint ventures, as defined by the amount of underlying equity in net assets the reporting entity has in the investee, adjusted by basis adjustments, including elimination or intercompany profit, and the Company's additional basis.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityNetInvestment

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Represents the Company's total investment for equity method investments for property that is currently under development.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentInvestmentInPropertyUnderDevelopment

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Accounts and notes receivable, net of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationAccountsNotesReceivableNet

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Accumulated depreciation and amortization related to Properties of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationAccumulatedDepreciationAmortization

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Allowance for doubtful accounts of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationAllowanceForDoubtfulAccounts

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Cash and cash equivalents of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationCashCashEquivalents

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Deferred charges and other assets of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationDeferredChargesOtherAssets

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents the Joint Venture Partners' accumulated deficiency in assets of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapitalJointVenturePartnersShare

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents the Operating Partnership's accumulated deficiency in assets of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapitalOperatingPartnershipShare

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. This item represents Properties of the group of investments for which combined disclosure is appropriate.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationProperties

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The amount of assets reported by an equity method investment of the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of current liabilities reported by an equity method investment of the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The amount of liabilities and equity reported by an equity method investment of the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of noncurrent assets reported by an equity method investment of the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The amount of noncurrent liabilities reported by an equity method investment of the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(g))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-Subparagraph (f)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph w

-Article 1

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph g

-Subparagraph 1, 2

-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph bb

-Article 1

+ Details

Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_EquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

XML 25 R52.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Real Estate Properties [Line Items]

Notes Payable $ 2,212,461 $ 2,025,505

Estimated fair values of notes payable [Abstract]

Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable 0.75% 0.75%

Notes Payable Fair Values Hypothetical Percent Increase In Interest Rates 1.00%

Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable $ 22,500

Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent 1.00%

Consolidated Properties [Member]

Real Estate Properties [Line Items]

Notes Payable $ 2,212,461 $ 2,025,505

Notes Payable, Fair Value Disclosure $ 2,223,777 $ 2,056,474

X

- Definition
Represents the additional credit spread to account for current market conditions. This additional credit spread was added to the credit spread at which the debt was originally issued, to determine the discount rates for purposes of estimating the fair value of notes payable.
+ References
No definition available.
+ Details

Name: tco_AdditionalCreditSpreadIncludedInDiscountRateToEstimateFairValueOfNotesPayable

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The dollar impact (in millions) of a one-percentage-point increase in the interest rates used to estimate the fair values of notes payable - resulting in a decrease in estimated fair values.
+ References
No definition available.
+ Details

Name: tco_ImpactOfOverallOnePercentIncreaseInInterestRatesDecreaseInFairValuesOfNotesPayable

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The percentage impact of a one-percentage-point increase in the interest rates used to estimate the fair values of notes payable - resulting in a decrease in estimated fair values.
+ References
No definition available.
+ Details

Name: tco_ImpactOfOverallOnePercentIncreaseInInterestRatesDecreaseInFairValuesOfNotesPayablePercent

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The hypothetical percent increase in interest rates used to estimate the fair values of notes payable. Disclosed to show the sensitivity of the fair values estimates on the interest rates selected.
+ References
No definition available.
+ Details

Name: tco_NotesPayableFairValuesHypotheticalPercentIncreaseInInterestRates

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13, 16

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Fair value portion of notes payable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayableFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_RealEstatePropertiesLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_RealEstatePropertiesAxis=us-gaap_ConsolidatedPropertiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 26 R47.htm IDEA: XBRL DOCUMENT v3.2.0.727

Share-Based Compensation (Details)
$ / shares in Units, $ in Millions
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2015

USD ($)

Rate

$ / shares

shares

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

Rate

$ / shares

shares

Jun. 30, 2014

USD ($)

shares

Dec. 31, 2014

$ / shares

shares

Share-based compensation, allocation and classification in financial statements [Abstract]

Compensation cost charged to income for the Company's share-based compensation plans | $ $ 3.5 $ 3.8 $ 7.6 $ 7.4

Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $ $ 0.6 $ 0.5 $ 1.4 $ 1.0

2008 Omnibus Plan [Member]

Deferred compensation arrangements [Abstract]

Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2008 Omnibus Plan, amended (in shares) 8,500,000 8,500,000

The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant | Rate 1.85 1.85

The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant | Rate 2.85 2.85

The ratio at which options awards granted are deducted from the shares available for grant one-for-one

Employee Stock Option [Member]

Summary of option activity [Roll Forward]

Outstanding at January 1, 2015 521,293

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (228,750) 0

Outstanding at June 30, 2015 292,543 292,543 521,293

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares $ 29.72

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 46.60 $ 46.60 $ 39.20

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 1 year 11 months 1 day 1 year 7 months 6 days

Fully vested options at June 30, 2015 292,543 292,543

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares $ 46.60 $ 46.60

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 1 year 11 months 1 day

Summary of option activity, additional disclosures [Abstract]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0

Aggregate intrinsic value of in-the-money options outstanding | $ $ 6.7 $ 6.7

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 10.0

Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 6.8

Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0.0 $ 0.0

2014 Option Modification [Domain]

Summary of option activity [Roll Forward]

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares $ 35.50 $ 26.56

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares $ 51.15 $ 51.15

Unissued Partnership Units Under Unit Option Deferral Election Member

Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]

Options exercised under unit option deferral election plan (in shares) 3,000,000

The number of mature units tendered for the exercise of previously issued stock options under the unit option deferral election plan (in shares) 2,100,000

The number of units deferred under the unit option deferral election upon the exercise of previously issued stock options (in shares) 900,000

Date at which deferred partnership units begin to be issued December 2017

Number of Annual Installments during which Deferred Partnership Units will be issued ten

Performance Shares [Member]

Summary of non-option activity, additional disclosures [Abstract]

Awards under the 2008 Omnibus Plan Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 1.12%

Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period 3 years

Weighted average grant-date fair value | $ / shares $ 112.30

Right to Receive Upon Vesting Shares of Common Stock as Percentage of PSU, Actual Vested During Period 0

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ $ 15.0 $ 15.0

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 1 year 10 months 13 days

Summary of non-option activity [Roll Forward]

Outstanding at January 1, 2015 254,651

Vested (43,575)

Granted 50,256

Forfeited (5,854)

Outstanding at June 30, 2015 255,478 255,478 254,651

Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 132.86

Vested, weighted average grant date fair value (in dollars per share) | $ / shares 97.44

Granted, weighted average grant date fair value (in dollars per share) | $ / shares 112.30

Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares 174.95

Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 134.52 $ 134.52 $ 132.86

Restricted Stock Units (RSUs) [Member]

Summary of non-option activity, additional disclosures [Abstract]

Awards under the 2008 Omnibus Plan represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date

Weighted average grant-date fair value | $ / shares $ 74.36

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ $ 10.5 $ 10.5

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition 2 years 7 days

Summary of non-option activity [Roll Forward]

Outstanding at January 1, 2015 293,651

Vested (93,331)

Granted 100,682

Forfeited (13,884)

Outstanding at June 30, 2015 287,118 287,118 293,651

Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 67.00

Vested, weighted average grant date fair value (in dollars per share) | $ / shares 65.49

Granted, weighted average grant date fair value (in dollars per share) | $ / shares 74.36

Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares 69.90

Outstanding at end of period, weighted average grant date fair value (in dollars per share) | $ / shares $ 69.92 $ 69.92 $ 67.00

X

- Definition
Date at which the deferred partnership units begin being issued in annual installments, unless individual retires earlier.
+ References
No definition available.
+ Details

Name: tco_DateAtWhichDeferredPartnershipUnitsBeginToBeIssued

Namespace Prefix: tco_

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition
This is the number of annual installments during which deferred partnership units will be issued.
+ References
No definition available.
+ Details

Name: tco_NumberOfAnnualInstallmentsDuringWhichDeferredPartnershipUnitsWillBeIssued

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Each PSU represents the right to received, upon vesting, shares of the Company's common stock based on the Company's market performance relative to that of a peer group.
+ References
No definition available.
+ Details

Name: tco_RighttoReceiveUponVestingSharesofCommonStockActualVestedDuringPeriod

Namespace Prefix: tco_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant.
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionDeductionRatioAfterAmendment

Namespace Prefix: tco_

Data Type: xbrli:decimalItemType

Balance Type: na

Period Type: instant

X

- Definition
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant.
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionDeductionRatioBeforeAmendment

Namespace Prefix: tco_

Data Type: xbrli:decimalItemType

Balance Type: na

Period Type: instant

X

- Definition
The ratio at which options awards granted are deducted from the shares available for grant
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionDeductionBasis

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of units deferred under the unit option deferral election upon the exercise of previously issued stock options.
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsDeferred

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Options exercised under unit option deferral election plan
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedUnderUnitOptionDeferralElection

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of mature units tendered for the exercise of previously issued stock options under the unit option deferral election plan.
+ References
No definition available.
+ Details

Name: tco_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsTenderedInConnectionWithUnitOptionDeferralElection

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 14.F)

-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

-Section F

+ Details

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DeferredCompensationArrangementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Represents the compensation cost capitalized during the period arising from equity-based compensation arrangements (for example, shares of stock, units, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(1)(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Aggregate proceeds received by the entity during the annual period from exercises of stock or unit options and conversion of similar instruments granted under equity-based payment arrangements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (j)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationCashReceivedFromExerciseOfStockOptions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Unrecognized cost of unvested share-based compensation awards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Unrecognized cost of unvested options awarded to employees as compensation.
+ References
No definition available.
+ Details

Name: us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationAllocationAndClassificationInFinancialStatementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
General descriptive information regarding an arrangement under which employees and directors receive: (a) awards of equity shares, equity share options, or other equity instruments; or (b) the entity incurs liabilities to them: (1) in amounts based, at least in part, on the price of the entity's shares or other equity instruments; or (2) that require or may require settlement by issuance of the entity's shares. Such an arrangement is usually provided to employees and directors to compensate them, provide performance incentives to them, and to attract or retain their services. May also include pertinent information particular to a plan that is not elsewhere specified in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(3)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(3)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(2)(iii)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)(iv)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)(3)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (d)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Gross number of share options (or share units) granted during the period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Number of options outstanding, including both vested and non-vested options.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(i)-(ii)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(i)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares.
+ References
No definition available.
+ Details

Name: us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (g)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (g)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (e)(1)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details

Name: us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of share options (or share units) exercised during the current period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)(iv)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28,29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_AwardTypeAxis=tco_A2008OmnibusPlanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=tco_A2014OptionModificationDomain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=tco_UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_PerformanceSharesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 27 R9.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Taxes
6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes
Income Taxes

Income Tax Expense

The Company’s income tax expense (benefit) for the three and six months ended June 30, 2015 and 2014 consisted of the following:

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Federal current
$
260

$
(1,366
)

$
756

$
7,538

Federal deferred
(20
)

972

(105
)

1,165

Foreign current
492

364

766

581

Foreign deferred
(185
)

(45
)

(156
)

(48
)
State current
135

(75
)

255

1,519

State deferred
6

(12
)

10

(12
)

$
688

$
(162
)

$
1,526

$
10,743

Less income tax (expense) benefit allocated to Gain on Dispositions ⁽¹⁾

473

(9,733
)
Total income tax expense
$
688

$
311

$
1,526

$
1,010

(1)
Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income.

Deferred Taxes

Deferred tax assets and liabilities as of June 30, 2015 and December 31, 2014 were as follows:

2015

2014
Deferred tax assets:

Federal
$
1,521

$
1,382

Foreign
2,035

1,806

State
1,130

471

Total deferred tax assets
$
4,686

$
3,659

Valuation allowances
(2,424
)

(1,703
)
Net deferred tax assets
$
2,262

$
1,956

Deferred tax liabilities:

Federal
$
626

$
592

Foreign
475

473

State
128

89

Total deferred tax liabilities
$
1,229

$
1,154

The Company believes that it is more likely than not the results of future operations will generate sufficient taxable income to recognize the net deferred tax assets. These future operations are primarily dependent upon the Manager’s profitability, the timing and amounts of gains on peripheral land sales, the profitability of Taubman Asia's operations, and other factors affecting the results of operations of the Taxable REIT Subsidiaries. The valuation allowances relate to net operating loss carryforwards and tax basis differences where there is uncertainty regarding their realizability.

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 R43.htm IDEA: XBRL DOCUMENT v3.2.0.727

Noncontrolling Interests (Details) - USD ($)
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Noncontrolling Interest [Line Items]

Ownership percentage in consolidated subsidiary (in hundredths) 71.00% 71.00%

Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable $ 2,672,000 $ 2,252,000 $ 5,263,000 $ 5,370,000

Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable 10,153,000 9,203,000 22,664,000 156,865,000

Net Income (Loss) Attributable to Noncontrolling Interest 12,825,000 11,455,000 27,927,000 162,235,000

Non-redeemable noncontrolling interests:

Noncontrolling interests in consolidated joint ventures (22,912,000) (22,912,000) $ (14,796,000)

Noncontrolling interests in partnership equity of TRG 51,512,000 51,512,000 116,376,000

Noncontrolling interests (Note 7) 28,600,000 28,600,000 101,580,000

Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]

Net income attributable to Taubman Centers, Inc. common shareowners $ 23,230,000 $ 21,344,000 52,852,000 390,469,000

Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1) (9,296,000) (1,000)

Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests $ 109,462,000 390,464,000

Taubman Asia [Member]

Noncontrolling Interest [Line Items]

Percentage of dividends to which the President is entitled (in hundredths) 10.00%

Percentage of President's dividends withheld as contributions to capital (in hundredths) 85.00%

Percentage of noncontrolling interests (in hundredths) 10.00% 10.00%

Temporary Equity, Redemption Percentage 40.00% 40.00%

Temporary Equity, Redemption Percentage 2014 - June 2017 50.00%

Temporary Equity, Redemption Percentage beginning June 2017 100.00%

Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest $ 0 $ 0 0

International Market Place [Member]

Noncontrolling Interest [Line Items]

Percentage of noncontrolling interests (in hundredths) 6.50% 6.50%

Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest $ 0 $ 0 $ 0

Ownership percentage in consolidated subsidiary (in hundredths) 93.50% 93.50%

Finite Life Entities [Member]

Non-redeemable noncontrolling interests:

Noncontrolling interests (Note 7) $ (22,900,000) $ (22,900,000)

Finite Life Entities [Abstract]

Terminaton date of partnership agreement Jan. 01, 2083

Estimated Fair Value Of Noncontrolling Interests $ 430,000,000 $ 430,000,000

Additional Paid-in Capital [Member]

Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]

Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1) 56,610,000 (5,000)

Net transfers (to) from noncontrolling interests $ 56,610,000 $ (5,000)

X

- Definition
Change in additional paid in capital as a result of a reallocation of a subsidiary's stockholders' equity to noncontrolling interests, including adjustments to redeemable noncontrolling interests.
+ References
No definition available.
+ Details

Name: tco_AdjustmentsToAdditionalPaidInCapitalReallocationOfNoncontrollingInterests

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: tco_EffectsOfChangesInOwnershipInterestInConsolidatedSubsidiariesOnEquityAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The estimated fair value of noncontrolling interests in finite life entities. The noncontrolling interests in these entities are to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying equity.
+ References
No definition available.
+ Details

Name: tco_EstimatedFairValueOfNoncontrollingInterests

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: tco_FiniteLifeEntitiesAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Net income attributable to common shareowners, net of transfers (to) from noncontrolling interests.
+ References
No definition available.
+ Details

Name: tco_NetIncomeLossAvailableToCommonStockholdersBasicNetOfTransfersToFromNoncontrollingInterest

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Represents the net transfers (to) from noncontrolling interests during the period.
+ References
No definition available.
+ Details

Name: tco_NetTransfersToFromNoncontrollingInterests

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The percentage of dividends to which the President is entitled.
+ References
No definition available.
+ Details

Name: tco_PercentageOfDividendsToWhichPresidentIsEntitled

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of President's dividends withheld as contributions to capital.
+ References
No definition available.
+ Details

Name: tco_PercentageOfPresidentsDividendsWithheldAsContributionsToCapital

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The maximum percentage interest that can be put to the issuer for cash under a limited put option during 2016 that is classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer.
+ References
No definition available.
+ Details

Name: tco_TemporaryEquityRedemptionPercentage

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The percentage of the fair value of the ownership interest that can be put back to the Company beginning from 2014 to as early as June 2017. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
+ References
No definition available.
+ Details

Name: tco_TemporaryEquityRedemptionPercentage2014toasEarlyasJune2017.

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of the fair value of the ownership interest that can be put back to the Company beginning as early as June 2017. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
+ References
No definition available.
+ Details

Name: tco_TemporaryEquityRedemptionPercentagebeginningasearlyasJune2017

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Date the limited liability company (LLC) or limited partnership (LP) will cease to exist, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

+ Details

Name: us-gaap_LimitedLiabilityCompanyOrLimitedPartnershipBusinessCessationDate

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 27

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 7

+ Details

Name: us-gaap_MinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_MinorityInterestAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683

+ Details

Name: us-gaap_MinorityInterestInJointVentures

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying amount of the equity interests owned by noncontrolling partners in an operating partnership included in the entity's consolidated financial statements.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestInOperatingPartnerships

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByParent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256

+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of income (loss) attributable to nonredeemable noncontrolling shareholder, unit holder, partner, or other equity holder of a joint venture.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.19)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_NoncontrollingInterestInNetIncomeLossJointVenturePartnersNonredeemable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of income (loss) attributable to nonredeemable noncontrolling partner in an operating partnership.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.19)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
As of the reporting date, the aggregate carrying amount of all noncontrolling interests which are redeemable by the (parent) entity (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the (parent) entity. This item includes noncontrolling interest holder's ownership (or holders' ownership) regardless of the type of equity interest (common, preferred, other) including all potential organizational (legal) forms of the investee entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 480

-SubTopic 10

-Section S99

-Paragraph 3A

-Subparagraph (12)(c)

-URI http://asc.fasb.org/extlink&oid=27011957&loc=SL6540498-122764

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 480

-SubTopic 10

-Section S99

-Paragraph 3A

-Subparagraph (16)(c)

-URI http://asc.fasb.org/extlink&oid=27011957&loc=SL6540498-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 480

-SubTopic 10

-Section S99

-Paragraph 3A

-Subparagraph 15

-URI http://asc.fasb.org/extlink&oid=27011957&loc=SL6540498-122764

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 480

-SubTopic 10

-Section S99

-Paragraph 3A

-Subparagraph 14

-URI http://asc.fasb.org/extlink&oid=27011957&loc=SL6540498-122764

+ Details

Name: us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: dei_LegalEntityAxis=tco_TaubmanAsiaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_InternationalMarketPlaceMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_FiniteLifeEntitiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 29 R29.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value Disclosures (Tables)
6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:

Fair Value Measurements as of June 30, 2015 Using

Fair Value Measurements as of
December 31, 2014 Using
Description

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)
Derivative interest rate contract (Note 8)

$
45

Insurance deposit

$
14,373

$
13,059

Total assets

$
14,373

$
45

$
13,059

$
—

Derivative interest rate contracts (Note 8)

$
(6,095
)

$
(4,044
)
Total liabilities

$
(6,095
)

$
(4,044
)

Estimated fair value of notes payable
The estimated fair values of notes payable at June 30, 2015 and December 31, 2014 were as follows:

2015

2014

Carrying Value

Fair Value

Carrying Value

Fair Value
Notes payable
$
2,212,461

$
2,223,777

$
2,025,505

$
2,056,474

X

- Definition
Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611

+ Details

Name: us-gaap_FairValueByBalanceSheetGroupingTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name: us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R28.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Share (Tables)
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Basic and diluted earnings per share

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):

Basic
$
23,230

$
21,344

$
52,852

$
390,469

Impact of additional ownership of TRG
91

74

196

3,556

Diluted
$
23,321

$
21,418

$
53,048

$
394,025

Shares (Denominator) – basic
61,606,563

63,263,237

62,319,211

63,214,694

Effect of dilutive securities
779,479

711,376

837,491

1,619,315

Shares (Denominator) – diluted
62,386,042

63,974,613

63,156,702

64,834,009

Earnings per common share - basic
$
0.38

$
0.34

$
0.85

$
6.18

Earnings per common share – diluted
$
0.37

$
0.33

$
0.84

$
6.08

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Weighted average noncontrolling partnership units outstanding
4,043,824

4,348,429

4,096,487

4,343,555

Unissued partnership units under unit option deferral elections
871,262

871,262

871,262

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

+ Details

Name: us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 31 R44.htm IDEA: XBRL DOCUMENT v3.2.0.727

Derivative and Hedging Activities (Interest Rate Derivatives) (Details) - Jun. 30, 2015 - USD ($)
$ in Thousands

Total

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 71.00%

Unsecured Debt [Member]

Cash flow hedges of interest rate risk [Abstract]

Unsecured Debt $ 475,000

Derivative, Lower Range of Basis Spread on Variable Rate 1.35%

Derivative, Higher Range of Basis Spread on Variable Rate 1.90%

London Interbank Offered Rate (LIBOR) [Member]

Cash flow hedges of interest rate risk [Abstract]

Debt Instrument, Description of Variable Rate Basis one-month LIBOR

Consolidated Subsidiaries Interest Rate Swap 2 [Domain]

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 100.00%

Derivative, Notional Amount $ 200,000

Derivative, Fixed Interest Rate 1.64%

Derivative, Basis Spread on Variable Rate 1.35%

Total Swapped Rate On Loan 2.99%

Derivative, Maturity Date Feb. 01, 2019

Consolidated Subsidiaries Interest Rate Swap 3 [Domain]

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 100.00%

Derivative, Notional Amount $ 175,000

Derivative, Fixed Interest Rate 1.65%

Derivative, Basis Spread on Variable Rate 1.35%

Total Swapped Rate On Loan 3.00%

Derivative, Maturity Date Feb. 01, 2019

Consolidated Subsidiaries Interest Rate Swap 4 [Domain]

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 100.00%

Derivative, Notional Amount $ 100,000

Derivative, Fixed Interest Rate 1.64%

Derivative, Basis Spread on Variable Rate 1.35%

Total Swapped Rate On Loan 2.99%

Derivative, Maturity Date Feb. 01, 2019

Consolidated Subsidiaries Interest Rate Swap1 Member

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 100.00%

Derivative, Notional Amount $ 12,000

Derivative, Fixed Interest Rate 2.09%

Derivative, Basis Spread on Variable Rate 1.40%

Total Swapped Rate On Loan 3.49%

Derivative, Maturity Date Mar. 01, 2024

Unconsolidated Joint Ventures Interest Rate Swap 1 [Member]

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 50.00%

Derivative, Notional Amount $ 135,721

Derivative, Fixed Interest Rate 2.40%

Derivative, Basis Spread on Variable Rate 1.70%

Total Swapped Rate On Loan 4.10%

Derivative, Maturity Date Apr. 01, 2018

Unconsolidated Joint Ventures Interest Rate Swap 2 (Member)

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 50.00%

Derivative, Notional Amount $ 135,721

Derivative, Fixed Interest Rate 2.40%

Derivative, Basis Spread on Variable Rate 1.70%

Total Swapped Rate On Loan 4.10%

Derivative, Maturity Date Apr. 01, 2018

Unconsolidated Joint Ventures Interest Rate Swap3 [Member]

Cash flow hedges of interest rate risk [Abstract]

Noncontrolling Interest, Ownership Percentage by Parent 50.10%

Derivative, Notional Amount $ 173,731

Derivative, Fixed Interest Rate 1.83%

Derivative, Basis Spread on Variable Rate 1.75%

Total Swapped Rate On Loan 3.58%

Derivative, Maturity Date Dec. 01, 2021

X

- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 12

-Section 13

-Sentence Column B

+ Details

Name: invest_DerivativeNotionalAmount

Namespace Prefix: invest_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: instant

X

- Definition
The total of the swap rate and credit spread on loan.
+ References
No definition available.
+ Details

Name: tco_TotalSwappedRateOnLoan

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentDescriptionOfVariableRateBasis

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage points added to the reference rate to compute the variable rate on the interest rate derivative.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeBasisSpreadOnVariableRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Fixed interest rate related to the interest rate derivative.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeFixedInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
High end of the range of percentage points added to the reference rate to compute the variable rate on the group of interest rate derivatives.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeHigherRangeOfBasisSpreadOnVariableRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Low end of the range of percentage points added to the reference rate to compute the variable rate on the group of interest rate derivatives.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeLowerRangeOfBasisSpreadOnVariableRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Date the derivative contract matures, in CCYY-MM-DD format.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeMaturityDates

Namespace Prefix: us-gaap_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_InterestRateCashFlowHedgesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByParent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of uncollateralized debt obligations (with maturities initially due after one year or beyond the operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Article 5

-Subsection 19, 20, 22

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 16

-Article 9

+ Details

Name: us-gaap_UnsecuredDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_UnsecuredDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_ConsolidatedSubsidiariesInterestRateSwap2Domain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_ConsolidatedSubsidiariesInterestRateSwap3Domain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_ConsolidatedSubsidiariesInterestRateSwap4Domain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_ConsolidatedSubsidiariesInterestRateSwap1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_UnconsolidatedJointVenturesInterestRateSwap1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_UnconsolidatedJointVenturesInterestRateSwap2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeByNatureAxis=tco_UnconsolidatedJointVenturesInterestRateSwap3Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 32 R30.htm IDEA: XBRL DOCUMENT v3.2.0.727

Accumulated Other Comprehensive Income (Tables)
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Accumulated Other Comprehensive Income Components [Line Items]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Changes in the balance of each component of AOCI for the six months ended June 30, 2015 are as follows:

Taubman Centers, Inc. AOCI

Noncontrolling Interests AOCI

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total
January 1, 2015
$
(101
)

$
(14,967
)

$
(15,068
)

$
(41
)

$
5,879

$
5,838

Other comprehensive income (loss) before reclassifications
(2,851
)

(5,345
)

(8,196
)

(1,174
)

(2,200
)

(3,374
)
Amounts reclassified from AOCI

4,133

4,133

1,702

1,702

Net current period other comprehensive income (loss)
$
(2,851
)

$
(1,212
)

$
(4,063
)

$
(1,174
)

$
(498
)

$
(1,672
)
Adjustments due to changes in ownership
1

(154
)

(153
)

(1
)

154

153

June 30, 2015
$
(2,951
)

$
(16,333
)

$
(19,284
)

$
(1,216
)

$
5,535

$
4,319

Changes in the balance of each component of AOCI for the six months ended June 30, 2014 are as follows:

Taubman Centers, Inc. AOCI

Noncontrolling Interests AOCI

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total
January 1, 2014
$
5,040

$
(13,954
)

$
(8,914
)

$
2,011

$
6,141

$
8,152

Other comprehensive income (loss) before reclassifications
1,324

(10,321
)

(8,997
)

526

(4,266
)

(3,740
)
Amounts reclassified from AOCI

7,982

7,982

3,492

3,492

Net current period other comprehensive income (loss)
$
1,324

$
(2,339
)

$
(1,015
)

$
526

$
(774
)

$
(248
)
Adjustments due to changes in ownership
5

16

21

(5
)

(16
)

(21
)
June 30, 2014
$
6,369

$
(16,277
)

$
(9,908
)

$
2,532

$
5,351

$
7,883

OtherComprehensiveIncomeLossReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax [Table Text Block]
The following table presents reclassifications out of AOCI for the six months ended June 30, 2015:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:

Realized loss on interest rate contracts - consolidated subsidiaries

$
3,587

Interest Expense
Realized loss on interest rate contracts - UJVs

2,248

Equity in Income of UJVs
Total reclassifications for the period

$
5,835

The following table presents reclassifications out of AOCI for the six months ended June 30, 2014:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:

Discontinuation of hedge accounting - consolidated subsidiary

$
4,880

Nonoperating Income (Expense)
Realized loss on interest rate contracts - consolidated subsidiaries

5,043

Interest Expense
Realized loss on interest rate contracts - UJVs

1,551

Equity in Income of UJVs
Total reclassifications for the period

$
11,474

X

- Definition
[Line Items] for Accumulated Other Comprehensive Income Components [Table]
+ References
No definition available.
+ Details

Name: tco_AccumulatedOtherComprehensiveIncomeComponentsLineItems

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss).
+ References
No definition available.
+ Details

Name: us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

+ Details

Name: us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R31.htm IDEA: XBRL DOCUMENT v3.2.0.727

Cash Flow Disclosures, Supplemental (Tables)
6 Months Ended

Jun. 30, 2015

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
The following non-cash investing and financing activities occurred during the six months ended June 30, 2015 and June 30, 2014.

Six Months Ended June 30

2015

2014
Recapitalization of The Mall of San Juan joint venture (Note 2)
$
9,296

Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2)

$
77,711

Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2)

91

Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2)

18,215

Other non-cash additions to properties
47,974

51,439

X

- Definition
Tabular disclosure of supplemental cash flow information for the periods presented.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SupplementalCashFlowElementsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 34 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727

Dispositions, Acquisition, and Developments
6 Months Ended

Jun. 30, 2015

Dispositions, Acquisition, and Development [Abstract]

Acquisitions Dispositions and Development [Text Block]
Dispositions, Acquisition, and Developments

Dispositions

Sale of Centers to Starwood

In October 2014, the Company completed the disposition of a portfolio of seven centers to an affiliate of the Starwood Capital Group (Starwood). The following centers were sold: MacArthur Center in Norfolk, Virginia, Stony Point Fashion Park in Richmond, Virginia, Northlake Mall in Charlotte, North Carolina, The Mall at Wellington Green in Wellington, Florida, The Shops at Willow Bend in Plano, Texas, The Mall at Partridge Creek in Clinton Township, Michigan, and Fairlane Town Center in Dearborn, Michigan. The results of the seven centers are in the Company's continuing operations for all periods prior to the October 2014 sale, pursuant to the Company's previous adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" beginning January 1, 2014.

In June 2014, in connection with the discontinuation of hedge accounting on the MacArthur Center swap, the Company accelerated the reclassification of amounts in AOCI to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. For the three and six months ended June 30, 2014, the accelerated amount was a loss of $4.9 million. The Company also recorded a loss of $0.8 million for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. For the three and six months ended June 30, 2014, the Company incurred total expenses of $5.7 million, $5.4 million at TRG's beneficial share, related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable, as well as disposition costs of $0.4 million related to the sale of the centers to Starwood. These expenses are classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.

As a result of the sale, the Company underwent a restructuring plan in 2014 to reduce its workforce across various areas of the organization. As of June 30, 2015, substantially all of the restructuring costs were paid.

International Plaza

In January 2014, the Company sold a total of 49.9% of the Company's interests in the entity that owns International Plaza, including certain governance rights, for $499 million (excluding transaction costs), which consisted of $337 million of cash and approximately $162 million of beneficial interest in debt. A gain of $368 million (net of tax of $9.7 million) was recognized as a result of the transaction. The Company's ownership in the center decreased to a noncontrolling 50.1% interest, which is accounted for under the equity method subsequent to the disposition.

Arizona Mills/Oyster Bay

In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of $154.91 per unit. The fair value of the partnership units recognized for accounting purposes was $77.7 million, after considering the one-year restriction on the sale of these partnership units (Note 12). The number of partnership units subsequently increased to 590,124, in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. The Company's investment in the partnership units is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. As a result of the sale, the Company was relieved of its $84 million share of the $167 million mortgage loan outstanding on Arizona Mills at the time of the sale. A gain of $109 million was recognized as a result of the transaction.

Acquisition

Purchase of U.S. Headquarters Building

In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for approximately $16.1 million from an affiliate of the Taubman family. In exchange for the building, the Company assumed the $17.4 million, 5.90% fixed rate loan on the building, issued 1,431 Operating Partnership units (and a corresponding number of shares of Series B Preferred Stock), and received $1.4 million in escrowed and other cash from the affiliate. In March 2015, the Company refinanced the loan on the building (Note 5).
U.S. Development

International Market Place

International Market Place, a 0.4 million square foot center, is under construction in Waikiki, Honolulu, Hawaii. The center will be anchored by Saks Fifth Avenue and is expected to open in August 2016. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. As of June 30, 2015, the Company's capitalized costs for the project were $176.0 million ($164.9 million at TRG's share).

The Mall of San Juan

The Mall of San Juan, a 0.6 million square foot center in San Juan, Puerto Rico, opened in March 2015. The center is anchored by Nordstrom and Saks Fifth Avenue. As of June 30, 2015, the Company owned a 95% interest in the center subsequent to the acquisition of an additional 15% interest in April 2015. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used $9.3 million of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the Noncontrolling interests and an offsetting reduction of Properties (Note 14).

Asia Development

CityOn.Xi'an

The Company has a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, which will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development under construction in Xi'an, China. Through this joint venture, the Company will beneficially own a 30% interest in the shopping center, which is scheduled to open in spring 2016. As of June 30, 2015, the Company's share of total project costs were $88.2 million, as increased by $0.5 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

CityOn.Zhengzhou

The Company also has a second joint venture with Wangfujing which owns a majority interest in and will manage an approximately 1.0 million square foot multi-level shopping center, CityOn.Zhengzhou, under construction in Zhengzhou, China. Through this joint venture, the Company beneficially owns a 32% interest in the shopping center, which is scheduled to open in fall 2016. As of June 30, 2015, the Company's share of total project costs were $58.5 million, as decreased by immaterial cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

Hanam Union Square

The Company's joint venture with Shinsegae Group, South Korea's largest retailer, is developing an approximately 1.7 million square foot shopping center, Hanam Union Square, under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in early fall 2016. The Company has partnered with a major institution in Asia for a 49% ownership interest in Hanam Union Square. The institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3%. As of June 30, 2015, the Company's share of total project costs were $173.5 million, as decreased by $5.0 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

X

- Definition
Dispositions, Acquisition, and Development [Abstract]
+ References
No definition available.
+ Details

Name: tco_DispositionsAcquisitionandDevelopmentAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Dispositions, Acquisition, and Development [Text Block]
+ References
No definition available.
+ Details

Name: tco_DispositionsAcquisitionandDevelopmentTextBlock

Namespace Prefix: tco_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727

Interim Financial Statements (Details)

Jun. 30, 2015

Dec. 31, 2014

Westfarms [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 79.00% 79.00%

International Plaza [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.10% 50.10%

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_WestfarmsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_InternationalPlazaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 36 R40.htm IDEA: XBRL DOCUMENT v3.2.0.727

Beneficial Interest in Debt and Interest Expense (Specific Debt Instrument Detail) (Details) - Entity [Domain] - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Jun. 30, 2014

Debt Instrument [Line Items]

Notes Payable $ 2,212,461 $ 2,025,505

Office Building [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage 5.90%

Office Building [Member] | Long-term Debt [Member]

Debt Instrument [Line Items]

Debt Instrument, Term (in years) nine

Debt Instrument, Description of Variable Rate Basis LIBOR

Debt Instrument, Basis Spread on Variable Rate 1.40%

Derivative, Fixed Interest Rate 3.49%

Notes Payable $ 12,000 $ 17,000

Debt Instrument, Interest Rate, Stated Percentage 5.90%

X

- Definition
The original duration, in years, of a debt obligation at the time of issuance.
+ References
No definition available.
+ Details

Name: tco_DebtInstrumentTerminyears

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentBasisSpreadOnVariableRate1

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentDescriptionOfVariableRateBasis

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fixed interest rate related to the interest rate derivative.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeFixedInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13, 16

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_LongTermDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 37 R53.htm IDEA: XBRL DOCUMENT v3.2.0.727

Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Dec. 31, 2013

Accumulated Other Comprehensive Income Components [Line Items]

Accumulated Other Comprehensive Income (Loss), Net of Tax $ (19,284) $ (19,284) $ (15,068)

Reclassification adjustment for amounts recognized in net income 2,942 $ 8,170 5,835 $ 11,474

Accumulated Other Comprehensive Income (Loss) [Member]

Accumulated Other Comprehensive Income Components [Line Items]

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (2,951) 6,369 (2,951) 6,369 (101) $ 5,040

Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax (16,333) (16,277) (16,333) (16,277) (14,967) (13,954)

Accumulated Other Comprehensive Income (Loss), Net of Tax (19,284) (9,908) (19,284) (9,908) (15,068) (8,914)

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax (2,851) 1,324

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax (5,345) (10,321)

Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent (8,196) (8,997)

Reclassification adjustment for amounts recognized in net income 4,133 7,982

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent (2,851) 1,324

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent (1,212) (2,339)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (4,063) (1,015)

Other Comprehensive income Loss Adjustment Foreign Currency Attributable To Parent 1 5

Other comprehensive income (loss), adjustments, attributable to parent (154) 16

Other comprehensive income (loss), total adjustments attributable to parent (153) 21

Noncontrolling Interest [Member]

Accumulated Other Comprehensive Income Components [Line Items]

Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax (1,216) 2,532 (1,216) 2,532 (41) 2,011

Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax 5,535 5,351 5,535 5,351 5,879 6,141

Accumulated Other Comprehensive Income (Loss), Net of Tax $ 4,319 $ 7,883 4,319 7,883 $ 5,838 $ 8,152

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax (1,174) 526

Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax (2,200) (4,266)

Other Comprehensive Income (Loss), before Tax, Portion Attributable to Noncontrolling Interest 3,374 3,740

Reclassification adjustment for amounts recognized in net income 1,702 3,492

Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest (1,174) 526

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Noncontrolling Interest (498) (774)

Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (1,672) (248)

Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest (1) (5)

Other comprehensive income (loss), adjustments, attributable to noncontrolling interests 154 (16)

Other comprehensive income (loss), total adjustments attributable to noncontrolling interests 153 (21)

Reclassification out of Accumulated Other Comprehensive Income [Member]

Accumulated Other Comprehensive Income Components [Line Items]

Reclassification adjustment for amounts recognized in net income 5,835 11,474

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net 4,880

Amount of gain/loss on interest rate contract reclassfied from AOCI 3,587 5,043

Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures $ 2,248 $ 1,551

X

- Definition
[Line Items] for Accumulated Other Comprehensive Income Components [Table]
+ References
No definition available.
+ Details

Name: tco_AccumulatedOtherComprehensiveIncomeComponentsLineItems

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of gain/loss on interest rate contract reclassfied from AOCI for consolidated subsidiaries
+ References
No definition available.
+ Details

Name: tco_AmountOfGainlossOnInterestRateContractReclassfiedFromAoci

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of gain/loss on interest rate contract reclassfied from AOCI for unconsolidated joint ventures
+ References
No definition available.
+ Details

Name: tco_AmountOfGainlossOnInterestRateContractReclassfiedFromAociForUnconsolidatedJointVentures

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other Comprehensive Income Loss Adjustment Foreign Currency Attributable To Noncontrolling Interest
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveIncomeLossAdjustmentForeignCurrencyAttributableToNoncontrollingInterest

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Other comprehensive income (loss), adjustments, attributable to noncontrolling interests
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveIncomeLossAdjustmentsAttributableToNoncontrollingInterests

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other comprehenzive income (loss), adjustments, attributable to parent
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveIncomeLossAdjustmentsAttributableToParent

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other comprehensive income (loss), total adjustments attributable to noncontrolling interests
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveIncomeLossTotalAdjustmentsAttributableToNoncontrollingInterests

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other comprehensive income (loss), total adjustments attributable to parent
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveIncomeLossTotalAdjustmentsAttributableToParent

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
tco_OtherComprehensiveIncomeLossAdjustmentForeignCurrencyNonControllingInterest
+ References
No definition available.
+ Details

Name: tco_OtherComprehensiveincomeLossAdjustmentForeignCurrencyAttributableToParent

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The effective portion of net gain (loss) reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

+ Details

Name: us-gaap_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss), attributable to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments, of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss), attributable to parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

+ Details

Name: us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount before tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 20

-Section 35

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6939497&loc=d3e30304-110892

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 20

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount before tax of other comprehensive income (loss) attributable to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before tax of other comprehensive income (loss) attributable to parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of other comprehensive income (loss) attributable to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of other comprehensive income (loss) attributable to parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (c)(3)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-Subparagraph c

-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementEquityComponentsAxis=us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 38 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands

Jun. 30, 2015

Dec. 31, 2014

Assets:

Properties $ 3,467,620 $ 3,262,505

Accumulated depreciation and amortization (1,010,571) (970,045)

Real Estate Investment Property, Net 2,457,049 2,292,460

Investment in Unconsolidated Joint Ventures (Notes 2 and 4) 412,377 370,004

Cash and cash equivalents 42,328 276,423

Restricted cash (Note 5) 16,917 37,502

Accounts and notes receivable, less allowance for doubtful accounts of $3,949 and $2,927 in 2015 and 2014 41,190 49,245

Accounts receivable from related parties 2,754 832

Deferred charges and other assets 206,662 188,435

Total Assets 3,179,277 3,214,901

Liabilities:

Notes payable (Note 5) 2,212,461 2,025,505

Accounts payable and accrued liabilities 303,878 292,802

Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Notes 2 and 4) 474,449 476,651

Total Liabilities $ 2,990,788 $ 2,794,958

Commitments and contingencies (Notes 5, 7, 8, 9, and 10)

Equity:

Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,044,939 and 25,117,000 shares issued and outstanding at June 30, 2015 and December 31, 2014 $ 25 $ 25

Common Stock, $0.01 par value, 250,000,000 shares authorized, 60,886,865 and 63,324,409 shares issued and outstanding at June 30, 2015 and December 31, 2014 609 633

Additional paid-in capital 678,883 815,961

Accumulated other comprehensive income (loss) (Note 13) (19,284) (15,068)

Dividends in excess of net income (500,344) (483,188)

Stockholders' Equity Attributable to Parent 159,889 318,363

Noncontrolling interests (Note 7) 28,600 101,580

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 188,489 419,943

Total Liabilities and Equity $ 3,179,277 $ 3,214,901

X

- Definition
Distributions in excess of investments in and net income of unconsolidated joint ventures
+ References
No definition available.
+ Details

Name: tco_DistributionsInExcessOfInvestmentsInAndNetIncomeOfUnconsolidatedJointVentures

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_AccountsAndNotesReceivableNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.15(1),(5))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.15)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 15

-Subparagraph 1, 5

-Article 9

+ Details

Name: us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The amount as of the balance sheet date by which cumulative distributions to shareholders (or partners) exceed retained earnings (or accumulated earnings).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 946

-SubTopic 20

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=35736640&loc=d3e9120-115832

+ Details

Name: us-gaap_AccumulatedDistributionsInExcessOfNetIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

+ Details

Name: us-gaap_AdditionalPaidInCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 12

-Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 18

-Article 5

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_AssetsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),19)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14326-108349

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.17)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 25

-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 17

-Article 9

+ Details

Name: us-gaap_CommitmentsAndContingencies

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate carrying amount of deferred costs and other assets not separately disclosed.
+ References
No definition available.
+ Details

Name: us-gaap_DeferredCostsAndOtherAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.3)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k)(1))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.10(3))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 3

-Article 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Subparagraph 1

-Article 4

+ Details

Name: us-gaap_DueFromRelatedParties

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.12)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_EquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LiabilitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 25

-Article 7

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 32

-Article 5

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 27

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 7

+ Details

Name: us-gaap_MinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13, 16

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The cumulative amount of depreciation for real estate property held for investment purposes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(3))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 7

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAtCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_RestrictedCashAndCashEquivalents

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

+ Details

Name: us-gaap_StockholdersEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_StockholdersEquityAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4I

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683

+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 39 R45.htm IDEA: XBRL DOCUMENT v3.2.0.727

Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net $ (10,000) $ (10,000)

Cash Flow Hedging [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net 4,786 $ (5,785) (1,710) $ (7,993)

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (2,942) (8,170) (5,835) (11,474)

Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Equity Method Investments [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (1,125) (783) (2,248) (1,551)

Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other comprehensive income [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net 2,745 (5,284) (1,792) (7,735)

Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Nonoperating Income (Expense) [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (4,880) (4,880)

Consolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest expense [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net (1,817) (2,507) (3,587) (5,043)

Unconsolidated Properties [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Other comprehensive income [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net $ 2,041 $ (501) 82 $ (258)

Unsecured Debt [Member]

Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income [Abstract]

Derivative, Net Hedge Ineffectiveness Gain (Loss) $ 200

X

- Definition
The effective portion of net gain (loss) reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

+ Details

Name: us-gaap_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

+ Details

Name: us-gaap_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of gain (loss) from the ineffectiveness of the hedge.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (d)(1)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

+ Details

Name: us-gaap_DerivativeNetHedgeIneffectivenessGainLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The estimated net amount of unrealized gains or losses on interest rate cash flow hedges as of the balance sheet date expected to be reclassified to earnings within the next twelve months.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

+ Details

Name: us-gaap_InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis=us-gaap_CashFlowHedgingMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DerivativeInstrumentRiskAxis=us-gaap_InterestRateContractMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_EquityMethodInvestmentsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstatePropertiesAxis=us-gaap_ConsolidatedPropertiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_OtherComprehensiveIncomeMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_NonoperatingIncomeExpenseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeStatementLocationAxis=us-gaap_InterestExpenseMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstatePropertiesAxis=us-gaap_UnconsolidatedPropertiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_UnsecuredDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 40 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Cash Flows From Operating Activities:

Net income $ 93,333 $ 565,211

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 50,419 71,968

Provision for bad debts $ 1,432 1,217

Gain on dispositions (486,620)

Discontinuation of hedge accounting (Note 2) 5,678

Other $ 8,287 4,990

Increase (decrease) in cash attributable to changes in assets and liabilities:

Receivables, restricted cash, deferred charges, and other assets 1,481 1,523

Accounts payable and accrued liabilities (396) (21,081)

Net Cash Provided By Operating Activities 154,556 142,886

Cash Flows From Investing Activities:

Additions to properties (210,959) (163,624)

Cash drawn from (provided to) escrow related to center construction projects (Note 5) 18,625 (42,873)

Proceeds from dispositions, net of transaction costs (Note 2) 385,598

Contributions to Unconsolidated Joint Ventures (50,260) (20,884)

Distributions from Unconsolidated Joint Ventures in excess of income 1,715 6,946

Other 662 7,287

Net Cash Provided by (Used in) Investing Activities (240,217) 172,450

Cash Flows From Financing Activities:

Proceeds from (payments to) revolving lines of credit, net 124,910 (87,710)

Debt proceeds 82,994 61,752

Debt payments (20,155) $ (103,168)

Debt issuance costs (7,554)

Increase in deposits (10,000)

Repurchase of common stock (207,480) $ (17)

Issuance of common stock and/or partnership units in connection with incentive plans 4,629 (2,381)

Distributions to noncontrolling interests (33,482) (33,752)

Distributions to participating securities of TRG (985) (938)

Contributions from noncontrolling interests 22,345

Cash dividends to preferred shareowners (11,569) (11,569)

Cash dividends to common shareowners (69,742) (68,487)

Net Cash Used In Financing Activities (148,434) (223,925)

Net Increase (Decrease) In Cash and Cash Equivalents (234,095) 91,411

Cash and Cash Equivalents at Beginning of Period 276,423 40,993

Cash and Cash Equivalents at End of Period $ 42,328 $ 132,404

X

- Definition
The amount of net gain (loss) reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period. This amount also includes an additional adjustment to record the derivative at fair value.
+ References
No definition available.
+ Details

Name: tco_GainLossonDiscontinuationofCashFlowHedgeDuetoForecastedTransactionProbableofNotOccurringInclusiveoftheAdjustmenttoFairValue

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash inflow from the sale of partnership interests in various types of real estate during the period, net of transaction costs
+ References
No definition available.
+ Details

Name: tco_ProceedsfromtheSaleofInterestsinRealEstatenetofTransactionCosts

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3044-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 230

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450594&loc=d3e33268-110906

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
This element represents the amount of gain (loss) on sale of properties during the reporting period gross of the applicable income taxes realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 974

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-15.(a)(1)(ii)

-URI http://asc.fasb.org/extlink&oid=6875705&loc=d3e641549-123027

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 15

-Paragraph a

-Subparagraph 1(ii)

-Article 3

+ Details

Name: us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of assets used to generate operating income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInOperatingCapitalAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities that result from activities that generate operating income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOperatingLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net cash inflow or outflow during the period for the aggregate increase (decrease) associated with funds and investments that are not available for withdrawal or use (such as assets held in escrow or contractually limited as to use or disposition) and are associated with underlying transactions that are classified as investing activities.
+ References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInRestrictedCashAndInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3574-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3536-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name: us-gaap_OtherNoncashIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
outflow associated with an amount paid in advance to show an intention to complete a mortgage financing.
+ References
No definition available.
+ Details

Name: us-gaap_PaymentsForMortgageDeposits

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3098-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3095-108585

+ Details

Name: us-gaap_PaymentsForProceedsFromOtherInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow to reacquire common stock during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsForRepurchaseOfCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDebtIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The distributions of earnings to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDistributionsToAffiliates

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDividendsMinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow from the acquisition of a piece of land and anything permanently fixed to it, including buildings, structures on it and so forth, and payments to develop real estate assets by adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements. Including real estate intended to generate income for the owner; excluding real estate acquired for use by the owner.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsToAcquireAndDevelopRealEstate

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3213-108585

+ Details

Name: us-gaap_PaymentsToAcquireInterestInJointVenture

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Cash dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations that are returns of capital. Excludes dividends or distributions from equity method investments classified as operating activities.
+ References
No definition available.
+ Details

Name: us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromIssuanceOfLongTermDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash inflow from the capital received in cash from a partner in a partnership during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3255-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_ProceedsFromPartnershipContribution

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 9

-Subparagraph c

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3098-108585

+ Details

Name: us-gaap_ProceedsFromRepaymentsOfLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 11B

-Subparagraph (c)(2)

-URI http://asc.fasb.org/extlink&oid=35738203&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.11)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 9

+ Details

Name: us-gaap_ProvisionForLoanLeaseAndOtherLosses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3291-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

+ Details

Name: us-gaap_RepaymentsOfLongTermDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 41 R35.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Income tax expense (benefit) [Abstract]

Federal current $ 260 $ (1,366) $ 756 $ 7,538

Federal deferred (20) 972 (105) 1,165

Foreign current 492 364 766 581

Foreign deferred (185) (45) (156) (48)

State current 135 (75) 255 1,519

State deferred 6 (12) 10 (12)

Income Tax Expense (Benefit), Gross of Tax on Gain $ 688 (162) 1,526 10,743

Less income tax (expense) benefit allocated to Gain on Dispositions (1) 473 (9,733)

Total income tax expense $ 688 $ 311 1,526 $ 1,010

Deferred tax assets:

Deferred tax assets 4,686 4,686 $ 3,659

Valuation allowances (2,424) (2,424) (1,703)

Net deferred tax assets 2,262 2,262 1,956

Deferred tax liabilities:

Deferred tax liabilities 1,229 1,229 1,154

Domestic Country [Member]

Deferred tax assets:

Deferred tax assets 1,521 1,521 1,382

Deferred tax liabilities:

Deferred tax liabilities 626 626 592

Foreign Country [Member]

Deferred tax assets:

Deferred tax assets 2,035 2,035 1,806

Deferred tax liabilities:

Deferred tax liabilities 475 475 473

State and Local Jurisdiction [Member]

Deferred tax assets:

Deferred tax assets 1,130 1,130 471

Deferred tax liabilities:

Deferred tax liabilities $ 128 $ 128 $ 89

X

- Definition
Income Tax Expense (Benefit), Gross of Tax on Gain
+ References
No definition available.
+ Details

Name: tco_IncomeTaxExpenseBenefitGrossofTaxonGain

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Paragraph Question 1-7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_CurrentFederalTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_CurrentForeignTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Current Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6509736

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

+ Details

Name: us-gaap_CurrentStateAndLocalTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

+ Details

Name: us-gaap_DeferredFederalIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of deferred foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

+ Details

Name: us-gaap_DeferredForeignIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6510177

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 6.I.7)

-URI http://asc.fasb.org/extlink&oid=34349781&loc=d3e330036-122817

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section I

-Subsection 7

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Deferred Tax Asset

-URI http://asc.fasb.org/extlink&oid=6510090

+ Details

Name: us-gaap_DeferredTaxAssetsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b),(c)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name: us-gaap_DeferredTaxAssetsNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DeferredTaxAssetsNetAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name: us-gaap_DeferredTaxAssetsValuationAllowance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e31931-109318

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name: us-gaap_DeferredTaxLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_DeferredTaxLiabilitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
This element represents the applicable amount of income taxes or benefit realized on the gain (loss) on sale of properties during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 974

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-15.(a)(1)(ii))

-URI http://asc.fasb.org/extlink&oid=6875705&loc=d3e641549-123027

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 15

-Paragraph a

-Subparagraph 1(ii)

-Article 3

+ Details

Name: us-gaap_GainLossOnSaleOfPropertiesApplicableIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_IncomeTaxAuthorityAxis=us-gaap_DomesticCountryMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeTaxAuthorityAxis=us-gaap_ForeignCountryMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_IncomeTaxAuthorityAxis=us-gaap_StateAndLocalJurisdictionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 42 R22.htm IDEA: XBRL DOCUMENT v3.2.0.727

Income Taxes (Tables)
6 Months Ended

Jun. 30, 2015

Income Tax Contingency [Line Items]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The Company’s income tax expense (benefit) for the three and six months ended June 30, 2015 and 2014 consisted of the following:

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Federal current
$
260

$
(1,366
)

$
756

$
7,538

Federal deferred
(20
)

972

(105
)

1,165

Foreign current
492

364

766

581

Foreign deferred
(185
)

(45
)

(156
)

(48
)
State current
135

(75
)

255

1,519

State deferred
6

(12
)

10

(12
)

$
688

$
(162
)

$
1,526

$
10,743

Less income tax (expense) benefit allocated to Gain on Dispositions ⁽¹⁾

473

(9,733
)
Total income tax expense
$
688

$
311

$
1,526

$
1,010

(1)
Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income.

Deferred tax assets and liabilities
Deferred tax assets and liabilities as of June 30, 2015 and December 31, 2014 were as follows:

2015

2014
Deferred tax assets:

Federal
$
1,521

$
1,382

Foreign
2,035

1,806

State
1,130

471

Total deferred tax assets
$
4,686

$
3,659

Valuation allowances
(2,424
)

(1,703
)
Net deferred tax assets
$
2,262

$
1,956

Deferred tax liabilities:

Federal
$
626

$
592

Foreign
475

473

State
128

89

Total deferred tax liabilities
$
1,229

$
1,154

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_IncomeTaxContingencyLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name: us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name: us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 43 R36.htm IDEA: XBRL DOCUMENT v3.2.0.727

Investments in Unconsolidated Joint Ventures (Details) - USD ($)
$ in Billions
6 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Schedule of Equity Method Investments [Line Items]

Depreciable Basis In Years 40 years

Equity of certain joint ventures less than zero

Fair Oaks [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

International Plaza [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.10% 50.10%

The Mall at Millenia [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

Stamford Town Center [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

Sunvalley [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

Waterside Shops [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

Westfarms [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 79.00% 79.00%

The Mall at University Town Center [Member]

Schedule of Equity Method Investments [Line Items]

Ownership percentage (in hundredths) 50.00% 50.00%

Unconsolidated Properties [Member]

Schedule of Equity Method Investments [Line Items]

Notes Payable, Fair Value Disclosure $ 2.0 $ 2.0

X

- Definition
The depreciable basis (in years) over which the Company's additional basis allocated to depreciable assets is recognized on a straight-line basis.
+ References
No definition available.
+ Details

Name: tco_DepreciableBasisInYears

Namespace Prefix: tco_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
The net equity of certain joint ventures held by the Company as a result of distributions exceeding net income.
+ References
No definition available.
+ Details

Name: tco_EquityOfCertainJointVentures

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Fair value portion of notes payable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayableFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_FairOaksMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_InternationalPlazaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_MallAtMilleniaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_StamfordTownCenterMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_SunvalleyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_WatersideShopsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_WestfarmsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=tco_TheMallatUniversityTownCenterMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RealEstatePropertiesAxis=us-gaap_UnconsolidatedPropertiesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 44 R24.htm IDEA: XBRL DOCUMENT v3.2.0.727

Beneficial Interest in Debt and Interest Expense (Tables)
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Operating Partnership's beneficial interest

The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and The Mall of San Juan (20% prior to April 2015, and subsequently 5%), as well as the noncontrolling interests in The Mall at Wellington Green (10%) and MacArthur Center (5%) through the disposition of the centers in October 2014 (Note 2).

At 100%

At Beneficial Interest

Consolidated Subsidiaries

Unconsolidated Joint Ventures

Consolidated Subsidiaries

Unconsolidated Joint Ventures
Debt as of:

June 30, 2015
$
2,212,461

$
2,006,424

$
2,060,722

$
1,093,078

December 31, 2014
2,025,505

1,989,546

1,852,749

1,085,991

Capitalized interest:

Six Months Ended June 30, 2015
$
16,783

(1)
$
157

$
16,188

$
79

Six Months Ended June 30, 2014
11,672

⁽¹⁾
1,692

11,214

852

Interest expense:

Six Months Ended June 30, 2015
$
28,306

$
42,547

$
24,918

$
22,768

Six Months Ended June 30, 2014
51,564

36,547

47,414

19,799

(1)
The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.

X

- Definition
A table or schedule providing information pertaining to the Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and Unconsolidated Joint Ventures.
+ References
No definition available.
+ Details

Name: tco_OperatingPartnershipsBeneficialInterestTextBlock

Namespace Prefix: tco_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 45 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 46 R7.htm IDEA: XBRL DOCUMENT v3.2.0.727

Interim Financial Statements
6 Months Ended

Jun. 30, 2015

Notes to Financial Statements [Abstract]

Interim Financial Statements
Interim Financial Statements

General

Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of June 30, 2015 included 19 urban and suburban shopping centers operating in 10 states and Puerto Rico.

Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong.

The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year.

Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted.

Consolidation

The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements.

Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property.

Ownership

In addition to the Company’s common stock, there were three classes of preferred stock outstanding (Series B, J, and K) as of June 30, 2015. Dividends on the 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) and the 6.25% Series K Cumulative Redeemable Preferred Stock (Series K Preferred Stock) are cumulative and are paid on the last day of each calendar quarter. The Company owns corresponding Series J and Series K Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company’s Series J and Series K Preferred Stock.

The Company also is obligated to issue to partners in the Operating Partnership other than the Company, upon subscription, one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit. The Series B Preferred Stock entitles its holders to one vote per share on all matters submitted to the Company’s shareowners and votes together with the common stock on all matters as a single class. The holders of Series B Preferred Stock are not entitled to dividends or earnings. The Series B Preferred Stock is convertible into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Outstanding voting securities of the Company at June 30, 2015 consisted of 25,044,939 shares of Series B Preferred Stock and 60,886,865 shares of common stock.

The Operating Partnership

At June 30, 2015, the Operating Partnership’s equity included two classes of preferred equity (Series J and K) and the net equity of the partnership unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and Series K Preferred Equity are owned by the Company and are eliminated in consolidation.

The Company's ownership in the Operating Partnership at June 30, 2015 consisted of a 71% managing general partnership interest, as well as the Series J and Series K Preferred Equity interests. The Company's average ownership percentage in the Operating Partnership for the six months ended June 30, 2015 and 2014 was 71% and 72%, respectively. At June 30, 2015, the Operating Partnership had 85,950,254 partnership units outstanding, of which the Company owned 60,886,865 units.

X

- References
No definition available.
+ Details

Name: tco_NotesToFinancialStatementsAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 915

-SubTopic 235

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=35735333&loc=d3e288-107754

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 47 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)

Jun. 30, 2015

Dec. 31, 2014

Allowance for doubtful accounts $ 3,949,000 $ 2,927,000

Common stock, par value $ 0.01 $ 0.01

Common stock, shares authorized 250,000,000 250,000,000

Common stock, shares issued 60,886,865 63,324,409

Common stock, shares outstanding 60,886,865 63,324,409

Series B Preferred Stock [Member]

Preferred Stock, par or value $ 0.001 $ 0.001

Preferred Stock, liquidation preference per share $ 0.001 $ 0.001

Preferred Stock, shares authorized 40,000,000 40,000,000

Preferred Stock, shares issued 25,044,939 25,117,000

Preferred Stock, shares outstanding 25,044,939 25,117,000

Series J Preferred Stock [Member]

Preferred Stock, par or value $ 0 $ 0

Preferred Stock, liquidation preference $ 192,500,000 $ 192,500,000

Preferred Stock, shares authorized 7,700,000 7,700,000

Preferred Stock, shares issued 7,700,000 7,700,000

Preferred Stock, shares outstanding 7,700,000 7,700,000

Series K Preferred Stock [Member]

Preferred Stock, par or value $ 0 $ 0

Preferred Stock, liquidation preference $ 170,000,000 $ 170,000,000

Preferred Stock, shares authorized 6,800,000 6,800,000

Preferred Stock, shares issued 6,800,000 6,800,000

Preferred Stock, shares outstanding 6,800,000 6,800,000

X

- Definition
The valuation allowance as of the balance sheet date to reduce the gross amount of receivables to estimated net realizable value, which would be presented in parentheses on the face of the balance sheet.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5074-111524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),5)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 5

-Article 7

+ Details

Name: us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d)(1))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph d

-Article 4

+ Details

Name: us-gaap_PreferredStockLiquidationPreference

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
Value of the difference between preference in liquidation and the par or stated values of the preferred shares.
+ References
No definition available.
+ Details

Name: us-gaap_PreferredStockLiquidationPreferenceValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Details

Name: us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=tco_SeriesJPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementClassOfStockAxis=tco_SeriesKPreferredStockMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 48 R17.htm IDEA: XBRL DOCUMENT v3.2.0.727

Earnings Per Share
6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share
Earnings Per Share

Basic earnings per share amounts are based on the weighted average of common shares outstanding for the respective periods. Diluted earnings per share amounts are based on the weighted average of common shares outstanding plus the dilutive effect of potential common stock. Potential common stock includes outstanding partnership units exchangeable for common shares under the Continuing Offer (Note 10), outstanding options for partnership units, PSU, RSU, deferred shares under the Non-Employee Directors’ Deferred Compensation Plan, and unissued partnership units under a unit option deferral election (Note 9). In computing the potentially dilutive effect of potential common stock, partnership units are assumed to be exchanged for common shares under the Continuing Offer, increasing the weighted average number of shares outstanding. The potentially dilutive effects of partnership units outstanding and/or issuable under the unit option deferral elections are calculated using the if-converted method, while the effects of other potential common stock are calculated using the treasury method. Contingently issuable shares are included in diluted EPS based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period.

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Net income attributable to Taubman Centers, Inc. common shareowners (Numerator):

Basic
$
23,230

$
21,344

$
52,852

$
390,469

Impact of additional ownership of TRG
91

74

196

3,556

Diluted
$
23,321

$
21,418

$
53,048

$
394,025

Shares (Denominator) – basic
61,606,563

63,263,237

62,319,211

63,214,694

Effect of dilutive securities
779,479

711,376

837,491

1,619,315

Shares (Denominator) – diluted
62,386,042

63,974,613

63,156,702

64,834,009

Earnings per common share - basic
$
0.38

$
0.34

$
0.85

$
6.18

Earnings per common share – diluted
$
0.37

$
0.33

$
0.84

$
6.08

The calculation of diluted earnings per share in certain periods excluded certain potential common stock including outstanding partnership units and unissued partnership units under a unit option deferral election, both of which may be exchanged for common shares of the Company under the Continuing Offer. The table below presents the potential common stock excluded from the calculation of diluted earnings per share as they were anti-dilutive in the period presented.

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Weighted average noncontrolling partnership units outstanding
4,043,824

4,348,429

4,096,487

4,343,555

Unissued partnership units under unit option deferral elections
871,262

871,262

871,262

X

- References
No definition available.
+ Details

Name: us-gaap_EarningsPerShareAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for earnings per share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_EarningsPerShareTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 49 R1.htm IDEA: XBRL DOCUMENT v3.2.0.727

Document and Entity Information Document - shares
6 Months Ended

Jun. 30, 2015

Aug. 04, 2015

Entity Information [Line Items]

Entity Registrant Name TAUBMAN CENTERS INC.

Entity Central Index Key 0000890319

Current Fiscal Year End Date --12-31

Entity Filer Category Large Accelerated Filer

Document Type 10-Q

Document Period End Date Jun. 30, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q2

Amendment Flag false

Entity Common Stock, Shares Outstanding 60,857,520

Entity Well-known Seasoned Issuer Yes

Entity Voluntary Filers No

Entity Current Reporting Status Yes

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: dei_EntityInformationLineItems

Namespace Prefix: dei_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
No definition available.
+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
No definition available.
+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

XML 50 R18.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value Disclosures
6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Disclosures
Fair Value Disclosures

This note contains required fair value disclosures for assets and liabilities remeasured at fair value on a recurring basis and financial instruments carried at other than fair value, as well as assumptions employed in deriving these fair values.

Recurring Valuations

Derivative Instruments

The fair value of interest rate hedging instruments is the amount that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. The Company’s valuations of its derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty's nonperformance risk.

Other

The Company's valuation of an insurance deposit utilizes unadjusted quoted prices determined by active markets for the specific securities the Company has invested in, and therefore falls into Level 1 of the fair value hierarchy.

For assets and liabilities measured at fair value on a recurring basis, quantitative disclosure of the fair value for each major category of assets and liabilities is presented below:

Fair Value Measurements as of June 30, 2015 Using

Fair Value Measurements as of
December 31, 2014 Using
Description

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)
Derivative interest rate contract (Note 8)

$
45

Insurance deposit

$
14,373

$
13,059

Total assets

$
14,373

$
45

$
13,059

$
—

Derivative interest rate contracts (Note 8)

$
(6,095
)

$
(4,044
)
Total liabilities

$
(6,095
)

$
(4,044
)

The insurance deposit shown above represents an escrow account maintained in connection with a property and casualty insurance arrangement for the Company’s shopping centers, and is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. Corresponding deferred revenue relating to amounts billed to tenants for this arrangement has been classified within Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet.

Financial Instruments Carried at Other Than Fair Values

Simon Property Group Limited Partnership Units

As of June 30, 2015, the Company owned 590,124 partnership units in Simon Property Group Limited Partnership (Note 2). The fair value of the partnership units, which is derived from SPG's common stock price and therefore falls into level 2 of the fair value hierarchy, was $102.1 million at June 30, 2015 and $105.2 million at December 31, 2014. The partnership units were classified as Deferred Charges and Other Assets on the Consolidated Balance Sheet and had a book value of $77.7 million at both June 30, 2015 and December 31, 2014.

Notes Payable

The fair value of notes payable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy. When selecting discount rates for purposes of estimating the fair value of notes payable at June 30, 2015 and December 31, 2014, the Company employed the credit spreads at which the debt was originally issued. For debt refinanced prior to 2010, excluding debt assumed from acquisitions, an additional 0.75% credit spread was added to the discount rate at June 30, 2015 and December 31, 2014 to attempt to account for current market conditions. This additional spread is an estimate and is not necessarily indicative of what the Company could obtain in the market at the reporting date. The Company does not believe that the use of different interest rate assumptions would have resulted in a materially different fair value of notes payable as of June 30, 2015 or December 31, 2014. To further assist financial statement users, the Company has included with its fair value disclosures an analysis of interest rate sensitivity.

The estimated fair values of notes payable at June 30, 2015 and December 31, 2014 were as follows:

2015

2014

Carrying Value

Fair Value

Carrying Value

Fair Value
Notes payable
$
2,212,461

$
2,223,777

$
2,025,505

$
2,056,474

The fair values of the notes payable are dependent on the interest rates used in estimating the values. An overall 1% increase in rates employed in making these estimates would have decreased the fair values of the debt shown above at June 30, 2015 by $22.5 million or 1.0%.

Cash Equivalents and Notes Receivable

The fair value of cash equivalents and notes receivable approximates their carrying value due to their short maturity. The fair value of cash equivalents is derived from quoted market prices and therefore falls into Level 1 of the fair value hierarchy. The fair value of notes receivable is estimated using cash flows discounted at current market rates and therefore falls into Level 2 of the fair value hierarchy.

See Note 4 regarding the fair value of the Unconsolidated Joint Ventures’ notes payable, and Note 8 regarding additional information on derivatives.

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13537-108611

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13504-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 51 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME - Entity [Domain] - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Revenues:

Minimum rents $ 76,869 $ 96,532 $ 151,436 $ 194,422

Percentage rents 1,077 1,094 4,007 5,756

Expense recoveries 46,020 61,203 89,932 123,912

Management, leasing, and development services 3,341 2,965 6,298 5,470

Other 4,666 8,191 9,289 15,203

Total Revenues 131,973 169,985 260,962 344,763

Expenses:

Maintenance, taxes, utilities, and promotion 35,107 48,830 66,740 96,771

Other operating 14,680 16,050 27,898 31,546

Management, leasing, and development services 1,411 1,696 2,541 2,981

General and administrative 12,055 11,587 23,980 23,124

Interest expense 14,781 25,434 28,306 51,564

Depreciation and amortization 26,378 36,850 50,419 71,968

Operating Expenses 104,412 140,447 199,884 277,954

Nonoperating income (expense) (Notes 2 and 8) 1,456 (5,321) 2,702 (4,218)

Income before income tax expense, equity in income of Unconsolidated Joint Ventures, and gain on dispositions, net of tax 29,017 24,217 63,780 62,591

Income tax expense (Note 3) (688) (311) (1,526) (1,010)

Equity in income of Unconsolidated Joint Ventures (Note 4) 14,004 14,675 31,079 26,743

Income before gain on dispositions, net of tax $ 42,333 38,581 93,333 88,324

Gain on dispositions, net of tax (Note 2) 473 476,887

Net income $ 42,333 39,054 93,333 565,211

Net income attributable to noncontrolling interests (Note 7) (12,825) (11,455) (27,927) (162,235)

Net income attributable to Taubman Centers, Inc. 29,508 27,599 65,406 402,976

Distributions to participating securities of TRG (Note 9) (493) (470) (985) (938)

Preferred stock dividends (5,785) (5,785) (11,569) (11,569)

Net income attributable to Taubman Centers, Inc. common shareowners 23,230 21,344 52,852 390,469

Other comprehensive income (Note 13):

Unrealized gain (loss) on interest rate instruments and other 1,844 (9,075) (7,545) (14,587)

Cumulative translation adjustment (2,108) 5,036 (4,025) 1,850

Reclassification adjustment for amounts recognized in net income 2,942 8,170 5,835 11,474

Other comprehensive income (loss) 2,678 4,131 (5,735) (1,263)

Comprehensive income 45,011 43,185 87,598 563,948

Comprehensive income attributable to noncontrolling interests (13,565) (12,775) (26,255) (161,987)

Comprehensive income attributable to Taubman Centers, Inc. $ 31,446 $ 30,410 $ 61,343 $ 401,961

Basic earnings per common share (Note 11) $ 0.38 $ 0.34 $ 0.85 $ 6.18

Diluted earnings per common share (Note 11) 0.37 0.33 0.84 6.08

Cash dividends declared per common share $ 0.5650 $ 0.5400 $ 1.1300 $ 1.0800

Weighted average number of common shares outstanding – basic 61,606,563 63,263,237 62,319,211 63,214,694

X

- Definition
Total of maintenance costs, property taxes, utility costs, and promotion costs
+ References
No definition available.
+ Details

Name: tco_MaintenanceTaxesAndUtilities

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Costs of providing management, leasing, and development services to third parties
+ References
No definition available.
+ Details

Name: tco_ManagementLeasingAndDevelopmentService

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Revenue from providing management, leasing, and development services
+ References
No definition available.
+ Details

Name: tco_ManagementLeasingAndDevelopmentServices

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Aggregate dividends declared during the period for each share of common stock outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_CommonStockDividendsPerShareDeclared

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=35737396

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e557-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 21

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4613674-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 20

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The increase (decrease) in cumulative translation adjustment before transfers included in determining net income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 20

-Subparagraph (b),(c)

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

+ Details

Name: us-gaap_CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 405

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_DividendsPreferredStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 55

-Paragraph 52

-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.23)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareBasic

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.21)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 18

-Article 7

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 20

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 21

-Article 9

+ Details

Name: us-gaap_EarningsPerShareDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
This element represents the amount of gain (loss) on sale of properties during the reporting period net of the applicable income taxes realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 974

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-15.(a)(1)(ii))

-URI http://asc.fasb.org/extlink&oid=6875705&loc=d3e641549-123027

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 15

-Paragraph a

-Subparagraph 1(ii)

-Article 3

+ Details

Name: us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h)(1)(i))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.12)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 9

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 11

-Article 7

+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Income Tax Expense (or Benefit)

-URI http://asc.fasb.org/extlink&oid=6515339

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of the cost of borrowed funds accounted for as interest expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.9)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 9

-Article 9

+ Details

Name: us-gaap_InterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256

+ Details

Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.7)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 7

-Article 5

+ Details

Name: us-gaap_NonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 25

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7501430&loc=d3e39896-112707

+ Details

Name: us-gaap_OperatingLeasesIncomeStatementMinimumLeaseRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-Subparagraph c

-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

+ Details

Name: us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

+ Details

Name: us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.3)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 3

-Article 5

+ Details

Name: us-gaap_OtherCostAndExpenseOperating

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.4)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 4

-Article 7

+ Details

Name: us-gaap_OtherIncome

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Other preferred stock dividends and adjustments, not otherwise defined in the taxonomy, that are necessary to adjust net income to obtain net income applicable to common stockholders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section Q

+ Details

Name: us-gaap_OtherPreferredStockDividendsAndAdjustments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
This element represents the rental revenue earned during the period from lessee-operators based on revenues generated in their operations, generally in excess of a base amount. Such rental revenue is generally stipulated in the lease agreement, usually will provide for a fixed percentage of revenue to be paid as additional (or possibly only) rent due the lessor, and may be based on gross revenues, net revenues, or multiple variations thereof. Percentage rent is often required under leases with retail outlets located on premises owned by hoteliers, cruise lines, others in the hospitality industry, and shopping mall operators, among others.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(e))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_PercentageRent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 45

-Paragraph 19

-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-Subparagraph (a),(c)

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 55

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686

+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_RevenuesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(e))

-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

+ Details

Name: us-gaap_TenantReimbursements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

+ Details

Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 52 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727

Equity Transactions
6 Months Ended

Jun. 30, 2015

Equity Transactions [Abstract]

Stockholders' Equity Note Disclosure [Text Block]
Equity Transactions

In August 2013, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock. In March 2015, the Company's Board of Directors increased the authorization by $250 million, bringing the total authorization to $450 million. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. As of June 30, 2015, the Company repurchased 3,590,492 shares of its common stock at an average price of $72.35 per share for a total of $259.8 million under the authorization. As of June 30, 2015, $190.2 million remained available under the repurchase program. All shares repurchased have been cancelled. For each share of the Company’s stock repurchased, one of the Company’s Operating Partnership units was redeemed. Repurchases of common stock were financed through general corporate funds, including borrowings under existing revolving lines of credit.

X

- Definition
Equity Transactions [Abstract]
+ References
No definition available.
+ Details

Name: tco_EquityTransactionsAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph d

-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 53 R11.htm IDEA: XBRL DOCUMENT v3.2.0.727

Beneficial Interest in Debt and Interest Expense
6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Beneficial interest in Debt and Interest Expense
Beneficial Interest in Debt and Interest Expense

The Operating Partnership's beneficial interest in the debt, capitalized interest, and interest expense of its consolidated subsidiaries and its Unconsolidated Joint Ventures is summarized in the following table. The Operating Partnership's beneficial interest in the consolidated subsidiaries excludes debt and interest related to the noncontrolling interest in Cherry Creek Shopping Center (50%) and The Mall of San Juan (20% prior to April 2015, and subsequently 5%), as well as the noncontrolling interests in The Mall at Wellington Green (10%) and MacArthur Center (5%) through the disposition of the centers in October 2014 (Note 2).

At 100%

At Beneficial Interest

Consolidated Subsidiaries

Unconsolidated Joint Ventures

Consolidated Subsidiaries

Unconsolidated Joint Ventures
Debt as of:

June 30, 2015
$
2,212,461

$
2,006,424

$
2,060,722

$
1,093,078

December 31, 2014
2,025,505

1,989,546

1,852,749

1,085,991

Capitalized interest:

Six Months Ended June 30, 2015
$
16,783

(1)
$
157

$
16,188

$
79

Six Months Ended June 30, 2014
11,672

⁽¹⁾
1,692

11,214

852

Interest expense:

Six Months Ended June 30, 2015
$
28,306

$
42,547

$
24,918

$
22,768

Six Months Ended June 30, 2014
51,564

36,547

47,414

19,799

(1)
The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis in its investment in Unconsolidated Joint Ventures. Such capitalized interest reduces interest expense in the Company's Consolidated Statement of Operations and Comprehensive Income and in the table above is included within Consolidated Subsidiaries.

2015 Financing

In March 2015, the Company completed a $12.0 million non-recourse refinancing on its U.S. headquarters building. The loan is interest only for the entire nine-year term, bears interest at LIBOR plus 1.40%, and is prepayable at any time. The rate on the loan is fixed at 3.49% as a result of an interest rate swap (Note 8). The proceeds from the new loan and available cash were used to pay off the existing $17.0 million, 5.90% fixed rate loan.

Debt Covenants and Guarantees

Certain loan agreements contain various restrictive covenants, including the following corporate covenants on the Company’s unsecured primary revolving line of credit, unsecured term loan, and the construction facilities on The Mall at University Town Center and The Mall of San Juan: a minimum net worth requirement, a maximum total leverage ratio, a maximum secured leverage ratio, a minimum fixed charge coverage ratio, a maximum recourse secured debt ratio, and a maximum payout ratio. In addition, the Company’s primary revolving line of credit and term loan have unencumbered pool covenants, which currently apply to Beverly Center, Dolphin Mall, and Twelve Oaks Mall on a combined basis. These covenants include a minimum number and minimum value of eligible unencumbered assets, a maximum unencumbered leverage ratio, a minimum unencumbered interest coverage ratio, and a minimum unencumbered asset occupancy ratio. As of June 30, 2015, the corporate maximum payout ratio was the most restrictive covenant. The Company was in compliance with all of its covenants and loan obligations as of June 30, 2015. The maximum payout ratio covenant limits the payment of distributions generally to 95% of funds from operations, as defined in the loan agreements, except as required to maintain the Company’s tax status, pay preferred distributions, and for distributions related to the sale of certain assets.

In connection with the financing of the construction facility at The Mall at University Town Center, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional guarantee of 25% of the principal balance and 50% of all accrued but unpaid interest. The maximum amount of the construction facility is $225 million. The outstanding balance of The Mall at University Town Center construction financing facility as of June 30, 2015 was $215.1 million. Accrued but unpaid interest as of June 30, 2015 was $0.3 million. The principal guarantee may be reduced to 12.5% of the outstanding principal balance upon achievement of certain performance measures. Upon stabilization, the unconditional guarantee may be released. The Company believes the likelihood of a payment under the guarantee to be remote.

In connection with the financing of the construction facility at The Mall of San Juan, the Operating Partnership has provided an unconditional guarantee of the construction loan principal balance and all accrued but unpaid interest during the term of the loan. In addition, the Operating Partnership has provided a guarantee as to the completion of the center. The maximum amount of the construction facility is $320 million. The outstanding balance of The Mall of San Juan construction financing facility as of June 30, 2015 was $234.8 million. Accrued but unpaid interest as of June 30, 2015 was $0.2 million. The Company believes the likelihood of a payment under the guarantees to be remote.

In connection with the additional $175 million financing at International Plaza, which is owned by an Unconsolidated Joint Venture, the Operating Partnership provided an unconditional and several guarantee of 50.1% of all obligations and liabilities related to an interest rate swap that was required on the debt for the term of the loan. As of June 30, 2015, the interest rate swap was in an asset position of $0.2 million and had unpaid interest of $0.2 million. The Company believes the likelihood of a payment under the guarantee to be remote.

Other

The Company is required to escrow cash balances for specific uses stipulated by certain of its lenders. As of June 30, 2015 and December 31, 2014, the Company’s cash balances restricted for these uses were $16.9 million and $37.5 million, respectively. As of June 30, 2015, $15.0 million of the $16.9 million of restricted cash was required under certain debt agreements to be in escrow for certain major construction projects.

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 54 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727

Investments in Unconsolidated Joint Ventures (Tables)
6 Months Ended

Jun. 30, 2015

Beneficial Interests In Joint Ventures
The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below.
Shopping Center

Ownership as of
June 30, 2015 and
December 31, 2014
CityOn.Xi'an (under construction)

Note 2
CityOn.Zhengzhou (under construction)

Note 2
Fair Oaks

50%
Hanam Union Square (under construction)

Note 2
International Plaza

50.1
The Mall at Millenia

50
Stamford Town Center

50
Sunvalley

50
The Mall at University Town Center

50
Waterside Shops

50
Westfarms

79

Equity Method Investment Summarized Financial Information Text Block
Combined Financial Information

Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of June 30, 2015 and December 31, 2014 excluded the balances of CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.

June 30
2015

December 31
2014
Assets:

Properties
$
1,601,636

$
1,580,926

Accumulated depreciation and amortization
(568,755
)

(548,646
)

$
1,032,881

$
1,032,280

Cash and cash equivalents
29,252

49,765

Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014
35,695

38,788

Deferred charges and other assets
41,079

33,200

$
1,138,907

$
1,154,033

Liabilities and accumulated deficiency in assets:

Notes payable
$
2,006,424

$
1,989,546

Accounts payable and other liabilities
68,735

103,161

TRG's accumulated deficiency in assets
(523,737
)

(525,759
)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets
(412,515
)

(412,915
)

$
1,138,907

$
1,154,033

TRG's accumulated deficiency in assets (above)
$
(523,737
)

$
(525,759
)
TRG's investment in properties under construction (Note 2)
277,588

232,091

TRG basis adjustments, including elimination of intercompany profit
130,088

132,058

TCO's additional basis
53,989

54,963

Net investment in Unconsolidated Joint Ventures
$
(62,072
)

$
(106,647
)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures
474,449

476,651

Investment in Unconsolidated Joint Ventures
$
412,377

$
370,004

Three Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Revenues
$
88,418

$
80,294

$
180,332

$
157,519

Maintenance, taxes, utilities, promotion, and other operating expenses
$
29,286

$
25,448

$
56,281

$
50,446

Interest expense
21,318

18,400

42,547

36,547

Depreciation and amortization
13,654

10,338

26,406

21,196

Total operating costs
$
64,258

$
54,186

$
125,234

$
108,189

Nonoperating income (expense)
(3
)

(5
)

5

(3
)
Net income
$
24,157

$
26,103

$
55,103

$
49,327

Net income attributable to TRG
$
13,435

$
14,303

$
30,488

$
27,061

Realized intercompany profit, net of depreciation on TRG’s basis adjustments
1,055

859

1,563

656

Depreciation of TCO's additional basis
(486
)

(487
)

(972
)

(974
)
Equity in income of Unconsolidated Joint Ventures
$
14,004

$
14,675

$
31,079

$
26,743

Beneficial interest in Unconsolidated Joint Ventures’ operations:

Revenues less maintenance, taxes, utilities, promotion, and other operating expenses
$
33,911

$
31,484

$
70,417

$
60,574

Interest expense
(11,405
)

(9,955
)

(22,768
)

(19,799
)
Depreciation and amortization
(8,502
)

(6,854
)

(16,570
)

(14,032
)
Equity in income of Unconsolidated Joint Ventures
$
14,004

$
14,675

$
31,079

$
26,743

X

- Definition
Disclosure of the combined balance sheet and results of operations information for Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures.
+ References
No definition available.
+ Details

Name: tco_EquityMethodInvestmentSummarizedFinancialInformationTextBlock

Namespace Prefix: tco_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 55 R19.htm IDEA: XBRL DOCUMENT v3.2.0.727

Accumulated Other Comprehensive Income (Notes)
6 Months Ended

Jun. 30, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]
Accumulated Other Comprehensive Income

Changes in the balance of each component of AOCI for the six months ended June 30, 2015 are as follows:

Taubman Centers, Inc. AOCI

Noncontrolling Interests AOCI

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total
January 1, 2015
$
(101
)

$
(14,967
)

$
(15,068
)

$
(41
)

$
5,879

$
5,838

Other comprehensive income (loss) before reclassifications
(2,851
)

(5,345
)

(8,196
)

(1,174
)

(2,200
)

(3,374
)
Amounts reclassified from AOCI

4,133

4,133

1,702

1,702

Net current period other comprehensive income (loss)
$
(2,851
)

$
(1,212
)

$
(4,063
)

$
(1,174
)

$
(498
)

$
(1,672
)
Adjustments due to changes in ownership
1

(154
)

(153
)

(1
)

154

153

June 30, 2015
$
(2,951
)

$
(16,333
)

$
(19,284
)

$
(1,216
)

$
5,535

$
4,319

Changes in the balance of each component of AOCI for the six months ended June 30, 2014 are as follows:

Taubman Centers, Inc. AOCI

Noncontrolling Interests AOCI

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total

Cumulative translation adjustment

Unrealized gains (losses) on interest rate instruments and other

Total
January 1, 2014
$
5,040

$
(13,954
)

$
(8,914
)

$
2,011

$
6,141

$
8,152

Other comprehensive income (loss) before reclassifications
1,324

(10,321
)

(8,997
)

526

(4,266
)

(3,740
)
Amounts reclassified from AOCI

7,982

7,982

3,492

3,492

Net current period other comprehensive income (loss)
$
1,324

$
(2,339
)

$
(1,015
)

$
526

$
(774
)

$
(248
)
Adjustments due to changes in ownership
5

16

21

(5
)

(16
)

(21
)
June 30, 2014
$
6,369

$
(16,277
)

$
(9,908
)

$
2,532

$
5,351

$
7,883

The following table presents reclassifications out of AOCI for the six months ended June 30, 2015:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:

Realized loss on interest rate contracts - consolidated subsidiaries

$
3,587

Interest Expense
Realized loss on interest rate contracts - UJVs

2,248

Equity in Income of UJVs
Total reclassifications for the period

$
5,835

The following table presents reclassifications out of AOCI for the six months ended June 30, 2014:
Details about AOCI Components

Amounts reclassified from AOCI

Affected line item in Consolidated Statement of Operations
Losses on interest rate instruments and other:

Discontinuation of hedge accounting - consolidated subsidiary

$
4,880

Nonoperating Income (Expense)
Realized loss on interest rate contracts - consolidated subsidiaries

5,043

Interest Expense
Realized loss on interest rate contracts - UJVs

1,551

Equity in Income of UJVs
Total reclassifications for the period

$
11,474

X

- References
No definition available.
+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 16

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Reclassification Adjustments

-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Name: us-gaap_ComprehensiveIncomeNoteTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 56 R15.htm IDEA: XBRL DOCUMENT v3.2.0.727

Share-Based Compensation
6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation
Share-Based Compensation

The Taubman Company 2008 Omnibus Long-Term Incentive Plan (2008 Omnibus Plan), as amended, which is shareowner approved, provides for the award to directors, officers, employees, and other service providers of the Company of restricted shares, restricted units of limited partnership in the Operating Partnership, options to purchase shares or Operating Partnership units, unrestricted shares or Operating Partnership units, and other awards to acquire up to an aggregate of 8.5 million Company common shares or Operating Partnership units. In addition, non-employee directors have the option to defer their compensation under a deferred compensation plan.

Non-option awards granted after an amendment of the 2008 Omnibus Plan in 2010 are deducted at a ratio of 1.85 Company common shares or Operating Partnership units, while non-option awards granted prior to the amendment are deducted at a ratio of 2.85. Options are deducted on a one-for-one basis. The amount available for future grants is adjusted when the number of contingently issuable shares or units are settled, for grants that are forfeited, and for options that expire without being exercised.

Prior to the adoption of the 2008 Omnibus Plan, the Company provided share-based compensation through an incentive option plan and non-employee directors' stock grant and deferred compensation plans.

The compensation cost charged to income for the Company’s share-based compensation plans was $3.5 million and $7.6 million for the three and six months ended June 30, 2015, respectively. The compensation cost charged to income for the Company’s share-based compensation plans was $3.8 million and $7.4 million for the three and six months ended June 30, 2014, respectively. Compensation cost capitalized as part of properties and deferred leasing costs was $0.6 million and $1.4 million for the three and six months ended June 30, 2015, respectively, and $0.5 million and $1.0 million for the three and six months ended June 30, 2014, respectively.

The Company estimated the grant-date fair values of options, performance share units, and restricted share units using the methods discussed in the separate sections below for each type of grant. Expected volatility and dividend yields are based on historical volatility and yields of the Company’s common stock, respectively, as well as other factors. The risk-free interest rates used are based on the U.S. Treasury yield curves in effect at the times of grants. The Company assumes no forfeitures of options or performance share units due to the small number of participants and low turnover rate.

Options

A summary of option activity for the six months ended June 30, 2015 is presented below:

Number of Options

Weighted Average Exercise Price

Weighted Average Remaining Contractual Term (in years)

Range of Exercise Prices
Outstanding at January 1, 2015
521,293

$
39.20

1.6

$
26.56

-
$
51.15

Exercised
(228,750
)

29.72

Outstanding at June 30, 2015
292,543

$
46.60

1.9

$
35.50

-
$
51.15

Fully vested options at June 30, 2015
292,543

$
46.60

1.9

No options were granted during the six months ended June 30, 2015.

The aggregate intrinsic value (the difference between the period end stock price and the option exercise price) of in-the-money options outstanding was $6.7 million as of June 30, 2015.

The total intrinsic value of options exercised during the six months ended June 30, 2015 was $10.0 million. Cash received from option exercises for the six months ended June 30, 2015 was $6.8 million. No options were exercised during the six months ended June 30, 2014.

As of June 30, 2015, all options outstanding were fully vested, and there was no unrecognized compensation cost related to options.

Under both the prior option plan and the 2008 Omnibus Plan, vested unit options can be exercised by tendering mature units with a market value equal to the exercise price of the unit options. In 2002, Robert S. Taubman, the Company’s chief executive officer, exercised options for 3.0 million units by tendering 2.1 million mature units and deferring receipt of 0.9 million units under the unit option deferral election. As the Operating Partnership pays distributions, the deferred option units receive their proportionate share of the distributions in the form of cash payments. Under an amendment executed in January 2011, beginning in December 2017 (unless Mr. Taubman retires earlier), the deferred partnership units will be issued in ten annual installments. The deferred units are accounted for as participating securities of the Operating Partnership.

Performance Share Units

In March 2015, the Company granted Performance Share Units (PSU) under the 2008 Omnibus Plan. Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018 if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier.

The Company estimated the value of these PSU granted using a Monte Carlo simulation, considering the Company’s common stock price at the grant date, historical returns of the Company and the peer group of companies, a risk-free interest rate of 1.12% and a measurement period of approximately three years. The resulting weighted average grant-date fair value was $112.30 per PSU.

A summary of PSU activity for the six months ended June 30, 2015 is presented below:

Number of Performance Share Units

Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015
254,651

$
132.86

Vested
(43,575
)
₍₁₎
97.44

Granted
50,256

112.30

Forfeited
(5,854
)

174.95

Outstanding at June 30, 2015
255,478

$
134.52

(1)
Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the six months ended June 30, 2015 was zero.

None of the PSU outstanding at June 30, 2015 were vested. As of June 30, 2015, there was $15.0 million of total unrecognized compensation cost related to nonvested PSU outstanding. This cost is expected to be recognized over an average period of 1.9 years.

Restricted Share Units

In March 2015, Restricted Share Units (RSU) were issued under the 2008 Omnibus Plan and represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date. The units vest in March 2018, if continuous service has been provided, or upon retirement or certain other events (such as death or disability) if earlier. The Company estimated the values of these RSU using the Company’s common stock price at the grant date. The Company’s valuation was a grant-date fair value of $74.36 per RSU.

A summary of RSU activity for the six months ended June 30, 2015 is presented below:

Number of Restricted Share Units

Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015
293,651

$
67.00

Vested
(93,331
)

65.49

Granted
100,682

74.36

Forfeited
(13,884
)

69.90

Outstanding at June 30, 2015
287,118

$
69.92

None of the RSU outstanding at June 30, 2015 were vested. As of June 30, 2015, there was $10.5 million of total unrecognized compensation cost related to nonvested RSU outstanding. This cost is expected to be recognized over an average period of 2.0 years.

X

- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 57 R13.htm IDEA: XBRL DOCUMENT v3.2.0.727

Noncontrolling Interests
6 Months Ended

Jun. 30, 2015

Noncontrolling Interest [Abstract]

Noncontrolling Interests
Noncontrolling Interests

Redeemable Noncontrolling Interests

The Company's president of Taubman Asia (the Asia President) has an ownership interest in Taubman Asia, a consolidated subsidiary. The Asia President is entitled to 10% of Taubman Asia's dividends, with 85% of his dividends being withheld as contributions to capital. These withholdings will continue until he contributes and maintains his capital consistent with a 10% ownership interest, including all capital funded by the Operating Partnership for Taubman Asia's operating and investment activities subsequent to the Asia President obtaining his ownership interest. The Operating Partnership will have a preferred investment in Taubman Asia to the extent the Asia President has not yet contributed capital commensurate with his ownership interest. This preferred investment will accrue an annual preferential return equal to the Operating Partnership's average borrowing rate (with the preferred investment and accrued return together being referred to herein as the preferred interest). The Taubman Asia operating agreement provides that so long as the Taubman Asia President is employed by Taubman Asia on April 1, 2016, then during the month ended April 30, 2016, he will have the right to exercise an option to put up to 40% of his ownership interest for cash in December 2016 at a valuation determined as of October 31, 2016. In addition, Taubman Asia has the ability to call, and the Asia President has the ability to put, the Asia President’s ownership interest upon specified terminations of the Asia President’s employment, although such put or call right may not be exercised for specified time periods after certain termination events. The redemption price for the ownership interest is 50% (increasing to 100% as early as June 2017) of the fair value of the ownership interest less the amount required to return the Operating Partnership's preferred interest. The Company has determined that the Asia President's ownership interest in Taubman Asia qualifies as an equity award, considering its specific redemption provisions, and accounts for it as a contingently redeemable noncontrolling interest, with a carrying value of zero at both June 30, 2015 and December 31, 2014. Any adjustments to the redemption value are recorded through equity.

The Company owns a 93.5% controlling interest in a joint venture that is redeveloping International Market Place in Waikiki, Honolulu, Hawaii. The 6.5% joint venture partner has no obligation nor the right to contribute capital. The Company is entitled to a preferential return on its capital contributions. The Company has the right to purchase the joint venture partner's interest and the joint venture partner has the right to require the Company to purchase the joint venture partner's interest after the third anniversary of the opening of the center, and annually thereafter. The purchase price of the joint venture partner's interest will be based on fair value. Considering the redemption provisions, the Company accounts for the joint venture partner's interest as a contingently redeemable noncontrolling interest with a carrying value of zero at both June 30, 2015 and December 31, 2014. Any adjustments to the redemption value are recorded through equity.

Equity Balances of Nonredeemable Noncontrolling Interests

The net equity balance of the nonredeemable noncontrolling interests as of June 30, 2015 and December 31, 2014 included the following:

2015

2014
Non-redeemable noncontrolling interests:

Noncontrolling interests in consolidated joint ventures
$
(22,912
)

$
(14,796
)
Noncontrolling interests in partnership equity of TRG
51,512

116,376

$
28,600

$
101,580

Income Allocable to Noncontrolling Interests

Net income attributable to the noncontrolling interests for the three months ended June 30, 2015 and June 30, 2014 included the following:

2015

2014
Net income attributable to non-redeemable noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures
$
2,672

$
2,252

Noncontrolling share of income of TRG
10,153

9,203

$
12,825

$
11,455

Net income attributable to the noncontrolling interests for the six months ended June 30, 2015 and June 30, 2014 included the following:

2015

2014
Net income attributable to non-redeemable noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures
$
5,263

$
5,370

Noncontrolling share of income of TRG
22,664

156,865

$
27,927

$
162,235

Equity Transactions

The following schedule presents the effects of changes in Taubman Centers, Inc.’s ownership interest in consolidated subsidiaries on Taubman Centers, Inc.’s equity for the six months ended June 30, 2015 and June 30, 2014:

2015

2014
Net income attributable to Taubman Centers, Inc. common shareowners
$
52,852

$
390,469

Transfers (to) from the noncontrolling interest:

Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest ⁽¹⁾
56,610

(5
)
Net transfers (to) from noncontrolling interests
56,610

(5
)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests
$
109,462

$
390,464

(1)
In 2015 and 2014 adjustments of the noncontrolling interest were made as a result of changes in the Company's ownership of the Operating Partnership in connection with the Company's share-based compensation under employee and director benefit plans (Note 9), issuances of stock pursuant to the Continuing Offer (Note 10), and stock repurchases (Note 6).

Finite Life Entities

Accounting Standards Codification Topic 480, “Distinguishing Liabilities from Equity” establishes standards for classifying and measuring as liabilities certain financial instruments that embody obligations of the issuer and have characteristics of both liabilities and equity. At June 30, 2015, the Company held a controlling interest in a consolidated entity with a specified termination date in 2083. The noncontrolling owners' interest in this entity is to be settled upon termination by distribution or transfer of either cash or specific assets of the underlying entity. The estimated fair value of this noncontrolling interest was approximately $430 million at June 30, 2015, compared to a book value of $(22.9) million that is classified in Noncontrolling Interests in the Company’s Consolidated Balance Sheet. The fair value of the noncontrolling interest was calculated as the noncontrolling interest's ownership shares of the underlying property's fair value. The property's fair value was estimated by considering its in-place net operating income, current market capitalization rate, and mortgage debt outstanding.

X

- Definition
The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

+ Details

Name: us-gaap_MinorityInterestDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NoncontrollingInterestAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 58 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727

Derivative and Hedging Activities
6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities
Derivative and Hedging Activities

Risk Management Objective and Strategies for Using Derivatives

The Company uses derivative instruments, such as interest rate swaps and interest rate caps, primarily to manage exposure to interest rate risks inherent in variable rate debt and refinancings. The Company may also enter into forward starting swaps or treasury lock agreements to set the effective interest rate on a planned fixed-rate financing. The Company’s interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. In a forward starting swap or treasury lock agreement that the Company cash settles in anticipation of a fixed rate financing or refinancing, the Company will receive or pay an amount equal to the present value of future cash flow payments based on the difference between the contract rate and market rate on the settlement date.

The Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedging instruments under the accounting requirements for derivatives and hedging.

As of June 30, 2015, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt.
Instrument Type

Ownership

Notional Amount

Swap Rate

Credit Spread on Loan

Total Swapped Rate on Loan

Maturity Date
Consolidated Subsidiaries:

Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾

100
%

$
200,000

1.64
%

1.35
%
⁽¹⁾
2.99
%
⁽¹⁾
February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾

100
%

175,000

1.65
%

1.35
%
⁽¹⁾
3.00
%
⁽¹⁾
February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾

100
%

100,000

1.64
%

1.35
%
⁽¹⁾
2.99
%
⁽¹⁾
February 2019
Receive variable (LIBOR) /pay-fixed swap ⁽²⁾

100
%

12,000

2.09
%

1.40
%

3.49
%

March 2024
Unconsolidated Joint Ventures:

Receive variable (LIBOR) /pay-fixed swap⁽³⁾

50
%

135,721

2.40
%

1.70
%

4.10
%

April 2018
Receive variable (LIBOR) /pay-fixed swap⁽³⁾

50
%

135,721

2.40
%

1.70
%

4.10
%

April 2018
Receive variable (LIBOR) /pay-fixed swap⁽⁴⁾

50.1
%

173,731

1.83
%

1.75
%

3.58
%

December 2021

(1)
The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date.
(2)
The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building.
(3)
The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall.
(4)
The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza.

Cash Flow Hedges of Interest Rate Risk

For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the unrealized gain or loss on the derivative is reported as a component of Other Comprehensive Income (OCI). The ineffective portion of the change in fair value, if any, is recognized directly in earnings. Net realized gains or losses resulting from derivatives that were settled in conjunction with planned fixed-rate financings or refinancings continue to be included in Accumulated Other Comprehensive Income (AOCI) during the term of the hedged debt transaction.

Amounts reported in AOCI related to currently outstanding derivatives are recognized as an adjustment to income as interest payments are made on the Company’s variable-rate debt. Realized gains or losses on settled derivative instruments included in AOCI are recognized as an adjustment to income over the term of the hedged debt transaction.

The Company expects that approximately $10.0 million of the AOCI of Taubman Centers, Inc. and the noncontrolling interests will be reclassified from AOCI and recognized as a reduction of income in the following 12 months.

The following tables present the effect of derivative instruments on the Company’s Consolidated Statement of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and June 30, 2014. The tables include the amount of gains or losses on outstanding derivative instruments recognized in OCI in cash flow hedging relationships and the location and amount of gains or losses reclassified from AOCI into income resulting from outstanding derivative instruments and settled derivative instruments associated with hedged debt.

During the three months ended June 30, 2015, the Company had an immaterial amount of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the three months ended June 30, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.

Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)

Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)

Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)

Three Months Ended June 30

Three Months Ended June 30

2015

2014

2015

2014
Derivatives in cash flow hedging relationships:

Interest rate contracts – consolidated subsidiary ⁽¹⁾

Nonoperating Income (Expense) ⁽¹⁾

$
(4,880
)
Interest rate contracts – consolidated subsidiaries ⁽¹⁾
$
2,745

$
(5,284
)

Interest Expense ⁽¹⁾

$
(1,817
)

(2,507
)
Interest rate contracts – UJVs
2,041

(501
)

Equity in Income of UJVs

(1,125
)

(783
)
Total derivatives in cash flow hedging relationships
$
4,786

$
(5,785
)

$
(2,942
)

$
(8,170
)

(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.

During the six months ended June 30, 2015, the Company had $0.2 million of hedge ineffectiveness related to the swaps used to hedge the TRG term loan. During the six months ended June 30, 2014, the Company had an immaterial amount of hedge ineffectiveness related to the swap on MacArthur Center (prior to discontinuation of hedge accounting (Note 2)). The hedge ineffectiveness for both periods was classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income.

Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)

Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)

Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)

Six Months Ended June 30

Six Months Ended June 30

2015

2014

2015

2014
Derivatives in cash flow hedging relationships:

Interest rate contracts – consolidated subsidiary ⁽¹⁾

Nonoperating Income (Expense) ⁽¹⁾

$
(4,880
)
Interest rate contracts – consolidated subsidiaries ⁽¹⁾

$
(1,792
)

$
(7,735
)

Interest Expense ⁽¹⁾

$
(3,587
)

(5,043
)
Interest rate contracts – UJVs
82

(258
)

Equity in Income of UJVs

(2,248
)

(1,551
)
Total derivatives in cash flow hedging relationships
$
(1,710
)

$
(7,993
)

$
(5,835
)

$
(11,474
)

(1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued.

The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014.

Fair Value

Consolidated Balance Sheet Location

June 30
2015

December 31
2014
Derivatives designated as hedging instruments:

Asset derivatives:

Interest rate contracts – consolidated subsidiary
Deferred Charges and Other Assets

$
45

Interest rate contract – UJV
Investment in UJVs

82

$
109

Total assets designated as hedging instruments

$
127

$
109

Liability derivatives:

Interest rate contracts – consolidated subsidiary
Accounts Payable and Accrued Liabilities

$
(6,095
)

$
(4,044
)
Interest rate contracts – UJV
Investment in UJVs

(5,044
)

(5,154
)
Total liabilities designated as hedging instruments

$
(11,139
)

$
(9,198
)

Contingent Features

Two of the Company's outstanding derivatives contain provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default. One of the Company's outstanding derivatives contains provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. Three of the Company’s outstanding derivatives contain provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default. One of the Company's outstanding derivatives contains provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default. As of June 30, 2015, the Company is not in default on any indebtedness that would trigger a credit-risk-related default on its current outstanding derivatives.

As of June 30, 2015 and December 31, 2014, the fair value of derivative instruments with credit-risk-related contingent features that were in a liability position was $11.1 million and $9.2 million, respectively. As of June 30, 2015 and December 31, 2014, the Company was not required to post any collateral related to these agreements. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their fair value. See Note 5 regarding guarantees and Note 12 for fair value information on derivatives.

X

- References
No definition available.
+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4H

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4E

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 59 R16.htm IDEA: XBRL DOCUMENT v3.2.0.727

Commitments and Contingencies
6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies
Commitments and Contingencies

Cash Tender

At the time of the Company's initial public offering and acquisition of its partnership interest in the Operating Partnership in 1992, the Company entered into an agreement (as later amended and restated, the Cash Tender Agreement) with A. Alfred Taubman, as trustee of the A. Alfred Taubman Restated Revocable Trust (the Revocable Trust) and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in the Operating Partnership, whereby each of the revocable trust and TVG has the right to tender to the Company partnership units in the Operating Partnership (provided that the aggregate value is at least $50 million) and cause the Company to purchase the tendered interests at a purchase price based on a market valuation of the Company on the trading date immediately preceding the date of the tender. Control of TVG is shared by the Revocable Trust and entities affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman). At the election of the person making a tender, partnership units in the Operating Partnership held by members of A. Alfred Taubman’s family and partnership units held by entities in which his family members hold interests may be included in such a tender. Upon the death of A. Alfred Taubman in April 2015, the successor trustees of the trust (Robert S. Taubman, William S. Taubman and Gayle Taubman Kalisman) act on behalf of the trust.

The Company will have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of the Company's common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its stock. The tendering partner will bear all market risk if the market price at closing is less than the purchase price and will bear the costs of sale. Any proceeds of the offering in excess of the purchase price will be for the sole benefit of the Company. The Company accounts for the Cash Tender Agreement as a freestanding written put option. As the option put price is defined by the current market price of the Company's stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero.

Based on a market value at June 30, 2015 of $69.50 per share for the Company's common stock, the aggregate value of interests in the Operating Partnership that may be tendered under the Cash Tender Agreement was $1.7 billion. The purchase of these interests at June 30, 2015 would have resulted in the Company owning an additional 28% interest in the Operating Partnership.

Continuing Offer

The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, currently TVG and the Revocable Trust), permitted assignees of all present holders, those future holders of partnership interests in the Operating Partnership as the Company may, in its sole discretion, agree to include in the continuing offer, all existing optionees under the previous option plan, and all existing and future optionees under the 2008 Omnibus Plan to exchange shares of common stock for partnership interests in the Operating Partnership (the Continuing Offer). Under the Continuing Offer agreement, one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock. Upon a tender of Operating Partnership units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock.

Litigation

The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to personal injury claims. We believe the Company's insurance policy terms and conditions and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, that may not be covered by insurance, and not all potential losses are insured against.

Other

See Note 5 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 7 for contingent features relating to certain joint venture agreements, Note 8 for contingent features relating to derivative instruments, and Note 9 for obligations under existing share-based compensation plans.

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 60 R34.htm IDEA: XBRL DOCUMENT v3.2.0.727

Dispositions, Acquisition, and Developments (Details) - Equity Component [Domain] - Equity Method Investee, Name [Domain]
$ / shares in Units, $ in Thousands, ft² in Millions
3 Months Ended 6 Months Ended 12 Months Ended

Jun. 30, 2015

USD ($)

ft²

Jun. 30, 2014

USD ($)

Jun. 30, 2015

USD ($)

ft²

shares

Jun. 30, 2014

USD ($)

$ / shares

shares

Dec. 31, 2014

USD ($)

Dispositions, Acquisitions, and Development [Line items]

Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value $ (5,678)

Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes $ 473 476,887

Gain (Loss) on Sale of Properties, Applicable Income Taxes 473 (9,733)

Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date 77,711 77,711

Notes Payable $ 2,212,461 $ 2,212,461 $ 2,025,505

Noncontrolling Interest, Ownership Percentage by Parent 71.00% 71.00%

Starwood Transaction [Member]

Dispositions, Acquisitions, and Development [Line items]

Number of centers disposed seven

Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net (4,900)

Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value (5,700)

Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest (5,400)

Derivative, Loss on Derivative 800

Disposition Costs Incurred $ 400

International Plaza [Member]

Dispositions, Acquisitions, and Development [Line items]

Noncash Or Part Noncash, Acquisition Interest Sold 49.90%

Noncash or Part Noncash Divestiture, Total Consideration Received $ 499,000

Proceeds from dispositions, net of transaction costs (Note 2) 337,000

Noncash or Part Noncash Divestiture, Amount of Consideration Received 162,000

Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes 368,000

Gain (Loss) on Sale of Properties, Applicable Income Taxes $ (9,700)

Equity Method Investment, Ownership Percentage 50.10% 50.10%

Notes Payable $ 175,000 $ 175,000

Arizona Mills [Member]

Dispositions, Acquisitions, and Development [Line items]

Noncash Or Part Noncash, Acquisition Interest Sold 50.00%

Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 84,000

Notes Payable 167,000 167,000

Arizona Mills and Oyster Bay [Domain]

Dispositions, Acquisitions, and Development [Line items]

Noncash or Part Noncash Divestiture, Total Consideration Received 60,000

Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes $ 109,000

Value of Partnership Unit Received in Connection with Disposition | $ / shares $ 154.91

SPG Units [Member]

Dispositions, Acquisitions, and Development [Line items]

Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction | shares 555,150

Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date $ 77,700 $ 77,700

Restriction Period on Sale of Partnership Units Received, years one

Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction | shares 590,124

International Market Place [Member]

Dispositions, Acquisitions, and Development [Line items]

Area of Real Estate Property | ft² 0.4 0.4

Noncontrolling Interest, Ownership Percentage by Parent 93.50% 93.50%

Construction in Progress, Gross $ 176,000 $ 176,000

Construction in Progress, Gross, Company's Share $ 164,900 $ 164,900

The Mall of San Juan [Member]

Dispositions, Acquisitions, and Development [Line items]

Area of Real Estate Property | ft² 0.6 0.6

Noncontrolling Interest, Ownership Percentage by Parent 95.00% 95.00%

Joint Venture Acquisition, Interest Acquired 15.00% 15.00%

Recapitalization of The Mall of San Juan Joint Venture $ 9,296

CityOn.Xi'an [Member]

Dispositions, Acquisitions, and Development [Line items]

Equity Method Investment, Ownership Percentage 30.00% 30.00%

Company’s Share of Project Costs in Equity Method Investments $ 88,200 $ 88,200

Area of Real Estate Property | ft² 1.0 1.0

Cumulative translation adjustment $ 500 $ 500

Joint Venture, Ownership Percentage 60.00% 60.00%

CityOn.Zhengzhou [Member]

Dispositions, Acquisitions, and Development [Line items]

Equity Method Investment, Ownership Percentage 32.00% 32.00%

Company’s Share of Project Costs in Equity Method Investments $ 58,500 $ 58,500

Area of Real Estate Property | ft² 1.0 1.0

Hanam Union Square [Member]

Dispositions, Acquisitions, and Development [Line items]

Equity Method Investment, Ownership Percentage 34.30% 34.30%

Company’s Share of Project Costs in Equity Method Investments $ 173,500 $ 173,500

Area of Real Estate Property | ft² 1.7 1.7

Cumulative translation adjustment $ (5,000) $ (5,000)

Joint Venture, Ownership Percentage 49.00% 49.00%

Outside Partner, Ownership Percentage 14.70% 14.70%

Office Building [Member]

Dispositions, Acquisitions, and Development [Line items]

Net Consideration Paid to Acquire U.S. Headquarters Building $ 16,100

Noncash or Part Noncash Acquisition, Debt Assumed $ 17,400

Debt Instrument, Interest Rate, Stated Percentage 5.90% 5.90%

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares 1,431

Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building $ 1,400 $ 1,400

Long-term Debt [Member] | Office Building [Member]

Dispositions, Acquisitions, and Development [Line items]

Notes Payable $ 12,000 $ 12,000 $ 17,000

Debt Instrument, Interest Rate, Stated Percentage 5.90%

X

- Definition
The Company’s share of project costs (including debt and equity contributions) of an equity method investee.
+ References
No definition available.
+ Details

Name: tco_CompanysShareofProjectCostsinEquityMethodInvestments

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The Company's share of the gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.
+ References
No definition available.
+ Details

Name: tco_ConstructionInProgressGrossCompanysShare

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Disposition Costs Incurred
+ References
No definition available.
+ Details

Name: tco_DispositionCostsIncurred

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of net gain (loss), At the Company’s beneficial interest, reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period. This amount also includes an additional adjustment to record the derivative at fair value.
+ References
No definition available.
+ Details

Name: tco_GainLossonDiscontinuationofCashFlowHedgeDuetoForecastedTransactionProbableofNotOccurringInclusiveofAdjustmentstoFairValueAtBeneficialInterest

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The amount of net gain (loss) reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period. This amount also includes an additional adjustment to record the derivative at fair value.
+ References
No definition available.
+ Details

Name: tco_GainLossonDiscontinuationofCashFlowHedgeDuetoForecastedTransactionProbableofNotOccurringInclusiveoftheAdjustmenttoFairValue

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The level of ownership interest acquired by a joint venture partnership.
+ References
No definition available.
+ Details

Name: tco_JointVentureAcquisitionInterestAcquired

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The percentage of ownership by the joint venture in the shopping center.
+ References
No definition available.
+ Details

Name: tco_JointVentureOwnershipPercentage

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Net Consideration Paid to Acquire U.S. Headquarters Building.
+ References
No definition available.
+ Details

Name: tco_NetConsiderationPaidtoAcquireU.S.HeadquartersBuilding

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Noncash Or Part Noncash, Acquisition Interest Sold
+ References
No definition available.
+ Details

Name: tco_NoncashOrPartNoncashAcquisitionInterestSold

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of total consideration received for selling an asset or business through a noncash (or part noncash) transaction.
+ References
No definition available.
+ Details

Name: tco_NoncashorPartNoncashDivestitureTotalConsiderationReceived

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Represents the number of centers that were disposed of during the year.
+ References
No definition available.
+ Details

Name: tco_NumberOfCentersDisposed

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction
+ References
No definition available.
+ Details

Name: tco_NumberofPartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetsOriginalNumberofUnitsReceivedPriortoEquityTransaction

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction
+ References
No definition available.
+ Details

Name: tco_NumberofPartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetstotalunitsafterequitytransaction

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage ownership in the joint venture held by outside partner(s).
+ References
No definition available.
+ Details

Name: tco_OutsidePartnerOwnershipPercentage

Namespace Prefix: tco_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Fair Value of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets valued as of the Acquisition Date.
+ References
No definition available.
+ Details

Name: tco_PartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetsFairValueatAcquisitionDate

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The cash inflow from the sale of interest in partnership during the period, net of transaction costs.
+ References
No definition available.
+ Details

Name: tco_ProceedsfromDivestitureofRealEstatePartnershipnetofTransactionCosts

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Noncontrolling partner's use of previously funded capital for the reimbursement of certain shared infrastructure costs.
+ References
No definition available.
+ Details

Name: tco_RecapitalizationofTheMallofSanJuanJointVenture

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building
+ References
No definition available.
+ Details

Name: tco_RestrictedandOtherCashProceedsReceivedasPartoftheAcquisitionoftheU.S.HeadquartersBuilding

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Restrictive period in which the partnership units received as part of consideration in connection with the sale of equity method investments cannot be sold.
+ References
No definition available.
+ Details

Name: tco_RestrictionPeriodonSaleofPartnershipUnitsReceivedyears

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Value of Partnership Unit Received in Connection with Disposition
+ References
No definition available.
+ Details

Name: tco_ValueofPartnershipUnitReceivedinConnectionwithDisposition

Namespace Prefix: tco_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition
Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 10A

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 14A

-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669686-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 830

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

+ Details

Name: us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Area of a real estate property.
+ References
No definition available.
+ Details

Name: us-gaap_AreaOfRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: num:areaItemType

Balance Type: na

Period Type: instant

X

- Definition
Number of shares of equity interests issued or issuable to acquire entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (b)(4)

-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

+ Details

Name: us-gaap_BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of structure or a modification to a structure under construction. Includes recently completed structures or modifications to structures that have not been placed into service.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_ConstructionInProgressGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of decrease in the fair value of derivatives recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-Subparagraph (a),(c),(d),(e)

-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

+ Details

Name: us-gaap_DerivativeLossOnDerivative

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 50

-Paragraph 3

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The amount of net gain (loss) reclassified into earnings in the period when cash flow hedge is discontinued because it is probable that the original forecasted transactions will not occur by the end of the original period or an additional two month time period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

+ Details

Name: us-gaap_GainLossOnDiscontinuationOfCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurringNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
This element represents the applicable amount of income taxes or benefit realized on the gain (loss) on sale of properties during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 974

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-15.(a)(1)(ii))

-URI http://asc.fasb.org/extlink&oid=6875705&loc=d3e641549-123027

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 15

-Paragraph a

-Subparagraph 1(ii)

-Article 3

+ Details

Name: us-gaap_GainLossOnSaleOfPropertiesApplicableIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
This element represents the amount of gain (loss) on sale of properties during the reporting period net of the applicable income taxes realized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 974

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-15.(a)(1)(ii))

-URI http://asc.fasb.org/extlink&oid=6875705&loc=d3e641549-123027

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 15

-Paragraph a

-Subparagraph 1(ii)

-Article 3

+ Details

Name: us-gaap_GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByParent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of noncash consideration received for selling an asset or business through a noncash (or part noncash) transaction.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

+ Details

Name: us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.16)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.16)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 13, 16

-Article 9

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

+ Details

Name: us-gaap_NotesPayable

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_SignificantAcquisitionsAndDisposalsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis=tco_StarwoodTransactionMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_InternationalPlazaMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_ArizonaMillsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_ArizonaMillsandOysterBayDomain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_SPGUnitsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_InternationalMarketPlaceMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_MallOfSanJuanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_CityOn.XianMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_CityOn.ZhengzhouMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=tco_HanamUnionSquareMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_LongtermDebtTypeAxis=us-gaap_LongTermDebtMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 61 R51.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value Disclosures (Details) - Arizona Mills Member - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction 590,124

Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Reporting Date $ 102,100 $ 105,200

Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value $ 77,711 $ 77,711

X

- Definition
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction
+ References
No definition available.
+ Details

Name: tco_NumberofPartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetstotalunitsafterequitytransaction

Namespace Prefix: tco_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Book Value
+ References
No definition available.
+ Details

Name: tco_PartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetsBookValue

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair Value of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets valued at the reporting date.
+ References
No definition available.
+ Details

Name: tco_PartnershipUnitsReceivedasPartofConsiderationinConnectionwithSaleofEquityMethodInvestmentandOtherAssetsFairValueatReportingDate

Namespace Prefix: tco_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: dei_LegalEntityAxis=tco_SPGUnitsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 62 R21.htm IDEA: XBRL DOCUMENT v3.2.0.727

New Accounting Pronouncement (Notes)
6 Months Ended

Jun. 30, 2015

New Accounting Pronouncement [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Pronouncement

In February 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”. This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities. The Company is currently evaluating the application of this ASU, however the effect of the ASU on the Company's consolidated financial statements is not expected to be material.
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance.

In July 2015, the FASB approved a proposal to amend ASU No. 2014-09, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The amended proposal would permit public entities to adopt ASU No. 2014-09 early but not before the original effective date of annual periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations.

X

- Definition
New Accounting Pronouncement [Abstract]
+ References
No definition available.
+ Details

Name: tco_NewAccountingPronouncementAbstract

Namespace Prefix: tco_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

ZIP 63 0000890319-15-000138-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000890319-15-000138-xbrl.zip M4$L#!!0````(`%19!4`L``00E#@``!#D!``#L75ESV[B6?KY3-?_!X^=1 MS'UQI7.+:]K=CNW822_STD63D(0;BE1S\=*_?@Y([:(V6PM!HA^Z8A$D<,[Y M\)V%`/CQWR^#\.P))2F.HY_.^0_<^1F*_#C`4>^G\^\/'>/!NKHZ__>G__ZO MC__3Z?QAWE^?V;&?#U"4G5D)\C(4G#WCK'_V>X#2'V?=)!Z<_1XG/_"3U^F, M[AI>2KRNR8YD&;9MRHH.?PB*J^J:[LB\K"G._[YWE,0GQ)_G\&`X_22S_.HRQY_>F\GV7#RXL+J^T55RHS1_8X!P]3UPH:(Y>O'[U>W) ME8H;-.?$BU&+\0TACGZL:4TN M/WHI&C>//.RGU6,J+I$A\?-#BN(HR@?5?019D)8R MIXC=GJ>-YRT[7KI8S'@T84*4,"5)`Y16GE/<:7Z)J*OZIN**U4W90GJ MK=2G?@'7QTW)A6!A,DST7EZ<:YI5-I7+IMEL4[P.R%&:>9$_@>;+$I2?Q:(U MK^OZ17%UTC0-JAK"8_F+/[YL MZ/RR7P`4P-$9`^$##.1\=)78X:?S%`^&(8AT43RFY#@_CC+TDIUA&+1KDWN_ M"G]^LXN>QFV`A''V6OPR_@D'Y,?./A/TSF1US]> M+-Y<]G*QU,VHER',P#B8ZQ@4D60V^(-/9*P$51P_?L#TVNP=*`IFVBL=D9MV M&$Q:CW^;=CG^9:2A%3J[*E0FUE9?)72RD?1:AY,F3QU=>8_T+A%?^BK1(+[4 MX06@H+V+#Q.&!O$7L+]/\?\:N92_'C*83B1FLT(O36^[#UGL_S!><#IM`5V@ MU+P#MD(0_`1%BR]H\(B28RIQPB:H1X9;_E;^&$#G+\,0^S@KQW468&A3!JXC M,2Y7"GK^:=)DM:0?+RH[&HWL8GEH=;,YS/@M;`[.:&3O7QML;Y#RAM5UO_T@I;5TI)O:VWXW(VKYO`X;O:FLUK>FV]'8>S&*TI7#[*X[]2E,=+ M)\[C"YU)%-4^I!UK']+A=$8-SJ0=<78(G95\7.%[G;]S$,>*!\,X@C_3.4YN M#!E723DEY!,S\?Z][Y15=C2XX?OY(`_)BR\;IUF"'_,,-)I>13'`]18-.RL@\-"I7;T2ZA$K`KMUB+K)H[(4Y(X#''4NX+G)2C-&@NB=>(> MC5K$`R7LNUN?.1)ZK5V9LJ^U-OP\B*-FFWI)1JK3]3<'#(S6CT3KM0P#*BL\ MVP:8MUD?):19@OK$'$^H/8'E>MFIK@*]+=-D+H/&'%-^B\M@ICZL.;/0<+'D\>/-;. MT[P=3(R!3L)`5(.&E3M.4>ZH`V3>5NY@=6\ZBQAOCFM9"M..^/6];]=9_%J# M^+4.8!I52FJ[DJF6+QB96Z7S->,;WQFQ3.U8F=H1W@WM7A9F;O/D;K.N963F M"-H4)TET['D^Q-O6=Z^V8,MYZ[&!BX7M;(/*V.A\CG]J1SU$JA+OBA+V6/_[FLD-%J>^J#S*6 MJ!U+U.>M$PZX0ZUVD0)K.9Y M@IKGH:*!-V03S/XGL']]L@3FY8_OY0]UI,6JHC0[<)25I'<#R*0%.Z64`84= M4WW28ZIK!Y"E0`,L%^0ANNV6OO<+ROHQA%;D`U=3CSS[*T(WW@!-`/0[_-3U MDD%*(6C>(7N)JP7AJ0Y"]HZ,(D"+O%'`'GK_>&V$R"HM-`(K`<)_7:.>%SK% MH*I-_\5+?J`,1/B'Y5MY#'Z',B()I5<7&J1_&:0YIM?D*?PSCU`L_)W$^ M3.$184X^1DK:0':EO$J7]@CZ+88U.(.I6&ZNATD^U^]B)O`$"-HX>_ MJ]V//!P1+5!UXO6 MLA!KYHT#\Z+-?G>PQ:RGN>:[77?)4.\)OW8N19/T[PPNLO&RZF&?:M.(^RY)4>J\X[ M^$7YIN^W*@5LDX6+V`=BG>O8]\)?\@2G`:8ZF%MMZPVB4F_UV5VC;%Z?ING"#O#!$%!K_ M_3LK%H2G?N;O%QF9-^C&2?`M?HXL1)+75D)DA1885F:QXGHXN?5^4%1JVQ]" MYF5GN)C;V@F1=)*"R1[Z\;"5Z*C2`,/(+$;(RPPC(Z5M%&&*"KW[PTB5!AA& M9C'RK8^(DKSL>X2?R'S*7ML=EFRAD$8A:+K19+2O!*/Y@XR^DX-]TCC$`3G5 M<=J(/G"L$G6:U:Z7E7J[S]8OF-WK9_>CG%+),A+J,A(J<,&J&K6H:M"!%58; M/7YME`IDT+Q`J4$'$U&!%5;?.&E]@PJ,L/I&C>L;5""(':)X@D,4Z4`&>P=S MRG.4BVW`*W;1-*0F&KE?I(ZA4C'>`7$&(XQ'.UXG@WL&)X9GFD.0DM^ MYMFFZ^/PD7BHI>0KST#LHR1YM1*$?I"\:0BH;4SLM$&V!OB9]2?N&-GOJ/@$ M5A9'GT$+39F?*^0Z(L^>PIZ^D63]/&G,[*R4B'H;KLU5O?QQX$5&2M,+HM69 MZ:(T5//I%N?+,/.UJ;#DX@AGZ!IW47&!JL6&*XV^2JBF3UUFS&9/9%)Q8=^8 M.M4WI@[Y@I0Y8_IL-SI-].O,BTL;GO$$0'U"5]!#DI-QW^-T_D.TXR\UWP,G M6.0#SIZ_6!:M>D[ZVSO5@>6G?#>/G4;N% MAR^NW;\#`=824@ M]C6X-7A:UM$6CFA`9B\GH(#)6"6=45E' MV6UQU(+,#7`8PC^&2?R$4RH_1+E^CI/5_UN)?%P_6(M=/5N?"_0=DB\_3U`P M/1"$)H2L/^RD0KBC[0XYQHE/T_EAOMYX&4@ZX8)Y,OTEQE'V&X@`3=)9G_CP M[`UY^LQ>+7A)";M+3C4FWNTHN`_\E_;XB`II6^8>W@T8IQ!;YK[<(S_.DQ1N M"H!?41"A-+UK#9)V40.#V&]>@KW'$!'J73S(+8BC@ID?O>C';;<+%!V09M=7 MYNT]?3!:E'3N[+7-HC*H[,9&;7)>S'7M=JPS2VX:#8<=TJ'9,OE#_ICB``-- M+V<$DAT//!S1A))UN=".8E.="!T`#0W+C'<4FZ%A7BU".[E!:!OJ M(6MSLEA=?&13R8Q]8X-Q4'V_L5&+J=_4\B2+8QB'L#BF94E94\F,Q3&,@VH: MQ]1EZF^1PK`R'SUEOCJ$QXMG`)A>Z$4^>N@C]`::WOX\NRKZ2[__YXE"OE^E MLGWPV-[<#MD2L4'GAT7^$T=,^42QU>*$C\GM'L;@- MBD='@J(D08'5]Y(>I$U14.1L1IHBAN,J'(_.%MVDM-8A63P0DH_-QRRN:'=< M<2A&/G9\W!8^KA&,:\3&M8B.#=^/<[#!G?=*SG4'-PF_)#D*KK'WB$,\K<`R M2%=!>GO]M0[?M6!IAF^&;\KX>RM\[S4O7!E/KSI;HTE(KU6RN#+*7F\)JC%? M\<+#>/:28.F+%_>@E`3[1`-9[/_X'N$LO7_X3A\8Y\2;:&?][>S+*+^9 M=F7L39M-9U]`,2X^'1=Q^M`0.;Y^T"PS:5>,8,+4FU-[M_%K+3Y_I9495" MMC].414$"7"8DS4+#\C/DV+1C_/BAWF``C>)!V3W>)X5K'C;=;PDPE$OA:E2 M3!'SM?H!<]`JU$X>`^8JGD/I6YC#J6H*U36Z:IDWJF(N!E8&UCHSZ]'0:8^7Z M0;E>K%P7L!ZQW,98N8VL7(=2W>):+]?#R6]>F(.:)__\&2SO)7[_]1H]H7". M72=MKB*P6%HT$.B#Y'923XERC=B-6B7&T$`+&HZQJ7\/:.#;B0:><0-#P\G0 M<$AN"!#^ZQKU((HJ!C6)9A_N/APS,+")GAZE0$ MW__RP$6Z;LVW)NO\[<(C!VS,YO6R^2'#,L;G-,W4BOKBY%,,Y6F,I`861_#G M_(R]1W[HI>EDM?-MGMUV#=_/!WE(L+W^JS$TF']:C%ZCC]DM7>]12,NJ?15+ M0!CLF@V[$RW(R(&H"\RE?W>S.?L/D)?F"?J49PGJ79++XZ>,K\P\F#RF\JG% M(O_*YX[D+!J\XIN-L@\W\_BT\;7IA)NH:-*U:^7=M-3HWR) M*^;E&$_W_!H.^?1STNN]?RL MHUB:P3NF(CJ*(49-60+8DWSS]UO3"%[I<>/NG2RI.$_(93WPO_ M1%[BE#-RB]Y-R5)M7N4EW5)D5^!-2>5X510Y25<56>3./W7&H-VW>$:7SPO%6C6/2R](HRA%N M;Q55MS5!5BQ1$319M#1=-01'E#E9=DU!%YWS.>>_LJ>E<9"],UMTS_.N[BA@ M!E/A9$FR0`5@!=$1-4O2#-T^_\1SG:_S'9-'3_HKHW(+D0,PPZLH0"^_HM=M M.A9%R[5%P1`YF`NV9.J`3$56!,4Q%($SYGW[RIX6QQ$/!G%4+%PH-WZ!(R;Q M>8"C^0E:YL;B^5F`?#R`6??3.33G=[M$PAEPTZI'`8RL0VQ;,74.S1-.1 M94'4P7J"*M@6S"=7TUT@E3^)%]C4T$P7!Q"P`+`ZL7)-N8T7(F#(<"$DC19 M$"R#=RW=X31><01'$(!234,T;-M55,YT>$[B><#4 MIYMXMON%'A;Z_QV%X:]1_!P]@)."D#2X(HL_N(D M>5'ZD?"TB"]N$%^&F(J7(692Z4=*K&W=&5LT&/*N:QJN.)IN:I0NR+CB684#(:^J:7"FKH"U* MNGY,,T+\)Q]]!^I;/+W[SL.@%\L;XLP+R6NWS)`Y#>.:XFXI` M61H%J"OFKZ8`I$W7L2%DED77`@.;F@F,3BC-6)Z_G7+N[G70QU/#CH7X[6ON MJ]3+05SLZ(ZNBRHG2S:G@7.4'<<$:.F6O1P@"ZU2;_40-J@4DG%'='5'Y15P MO38'^9:IV[+$05INN\M11T=ND4JKG[Y!HY;!FZ8.9&>XI@Q49VBB!7]!&&]* MJL@M@;3#JW2J5%[/A8ZC.!KGV*H*/DLS95-W15Z''T43?)RN+>E!%W2%9DT< MG0Y50=(MBS,-7;5EU[9,3;%MW@8'))FZH50@31;;I.`W$2*GV8;EF)H#B0@$ MIY:A*HXNNQHIF.JF(BXJ5584GFN15M_$B2HG&9"HF)8%B;WM`F1%U0'4BHZF M\UP%4A70]D&Q6B1%M]W/'H[".$UOHZI/9(W>E'=QN;?+B'V\)\_RSD4)*^-/ M3N$E7N=$%WR/K#DF9^D0**FF#)0K*DOQI\Q),UI^JTX.H=53K#!:69<514W6 M(%?1'%'F+4/7+=?A7<[5-4%096=1JR*D[G70JALG:VH3]4:RX(@\Z!B"4%&` MD%,S>5EW!=?45($'?_?_[%U;PRUG3`$3,CK!$5>BX!41,=?PMG&,2H$[W(Q\^C2=_+Y(<82+ MBVEWP;_A+[$Z[>L:V^S"8VOC1K;-]R1&I-:R9QF-U M<>01A6/**Q(;7&@S=JO$]9X'?@_&K4>\_*/F@9;/>"Q-'^:Q&W>L*9>K[,K6 M60\5(_MW;4RP`6-0008EO94QB$`F-?912B7A'H$=1_M\4@_$-SI8I>N^M;0. MH\@.FLE[U,-R0+J10+&A22I<"2R:Q28I8ABVT$ M=ZCZQ-YRN,\J^<"4&R^(-1VCU`9#X*6>4LA>0?)&6=GLT5G_/(+S\A]WL[/I MY/.T6YCT^:0^:CZ]670#8(OR/]W9$T-V7%=I(F!S%A7;>8Y]*(+(TGL`MN7) MQ@U.=]V4/7E<*TG8"8W&7V:+>I/)^?OE^VG"-N]RO/1Q[[KYQPE#5CAO]F?W_QQ\?)S0`6%&W"`DQW+:)1BNU;DBJBL4)[](T>H,/7@\7? M1N/1]3_&K(^__-\-?\F07B"!5E)BM6]0BN-_V2(,>!.S-JV9MWJ/8*P6#P^F MWHW^Y=V(V<+-=9Q,>9DQ(V##PN_,OVP'PCL.ED_.?QF-__-FX\HP#RI!DZA; MK5(9P23<.4PN030R8&"K1TWXHQXPG&V$.(#DIQ^[*OR(S2\SW^F,WSN=?![7 M4KUN.H"$C5HIC>S>;<8@6'PP3A21`DA*HDEI*H5[1>+-F/6'2>)L]ME,_,*LAP2-YG=L./+/UOZ]__G/WH>NNZP[GOG;XHG;2 M`7HEV!QHYKB@61=<=HH-@\Z-.6!]`5P'X'GE>7GD#I%.=)$CS^)))4BH@_(I M:"LL@4$G]:9U^#*34(N=P_R?'R_//BX[-K6-G6)W<3D^G<1N4:?X83`%L.\K MJ]>PE7X'2_[A"@ M;:@U>;A.'4$R1N@0')J(S&E+\B%3T$E'T5032HY2+*SX^K:CVZ-87Z<;'J0B M$RA3V/+ZS'2L0.0`VP>MB[+,6$.S7:N$$5:I_8CU9F&]%U7UW?3Z M3'ROL6\GXPM^V'5]0G/_1WWS]/;-I4;>O_5N,IU?C"ZZMY/1>'8R7IV3SC7$ MN%PH=7W>R?GMH>@O#YY\ M/ICW;XTW]R)&-K]>Q1?6[4FX3U,>5;7F M<32[G+T9_ZM/JQ\D`Q"\LL11LD>M18P$SM6M0V>3L_3#3^]!_.MNA!N_936* MR]FGR6RQK;4(#=Z,S^K!APWNX"LGN\S3 M>D!L%K\LOVUTQ<3KYM-L63+&:V11,<8T<RFCFQ(4!24YHQ[Z60\;29D+!`JR[VF?!8W-L MG2_/F:5TO$9B-__<=>,TFDZ_L/(O-RCX:Q:TZ:J^M'S":@TM5NYVFI*@>*<, MUATLS#(YSP&3L24E6S=G&Q;"%L6L-F2?283#0]2G/,I3B3FR^8\:F<;$`AQ; M,Z,7FKE.:O)NJ+WSKPZBQ5/7RABV5"/ED+!0JK_$4MC!U(R#LDEPP!.:>$=J MQ6_L':2OA7@!E'JY<0[>%S:T7B0$2T&(P)B1-:5XDS:@Q*OR%:*T,(1W']\R M*BI9<<3`(7)0:++FA11C%N""+:1=6^TIA3%@]X[1`Q$.#5"?#DFV1JQ&AC6' M75I*45@V1=812O)&-;G.'XWB^.JX\+EWE&&^]*N5=IY.-NTA\UL=BER56=QF[7NN_ZIS?5R_K7>4#+F@V;M7"V5IG4\_9A]@N6W!;Z^/+(O(G MF+^^C"@)`E)*!"2)016>SGIT.86(,J8HOYX_;^'[_!UR_K!__46E9#U678T< M9AT]D3`011).HI6-3P!GOL_?@>>O;_WE'".E>HA,!XS.>VF3!P=L.@V%UJ?[ M[?W5]_E;C+:F(.\+.,Z6@WT_G9Q?SODK3\[7A=G:"SI*PE>:#Z#12_2)0E"6 M;6L`FW)3N>MPZR#H&'#YT\QEWXJTD/BO`F6-&D,JGJP+_`J!16:+34V@P>.Q MJ/]VRI?('Z?S!>33'N0=`NUVYJ;^$)1.F,I>$)5P$DIR2;CDP_6Z-8&@A9# MZV:+\3ZSY+T%O^RMRBBFL[=I*:#N1:-!#CN]X).]E;Q%T;;H"7A145KDH="IZ4?B) M+C?:K@4,+O#]2?[+S?7U:%K]`%V.1^/EGO;Y9'J],/SA;-'S8[;H[?%S=]9= M_K:H4^JVS1-[E6)&_@%"48J73'E8N3&%;&7;C4D[.XC!MX[\8(#TF7UT(M5V M>)E7!3J#7IL(3J%4]>AU6W&FJV\X4D#NSH&M,X9P7?LK_K&!5@VI"A2,UH$1 MV2AV_R:D8(ID)7$)QV"I2]TSJ9*&K?$0$J MD@J%M,0LE`&Q@91[L1LT/4,_("9]"D-8@,!GZPN+RRQ3EL1NAN-/@`*JL;_U MN-UQ8K+AW-/V-=S=M.(_6,P^UC_KY_];72U?1&$0:UDE#8& M)5#Y[*O]I!RUQ>(3V&:?HG8*WQ&"9LC/#T%OH151[<]D:I)UU/2%PH#MF)@W=EZ_F/X$,66NI8.TD$Y3=536N]6QC3,_J# MHM+G21):R3XCD&!W6D@$9NO,UQ%C-:RQ/4,@I=^-L!\%*@,)#Y>TBLBKQT>% MUK#I9("2CU0L^YK2-B#6!H<*&5X'*KVM'9(&67L$ND+HH+:P5G3J:WO&8]M7Z7?7GD'&5O\"*EEBX"$W:W,+N:5Y(H-6N$$FQ3 M"OXC2.7E;K3DJ9*\$%R])9HVL$,"9O+HD6.\&+)A+41T4I!KDP45+GR%<&U* M['V#=G'MJD-[ M5=+WS3W6?@V2*-:K?IPBUOAH$DEG$AIMVN)&=4QS_V[$OJJKKW>GH]^[V3_F MM6=$/:H[7G9QNSF@?&!W=1C M>Z&.`<,^)0O&%UFL22`]YIABU`F<$M9I0[+M^(P"=MP!>848#M59F8+LGW(L MHB"HY))(M=$&)@Y68VJ["WHU6(?\9\2P-T5L%1G'[DUS]`%!UE.94DIKK'<: M8ZN'1KFA:H6CPO#OD_'D[H'+_?2M[9T120=?MR=S01%]M#$E0PJ44+[$#1QQ M)X#:$1\"@-X:.$^UJU?PD4.%G*77N?8PLA`)`U)SWO+'H4J>HP-@P-)HH5$H M9H1D`"4;:YYWIH?,CSVQTVN2@J\2@#X-8-:;=02=H^!P,4+0[/F-!L\D*231 M`'!4*^"V/.YRVS/[0H>8HUQ0ZF]H$AIV3&'(0CJ]CHB>QU M8:[:]D$23@Z>KS]"&`:,/E!F*J2I=I1A-:`80^WI&)AD:EU$>R2#`\'=PIR7 M0J$_FX\E)ZNUSV MNK0/#^Y+>T(?O*&^BPS1Y;Q[>WG>+=Y@.SG0QZI:7`P<'/^TFILMOOE^M+6C_-O);#89K_H7+31O3SW_K/EQT^::;3V@R[)CVH> M#JD='.:N!K8VKNWWY4&P.>:8O=1N60("*3;8DBE;JHNZ;19DUGJ@O:"@QPSV MZUAX6B8CHBB9+-7:`Z<*,#V1]38)761;'VP/N_`&9_[-]2=^U,GYR6^,QM75 MR;A[WTW/%N>9SJ;=:-:]>7#?QRQW=R_?/VO6=Y7J$WK7<[2#'-,Q>RT!0[0U MSBNVWDW@`$@TW.:N-_,2Q/T+$S8W'Y^,!I\0/VNVU6/AL\MY]?H;18GU6/:XO=S4QS]K[6@K">WW2GDWW6B9G$X-C$ MY,HG3&Q_.5IB@L5!`FJO6I)5W>-*=?8X\L/!T=M1(D4.EBAK#A597Y@0D!(F M:X"@(E%;"@5"J]>,QT#P2,GF>MFL24%@S1=9$W2)VJ$/Z'-CGCD(>>UP]&:0 M"T%VO%"$1@Y)H@N6"2)1X=C2([2I-+/T5\>$QZX5%4FD;#D0"X+)&L044N9H M5+/M2-X$:JBR]VOG>78=[?.*W5M*P40T6`FU]@\%6&\+6.MS`&7`F3:!X*WW MKT'NH3T#(WG]6Z<#2'12.NLPDQ9,-JS1U,K-)O%5S/?`4D_UN+M)]=[.PJ&[ M@M`I61YU0U;UPE40I(><2G`\;3LYX*;^C.F`HO4Q8R)!C!XE4.$`P MWB:DH$1P&UJ=6P%KU[Z_+*K\J=MWEHFT^>)"GLDYOSX9U^S"UO;0.A%3;7>= M)-7=MQ"S##YK5_U8,2D`B'68,C90I)# MQ0V=G^S:9>&DJ7='8'$>2]'"D]'.2OZU#6V_]M^'D:'W_*$ MM:MS`"`M92R*&'ZC+-"BGK610>+:QOWV0CS@(-]^E!E^XYI>V],X1]WO:)DU*[I#BE>"XQ"!FL,\[4^_.$DA':MBD/*LVW'-W^ MI!KR;45::[/$[/^?O"OK;>1(TG]%:.SCN#?O8X!M(,]Q+\96;[<]?JX62U*M MJ:)`4MVC^?434;R*JN(I4I+'@`&W*+$JXXO,N#*.*'7@'OP]O$MGQA@KNCVQ MUW.HGTL5QA,_EU>CA_&D_#0>?:LF&&S?.74HEN/J&V@]'&Z]F-SSN9K\OHS2 MQ_*Z>!C.AV.1]_2G^\7#.[.">%!2@G7OI8;_L/K>).,-M88K+5Q^]^%^M;#I M;3&]:.847537\%-Y<8O1]\%%V=P$`\C->R<7H_JBJ!\O1M<7%?Q4U8/R*R!2 MXY4UR,BRF8*!O_TO6-S%734C+X.JYM%+.=A.+@`'HXN MON+?7`T+'",##YR_=YTI_>"^#@^V<0`'C!/N`[=@M%*=P&I-/"MOE:+@9Z5W M'R[.RH(_!0,DF1.YF0_$>)`$45@/]B[A&LQ;%B((.!\LTX[O.`E+2_2BW:!K M`SO&-/'%B*?-C(K>Z)E`BL)7#MILH#C(^``92J4 MS=:X4XBMM\VDR>0!W:+1]?UJNZ&NFE2HA>K9(,3OU?065G3_,+ZZ+2:SV\Y? MWW]Y?UL6`QP0#*^:?)V/D3NBUAX;=0AG#!P8XZD16'5&$S-:R9Z9)*VFF*=? M_8L"TTD$,ERJ&(V!W9BPT;P-EDBC1`)4-%=/C:.+?TZJO];5\'_>P?DHWUW\ M]W+U;:/!78&S/!L3MM@4S4>=V6G/'(C,VE8>6#\2[+G@A)(9!\*F+(P":X]8 MHM;RIU=7J53.N+KGXGN)O?P^9]7\\K2X.7#J[]9IZ&T2'5>4):4(!5_$A6!- M2EZ9X$("XU:G7A(5Z9+8L^3SD+9[JG>;/IDY>%X>_$2E\-_&,*I,IIIY=/;[ M62CL8?0]#O=^M4$$K7G=#M-W:2)64,F3M8D'IGBV&;8S[T:G ME&IBXX>MMX;MC*;)W\MB@N.*ZD&K(?&7B(>_2LH'CWV%O,()*HH'JK&"IML5Q1KZ MTB3LV.\.AU6R#)R(H(4M2'<;J/4YR&;J1#>F)NAKD+"U[!8O8`.+(1J6J)&P MG3)(21)\$B'33B4;P]FR9R7A<+&>F#I=1(DC\D)-*[%>U386J9S<\AL MJZ?=GHLZ"1';&"$X]H<&+<3!HE-".B-])@$L)"YUM)T3/0L/O301NQ0`G`6P M=Q+H5B:ITH;A#3\G6H#C%$-7`?"#=]-IB-AZ9V$(:"5#8?%24N>,Z:8B9L[9*[]^MRK0;B.>M<$OMSVTLS;/1(A4Z)R6Y67]/)?@'B M4?2WT5O=<;IO136<-4`/H[L[L-BGHZO?;T?#`7X5=MY5,]"B25"^AH]^&>&M M:'_5RN%)!6`T:4#"PSF1,3KCO#78S8Q&SWGN-O*V1"C1AN$\A+P&5+N2?T"/ MX+P+57E_8J-&6!VE9%S"[>\=!9*,: M+]W7CMNJ2@!W_\=%B]R><[?>2U^`S\P\R"L)GA`(+ZSDLH03L,%LZHX4E6T( M]R/P%)#(EX.$ZJR%\3&[3"7CQ,=`1)*14\+!VN]`(M5,%AV-"OR^F-Q>CE'4 MSW]H!5]B^77J)I.'.VQU/*_Q^+4N9HFFY>#3N+RK'NX.%C4)/':2O>($S"+L M2VLL1KMB$@1'\W4%+IRM%N]/L>9S(]`)\H$IZQV(5@4>A4P"7:.LF07YJ@T0 M]]2*VASDV['@!8^_@`39>+HWQ8KI"+=BTJL(H3R?TXV";A1/$UB.+Q[CZ*ZHZHV&*,6>`C%Z<)6S##J:C#UW7#0*C&[;[42OU@S1H\E[ M!8#VV2QKT&#L(X!ED)3),FOG8?-D,*\D&.O*=@<&B28Q_*38K*J+5E5'/S[> MCZ:WY;2Z`C*VUBSM=$G6`N3*X"8P1O$LP??UR'_O9.!44.]8[]D@=$'K\U:Z M(KEY].6UJ^L'3']&`_0$UEN$'A&\]6GCVWFEN&_9G>7L[?#]AJ6:Y60JT!Q!`41-%.."DD% M=S0*8JG*AN'5,GGW85K6<]Q.16X'P%`BOI-9O6?_:1%OKYJT-;6>:$4U,TI0 M*>#LA2@#Q<`2F.PTTWY:5_.ZSK(V1A,N'Z:P3VOD-%X6#?SC?,SQ3GE#VDY$ MX"H%#QI8>1F4`O711#@.()6E3]@*SVE@ M?=::4LW!W&X#K>E4EB6%T7.:N"12F21%!)5F@A#"&O'N`_O/!F>/ M5"=T2U6T)!#G9?31,T5]%)IY;;,*L('X?S9&1V8=,0E^@Z?1$)#]!G/^';A- M28$>4EIDQ$`Q M:<\Z86)*R5"F<@I!9-_'44LH$Z_"T5T@+9G7?`<-BG%Y6]:31@0M8\/+UB+8 MG:2ZJ$,970B3F;+=B1$@Z?3Q(OX)2A5%FO MNAT&E][NV>!X#<"/"AP?!;BT7`>)TS-)D(PF"Z=$9L:SL1PLO>:I[BN.PMBG@$5B).(5LN7""Z\)H9X303(`W5.[=R#*^V'P0L"^W.9--$D7 M"',Z)6FT<$)G8:1*PB:<)MRM8A-O$%A0'YW60\=?J*V&U&Y:S`Y0`\-)0IY* MI;,$;]Y(:5(V!#[RVK!.#M!S-^N,_/-`>-P%W+,AQ-M=)WPFF6;)>'2&@N$> M",?41Q$[F6`_/'MC'@!B$_?](XE/RK.E,M`T$" MF%22>1"FGF6/L]H(4])TTRI/L8%/)A+>F'"E+AFL4B3)"!FM=3IG;Y*2X"P0 MV$TFW4GG-6AUN\;VZ0X^-N`")#*6.\I`X:^;&*`-V?P!SR@:?1>@.--HF`9Z-[L,4(Q7S@,8+U`FM ME;XSHI+#N;!@)*5`+,'2+ZTM)2&$''JO>:G09I"&&0PCS<$ALH91YBT+%'[DC'0RZOYZR=C8PT7LSRU`Q;\)E#<3^\9A/^8,K"6X:R>P,00Q4LK(O(G. M20-FJV<"/*].B21PIY6`].J8O")W/I?WF.E9WW1YTTI^>29[E/)."9LLYUEF M@W,XM0'C`CPW1@3M,2HD>U7^K*'R=KES]+73&G<"#N=@*-&LD%E2HYRRX/-Q MRDV*O#LBF##Z%KFSM*TNKV/U#5Y9#\!7:C+#/H'#CA],/TX:C(9;\MXVH?E+ M\?#UKJC=I.K)AVPG"'JIG97,I*2X9(+ZI+FP0D2?0%';_G[KBW;K!U+12_WR M[R;+)_P&6-^6PX&;X$5Z8W)CJMDOHWG6_OG0L%9ZP<&&#N!0\*"])!E[)FBP MHA,HR5XTC.RB<015*W3&HZNR'$RNQZ.[5FKIZ'I5=M7:QG4)V[9U#[UU_-;I MTFC!4.:8PF<\#D353<)^Z5A&-CB&+9:9.XSIRX;OI-T`XN`SLZ/1R)/HD9$"\V&SSTFZE'B@B7"IG!'1=@>Z6M8J ME3^,CA;Y$SA$5U.0W7/1BU-$%N`^E>LX&61EQBQ;Q.PNAES8?*]1"0GP:1VM MLYEHZ;/Q`B?D&HXM%5C(W9EX[3E'9\.GPP&LLBS'U6@PJF>;>9.2?2R+\>&B MZ:EAL&K4$X-6227.,:L!K6A*M4[4Y@Q:WX5W'T9UN0[&84M=45K=W$ZGH_DO M?[T?U?]`B57??&E26]!L6-8*NJOI0S'$WY>#6;KW[(T'IJXO/H4O-S/JFK1M M?-GVM!R"50O\O$'#PV_/N-7'6;M./BKP5TG_KB( M3&PN`7!@GYO+NQI4[@1TVXZ>0@H']?E$B9=.8D-@0G`\.LW$@X?&VR$*,!-+ M.'9+"^"\9)\-75_"%BM?"-[D)%/)1*:UE(EFER31-@3FO$Y&B0Z\[&SP/J'[ M^?@^>0G6"^^^@=P?T)6^51;5;(P\*NFPCL='EKE35$G!^$SR_0#$_;"4@">E MZ51(319%,"]?U[-!Y>*`\9!]\%13Z6+R20;TD)3+DM(:;4OIG@J/DP&< M_@E.206_VP'+FV&`47@+Z<&U`.EK63;@D8$A25P$E4;6NN\M&,#)"3FP+V`G MX]"B@\?'5K`!7<4_`*^\<-%+1N&8>`DNL]4V!1]4U):++%0/K]:",2\/W8IK M,S-FUL00#.3/Y13_]:4".PMLY)MQS/RU:9JP)`]S"] M'8U[)VWM;'K#K4$1R5(&+\59ISDXQ!C-]B(SWG'^V'K7F_V6M(F"@5N"L?G2 M:N,&SN`LH)#)B3DI@3=6Y*PI`;TJF>PVTV,S/W[#TI^N9>.:=S!P=E8.*KM+ M1&)%E,@\&YF<-D)[1377/C/CF.N3FM(285D_)7NM<$G?+^7=_6AC) M3D?%)!7CX6,Q^=^'&C_2[\\7K10:RRPU#R"'I2<"!U_)D'0T`6\M^KN#ROVI MWT31(:A\+6^JN@8/$;;5^F/.APO.84+#S5GP,;QUE@IJJ,56JIP&(WMPH>_) M_KALIFF%#*8]??E>W-^7`RP8NZPQ8+3=LUH5E?G'GXNF\>ZR(>Z&*1+MFC1\ M&^T"(]KUE!KOWT'_*)*DP%P1F90*'DX*QQ$R_=T`^**A;#]1KTTSZ_;":-,L MP9G7'K="`$M><6.<,]*H`(88&]"=1CGT`B MP-T.R<:UYF%M/B^/P)ND66RGF6#Y!W/)1Z\D]\K$1!W/@C-/P?@B;XK/6Z:+ M''BD>:2 M:.S&$83W/@>"ES%_5++Y+K(IS2EQG-HI&0.E3ZUUP1F5%<^QW]XA7)J]R&[6 MN3"___90@!\V??Q[57S%CLN/BZ5NF^J]67?/KG2**?AFX)],L'9V]+V>]?;8 MHDDXGK$_P-$1W*80 ML\K2".*4"UC"!D9-3F#!]B+#Y/F!P3L4=W5;E=^:8,;HNG67@XDC==,_X#7@ M6]M82>5(=(!3QB1:RX$'HAUWH#I3EANF1.R'W[,0:*&,;5_:5W6+<_M+.;Z# MWX`%T1"]1VALF9G>],NYO)X%5MH7;E]*-#[\>AN=3@1>@M"%IS.KB9.*!\MM M,(P;1D@@!CL9C>KRHO&3<;9,/:IQ@DF%9#9SA69ON?`7R_=L&"A'C1=T&;? MQ\3_G\N>LRG^3VQ.Q@53/--H<82@C#19DFS"X3H$/#'13<85EHE9&BWG. MLI_&QM8RM;E1ACH":M=*II,SX#D%(@58G#1VRX`%I98\<]GS7G/8FNSJ:OQ0 M#A:2!,[*K`ACVCRLOIK]B=IM_&-).855,&`;@YLO/-$Z8^LDRG0TL=/GD!-NM#D+M8LJ'SAL MJ[RWCW5J1F]=7B\;,!_&3L$-L2;8H/_-WM7UUIG;Z+\2S,W>;&9%292H!3J` MJ(]M@-FFG1;%SMYY$JSK-'KJJ98=9%LD1,@,7XTL, MP2_8.]/0AB=^0I#QMG6:Z^](,W>^SQ:P_W)[[QMC$MU;-BA%LE@ZYRQ)0[*5(?*Q#8V.[J$ M:ZW\>-9ZGNNS4:^T<27VFE*0B"/I32$/+A:.P83%`-Z!L!8NIUK\YA;D9C'B MK@Z,M3ZQ\@2$Z-&R)]0[Q:)4V;9S'9[X=$YZC/]:G\>D&.JU@"^E`#FLJ3") M_ZHN2_1(H961FEX'@?U&%V3W$2:4[%WQ/3K)E'.VV0;*43ZV*@@$!G?V&GP* MO]D#LY,(HS,-.I"6IS`2.7(1M6*?4NRIX;`D@B73;W-!\!M$F)B=Y&,VNY0R MZHS+;"3D2(#1DT1A*L(XY_ZU/H]X8`HGR[GD'.6D5-.SEXB32;,1P6H3N8B$ MF.>Q("NT#HL.F\.+VK,KZH>GE;$$"Z5&1`JR_)D2F2PI;[:Q.TX.AT(ER6R& MNYAM6^8Y6'ZS2!%M=-;$'"AA3#YU8[VWW('1NS!6A1G8"%H];6-_BSP#V3>R M(5L*2I83,KEDK.%BR'KYRR$+=&&C&/W2++\9/5G@0,%ZD-P!HR_<*E0"5T,4 M*)J'R;Q6"3I>H+%W[\V1:S-8`C7;T5=D:!EUZ@2W%%L;',QK,"_2P>S$FT>E MA(*&M9HB1E9FJ&A:3-5ID:0?4['-+I:>MJWGWHZ+_.'MT??_X.6_0\IE#F!8*0AY%V+??W,OAH?7/=:C5VRL9Z*R39C.HY9*TE,Y!C12L-]+Q#<@M;/]/*=CM4)2&Y)V2DN=*=BEF."$.N8-$#I45YGX<8@@2>-H%QDDXI M?DJZ[1Z%5\NN*&L8,Y*%G-&A,ZYG1TT@^@K?93''RW112*LJ20.=0:L11.N3GC4[)% M#DEI4Q@LA95\:UJ.S62=.\@)%L=6"6D*=FTL3E7^=_+7,?HQ69%T?8CL=Y'U M\/#XW:+G;9(%H7W6WTZ2G-H_K9#3X=+=(K1F3+TH9BN.F5Q`2;UL\6+3H2K2 MT>J5PIWDVI8JJSQ[-U7Q@M!32<8'*AABS0)(C.4B_V.T>:`8C/[;J8+SJU+` M"B9$X%CDY(;(1O:3K%+#Z)*'L1AWN#K;J2ISJ]*I20H?$2-IBW6C*.XF6''> MY"FEX?(ZANVH\@]M#9'\OAZ?_W+VX?SPJCCY9/_3P?DGK3)?^+;K*O,)"H45 M'[7$G"8'IXK;[%V4,P83]$!!XE(BSX['<2+)QD&O#81\'$5GN"*`K``5I;04G`4>@8ILT+1]18_.#MX?')[KL_^?]]^=GRR*R=MGG36^_W[Q MZ"][XOQLL27>?FA[)]IO?_JUY2-_TI^VSCE>(Y2'_13^,OT-MD^K;ZQ+KXU.?)V_0\%^7GYW.(KG&;DK.7 MGBHY)RX\U.E6()SM;H(Y[-7GTX/_/#HX_-UW9R?G^]^]^H\79MU[;ODE M)Q1""UZ;0*T84W`8^@XAY"1H%XGM](9WB/@,-SR^@*C1NV4H`C'!>'3)<@^A MA.*@1/;=P$N*&CM3"OL:PE@D67MH@=KJ%4,4S1JS_D0/8,X1(26:A#P:RIZE.@N M<5V+PUT+V)::IZ^/4`J>XJ,NRZX[Z;48%W2_RW0!=VR*U1[+@%F?&"V) MSX,6794\=7AJ=!9\6JT@7?S<.XDR=U?>B1E,M('8()#)EGT#UZ"&TM&-HU`@ MIJ$S=)TH5T.4ZL'IN\/CT_.3_9_4?9^L&=)Q_8!Y]2_YR]5O?W^P?[)W\N[C MEQ_W_[Y_N!27KK[FS9&$@=/%%TS0KJWT7T9H*4OX#P:-:YFAFI1Z%4-72\,] M.SB#:4+O.26?FDTF.-F62VV+;;9RZ%J4%`SEJN`7R48.Q9;APGZWQKCY6+># M#>)(4C&NT2O'L"6?V34JMJ>D'51^(!D`[Z+;]0;9LDUNVR#..=^*AQA#QFJ! MD^L2/7(!'5LP/@.N\N#F.PS<7;[-6PI3>+%.+MB7Y<\-(L M"*XD0BR@Y,5G;[W!>>2)0&;I<:]B3$DV$C0$WR0]"1*B!$V4D@WU"30LVPJN M+;@=DRQ9^?)M<_%L\_[@DM1P003SGL_/_G!\]K/@B+V#M7:<>3/VXDR,MU[` MDS$QJ\?55I46$G,>2G11:>"6]LM=1=N2/A,/9TNE+[E"EQ@I83&C9Q`,`8V" M21S$1>;AXZP==ZK_O'2Z*$L[*WLG)%]EQ:VC3W0P`"4W? MOI(^&$5!18$A(BNA;H44K1V>RB0C2VY%DSL(M0TUYJ;DLD"\#G*BE`JF6?'1 M3,9+".?F7!AQ%#CKS>J*[$R/&8*Q&B3.=!8,5C1'IJ15[=;T*F@KY^%Q66"C M>-MOH\=L!97D]7+H!ADG:5'4>-BFI6<+8'PI^+' M+S[>?U!@2ZCLK-U;Q-PA$R1K.*9B8JCCL&OE*8<[*#0MWA;UNL6341/4#P6T M;`\]!59BK>*QQ&JQC)V#KZT3%X!;TNSXTZ>#12&_/C(7$5T6=O_HW<':]_[K M#>;`*!,V-61T7=*["K8UHTWM[`:2H?GGH7O)L=CV-\8E*D=U-I(Z!:Q=RVV; M\NFD*MO>^E7[W2['Y5BV:\;'V/7A^.35$A.F?@^];ML[^O)O M*J$*_^I4I;^Q-]:JM$[SJR&K7R_M9.L<[DT.EAKKIVYND;*8+YQZ<8D1O1'C M@.P4I:$LS<`*0KUFH#3?*T'8I`IK9=N.,C^O5Z:WYE.H`3Q64ZR5]*P6341< M9Q=*6Z<,?*_E_#M79JRA6E*&2XL-JY.8C384CB4T@50<6M1!O3,K$_";*#.S M,BY5\3>-G2]9DF7*O6:VV126CR+O^I4!MZV5D?/[]F11M7HQKF;];*,5\+%$ MOMP\4>94HB^"`8FSBX08>[&^R89;ORH&)M58)]7#M9B;T%31^T(A&6S8Y(1` M$(SNNJ_D./KPZ%I<9%=?)QZM[J=;*ML=34]+G5@/H;44\G]+79V M$ARY>):XZ-%JYX_M#2@GCGJ1,34;,#CM"S%I1N"IE/JNPLZ8-_D`RA4O*,>@ M=E$D%B`=NT.=$-7\E+`ZF8P"/E#8M^=GIV=[1^M&*:\UK^3$@H2H&*IE0?Y< M).QZ)480JVD.8!8L\8.OH62LB2/C;9N,&S=O_THO,YL?2^H:'O M(/8&F6(+V*NZ9GU'E'0W4XKRJ^`:I7T/PYUD6*'86OWI]Q1M+OFC7DO5*8]> M$)B'*J[`ANP+R$?H:;@[#B;=2[35?H?IIHXU!?9+7)B"WI/O$N),1-!.)HY9 M'Z9[IR@9[,BKO""46!9UG30/DGHN9>O>@*QQA`38"-!YG1NQ@(+1F`D2]+G(EFN)`)X/QPT!XJ=3Z[X'[6-.POQ]-]1_??_.@;6ZR5<])I M4IE,J*58XDAZSS%F4Y[MJ=A>)'UW[N76%PBU;CZXT`0`"=DG'3(7`K>O4 MC.'>`P(DBL]'_5L.8PTLT"$X6\2!A%PH6G',4(R<+POU^G% M5;(U)-/$A;JHB,1VV0G@."@'SG#+&BQ^$^WE3X?G"AS^>'RR8+YX#$<`2J;4 MQ*,I:TI//D7NV7G3?/'8>6@B\0[HSM;81(.=6V=NK\38!;?$5K#KO:]SP;;+ M:%NCR\,[)P:7/+T<\]P6U9/-&`R6#/*+K5E^$9>JYM"FM573__ M;QNU9F0L)LEVN^>.392*,8GCH!JI&78#.K?.K[;MK@J[14WN.5QLF3*.Y'S+ MLA3K`+H$T!!*\5U`(X?&8[9D`>&>FHE(9P>R?9U2BQ0+FMS7<_Z`/*L3Z&@/]W4?75YR%:\H MF&<9L^[Q+#KG_G/G"LK&[@0KY$89R+="+19'U8[\NFC<2D[W$'$?6?'9)%P? M'"57(#85#>=L$P4Y%R0;Q-?AW>^'"\CT?!3?.7](%K+@"@+#L5B M!'I#L#SLI$4%Q\LUZ&:,/$I&4&QJJ3LLR0C8,-KX;FV/!L>;(4E\GX<);\MF M6TT>#$GZ9C#%Q*)N)ZQ>:>RS'4EX+:R0G#UES6?+4JRQ%&PGLA;UTK+H96J" MD",QCWG\:V\L/B?-=T^8YQBQV\(@^(5#EC!F39/T1I+B)'!^W$NTPB;ZLBRZ MD2.2#=E*9.9FNMY1IR8QTE>=V8=,<8)`"U;K([=HQ,4@P[[_?O]D[U#^S24K M">\?[7\XN/]U"9.$^5:KZ!4PUI`$_92,R;`%J'W(Z5Z#"ZMN=E:B!TL_YS!* M;3Z79!UZ<026,H4BOXU4JW=4AD+)B&[54SZB\+?X^:X#TB6-!DFH1'@MNV)( MDCZ"$C*&D>8^K&*NQY5]]L*9*>26],DYHV,0B-,A"V[4:_AJ!MDC/GS37##H M/GS+MPC)!2N8OE@DU[EA1+""?LFGBF.74E@]S+/R/%CV.;N[)AEXQXR1=62O M4?:#THUIK;9LS'!!)=AS=[+?LM]3$$S30F?3`:EPMBZVEMBQ=;;9P>X^V9W* M/F=W@]D7,3Y4XS$"II)(J^9+;EC%(8[<4M/[_1ZR+P):/GK_X_&[;3CZ"CZ5 M*%E=RH06H_@>\CD;SY9;J",E\^KSV%VDVI(>MS1?(+?B8JQZ"CA):HZ^.@'( MSMDQ&`.N4`[N3)%;CD-N(G2O`:@%=.+W>XW9AI:,ED..?'C@OM&"W'(T8G>4 MS-XNK-P5/B_+;/PLNWGO_]NBO M>R<'>F/\DWPSN!4S_GA\]#=!@)_T&VHCU!)4U$_^Y?*3%P!Q5XU5-^LQ!6ZQ M[`E(+-;U`8E),+P85_R+=TL=+4>+AJB+VC]_P\!W-=>,C6_H]?;#S7\T6\[] M-.U\C0.R.`]6WD\7L<="A6J7'1M`#-P@?O?#CV_X[4_K##EOD\_H5]%>DIOW^F4+/29HJ<1]UIRZ-^):*.GL`^T+94D',OFV*+%_ M_4G$^?CJ<2SQ-?_2K[VH294,Z)U\0M9\GCU]AR?0"]HRW#I8VP7%1GU,1J@D M/CI&2CQ]`B6#6F>N.:VW:"S_-(_?M)%C0<%32HU&2M$`"9W-.>A49X3`_C&- M?/$848Y/SZ[((3=[NS MVW3:LSNS']U8:76.:V?LI-WTUQ]`OHO2*TNV?$LFDVF2>B0"Q)W``T-.*!)? M'L$E&GJK(.@TV1U7.'&6W<\\V=LHT92)!E-OBJ??)7438;>U]LBVW($XN5PH MZ+VW#SKS9%CKT#&(H,1(31>799M*)"@^!B^Q[K"83^A:>?SI8ST6 M)=.UC,QJ68JI1*W'))>AKS)$!;-?\08#?K7T/`$I&T);`)-J5&2Q;JD7BJY( MVH=5W&T005NQP\@\(R53EX*%:N!J69((L4LM^))%M$+6I?,KWK\/P#S>I5PD MBX^E*2EAT`3)6@^$N61G>L%DQ=5[\6MCI0_74#)YK,>B9++XU"(R0V?O%)0_ MYQ*<)%,@R2Q`;2N>"<)S4;*I)))<%#HTH(]D=>]E9'$AS;?"IHWEG(/E7K6G M)64R#413H0+%7(AZDWP<'>I@8O:<8UA1)%\J"3Z`E#NYXV/I2S`%HA7_TH,F MM6*4$U8D'8IS"YSN,>E:K*0Q6*AJHZS9$>I^U2J#0T2,-C$8XO# M"Z%J@QXU3XEKS764DVM$$HT M/(ZB^"4(JM6'V/6G5P2U1+1VIAQ;/AS8;4N/2V15YL([T6C<=WH_(18O$JY6!%"RUVD#VV, MH0_A-2P0$I^=QCM"__?/9_/SH_D:E-6[.5Q,("I7,6301Z'HQ7\5(_E%%6\P MDHL,^Z)V*FT#TAT/",D&N978LSA[OG/M1KVRL;OLN MO5;Q5L;$G"0]JHDQ0RD\S-T)4_9Y&7M1KPH8.$I*78LC,'*1)2.7%KD8ZBN> M@,V:BL'3TKBK>AEJB2U0"9"I%8SLF(DJ>9M,'\L-H)@"#R7W^]FG+0LY3;)N M*V;.:,]_:R%FL"[D#A`D;1I?F.*:2/;V$78XXY0%L(E:#J&(@PT$7&(69R2N MM4K$7N$,^2>);J)`(`WPW(K\'A6UQJZGP`!?^8 M'_X\/U[@0V_'=MM39Y=($V/R(B8)6V[B-:"%1G$(C0%H[:%O'6+7<^['5U0Q M'X`6@HB^I&D^IBHWDJMKU?KFQK:(N%8;GI#&K5R%ZQY#+YS$1ZCBB-I424RC M;;Z)@1J*'LAKM><)2=S54U04J65]YD\24B<=J6[!.E])X8Y'P-:P-GUX*+'3 M5MB:Q,&1N"_RXK:)4U/H$#8V9S],7H(D!GL\YWYT2TBJ193)-$D^Q=-(T.D; M*/A,=L1U:-OQ=JTW?$(:M](MD;"(DMR0V&OYS3F#;]A+%>N>+7S< MR5'Z38?[_ES\^]8%.>-+D%2@Q*B#=>+7DF_BS&(5;R8B.2Z0],M3*ON7P`[\9TE#EV_@2>C8-"S;N1:"CHTKF811 M"SY6,S37)*,9)^B\X^>B8[)R3:V+RMN8)/F"@D(-78VU4B[C3+1!6#;C6]-Q M-O]]T0^^MAUGVC3<^H`OWQ\JX.[-EHO3D_/3X_G18I'EYY_/YT?S0YW=N_,B M_L?AQQ4PX7?:'EQL+I4FIC])N"[R:@-8W7I:;4UWEOVM;SS:2.6+XXH5YW@X M/UG'%5\;NLR2>75#Y&N"0*0086@:V#N/`K>YXNAU<\5-YDIB=][%*-A))\JX06JT%/(K#JOW.B]AKX,J_='+F MFB]_/YV??/KW[.02ZWLKTZ(=)YFT0\9YZIYR:Z%D\8"^A\)FG;CP"S4M6S!F MQ1J".\V>/3/UT(VV$.6:0Q$O)/)#R0IKLG^[C''3C$FB,Q*4ZPN8)VQ)0@V) M6B7`ZSGY;-PZQCR**EVO=7CWX>8?%_6;E>#TUYS)A\=:T?GIU]GLD\;HBZ#@ MBC?7;5._'I[],EMJG%KJP[OYUIO^MA_GYW47T-G&+LPE;:1B?<5!78>FB"?GZ!/LEZI%]-83"!-Z<9U; M=HK?777VHC<[5ACW*V97=;L56PHG][E(BE?%C6#JXD.B[HOT%K*KY"!R&TK! M$>)RP>=^QWH\6NZO-NG]>RT6G_]P^$4#0BW?O'\O8<_1K2+G8P=FZRI25M%9 M2TJ8+16/26A)#D1D4J<5[6QH97ZV!S%0D).,HJ%)^!Q[("Z`O4?& M2/;.N,]+E(7'JYNGRLDQ^`*E4@>)7G(@B10-`::Z3ASLZB>Y%\V(#75RQ]8K M%I[1?H!FO213KG33%"RAB/MX.XS84!>OT%CN7@(^0@HI!,^7Y7\4G_./T_/Q'71=W?C[_,)\=];/3WVZC(I;OA-.G%XU2[<.' MV7O]C$L$\:&I^J;'Z+'"VLG/N28@?_G;[.@7D<(?9Q?(?[J9\LXWZ++1?GSZ MQ^7/+7WX!7G7`(?;1_$3V#W1E]P3>O$H*86LVX.JD^S&%-/'=0`''):[2O=S M<=^DXU&EX^J,EV-_2Y]P8UHO+:G$:'[CY)EPO6+B^/STYO=J]>\F.IQ0SZ\59U](:-BJ2..?F M"D'P5@*B'$:L"0QAW5O9UR)F#Q6/"0R M!."W?AG_>8LZOUNXX7O7W@Y=_,QD0HIH14=MDR3>VK8*;)AH>:;SFWB\`O%X MCG@C$G3`5B`5"2^H1LGC('3;DY=?/[W[\/#E$T8?:Y",TU43)'$ M"0?6#H">W\3C%8C'`HO'5'\&SI M6@+M?<^BWB1:WCE&MIJNH=-%[7;TRA0&O+,7\N7 M9*=8,J%GBU0B9-2155>X)4LEC?#)$M9\I>*UOW3"V!!AH=N%+,:8H2V@2CP7 MM]*+\(":_E8NX4W&B<_J09H/S8NO@*#H/SU*UJJM4%V\!%3)2L:6*-XR1ODF M76]"NG;T(`K5FGQ$+]D(-:BIY!2YM>0U3%FU&X6V2W;?CGCMS8-8]MX3=I=" MLB%!!>R2AQBM.Z5JQVRI^)9?P5DO.S^I!V/C2(5!##)2P(/""01+/DIZJQXB>^-K=SX-0_C6X)M, M09[S1:-AR+K^(["Q!-9'IE3D8B0#K-W3T,B&/"Q@>"MW\"U&?&S_41"=98,W`%C!>\4Y6N1?[`SS9@Q!P0>MGL]V27<>Q7`$\`H MN6[$V?8:=#,:0TG5&'"A>]-B#&/B-@&,LQZZ_%Z$/S%^E&$4&4@1P3(UG5\R>KAH?H%\5^?G[X]/ MSW70.7^1OWP\/3\\_NO9Z>>/Y_(1QY^/1'7T9^3KYB>?9T?O+MI\1=^N9Z?E M2\[^.#T]^I^SPY/SPW5P][>A]!RUUB49*Q6](DA45CREH--HWB4[@+>$M5!Z MRWQ9R[X_7LI+M8'6C*Y503GB^D!DU^87#B`ATBO!*X: M=$LP-;L*:4]FY]>Q\$;:'^)J[T+VAHZ^)/0Y.`>A-HGJL\\EB5B3'6=?UT/V M;B#I+B/FQY_U!W[2G@V6Z0#6V_> M:9E)>QYZIRJBBXF=KZY:"TP<_0`3L3QBL\,9]T/DU!J8ZCV@<6)DK=@WS@XZ6USZ^##(W;.TI.6*VVET;JD3&)%)+GES,6;(*BH.81GBA M1$[=92H6B\3Z8ETL!98,J3J4D*^17'(:]ZI"?/2K_'U^-#LY6F%_-HBA3)4LDGL@#9L4,VOL9F2S=CST4P@9=O;$N2 M-TA0Y%J9I"ORS>:J0Y"%^VNH8?SJZWTI^^_[^M_9!-I;*SA20F)$,U.F#QKR5+ M6L>1AHUC8^/7ZH/L?-@I"6HD_J,:SQC$PF8)]JSIK$OBQ3!)_KUB\:J/^SOM M!K=0&TJLG2K+E8K`M^!$$VT'=.2,"\.KXGY9NT$YKK+DJ,!0 MZ`UNJ=:^Z@B['')RFWP#2HTE(A!;9\3-Y*3;WHK+>LX\U!8M+T-B;SSELL-< M>-'[J+^]';DX\>&)7(!F"4P)U"OK/KKD7>K+&/I77Z45+7<+"G3E478\['_6 M'S;D8ELI57Q8H,B4H21;3!._(B(:S;K#^K]`V,-A1^V_?5@L8N5-J@K)0I10 M.-LAY&[$QK+!/L'9/1UV@K.6)4=FK*RE<`D3,HO8:DK20!B^O%_B]F$#/>2P MBYAP=K2MU.I:R9*YH[!3TON<@^YJAYC$?B:)*"9XZ]8?]_(P.Q]X@K]BK9HI MQ9`FZB&89JLOF+*3Y,AXMU;-_%_,A#`\Z,#3TBM!6DA8K?!6'"W:Z"1"\R4Z MR><<+.^*OL-AWM^!)SALQ+=2\):!122J*%QR6%.,XB)TE>*$!$\8LI4'_NWC M\>F7F>0Q9[_/]47F0M)G1QI+SD[.+]ZFCX\O7ZG??;AY.I2/G?\_>U?;&]>Q MF__*1;[?=F8XG.$4:(#AO."FN(F-V+=M^J78RNM8J+Q*]9+$]]>7E.1(N[-[ M=E=:R;):!%!D82V3/!SR>7@XY*E\[OSBO,Q^.;Z8G>A/\T>=R;\3<+M;&ZDQ M!W)@!4AX89Q1,)#P:FY0T07+:U:L+M=&'DF/+V:K57"#2R@<$TMBJQ3$G4-A MKMDD$L3+I4O$&S=VO61CK8&M2XZ%2DQ2*S?4?/^0X/97;:G\&A]=Z178N!B-6+F`_$G7[%EL M/0S+G<+J*^8#*KV_,7\XO;JI+T]#S7'^]E0>SM*_*P_MA].+G^87MX]S^NWU M>KN*"[P_/?MXW1D@@JQK4[IKU>!UNU_$+*XJ9*]0M99T/4@I(*!Z>&]O\5Z! M\#[J/U\C_SC7"M#1Q0V?_9M8Z/S'-W_;8NI&(8++4"1RHH^Z<%:8=`U>?-F` M'4UM[I6@GZ^IK\-3/SV[^9%^SMXS?FST\]L,+ZDJ_O79_8MGG];[7!0NS,-+3FLV5%R[!H3$U!,/HGQ MW4_QA1M^T\5UMR'RS=&'^;O+$\G0ZW_A^-/Y_(?9Q]N7 M[]HI^&KVWVLRY5*I"5/H.773>D>7`M>2(DC\]CEZLNO7PN!=`^^J[K,TTBZ[ M=9=JLL1RZAM@K(#(5=?.8^A%"03UO'[9!]YM4/BZ[?7][.0D7WQ_?'(R7QRO ML=52R;5:8FZZ9::)C<3+DB_&&^=<)/;K]ZZ_'-=Z!-;)[1>`IV?;OE"S+7Y>)7<:[YIRU6\B5J9XRP((NN7^;7:A]GHG$.#TERU)T79M.0NQ>(C8O<\82B8(I5AH?80>W_^#!?_/SW#Z>76]"BX!R2)P[!9710$E9MO'$%M9/8;-#=/5/=_S); MS#Y*(#U=O/F?2^$%T]#/FV")!.II:=UJ0YC//A<33`J&[?IU>>#AF2J_+_+- MD`B:CK2ACL9$,C[:7B)E+@TS/4/D>Y>*/A&=THUW!KPM/>@0><>%*R9O>NTA M5IN?7^8XJ)'V=2I;*V?D8J^:A%M,U')E;7T.H3;>E&A?C%/M0Z<,2>"QS71C M`@I5IR+2--]+=43<7[IK[4NG*C63DQ(IR5D6"G?KC#!U**X)['V&A8W#FFM' M.H4N-XGA&,16P=64N#4P-15*8/)+=ZH'T*D:?#4]2%H4%%2$HO>00`=0FYZ, M@(07;KE]Z%3R-H;62FSDL+6:J,L78T-@%V@#:GQ!IMJ-3@FN1KW?5'*(6%QB M]I`:`U>]E]C6.]1CT:DWEQ\_SLZTSMV/%[/%T?'LY+O%U9NIJ]?TY^?SBSV[ M66TD#E`DV)2.WG#J%3E#%4:MX&BX?6^M?`J6!Z?=7]9'4WFJ-]:E+O&@-@$U M'C-CNFI="L:WSBV,KRVL!4HK:TR_H,KE\NQ,IY!L&>$P<2[PI-:8,M%(EO%YYNKI9F"$8S@Q2*GPT.GG@0[##Z@%OKJ M+##E`ZQW?GH6E%0:(F!V:("*Y1PD1-IAW9'NN'UVI^!T<72=>^X#%&.'*A3! M42\%H3E.+GL**>K*S!K'JV\&G%O9_7<(J9_`#%.9P9O>.6`V'@NV"BF;B&QR M[S[%WM>:@>CA\.D1S7!O)!ER:Y(/NC>-T%B7`DD6Q(:]1:@PW(2SB1+Z<$!; M'!)$[6B0*>>H.C<>JG?D'4K2)*'7N5M,[$L)9H`-SAB!WOZ9&N3'^:_SQ>7Z M26&3DR4*2@JTI&02O;YZ]"00V\A1:9;"0=$;W@VUP(^VC:CV5(;!VB?D6 M'(C60,2UQN[$X9W74;)#AE`,8=/S5WO;Z(F0K"%(-CC&JU?/(%#!9D+,K8X; M/TG0$WT56D]>5H[@F\O!=Z60O+@XJ(RK%P#?ERU]XSD+@!D M%-)7*2#*$RHMYRJ!S)F:NAT"%RBZV^7,[A*%]KW:7`LJ&[-=9_`(**,F#EB3 M4R7BF'6\=1!W0:/+LGZ>S/-J<3N]\.8*S-W!H/-Z.7][VD_/YD'6D$?IX\?,NBQ.>]^Q%(8)1?-F65$).0@\+"SUL9%+@ M-"8YGU;N%3RB93<\P3R=B;N__')R?*2_X=K2;V>_KYNHM27/L8\Q@ZD" M")M$`.,\8?&-($IH+W$HI/D(&^RPDWP'UVTJP(54]8R!L/X.J9E*):INL3?+ M;LUZUQ3AV6GWH":+)9_W$(JGBK$CHR\Y2WH7T`NDUWO!#K/AQ1P;G?X+F.-S M#K]]O-T7JL&%DAL:=I2;;UXRMTM%,MOJ[;8__7Y^_$^+XY-__N;B['+^S9_^ M<4?Q>"ZI:WX8C^RAA\[_C;X'[W5,R_);RX<\#XF0K]X?)OAACZFVZ`%-(>NZ M"2T7G[/>1RT]C5E@Y^"W6_5),NX9SSY]'EZZX090LEQ+9)-<9@33LT?R MV<8`)7C@->^2TNJ%SJ_#/CMEC+N6*4+]:B'3)#JA(E1/#<1*/5LNF(AO"5;SA6#2DRM8^_%XHB!?4 M&'RB0@T31ZY6.$TRQ-UJ)!H*2((]_--)OZ46P%2+Z\"!?46K([A!;)X;HX1/ M$\9ZH#.(3RK]Y*S0G*-+'ATD;%U#?0SLLBD"]4#\:;1]6BEO[R/];5U?[_V7 M:Q8D).:6HNWM^J%`0.I8M2CAF_`R(R$8=&D`@22L00$+*YL4M@MU"!TFJVC$ MWC.'W!*B94%V4",GYF9\*'70`9+\/#VU$EO.04\U`PE+8!<14\B],0.4Q*YS MBN/K,G!@OH`.DQ4NB?%8Q9OD<:`3+8RW/OAL2$>4PZ`#.D+WN#KDB^M!F)JQ MWIYJS5MW`9V>G,BGKM/U_A1>87>OD`6M('9+.I,UH*]"YX/!-=G"KT2L0XC] M-':8>MK"[7VH#5ML!D/JY(#T6H4X`)L8QY:HX!Q\E8;8\.U-2_V=1#'AJYD_M]7MP;,V*AG8T.TSK$E MEIR!6@]KMF?H8P0($&E?S/>EK/K'NZ2;O7)3@?NS*/L3]\0>B*#VH#-\:L;@ MFF4P-I%=TV4'0NCW/>SW4>1+V6JR+&EU,5+,I9?8Q$@Z4NUFG*MIK@RV$K.Z M?9G>5V.K+>'.0(2K,I`2&@2]VX(86HZ%K`X\'TJX#E;>9+TL6TWYE:X?+,&5 MF%HH)0CX=W`=Q%KQ-+P6^C;!L[35:RU=GQ\?74V5VG>V<^5J:RS8&V1L8@2Q MA:\LM->'@JM]CJ\W3"3?4\B#*S@QJ3@7;J23E47)W(79`]2JUYF"C<&M;@5X MO6&*^1=5<'IVM+:F>(I6W)YU"&[,.]."&NNPGM)2:T[?3 MP0,T(>>[35C?6\Q'4'+B.:9J:A/`@P`%#4N\)>QZ(PTCYQKKYI-H]G74QU1R M^C2"S4X+H9IQ\6VKW$T\R/B\E)YZD3X96:DD^I MMQA!`,=NT]\/J>2A*AN2]5K5!9R&$#UG(N];1LJ49,MD%8$R^1"K0:$9`:)^TV' M4W<6_HF9QNY3O]JL^92:3+[OA.[)N&)9L)4%?5=EQ>XZQ2@82`/@!&OBU-N> MW341_GSS6H[GB_G[X_T)JR#DQE!BT-V\)7&JT9NNT^\DRM5QP#+8=71UD./> MLDX">Z$_K>NB]6K05\.I]5BZ":[GY%8SC?9IV'7%B0,)N\6]29>T=6M=XXQ> MX*K6_BR1$SHB$6B<_T_TJ+).ULG)=ZO#.7*6K%TKMUYR=4""SYSXP=CU[\+] MA9V?OYX=OYOH(-Z\4Z'86JG;*L`1`QDNU4K,R#4X\&YU==$WW])JT^XHP]XB M;EEE0)B<'"!`(R"(:V*=8*<=Z"DC&QK>.*YV6&Z7\&P^.Y_7^?7_OUOUPJ$H2#N4*^-@L>BOG7C".;K%*#73/UKA.$-V04*9E>J@&6[P7)8&4 M;'/)1K@@&:*BY-\ZS2,VVU$#/];<#J/!QCM7.VWE@Q@E)X9D&3UDDB1/H1:3 MCE*U7V5V9820V7G+!03Q%^,'-'N]+5[#P;1U=&K(`T1 MY>&JW$Y>UY;\J[KR_9%7SL%:\ER$K&*K+?5NF^AD>Y:PU,;67;U-LT6G*0$/ MJMO6DEEB9T*`!%7GQ+!G#5]"`[(5_#CH]F+V76+$FD!UW6Q=A#&U:]F M8WFK8TWR`!Q%7%IUJ3WDO6\WHJ[E<2[GA%?[(6**0NXE190`$J[:V)*E8TC6 MBKF^AVR[=).O$82%NRBQOT$01N08=,Z?3AL#'0P^@!>T&`XHW188V(2OR4,6 MJND<]B1177Y@+$7A:EX8ZWYK+$ZO*7%0GVDVX+ MTJNU:U]-]+$36JWJA5!$OB`'V2`,^=J%U:U5NTGW2=\IW(S;D2!Z>TOZ\"-9 ME_030EY#A-B`BD0H2"T(7^=^-7,TVR$XN8W:;=3@<376X7NOWK^9+?[E:#_(>IU9S9 MZU04ZC$9`69##>!`RO\XNY@OW97\W.K_]I3G/\Z/3F;GY\?OC^?OZN7USX*!)-SL+ERCY<.D M7C+$O6=6I%YU";)\]3JM%3ER3(*TH<8@F&?L?M']0;A<8-@$H^\]-R*`*RRV M31$%(Q>OP0(%,=LJEJ8T-@RG9"+M+93XU=5ZG`^G)^_$T>\S)RSK.CR!-(ZS M\/7NB'1Q-**X?&Y^O/8%3M*CL9LD72O1`\6?,K2D:4`O8=AE$/$Y]U`H<&M! M@C.XH0X&5OL:XT'$UTG5_SH[N9S?WMJ>7ACPQU_@3W]\^Y=CH7)G1Q\^_77^ MZ_QD:7_3'Y_Y;O'+Y<7YU0?G'"RB20"9P> M<()9N3$PK=^#3'%WV.<3F*(Z]K%I-1T#7DVTX`QBA&RMOKL:`D,P">]OBH_' M0NX^_XU/NM1JMOA?]JZU.\HD-_\B6CZJ)D=<(`SC$TCJ:JD1U72HZ]OW]9WBYNOZ<3U&X;0M[_\ M?')^\D$\XK4*[Q8WC28WW_.=2G27>J([3W1!&4W1Y-H*9NR98M?"9O%[:&.; M)H*-[K;JCZK/\]IN_OG.[7&,&W;X7YWJ]=R>.3?\;FV)Z5V(Z8WU,`B*S ME@6Q!]/$D7<=5#!>(/NXTKIU*#,\D6WQR6S+50Y0Y<(F-+&S!$V;E=\O24)D M;!QY0+P7,/_TMOWI_%\OYN=?_D.T%NRQ:XK46Y4`9J)60#K)1A@$P8-H+;@? MZZBDE20XK%5R19Z'R;XVDPJRUUO0-X:*L7*NH>M@.A?)2JXZ\M:(@[#K%V@W MV;^_M=R*0#O:GSF$8`1]R4]Q=,HORBAP(@;K1;V18M(&'S?9?U*NP^BRGA&Q M2@9M(!;9.D9\$<7J`5Q0"MDTMN.CQ8W+L;LJ$V3[Y>O=TW7]+5,+M>Z:[)06 M7SY>+;893('<2O"%?70&G1B@4N<0O8!O2,WQ)%`T>+\AME;J>4RC$W3^-EM^ MP)>+\W]>S&8;!KA5!8%6?$VI%LE$,4H7&)UC",M7D4D#V34[Y=D-A'^Q^UZQ MWJEGKLW(WD%KBD4).,O&HDK9>:[&A3II&'?[C;+'X6F6__%UGF/PA M'[/5&$VJ`-GI"V9"$XCT^:-G)(3>;9Z>>H@OU4AWGB1^/EG\??;EET\GIQM& MY1DO-BHFDR_B@DHC`F\]N]0D]6=JTRXH'+,/>L`KQIW=HY?;I?JJ>06R+=XW MA\VD&C!5,[U[CMHYKWWQ.+GZ_?/).5UNFFWFBG>2&HA5E-Q6Z7-L-:%&&P!3 MP.DQ5,_DD@4,W/?T^EYR:II,Y'C2YWZ"EPRVEZS-WMNYL=!#NH M0@?V"[55R:-`^]65T,DG,`)/6@%/`2-.CSC*?M?M_Y2&V.'L-VLJ6&>3Z20I M@\L"M-&2$V@66ZK3MY_Y&)3_ELJVV6+^YY)I2`[3B68I/Z*I))(7G^9G)]HR MI5F\NLA4(A<;0O5&H%`GH"4V1FS MY-TM!T/]'C,=``O^V^R+UL3\LKCXKB MJX0>(Q@N&@%W.N#3A>Q:2;UZIQ,`)RY#?5XI3MY>O(-IM:'R4B=VN\ZF1R\' MWR52KD93"6J&)EM[JFEAM:KVL%I=5V<_;*T:)3:H5%M)$#>Z+*>U9LK:OXZN MC:^(4=;4;*/4A'0'4VI3+X,)11!1(LJ`)">J0#?(1E25$^;'7@8'9I48Z[!: M_>A.V7^IY-C+;L+BK;()I*R#,@R+0VTEAU)JW6"VC0R.MH0`S47M+1$5K/$U:V>6 M7JV;L<(^RAE;%?N>(6L/&QL(!(U11ZQF;X%%-+(W[&6Y^C8\?4HG%1@:OXSY)_(J3 M?:C$9)3@X;KAUFB$JMAJ))TUP(F0RHA!=9Y2G4LXAW)/0^IX9\G M\T_7?[5>?/Y\<7Z[HG9)/[/S,8P!2`?Q>4;Y/199P<3*O8]:L$%#Y]!(A+VC MA`?7;FW'H;Y/%.9>N1J22.*KJU!,<8@><#B"$Q39SZK>)A+Y(IA#3I36/&#* MMD"(54`DV,(NV8';;B3/?F[MUBV>G#-,5)5>N-9<"+#EY>+9!KZ-S'TCK?;3 M:'?#,K/ST6,*)H$KK2?9IQ5)HAYTHI!C#!9&UV)7QP'N+.,C:+AV!26+Z5"H M9.B"DIV6<'RC3RO(0\F\7Y*.'9>*FXY@[I6PE-24V,#$S$[R4M9((>LZCOIU MWCM[=!JNA3'-=(J2L&G7%NO58;`E@A:=Q)Y'WAGT!@ZZ325(2JKT;J$E3#=_ MH-/_NII?+B?[M=GO.N;WZO/LS&XL)?WY8O'EP\D'$>3D_/+=^5]G)Y_ZI99` MMMGEZ6+^AW[@KU__^#'_Y>N=.LAW[]_/3V?E:O[I['M5^?V=FQTKV$YZ68\U M13D)H;/X:^\Z=COV@L75SLT=--]HL39?W@$LKP0_7UR=?WGW7N_@)?EMM@L^),98_T+",73*-$/L>N<<0D:K;<>`T%&&,'O0LK5#:/9(V+;W_C^D/V)1)B25(Q\8W'%*R^V1Y@,3KZ5;143/@O*G+24JAAV3`,%?M?QB? M:<&MW@0<6N)-)\J4$)NI6NN*$6*QX%M(X)714Q*<\5UO]0'L$01>SSW&S`@! MK-9V8",1,X=>!#AT"S#Q]F4&U+"5P%^44O'K>#`W=8'LD$9A):?DRIR$^8>'\,<JS'$6G]"'V;EWX M#;F-0S2K06=?L;[GZ&\OSC^(/_JLV;&F\G<2>/WBKS=?O#;RLUP-<*^IB5U: MDY0EUYR"'"9MW3$U!`?C`AYP_;Y+_$/#6S/2;ZMTNT;OQ[=LZ/JTIM=6),+$ MI+<>`LQ3ZK(S6JHE^W$LQ@%WP7K6&*7UU;)\-@*-8W)4*Q9V.4)S/)%*6@=A M-2KL*];AK@5B#TV'[`4DCZ6VQ-!J[2`SDC\C]KL&J*X_.;'TB<[<7_R8$,]SAD#Z.HUL@`S(Y&L$+J8T+3D;38T M\>RS[V;>F8;GA6'JX-G<$`<16RKE7K"4UP MMQ!SK1'R[7+P6`J8P)AZ0\&*Y*(^YC47>W5@QD4WWWX\D1$>?]\W[0*NRB$C M1YJ[$6BOG(&42T3ETAOWO5.RXR,UP0[[(-T^#$EPJ_:RQBQ)*DLFEQ"T`4EM<_G3^MX_STX_7ZM;MB9CCY0L:^,LH;(V3C?V MW6[KVT*<.^)_3YMOTHO=R_RXZ#Q>"L%RPV!3\=YRR5;,C+:TP5-892J[>TH& M(?80<>W%)6:4I%QR,&UB=V39?JOW8Y/'L05.>TWAL")NJOOCQ)DM:W\;:B-. M3Z`KSAZ\^)P)JB*`%3J&0XBX_I:/D"J*+["!&KJ>O+D900?KSXOO_;7V9^S\ZO=[VJ,B9YZ+T0MH2-,H28C9K:2 M?W=Q[,.M;4!_CY&WE?$1-%S;6%"]*=;VW+5DK)<4>LJ^RN:J)J4V,I1DT$$. M1Z7BAJ,"C;7IF;KK$:-UE`2@2IQFO<.ZVS=S/8TBI)4BJV/0<&UQOFM0=3!H M$?#ED;)$,4EG317DW6@D/!1'"SX<4L4O'V>+ZRD1S\&-.=%?=K?0QV*VS-F@ M)%S-ZD1!TT/JG3NCRV.M@S>XL@/6*O@@6QR8''.3+4SO%HH<8V\K5@EFU5:/ M.;#W`<)X&F2GK$QPV-46RMJUF'T4_SW_\V;D\8]&L,N_7)U\FK__NIPRLF02 M5H+@=^]_/?G'`<;N/@F1&+HDOM*57!MB[MF';`FX@YPR&$LAXDKJ]U0V.I*% M>3J&-PG3RF5\G."E>7ACMUR.DU+LQ48^;>)X1.3Z\^7WW2 ME/`^23=Q&J+)FA='[1M/VI.IE"09),=B3W&"ULW["5_\""9ZIG78ZT`\?!V\ M=\Q660$;H-%64FK0W+(/1!9D@AK0K>8/S[D.?+&8S3^<7]/LGW[]=7%R?BEJ MZ4>>GRW_]&EY;TUG_WEU/6[GA845JY$<:B[.6LLUM>$VZ,`K&Z1)Y@T"M[;PVMC!FPW1(;O-HU/+)@90Q9 MR1-L[2FBN,O$)>7@B*N@8D'/8^+@GF4!G\]Q'EE48\UJ2BA%H!X:&[/\H5L? MNS8<]3Q&-9?0OI(5^S:"IR]_X,83E].3;]Y[\XVA.%AOLO99&V42T+A0* M)8+OP*&BAXF4_,`G:QMKO=3EV2M8>0\56$,5-*5P4O)[DYJ)@A`C3_#['AAO MO)`%>2;'MIRH+1`!T8.9W(&(+2: M-)^ERJ##0D%6Q[0PP5YS:'AWL"7Y\2$O)T$JG8+6SK@2H_BK6H@I%O(^=<@\ M8C-_W<"VV?K[&N.)+?UT&UWKJPNP[R$&+,U0H49<2LS.U,3C:#R_Y3Y_9DL? M6;*!,=7H);LP'<3#,V%/1DN+(%"*XSR[-RGG>"`[[P!'][?K<]UT) MP(V@G.Q39-,*)D]BP#%T)INW@S8'M^NWE&'GAVKK>XZ^@65J:(/)XAVQ^BRP M0=NNAB,*UF^'#FY+=1@UUH\QMK9Z%VJ23=]:1=?KLO`"C'-I@N;.KK:,/9$> MF_H/FHZ6J064+0U#++Y:J#HF(L7@Z\18W+C=V\/AU5C;UMF!O,&HPV."3D1OUS!.M*G&%(>A1]'@A`"4%K7JNCF0?*#5Y+LTVD:$!5OF/L10.=M\# MCQ$T7]@E:W1.PF,/.6-$P"38)+O.8F]LS&/O\3#N_BCM?&38I+2D?%(-0V6$ M'I*EYHIUA:BBY3&&:H_B8:R\9PA]"<@$K'A2B79:$HE=_>G=^Z]UO?QR3T-2*`@&Z1PA)RYC8*,<"94^U>0GLI6GL.V0YXJL-5OCT)?M_7W"F>ZJ5OP`5RT$L-:B9*M(@5&DWSK`ZGM&[O* M]O!_U^"/%,X@]^:(;:JD?+4I4S8]]=*$&K)>(_7`_UVOIB=?)K_S^SLVVO@ MG<^BQ?Q2=F:[6BC5C?S_B[/O-]9'`Z@]E&)\:O(+,2'FW^_M>CG^O'5G.*$#;=95:HS.38EBQ\$7;\"%[=Y$7I3!G^M% M*D((XF=J\06+LTHY[%W*&&O+":VNE8[/X'O?O;D$""%R`!_0N00N/?-6T%*7$@@6_]?]JZLN:UD-_\5EE/)T\Q-;^@EJ4Q5HY?4W'ABE\>3 M6WE*<:PCBQ6;4DC*=_SO`QQ)EL0^W!?;-WF9*=&'/``:#7SHQA+!&,5))V1+ MZ4]52$H#%Y0&_':7]-^=D+Y"H&*L-TB@6?,<(^FE]%:Y6M!'$G_KM$X)$[XO MX>]E-8/.:%.T4#*!,$.!H:I"1Z@TX,$7'F^U.P;XO$:T=LJ8%R$`>..H*6$S(A.EU!A,`5$BM7^%K MW+]-&9T_;;B6G#1G!B%0*"6BPF(EN71/G_N!^[03(LWO2_;[94H&@3Q[/G.3 M2339AZBM+87PO5%I(*PZ(2"+*BAH)_&33"U(@CIM-1K!I;/(>X,#L`25@Z"0*]D" M"33WA%?9&)ZVJ;'MHJ.<'R[%WY+NNQVS^\@_2)Y3RHDDH,V+,1594_9:(R/] M)DCT,@R`R[N7[T34VAE%W"=>9^MBXN;H,I)U48ESL6FO*6C;=P)DPE6!%K`0K&9 M(73FG?<(R>@&9P3E!QH+K"+J?D+)AC;/FQK?DVP$)=8QX3(0?)0-%]5B,!# MIUI$W4\X7:9QB)9]*=[4F#H'C0DE67<-1=`J\^ZE```T8F[;Q?SHU5"\NQW% MKV?=93>;=1?]T*4\X>&STXLY;?K'$_/=&\Y%@T649$/)"#P14G!C1BUEK=F& M]ES##&44;47:,3E:VY`]4O#KVR1(R^>3J?`Q16.&;C6'"@)$[.T?KUJ@H[TLMY.T"Q3,5O5*F M0BTV6@=!-=XD^`'3_80-DM6 M^&AT$*6*7%5F5X0('&YK:+O8-3U'UU"SBNK7L^MW77]=Q^/#XY"KM M!0S]0$G:#E'&A%H:Z90C;-(6%;IE>[LCA# M8AP@9A71D_E=1C>;V[?7\?)R\F'2]@_>0HTM3V8'*XKSEAR6C16KH$VIR*1* M8F,3GMB"IL-YV+``J2+:@#)5,IP>*4QFZT+P(40>\;K1WQ["P[U[.\226%F* MM,4D+JBPMI`N9:U05ID%^M2<'%EO5MC]88(.HGT3U$F`U.:/D.66; M!QH;4QH\K;6#C0PL4W4X%YMFP:<"P@;M?-402O0..$"GS4PAG!#-,FAM_-&Y M>(Y8":C>?="1+=MO8SBI1,HJ*+XU\$J27GG()0,0O*MNH(<6+'7OW8/*XW.Y M<0L5%XU57B0%E6)5BK6K3U610?`I-VMW.B[?=/U]P]OKM^,__C)97/'H8\)4 MY-U_O1K/.B3G?L'GTQ3!][ELNQ>O)&Z+RI.M4H!`<5^!`M446R.:W,[F4MK+ M04YWI?1$[&XZ_'2$#RGF"\0PA7\0`@5)"J!]!D/9U,CG"HJ4&*-#"%8[GS_I:4'8>;3<:18#5Q`-+X"+KFP)V/ MA+(V2ILH0&XZ4XF^-=6AW'2S=_3Q^'WW9E4E[KH3+8M(=J[H6#UW"JQ!5..1 M1PEH(7P[!YB6:VD%GKU_5]+6!GT>4JK@*!`G5>D]N*7I MB`>0MNEBP2FM"'S%2@%UE6VD[U8&J!S&&GK_585Z#RZG!Q$ M(BB2A?.>`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`@\`FG:'P.#)H/+4!IY(^T0,\YY2'L>UUJ\N,W16 MWG<#G,%0E)J%LUZ""S90K$98W%)\E@$E#/!^EQ[\+?&^XQ9XAC!-]*HB%A\D MV%*\J<8;)P-G+]EG`W,>^#<;0-51!7!2SR#ZW@4^%.,2$$Z(A*^+2Q*3)WTP M7UOQ3^H*0'$%0J7(.R,7&GE;#1IM$P]/0C>T\.=4_)/8_F=KKSC_4]<8;0*( M.11MLLZ((&Q,SWK_GDSQ.5_E[-9>9)>C3@JD#*`*X<+L4U&2EEU!-$.,;Z7T M=\R?=`H1:1":7ICA`H"#9HW'>55ERRM[[N*^RGX7G`Y1<:>>`%)UGRP-X M'E"L!!FVBH;P31CBF_7"G9KQDUIUC%:E*"CLR1)X5GIP*FM.?'"(6N2OI.`G MM>;2(F1=LR33#;*`YP8$LI14,'KIASS9.13\Y%;*4Y>'T MR`D&.M*.J-Y&'>JP^F]C^+<3P>J[L74%==59<-4XP_EL'C1#<*S:N%!$4X>L M8,UR;;JC6'T[LSH77QI@5%@*)S^1>A%J3#5[GIQK0FDR-0ZC[YI+3MY,WE^M MKAHXE@(]KH#@@K(:P'(#L6Q"TC)'9W(2F4*"^N*GZVDW^G2]Z$8WW6S4Z\U* M!I\PL,3G8X'-7:N$7SH*""_NZFR8BR^9IJ]FSY+FWW2+V]GTU64:WTP6XP^[ M)\-;KC)5!(F$!>TIFN>^N4+4*+(H[56R#4OU^47=?K4`GFH6'EU^?)Z^OYM-_O(=2R[IWMCR7T+Y)(" MB.H157)HBM4Y@FUSTZQL4O$W$G4P#YM2227MRT"1>K4`T7JRETI)T#D7`:DT MM1Q>A>7#V>+:;=;'XUN4GCH!)J-HXQ@7,7%M MJ(PN*:],:3NV>>?D,K[8@K!CL+*IRM4J*SPG*GN5*&B@>#&B0@_2TPX);:\I M9<(Q6+F<++CAS.XIL$4I)92T66?@K6R\K%D7HPW/8VOHU:1IS3ZX?_DN-*U5 M:ZD-15R^QN)%)A#C0^TGC.D:K19M[JL%)>5QB-J_^],SB_SSM/SQKF/X\._= M8KO)@M8`]X`2PB"X$$C.*6>-*7G+DQ3:U%457.-1S\+T?B.@8@DBFJP-X07$ M@%D1MRK*0N;6Y;8QCB5KU1BK7?G;U-+`<3B;M,V)3Z-]S,##R6MPY!:J;VJ# MC=)+;=7WHVEMD:34PG!)`V"O]PDC/`QTB[:=KQ?TT6CZ:LI?9;"ZNB2,E9Q- M1'L=5/1>JNHX?[M!%&2##M;],S:3QTS[V14AJX,JN,VM!T=+2]$!V=FV@IL3 MC+9D[]-D3C*OU[.7U^/IRVX\YXJ6OM:>G]ZCT-A;GG@%W'E.`YE[KY`WB$%K M=`C+"2SLP9ICGHU$'<[$)GAGH3@1O0!+`1B%*@JJ0Z>R*S:KTHZN-[I!J#LQ M\5@\]`C7Z30$H5I%M@`2+8TMPM3< MSGGDL;-+8&\/&H_/X[I#`=(S3H\HR2D%9/Q]*`)MDLEXKR`W`VNDD(1[Y?F8 M7'"M_V[KAKKXFBI9-%=`:1DYYD!NA%((J^?"#J,^+7"MT@6V2E1E0<3L@\I.`^T_8,+#AN`K@A& M"A,.(/ZBZS[R`,)A5W?O'<>SV6=NX_+Q^G:Y3NOA0N*BF_S7R^X]O7JZH*]\ M.8'N?VG:[[SQAU_&L__N%J\_C-\-8(1GJ4.AJ!RJ"Q\PA]! MI" M2^N7K-TP+7L2O`%I$JK,F:-TKCNL%+;I5`K!9^44NH$J$?[%9>^^%;UW;=NZ MBS2>7Q$0Y?_QLGP:?^B:WG<;P20XIY5SQCB*MR*$G*+17GB")<*VL\_)Y"Y- MM]I$SX'$K_.(I!,$G$H"#`X(D82"Y-5SR$I*3]BQ/4D(2Q'*CL1_ZJ:W*P*I MM7-R7:G9@:W>*>X`Z;E1K7-"<^]$)B6E?8C'<_#54^'+VH@;"1I):L,L;8X"@X>8?<38;3]_W9P[X M^?&1^T8(\:_CV47_G__H^I9Y=RW#Y<:#C/X[;S_?=,\.+NC;E]>SCWQ+<7?U MW%Q8HJ@Q"J6,)@N%.?B(SF3,(#,!CBQ?_/1:_^WH\4U??ZNFWSJ?AC=WA"A]_T0?[B[`)Z/KB_[IYGU\?3S/_R=5]+],VLR MM]H:S?DV>,22X$2(R]GUQY'XD7;$WS]\CU_\.PMF1$\/_=#''E7QE?,#IT30 MA[Y#/1.WN!HO^+?&]$0W&[V?7=_>_#"Z^7`[IX^X/?#HWEF-NO^Y'7^X^THW M&K]_/R/LPCU=^)F++UU,^]_[Z_7MAXO1U9A>\7O73>DG)CU]\UL2U2/?SWCL M>>.?ON!?I7]]3UPO'M@<\_(]O/Q>A/V31]#/)VKTK>CEH\/JTP%^(R,T?_/K M;XUVDO\6.5N%VI+CD2)0B%LH("RB*#*JM(6_*.6@3CY3R1'G)_2KLXU2_K^2 M'/:#=Q#[YRDM].T=&.23QK=7X^FK_BW/,GYH/2@H\?\7%N26N/U+QR:MNXB?NMGX??>O;`\R;?DZGLP& MTM2.N6O4L^PH"TID0[@@0''6EZ#19F^3!A'%REI/Z]6$0!!`B^IXC4U5;L[SM1NJO918VMVE-CRE#3.Y=\' M;$UL=9_3ZHM/MR0K+[Y*+>(#"7P@<>G)!U&?(C;BTD.R&&6$S#D5T@YNFS*# M7JA[I;I<_>"[\[HJ7U.!`JF,)/5@O-P)HU1@PMS*6CNW+Z[*&2\ZAXK6\7A) M2CC*2XE::(RZ>DONG4"JC]E"]Q"ZU+QV9+YX*>>"X"O1Q3-Q4UD3H)T!=:6R M=DFU=^Q.I6CE"&VKFP*\H+.8M@-A^ZZ4>92S@E:Q"!>S?IVY%,W22!)RA6`< M<6MW&B,>]`26\+EH]"^?5B^C5^__LFH.^'B)U3*!5<00C59429TE:\;8.(^I M4R5G@C)C(I%]8#B'DC;@>#E*.,I;-<<.8AV]-&$DZDHSBL>Y`H`V6,N]_*(* MI=>MBHW10KQP M9^'>WY42%_%7#]6GYJ-@M+L(31E+$Q=CR&/(;VNAR5:B#>0O^"QQ[BO3WU&' M4"&,H>N4FQ"'&,>C=R=M%-%[V"Q+6;_;>YU*_+?5:LY[L]<%8Y$60AE7Z@G% MC=9*W:+<,D8D]!E"XHGC62[2U_%X24HXBALZH.)RP]`)64,>$[:E94W4B%O7 M&56,"J6SA$K/0!7/Y&*OJ=?1;K!SLC"U5QDC;4UE,27G_>:LWJ]F3>.%/\M3 MX8&H?5>Z/,I114P58S25FJ.B'#.VAF.`Z4BB0R=;'15?>/UN-?KEX]+=W>>/ M]POYZ?KN/_KMU9?Y03\],FKJVT_=PQDD6GW3[`N'5)@(,_N1"9S!UVH_<\L, M$H`EB,2^2"R#^WWL_>,O]ZCLVUIS'>21W)[0.?GQX\WUSY_OWGZXO)DII.2' M>-O'S[]S]7]!,'[#]YQ`5J:1Z_HB@LC.UUZ2PU'8;:.@OO9NS=%]K0` MK-L$/Q6L&Y;IC_^Y>FL6^:BP8R^P'UIRYFH,*M28'3$GS>,JV=.82NT\;;9< M^&K)?;@(2^SCPR`YA1JNOCS__/73[Y`XY%\5]_>_N7VWWJXA`;]6(TE(*& MT08".-;N-(VZGN#F>B@NB/2,X(L"^Z"/VV.[>4&+LK:5=?A%\/;+&%4C9E$2 M29"(O6%2G!12A,WFA">3_U0H'_]">/#.Y1K&Y6SKW!U;`)6+QE%35)P+K?8Y MY\@(J`LZQXG@YX;U!)Q#M;H&.5E(4T>%7PK"/I-WW?"6-G>1L#3G.!NLAW&. MA?;P0\YAE`Y'$XR1&<>KEOM1U<=F(249;T[;.`?I!9[&3)R-CA-N??!:F?B=1P]VA9&=_;2S+2M;RM#MFR9B[3XT' M!QSY."'''#*22MRF$-2+>$C4OB@X>^AE,T;]V\U[6_M75$:L?;?VH3^-I?[I MTW]=W=[_Z?KC?",_OUT+?P3TX/]`_M/[ZU^NWZW64S]]O+R^V:8%7P+IF,(8 MD)FTI1HRAV2QD1N%U-NU$"YV9^\N`\438O[HSC\:C<8`Y-,8/:3##R,: M;XE=&M'6YTOB"]YIBIX[YG_[[;>GV.?DQM0GCU4T&ZOTR<46-8>`67UV6T?E M,5S`SK>L9:!X0LQ/L\\A5?&IA#YNMEHWE]O)B\,0?>XAP+/$?#LCV7JI5+.9 M36B1C>69/Q/O22Q8L7\V*3L^\HX].-@5(.`B]4"._JG?WX+?P?X,]0- M8,Z+P*(:V$[YMOU\/-`J'J*!WC#'-&[S1Q<[:`F8>B^).#>,6%<:B'\."RK@ M"`">GP(6.P*M6`@8O-JO;LRN40M`>$SG`\@^AG2*(["(!K8._Z&Y$2B/MO(L MJTKRO:865JG)P@$%YI)9B8KXH-FY7%J='7=$X"#`YE/ZW*"?I<4Z:*P+<':U MIM%CE1TF295&MG6H/2%$G)&,-#"XL/FD?+AD?FYHQS(*HY$^;ILZL2M<2*1Y M[8`$YQ#IH$(T=V#+:^(C$D?V4!G?$)N.WVIR?5]A& M,]FC)3O9">,\FN&">@EC-&:7"DB./7J?$X:YN\!`9/_KEMB'ISQAE,W!<6@Y MC=UH/!]3YVXQ%M?.,EOE8PJ#110V.Q9G&86A)O344 MT<@!URA^3JLXT@4>"'Z0?$\/S4'#FQN->5^^<8NP()51@R%Q*E"2]Y:J@KC4':@T:>&\N26L2\ MP"AE"T:V&S42K]B&)9W;.0,>.#T\\_<:YS8\H\-&#][YDL=<'@L+49+OO)JW M:%Q@MJF-<1[<$Z!Y*9='Z;2'#$A'HA87WP-;+**)2H#N6\,$`O,OIB1P-I2^ M!IQ?+KUFWE]?O M?[CY8S+:CCD=U4**8J%^IQK8"TO09EL)C`5UC3P9!_-F??3`08(^.42/FIWU M%L>`U6B/6;H MH\5\WP5<^Q^6VF-I8$1FS)JPN&DTB+50>5Q#M:AQ8D/PN>&SHT6RBJ8JU:T& MOX?8C(0D7\:\JA`DRF1P(EC0M+]!.*N,9SDRH[VU7'[^^Z=Y/.X#9B\,UB<)#ERDUFS":HS8F+,DBXU2I27*0'RWOR9+92D*WI6"S(TU4#("J2YW&<\@DR%Y?$)9OCP5??WF MKU^SMW@/XFWSU(?D_A]NK%O M^/WZ=HYVG_UJT"%B\A[;J)>OWFQ8,)R01*N'-/?P\`9#V(K1H\(MB,II(_+6 MR05?:B^L;$;+R+"+P!Y$R#S_7-#Y!L61Q\VKG=,ALZ6H9@OS4V(\9O-)XO]U[:T3&=QZQ[1FU4L,;C&`B`>>4ZRQZ-\YF`4]1 M\W_FY^P/12#6DD(LL;KN9S'B&9+_(C#:G\(AM%K'F,`Q<[-*M[``O.;.FHW. M32<*#3.X&":_?OKP_NKV[EZ4PR8AN9K2N,NHB9C)_N(S-ELPD/'/J),B0`*A M,,,_UY9P\`H?&WVGZ.0T8ULHQ"L?.U3>17$JA`FA_;C#90&_42>#P M*J%>-;487W9[]:M%B]?_>;47Q)5KJZDJJTOL[+C&/H95QE:;=QRF;$!&//5Z M`#[*U38N1J3,\%F@R958FLL1,=?>1Y?(RH@6IHR\LS66/,KW"GCBHI)D3.,.'H.=>]GL MQC-LJK&+7;3A.P)U5W;$^D&/4`)83-PS<0>4E""9RP(8J1(PO2SCEPJD?VS0 MLW".+7?7$]N6"@H5E$(5:JSFKZ>S!T'UQ7KIP]-DER-$!6-QD91[2EQZ-+[< M4_1HL8!&T&FLPF*>Y<5RSV^"^DA"9*8QN=Y*TF"$J$?Q5'PMOO66BO;)I>H; M\TDS`>%W"_!1A`C8F$])3!T2^Y#,.HP,7#:&U$-O$SHAY?KNP^'\2A"9(RR>.BE08],VM5UWYP4]>H( MW<2FL@7]K\BB'L2'>O/59\>)T5AZI%'DX=0\%6!KT*9,X`7SH>TW1!@LQNNN M17/+C`W4F%#((^/(]6ZAWN39T>B0?\''].DNB#J.+)WL>S+&[1.JUNC8*+@? MHV/SE`]Y(9A+['D%4!_)AXJ@3Z%`B$8Y-?3DDL=4H=9,VJ990>;K77A-"!]% MB+I91#(8XTBO0-0,"NJ-#[%M9BD3EBE@V+_8JXV%Z^_64SS-H"(W-T:5CI+0 MT1`1+00W(`TT/[DC?M&$Z"PW1(C!*6*6FG4DZTOQ4;CGX&HC1Y,K87#`+SG& M/.D-$5BP#JYHBA*Y^6:GN+>8J1.&T:7V^V%$C[T$8FXU-XO["GAVTI.Y$^!#YG))Z,$5E8C9UBM.BZL;EH,X?86_$M5A&8N;ZP_4;^ MQ;[H?!/41S(B7YHKH]@T4.+:)(]&A.!DM(GE`C.,2%%>$\+'71'I>'X<%T32 M&%/)D%@,7*F8D^\P\>-11%ZL*U^XP'TS*(I&(B&-\I\BFFOF&CNR>2#L,'TS M6^R@+F4+!:GN^F9WD:L)GK=QTN'!3.TPL M).PRC]\@]8Y<8:=0S);7`*UQ5-N/8/XR,G$/(4^')[Q!WN4?OWFQ3W9.P3OS M9$DH5N0J)>72O8^Q=4&-:5(@.RHCGAL8Q]'-2F%,+$W%Z&9V%G!6*,"CB:P? M!5"3%*VEI%ZT".:@?DYJL8K6'#%G5A4M4JEUC$C-1YJ;1`B>-JL]M@FT)OI? MKVXN;^RCKC_^_/GV[KZ-]*S$__I8@7/K#"4EZ."XX^@2"N**RQH1":<%SH!N MW9;.+>.X=3YF3WKSN9I?2\[H=FU9@D^U18NYJYI5G+Q!`)("GF*A_#B@1:05 MY>3)->XQY"[.9TXT6J[6S1;NHW7[?;G8*=;Y&*`ECF+MQK6748EHD4PN5+G8 MAAC]_R?9DZ)*!^*YJMC_\9>WE[>_W]AN_O7ZM__S<_?5;3MOMQX>K.PE9]]B MQE#8'(D4P(R,P[&8ZYLK,!.V:!?Y09/%72O:6/[=U;O/H\+@ZN<=#/Y/GV[^ M89_S<7SEI"?'VN?,&,RPQNB$4M?QN%,LYJDZ$H:Q.4K&YDWHR>Z)O%E+N?;C MU@3:Z*IY/]*B7G_X/"8-KC![T((SO?_WSW>_#Z7N8U/6IL.C3\UV%#:V[95B M"E&-#E"F<3+"W'3X"*,,_*L,1Z[T9-+^?;NTHV]*<\5^[:./'ZOGAE+'?+14 M#8HY@Q]`Z6'SZ&R&*J2 M:3-`S%1FY?-"%BKOVK7GDN_Q,TDIN."Z+1>5M8>LCL;=6>C,['BN)65`DN`\ M/A_Y'M%?8=ML-:>2I&`VYYC&"!;OHM38TUKNV(/^RAS,+IU4OLDWY' MGKXJ["SN&:&RY]A'F)@M)DQ>T63[7_:N_+EM'%G_*RAO,N-4T0HIBCKLEU?E M(\[,[.2H.+.S[_T&49"%A"*T/'SDK]]N@!2IPX=L4*8DU,S4V#))`0-G[7;G_5FG MV6V=+]5,M^FTVKU6#>9VO]6=NQX0S..SSFGG!%>Q`H4^Z75;N`:S`TQ_V;%O M;0<,U6L_C)IKF=L][PW<^1GHV'FS>][Q3IOGW:;7.;'/6O`"V^`?ENZWW'2= M7M-YR//=.[?$%X=G/)Z(6.8:XF,?`F#U,UQZQJY8(";H';_!7$X"")3OGECA MPSM82WC??@]HCR3E&,C+L>-"8`ZXTG/.]_[WER`Y&O`K$B>W`7NW-X1''@SI MF`>WA]_XF,7D$[LF7\68AD?R;S'_R0X=>Y(<[?URF1S-W1[PD!V,Y-P/(0)] M?83C.Z`!OPP/T;OSX>V=C\'/EPV#AR,6\63^/OGKM?JJO@@&ZD&D+$*+E(1H M$1`C* M*$*V]W8Z:$TST#1>^60P+!')W80.4SSU!;]?/;'\>IX\^EJ+5J=ZR\L/,=?( M??6D"QHP(H;DE&'L'I-$D(N$1M="#&JH#&M37OD1!U4+\1K-UO=[2#[[B<"S M/]'I6R09,8+I4AKB=@7C2<``Z>6G@T*]\2U1,A%1,A0!%_CKPHR?,IH8$"S4 M\B3B%TI$0T*'0QYPFDC]PLGDBD6R?#?Y$(ET0O;SS]\TR#>X#*87B&M);;/G M7;.(D1@P^9!\I/YQE(S2*--8PD/R241PSP^+_(M'ESSDU(*O$B#++X+#+,YI M/$+Y?:'1#[S\*_='8Q$.RM?#(Y)10'\P^((@P*M.P;,&(DE8]D<8=`1R#^%B M'*2\C";D;R9K3O!U,!O&0KRU^,PBYX&(^""[Z6(D)K&\B^,4R0D##P(WX,E5 M`BYA-S2>?3PFU^#^2]`/>+H<_BD\&[_NF[@.,>EFD8\P(7Y),X]T3GD$SV/R M@I*4SL!<^B(*B^N5N($_I$$2YR^IKCH%/`=G43*57U6>EH7+8\$@/Z66221G%*86S9)<7S)Q&[XB*%;Q^(26Z$ MQQ=_@4HTY!,.[*Y%]KXR-$LHSP7L$4) MO]-BB33SD+R'AR2W>Z3/0$-Q7S/R!PU3&MT2QY+?W%A\4W7%NVT`[#]2L"B% MUESNV1@R7RK$-0=LR*`Z>_4TUY010\NEOH_I<*FD2H$70"R^II-9-P`WL0#5 M)W,$$?,#&L?3<_BDFL@T>XP#.OY\^CNJ+T@8E044#O[-3!LOY0EH$K@6',0D M$GWL-('G`L+@PY6-@;X/,#E_+=)@`)?CPX);`H*%NX#UPFRD'N,='/T# M0KHCU[9*;K$L!S5?91B%[C8Y6(5O:QM72^_(!$KY]_0!8T&INY8"(P`)0W!!O+(0U*X9$J-X MAAC[(DZTVI-FD<[)+`81U(+]ZVIN!7SS'2V;:R;/'-4SP5Q&7.)YUS+E"S,*93')< MX^N2UR91ZB=R9SXR`6J/H"P1-D&O,DA]8,;2]48_`+I]-,`(/ MZW%JF?T5L7(>"TPY(Y,AK(HR,%=!EF@61E-9+SSXPBBA<.^EN,++0@"R"%]. M;$E&JHGH]_02?;+/;O())!$-8^H7G.2-1:Y'W!]AO!CS&!VQ-I;BNGH)*8[, MI_%(4@(Z@2#QAH^!-`#YD#EC8RW,7B]#'%7_?G,@@S>"L6?"7P!%<#P56]@C@J*\6*I M%%F)8L44>'ZY@U^/*#R[X6@"NURY=MFD([GMTC?T)Q]S%'2I&UZ]KU!VZN`\ M%Q\&7I7Q*[@+7>R`8=,[F/*`]*5CA"^A1HTDX+)+SR*JV">[;E-%N:WAD8 M;,!9NABOXKP@=)BHY#5'8QN45B9*9,HBTD41R"*MD$L"LS"W?TL`I"6.K080 MN0!S@GR?Y-$Z0I8"U`>Y-QG3Z`>$$3.65TP2U[[E]L:S! M/QO1$A2,RQEI+('*!@.UL$^V3F#M"&6AEDT>HT>,EV:F3V@@0_V+$6.)3$@^ MG!Y5$0F\UBOEVK21B5==S:E_63G1VEH!<;3FP'\LHN227C(2""`ZHM1:+N:8 M$,GJQ0D?L_+;T1]K.[;F-,UJ0>S&,.^ZQF4/=&V6VFAWN=!4;1#\)3O>"17\ MK\9%@_S&Z.`_$*7)BN-)RJ5KJ.%\MB8H/F?]Z(ZH>'KVEOQ4OIY1^?7TL]<# MH.Q+/PGH>A((,0:/&PS(;RHPS3OY%)VN)&G;<#0WET1BO+0[]!M-^V.GA-+I6Y7JDX3L>9)#5-NZ.Y!T!3NX?7Z.E*=PSY#8@,&ZLR MOQ_.29C+0W[UC-NQ6JZFJ//SM/'ARV(,(VL7$*`!#8TG0I&8@D^KU37XTP4\ M'WXZ(=/=*(C<*N*-2N5,XW)-VJ2[H02P@,5^)*ZSCCP5B,@\BC0OV3B7VY>T MI(\4X$86Y&=-!Z;/9:E-6<\R3<@B0^_-,]+5ZV$5$D5+"W)TN`IG!Y;>^2(0T>$_U.X7"V:& M8E.CT=X:%R/A0?\NDJPRB(XG*Z=AHDTV]V0)FK\I_P'_6.0W$8H@#5+XB5Y3 MSK/,N*HL7L/XL'L94&TD$-DQ,T-_Q.2<#Y,1.;YB8:HZ3>&+L,G.SW+S8J*6 M;QRGE_!F$2S;LVV\LHEA!:'?,?/'"KOG-KP*:ALRHY,7'*;ES#CMXR>J&EM* MC0'^7T8BQ?H&)JET=8P]5@:5-I7-K251BY)D>D#UD>6L,Y.6ZBM;U\R!@[8; MFHLM^[J"`MWM\D77L>1H;W8X`;->=SY=:X:DF.(R%ZHE(V,<^?Q]RR2]D@M_ M)I[8C7;5KEL61Z=3^Y*R"+S)5^X+2_I6E<0H(I$9KXT=-26'_4E$`_#],E4P M6'3?V^J&9+O48)T. M'6NG2)^R]=WPRH=('67%M`]8JVJMP.7NI1EK@@O&\8LD41WYMZL?(MIHJPTWMIE M6J)I<`_5A6).=6=P-JTXL0;6=XH;X8:-?_-?];"]31/QV@A?#FPCB4W?9=/@ ME6H:5)[@A/'O"#U_T_!RF,H?SQB&W[+_XB(!/D3V90/)&WA8PR)_)@.R7US] M!JA5J#9P&?&00@`5R-Z+A`R*Q\3R,?X(8+7`3LR2X`81S^<:FR^7H>H%'\0^]G.-L8AS`"0!7O<4-._(GF5?)?4$.0PHU>5(+>6>44Y5FMTIK)M>6VNMV&WL5`_GYG=1`"+K:6FQ:$_JUJ M/@H4/:;3?6MCM%,^VY*WK//N]YF6O?M:U1_3@[JM=0>?*%VP(J>8IQ,ZBFJ*3S3KP2>&F.A:NN>V&JZ>V1CFM(9)OW(Z;N7L2A,-U!T/ M;7HB)O_Y?]ZN?M##]'P(=2;B1[E723'VBQ0(<82-<.>R.1R(\>\A[EH@Q;+* M<1$G'3QISNZ\[YV<>.]/3WIN^]0^[7AX'))S?G:\P<=%/%#)!'/OR[7\4Q&2 MD@P-O]0Q@:F,^YG9Q&@VV0J.Z:;FI8W!>?$&T'XG+!"+Y\%07:-/)`*?X\GU,]_ M7]WE`BN`@$(-DJ:)R#^0VS2J3Z[Y(!D=]KJ-EMOQ7A_U<(JQ1].?L`\?1QR^V^OND4A\V4]PI;]`#;,E7JBR01X]G#LQ`PRJ92_EU= M/_.1TF7\Y,%AENRWTNSJU%7='Q#,"'LZ7'?O?EEE%II)PIG<$(GI)'?S%!\<$_N`OVEA.5N(==,"7'?W"$PT<,1'X#C,$I8*R5W8HW*2Y*6NDCCE6XAZ)^S5"&MDW:LM@W_N6U=DZ_+VWQ27L;0\Q>5 M3UUT9T>1P.O:5J]ID&!]\='F4XAC/ZN"LP$N&8N8S[/B=R@/W`39_'RX9'D' MH6T^,^S72GA7H+?ZC7/?:W>MCJ2WE%`^QEKR06V!JNW^Q93:]9>:!9%RVIVAF;2-M8 MU\PJ/JO3UI<%VW;K,D5NF:'&4R+5AHVA2%A^;B8V.5LD8#'\"1=@R"4@N&1C M(-)^,DR#_(!)V7__JFDYO8Y\R"O'\GHV]K-COY_\:)5^JU4L=^,,U/6L=D^; M@=9%ATS(61]GMGDFT;4ZW:XQ"1-[K=#KFYTJY9>.0E6G-%'9D5H)2]R9>DS+ ML>Q.3QN+?*KW.];INE;3UI:KW'GK--70*M8CS&B5"UJ%06/` MGK7BJ"[BTE8D>;24-J.*X@"3[]F=M4FG+OI@HE\#-@9LU@TV7LNR7=>`37WR M"B\"3=F>'4WKS"QF MP5VPY)Z.N&G_T_/<#_)CI0)O<5V ME)<$FMHGPO5E"AY2K4W($#0MVVY;K>8J;4>[W0RWP:%7O?V409NM1QO'ZG5[ MEJ=Q"6O=W_^+D)XMXS;3UMN,WI3:F((B]#;1`]R'VSNXIF_6!-0FH)[Z'-NU MG+99OFRBZ16.C/OZX=?XP3QN%>:U/?UW^U[3!6>DK\]EMWM.WVWK,V%81?9L\LFU!F>LBY/6U=#^GME*%*+=AU<:X63M6(K!28.3N[-@9K-U[T6J$"^/D?5IOU]E#<.N+U4P>F7TJC9+ M8&K$`%^^DDKV:1_>[XOF^FK?2F9:"4UYV927-RU@-5"T"U!D:NUUJK5O"6OB MX16+DS&#^X$I3::G[!+0#`9!MPCC)$I]>4[>/BX`(\U5\'Y[6SZ;G8[EF;U2 M-R_^?7%7OL4VX38MNV?:H$WLOHH7(GT:BXN[M1G;`^*IB\*8 MF*Q&GFOK3*IE]=H5M:)LKTF9D.Z>;:)8,I=6O&]5SRJ.SQ1!=KP(T@:RW:G^ MQ-+=J(%L$%S5CB\8)-IQ)'+LMM5NF8$\"R+&$W/I[W M*G/>.9F2?Y"'PTJ.Y8LQPPMT\:O=C8):G9;5:IG,@LDLF,R"/IL"%^EIJP;O MBDV9U,+=LOU]_6F%]2X&K(N@-V.]7VW"`=P*PNW48.%S7?2G:F)1([RK'>,P M<&;@['GB3@K<;JWB3P]8]GUI9]+\PIXR`ZRA8A.TWY]5)JH MS[`=[LXAEYXR8]:XG%$^A8>`6.KW\M>$(AK38$9E';QF^F`Y!^*S(,BN>;=G M[\G?X07Y^>]+A/R-CUE,/K%K\E6,Z0)8CFETR4,U2)HF(O]`(;/\Y)H/DA%< M#8+(]`K4(J"3F!WF/QS-JT(Q[C*A+M2IO31.>@0GEX-YM]=V7C^HJ;/VDMWX MU/LZ:_X^,S\SO_K-SV2-GYF2ZM0[)?6`=WN*O+Z-(L;(1_C+*";OP?L-R!]I MR(AKZR([)@#99?VZX#?/TBX#:56?L5N!RCT@R[4K8=/6MRNI@3.C6W.ZI2TO M8'3+Z);!+:-;=<,M4X&]6XY?V14+TZK*JWIT;[.WNZRH5K$XX>W?:;7;M5J. MOK693Y7G1J@=WFL[;%4YNM=\^%2%,A/OI(<1?`D(8^LTA" M;UALD33A`<>-:RW<%7`L1'!?6YIPW%#P9L+"^&7WG:B+)+6! MX"9U-S=[5K/;UC7SNKS*JJF785@&!K8+!CRKU3+[=QL8,#"PRS#@M8$-F"W+ M#0P8&-AI&+"!#9B@0$>RH49)VFKWHDA8Q.(D3RBLH#N/WQ-F:_9);SJ6J[$5 M9]L7#&^0C=7.,>^@=3E=JV5K6\)FK,M8E[&NTNX^3V@=;EM M8UU5AV3;%7F=L4G$?*[.A,,2+QT+F/5/^4$EQK9M6W,ZKM7VUM;V6Q>],4G1 M&OFOK3,I;!-=VUHC8U+&I+;>I)IMJV5KR\D;DS(F94S*L9R>,2E3!M,FVV\B MH4&IO=87<;*9NP/41:(;L3*A-H7[=LMJ:CQ_^:DBJXORF.1M33N"#)09*'OX M*%Y'W$$`V4&R@R4&2A[F6QHT[.:[LMO+%(7[3%89K!L0Q8H;P30;+L+ MC,XLC*]ODFZ[S]O15CH7?W?SXOKMNQ[+=!WO7S_YJ1T]V MV-BT[?9MC,T86_V-[?$T;.V9Q[51U%U@HL8.ZVV'AF%ND=,SO1GWQ(,LR<+` M:G3.'!^M6WQ;D?QOMBS'T[>B9^=/C]X@-*L=T3!H9M#LV5WHCET1:3-H9M#, MH)E!LS5F>CR#9@;-#)K55!T-FJTDKE;/V,O=J_ M_.="S894X:H4X5<&#_[)!@1/^HY\,89AW.+)WD.>6"1D"1%#,BCO`P__8E9' MPE.WZ72.8M*G,8$'7Q/XV3,PI6V)7ST`I6-6X#B6+:G+9E1%WVIVKL;)[[% M%M']+WO7UMPVCJR?=ZOV/Z!6A\?)@&4Z[ MLA@42@1*1.,EHNW@JX&K<%)J%"19VPNJP%&Y//GTJW1$^EQ^0WWMF:Q"LI[= M;=<)ZS$+V8![G/JZ0I()V>OJB4/6<6TDR5X3"Q>_7H9UMR[!OWHX MK`NG8)BJ/OE&*!8H%B@6*!8H%B@6*!8[)!8K#)5;C?=EOK!K%J9,$)\)00(J M'9J0AAXS2$)OF3!(FG"?)UQ^',51$$G'Q2`T[),H@7%S;R:\(NQVQ$)174+I M4F>(=>]/A,VI)G(;#HVNA`V& M3^&^?0O<`[.R,K'IW5\=J-2W3P;JYVV6F*[1K:Z7-0H,"LRV"XQM&VZ[LI>^ MH,2@Q&R[Q%A=P^U65OJZ&Q*#Q]WS-@>69]@TB(`>?ZLO5B%S.]3EK&,X)G8H MK(=:Q)`IRNXBLMLV.@[V*$391=EMGNQ:;<-Q311>%%X4WN8);\LP#]%JKK%K MO&4>,+8'KG=2`K8'QO;`&/.N'](THJM8K6"H&^"5YKG_EE!8_LSK9WS^_;?$BU[K(-$'E@RC_OOPFHDD8&%R MD08!C6&B_7,N>P1PZK\/!U$\#J^:)Z**XE)-:=N_IR+A@SO]%0\!E[,(896L<#ED)&0)83IP MU].TE&&[1/X2A3'K,Q;(399_E>A;=*<3A`IYPQ3W+#B?+&:2 MUQ0#*[`A'O/][)JW>^:>^AN0U,O_7EPT`7BN>*@G2=,DRK_0UI3ZYH;WD^'K M3ON@:[7,MNV\R*$>MMNG(\%>YQ_>W(?N\?3+QP(%_'=FGA'-<;"@IO1VK^V^ M>%*Q3*JX[$9KV?M:ZW[@=BX0FYVNNLWN$P>6*Z#EX_1[`C>7LF]GZ3YT/)&W MJN&MN<_7FO[*D%6B'#@FK^:PHY?JUUSS5N.U4QZU(=;V(B-R'"8%W8._V7$# M'I*)U*#O*C7HNN+4(,S\*1&A"8D]LI2U:U66MK@;V8=HVR-*[!9*6"W#[;81 M)19!"2S?7=).&=$X"5DLAGR4GY5$`W+YY=TR%O23%0I;4X'@6(93G2;?^@9B MZ)]6X)_NCG195MLX="M3@5LO7GC@@ME8=32[=R@;JV.TS155$^]J-E;]`*QV MM@$"&`)812:7"1Y-!Q&L3OFDBV>"EI-(WZM"Y;\B(8Z2).:]5,W@,JH@F[1S MWCJWSBSWZ-AI.<U,MD&#-&`KAY*`@#8O2?^V2=6V-YOI@H MNN0D!+^M80YH(Q(\FYR]N18&7PHH%DL_G7O^6YR/ZA[L=":JTY2,TF7O.\1, MU!H'2S!;$#-1D;9J)B)BHB*F:B8B8J9J(V,/CE<)/'":1N=]HHR+W90//%X!U/)ZFC&[TXJF>T: M7=M=&]T:P48824``0P!K"(!9;=NP#S$9MA[)L$7;UV5[MQ;]7S^-F&Q*&5Y] M'K_?11RSD`VXQZF?W[E(T]>S$_>DW3IN'Y^9;>>L>WQ\YK:ZKM-Q7?OTU+%; M6]?T=2DVJ-,"+H>,%(Q`2ISPJR"]@A>*'`#Y.B"9E=IGO<0@'AWQ!";[-^L7 M5Q@JQ[:XGMV.6"AT#"L1DV=E(NT)WN1KB` MNX(`;M'/G$R1)4H$#LB2BWIX0*M>[)!<;,5]<_GKTM'W$"NQ#?D9.8 ML1_D8AB-1O**$Y4Q0_:G.&:I@+/YHI)Q7JHU2C)^H+XO-^^"AN3/%/ZI9J)V M11,EHYC+M/B(',$G7V6*:PZ4^\=^ID!=_ZZ:E&^G(MK"_`2Y84!7^/^C&?_` M-,4>T(3\EZD+DB@D[X")JMH+JU*F^4"]HS@9IG'%G%W5')-A'*570XUB7(PB MP65C9LGC"@/4I!7I/WE)U(,%R`0TLO\Q2ABQ7QXT!ME7J9IVM@FT99K5Y=Q; M[6O)@=_@`M?]/-S!:AZ(0:-#$@M8%F+,>-G-MB+6]J(@$Z9QX(>BTMA!NN!/O_XMKI)O6L[AF-65S*Z[5TZ,(1<00AY=P3,,KJ= MKN&TVBA@*&`H8*L0L(YC&VZKBP*&`H8"MA*'K.,8W6YEQS5;+V`-*=FX+UQY M`7%G5'%U\TJS#=:35%!K6B%?(5\A7R%?-856R%?(5_5(M*N1J[-*@_9D1O.O MI0HJ=L?K66-N<5VX!.,*-8!YE#"4,)0PE#"4,)0PE#"4L*V3,"R(2MY<\%OR M`;X?"G(6]F7G@#1D!`NC=CWUL6VX'7P5Z;SKA"VM59S&78Y2Q6W[UDL4_5T5 M?:>RUP[591]7;8JCQ8T8L%T8T#:L#I8](`P@#.PR#+B59;+691LW$C+8E"6]_PMF'@9;6^[LH ML4:[BP*[A0);.Z-Z%X7+,NR%3`:4+I0NE*XYZ=1Q4'&MU./;O%C5)QL:,\>Q M(@'Y:N.T0KY"OD*^0KYJ!*VP@NIA:N9O;23L=L1"P;!Z"O-B,9J`T024,)0P ME#"4,)0PE#"4,)2P^@?&MSSC":NGKG8T;]+N&(=F96UVZ[*5JU;)J'D1!K8* M!EJVX;2PF`IA`&%@EV'`;AE="XNI$`80!G8:!FS#;2,,5!%%P((J+*AZBG:. M93AMS"!?.0%03^^B=!VVJW1M4;I0NE"Z2H$CUVAA]1-*%TK72FH+NX;;Q7>T M+>&A_9;0GL]F7;^VB96(-E7:/L&)+6"S$EF_IR+A@[O21#K+$;:SR]-7^T\\ MYOO99-_NF7OJ;V!N+_][QD0N><`$^]'FC#(_9A$4+GSS]G8*GHWRLX1SUK@2EGW\ER8\"@5) M(M)GU\R/1@&#"8WBZ#OSX&+J>8#M"8PRB&)"!?D:PHTB\GF?RF__C."IY!O< MD\*C#XB`UWJ;G`-T\\]"+U MAK.?"LM/O3)ILJ*!Z:>?E!]PD<#_U,.C`?DT8C'55*)A7]T2LR&,PJ\9>0\S M"YCZ(1M28P3M@:DSL=X;G@SADLGGI#W!^YS&');Q;(6T-$-N2LEFGW__+?&B MUQF9PZO/-$Y"%HLA'XEC%K(!]SCU\[*/2UC(L1]Y/_[XUS__\7LJ7EU1.GI] M0L7P'.S*BW0T\M7.4?^4"\^/A&21XB;%]?#'%S9XNW=^*K.4_F/_[_)TC_`^ M?$&]Y-6)6XQYV#D_,PY9]Y0**TJ81Y1IP):!,37^9H06_)8$. MI;,Y,O66>81BCTI&FAG=7V8@@X1,83@-I!83$TH"OJ[D(;]8[8,.@DG\;RIYWCYRPD9JK_M/'09UZD_8G7TD31#Y/3'\44M>R[8[IFI;KM%HOWO2BN,]B&>WTZ4BPU_F' M*<-]=E"GB"1T9D:!YXC)J)F]W7/-%PN&@[(;K67OL]?\P'4_;TT+;&A+K4I= MM6>=U;A/G=5H"W;*F(:MM M5[,*?INF9?84I22G'K%9]MQTM=^V`ATRWC*N(C956IB.7U@1&5.NB0R.2;?O M`_5]^?F"AJ!RX)_OZNCE6A^]D/V/4<*(O=&7I3VX0_.S[3:4`CS)J(^1<`64 MJCYOI6O8W(Q%K3[B&^+PKUK&,C]1QU`4/0,=^CJ,1 MK/N.O`,N&9&_>,!E4D#I_)NDH4Z&D.?6H8S(PFTRD4!%4@7UF1SM*.9_1R$E M'[COBV5T-QLJ"<9U%I--*!+\Y$I9)5.74W M703?=;$('AV5.BBM[1(MQS):AU@!OX2.JWD%_,:I5J=JLODT,'SD`8UA,!*S M4G3`)#*)(XU?Z8S(=/6$CE[[(80$7\5*GQ`?D&(T2I(%0(ENCZ M09_3'O=U'8"JPZ"^B&`61\;UP1G]TY6],8LH#Q45<]Y75WN'CY1:UO4I2Y:7CI9DQH%`57BH,O98%- MC)!<2`_\7RIRXB7[('P(?K MR%/U/Y?R'K(OK[_WY4LUI\LO1\5"R7X8W12#Y3TB\A2+OTY(%)/+;^]>&H11 M;RBG<3.,`A+=A&J!\Y'2@)O@JMY=,8B\-"[FIA:II_;M'1G*9-)[9MH M@LE/I9V8>6KV\&[N@PZ_YG);DB'5?$6O8`NN@'CDFOJI:C\!OX"TP&2F9&09 M_OW%,2NM--3;Y]%4L`E22`LE#_HJ@5$$*S7V4`NCXXO`B`%CI`7,*;F$^9G(?9L2E2JZQFOJO@HXT2"^*X^A&]E$" M(TL84@VIZY3\Q9''6%_Q$@W'FG_*1/#`((9GBP0=?:61&=!:.CS*&0.K`D1(:JUP\G@ONS3LEP97P*C:6<&DY%1! M2J6N+%%,;4I.,I!9=BM%M,"VR=&SD8ON"N!`@MY078:2>_36*\^IFC7"$L6= M,TT?:>%0V%@FC1C==9FAN/QN0'F<&079S?FTLCG<>^SLQ7&A(@):J_F0?BHHE70W$25?8]Z M%;HJ6AO<2T694/M;PODW40JVM#)W8%VIGTSU:I3.L@Y,%$%EZL^_]B508?;5PX2R.R^JHVA M&J_:SY%QJH#V02^HPPA-;(/P>!S84G:VM/RDT9^?%DGG6T7>(G7BI`Q[#[Q@ MJHUQ[8)G%QFY10O.NPR;Y*B1^=HS'BR56010/$A5 M47(^';AX5HST"IRFH".,_*>M,I7Z'/AQ4PRJ*%CI9(:6:`A'WE,/4TP M0\V:W7+=+DN;W'(]8XT)2[I6)VBY3^#GP9R)6U6G+;W,6:/8IMDAGX*0]V"D MSSY5;BIL`>S(%2MY=V530%D*2Q!J7Y-I4BA?'I"O8RO@WH_CV+*Q-DT)'U0\ M*7=['HJ,Y^@N"G(I9I2TD4-HF^I1?[PB*T,%IO(X5:G]\+T9JQB9D7%;+/NU M1=K='&_R!9-MA"-Y-\)"*QJYK3]47#16TI0G1,!QGW9?EE/#1YEY,I+Y+K$\;]$JM<]^IO*/*W[-PNSL3DY*^CPR MA`D`(6>?M77O`^5C&7.4G2T]=D#^'=W`S'1H30X?LV+1R=U(0U&^>GWN(,!S ME,>[U_(L*:"@C.D-C?L*P3-/.HP2C;[7+#M%*M:J#0%Y@;)^HD2>B0#1]#/4 M\]6UTE:Z@EF(!-%HY6BDTJL:(]B-1Z8+L+1E]M8X[.$4,:Z9)A*`Q55*07[R M4[I<1$&.5(_E.VGAE>&I?'T9I!Y]^X2A9D5<-1EM^%])WV3`J,X\*(^43V&R MBU)A%N>#=>8:3![(7&O0XBI-+QM"-^\O4ZJK[9^>GZG/W&4HW`IE%KW2Q^=@ M&X'['8@"Q::`FB/)EFRG>Q9(DW:1XIQD M;YN>Q7VD9;K6KBSYB%*3[*>_0TK^%]N)+5,R)W/^A??K;-C[W/'SM75Y>? M/Y4>):>(ZU?]7,N0N$O/2Z=I(!DQ"_#<=A]);:2Z]K!T)?>*BZWRD`;S1'@9 M&22$"2:5721S>7=U4\.R[@*A>%X`G%^<9&5J5U\Z*Q[M]JQE=;6CZT7;W2,+ M1EN][NRQ6(%CMVA#9U"T9>&Q.I5/#7LF.83,']ORY-!P/H*UFG*=ONBOR MWFJSVRB4=X*">2I\`C>+8\!#V*\F:*@O3VI7A48YGUUE#@SAK4AB&O(@K!^G%=S>]QJE2)-K<0][%D_$+#E,9/Q-IQ M_->22YF.)6-KKF0ZEE!GEEE^N>=-83L1]11SF;([TS2"-NT4,.(:XEH17.L: M`[>'T(;0AM"&T-8L:',,T^U7#&T68AMB&V(;8ENYV-;%W2C"&L(:PEJC8,TQ M^KWR[RK`:\\1O#0!+\0GU7<"*X"@3OE[QJ:@3$U"8)^3<&T$S[+QCF6@+%/5 M6\M4]66F:A:=\(X,V3B*11D&+Q#EGL9`(9FI?`#7Z7KUWM'[&MOH.\JV-H5V M,'I`LK)-"JKSY@J+8W2ZRD,?4%A06)HH+'W#&KCE",N^/G^4%I26FDB+95CJ M+F1%U8+"TF1AL0W;W"QJC\*"PH+"LB$L':.#FN4086E:$D"9SK?+:79QT=*W M)FZA$G=/'5A70EDZ2Y4+42G_'NLZKA$'UU54 M!T4311-%$T431;/9HEDZ,Z*THK2BM"J25LOHF3:*)HHFBB:*9I-%$X,*-YK= MLF1Q/?H,'HKR`D8OQ1FJ]K&74_BU_D'/#!@&6[OM.X./=8>H]_+B'Y?7*?"R2AE M)(F(M[RS.WH(6T,`A3+#;WJ*-NN'TVS M)JMCE-HJI+8Y4JDN\E]M^6T4.Q2[]BI+5)4HLRBS=9)9'>Q;W'FB8+;.AJW" MA&V*8-4T<%\=LWQ)0[84JXZI]G+2=>#N`'"/HG08L*.NSJU!G(&Z\N3[$K#N MX2NV,5`7RK\WU3"^11N(T\YN0&!#8%/AN7"-3EG51!#9$-D0V1#93H1L`\/N ME^3C>179\-)2A#:$-H2V\E(\E=V\@#8;`AL"&P*;!L#F&$ZG.N3UB^TS???EBAHL?" MA,79+WX(`+>1E'(BPNXY?I'PXH^?RIW`U3*))IDP,J0!#3U&HC%AU)O(&FPP M*>@7?A'W3)!Q%,LG-V98Y.W0B!P-M.EU9X^OJH1UY90W=8LV=`9%6Q8>JU/Y M)`=F"R;I="J?9!_9M8Q)]MLPR6Y5DVQ]9-YQP:Z6=608>KG;[IN>'7K"F&>=IY^9!WMO*>[=1Z,&O,9BG,&3@/.B>\80? MQ'XU04-]>?*U2Q%+H%7%?':53M.`)J*H>A+3D(O/44CHHL(&0AVRU>%L]3V, M&73]'S8B/Z@?\JQ4/^/O"#"7GX,9B6DB:OGS)$ZS8BXTS.O](]=5SW5EZ%>] MN/(^2FB`K-54UM+6F$,EVUJ>1"6,7-DNT^\@)=NTJH?JR/B%ABF-GXBUX_BS MRL+NN^C=JH"9UYBNYH$RCF%VS=*)U8H`F1KAEW:*$L$+P>MP0IU9'6.@L'*0 MTG)>-6`TK/6%T(;0IB>T]8V!.O-?<771&C`:0AM"&T*;EM!F&Z:EKGH3;CGK M`5XEQKZ53$0$,@2RKD2$;1S$C,?,"RKD_!@J)Z!A^`$ON7:R[ M"*U/69/;Z-C*7#]-$3+]Y$D[0Z"I\G!FF2`1RBSM0JE@W6"0+I66?DX-! MKQQA:>GU8R@MC946QU96NA$MK0IV+JK77P&QFBH:9UW#=I5)!UI=J$>:+"P= MHZ\96Q$QG$T/;0LA;(TJ2H7HE+^+=MZTHB# MZZL;H>@^:]8Q MN@/4JBV44]2J*)IM$DV,&=QH=LL2XJ5Q+&Z:F,%#45Z/Z*4P0M4.=[PWZ&7Z MU#SH66ED92MBF_6#).TL!006!)8SV^ATE%TX5NCXMP9<@X$4&J..'BQ2);#H M@AV685K*+EK%@%W$![1*T"H1S10&-^-F!V$%S8Y&F1V]GO+RPDV.5T5P0'!H M#SC8W3Z"`P:SEQ+,OKC_A)-1RD@2$6]Y`WGT$+*83_S9`>RW_UEM0\YBE7D+ M&G_.6B,9U$Z=8PC$\^-#U=OI]L8_H%Q6(9<-D3MUM5]0KE"N4-_MO0M49V<> M2[$F;QYK)+,83E\O`=;`8D4)UDJ":ZQUFR*4%9BS;1"ZFH;0JZ/4ES1D2Y'K MF&JO#%T'_`X`_BA*AP$[ZJ;D-@61[$W`FD>9N$;'51;Z^BK1,!`%SYH1NQ"[ ME&V0#+NGK%KNWF3#R'Y$-D0V1+82D6U@#$QE,3P'`AM>)(K(ALB&R%;.:;#A M=$HJ1('[3<0NQ"[$KO("-XV.H\[[C]B%V(78A=A5#7;UC'Z_@]A54A6P7Q(* MT]_V?&4#6R%:X(?L_83EFWGS[8<5*HKL#7_\='I"'CA>^9,?`B)OI+0;?MU#DWI\R3F[9`_D:3>F&4I_2 M^(T"N@,XXNYA_^/` M;VL=-!T89NT8:66[AIM_)9VJ9S6--B*82O M1.6=--QE0\:/M4"N64+]@!,Z%/@IP?,JFLY`6P#*XGY!V7Y!V2U!)="R8I93 M=O,2\IRRW4+38>YR/&9>`GPF+!OB)VPJ$J.OP&X4DZ;B+]\2^$^D4`LK\F[& MXLRN++#O:$2ZNCK:_Q9Q#G9>%`+)85493PC05E0=YDF<9DGK-,PK$[]L"6-\ M>,7*Z+17TFE'.&V(53>.0\(5(=SQX?C[1HWHJCN^,NCV/T)O@Q+95"$>M(BI M!PKDO?B\5.8\'7)_Y-/89[B+J4B,C\X9JO^Y17DS5G_UB--7%J/;E+,#1("Z MT:<\3+B9*YI/CS,6"7246$91BQ]@Z)5>\*5 MA_>?_DS]Y$DX6F^R"\:B\4'`WOIL]/LHH<&64(=Y>$-VI5M]K;>:R2Q&]55$ MP)I']3E&OU-2F:^V1O4A=B%]%'G2ZQ,5^DI`GV[#Q:!0LK-@4)%78%#H<4&A MIDY!H7;AJ$<,"GVQ(0:%8E!H+4T2#`K%H%#=M@GM@CD,"L6@4#RO.%P985`H MIZP(H5G:%<\Z!.:DOIZG/5@ MKQ9&@W:-?M]4-6T\&ZG"C;=U5NDYY'FAY M8KSH2BR'V557H0GC15&TZDZXAJ1_48,`B80[03+&ML]__27E[W]0.KL0X:@QF["0^S]99H#=1@F[!SG[&$3> MO__V/__]7W]=/CSW&(,=\1OC_'Y"PW].HB!XNGL(V>C;XG#X'S1F82)^C/G$ MG\T=$I]DH!B_&U]!PQ^,W[)D\2:YN88O7]GXUS>?KT5)Z/^U_^_^^@WQ1_`# M[+K?V_WK3Z;YL7-I6]?.QVOW8]?L.H/KGN5X.G-Z;OSU;KE72OQ(/OVVU M-4O2X-Z$C=+5/`UAQ;&,IL)L]C*J"EOZGJ9#F"6YDK%^W!#&]7G&87W;ZGV` MY^>+L_1Q0+N=AP+"&?)ZIRPSYDO-$%'2Z=%#RY$HUV&2"T;,B[*XQ@NA/;(7 M;;T(6TVQ)C[RU@9O[>W/:*YG^'@ZPLX+S'WI M;Z=)$OO#-#-DDFB[E0]#G8(13O@$=G;9UN&4(EYO3Y,Z!Z?F_LOC2>781M]1 M=Z-NK=D&'92:.B@1P1#!=I*J,S"-KCM`"%,!8?6/4%/@%(YIR,=@@)&S)'J7 MY?8+9RM04\:G14$@O,5SK^XA.;^Z!F'I"/JZL$/95@$J?Q2+%HI%BF2!:1@0^\: MKJ4L1;8PW9H"4[BGKT"MMT^C!]9YN:R\!N#B0UCVA2.D/DQ^ M_>QO+7EH_Y7M+W:EUMY[KI?F=Y!,[I,'N66H!6=X$\H4.;FQ$>'>SP\,7XAU M(0_P'YG2$6R>.*$$?DN#Y%EJI&@OTEYI^/27U33(O.N[17G*?]`X6>9(BM3( MD'FR4/*#GTR>]2,#H]\/*6?"83(5=;>RHLJ`E2PF;#H+HB?&Y*Q&?@P=13$9 MLI"-_83,`MB_D3.1>4L&[PSB77A^Q5PR@891U]E.+A^30@-RLYRH*"DL#.*+.GOS)S+06CS/L@45\.<#ZN_.2I>M MX(GOX=HS7R+HBOP!DX*1V#XX]>D$Z@@^C M.<I=Q,DECQ9RM:HS)!':]/S*C;^3S6<3]^949$@,RE[P@_1U8=D.8@#1=,YO+ M?L7FT@G9RU1-K:W18)FFNN(,EGMD=8:.6W7Q`KOB%W::/L&JWX=`TBTR'3(X92@'%9,VTW@[-11G,@7JJBA^67PVMG, MVA"KN:B('(<>:>6PZ9/&*F\':<5NBBMJ4C:D]"7K7 M=@S'5%>"$HN_H@L9!6Q%G0WZ`\/INBA@*&`H8&4(6-^QC5ZW_,M^4,!0P%HI M8&;?,08#9<PFJ1L/!>N>0*Q*`JECZ"]%FU035"!UK1"OD*^0KY"OJH+ MK9"OD*_T"+33:*M3:JW[+<6_2KFBM#F[G@ICBW7A$O0K:`#S*&$H82AA*&$H M82AA*&$H88V3,$R(2CY\\Q_)[_#[A)-/X4A4#DA#1C`QJNVACZ[1ZW=4S5R7 MI2Q-)8L;-73RT_2*46K13,4M(RCZ-15]IX=R7SZ/-\SB1@QH%`:XAM7'M`>$ M`82!-L-`3UDDJR[+>!*705LRGU[T)6#VT\L:US+!$PH0H3JEZCG6,9CHL1Y*43`/5T&Z6KXZKT59@A_9+0H"(!_LKV_,-_([,+*,(CU6$=0L?+'+*R* MVHVB\GC%Q%4QC.$_$6]XGPQ7TB,%B>B*]>&L?RGA$R!GP&$A,? M?F=_IGX"+:'CV!^FB1^%G"01&;&?+(AF4P8#FL71OY@'#U//`VQ/H)=Q%!/* MR?<0&O(H\$=4_/HE@K>2/Z!-"J\^)V)LWI8[3N28B"]'%:2C;%3)FGWBII\J2!S;=?K;[@6P+_R9='8W(W M8S'-J$3#D6P2LPGTXO]DY`9&-F7R#WF7&4;0(9@Z:_-]\),)/++^GG3(_9%/ M8Q^F<;1"*LR0)U*RIQFO['G$O"A;U`N0#!:+]^=N:M-RR&<_I*'`E&S,I]!QBV6?FP0>"V"] ME?1(@.+O8^"A-`8LB=EXSB\DRN#K^_FWS;5N\#)REL M*6"S!?(UB_TIC9_@?3^CX*?H2I!(@*,'?_838^59H4OEP#/%(#H7VYPD3CW! M361,/3_P$]@;B'<+\/R=!H'0`]]#F$?,Q3;N/GJ`3043L"M[63P&K_P&-/F2 MTO""`$Q/_="?IE.`VX0\1'$R@3'"3C"6!#/$`_11/I!$L(TB`>P&8_I#*B0_ M6OW[?/A;GLA?D4&--Z'QCXR`VSM:&%#S'D="7N:/"66P>!2@/TKSOYW#IHL( MEX$@DK%S35Y;B8SF\R4@$PJD7/OS[C5<>VQE M%__L^6R5MK61;R:1YZ6P--[3?.TNN1BL$I4FHD&63O^=62?%U'ADV`R2R>^;Y&/`Y<(;[OE1@!!&++_9^]+G]LVDG@_[U;M_S"EBE_D*H@!>-..4R5+=M:I];&RLOOV M?1N"0Q$Q"#`X)"M__>L>`"0H4A*/`3@`>RO9B"2.F9[N7_?T])%H>@D$T@)9 M.!+&CQH$]V@"/&\.9!H+-I#P):J9>]RA/>5+36`O=7C"(+[P(`(I#"?.##=N MMPXZ,N$9,3XC4$H/$4WYOQ4#&UBMQ"S2BA<:5@H6B"KT[`4+]'YXZQX M?`0V&ZT")&"!70LHGH*-,!3I`=A(A0VU*999S89B;,Y+^"I.QS/<3=D3!_8R MF2F9V36@R<`6FLKKIH*'R7GA[W@'/'$(8OX77VPC'U-K*IL"3RH5,_$F1Y5=#RRGE8GC*<)CS< MU'A:>:_,&,BQ6#(M6N]$GPZ)(PZ)9`,_OJ^-"4G):*;D,\T&5 MJ&$[JZ=V1Y<#2]"TLM2KQ],1?W'Y7[PTIP:JV%!ZQQ4[.-+]?L-2N^-?@)RW)I)WRTHO"T'3%MEFH1RO`9EB-0,>QD=U!]LA,[H"%S=4A=^;.H:> M+@ZX,QR6-?Q+80L\V\YI*>N12@2[:ZEU1W_+:YT=-*Q$SLGPV9I:N_R#?*`=X[HW^*48W ML*,Z1[&0.XTU#Y*1>/#A2HS?G+R_1-[^=_-_UY6&_?=T]^>:"?\ROP,+/N,35\&*M*?KQ+7C7T MW5&F23)Z2LQ+R<@6=-S94*F:%56.\7KEA-_81^[QF^2`Z//PCP3*)?F_1K@C MO'%2.^KW$-=BL43'LQBEF;326ADMA,!9H(K!0DSFX^&:_7J8IMGEO[?A:R.- M]7226+&I7&C,])-(A%\MWQ,`.^#S8;!I?B%&"Z&/DL"">#Y/C+/'0\PI90'TM&4C!EMM$`>/=XS"8C+&(]^!YG0,!ZG/+D\ M6!DI.@/;#YU=,K#V3'X_']G2P);LQG44=#R,AA7RE0$8M,Y,^@XR`B3/3DYK MTO`VC%/%#-!@!M.ZEPKINSWAWHV8.X865/DFCSD6HTRW]$"%VW1+[SKC^5%7 MCA+HHL1`P?FSTTL22;['QWI^YIJ3PVNP#RN8*%V*8(?K&DK,[L%J`]NFI'\PF MQ&'-HX_',;I:DU%A@8_%R@_QR'SN3W2`S4'J;`'&370GQ`,*)NN#X\8B1"F*UT50#L3U)C**<3<@[!-!T=+\AE M+R0#S+]`NDF3)Y&WL+0)E.].*O3$(!,+]+P*ETNG3)[%,70C MD.:)L--#F6%>_?,PAZ+(PR+,E.'\50NUFD`C#T/?=N3ST7A1#XVY>Y:J=9A9 MF9:4I?!S_J$>!E^Y2R61+#-?X$-9194'(T]JIE@FS&GH![`J6)W(!1-!O,K^ MR(N'K#JT&%2^`LJB\L=@;=FF#8JHR,&\.6FV7FQ9OR6]T=KQOD')[RO[OGY% MQFF9%1EHV0S3KODXK>UNW*T8=`)O:74Y:_:=R3@(EBG0"M5%7W@7V?7];+5L M165*Z>MZK^A?O((=(K$;L5OQ[':1E-CX.@L$E\[??_E\]52=6(]8 M3SGK72]#XC_UC@3BOTKR'S6((8XCCB..(XXCCB..JRW' M585PA39BVYYR.[D)EJA6_:;05VF`\CQF_U2VC7C)?IKQ^[,DZ%E&4Z\0==<] M2QC/'J$P]HEZ(H:N-XOD0[*65/`@E9XUVAT632UMH,(R3=5T6'!`A2*$5FNF M5%%V"E`E]1$>Y3RSVB%F3R)4`3":IFF8ZD!#E[74D<^/R32OMA)M=)4U%2W%IK693D;A42EP>)XN*_MD[;XP[CVR,20"7;+C&8$`"2`)X;`*H\3[[ MO1@&,7:5:YK6QK)98'`7N7/KX\[5\]BCQJA1:'Y-KJ:9JKM%5YG,B/4>21Y)W"&\O M25Y5)._8W5/UE.56@W:+),LDRSHL195]T.1JKJFK62=PTM]'46E;@"*'ZW2& M7&TW21YF_MSVV11DN21Y!T@JK5-.H\D[W@D3V,/[D<>V!/6-)L; MAP+L'X!:>2?M[YZ=;V7SF^_`,_XCO"@.%#:SJ1?-BMY75UHCJL,:*Q^#&O10%S/4[$.G48?W9E8;7R)-0IW;'6,7M,J MG-ET$:M*@?4QF=/UU')-BKHZ0CU'DG=XR;,:/9(\DCR2O-(EK]VP2/)(\HY' M\C3>%)_/`L?%=/5^H5Y=0?PD5*7=Y(\DKS2):_5Z&SL)R+)TX>!2/+J%\UY*6PQ'8H`"UAN MO,G+.6]_BM!AN?;ZW-^YV:PX%Y<(V@;:Y.;[1QQ&SO@^-W(53:ZVWM[).3); MN&XZV#VSIUOG`[YQ1-'G5[F_" M+LN2N4VV%X($IG4_AZPN3AA8I'GCG>2.#AA^-%(A`X>'X_%5X4 M,F[;00R_<&_$IGPDDGDG[P=*<#820YRKX]G.C+N,3P'+(R;^C.%#Y$MZR"Y@ MGH^DFU]AL$#<\&#DBC!,R!"S&1\G@8?8N_,YL M^)>[H8]G7/?LSH%?<)6`>6'F0&<50\+^LJN6TRYS@T51,Z"!J61`!K#>3'@( MEQE/I.SU(]!7`(PA`P'?.#[CD?Q]*G@8!PFC8I'EQM[*G;1@!;1@\QBTX`/, MGB.-!'3X[Q+*^W$41CR1G84^&'*7>[;((!Y@&X0'KI#8*Q$KE;/?&U\;H';Y M")X9`$"';!@[+CZ-).HH)*IUI!+UB"$YERT5>JVC1CUF4KR1J&?"_9X[`?O, MOX7L(W==$N:C$.;VD0IS(>KQ`VY8/)Z^[(O+_^+[BY$Z5]&!8@%VG8!*)[)\ M[$C8OMP2>*]BV$<'.)KDB1<\G+#WL%-E_\3]O]SH?LAVGU>XQ%>P^]QYEEHO MP1J6D5^AJ\%+@T=53N"]'\#F+7!N825N<9,?1D&<^#"B">S5>"#@]Q#&(SOA MH#\#Q1/&Q7@(.V0;UPJ]"HGOQY#R*,9C8!MH\-Q)[(G3T,88QZ]I:[,8S=&<,$[XWDY;9_X\F1CASX@-X1 M!ZV.P`,)"1N@$".V-)DPFXW`N\/8E8@DG3"+>:54O0->9J&((E=ZCV!RWA^Q MEWC)T/G`9H!O'GK2,+CV3,+:V/$`\_#E^*)`Y#[#[?"R6"!H#G%6MAN/DB>? MVW8\C5VY>$]1[1S)QD9QD#J`6(2^DY1:J1M.^I=R#KVGT50G+J^\F)Y+59F3 M"5Q:6#+X(EE;6/F%&R^O-/.\A\*<8VR4*X_Q$J_#>8QXPK/(,0UV]9B8P',R(7@$@Y98&>>[^13P0*]X3B8N MS=V7]RN+[S-`S4R+S&:!_]V9`D\`>^ZQIY+O2D\\3?F_%6,"Z9;ZE"VS82IP M*B\FF+&19$7X^YK'0]@3L0N!PA(:"*<-J20C:>AB&[DH\&$`((F90(4`\:Z+ M0`V,[/(P=,8.0CUJBH3'X?X'/`Z?1[&=:;"4PYU$#,?P?/\.WV`UDR.&D)"Y M5)Y?K(#<*X1XB!5*-)H;0[ALCV#<$VAZD>]"^#6"_TPS"V@F$GX/);NL5>IX MWB8!V(1C]$R#WSN,H_$>DY9.=7`DI&R#?MXG29?;W0L<7H.U`"[$.K0]EW:0%!NOR)!+H]+FXOB0Q?GDR*9_(@/`6D,IMQ-OKE+R)!^=1#\,?)Z MA$TX;M>9,T6K"XQR-RXDL_B!D<9A\D]R"W^/)NK2I77FR MKF@-](7#`LB*>/F1V^=!-(F#U'IDI[/`08WMLY$3IEMZGIE\R:.Y;>.[D-ZG MGWS88#5?IKZ.]:]&"V#HHS\!ANJ/P/($8S*'C_#ID^_YB2T!#\V\`>_`>/=" M\7)AF^QAAS16F:`,/,D]=\FO:69^S?0A^#G_XE2"\W&3EIEW["L[27DP\N2L M9-!O--M-J]_KO'@]]`/0-ACAZ8(HBE?9'RM^V?5G,`O'?W]MCMX&9RAR3&]. M6LT76Q[?I#=:.][7+_E]9=]7E?DUVQ49:%4(JO?\]B^%6_VZJ7LE7O>>2[Q. M$#VEA#7[SJ1>99F!4W#^M2TMC0(\TV@*_)J>Z)S^"W9B+]G5RF8/C(G+Q>;I M]-W\<.9+,1)J1A_MY$\S^FC'/X1/>^`3 M*<4]F:YU`*9[AI:EL^':DQP"-.(M-;RU>IQ%O%438T([7->,/MKQ#V$3Z3WB M+O"F'7$BE=>1VK$5M6&"")XXCCCHEP5'J\GOQ7 M%<33CG#:$(LX[AAT[#'VDO^P5!A09CQRS/R<9[)9K_';10!Y&`]#9^1@I;T5 MNNZJF/9N&945Z-R^4=3&DD(03.X>XA_BGWK3ITB%_'2R4AV4B6:+J1VS:P:6 M5=YO$S>IIX\N0/F#:B)4H7'+:=OH]ZE3-MY7;#!X71L=[[Z3=41(YL>ZQ=6^ MH:8RI'Q6**H`H4VCURZ^[9PN:U^TA47^94(:0II'C+6.T>PKBVBM9Y\]97FF M!$35)UR1C#8W?%-?6OUM68T6MEH20:JY_JK9,OI6CU0SJ69=G/W-,F-0MO#Y M%R![3:-CDNP=T+EY`!]F*:;=$S[-WW_[3UB(6!XVT;P(]YC9WK@-];Y5F'3A MH**]9*3HCEBB3CMF:0)U'$J/Q*UJ]"F2;=[]&3N1;%V5ADOYXVW5O6;4THZ; MCAB\+<-JJCLN)/@F@2.!>U+@>OT6B=O!702;N9M:W:H;#]=^Q-VE#H+/5PXH MACU;P)XC/\;&"_L([Z,+E[Y--GO0=B.N[I3B.=KNQ9_HGV7)VW?6EN7-RU*EC ME_)E>&O/OC_59[B_VXSFMYU:+_$TWHU'(EQM`RW[0V/C9FR\G/1MAC]YQ)Q( MMF^>=WC&[LT\;?R,3:'=I.<)%DPVV-U$>*M-H_'^17-I,5+:F;[03N]E,$%9 MK>I7QKS+\T+G^W*G];3A3:']Y)4\]@>ST61PE>OXGI('%MC1OOBEHA[U1]RC M7CN_"E?V79->7#C>,D@>1SYV1>)*2F_D8VS7PVZ MC7ZO\R*S4L%>=`$[Q*OLC]K57#S"P"UL(0VVTJ(1#'4VU\7A M6DKKILTEN@`>_9=OS_<)I78[)T8EZ-P-.@MD2E+R%>34S6,U2V?CK\[WO;I? MZ\=ZVH&D9O313C0UHX]V_$/050QTD2JM19-9C3E4O^[&RK)&]$5)XDJ%?9'U M@T/M&$\S^FBG+C2CCW;\0\!%ZI2XLM).T(YPVQ"*..P:M6I52YBJIM'L[QOM:-+#9 M6%((@LDG2?Q#_%-O^A2ID)_.,*N#,M%L,;5C=@)+XA^MZ*,+-"HKDE+U='1%6U.`HB)1XGV[]IXZHM%4M*E=91F^@KDK? M<1>F(N>W1E8B`5&U@*AG]%KJBG$3$!$0U?OXLI36N*FCKZ)F=S47MEH20:JY M_JJY973ZU'F=5/.A@6@^W&?;&ZHDXH&[0!MF6UUGP^.6O:J$"I5BVCWA?MVR M#?+F8EFWKJ/]@OI;'&_'.])R1RQ.I\U.ORR!.@Z-1^)6-?H4R3;O_HR=Z!ZS M#]-`+G^\K:[7C%K:<=,Q@[?1;!-\$WR3P)5V=-_I6"1P!_<0;.9M:G6K;CY< M^Q%WV6BK.@;%L&?1;?@JT7R^&CWZBB!E,6%05E4;^%6"6^F`Y-![68)0@M!B M`[@&`W4G502A!*'Z0:@^A-.K"$.%"%OSB:P#'7MV?>GIM3?;4;] MA62\Q$`#-QZ)<+5ANNRDCBW.L45YTN$<_N01"QW[G/.T13JV3W>3 M1CA8E]I@=Q/AK;97Q_L7;=C%J*&2AI5G@D(G<"T;SD\!*.Y9(&R`%U@]-W]L MQ!POC((8>]##3Q$;[RZ,,82XS/XB2 M?K%/CQ&OAI>MK-ACU'RF,7L*\BDD)S_B0[)6\?*;NZ7N\7*!1TA\28E7R$;) MZJ#D+"RLEFFPM4T'=EEX26\M)WTI;#$=BB`W<4M.?%5I[S+QQNJL=Q#.)Y5F M[AE+"&X^`'#\G'])2IJ\'6#A-?,')_)C"]=-KWES8I[(SZ#J[>SS]NLG&WR_ M&@P:77/0ZG5>9'8&K*O+9Z%XE?VQ0H+%T/+G[PO;PUP;<['!$7[:<[RU:[/R M5KLBW=BMJK2-UWR"U#^/`FJ/@#[:.7/FPSV^IMOOT5S]#YJK.^QX":2*\<$4 MU?-I1_H5P'9/[&7^E>ZF"-_4XYNJUF/5;&_\<"O*'G-]Z-<6C]AO0_8[+(>M MV_<_Q674YDX)T1?AX2,1PCND5N'A/#X\YUC;ILL=$;<04TVCA&=B'^(?TK7;AO:!_VJP_D> MC1!K:,\6NZ\?BR``"EY,>'`#FWL,]_@++Y"OR\(_YJ.KL'8[>ZR)N"0(2:6J,/2^M6=^-8+.UN M@7)X*H01UE25D(JD*2$756BF"LW5#Q[3A;<*RAO=/[;DD)LRRQP0QI1@+.K4 M$+?X,HM<.M6>#Z&IX7Y8+_][A0A7945)=1F*TZ]'69?!:JIK6;8S-2O!=>1J M)82L"J\20E9@XT((J=XY?@AT3*L(-+%D@-Y(2;0B6NWK&]7,,W3!/4B M'$6H:9$O42_3XCPI.ANR+_Q>UE+$M`CX,HB!>)GQY@@*9M-X$ZH++RGS;5N:T:Y@#Y?5]ZMVEE$""0.*X0*)MF&UE+1:.`R0H;WA/.UAAJH9&F]EJYG!H M1$#M5-T1^MM..RKU@=J..KH((S4>(]DK2/:L#LG>`8VTFAUQ)OD.[L)75E[2 M0[W,+STVRC5#^`,$Z%8A(K*\.-S:A-MBHTBK55[([4X:M!+,1XY2PC?"-^WP M;6!8@S[!VT%V#X^WN]T)2=SBNI#J$8ET@,$^;%`)>UX1X,N3)U[XLG8DPY7-DD<,2)M$%8]Y[$8P=FR8>X]S M\V_@6__F`Q&*,+#S?P<4DSW%P#77\(*YDTX+7]V(4= MO!OZ;(C7V"X/D@:ZZ5N5+,.:]JN[/.:SM]ISK12N"-6,?_\UQV[-<1"*IQ:_ M8]9S]:\G@2AD_><'BMAG^AE.*($1/L\$P@6\_PL/(D\$X<29$4,0'&RE`LR& M?DK@?+NFZWNJV`+[J!MY?F%.R#P_RI$K6Z6EY9%+?"DJ;Y36AGUE`'19\UC7X4_.9?5\ MD!WZPK`58Z[/`R=@&C:;2H1E@LH0S8>/JN/X'6Q2?@,6NY2]!ONP9&.Q82"X/<'# MX\2:26[(641.IBS!(LF_.!11Y`JI&1<63,BDHT:^8?%2!A(,WP`R+."AP;X* MP3[Y8&AUX+DW/)`*]2;F`?'9#>>S5XL.G!\6`'7NC?Z9G*.?HWC(<_9+)[1=/P1(N@9F>.OZ]K=?_O'W MO_T\?]#\]\]CI*WP0CF^JV0M+F"9PJ\3,.?>\E",OO![^:;YLR3TP8'?S?]=7YXP9P1?<#LZ,]N#]N7[YKOS[MMNQQITSGOGO_/-#3>2:[=J9`TD_BCEWY4_[X4'JTZ7+\*N7!L:><&#ID1@9[&[BV!.TQD-<0?_.0Q-[AIB"OTIL&0$WHE!+ MH+@#X4=(&0&VV)$?A`8@T=BQ!?XEIC/7OP=`,"0B^+*+3BB"6_@]>U80/M@Z MXD<,60X<6R;FX3A"(_]5[$GD&H-!,77PBUENC^]XCSL`8&RS!.H0?>/`G@"# MIF]@,*/U7@/Y.@/^LS*J9^]9S%H22KZ7VQ*(63R3G\`PNKE!$(U$F4J\W^BH MM9:RU;/]Z11P?2,"@4:#Z8]&TA8T0#]Z9QG++!B*33AP+ZYILGB2V[!)4ZJ7 M[!R\I"J,)Q<$TBS-_3H#?M]]KT<0E+OO$ZQ5NAXI:]](Y0_&R#C")?`23)%! M\JF`KV`/"BNH2Y,!K\"2C6(I6V!Q<"89MDR!L!I]13;L+I(@@1=,,N]1LLX" M!S'73V!W3EH-*-=41;D&4"B!YZ59(2U*FPS\<0;*[5.=32-(YQKYPL=YG#T8MQFX)+NMADN^@R"V/YF`6' M)9H1J9>8^*"R\1WIP^5V''^$[\8"-6>BH?"2N6+$:\3W&6HHW.O[<02[!^19 M\5T$M@,&'2&HD@E\61+H42KUCT'E\FXRM9U2.^1L*.WL)54730(_OIDP";*9 M"9B^`]6@7/CU"O='F`EN:R37R.L>UZ9[N$Z)&1Y8]$O$M=$W8,L6E-*^AD7T MIV)N=Z\[=7N4%^1"*72UM53;CNH\;;U&5^W0,H(K>5J$IZ]RMJ'S7U5RN*D:/-7AND4<7AE<-Q2N MNZFOJ6$U3&+)JH!N938"M=C)9-M4`>^;)L>9D]3%<8;E]G+G@=*/GSH?#`;J M3IX.PHXU,>SRCO2'[O?4VQ%+78@OF(IHXH]"V,F&=AR&2?05_A`*4*GXWA`9 M`MT<0^'Z=U+B\`B51?F(^ MRQB,,KA,\V\.$,CDUI;)<-=%5--YG4C12-^Q1NG::;=41;PPD9\^;$/)&?PQFW ML\_;1YL`(]\X7C)('D=^]D62G2B_N7-&T>35H-GH]5KM5J_S(LM&E&%.LU"\ MROY8R=]:##]?)&21H=A;6Q%F@SHC;UNA0W*'^:.,]HPUW(\VF^==C$:J6: M&3MQT;/]%ZK.1?^59A58?NG6'NBONW4AGYS+$ M;:PWBZRW775;[7,NOY1'[#?NQ>CXL1YQ5.A0J+8:-93BS9>=Y*_2K*BN?%SMN]"W!HVF20!&`*8Q@!5,N&H(JM7H5H2>]65$ MTJ2D21\E5;/;Z!0OHI7@FHIKTB)H7(#+Y(Q@C6"M>!^'U2C!1U0)KMD7UJC= M3/0Z<^^NQGCIWTVT@*+MS6;?Z'64;<"/HVT3'1P]2Y^-(RTJUP"M.6CTFJHX M11?6+]I@)HD@^A!]RHDZ*H!65:`/\0_QS\[TH>B-S:,W8D^P1Y-,BFKWM$KK MX5BT:QW%F(IDO3\T9-+:)$TL1')PHZ;0<]G]O^TO-T02M:$5\1K8A6A%=5H17Q%?$5G;B7N%%Z'[ON/;L5LM]15CBV'D?O MVFR]M3E=UX7ICL@!2$<-!^;75PBS,LCFK M1)DD-"<)V[P2;8E$U)YP.=?#3[(AP+KK2Q.%')D.WJ6H\A/XY,_])7?+K M2RQ\ZWAG<,$9L+6X7[2KRB7_J&BI:6_8T^:';J.GN,6A;,-5UOA)"NLBA9$? M<7=%`G,=W3)1(BVCJ.>4NM:]EJFX&VF#7?!PP@)A"^<65GP<^-.'D!JJ;5E* M3+`G$W05=RAOL(=6)B&`VBZUC=41ZJHA*J_BSI68147#@<&P'^I:HQ0%<)P[ M,#^1Q#Q?!9[`-C^C>=@)WE[I<]\(-RD&^]X'-2Y!IU)G+O?G&I6F:??9YZCG#.&1?X!DH?W+$+L ME,`\Y=B0-^VW>^?`2SE\%WP346K7B3^QLTS:A7=YDY1U*LZ_KL$^>#BRIL&N M_*$((H:-A'D\G.+X'NUK/''$&)]NQ]C.&!X\AN<'1F[4V730E"AKS])2W;H] M(?/2`I0UEV;#4CN7)2(()\Z,S?B][#8..Z9AG+8PEPX+^9PYR.GS)G:`*H@=\ M,<(O4W%+NI]G'6A`/UD&P,6-X\GN4O"3$G)>PIQD_SUX04_-`IW&GBO"D'T, MY@`#I(L<;"\.V.\Z(GCY@,RSW)IDB`=:%-#1"<,XH822P8%X*_+1>%XL-]N@ MWETW7(UTR9`BK#>]QQ+S#_%IF)4V?GX"B M\3[31_V+"%!L.7HNOTH)_QU7=>>)5(W*A;()V",?>6!/I.V]9(+,#T,>H3\[ M_?+U]Y*!QYY(CF6:HU#!;/0).@(0B" M;20*8R[Q:VTO?PH;ZM0U#@2Y04"0;ASSK&6:+[)[\>5#+DTQ[]&'I:;C+$=0 MN9F0^@QM2"ZM`@Y7`$WQ`'9F@%4+Y.1+&FO9[%SX_>4UP%T.\,HH3)YWY\?N MB$WX+;K]!1C)W)%C#&,@V6+^2_.4\Y.Z`9\*OTI6R*;*[W@PREZ>DE)>J6@S M?SW)["9\.&J=.8?VF8-#]>"5L0]D"45PBZ;V!/`\F5W@X^QA5P<@+]A06R:L3&4`^-]@$;$L_P+@)Y*\X\!YBR'P;NI#D5,K@5S`R#!AFX(3? MSL:!D.=U(D!>#U)Y*PLWK8;5?*'*%AOAYECP,$[%+3U91$";@5Q^EXOHWBNR M(2=`.#4CEUU@$]B!18C=*/$3I3UE>=I35B[_F03$,8>=1\*'I9YQ6E:ST5J- M^]UITK`X*#L$:>5Y3D'E3J>XC02)0-CBL#F^!16C[/QG4T;2\Y1`@Z-RV.BR MU'Y$3Z#`$#05_/5,V9C<4Y;BZS#K+L^2^#G_&@^-2'+WW<[W6;G19;R!,OL\EDH7F5_Y`DEHTT7P\\G^LUC%WMKHP/!O$N1PVF=[8[.YXXZXO[)3\OF8Y+ZQ(799"@Z"+C8^O>G/U M3['TAJ*>W,'W4ZEL='VXZMF8\*ISU7\SD_X\->E_E3NZ2S3IWZ-)_Q\TZ3!^^7J*[%? MDQ-L+7:+SN?JOTVR>NW&0)FW0A?>UWB?5'F%HVEKZ2,X M=NP8[5[_\"0^"J]^A81=.VU9WKFD+MRFQ=&C-DAEM=J-3I-VL=L;&]4I;5G0 MN&](Z`S`)K+;,C<1NF=>+"M$%8-A&()XX7^K#[)=0NM?/Q[-O MOK3]^:[<4G,2N-<$GTR=[N_&O//;WJ[).OUQQUQ3F=YI1YAE4M$V4%B7];SB! M3S#D?.*ZO[ROWF,UMKH[K0$[*>+).Z M>:4U&$]:ONL!PV+BKA,FUSM8774F[/2>(:J\^>-QKRI+_*31_XOTY+(HN:Z/ MR'X[XR1U607NZ+$U. MZ[X!!5^62K\8ARV\@M[IB!)N*A(`NR: M5B+9I\;(TAN7[L;W)3H2K0#^2&&*$M7:#[UVH[4:E[6398!E*:ZH+,6ARE)< M45D*#:U^*DNAN"P%`%;;:IMZE:48[%JUH5URF8BR[VNVJ"P%E:70H(#`HBS% M#KM"BGK;B:FH*@55I:"J%)J'APU:5)6"HK\.KS7*B_ZJ!"MJ$1I6#0CK]AIF M\":?0&,,J.H*$4^+0J,@U9+F7%`>5&T0ZQY7E2WTVBO!@I06E11&]OJ MJQLJ'[%):H!I&MT^Y09HR27'JISJ4S]B?1``"1=MDJA\Q$;[)*ME]/M4/X+V M2;1/VG"?-&@,E/GL=&%]C?=)E5#_9YA650^@O9MNBO+\@X0=>$V M+73FB[/C9I_CR^R-'\*J'V!5`RE#'-LJ[( MER3O,+R&:;UU??O;+__X^]]^SI[UC@<>+$+X103REOE5,E,//ER)\9N3]YMM[^_9]YUVG>7$Q,%N7%^?6 MR2\/<#-/GV<20=8ITNV*LNR%LO)CTD`:;`%WE#PH(Q;V-$RCQDF?J9@`,*IC M8Z9F0EY,(4PR;?D4C*\H9/CW,%\E9Z6Y=RX/-DV,S>G$+`\.OD=TP=3>!#W" M!KMTW!@?5-S;91:P3,G%5^'+P82$8>!=,S\"BCH`I?F4T@;[LO9[YGBV&X\> M/I\'D2>"<.+,TN1;\=V><.]&R"PMG/SRX!;9UQ>^3,?%IWR&,07L]!.\F%GF M2V/I%?X,`2:4SUIYG8$%'0S$=8.-!#PE`,JLO`ILEK-WTYGKWPL!1`=@C_P@ MS.7%LLOLWCRHR9QP0R:%P\N2[/'5"2>OX?)3.MAT*$!!X>*:PS?)Y`8O&^R# M)[55'&5)OO-U<.\W7R9CS4@DW\`PIW,5EBW&:*N5,'"M`\'G:<@K/+=:WFE9 MJ3XY*6E0K8Y^R9#T1C_!@)'FDH\68WV2R@D)8"MEQXGR7V12.V/81GFXU8*O MIR*:^".#W4T<>#C^G!M9DN*]GNJ//S]">L7!??KL1DK4&W@(4&`^D91<^)A4 MGD:8J3Y*@>#=EZ_+TOZ0T#*1G7OW1CY+?R@6+W`2RUQXH\Q(#\3,#R2SI5:+ M-&\?7&1GH[7OT\L:&[I`*%OTZ6Q1RS35I8E:W7WS1,VRTS:;%3P(P6#_ZLJK%.ZQJD1T['O)4@OBK M+OSUU?F^%W=5!-+T+7J@*C]=(2U+9T*5\1,'Y2U=*HL3KSW%:\IC)$EU$F]5 M'\>(MS3GK8UQBV(XGPA>$%@8U/:G6#,S"IQAG/@'(Y]=\W@XY1Z[D*L7&NR# M9S>67.;^'3JLV>FG>"H"'OG!RZ?KZ!U]4H_Z(+K:!T552$XKK#%*)&(5MJ/: M$(LX;CNRE`0#!`,$`UM,NM,T^NHZ9.NRE`0#!`,$`UM, MNC4PC7:7RDRJ\!8<2YG)#],93S):<(B8KL%=EIRI81((?']]]>O326T%M8ZI MSXG;0%T;A5UII@N[%:W3R1%-DKD%'7O*]LXDF229))GJZ&@-U!6>)=$DT231 M5+?--#H=$LZ#[DYKM@E-*VX4PU-KBDGN(G*5J#.IKO+?IB2L?B'3EM%J%K1! M7U?'M`IL5+3!078%`1@!F+H8@':9A9BKP$8$8`1@!&`5`;!.RS#;!&`$8`1@ M&G`>`=@.<1=MPVR6V&ZD"GQT$+^8QI[LM#1B$^L@'AS[=,E)>LZ/K341M2$< M<2)QHAZ$(TXD3M2#<,2)Q\R)5`+Q]=>DIOGII?#\J>/)RCAL7ES?>HT5S;=* M(-XX$J)R`0U=R^B:7:/3;:E".EV8@-Q(^@0(54\L6D83_VWU2"Q(+$@L,K%H M&BUK8(`.);$@L2"QR&D+JVUT!U2.H&:>[")I^V[>4&O>CBH4=@R7.R(L0JZ. M)TR[UQL8[9ZR;."C#]2ND,165^T=D7A:EM'J41X%B2>)IX;BV6_UC#8E[I-X MDGCJ*)Z6T;4&1DM=;X^C%U`Z,GO^R&RT=9[BCJ);>L#I(9RH_:YAMI55K:.H M23T%MB[:M/XBV3(&O3;H566GX"22))(DDON)I-7I&CV3M"2))(FD%B+9-OJM MMF&:!1VL'*M(5OV05-]86(T"BG./V.!QZ,+&0S$2SUUF9G6V<)E;]7U(6*6A7.T*8VAMEHE5?:1Q=6 M(/_4@:T'PIDCQ)F">CD0SA#.$,X0SF0XTR^OT)6(YCJ>.$MCRZRF^>)UCHJV\"(1')Z. M&P[WCSB,G/%]\I7C`0ZGG7Y53N!Z(ACPMQV[/')\;UZ'38R8R/L+$T>AXS$; M)(+#?^%+QQ^%3'RWW7@$E\]_\",8J!\]C?AR%$??DWS,> M1)X(PHDS8['G1"&#'_"O,(SAF:L_@TC!:+C\Q/R9'/-(C$40P`N%*VS\QF`@ MFA.>._64/:(C71D"*"W\*`GF?OB;Y!B;CQ3C8 MSV-X3X,AR23/PS-!1[(9W`\S#N7EC\Q^3J5QX$_EA9L3GSS&D)=.U-@PT_BCEWY4[YB]N*LB MD%;H-O>@Q?:4)P#N50FA``YMFNK*[Y5-K,VY4A>W`7'ISERJ[!2#-#(Q'L$C M<66UN7)C.*1PVL?I^%_I$02SG`,9^(U@H,9MN"[P77>]:SOG^%8%"TII783Q MI/X@KVV8[9;1;ZJ+3'B,AD=1=JM"TJR=TBF/O;WW[YQ]__]O/\JC]C)[K_***) M/_K@W8HPFF+>P:43VJX?QKG;&!Y$P84)C MLW:SV>^<=]]:^-_>V\NWYKMW[SMOSWOGIO7N_/S\Y)<'2Y`GYS/!ZNM6<)-, M%T6K*C_>):\:^NXH>5".8I@W\3L>ULF],\=#O-]\!][Q'_@5Z/CTWNFI21V< M+P]#%J=!!J$27;3YYG` MA82OO^1<#TZ2X00R(]C("80-CPC@X>G?@`/\!N^Y25<[=5O@1?/?IF(ZQ*_& M[#UW`O:9?PL-8`MXM2?9`F[[XO*_N,&^1GP*W#)BUSC."SD\^#;V;KGKBGM# M#O0C_,U@*K][#NB8$-!Q^7),)OLOT&#,@^F3<^-NZ+-9X-\Z(R!/ELHFART0 M,@P&/!+"7?*9/\&41N)6N/X,?V2A"&X=&^GJ2Q+Y\'_!"FV9YR/2R*0Q)1E: M1YOCU.LV>IU>WVIV7BC+=&KMF>C4[;W8+5&EM>M]YE8W[A;*4TJPE"Z&X-=, M8!/XH$U228=%.C-9`0%XG^_F6@?SCC?5!,4.*LTM,1CN%5#'Z3&L2V$G%D/+ MDD.CR$4%1+T`.^FSU_B_SH_<8Z?)61)NAJ(@ED='+Y5)MC[TK!@DZD.X8N7[ M$YC$;&.W*QT*9[+[_R;"N_EKXL>%RB^)J6[TJ;PTZHELRL5T[MVHH4:HEHQJ M1+ABA;=COB`]NC&U_LD]/D6_H>^QKW_&6&>)-"EI4M*DN@GJFL.!&JJ&:DFK M1H0K6J M4OM?CN&5SD@PC.`Z:.+K,4DB"1SM.-<(8Q9N74/`KY9\:D2X8@6WMW$QJDJV M+5K-U>GO1K%^F:-=8K)V?_:]8N,O*V_GQY#9/`CN@58,]O^QP.08K/&QR%=[ M-EV-C1QL310FW87PYJ1S4-K4*%\_!)-Q9$1M^'^RIN^]UTS(S$(6B)D?X./3 MOD*V/QT"J49LR%WNV0(>*T24/?:9(<%,(I^=.B_SC95PMGX897-TEN8HOMLB MG+=BFCAAY`<(:\R#EPY]_UM"H'"S`6#NSZF3OGYMUD^.`G#Y"%<^20],TWCD M*X<\=$(CU[Y*YE79:=+5+/#'LK2GQT+N)D-;9`-AEA6N@\UG3@3L]1>2\O[Y ML2>92@N2H2BE!Z!R.`RVJ+XM;X2ACL0L$+8CDW)X&`JD:PAK:?LWGGPE#(X# MAP8<&?X,F3]]#.HSMB(TCS'T,]D[J8Y)@_:3'_$A63Z1_.9N*<7H8=H@2G): M3ZL#Z."ZL(J[LS3"FU-ZJ.H1\\"2$7>3%Z MF^+45\0I8ZFC6R@`!N$B-X.Y<`T"/8THV#4N:2C';3N>QLDBCP"G`F<8RZ)+ M;,)O9:,Y(4821Y=RCI$1$,L`3/RIV`C&$M[%FU*,AINR],0'29T@T/N*R[(, M/RZ>+N(TP)O'_A*!KT1(V5#8'*3J`3U1_.(P!L"[9S>!P)U^\N(%'0W,H\F1 M-8%J@?F6WIG-PPFS01O>I`N8H:6LFH4+D@JW_*(!6G>.MICJ>?]@.)ED`^P& M8NQXP&V(*.E*9HF>XSB0&:!`.Q@RS"E:6/ MDJ:894'$4D*9HBF`M)8U_"SQ;+$M?S0#;7>39"I+><"(;NY3;$(SPL%2(,". M@.9+I8A4-0!2 M--YG2F)<9%NK]XD2H>H8ZM'^8OWV%6$$X#QV(VFP^\F^`+6[LU@!E+=Y/]UL M/SSV8=]U)P5,"@R*W;-JPTAO6^S]UNY$?EQ;O&-E)[Y^M`FLWM+;M0J+M>M].]]8E?O*>2$%#N[9+ZVE1;^TP[9$0X,DI_!- M]ACHZ]?1K]+'U\2$SUB>3S$BE<)10/1S>4+SJA">+9&"5=`XVA"KOBA)'*?2 M,+0JCVY?`G07X9GS(8T67:CQ@VHB5*&(NV5T3?BWU54U>5U6_#)GG!Z6/ M+KQSI$C0Z9O&H$E(4-[^J/HFQ'D^TNFIT)E=#-KFGMO^XEHLERVO'@@2TLW\J.A8S8W`7+U-D,#/EEKN8 MJ53(7J`VMGYS8#0[RAH%/TH77;BD:&5,.VV2KMQ][8'1ZZKS@M5=NNB06WJH M8873-.LDH2D0M@!M-G0%]NT,DWSY.YD"(C.E_'@88?8VSV[UQ^R'IF$->O(A M/UA&9V!B/'O6#&VKUF/;2&[E!+35,;H#90*J"P_1EE,?958]D>@;O7Z?1(+V M7EO$^HY%$(C1O#(!ZIBD:W12,Z00*_%HSF/:EF%N7A2LL-,87;B-]G`54'O' M(YVMEM$TE?DJCUXZZ32T\)[D+>`JW#2Z8J^,(UW(I>R09&,J5>,4Q0)+?F#V M2J..+OQ`NU\"&P*;LL&FTS;,5HO`1A^_PD&@*:W9T<0"'0>'J:JD&FI-1&T( M1YQXS)Q(^\+7_UH474[R59:26;`*EO#L>UF9=_KKP`VUT]/%W MDEC41BSHJ.\)XG[*E]@])-!H[PA7YREXCK6JX"%H&J;9-=K-;<*.CCL8KL); M+[WU%*%-[='&,@;]@=%1F,*J^_H?Q.BIF6TS#[W-.@@LPIAR_8YH]P#W87F' M%L7-TH::-M1SG6.V#*M+Z1E8H98(\OAKIVV3+MA5FUH7(Y85T M[W.V4@0IZY!U4FW>*]KCK!%.:F>E$$X23AY/PDRU>>\@IQ"'QTA]PN^WR6$X M]E0%XBOB*VU28#2R``]_DLI.^1#6]Z"^/NU#R2B4D(Z7Z7BY:AM6@J)C@"(Z M:]?IK+TF5I/CW8HPF@JX'RREV;S++@/.$+#I]KTP"F);]LD[Q00PUMP&[^L; M\MGL]8P.U4JMWO[WX*J\QC+1:AKF@,*@:>^^C19B0QXZL'\?_1$GFB@T0!?9 M;HQ#9L)UIHZ7-&KUQ_!#)`+;G\)H[U%=C9VH"-&K3Y"FU3(-4YV>TG[;4+0" MTT@NJZO9ZB1>H/(Z)%ZT\=I(F&T84E@9:>NT,+E; MF;`]0QY=&(;V9!IIKMJ)5-L8=`L*1:FO2-&6[HDR42)ZX%9\*JMG&\5'AR!' M?@C2!6.[5WS'TN,X`ZD07&EG+Q`2'3D266;7Z+8I,H2.8Q71ZM()H\`9QN@3 MP&-9)K[;V.]5^KPS8TK^()O#2AO+]J<"+U!E7QWO+JC=:QOM-GD6R+-`G@5U M,@4JLJ/L-/A89(I<"X_3]D/Y;H5RDP%U(70U\OVTV0Y@*8A63X/$9UWXIVC# M0B.\T\[B(#@C.-N/7*V>:9BFNG+]1P]G.9ONITAVSUAW?>[OW+Q43W$\0*SD<_XUGA],N;O$LA9>,W^PG`.S MA>NFU[PY,4_D9U@@._N\ALC7SE2$[).X8U?^E*^`Y90'-XZ7#)+'D9]]D2"S M_.;.&443N!H(D?(5L(7+9Z%XE?WQ^B$K+,:=-Z@7[-1=NT_:P":7@WESTK5> M/,NIR_*2WKCK?;V2WT?SH_GI-S_R&N_IDNKI[9)Z1KOM0J_K22`$^PB_3$+V M#K3?B/T6>X*U3%7&#FU`CIF_OCK?]^(N@K2B>^P6P'+/T+)T)FR:ZJJ2$IP1 M;SW@+65^`>(MXBW"+>(MW7"+3F`?I^.5N!5>7-3QJAK>JW:YRX+.*E8G7/]* MJ_V^T;;4Y6;N2L]*L!W>1R>VVI_8$D(20JI$2--H#@HZZ"6$)(0DA"2$K#9" M6@"1K9:ZG$."2()(@LC#LRI!I#J([/2,CE5:\E2U^6Y?B*03XM61@P4%O\^$%QZV[H0N ME%0&@E6*;FX.C&:_JVKFNBQET:8765@$`_6"@8[1;E/];H(!@H%CAH%.%ZP! M*EE.,$`P<-0P8((U0)L"%\?*I#[/^2WY1B+#5K32GU3*ZG=+"?G7A&W** M:J2_:B=2&"9:6JX1B12)5.U%JMDUVJ8RGSR)%(D4B91E6`,2*3H&4T;;:S_B M;BZ\UO;#J)K5`72A:"4R$[0YN.^VC:;"_LN[DDP7YB'GK:81001E!&7/M^*U MU"4F$)01E!&4$90=QAO:[!C-UN$+B^C"/81EA&4525"N!-!5)#'>[(-%1XGQ M^CKIZN6+^^1["T=C?VUD_^M#-/CEC8E%7[ M)F$C8=-?V#8WPTKW/)9FHAZ#)4IRJ+< M#J$9H1FAF:;L2&BV%;G:`Z/5I)WFL<50/$2RB4@>8\)S#HYJ\Z$_UW97#=UR M)RIK./8Y5[?6E"2N(ZXCKM.95B5S'?$5\17Q%9U^;GOZR7@4!_'E)RM=]'J-N&UF&7:;6,=DM=B)3NBT\NL1H9"=IS&T'-$M2TC99"][SN MBT]00U!#4',8J&F91KM/'3D(:@AJ"&H*#J'J&69768\][1=_7ZBIR"E2)B_IB-\G7@X1_TZDAXZC>MWNN0#7GH MA(R/_HC#:"J\K2A M\O)@&9VN,A\4201)1.4EHMNAUL`J-BD:.4E*:U`%&Y7KB\\_XD9DY.`WW$UV M)D5(UMXUURHCDJ=M#4KEKK)@<6X9?>O*:"35U=6)1R6Y!87LD^22Y)+D%BBY M@UZ3))>^Q_A17$@"NH7IBAI6!>JEI<;7*78`JMMF&9!V/9<:EN%W7?Z`9)V9D3Y M2%.)ZJA:P5!%^D"TC6ZOH!J[Z\H45(&-",`(P`C`*@)@+P7UL2$`(P`C M`",`*[J(9Z]=8MF[*K#1O@!6]0@0?:LZ;%,!HV""'FNA'^)3XE--2$Q\6B,^ M)4XD3B1./$#1JWJ=L+X5GA@[ML/=)$-2A%CKZIE#UD5N)$O;Q,+%KW9AW=H% M^*N'0UTXA=Q4^L0;D5B06)!8D%B06)!8D%@#=,?)\) M+U074+K3&:+N]8FH.-52;$/+&%A4G.H(W(!ZZSJ"FOI#C66T^^IBU75??((: M@AJ"FL-`3<\TVI:Z-'O=%Y^@AJ"&H.9`Q;%,HZ,PNUCWQ3^(+ZAF+I\/V9EU MZJ\A]RG<=VK!]L!4EB:VNOK%@8J^=3)(/]=98@;&0%TM:Q(8$IBZ"TRS:?2Z MRIJ^D,20Q-1=8JR!T1LH2WT]#HFAX^Y-BP/C&3:?^D"/O^071.F$MNN'<2"N8?YO7=_^]LL__OZWGY^Y;7XQ$-5#REV)\9N3]Y=- MT^K\N_F_Z\L3YHS@"VY'9YU!VWQG#=X.+EH7G8[UKO]VT'__]OS]1:][:76; M%R>_/%B)/%6OG:D(V2=QQZ[\*7\<*'.WNXXGSM(*>U;3?/$ZM[)_Q&'DC.^3 MKQP/H#=U`JI<[>N)8!?^%%CMGOEW7LB&JQ7F0G39_2$]<[>I9XY%$Q[A#2R< M^+,9"#^S!5X>-A@^\O.\,L,7'D0>?#]Q9LS!^P3RO6`C)Q`V/"*`AZ=_`\WX M#=YS`V,(8`"SY%Z\:/[;5$R'^-68O>=.P#[S;Z'!9%Z!Q],NVU]<_A( M3\<@<>P:QWDAAP??QMXM=UUQ;\B!?H2_&4SE=\\!H0[1/[ET.0;J_!=H,.;! M],FY<3?TL4K%K3,"\M@`$!RH)H3XZ28=PVUWC27G?MQ>Q*0^`29)!\CCRLR\2PT=^ M<^>,HLFK7K?1Z_3Z5K/S(D-E0%R7ST+Q*OOC]4.470P_[\'/U_5<V=KW/W.K&W:+[GCD6*M^<+5)W?LT$-H$/LOD/8?-K MQF3/8.PN%/Q\-]P[H4=F(QM"PYM(W/ MA*K>YJ)(G+L`.^FSU_B_SH_<8Z'1'T(5ZQ\?P*3 MF&T&O5$-N5B.O=NU%`C5$M&-2)< ML<+;,5^0'MV86O_D'I^BW]#WV-<_8QX(TJ2D24F3:B>H:PX':J@:JB6M&A&N M:)W:V+C&-"G5U_DCN8^.ZPK/42:L)).ZT:=HT2/MJ>!(:\TI>@VU0+5$52/" M55J&:R:J66A+=35"M<20I&TS:0-R:`I9A1JPZV/*:J@#JB6U&A&NNN)<+ZG] M+\?P2F'M)LM,TD6[^WO1K'^7J/=.-%G?7H/1D3\A[NQ>'O_EKO8*/3K1(CH5V!0 MC+G>)LWGK=5_V[EXW^N_?7?>&5PVSR_ZG8NW%Y;9,2_>=BRKS#0?B9^%Y_@` M:9VI++$SQL"26Z0CQ@[+E)*0S?B]3,F`7^R[H#C"5RH` MX6CS?OK]1E-MUH_5W3/MI[5KVH^UZWV[Y@OM_$*:($U0QPE6[\R@`-MWOWJ: MO3WK:>Y"S2W*9A9`K[562F4<(-IM0(^;DXK-1JN77V@_]FH=@+V>H67I#'?! M@^`>!L3D-II`C+BL""Z3F2O$8<1AA&/$917FLNUQC$[UGLYGF?N9#RFRC]*[ M$M79M&A!7Y'B?D;3:AKM[L;Y%SN3K!*<@_<569A4(QS33J\2B!&([0QBS9;1 MZ_4(Q`C$C@7$=.$V+7!*(R@RFQVC8ZKK6*'[^A/:'`/:5$+Q:0%%53&9S$[7 M:/?4=?^J-.?L"V(*ZKEO&KFY/MQS4?9]JU+NW7'N^150]\=/?17LAS)5N,@-XT7/#@3;DG< M@F-HG:3\NN0\[G@A"\2?L1,L1=2R48[P8S]@/`Q%%,IX5-?A0\=U(D?@K5/! M\:H11MSF[O<]QN%7.PX"/-\8\M!)[AX['LA-4I4?BTO).&EF<[@N>4A2,3Z: M<"_W/`,#1^\$IB.&.)9X.L/HU9")Z$(I\?/#N->:K MQCN*QOLP2EC6`\/W)T^\FB\LBJF\Y.DD%R+Q>NR3E[]R(GB#G45A`Q,#16\% M^[`0D*,A;N'Y`WF,&L\[@S#@<\$F_Y^]JWUNVT;ZG^]F[G_`>"X39T9Q]2XY M:3J3V$F?=)HV3=R[N8\0"9EH*)(AR"CJ7__L`J1$6;(E6Z!,2CO7:RV)!('% M[F]?N(L5KF[-442FK-4'GX#9E)AN(4FAU<@T3'T7@4[@CB4A4QJD`@.8V/`C MXC/=#"/F@1H#LO$Y@.H.PG"I-K[\F;F$Z]/VV$@D4R&P[T;\!<;!!B+2D?!( M!&$SA5A$8:S;=V#+8=/2(YN6<52&[=;@I=*+-2*J5PP#N`L>*RX53_YS!1!D M`AOELA2;?&`^JH"Y<;`4(ZRZF(_&$N%X@?P*\-K`/LA^ZNJY@.)`4L&E#E<> M0U\,%LG]&6H`O`V+.+Y'PEFZ1,]-<,PZ:3VNG*$V61H(537D,%$AC>(:9 MY(V*ELW,J7NU8`_J.`KU10YH8ID4-HF[*%GF:I@QCZ(XC&()U\*FYI0`]\`K MYY!,*'[9$*.#M"=-7R8R##&-RZOQ0(EAQ+!Y2*@T`CA5I2/A['CE98;:@A M9AU>JK6`V;H3,(EGK&3=W.XUW<-G:@#?@-('N=8;M4Y;6:38L%>8,="_*ZW;I42=6FG(L6 M2`ND0K[J5<=4C#Z5>PEYQ,5IA;<)'XS=E?G.VL=>;O;V)X8\B.V([4IFNVV- M[#UW%+P?_U,;U2THK)Q8ZE=5A"KV486*>Y*7?YBPTD<35I(!>VUB21\*L:3W MZ$XC>=AK'0>X+;9RJL-$K$6]?HA92V'6SS`N!C0YW*K#T^SWQ0N3]_H=R0;> M;!-O$F\2D!*S'C>S[A-(J1CX+@._D$E1?%N?)Q:P4]W_;DB-Q/<)$>U-$&&3 MB-LG3]_-G/83R&^#@-)Y\2CRR4E2*Q2OKSS*D>*JSVRQ"TGX'2B[\P-4TQ,V24#I]XQ8'LO^#;1 M]O#?`-J-*3R!5`DG;##MLM]K[X]AZ<]^C!'T?'R7S<^$PKEQMQ"1:/2Q?NP!#K("I1".$02`<;+O'IC+Q&&=1'$8@1S/=`MWA*N4^ M?%@\D,?PWVO=HU%W^L'6ZA?A!+A_-J]Z&+Q4.*$H`J%A9@]50P\H%5">*R7' M4KCZD3")2S$6,79YO_!X?"U,]W73K,5T#\*&[^8Y@0XGD*?/2&2 M,_@-AE!1&*"D`EFR(6/Q300ITL3G"?Z2A(Q/D!**C:3OPR7P32("'F2MBV!* M:FF5'H=+A0C6S/RU(:IB'_E,=Y3!F<.7<0K7_%KH'[]Y`3;YKV[R8FF^>F17 M.&',D:-?I""!,3[?C/A.PB8[DOOL?:"2.#5M1B]@JW%'>=X?Z,H#H5DT);T[ M/'G70H]T%\Q'O/R%3.`)CAGILYR`$'S,T>7G.$PC$)&)U+W$>)P$`!*>C-B? M@=QP--&!2T.IVN.U;N:\,MU[#I6]N\D,J)MRAV0Q3UMJ&KWK0_6(C:+"8:#S M@'NL#-P[;S9:[56K\R%CL:C`SRGR,^K:K27`Y+JVGYTQU/5CA*)ONC\R[!RN M?F7T!IMZTO%0N[J82@OCC>-PPCY__/DI*-QP@@]62>A\`?4N':.F$.P$*#Q\ M@N_C#$$1^J;E6?ZDPK,]*6(>.]X,'@8*T0J=_MUJML]:#*[SUS7^?1#I`B0E>^#$8S9CRC4G447.W:ZC,=%+#RPL&QN! M)G*4^;9@70B8QD1C8*JT;\^5QS"6#(:'5-H7-JZ4DP*LZF@#]@36Q3SJ=JOC MU\U6QQG[KPEXV-GGN4QE&HA+9PLYEJCW_#NO9L,12PIG*@ MN.TZ2L;-92-?3"(_G`G-.\P!;8WAKB@6W%6X=\;TQ=]<,4JT<1K&\AJ#WA,[C+!$(DT/F&P6YT(J%06'F+]RS*\CE$D" M7)_H/[.X+0+<#51U,-BI61)-7JF*3)GMOLQ"P`:V\Q`LX!\+8!5*\5BBD,`X MCJF_!'2<>L`410&$"?@N"T<8-D9'%G_+II!=&8LHC`TLPV.,`9[?[8;"/'$D M?`E`#S=D=Z5*/\^58[#"<5W+Q9]:`".]/C;54_"XCFZKU$],^)HS7%8LM:@O MQKD3[?<>`"F+YX$A#H3E@6%"-DYC[7BA?P8L,)Y':U4">ZPC\<`P^"*AR)L8 MG)%X-2 MOX14_%Q\ M3!#&$^XOO;-OX37S@?7;;N8(W\^N>772/-&?5<2=_/,:"EW)"7#I;V+*/H43 MOI(H`RH0K$PS29XF8?Z%R2/0WTREFW@OAL.S]K#5[CW)*?$B_V-% M-!>3+Y8)+-(,^FNSO;:H--`S>G72&3S9F,&PG&.1W=AZZ'V=?3^0%D@+K.(" M:W)28CLU?RO&F1]39.O=G,%>F=K!=_YH-]JM=J/;;Y5.LEIP#MY')X-5L*R60(Q` M["X0:W<:@\&`0(Q`[%A`K"K<5@FJN\_H7U1S>R4V-]RHK0<\CK M09=2AQ4F)NM\]!M51V;8,_8Z8*CJN'^/8I$-R8?+B:+F1UTDEZ5#ZF^F2QF2 MMV>3MBQ5GLC`B0572)Z,,//:'?AFPK]DA%&+U."EU'Z8G+[?O5&S-=\979A3 M/.KF0%*'1[-J,L:_V^VSGMWRX_M4+>Q5!LZ:=J3`:M%OJ?"W#_RV--_"YA:K M@"^P_O3MUU0"3&3G7;G,O/3Y)!P!7^]2'7P`1=A[+AC6]<#BQGX8=1K/]X/Q M*(K#[QG\`ZS#"$[^1#*US3$ M*I2L:$V?@;*Q'+EU=SGR;=72A74^;L%T;=BH]G+P60@-.@OKH`ML<,UC=WWY M.7[S9^`4CQ3Y)81]9?^!Z6&A6N$@O65CM#$'N,6SAH5G%0I`93!&E:>/]H-_ MW'F+374W9^1___A#JIY?7\0MW+$SY\$N-7)^\NT7;ZH_V_J\L3)EWX@CO)\U[O;>^R?7%Q M^?IBV'OSYG+8[%QV>L/F$"X?MB_:)S_=V/E[V`KK'.!]ZZ_,%!F%OFL&,O1B M0#`Z9NZ^\]UPV-^"M.SM=W#>%!T28DWGKSON4QIZ)T!O8>C-3D]3M5JYSM]?9LW)T0/5XK;JJDWBK[CA&O%5QWBKWR),*I527::V]$RXFL>7OJA]37"N? MQ5^)U.GJ9$?WK?G:TU>CT^WLCR6%WC"4@J@,0 MU:(#RU%^(84X:,('T7XMA27+DD+20M)R[;*Q5Y^(HD+B"7BQM]=JV0PVC*$17(#= M@T[M'NDT$BT2K5*R_'JM*5N' MD:HZ8FDZ;=G+G-V2-L?MC)&T';&TM>P=7T;*B\3IV,6)E!>]-:NV;%K'KLH' M!2IQQDUECK'I#\L_Q*8J.W]$L=8ZD]$JZM3B`*5*0%(]CMTZ;?7+KZ1]D"U5 M"TX[Q%>VA'6$=0>)=:U&KTUGI!Z;Z7;$+F(M6)$`[![1Y,:@VR$$LX%@E(OP M\E>A%).!$TX$2_AW=BJ^1R)0XAD;B4",9<*X[X<.QP[K20'DC[RJRPRTB*5O+5X61 MJ^A5')C1R@3I@,?KANG(%SNER=3;N;87D]E$V\,/VMC, M"'@P-6O!=124KJB]1@A)"%GFB<,M>V?&\W85O%G,;/HS6PYU6I&G*'.'[V61?G31/]&=@&"?_O&8B5W(B M%/M-3-FG<,*#E^PV(J\+,T^EFWB&(AL9=5F6MK_X?I%ND*+[B,P=:2*X'\OZ M!;=YEXW-$TYV01O,;=EI@6O8VQ[KOIX`OB4L%E$L%,B&8HDG"H%XH;.'\%1) MEW'%(AXG+!SKBR["":QB]E0QQ8&3X5L9)`*&2?`>]AX_!!Q3B+C//OK\;XY? M_\*#E,+ M$2[@>X1CG="D#V*9P*KPHM\C$7.3T,0#5\\^%IX(E/PF8+*XX+.=L7$7F#KO M/SXH/9@/'TE?;3E?F\I5#^L*)S3<]`+,`Q'CP\V(E]FQ/\B40CUX\G6A;,X) M1?7::B\Q\NX+F-,4H0*0021&AGW)1](',`"4`G`"(5]9TCT?E]EYF2EW7\O`3)*G29A_8>(%^AMCM0W[9^>M;K/?[CW)71#89Y]'2KS(_UA!O?76 MX-P$&:[-(]G"F--3>G72'SRYIQV9W=AZZ'W=?3_P,!=(N?$E)P66<3#+_9,& MM\?-AU!PK=*CA$'B+3N\M763VKH?<5,FRJTQGN\VPQ[*DWLD9QT4166(=;@H M2!QGTYYKU1[JW@G0BMQ_3(ND*J2P]M:QO#67DT)A+J;1P[@/AW`XQ&N M5F/8+/_8LD,1+O)ULR9#I0C5H1THWVJT.M2B@;Q&:M%@[SB=DHKY#E>>Z/2' MC:<_N*LOJAX3K2IO157B4,W*1'VZC?Z0+&AR3VL8+:X\MQ'2+!UET.CWJ!\P M^>K;T_`_W$]UYK4^;'?*`V=#90`Y&EG]5;O1;6^=!4;MX,BS)\]^-X%K-09- M>Z?/D\"1ZW\W%;&"LT3'?[_G452%J/4X]RIPC%A5N.?QPQ>UCUXL%1`52NY+J2+:3^E&O7"?].(!MU*P MSRY5P8U'@=ZC25E^_%*GRNM^>FU5O*^_A[ZX5=EY9WKG]F)I M5=_YQ_T1S:RSH^=LG8BH%D/-*U>2=4A!PPTM6SL5<(! MTV5.=R]M4:X639C82/A2?!/8OHDG3";816D2Q@),NB_"G^'7`0O"1#=)BH5* M_40W3!FG20I7A8OF2%/I^^Q:!/B%8"H=CZ4CL8<2&(BZ`T;>'"J$<9SP.H!) MZ5&#]:G\NLF3$FN>Q.%C%,L)CV&E<&LD-*%8&F7-G#[P@%_GS4F&[=;@I8(; MPK%,C)DZ:^C+$CD!A-)]4[AN9Z57=LTE/`-&@@?*R,-L">;C-=AD2ID[EP8S MG:32T00H]5I)_E05)MO0PX=P4\S&W$G"&.8_'@LGP4??(&IAC5FOK*N,=I_> MOK]BG].1DJZ$90M#'?9M38$@#.CC#@"=D;+9F/`P/U2*.3R.9^,PGO+8-9.IA!Y9$_QM^2N'+.`'*P')C<0TW9].7,7P&WOT[(\:& M5EC9WS_^D*KGUYQ'+TP#+5CFI50.S!"V^@IX_XT?.E]^^M<___%C?N$'&83` MT+/W6:^P-=<#M@8H.)_$^-7)NTML,O!'^W]7ER=,NO`%4/]YZ[S?Z0VZP_YE M\VWO]>O!<-"^Z,"_!H/6VS?-B\[)3S>$M2A3&_JQK,/S/3;#TA^GYE&CT'>S M.IDP0*K$H>_CCN74.YX&4Y;FNZ%[UR?A"C'1HFJ=XC7NG[9O=?84<5X`2&:] M^XJPS$X14/5?'_-KGC&/(PJR<`IZ2WDRFOVI&'/WI(\65@' M&#\HH;@83_BZ3Z667#E*C1*&?7-X!(K>SXT1?2V`*]R763QXAPQ2`2HRD3X# M1IB/(8R"G:#:U$8%/CT;4/.25`FRBJ8FKR&+K`A-`XT\/]7&`4?B9(L=(URZ M;#331LWOH_R;@.T!8,ELU,)$;H!$/@6@O9[0ZFP0;]"< MGH%IMF`4M\`6$Q@8S!HTX31CW#YKJ=9/2L^:.TX,7`D3XT&0PLCF4L0D^!`+ M,*H#!H2##]FDUY(`=@&6'X,YS<#1!4<6?]>3.]6S,];PFDEHJUK/PB!M8\VE2R[BFO5IEU)%PC%-A=(0>$6>]SN!1>U-!/5N<>0KZ!OQ/I:5QGU:6K04` MIX+=[<_P#VP.B[(P>);SUIB#?XU")/)OUNR;+U3&[GE/[J^IS'`U1]X[X'T5 M;`WKY!$B%*:"]&I@7>7[IVO%YZ9Z1'6#O*S;[G*M?U`^.48C&L8D`K<*YR@3 ME7.^L\S%`/!J$5D!%6,B-\C8,M'C9C;9-4S+G^F;,]PVRQ%WTB%$AJ-SJ*O"VX3J,;F*` M-':UM,5::1A!N3NX5B6?_)"""@ALZC[^V88XX;8<>=XYL^7YKD,]!&?._@KA M,T.+(=7Q7J[M`&3*;$/HWD$R]@6X"Q\X/$7\%T^^MS!D#[[+Y=?X'\-]G]A M$/JIG$?@.=2&BVR;Z+UK=%LF3*1T9F9_P9.);"B,;>"S**:V_8+MVXI>C!G MIQN1(;[6,X.!4046H@6+N,2J?EYZ?I3^/WM?UMRXD:S[/!,Q_Z%"<1U'BH!D M`B1(L-MV!$5)/FVWW3W=\IR8QQ)8%#$&`0Z6EN1??[,*``FNXE*`"D"^V"*; M6"HK\\NE<@EL^#+Q.#:N`I3UG`LR$WK[1Q@M$FP622+WAK:+I!6@ M#5,Q&T:-W(@W>-E7CJ%N$W_JFKK)43"@P>^^%Q1X.%6532C-:.1G[JE;^Y!L M0Z:(O*6=V`+K81H>0_=-*>A+SS588BN-?9YM`=NVNY61G!2EW%V6,A%;P+QY M;N:?\X\!NW1*W:6\/)W_9GYCD<,%EI7KIK_Y\:QU)CZ',VIGGP_7NE,:/#I> M\I(TCOSLBR295'SSY(RBR3NK>]77.ZVN87Z79='!=KMT%K)WV1]K0+IX_7S^ M_3RKSMI8:;%'!K]XI1_/NKWO7LW76TX.3"_4C[VN4_8#Z[E`;+AV8KW4:QW6 MBNA9?7@'MF)3.S?J/LR[1]Z2PUM[YYP76*Q=>90#%^9R#SNZD"Z399*X"LI# M&6+5%QF1X[#MT0K\;8X;.-YR?NI2U/E-)R*J0CIIQ7!5JG4[-PRMKTMKK;8N M&!5B`)QU5)+J1Y2H&DKH':W7E];HM1DH@2VUCK139KD4^_2LA)>;?/GY&`OZ MU3X_M>GC8^J:*4^3U[Y7#_JG$OS3YDB7KG>U=@][G9?GC%=>QU6D&4UZ4W$" MO!9:5X662G6J*8)B!=BJC45)SDQ$^3>+='-;*BCW6 M%GK@2^R;\!I-`I9V'PB3]@.G/CE)="WK_>N2>+QQ'9ATC$G'F'2,2<>*N)#* MQ<`P,123CI&W,.FX,BBWPROPZIN/O'^\I`K`4!4^5HYPJK!CM3@.DY77DH#" M"6\,X(\S*(6_,&49DQ'7C!:MVY.6YJ3*3AX5&$7+_TWIHPKO-!0%#!-1H#P? MK0G6!J88OWHBK^FFM-G9M<^!1*\24XP/H%-?,UHH7.4YT)77:)B?IZ`1W:#\ M/$.S#&EG4YB>IR:`*6<9((`A@,FJZ=(Z)@(8YA=7;7!BQ<86J\&DF$:\\A*A M\ZQ@AG`ETG^KG-M;^0DO*?KM_?XUSE;N734Z3]FL2K[QL=>U,4]9X5`:YI)B MGC+R%N8I5P;E,$\9\Y0143%/&?.4,4^Y3`(V,D/1U(RNM'0.57;RJ+@.6OYO M2A]5>*>A*-#N26MAI,I.GHH"F*>L9)[R*Y&$^F1:&H;6[>X=43CLX/\`NJG" M<44K=?1*43H/2-E76C'?)H.J[@/JA=3FO\".RU(6<)]/ M@"6A/6&C&)!B%K`0GA>*!%GPUI@-?_.3N`GU'IF8(W9/XX)(K4,O?<>?O^4S1G+$AS6YJ2&\4/HC!P:.'!3?Y^;IB/+&I"JC<$D8$0P0[CE3M M?DOK=/L(83(@#"LRHO% M'8JV"E#YHU@T4"P*#!ZTNV5(D4QB?O#L@-&0D?,12_ZZV.^0<4:=T24_5J0S M)Z*N.!BD(WYV.A4'F/YXF]J2 M)X$6I$7?H(:FTJ<;Y177U/_83&_UM4Y7WLG_T12M!.=A&$'1<#BB)*)DXQOJ7AH_YVUYEZIOK?/M6M]!\GD8>.#K.-X=W[9!T^4R`G'AJ=[KQX8 M[LAU(4_P/S*E(W">0D()?!>[T4II)+]^Z$]AN2__DR^#3&_]:<9X\1O<]3,- MHD6-)"^-])BH;B5/3C19N8](C+Y\H"'C`9/IC'FA**$CHE:6L.G,]5\8$ZL: M.0',]"\TXH1A3#V;B?6&D6__269QP+^+LC$Y M0UB^X\7\/3^-P?5+K]9;<#E_1G)5P.`Z6'O(LMMW+ZY.AKM=K+'$[9VLNFX; MKRA8XUOB`EXIJ[YS/`=V[*,S9N06=CMR7NFHBW75>RY@8-M@PP@A_QJ!M-!@ M%()$C9PQH*20VGM_YMBD8[4TDB4T&*WW-T[(+XH=P`2X]J-#'QQ7[$L2<7Z.\)@!)(#OP>?A+.'\73(&R7AB&LE-^("^R4T3`.Q*>0N+D[VP#>%/!G M['B`"0YU`8S"*(BG:0DXC0!='OS1"_'A28_B_>=`R9$$P($_8$*_,8Z#`;4! M+?E*;/$SL/8F2P_D/TX*N:_(X/1$#`4JI;4\6),)@'#8J$*`S72Z"9USR M7A+(IR2<,1NXA`^G8L$4=D1P"_\EO[0L4ADM:[V[\C&$N2+WZ]HT48G_LT24 M:.*$&2G@+U!"#XR$+(I<($4\`QKDZ?'P`CHN3**7_#-O!Y"&*#G',:`E_&73 M<,+_*:6I#8P/=YRS;H*&0CZ2!R`_BVO=E]*VZO]UVBT"-W+A:RE;1FA-1));26`SC3@S44`A_\_%9I:V.^>& M<=6_D+M!`I*!&5.$YV`!$K32VO;#?*[ALDFZE#XWS`/1-76Y34B^3AB+$EE8 ME8`=AC$(`#@`=NR*>]%PUZ^7S&)AV&X22I`F,)4C;OPNWB-YKXW_)-YA(;V` M$1QG';B?>+:@Q"58PK!$?@CBS^WPY#@$&"8.`D`"L.^#/^$':4ZA\U>".?!C MEIB^4S^('NDC(R/V`/>)(Z%XX4ZO6+[IWS]\'X>7CY3.WOWF>#[L\DNV5Z#^ M;=<'+#]E"W;LW!=<2(YVVR)A#*-2Z6- MX95@I-[>[(,4:B"##W[''H*8!B\"\A,#ZFYN@6XTH*]]^!\YOQM\O;Y(#,\1 M&7S]`Y#O2MSDLF4L6=,#V-91:L7.G=H4[[A$#SSJOH1.F+.G.;PX"TN:4'Z+ MA8D,EOE(8"3H>I"T_%A9>^G6@&;?:.#X,9C:[!$6Q%+_2DNGC_*5\5^(6\Q1 M-/M5@G*9/"Q$&[K4W,M8&O.I>MOD;.O@`YO3@]1>?1$>[GA(G=/H07!Q42A&>K#`2:ZANH M(!XL"F'/>/@3:!ZP"0/5!/[2U!\QE],R#H6%3Q>,SYVX('TH<$HHON,/MY M/4?P=29U>=D![H!E!R^7<^,^^]75NG&G*BM6/LX!LO1+["Y!.)0'RB.L]+X8[!6P&!IBP$.'% M?(#G!_;H>)X(;8P!CL@-`Y7^`'_PMX+G](0LS>('@,H5C!7OQ$:+]WSR8_#> M9]S9C%8O$2\Q\F?1&CO#&P(9P!L5&/G`X'E,+`?L.W@W+A\KZQIGR]EW$=UU M(9K2%X[!0@?P2$+B]@8,#&XN%OQI\%:\)(;CCQU/N77.7R%5"(O`-_]%JA[F MK\<7"N)WLBY*(`&@)5-#J[IG@4&P!8G(\TN2X+IXK]16!QUUJ(E]J,F\9&]_ M"AZIE]K_2Z;#P!M]3GHDBH^?QG/+Y>M<86XPYO>PQ]N=X6#8T:VVV3+,3O>Z M?P.V^*VNWX*A?J,;_3+M<-+ M.IHZGA-RKV"4G+;Q;^%Q])&-\O86V$'?6`KA40#K)N=?;C_<7R2@G;WC%[@@ M>B$_!WX$Q\=T&QPE_SIX_GV@TF^B"\_IXN8TO^(@,4E#]^`ELS];M[+]45, M41I^2A?W!-9H!TSO=P8_$F8O3W,=?M*VG\0*"_;[M+_LQE_PP]A\X]HTUI5BNU#*`;>. M`[:L.IG'@T;S>-P\`J:19&,38QH$@IOK\!HVW"-1AQJ/=F>ZD1M,H-?]U/@6 MMO@S/"!,U6X`=H3/+0[!-]S,OIQ_!:8!=<"KF_BS&5]5DA@29D9[NB/)Q\$"]=,L?D@]KNYR/ M>,HI?]Y0"W34VPO93MCP0ZO9!`ZE'S\.)R;[TN@ M=YY=P7]VH9&G">@W<7+'P_/@9H`'-)WWZ=X((G.;/LE968":@,CA!`Q"\2]? M_3B:D%_!HZ(\S0>"6/"2:WX MC9%#`"+N4S_PJ`X=I:E._P$_;#G7*;O7QGLD#F%RN`0N-@L74+V66KK@-$`@)[J^;S1P`VH M?!;;N3CY$KDDL'[W)8GV\4[C/+`6)]&6W`47Q(,%A"&WWD0+C>18;9;S<3,# M;>/N9&3-V""+:8B4D`?&/)$SEQ@4.;=^]>=\&">/GV0O`V01%J.=1"W2-\AN MD+YH#&OGVXG:HK0%W/"V[T#\*8^KA!F;I*+(3S22R'0JF(FXIL7KQ^R+7O!F8Y+\#T)8Z[^YC575IAN6Z>NY(]4\A&#[`6X_2>"`[$;1-< MB%OF;;\K,G#=!,GM]*(H-ZL28X&Y8=0<$-^D,0/C_F7/`=(T"^EY>(.XG!,Q&Q$"#W+!_O?Y!`UI5*X M4(-A[NFY=:R5+(^*9S;%P!G\;#]QNO*`P8-/[!E$D>O&$%Y<9!Q[/-XV M=F/&4Q?.__"6]O,7'R2%_`L>%HL\K(#\\!)6/@*#:O!U@.&,B,4_+4$L$5D=3)\RPW&-/\\5\/Q4^ M'%S/24'=N<>Q"#HGW1!6V'T#8RT)2$[CB.!;FBH\`U:+6.8[A0N>`U[[FF8U M@.)?9K:E72@K2-GK?R"FBEAQ;)16:90$CR#UC M+LES;M,T MH;)6U;TR)2F4=(=^(<-%PM47-F)L*BS+S_/=_2IV]WS^^Y5_N9@;&^71P)!, MA%\/),*O&X@`\IQ+7>,TX5_QSL\9CX#H1&1$7^;^,MA-C!O3)#TG6G911$X" M+)_K<3\1J_D>B`.G]7=))Q"O&O9;\YZVH?OP=;72$4Y M%,[]Q'=':291F=3[QILK<'H(,LH!:3])O9K22.2'`&M,G2CEN6W@D1O0)_#C M6WJZ\Y@$9>:GN7G;;/5!-%\.P>V>A/X998%%MFY%%JA)MT2\Z@+\?,XN`0]\ MA*]LJ2/<=M&W)`WW[&=F\NI86MK&BR\X/?2.!K_,U4IN71@/)RQ)6_[MY0A+ M98"U\IKA4\[R!T$384)^?I^$$E<.B^I1MTW2U`4V*M.G,4RMU>EH_;:D=+P] M!%5&+&QOP[ZE6597L[J2]FBQO#RZ2`6&JN%`.7&F^VU&'\:=I/3MJ06$[D@) M6+)K6.;4EISS'#WY!<;,TE6=+WFYORZ"*;SW0_J;+"J^XE*D=N@5R0^Q7O/7 M=[9S$X>GKNLG)>)C)PCGC=76WG0>5-#F[Q@PGK\@#KY2;S^]>'YNR.M[5\[P M=CN%:6UQD!P39F8Z3_)C`4\0Y_TLYB4)2\;S:T$186>*BH"'EV6#)`W5+!(_ MTMS/16Y1@PXBR@HA+#57V(>>-EI,.2F^;*)>3=]BG9$++8W++U/IF2S-, M2:R^:D>&^9-;C:NI]82]Q'"J:AQ`K/+0E@RRNRHLM6SXPK*N>$DCBD]Q]&D\ ML-,#1#;ZQ*/4PWP+G@_"P+_GAOHAC1KZ=_KM\/JZW3/:M^9MR[IN7_<'PT&K MUQ_LSSE^\&GX09KIL-$N M(/(!:O=(>SE-]W-W6>H(WKY+:[*_\N93&H"Y MFKPDC2,_^R*9LB*^23KM=]O68KZ%S4N%9B%[E_VQUO!O\>+YQOGSAO&]C3/: M]FB]+U[FQS.CW9L]']CW/[VT?^R%W6,OU+M'7]HI?95&RSSLTN-FM+TRY[7\ M`4&[9+Q_',K.+[L1#1K`37O@^"G`DRLK4."OM,YU?CL#6%N(*I2&(]A@^WF@&TO6C[D"T;F M)C^W(C_->T7L2^\"YX&^\3C04VG_,6D+ZGN+&J<@Z22U&/K`XQ\BBVRW)8P# M_DI61B42L0J$4X985>,X)-PQA#M*IR@U2OI4W<$;"<(726_I=16R:$Q]N;WE M`%J4Y8CQ,?11@\ND#7`M;L6KDU9/77);,ZV>K&7791PJ(D#5Z%,<)F0C4%%$*X&#U#=$ M$+N0/GN:$M^+?+6-O]^912HGT;.4W-'.:N[HS=!LZ3WKKG_7&Y@#W1KH-ZUA M2S?;IM[K=ZY-S!U]B]Q1.5G@F#MZ6NYH2Z7<4>/HY$C,'=UY(>:.8NYH)2T7 MS!W%W%'5O(EFP1SFCF+N*!YK'*Z,,'<4.0X)IT#$JZ&YH[QRV^<3,.+Y/,$) M&SVR_&B,;6FC+VA*JAN85H.]&I@TVM$L:WT`,R:-(@)4BC[%8<+OOK<8F9,F MO9RG":07"GB#55?I*I6#H.6)::6YE(]6IUTX9S5%9:)H59]P-:G,:*KZE%F` M@5*[OT*LF-[3-=/4T2-$>4"/4*$:B$:8`>461RA$TFH)LL=%WK]-:3:$LG)U9@($`BX1I2L_'5GK!1[+*][L/3EPYN]&W<#:UA M>VB:G4';O+W5!X;>[0[[-W>#CFGVAG>U*]883JCWR.;CA!ZH*T8&S6^M)(")4U0P3Y,4L'0JXD'L5Q$T M5)Q9X5>,AUR'5'GN0BZR#KH!Y$ME*"K5`/5H_KRFE*H:SG>9`2 MQ:RR;63\A7HQ#5Z(ON7XKT1!QB2G?9BNXCE,YWI+6O[TJ[1:"-L;44\RE^U= M4EDA:%-.`2.N(:X=@VL=K=^5-F$*H0VA#:$-H4T-:#.U5K?X(4++PK9O[6D% M.`VQ#;$-L4U-;.N@-XJPAK"&L%8K6#,UJ]9$I<=(6DSP[X8(\L+$?L/66&`=P M75W[%)T;FB6O4=%1'HP:D"S-24%U7E]A,;5V1WKJ`PH+"DL=A<72]'ZW&&'9 M-^:/TH+24A%IT35=7LLF5"TH+'46%D,S6M+F;:"PH+#465C:6ALURR'"4K]%9+_/QZF$ M9!0S$OG$7LSL]I\\%H039W8`^^%)[^I)KRS9;?PI;X5D6#F#`,5R3:^:TMSU MDVE69W6,4EN&U-9'*N5E_LMMOXUBAV+77&6)JA)E%F6V2C*K@GV+GB<*9N-L MV#),V+H(5D43]^4QRR^QQQ9BU6[)'4ZZ#-QM`.Z1'S^X[*31N17(,Y#7GGQ? M`E8]?<70^O)2^?>F&N:W*`-QRMD-"&P(;#(B%UVM750W$40V1#9$-D2V-T*V MOF98!<5X7D4V'%J*T(;0AM!67(FGM,D+:+,AL"&P(;`I`&RF9K;+"^[BU%+$ M+L0NQ"XY!.MH;5W>I&7$+G?I]//[B,+R-_Y^P]\_?!^'EX^4SMY]M2=L%+OL MTWA@V_$T=FG$1F*@Z##?Y^N#://UT0_#>_Z<>R#*M>O;?_[TC[__[0=)]X*- M\#BUO[#QCV=W-T9+[_S3^/?]S1EQ1O`%M:/+CC'LZOJP,[@S;LR;ULV@>VO< M#'3+NKFS^H/;Z[.?5G8OOQ/WSI2%Y'?V1+[X4[H=5W.7NX['+B^.*,7Y*O'`^0>JVZYG0.&2Z*:8".Y(&ZU+,9\<>$47LB>K$!U\!]X1L^ M;X*,_4#\N3HF$<0&C!"0WAO%U1> M^&XGZ^^Y,S80A`7%;LQ1HEL49^7NNZ1M6W!-_B;\<_[!GA],J;ND8'3^F_F- M!:@0F[EN^IL?SUIGXC,@IIU]/ES6GIQ1-'G7[>D+W04H[-)9R-YE?[Q?1=[% M6^4S/1;I09V-.3M[)(N(MX%K>IW9\ZNJ85E)I9=VC[W0[!][Y='O:I:^R'ZK M`8LTVZ4OTD)V+6*15A,6V2EKD8W/T#LMZ5773TQ'+];]WDW)U!"31\M[&C^` M.4&&XL:A1L"7N#ITT)IBG*=Y[W$$-P#R%5P;.@]NS,`H/8K^* MH*&Z//G:<,0":%4RGPV3R`EOKAX%U`OYW[Y'Z+S3!D(=LM7A;/6'%S"X]5]L M1!ZIXX5)RWX67A!@+B<%,Q+0B/?T#Z,@3IJZ4"_M^X]<5S[7%:%?U>+*>S^B M+K)675E+66,.E6QC>1*5,')ELTR_@Y1LW;H?RB/C+]2+:?!"]"W'GV4V>-]& M[T8ESKS&=!5/F#&U5J=5.+$:D2A3(?Q23E$B>"%X'4ZH<[VM]25V$)+:UJL" MC(8]OQ#:$-K4A#9+Z\LS_R5W&:T`HR&T(;0AM"D);8;6TN5U<4*7LQK@56#N M6\%$1"!#(-MX65?3.PAD30,RM,(0O&H`7I:FF](FMC4;O"J2;UOFR#91D"LJ M1^<5N<01);E)-L(%>6!C/V`D8+9+P]`9`X5X=DQX`$ONW;3[&%J_96]NK6U( M"_W41?PG$JJMHG'I!DG*6`@(+`LNYH;7;T@:/'77\6P&NP40*A5%'#18I$UA4P0Y=:^G2!JYB MPB[B`UHE:)7PRR0F-Z.S@[""9D>MS(Y>3WI[X3KGJR(X(#@T!QR,CH7@@,GL MA22SS^>?A&04,Q+YQ%Y,(/>?/!:$$V=V`/OM?U9;D[-8:=&"VI^S5D@&E5/G MF`*Q>GPHVYUN;OX#RF497J`\._-4BM79>:R0S&(Z M?;4$6`&+%258*0FNL-:MBU"68,XV0>@JFD(OCU*_Q!Y;B%R[)7=DZ#+@MP'P M1W[\X+*3)B4W*8ED;P)6/,NDJ[6[TE)?7R4:)J+@63-B%V*7-`=),WK2NN7N M33;,[$=D0V1#9"L0V?I:OR4MA^=`8,-!HHALB&R(;,6XJ;5->=%_Q"[$+L0NQ*YRL*NG658;L:N@+F#?1Q26O_'W&_[^X?LX MO'RD=/;NJSUAH]AEG\8#VXZGL4LC-A+C-X?YMED?1->LCWX8WO/GW`-1KEW? M_O.G?_S];S]LN)<7.2/'C2.X]"NS8R"`P\+;9]N-1VQT%_A3?O`!1X>?6?!U0H/%[6%O/+X!7]CXQ[.[&Z.EF_\T_GU_BR.[3: MUWVK>WO=Z9JWMWUK<'O7,H>#?N_:ZEUWS;.?5C8TOSGWSI2%Y'?V1+[X4[H= M:G.7NX['+BF.*,7Y*O'`_`>ZWZY72FN9\P(C:;/##0$@0V M*13%,+!I9.9'\+=#7=[U;.I[<'-.1I92/AGZP'\($F7SS0;Z$W],Q&;!O[-T M)W@'-1+RO2!4W/F%/#'^`6Y^F>TLK[<1#TVZK:4OPD97._EW3UH*82N4D$=) MWYYO;W-"!/OPTY)Z;,$2\VOFG_./\?Q@2MTEC:#SW\QOG#"&S5PW_->N MA>^Z-QNC:[+;2)R_KGEBRF[!28"OZ(/C[("`,?(;_,LD)+<>U^X\HXNTI8\1 M0_YJ(G]]=9Y/XJZ*0%JA_MV;EA')H>7^CG3I'&H4T/>N+&+MSY4%$$Y"S!2Y M]``NE=XH"34R,EZ3X1&YLLIF3!@E1:EW&(=3K=.UJKT]8LB7,@MM&P M$4=8%9)FY91.>8132/K:'4OK&/(*QK"C"PK8VQ.N,KJOW]4ZEKR")]1]*)HH MFI(48ULSS>);>S9"-/'PXOT?GA.&,3B8ZYXD,`4+Q-_$GXD4HA$;LR"@+F$N ML_DWX5M&GI212JNG:T976K6)*JQ1M.)#_88R@3*!,H$R@3*!,M%0F2B:>>HB M)'L5@93V8KORX]^>:KO*7R25K&RIB!G2<'('P/$UGLU74/?&"6W7#^.` MK535[%'VO]%O[EK7QO5UVQSVNG>U+'L9^RZ0D)]N MPH9?VD!2XGC?&#P=OJ+>B(P=CWJV^`1>Z#>QA<2W83<#<&1'L*GP3[QD98U- MCGFET'DF4U]D2+)\AJ1HI+@>B#GF$6)5I]XIC=^D(1JQ2R-F^X%@Y7=<=I*' M[=D0\IAU2"D):FQ13;][U>GKAF&U>BV]9W8ZWTFKL+%.++#IM;X[KD!"/_8Z MH^0'EOV\DA98D0BG<@;W_'5[6!%0:$4`D*%F$?73^*V-F855RW>M!]`AXV%* M:RGX^(79=.:`8^S\-6],P-V^WZCK\K^_4@]4#OSG/[X#=_\&.PF^,SG_W8\8 M,=ZTTV*U3\OE];)YC5$KGV?1UXR^O*$XE>::H@.T"J%>A95SB414GG`5\7D+ MUK',F45"G3J\0=#GP)_!NE_(S\`E,_+1F3J\JN3S6M*/X_&PM)>D]Y`G)YJ( M2&I(7<;O-@B:C*A][B=MA_"$'Q#6RBC^R\_;TA;W:+!9G%@3V@H+N2?_[CZ>D4F MC([^&\,MX`[D(79QC&G<3(>XYX^WS[/F!>R:^:QL1,= MG-7?[;:-MM&YN[YKFV:OUQWT;V^&_;NN/NCWV]>=?BVS^CDAJ?>2@(9EZ+WW M/%3'"4HB^DQ80E)R_I`0]8*,_4!>$G\DVFCS-/O0>99RQ^6:@%-O>4CR?H5K M#Z15&G`I"YV0GV&FGOJ\:N3=3JQ122R.`DNLHGBEBL*Z`GBU=,.45SZA=T^L MGS#-DLL+K+++&6J^OG;-UU?/_:M()I"Z3EKSJE]PW@KR5WVJJVJ9W%B'.ITJ@XQT#5N&3JGEW'J#D&XJK\J=G M2E1H*E,<8'2E^=S*[[P$J[,J8*.ZU%2H.DU:VP4$ M(A6`J!*=!Y1`J6KTJ^B9V*T"[2B$+Y58$>%K?_C2S+:%`"8#P/!\5A$2)K23]H1?6!XE)3<=$U MO8OEZS(\$X7B+86Z+'[`X,9'')(WL/%/IR_-.%/^I`[CF1703_41K787NT"@ M:*%H%1'C+B'%`$4+1:N!HF5:V`JR4"^LGLX6G@\M1?@LC/!AA`\C?'N*2P>E M!:4%I65?Y2(O/Q'%!<6E[N+2D98,UPQIP:.E'0U'(AHQ/%C:Z]BV+"AX!]#),%&GH6BA:!62Y6?JV-F_4!^MCJY8 MD<=.;]PO4[Z,R(4RJO!(T3H,556#I>E>W+ M4'FA.#5=G%!YX:F9VK(I';N4#PHHT>-&F38V7:OX)C:J['R#8JU5)J-4U*E$ M`R4E(*D:;;?.]6[QE;1'V5*5X+0Z'MDBUB'6U1+K=,TTL$=JTTRW!KN(E6!% M!+`#HLE:K]-&!).!8)B+\/XC"T/B>+8_922BS^2,3WR(T3SOS0X6/=PU.FQEOY]P_CV1;2`VG?KTTY7]S%G$6I M(Y/8XG"C`Q59?8M(BM;RJC"RBEY%S8R6^@I)IR=-HZ(\-$\>7IN36`"MJD`? MY)^FXNEY7^NUI4$J'L.?&&-I=ZONIMS[$77S?DKJIDCS@Y3>8VV]0_:R,P(.)J:E>`Z#$HK:J\A0B)"%MEQ6)?7NQ$1$A$2 M$5(%7D6$5#5S`3$2,1(Q4@5>18R4B9&MHJKM$".WQRN_CRC09=/O2WNQ'-'6 M$@5R5/Q/'$;.^&499CH6,+CXD>,!A$;O+HT.?+-X-^LX6ELGK4C0E-C,==.7 M_?&L=28^`\/8V><-+W+O3%E(?F=/Y(L_I=Y[LHW(F\+,3\XHFB04>951EV5I M_Q\?%ND&*3I$9':DB?#]6-8O?)M/V=@LX>04M.&Y+20H1=_4"^FP0LQ6GKGBMQ/DG"_[XE;BALY(4@2 M#4-G[,!#GYQH`I=M2DS20`C$V]PO[C"$[SDEH/GPC?;7G^\I4KN*V(V;["3>] M`_.`!?SABSMN9Z'T[Q^^C\/+1TIG[[[:$S:*7?9IS!D2%@TB^&FNX M83:;/K`@MQ9=K&5]&MU1:WD"[<.W9NR[X#&'[V1`A\VX'MN'<9?`O+5B'2\Y"5I'/G9%TET0GR3V(A6]ZJO=UI= MP_PN\X-'FMCULH>IJ-XI1_/NKWO#K1:TPOU8Z_K ME/W`>BX0,_$+3D$LH@W,X2F*^^/F,13+)&<55`4RA"KOBB('"?3GM,K#W5W#+0B==_2(E&%%-+..(M;0U[RFH=+"^\H2])E[M-3%:/ZAZ2[12WHI2HH6G,E&?CM:UT()&][2"T6+E MN0V19JEQ@M8U/?O3!$[7>BUYO>Y1X-#UWTU%7B]:H.-?;O<+58A:C087RACTAF9(',=V M-,E4X1Z,+2@:6T`P0S#;X[2S;RK0M$P5[GG[\$7EHQ=+!42YDOM"JHC**=VH M%NZC7JSQX`;Y[*(*;KP)]#8F9?GM2YV4U_UX;)6_KEO"%%Y5=AY=6$5U$^), M[7'&[,N+I:F^\V_O7=;`DBFN^*IRSD"G)ZW"2I7M+5H5H\:MM3S@E%CTBBM0 M%%6C2D2CH,%Y!Q!-%79"-[("2JTYHFG)RSINNF2>[GA5/_5J0]55[G2O&%:3 ME+2@"@G+RTVH4@1(UPRC(*C:0!E5>`$=W1IF1ZG"7`@TFX%&-PNJ#JDQT.PU M1FS?&2D'S3;9.A\E<+[1R/G&/GAA%,1\/E#(QPM]],/P@S>?&?1I?.=XU+,= MZGX&9.+S&CS[H,DIUG!P,QB8PUOKSN@,C$'W5N\.3;U_T[X9#EN=V]I-3MG) M$ZJ]:%&SAM+FY'N_?^ZV2SJC^A-$^MTKJR=Q>HA^ZOB0=KODZ1I65::`U'Q] M1MD;7W>"JKT^3*,^,0K:4[L2M8#Y'^D<3'^<3IH,R#FW!R_(%V;[CQ[\>,2G M5WX:?A!3*.\[!YKH]_$!R]E+LW^$ET`CW[T[:2OPT8N M78Q,'0?^E`PXJSI>Y*>S39%1$3K+A\X"F1*5?`4Y-;VG<%9W=U\LG8V_.L_D M-_A^$I);\+A'A$]=)?)ZN2)(JD8?Y413,?HHQS\(7<5`%ZK26DS05)A#U1O= MNC^Q*HN2R)42A[ZJ!X?*,9YB]%%.72A&'^7X!X$+U2ER9:6Y$F>H2VF!E)TN MA?S,R:;AA'"1(!,V>H17)@%SQ4%`.'%F.%[]S56W0FQ98?1$CD..0\(AX:I' MN*I@G'*$4X98R'%-T*I5Z7\CDTH?N)?'PH@$-&*B9B&@=A22A'J6H>OO^;?" MC81?`#'BA]`9.31X(6MT/6J;X+HPGFTA,M#P_5HR_>(VO5DD;G*N)VDA<*/Y M9DJ6%(1@C$DB_R#_U)L^A0Y7\3U_QD#/\!#5/+_O><:\D%W40IDHMIG*,3N" M)?*/4O11!1JE%=07M^8"IKMU-,N2GCZ+T]N4[K>GAN_JL+"B!D=!I.37J=8N M1OFV7]AI>PG.=:U70K/M9N`\!K\5LA(1B*H%1#VMUY:6_H9`A$!4!!`I1+@B M&6UNHZ>!OHJ:W=7:.#&(Q:2WZ@]"*))')"A MZ%%-PB:$C8?(8%#9 M>>CIL'/KRN@8NF(#SXU:SG>N^_QJ"0//.Q5YT:H05.WUX0"W"@X45'=J+PX\ MKT)\`@>>X\!SA$[%H!,'GJ.25X=3[RTI`6N0?Y!_UZ8.CP7$T>&/`LLK^-G*3?/JH`I0X*!P'A;_UD5F3/-GJ#@K' MP7ME!1.K`*&&UNL4/Q)7E;TOVL+"^#(B#2+-%F/-U`Q+7@^C9H\91""J_PDA M3M]&U:R`1*!JKK]JUC5+Q^G;J)K?&HCFK]N@Z=N&9K90]G#Z=IDQ39R^O7=X MK-4I;?Z=*AQ4=)0,%5V#)>K<;.%`29S@6G$'5UWUCP.X$;R+#!3H1D&S7!"^ M4>!0X%8%KF<5-.^PJ>*&X[=Q_#;.4&K>#*7_S][5]K:-(__7N\!^!R+_6UP6 M4%T]/S1M`2=.#EVT33?)[A_[DI'I6%=9\NDA:>[3'RG;L9W$B2U3$BG-`;VU M'5LB1[_YS7`XPS$5Q[6;EZ<4N*LZ``1;(%)PI"APE(,&A6&Z0XM2G:P--T7! M'&SW-LYUX@A.K",')!*<9(@#ZPK6=8M\#<_4Q9$96%?@.N`ZX+I*N,Y5-(=; M?2UPW=:1Z??WJ_Y=4W7#5.`[9[])'$T M7+UV/)I?NQC;0W:M.KKHTSI7*9QDLUZI;X\1O9M>K,GP-\DS5>> M\MRTSFWN[(_L(HL^Z,4G=VNMT8L'/&3"+R3QCFGC[.DP`EHZIX:JH&=;`Y1Y M\(6\A9ST@/AD6F7COZ:Q+D/2+?LS*-=8,H?K(#K+WJS>9 MBV;5^]+8=QXN/-,?GX3A_#L?#M2#XCWUOOS%^]V?7]'<^IWG]6S5,QSKUX4S M29]KB*;=X\40$RZ&M[O8OW4'UV?R.+1(&YOVVC;*-N@U9.JUKLK1,%WR" MT'$.DG<[(!_AXF`/P^U>FTRVQ$#%&J-$$`)(JIK(5RUMF[:77P6P>V$M\WF^ MF@)^X\]OO+J'<B:%,$"9K720N_9A'VW+K_)91!&SLN0E\FHP]) M2N]16!6*:$AR<(I,=]=.4KM96 M*L&XF5:PH*+)1U[:ZB([`7X`/[5;MRW]`U=V.M^CM6$+_=EJU_4CDB14@B=C MG-S0Q3U+]SC/Z`]0X7OPJRL71Y["$25W$(>KTQ[ISK&]C M<&N+OG%(1&BI-_KX)%]Y%X[5RNZ62H[M"K$,:S@!$0YDXR(NMZ+2W^X>!@3J MU+`*M6(UQCFWI,E%F:9ZP#$U.(LB-;6M_E!'7`357D^A:>%Z6*SXNT2"D]E0 MP@&BU=G73AX@JNG\NC3!\:'`D,"0(F`5&%*"A0LP)/_@>!/L.#]%0&='!HC- ME"`KD-6^L7$QDL^$EA7@"G`E4X*C_,'`SP&^#D+6(:Z*W'Z!5F80]&O+DK:+ MV4/U`4P8G8*@4?,:)GB9H%B"@PPU(>HEVN5:]&=G]Z;H&[XOSE)D91'TPR2G MPELX;P&!9#:!%Z&B8(E;;%NF[)E#6U$][N?[M/OD>2`)((END82IJ.;6QS,! M250<5NN&'\RQ5$.@Q:R<-1P""5`X4]?!>-NAQ=,>=+R/$>@>Z-YNNJ=9H'L- M.FDMV^*"_36R.IA_60W3#I?RU-IJ-M`555KNNHC$> M%N^7'5SC/$LS'`UG*[S5J/Q*PNNLO_(=_>/:VC"B_^A'Y,>4^.R#+$;79+W_ MLH_3,6(&=]9K.5VT@7VXU13?SWJ\QK.^KCA-8XIQ=KDAN<[*-V#>`F5KUE/P M7IZ:JG+LXNGMV<53-VKN.>G)TANSY._*=D6M?7ZJ)`.M&S!EN]/*,DYMMQ^6 MV_UN[%2B"K9B%WX6NKJ?;MU.4KP%L^`Y[(V>K+=[1G:U#=?.[R*2I.-@V@JX M52`@GH#CU;Y/9L!]C=E"!H>H/V%9V*V`';"8"_1FMB.]:7_@O.\H2= M?3#8P=I"<^87;,EJ:>?EHK0S@!,EA+8TT.L5\-=D(`'P)R7^A$LU`L8#Q`'B M`'&`.$`<(*YK@A/L`#:HO,J.+HA/6)[<+4Z"(GGL\/.GX_.+W]#;*;Y_,PI^ ML`.@V&['$Z&67;.D^72#A*D`CU[(H7.FV;R(8I8=2R_$,[(&JT-!ST^IXM1[ ME;<2J\MFL;CEI.)R61A;&Q;&H(!K/ES/XW;P`B@@**`L"BCP M.ON,7":!YK71+07-$\6S>MZ>*J= MNFST8+4(N@RZ+,*CD#D&#:'FEH::12(G\6,44OL"D#GRB`@J\YH0L6@AM M'AWJ;<^BE: MMW4\UP2/$C0/-*^!K%83;!YH7G<^&.DJ_K6J0#[)Z!*'Z3],_)7 M6]G\'@?T&G^1*,L3CLULVB6SJM?54EM$_OP%CUU*.N8@KO8F<8*6R*,ENF`6[T9W;$VM-++%%Z8Z&I3BZ5CG81%$KJ:!YG5'\P1>%/>G21"RBZ(*(?-DE_U1J>$SZ`D6!=2E MY>K",U()Z@+JTG)UX1E>!'4!=1%1/FV("8J4_@?!PGFPT(2S*T5BEG9N`%IJ MK_J$,C#=H'F<@HXMRN9T#,4Q()L3U`L,6R61&M<`PP: O@1@I='D'S0/- MJUWSC)ZU=9P(-$\<`('FM2^;9H%H_N5D?-HT\?F+]X_ M,Y"K8$)2])7% M.#)['NN:Q)[\/@]VT7AL']UGP>^])E@I=*_&!(W)\(8,*8P2XN.4'9V:)3A* ML9\%<<0^1@3[8Q2/4#8F*2EV#5(4I.PM&@5)FJ%I0FZ#.$_#>Y1'\^L]D5R) MX5%5>C.A'X]1L7G!XY)O@FA(V.9'$&4D(6SP^'Y"HBQ%V/>3G/X%1T,TP4,R MF_?L_E02&`W)-9MK$/G!%(<(3RB79XC$Z=OLKB01]$%+(J9Z!Z^H:"$W.!D M&)(TG8L1I5/B!Z/`GUT3WR2$L$&@41)/T-TXH#>F7[NGX[A'S,+U$'M4)_&$ M(N>>"=_/DX3^@$D\I8A?>S9T+)09\`U93C+!&4%)D'YG,V$#X"'+?YB.A>B7 M0CI;'M=#5Q?_0E#K[D/X=^?0?#M.8[7'= MH[N`_H4])0I>.G,J9QY#8OUEGWI.9>9&'PJ?`7DJEP$I%'I3$C&Z7&!B#J]_ M4OD22F,,0!0W08QP5OQ]0G":)S.@LD.6>WL;=[""$EA!O0M6\!%G/S!-0>CT MOVLL'^=9FN&9[BSMP34.<>23!<53VJ;*0[]1<&_!6',]^[-WV:-F%P_I-1-* MT"FZSH.070TTJA,:9714HS8XD@^ZQ<.N67S,XT*+MU+UA7*?X2!!Y_A[BK[@ M,`1E[H0RFQU5YDK,XR>V8(GP_&;?0OQ?O+\:\0L5-94+,'_]_FV>OKG!>/KN MTJ?+[#PDYZ,!O=4M%=@M^12E69(7:]DK.HGC,/:_?_SEYY_>/_W1*4XB.NOT M&TDNQS@AQS@-_'XT'`1AGI'A%9/>PS4H&",FE0LR^G!P-M!5S?I#__MJ<("" M(?T`^]F;P8E]YEK.H&_KJF4XGNN>VO2+`\L]4?MV_^3@XZ/G\!)9;1+;E@K@ M$X:A;:ZR]NS5Q;-G`8)H]G[U-E&<3'"X%IK5U%7NX$;6CT8^P# M^7!@JK_N:#WF/]3*_DZO^X9MGV#M`H4GR.6&DC0#$V[W[F&XSFNIF#.2G4M" MF_Y`1=\Q]']J\;^J,S)?L7!EY'4U3@A!7UBL.T6GU`(.T>]Y1)#!O8@)\-5% M?%T&/_9"ER245FD6\5Z0,QJ`W"NRK!V$;.4B+YU5*YMRZU+`V@M8V[IYJWA8 M$]=T`K9DYS'`EN#8JK;IM)A9D-R]M:\D0T'DQQ."<)8EP74^BP]F,;K"^?4$ M1^BD>'JI@CY%?H\.=3*)(Y2R<&Q\%[%=X<.O^80D.(N3WW;I7]W!BL(:DW5% M`1@'ATT6/9788M0H1!F6H\(("Q!73HAS%ZC8_7KB_P`<`8X`QY)2E>5$\RJE M5J0A-+FR%440_^`M!!EJ.'5#T?GM-XGR**OVT\$:`0VTBP8TQ3"YQ91` M`T`#0`,[3-K2%=?2@0:`!H`&.DP#AJ-W?&=9F8D"MZIM.@2B03-W MD*/#;>T,F@F:"9K)3XZ:9X-J@FJ":HJGFH9B6:"$%B)O`M3475^W:R`P%2< M59ZBPP&)XDD0%2?CH)DD75W3CM#UC@7$6V="2)?08&N*K=J*97-K!2X*""", M)$Z"D'QJ82@Z^V`ZND:CF)"X3ZH)ZBGB.JI*;;F*0:_WAZ=5U#8,GM] MRVRX&TB2"J:RNJR>W4.LB:%%-AVV)-VZ^2AN(Y)K6KW';!025! M)4$E]U-)S;(51P4K"2H)*BF$2IJ*:YB*JE:TL=)5E91]DU3<7%B!$HI7D/P, MSN5--P:1ZC(4C0ER5IO;?1FYRJA M^M>*HDA1J(,SA#D;0^T9]1WM(PH4(#[5L/<`/--!GJFHEP/P#/`,\`SPS()G MW/H.^A(%"L`SP#/`,[7RC-VK\4QG4:"P+\_(OHG83)!GOPS7!I(#1$_%KH_1 M7L6N#%1'EV[<3A@I+S%1P%.UKR40W8$3)CX<@\??_GY MI_=/KW&&@^0O'.:DGZ8D2^FO/P?X.@B+8\2^$)SF"1F>1Q?L:+&$WHS=(UV_ M,GT<$9/Y!1E].#@;Z*IF_:'_?34X0,&0?H#][(UZIAK.F6FKGNI9MNOVC5/5 M.7:-DX%W9CN#P<''1\]P]7E3//E--T]=>C M%4S\.T^S8'0_^RB(*$W/&P'SQ,E9G"!<2!3A:(C"I4S19"Y4A#,THM)'MTS\ M*(X01LE"S$7V6*J@_^0XRH(,%^>[#8/4#V/V8W;L6S8FJ[\?T3L2[(_1!/^; MOO1Q1F[BY)Y]<\-`@A1-$Y+2^=/!7!-FMEZ$\9;R]=D%DVV>TIIY8?F,JX^$ MO5^]310G$QRN4:?&OO-PX4*=D$_"+\[OB8XN0FBV2!Q MGL6+#V8>0O')73#,QO3;5!!SBJ,,%>)I2MXM7AP]9J7EN%?C[4MF0RD_C#E(A7^+YL[LA-Z$^D(I$O.?A)<#O;F@G80R9IAA*I=$`S%<&52!L\R=%4$M.J,68!U; M91T-1;6X]<(1Y5$"#8!U%(@5VZ(656[#N[*OR*_B#(?S*D>(JS6L*B!% M#%B.$P?DV`'D&U,H+U`I@%>U,R802GV(E1M]C01]FV?)Q;EP+*XL-F."K,KE2]93 M1"FTK`!7@"O`%>!*%ED!K@!78E0#"+2^;_1P@!1.!Q`Q:8JK$%N63=7ZX_E! MPVJ)3?(YED=X-%84?7PJO58T&CFT%=6K:*>ZA,B66BE1(CVX$N!*@"L!KH3D M&@:N!+@2>[D2IJ*:%75@!%>"1Q"HE14H*\VUVA.9;=P80+E;]\K=0"UXFBQ. MJ6"B@*N^I"ZI?)X*PRP3R+&Y+HK'GFVDV=0R?T M#3W6O\;1+4DS,OQ&28JUL8Y\UJN=#/^,`GHCUFDFR.YW;JING9VH?QCP>>[;6NJ7H?I?ED@F=-S;]=_HGP7'1%>Q[6#_T)<':\ MS3Q^-U>B8C)#XL<)9DW\WC%#.1M)&OQ`$_K3<8H(G>QPW_L6%ZUM]*SMZ=*H M+?J?\ID#-)7GVU3>]GJ.;ENV;O'K+;]W:_FR[;!UN^;&W5;-]]/KN:$DA4%B M'5V]T\[]EGN,PC8@_IH7O7V9G5SZ'.ARC!.""J\#EGK\4<6K-YVPJ/K_PFI2 MP]ZG$\0W!/TK83WH!BRM>=GRNH3W#MGCCWYWGF=IAB,V.H0S]#N.J#+;_ M2DJ3WM?XJXA--DE=PJC6H6DHEL/-O^I&%'ZC%.@DFW7+*U@"L=^E^?7+S_U) M)'-Y)6>:S9`V;P]/KU5].$.ZK7?/Z?';+!-%H1JQ5=NYX/(;L2(2P<^*55>Z MTZ1YLU1%MZKW'$7!!"QO!0B*=J=(3M/TGJ&"=L'2:VL9GL7)B`2P^IJOOBS% MM;BY?1U??,'^7/N729IC]OCE_(N"?8'72=(;G,?[BGE$T,8$L,;.2F[CMJ.E MF([;O(@[$=672-F%LY;U[4N*@C8AMAZ%82K-,'N6#JO8W9V-S24(M0V,3S9U M;.)_23UB!$'/*ASFK+=JWF,5MII;E0:)UC9U[)J9FJ6.5P7MEJ,;/F\K2Z?Z<; M4`X'Y7`"%"XMR^&6+@=4PT$UW%[B@6HXJ(:3?5O*,Z`:#G:=FK<:]>TZ20%% M(;:DY*`PV^FIU2==2H&:?0D,,C*A&&XU'9,Z!X;!S3F`?$Q8(;8\'].V>J;' M"RFB0+\1JP)E:\TO,80Q1)JJ*K8+.4E"HJ2KQJD]=6N.V3.@*!0625"V5G*= MI!F*ZT+=&JR38)VTY3K)ZWG<8G:B0%_@=9+T!@?*UAK:'W0=1=.@;`W6;:(; MR_HV$$5!FQ![A,(P%7,I($)4PM?8OW%.B73^#84!149>453`JG!(E!:IVL7% MSJ?L9?GJ`-/6!\:9K@],P[6='6`;E99'1`7TH," M@7*CAP(!>0H$/+W'=-IP.!8(:/M6"!ANV3QX79),_[*_*ULZ4?O\ZNXD5/9W M3MTE'JV<'U240$7)MA4E<\^TR;5JR];R'2XA.?U!$C]("?I&%U);UXX`IGC& M)3?CJ"V'V#^!W069X"!BT?43^O5D?H#%%4DF2V$?!A&Z)SA)88^O`JISVDYU M%SBB0*/VE MY2VWC-6Y?J*^Y:U&4-&)M:]F2%AWS'TZ'T<"YK*`50Q<,PRUPZO?A$U$I)Z4 M>M(MH?('O(;@68U@3<-[TBHPKL!E\H%DC62M>A]'A]?@(VH$:W:5-3H;9HYO MW;MT-@R?>^_[(V_8+VT"3H?#:.%HSP^'^6,^+&TGMRO4KWK`3!9!^!`^]>PZ MJ@"K)N!#_"'^;(T/[=YHW.'FZ:7L[?7F#G_L>_U>>9L[MH;X3?A&7F[L.Q!P MS[J6&IR[.=BNL*U"_^T]6C7!B]0;\$&%>S@<:WM2&D>5QB'@*MZ)4=HEK@Y! MUBRN4:^V][U:M\_+6QAQONW?4*_VIG9%.$8SDI@:]S8XUO:[2DQ#3KW?'\CD M=Y/X>!')JP]J*EV7W=T+[!16Q*LM>.7FZH)36!&O""O"BO2J*5@1KXA7M.)> MXT3I8A5%&Y9=6IK?C9GNR=*[,U-O9U;772'=&W(`TE+#J[.-_("T@$Y*XYC2 M.`0<+:`WGVO/OVVULA%FWCR=G% MZ!.ZH+J>#=*"O!?Q)K/#D=\9'J=LHH2>XVVJ9Z&6,Z-T MRL3*!$I#=G,F6(I6P[1,5GH6@/&P1*N%%DL&"B4U6P?A+"AFSI9B4TR^2IA1 MM058.?3;;0891?#UKN^T&2(RH4F9*ARMF:GE4L60$Y@Y9P#T%P&5M:Z^.SB_ M>Q3=,)YIB2IDD]YB;2O"IIN=DF&JJ.M<=2&V5$=*_L);1R5O9> MR67G[&>!GDD$XH.%+7#4%9!;P&\UE?2,*6A!<$( MPFMA9+1AL5PH$PKT_YJ"KF$Z!<_J=9A*C\TE9&')H_[DE-A;BQF0*DN)/<8\ MM$]S=I(B:^HRFPKC$MVQB`+H\]HJU_7ZX[;7>R2HVU:"D),EUX6B%J#C7\1, MY%>AV_:MLQ4/AS[OEA1-*@$^9M*/$;Y$;O%U5L;OC_FH7"W/NJP'LEN6M55O M2N4(;&?7JS22`]9&VC]!W8O%L/,H>O/[8PI_`(?\+'WU!+`P04````"`!4605' MD'$*`?\H``!)P`$`%``<`'1C;RTR,#$U,#8S,%]C86PN>&UL550)``-P)\)5 M<"?"575X"P`!!"4.```$.0$``.Q=ZW/;.)+_?E7W/_BRGS$&"!"/JV='GQZ?6K7S^@DP^GY^>O_OJ?__YO/_T' M0O]X<_7^Z*RTTQM?-$>GE=>-=T=?\N;ZZ#?GZ]^/0E7>'/U65K_GGS5"BUI' M\T^3O/C=Z-H?W=7YC[6]]C?Z?6EU,VOYNFEN?SP^_O+ERP]WIIK\4%:?CA., MZ?%]K6=+Q+_0LAB*CQ!)$"4_W-7NU1'TKZA;T%^4_/$N/GA2_@N=E29*J>/9 MM_=%ZWQ502!+CO_Q\_L/LRZBO*@;75C_"C`X.OJI*B?^RH>C^/O7J_-[`HV> MFAM=_&#+F^/XW?&)!9BGDXCP17/MJ]/RYK;RU[ZH\\_^'&1TX\]\H_-)#?Q$ MMGZ\KGQX_:JQ)8!`4LPICA#\97M"S==;__I5G=_<3@"7X_X9_Z5L?`]L/R$S M.-,?M9GTP?53.KNQ_<87/N0VUY/SHO&5KYOSXLR;YJ1PRP=O[VZA=;^![^T) MC<5X?'I:?O:%+IH:OO[;5%?PT?NZG?H/T-)X7>^[@WOIQH=;;W,H&K\]!VM8 MS::/.3-]=W&+ML;J?BN[T97<;ITXU?7UNTGYY2RO[:2LI]#,A^DMD(J@Z9;" MV8[(H`RWF5>V(3$HLZWT8BL:.[);WMSD3:0;C=]I633@!((SF&]FS*:%&7D]S%^?^-GD2_[\.U]\U&]M97&X:I2UT!(->^R:V>=.1P)8W^ MV/W0P,\HMHNP'`F;1=VN^C!,7FO0J_J\>/M_T[SYVI'5U40&8?CBUE>S$&P^ M+KYS5KOUH"W5W;ITYBL(,QN@"JW\EW>?8$R?6/@[;S;;K':5AV3P;0C>`E@/ MI1XW29;H"YAY*MIPK^B`]9.>621/X[IW.J[_KR=0_ M(ZN3^LK?EA7(Z7PNM?Q["]X'*,.R-"28K9RP;4CLR&Q>WY9U/A]%%LS__#,T M>^8_^TEY.\-P$[M;$1F#X98ZUH76CNPO_:P-ASQ?MEHIUH-]3JEZ5+F)Q:1"V;JO7+5"M# ML[[2C@S-G,F/E2YJ;6=C;!,SSU;HFY&6.K2I7M]LM1/9AFJ[,74_FSZ*_SAZ69^-E4E25TWAJ_HZO]V5]18T=^T.A.7SE.]Y\2NHW$/2XK_+O&C^#M^T MF$ZW)3,.TZ?EC[J4+ M+:>5+L1VZ\`O_LN)M>5TMIYT694%?+1;Z%CK^D.QV6;%M&7MH5AL)?RVU7=D MLHQJUR-OZ6H.PU%+]6E4>A,%V4FU3=S?V9GD6"%C\;,G"0Q0? M[?8&OM97&H*A=O)L57<(]EI)LTW5E\: M7SCOYMLUH?%):9]T:]'@;!=IT+69[?F9QHXR>O7P%/64=*&7,<&Y4:I!.M4)HZC837 M&B56"R)U*IED3R&9Q-6=LEJ*8]^8O"LKGW\J3J=5Y0L[3[W-E>/$_>]T[@'T MA]LVK64J$*\-]]`S29&P'"/FK4(N6*VPDLZEZ29L'RG[266/RLKYZO4K\NKH M"_!QW8CX`T*'HM>G M\T+P['X#"'3L;SHO9CB`L)9[6.(2Y'*5OC]-WZW]S&H=C*0)8C)P1!S#B`@@?R_E6LS5ZOB/E MS&*MDL1(Y&A(D3(@6T(=1]I)*1-'E6=D/S/C!`^ MLJ"8,HD'>0A076$3@QP\0H*%@!G(Q')QR+/IJ/I8OBQ)[=/2M,5@:6C?^``U MKKR=Z+J.APN6>YW63[MC-)]QT`B=)"GR*6=(8@.^#V<>8:8M8R8DAB8O<8P< M@)[V/*(&$N<^!]*C_8__,]63/'R-&^/JN3,RS$RS:Y-92!)!E=#(:@8A`J7@ ML8&;A(3D$DPJ-8+;0W93#W%2V8-0]JGVOQ:5AU[^T[OEF+XH'D%P4N4U]/]L M&K="7,+STLW'?+?I8H?6,LP\)]'`&2<4\DI(%!31,2!0@;.4JZ!?XNPPKL*U M'`7C"FK?H=IW$]C]1!SCTI.+T_,GO6^1IAB@M8QHG7`C';)>,.@F6#L;/$-! MZ`33P)PE'0?`(VN/_AP!^Y#4^A'PW>H#/,A.;N(*X46(`W0R&Z"/CW/$8X$5 MN&Z++H3ODH-WYZ#K"4+7Q8]#-9E)JIGE M@J#@X$=*"4>!<8ZPHBK1%'N!>;=A0/^UAL$!2JJ#;5^'YL>RT9,'".N6*9`^ MR&;"&9L:J6#XJP0B_`00L!C/#8&4%FS$QKS@S@#TW_=-W5:<.4Y$0-A*CJ@4 M,)\G(EUTFZ<:XX,,>,>7>;DOP'L99/D*!K])Q.ZD<1WI9U(IA;FQ$%"1@)R! MF9@%1N9P*,4UP>H0LXL'IG_CP;_O-,K:4'WU]LD6\-PF,PEE'`3PRDUHC M-*:'./T=A/[N9P6]-TD^M60'F1LZ0.C^7.0=+M/ MW'"@KK=1=HPAX5581.9I8@F6![G>>0`:M'6J;AP!]3SD1QCM6XM)2Z=" MBC7R%JRQ!IN,C,=J`4I@"3.[;Q_Y4VF'%JW3V%K#\=/S-6?5! M#["ON'[C_OCZP&?G5YW:[Z7MKB^B&;GQ+=\5,SIW^^=AZS>QC,S?8!K>NKYNOZ[80;:F8VB>?I MM47!8(;`GPL(8B6!>$H)II@'JP]ZX;6+Z,JA(1HC<%O']0G,\&O7JS97SA*( M1R5+P:%/+3B2,A&(4$61MH([:H)Q9N,.BGTJ1J]2W4)C.L.W=Z5Y\)W//'C- MX(I$F+MJT6IJ6*Q#3:U*)620R<3B+=M`&1M4)(P3D37\T8C MW=]54S*A@W M&D,7F68H8.*0)EH@Q3SW*0W$JHXK=NREJ,8`&(UTWUP\71;CU%G,?^6M!Y8A M#%\?Y*RMEU&.E3"QAT)C!,AQ%`CX8XJDQE!E#2$=347Z4O2A;X!&.7LW]7&O MQY6?^3SQLOU\Y='1M>4SGZ:>2FZ0=DXCXC&XX$HHQ*REJ<).IK[CJ3?^4H3? M%S#C'+@,OJKB/;OU3%MG6?R-^9LUM;*$)-XH39'44H-7[-D\$`LX$&UEHC'= MF-19K0#BQ2A`K_",H0:/WM(#_'YH2OO[=3D!U.NG;Y9=H0N;JF;:J^!2+Y`4 MC"`'D3A*&/$('&;L+;="\HVKRL/T^GMFSPL[F;JXUM?+-N5^&LAP0B5$LO$* M,I-`8&L]S!R*(&4)9YQ*']*#/*LXC(J4!X+Q&.-RJY&X`M@$G$N`3P.^31NV(0).%CON.`=_?5Q$GL]R[\_F$9* MX+S@EX/L,^G7M]H,#M_(ZG26UW/'"J"LSXNW=];7]46`#LQ[TTZ5-E')+,6* M`!#`B;>(^B#CW6H.>1XD35)#".MXOC(=9WER.#T:`+LQ=.CGO"BKF:.^,3S^ MMF@&OI71*66`''A7,F".C*`2<6H-3;P1DASTE"@\?!''*&ME:SH<78?LK4'MM(\-2LB3A,"&G)"`?$H4HU\M+ MI;`61G7TB4WY^\.S:-[E]R*T,M&O__M7?%V%Y M3F(_+QQ=O8-E?O@-QFSE=3PV-/^]];:RU60RQHV$:#@!_S2^:\13@1RS%*5& MI)PI:^SFX],#C77?Q"Y<5N7G'+!_\_77V@/_%[>^TO%@QTF\3':3']N>2&:X M26T2!$JT$4@GG"'NP&?W,04P3\W'0)H4ST3/'!"3$#<:HL2"0.+.V$1Q8ET3,I@:4=O M8QQ/="1=&0C+D:S'Y[P&_MZ5U?M2%^^C05WN-8K:OW9":E$[HY@&ZQ2&J"X- M2+*0(,N#05(9JC$U2O"#WO$]GKT9`,HQ5.CAQH,/,$M?A,7)%P!D?L?!R>WM M!!Q?<-27)_GOUBI5)WJ92:2E2@C`AFD85-8@XB"BH%2&))@4"[;[[O$A5P!& MTK.QT.V0J5FR!D8TK^WLP/-TAEP9GKQV^FSJFS+>AV)U#1'/HZM0H#,FLEX& MB`\O;,PSS1+B=C*-"VAE@,'T<`$0$-%Y]=Q.ASUSE'%FE+(,HV"51UIZ`[B+ MQ>5',.`Q4QUWZXVS_7U@?7YYXAGM6JB8887N+UY4\O3NDN?N>UI5)U/2I6FP M'J6*$922>`;)P"?NE#'$,>YD1_>/_Z%L:I\(CJ$EWP;0CQ'9M&=_8]TL\(0& M1@CRUD'K*L'QBC^))*5",*]HMQ[8CD(5`$HNI1$YC MB)48T<@+#[;6I9AZ:RAS'0,'^4>8``='8_^TEY^W!=P[K41IOZF;#2<$4Y$FEB$;-$(!SO$I0BGLPTE%/;<:EVI&OB MAY+SM]F-@=#!.$)LB8$9!V-IP6805:E6#E%N.8= M,QHC7;DRDFX-#NM>S-7#;8*/MS)L8[!64X!!IJFR+D'&[+9/6&YTAY?>N]J^,)\M7WT)SE$;["U1?5D\TV5QZZ5<3= M`YN.@O361N:YE1#H!,242!#WX`1;1BG26`;!+$M\U]7J<4X!C*62>P1\3"/X MKJP>=W667MDN)-B24F8DS`-$61BZU('[P15B6E!$A,'8"9^RKCO&1SH_,+)1 M'`[7#NL&2TXB*L!(7-8PA"+M[/,$L3"T:`ZWH(_S@TF`VO4?B#>8T[C75[HPNZ8TUA!).-. M&$$-1]B!&4]H$##:A$>,B*!EL-(G'8];C[/`ON^<1C^8CJ%95_YV87\OPONR M^/315S?QKO$U>O12@8!-X:`B&)'F7<,C/-+S%SL+,WO MKF3K#<`Q7:B+,+L&OZZG<1?R<_--(]G]1X?5]`.^+XR2[7FSBP'%V/P[ZC`G(9$!)#O+^^E<])&5*HG@,IWM& MW@7B6*8X??RZIKKN<(4F)0'12PW1IM)Y-W(?!C:),=\L MC=7#=B*:NTQV/_Q@EU#6S(82U%&X`ZL3AZ*D@"G=39P07N:!?:CLMTY)U\'8 MVHG\R`ZV6";\ZRV^!8NC(M,YSW?"2>UM8F`$XX![140=39"(T"93RKT;&)-' MR92>DM%)J!*:K2EI9QH[VX9]^N%.Z^R)L87?6@/&A0@Z&@LD2Y:8$L*F@;%2 M=-*LYIHT-!J4K0FHM$)8IO7MI\4?I2WF3O0[DX)>>+JSBGH1K"SE83QD%1G@ M+6Z!,9]IUCJP.+0Z^J3)SC5):#PLZQ=DV2^,\LDM?T^EK-"C6NCU*[)L(_/Q MEWU+UV>U/5]8275_]=?*HF^^N,7-IJK@GGRRK3#WG;M=A".OV84C=4Q%SE)1 M\5W&NXI1`YEJI$5:,NBBI%&?+$71`)-S=]QEET(0Q*!^F4KU(9X#,`]TYT&[FU(. M>P4 M%[\Q4QY?FVBZ+VEY?]1?L_M*)Y3V,I4$74\8*$4=\"0H9&VI()I;0V?=`&FV MI_TLVFXPX$W*:SQD5I=@U-L-'@_Z'2*V^'S_N?_==B-':.OBL3J%B!"AV:9& MOQ,(L5.EH!CC.@>IF%`#O39MB'#8X3ZMM=$`MB:Z15H'7+#['==YM#SYXR]V MP5O4K)P"*W0&'[F!%+@OI0*,4T(3-;2Y5ALKU2A$<#4F+4[X8UJZY=V'M/CL M[]>WZ90\=>CKR$N3\-ZG0KL9M,H.I%0!C";$1RE)5`,%GS:Q_:.<]DC(#,@L M^LDMD<;*A(6C%!OJ0]IZ^?#7M/ZR""]6A3_SZ2YY9ZCF"CPOI8&4DN!TWE4G M9S(%-E"X:)/]>-4AUP6J646# M3@-[D+0I[3;.17X5($T2N5;+U4[:.+>8VHO/=,922STG(&VP*!8[`ESTAC7F MK`D^^GDW)7HM*L28)]!4I]@N\YB,\.R[74H,Y1T5$1KB0'-\A[@)`I+74N)K MR!@=J!,TRKAX+60U!O2#))`%[K)X<#=[Q[W^=O=RB;53CW0Q"JDS(T"2P]TK M9-:!2+^Y0HVU@<_;D''E,:RJP=1,TB@99;C6[?X?\#@E>KSP6*=TMLD'!,TS M`S(S!D))`Y'0Z&-)6N,#&4B;:VD<@J@$5365XRJ-`ZD[HKZL-.B@"2CG,G#B MS*YV;8Y4SKHD^YA,H!)@+=C!W](2<;@IC0;BY\6R1,$C*E_.D%)//-GIH/!& MC`E2$A9,1B').]2[6!8B!&^B2[/NRCLN4Q@?K39>PHUT=)H:GGRS"RDGJK4% M)70QHB54Q(RSP+0@T2B\"-7`LL]MU--Q3_]Z=%J<]NON!M.FHLVX=/&*F[X\ MZ%);(+Y#!I>/1O*_\$3'G>')&@+!6@]22;PB;8ZX/Z($]SH[>GT]W6G5SXD\ M\V-@W3X8Y=HPDI'ZZ*4QG#4"8B*$H+B$7H?I..QE"]63JJ!%2O: M*,XC1=XUPFX><77'7LH?\.M?Y1=M$-9 M(NO`S,!XSW;5F$:*,9X(SV:&OL>9Q@]IH[T:NNM(=-19H%213!: M@2220K(L`0DI"B&0/]"!N4]34%7ES(6JN#;1%0_GLA]3#P\_T3GOF"91X$N; M#!"C(RB#VH[,(A/--,4=SMK[U))NQ@.Q!9$>B(QX59)-.F@^:[W7D+)"19^H2BF9)906VN+2M4AYR5`XQ M5=Y[FV@<&CK4J,WW6/2RFAO.C]_1F6)<'XO7EA>V=0`^0ZPL^0S^=\[CG?=2 M"V\%I)1]<2GQ(AI8"%DK3YU,WLTZ$FA.!%4)\"E)[;?E.KF;Q?^E^%6W_CZM M%U]ZI]/MF_6B."J_OR^=2C=5LJ\@S.&3==JB!B]S@9$Y(`X/T*&^A-MT3#B7 M=?^T/\DOH2_=OS?-"#=JL_7-+]F+1TS;B= MXX0S7;("`HLHICL)6CH/IL1QB,R]E->;2EXS?;:&=^K[^T,*-^[V=I$7X]P-GZZAS3'D3(20M<)O2XV$F`5D[1G@6<;`MII%./1E? M;8OZQ$IX/47T+)DM^&*UT!YB4A&\HP&2CK%XGJB)/@5NKD]#JTFE$VB>E8"M M4SKIZTOR9AG_GN+O!SO7C%@RZ?B$/^2]QHJN7\<[5EELOXHUNL_^5N[M,+4+]!#OL'ZG:ELE@/ M^F(#^G?NID12__HII;NIMO&QO%A5IEW<]LT9>D(JS2`W/S^.%9UNXHIXKT)_ M["4:NO>7O5OFU7K#7W>_JS#M#VZ]Q),M/:#Z`O,-ICB.8=U;_M_]=9?BFR_( MK7Y//]]_]FE="L7>W!=V5I9W^_[^[O;.+>/Q2/\+1^HT$Y;FS$`D7WKATCZB MG93_._:HML"_GZX!Y>0NNK*G$IO9T>L608N&AU`),%`Q0P$Z`*5!(. MB"`D!M0_!D;L<=-87!UL-`+1-L`MN'A6&7U.X7^^KDLO^8GHJ!_:VI:.1,)%[W9?;3%)/K7T^5S7L'NPIJ,J'F]7M_;K9-/7P.S3;#[=WB\_%$K1G0?IY M=9=N?W%_%7#;KN;ALS>WM^FN6/_^N7!^F]W_4W+E2_']\D-A,>NMDG("L+K7 MU-[R#NSGR(5T_,'.LAQY)@*,BPFTRQ*%[9SPCHY,""*XXR=C36IE+.YL>7M; M.';S'OI^YQTCUED'S(J^J:X";30M3DD7/?W[,$Q7$`:R&E M;5[3`P@\O*%'*./TPUTV/%JE.7C-,R2M+'A'/+BHK7%'9SR M/;_X8!M.8DZEVIINMNJ MR2H'DN7JC#[E1?O]-O:^^&/[XT?EYNBM\_SKG0A":"-HJ?6@@=OLP7/4.(B+ M1EI&$I[5QQ^`/4W)J5F);!,&G#.),@>7RU-31*>".^'IOJW MX1[7']NSRW0DG-H4@WBRV,)"-@=Q<[/ZLSAJ+R&)YT]WUF6GF0X0LS<@#4HH MEF<'F2BEH\0/]4#Z:!3^49]`1D'M/Z\:1.N$\?%RQ0^G.MNDD$`]"A'9"\@R M292\HX1(DI0T4"?T0,=.R\X!5Y[UV3GC8V$XH/#:"QOM^?RJA&^MEF7=!TCC M@J<[0E%BU5H!,I,$048/@:1=)3'D.WQHY^6656#'(8>ZN+4)?$>6O[SK(\Z* MC0F/ZN821GK6\YU4(D:J#-Y#0A>7I8`"**KL-K*0G9-DEL)8M?-]%L=>!\66 MHMJCQ5]^(U\R3.=93*S4H\J9E8(Q)('@.B,2(C/F@U51S9$'M:*GRF`V9$P_ MIE@J%PY@22\]V>%+%+-CI7V*8:5:F@(?\6JVE`IM;50D#,PXKEN)J3$S&A&_ MEFQHN^SA#.CX`)VW@0G&#.0@."A-'%`1)+XRDN6(/VD[\"JK6UBT->L9'<:6 M3&>UQH-8#F$Z+SS9>90@9<2M:F%1[%=]]7:6@*LD(O+9X4I4W8JDK9G.>/@U M93J;95_!=(X.T&7I(]6E_J:V%&)"W80)SB!Q1DPRSD<[T!52MVYIH%3;P\YT.5W%_<^FZ9UK>?%G_4 M7,=#KOA<&L2Z&!0VO?BPHH^3W]"$>8[5A3=,D:87B*0)3,(+(F8$R,(+7Q MB7DNG)G(2CQDBR6-9"S-+14QH*5UJ%CX%!DC#/GU M',U"TQ+4:C['T4+&&K*_M[7I^?D$792<:FTBJ.)PTRKC05J/$")Z*EL2*1G8 MZ+*-7?S5$O,H9S'`W3)DK9MGWJ_?NC\6=^[FD*3R*%_TB8^FYI0=4SFD7.J7 M"88BLJ(2#`KE.P'<.D4&`9GLXT)+TO>.XV49FD7YRRRSFF;"GR M`6T81*(UA!#B%K04,S*#.1KKOB62'O-T1B/I[Q;Z% MB3(KQ2SC+V:"R'\`@][_:1N)\E>/X%Z-C8M(]IP!NQ`3E30($,9%$)*5%UGL M7M](L_8#F6M])^QKH,M*AS`A#^USE(Z7_J\Y72=0A652!DB.&G#&)3",;L_' M9GY38Q]-2-WT^^C,CD_F:W+5EM$BX,4GD#(',4G M)^3V[%PB(@[L*%7?$_UM4O/U)S17@]HF('QD(]IFT`ZO+Q^9P0.S48'UIJPX M>J!6$JJY)"%,E-EVG6FU"F9/A^\4ZG&2"PI"!PI12Z0QBNI=X(IKIX+.:F`X M[GQMZ$,(9U2K^6#L&]EDOH:CCVAU^3IHY_!R#M2BTIYL*O95#X;;+:,UR@A& M3J:/O3:BN^[TK]1"K\*^$=&]"6%3CCO%_B28D-E)`:Y7B].CJMQ"0A MJ6(SDC9`%MGNM!WN^#Q-*!-=WM-"WXZ-%O7BMB\]\R&%A$OV-^EPDO?XDW1* M$.44D1`D,9"HT*A..;V]7PS5+`X,<)ZO&W`"FASU!!J1YB[,\NTGM_X]W>Y5 MH!B1-%^>I`M1$,9B`L6+PRCJ5-!QVYLC2,7\P##8^;KS)B#-44^@5@3M]9&/ MFRC,VQ&EHRE5$:QE&JCD":RC M6W>)<=)S,NMNDQ4.^B2SJ(MO/?/]!>M^")1XM^4*[_,1IO)AV_NLCT#';__A MEG]MVD+V?5+V%9_K7`)SV$%GJ=.1"P*TU(81&BE**$6W+!]U2&\&VGI:YONW M?66^E9-\A2_G_H[?Y[<;1&Y']=1-N_8NLZ"X0,U5,DM1$*,)4.[:\E@79B]V3:O6M_U&UCK$N;H&'Y76'MO;M3]V%YBA1AH-FM$,I<$R9*HR:)*0>Q%G MG3S9VV0^N'U(7]+R_E@9LRM&[42VC#M-D+1"!"6-`\9Y@"@X#59:;?G`;(09 M>VB&4\L(WL'AR#>RWGQ<[<F]Q>MC(-HE[3&*]?/). MJ(S2B$V04@FO#`BD(]%O@23&!#++,MV3$=.5Q-SDB!K1^JY9YG:E(Q+RDY$[ MF9/PFF64DH,'10U#92]LBR@87WK`7N_Q_B^5CHA_,]?-GC=^&2L%91R9I8O< MBVB4@6`DRM!*!1"&;[U:UGOKAP9C3!5\/6_2'/*N!$/KRO,A@Q\%:?K[-[.@%UE`.8UJ$X?1V9:A6#?DY_ M;H,2BOEKC6=UC\+7:==HG3G[N(BF,]8#=E5.\PY_OND)?R,R-)QI2M?V3XOE M:MW;3C>+.6+O>OK5+NKHG>0"F%`)3":J-$HQQ;+B.4M>&SI1ZZ>G2WVW/%CK MZ8Q-/GFRDSKGH(0"FEPIXZ]["1(YLY5421DS];/,]AWG$%>UP6IA17^^ZD-> MA8\:./J^(8.\S,7Y"'J\W7<9ZB3;GT;G,>DD"D3$Y;G<4@<%F-$S6$ M:SIK12\9`L]^'K5T%#F#$,!+VZW@D@>S8OS]%LF!]8/KR^+6\F![UJ@_N` M-V\OF_CCZJO;]1>W0#UE6\6A1$WT1]K[:"\CL]'&[UQ0FA/E(2O!@#ED23*Y MM-7"943.)&=,AC4.?34/G%M("8]?Y$=!"&=S_L%C=0)O4VL9:MMFF=5,0&_R*I^SN8/"Z*@T>WJ&CK`1OJCY1/;/EX?E.X_B__U-^Y?]_0(U`#@!02P,$%`````@`5%D%1ZH% MZX3]F```WS\'`!0`'`!T8V\M,C`Q-3`V,S!?9&5F+GAM;%54"0`#<"?"57`G MPE5U>`L``00E#@``!#D!``#D75MSVSB6?M^J_0_>S+-C7`B0Z.K>*5Q[/96T MLW'2/6\L6H)M3DNDEZ1RZ5^_H&313J(+18*T['GHM"P!!P??^0B<`QR`/__] MRWQV\LD699IGO[R"K\&K$YM-\FF:W?SRZN/E*;^4Y^>O_O[?__D?/__7Z>D_ MQ?LW)RJ?+.8VJTYD89/*3D\^I]7MR1]36_YYGI?ZV3U M:99F?UXEI3WY4J8_E9-;.T_>Y).D6K9\6U5W/YV=??[\^?67JV+V.B]NSA`` M^*RIM;5$_=?INMAI_=4I1*<8OOY23E^=N/YE90OY]R5_JG^=5DV%QX7)V>K' MIFA=]QO1G_&R+&2,G2U_;8J6Z::"3B@\^^?;-Y=+-$[3K*R2;&)?.;A.3GXN M\IE];Z]/ZO]_?'_>"*B2Q=4\R5Y/\OE9_=L9GSB++&:U,2ZJ6UO(?'Y7V%N; ME>DG>^[,.;?*5DDZ*YT^M5H_W1;V^I=7U21W>$$"*`8U6G\[7%#U]<[^\JI, MYWUOQ`RN](?D:N9#ZV_E]%-;V,Q>IY,TF9UGE2UL69UG MREY5/)NNO]!?[ESK=H_>APL:2_'Z6YE_LEF25:7[^==%4KB/UI;MZ#]`2^-U MW7<'GZ0;EW=VDKJB]:_G;C0LEC/-2AG?73R@K;&ZWVK5DEI<+U\SEXLZ)JD%+6AKG,"&#*MQF7CE$Q*#*MN+%03)ZJIO/YVE5RZT' M/YEGE?,7G=^8[E=R?\W!5&O)T=8"^BJ:E?DLG=;SOTAFM=]W>6MMM5>]W=6& M4>I=4CA`;FV53I)91PTWRO"G[F7E_JW-=G&]?A+VF[I=]6&4O$T`2:#0GMVF5Z[Y1[*-ER MKO`A>LC.K==7W&\F28O?D]G";K$5+]_;N[QP=CI?62W]<03W` MK@WM?,+JZWEVG1?S)9G7O^W3^@`1_93529$YYI7O;'%YZ_RN/8IM*^Y7B7:F MW5/+KTKOW.34(FK95\VO4JT&FMV5>BJT="8_%$E6)I/E,[9/F:T5?"O2DD/[ MZOE6JYW)]E3KIU0SFSZ*__V\FB*-R`(I(R[6$J M'\WY!Z'5X[F_8C_%UELZ7_9JLJ&DMZ;;F79[!6^*M++)UO)]U7"163HW:>8" MB329-:'I?GWV51Q*L;9V:UE_*#7O(_OLYEU25)DMRMOTKJ_J+63V[8X+RU=+ MON?91T>YAT6+?^1I5OWN?FDQG1XJ9ARE93Z_2C,W`:V!?11T'![<#]SJTT.R M&G$:\HV'RNZ&QP'&;V^?I`LMIY4NPOIUX#?[F4\F^6*YG_2NR#/W<7(`QUK7 M'TK--CNF+6L/I6(KX[>MWE/)O*95Y3X[83?KI>"]NNVN-8A*+>G7JO(@"K:S M:INZ_=1;KK.X@,4NMRRLB^+K<7N/7KLK#:%0.WNVJCN$>JVLV:;J1N628K+6 M[_[C8Q6;;$XWQI]-T_G9?9FS9/;=KO:6?-%U"FB=9DJ6FCZJZ5,A][G>$,NS MTZF]3A:SJJ-Z6^4,I&P^3]*LOZ[?B/&JZE+RZ=S.KVS15<]-,GPJ>>MD%9/% ME3UM(.FHZ@Y)&Q5V)$FSY5;*&U?FOF2MD\_DXU7+]DMELZF=KI*=7=NS?+)[ M4'!?Q"U:J[_*L]JW)5=V]LLKUU+<75C,<*BE#"!G(0.!#AD3 M2`<:A\K]#;'YMI^S>L,S+]80;^CH8SI<)^75TIR+\O0F2>Z<66%P9F=5N?ZF MQB0X!?`^P_UO]U^WZI7NYQYL>[/:3AR8=DW`NMK=>("3?TDW/7>MZL402!$0@:4P@&&@ MA*!@#8X&*!B)6#N&SP>B#6O]?#C8EIP:F![?J:F^F=@WT&)C^5A%@0'4<$8) M"EWOHLB8=;\$HT&\T;D9C!9;G:H?2>')7OEP*+T<%HQO_6_Z<=S&']_H+<;# MM]^XT-V\D96,&(6"&*B(T9!`Y+!P&*[[SV4DQR+'IMC@1V;TM.'A?D9UF[W$V%4M5H@&D'&-*#:A,FYJ!8W_QACIQ@7T/+C@$9@QS/_>3F9)6=;G ML)9+/!>+ZN+:Q\C13W",N8X8$C0"W/W'@LBX0.`>*4-8V(E"^'E0:%3HCF0F MJCUSDQ,*/'`_LI"?SP+#J]W^7%TL!55:17BZK>9_F0;UX/Z<#> MKDW%VH7>R,42D$580!)*0O@:S9`$M!-UZ0NF[DA('S=O5[=E#,+3E>@81#0T M=4A+%#(20BQP@Q9A8;=5TO#?FI>=D'UJ'O[@Q30K(G7(R"_D^3]MX)AB]A[VU<9%^0E^%M36(4O6(NJ-+2>8):(H4IHP'4:SO1*.RV MF@Q?PL;<<[++\W1+O#TJOE6(F7)39JBUFSV%I-Q0IIH@'X4/]#[LJ7@)>X1' M:H*C=F.\+E-WP1)(+(34*)(NT,&!),Y';"9CV7&5&K[D/<-QD-[-VHUGY'Y4 M.&T4?K0"].TTI\O5#M M?(.J92]RM9881U@$3"L(,4=@"9ZKC<9+GO#OV!+`.-B#M'#M;NV*#MA=#$#'! MJ520042@$``WT1VF@>K&P.>\XW5,>(\U5^ZY$,C'Y+FEB3CD@0D#%0`-@0PU MA0#1!S^UZYF#Y[S[],00CSJ]^B->IW9BK`C""@55?H&'`>8PUEX[L@UDF,#QD-=KK,87B$O3QWW;6/ M7_12OS"L2";5?1>:'N23=,O8V5E>3`0*411B%3$34JX,PP\'U2#HEA.%GO/& MS)AXCDD=Y]"VN%#8%[%VMQ9+1F@0ZH@!6:?#$!4*W*PJT:`C[9[SSL?QH/V( ME#^??7N;VY`WO&VXW;6YWVW8N^4VW0GY?*^6$Q0:25#(*"%$$<911*GDTL6B MA#.P-^'O2<]A>KU:CC*)M:P?0QX20K705`"@E`,!N0B]X];`P6.,[ZOE6ANX MS]5RAV'W;W:UG!92U[>@`!4Y&Q@D!(IP@#F&D&D==MRW/YA8PUTMU]KZ!UTM M=QALS^=2,>?F483=A`^`-A"&NM[7"$%`ZX/PE.$88F8X#(6"2I(@"+@&$58\ M8$H:$I&.^7^'.SN^[IQK;5O%TE]'Y9<5AX(QA],O)K9TN9K;514;-6/K!37O"*?3GKMFFG^0X$@HH M00$2SA^`E$5$1R$@!'*)@`E&&U\&"Z:ZNCSC`GO,EYVUYJ*?!F*%@T"&5`D4 M2#<82(8QE-(-!BP,))+=\BB.:5FI*R6?!-\A0GIA,U=I]0:BU2+%>:;L5?UF MVO47^DO]WH7O7@7K(ZAOWW;]K8[YK.:!5O=AH%3'`90A"*)!QI(".((Z8D$/FJ/$TD?_#&+Q)^WT! M?XO:,<)&&L"U@$$D)`404[+NMP*R8YJ#GSC?L^6VSF^^T!DXDB_MY/5-_LF- M0>F*0>[#]\1Q7\5O[$TRT\L77&^)U#>4BA%R@82(H%`&*L6%E$0W,.KH**]\ M]VK"W!L&4,8 MR(@9%HKZ%L>`JS`0:_5#@\%8QMOMO'='/1\2C@[6K#6XN+Y,LG\LDFRG]3:4 MC*5FVFFHE"8!"D`0*12LU8L"T#'-Z2BMU;_[':RSC"BRY7R?GV3)E?IS)'^79%FD_0NF=V_8?J=\^2WGQ'I)"L.D`(\ MX#R42$$24[>$7S*,A9IW8JS7E?H0XCL9L9NJ%`]$$!A( MB7$C8P";J4MST8T(@[TA8FPB]$.K`P%DODPC70Y.)IDLE7B;?$GGB[G(BR+_ MG&8W,KESOU1?M]C_$!$QQ"8("8@PY,28^F4Z(EQW*,`=S>_]N/1PYA\0K#$\ MA\?JO\F37?N_WQ=U7):(!IIHR5Q?PHC@2*Y[`Z'NME+E_=#RL/Y`3U#&,'$S M!"5?ZX6XU6&P>I>A/@JQ^F.'U5O4CA4-&1$A1P93J2,02=+,:@9%W7(`O!\W M'I8(_G$:@QO+?-5[E7>0X'&QF-!`0150Y]Y*00B4DC4,!]IT&_&]GP@>UMH] M`!GWZ)!)TN+W9+:P+CQION1EV?(8T/;JL0"4821<3(V6]RX1O8).P8C#:/_; MG\>YB'98&@P`E'>?_^.=0WARF]I/R\VN_-JYHM=Y,:_#DO/LD_NJOHC(9\C8 MJ\58FT@P]P`A;DQ@I((Z:O:)C!#=5IB\G[9]JGAB3&S'205:+:78:?U.)C== MUO^KD^D^);,Z5V5GDL_NJC&J%[DYPE(9(S1#U(`&?1QU?'F1_PM5AQVB/*/4 M)2)U#;INE`Z,SX5=Y@=5^>21WWQ7Y/^RDZUGJEO7CRD(N0@IA(81K*.`L8>) M6$2XV]#A_XK2`8/1@:!ZVM2KITQRJC5Z.)C[ID5ZTY8:,7#1H)OR@6`!9@@8 MI&2@1(@E8U'8XE5JP_3O;9KEQ:-UJGVI3!O+QX0)R9442$+.ZIN40ZK7?<-D MM(WRGV2^T?B:(\M>0W:!Z?JGI-&FXK'3"ALN(FD)BBL\TQ) M?2)]!05E9*P-^(,2F7H:-?<.RQ@^V/=J[CT)LKE"#$V]IQ$PP3@.(92:R6C= M,P&X.+YL)S^&VF/U7NB\)/L?3;K4,9G]:(L$`H(1`*F&<9(16RM-I%T M-*,=F/K8&NU\*"A&3R9&$314A202$:=`:D!0,R,3AH\UF;B+I?IWOZ-U>/6' M75ZA6.79KXXH^ZVTI48,I*PO=0HQ11`I[-PI"GNO$PR?4MS56GY@Z&2U"2^J MVT718BS<6#96BAK)-4"`A`BQ"%+2>%HAY=V6^;SG>GFR5'\`QMGI?[RJ*9(R M+2_O"IM,+[+?DR*M'>3ZVC6XP_N]X63&RN^?GLQ[JK(`1L!K67&000UID8H M3J!"T`@*&@-$,NJV3#18YOC0VP9#X=9A@N`5!.!>#7Y5+N]IW#(_;"H:1YH3 MP;ETQ->*$AXAV?@=&N-N#O)@F>"^#.L)CF/-]@/UA&F"WV$8C&')U753;VUUFT_KM)_55>>7B_G<345_V:E)LR1; M[:TOLX.6ET(WB:CK;*)TXY6YWMN(61`(S$2=#EU/C`Q%$J_Q"[@^DGC,.X>> M"L`QD\IE7E:E3.[2*IG5?=K!IVU58@2Y43`PR#"E36@`I_?X\I"'ZDC.E'JG MAR<\.DST78CY2,$]KP+R)#U>&APQU7LRWYN>?@/E!*3$%"D(09`8TA-"#5KF`J)ZG:&;)@W%?IZR(>%J%/< M]V,NYM[X;WN5&#I"2J!!B)2+2XDD7,)F_A(=WQDXV)%0OW&@-U@ZV'%U3>`# MERX75V4Z3=W445/I1\VVV/90,;%BB(!02!4$DE+I>@7HNF.*F"-)"/%GGWPT MK#J28.>0_&# M<^AAA.@I->8&!U(9-UV*^N5"$0PD:]Q38+J=%QXHX//,DG&A\\,8/\-)?\%Q M%#(,T?^3=VW=;>-(^A_-P?WRB.MN9C/MG#C],$\\:IF.->N(;EW2Z?WU"U`F MK4XLB8)`B$X[#XYM`D)]502J"G4AU"&%B062:B`ZXB5D$U$L2LG-N.A=;D%D MV&@NF+&*C=TY`9)X`5`@%U*/.W*Q2Q26D>S&S,)2#K8D*>GJU,?&7Z][/-;/ M?0SMMO[4G'8=Y)BV`DY+K1$"*-C92HA@9?<[*Y.)UBF\`'.9``6JC]LXUA!NU\)>@[E6?XRM.5!YPS MSJ5``GCL83C`7$>7Y":MXD2A+,/!/#D:=9*"P\@YAN-F*7#!@*64&TX5]0`` MIGU'*A-^DL70+V+9D1R%\["80I`[)IIJR:&@`CGE`.']>B42;R-'83#JAZ/= M4V"8/OO*L^V,'(71N7:%(+Z@?WV>?:YCE;GUS?)C'0A>QUYF-M9[6#Q%I&." MV\W]AU43MJN#^^QE$U8.*`*,TL2@`"J&$"';;V4`E0KF*+XE%X7MJ@+UR^Q+ MW:U]4#[PF3-5GGDM!(.:4LP=@CJ\:1T6+OR;WLE0BOE#92TKL']O89O,.?:3 MR%AYV;JY#^9\K;>+Q[O%\O/)E/;7'J\45PK:F"-"F0P*`D2L/^_#^9]6U'*T MW(;1>/9]M?O+H2I5T>#2:C6Q&A9C$'/$O02,.,9ZC5&SQ'SX\^^DKJ;69`#E M&JQ.K54B/904(D4E4$XR+ZGI8=).@>FJ()"2&'^T=2>'3%\L_ MZ]FKJ81'GZ^00-8HRR43U#."O+*@]\#8Q*+RQ;--S_7[Y\2D?/[QGH5R<[^? M%=NFRPZ^[CD^3061CM'MS!GC'63&PJ[ZA.'&\K0\P^()I'ENA+)"];,EK&-( M&?+40"^$A5`3(?O71:+$2F7%$U+S"$HVF,H(25]7?_'M)>(I+O>H7!P<57'M MG6.(8NL,8-I!RW!'(P`\+8VU>$QZNBCD0F:J:PZ$5 M3>/O:+V(\?FS_L8AW#8V+X[.WVZ6D7 M#3.[:DA8RZ^AT6`_/EP![)0&WA!&`.3(*62M`Y@BJCGC#)YZ#P8&C/^`WZ[K M5?S#+GYPL?P%9'%YAGJ+Z51\L^FHGBBP>A[Y)GM\]65D3)%1*9YCUD'$,*->] M*A#VK6DYST?@;AH099@:T[`^S;Y%7\YIOG[_<,PF9\`3Y#TD%#A$K`<],H"5 M"F&Y!FLOQ"+A`/U8S[L=HBW#U-Q_>JCC8=%TA\5^1NZ!L_6\22KH@_K`J.-2 MRQ;NY?S["<+>]N-@_UJNT:O.X;"L\V M:AZ>7[=\LZ_?@$QB714DT#M+B#;6<,-U6[+H&7K%9=K^,YH//I-XOC784S*V MU^MM["+L)ZG[:K^<-L'1X./_SZC]M_/-2SN]^W86`8 M]]MS).D!$<[_015U1A+&8FF=>`A001SJ6>KE1+*Z,\ODU7%,$+)8^'2V?KA9 MQ=?F^8=]28]W`H&L+_'VD:T)70M9_-N_9NZ6[1%DUYMZN\>Z>W@=#- MO^O64CBB@0^=HH)`LECW"UL@'<=!.?&PHQY(G=8W04Q8<$9&:(Q[R!.W@.T% M>_&[Q]&N/)LO7Q:[JAZQ(7RSC/<']7*^*/QA;_EN54"/$8]!=R(4Z.*:"&DE$M(*(`R]5V(^UU=R MP?,S,'XR%ZR3XG=Y/M_6L5:?#J;4?1TUYW:U)W.ACHRJ($%0(4`M1T(J(PV@ MJM\6W=1RG2]ATO?[>C901C%!]LHTZMEC=.##V;"S*73ZE(:/#\#X]^0>ER0WS^#>LPIP4AB;`-]6C*"N/$= MC0C28I&GR>KQ8":=H1Z?!TH)QN_NQ8_T*7K]P0I"A"$QUFHCL#560B8[2JR! M)S73JXHB#Z$F=M5.81+I\>7&FAA)<*X0`PV)8^C/.I[&I&QN7JDC"?;[]L'Z.5;.NG53U?M*$UJ:+Q^FP5\M81!A%! M`5W/.?.@WT,MPVGU@48+DRTA*UF`NK;P'(^I/3&RPE0H`J!7&B+.='A;2'\( M`N_2+O)'"[`M(!3G@U)"``XTL#C"^`,C*JF`4A!S#+D!EB))H.YHPTJGE9\? M+>`V$\/S@%$FB&?]$&,*PK>XZ*^SQS;*8&-FJ]6?B^7G-F#R:`3/@/$59@@; MJQ&V0!&!#(F7S)TZ#4!:W-=H8:V9A&`,:,IL_H'PQ3R<4J]3<'3W/SZT0L0B M([UCD`%NE)/0HXY:J<3$RDIDV_ZSHE+$,IS/F^TNW*B-V]J%9$>7Y_'C_^BX M2EI!!,`&R5@C!S%J(.OHU(RD1;>/%OZ9B?LY(2G!>KNM8PNKCW6KJ,:8U;V8 MMM>*RKSV?,4]$LYA`'$@2'NOA.Q5&H-1F@=HM(#-3*S.`441%C][I]HL3?67 M)(ECC#X\JB+.&^D(8(8%\H)F`Y3H:.2,IJGU-!6H2@UK`Q'F91'P)MKU?S'Y;/+:%2`8X:E]YNM(X:!',`X@, M@`PS)RCI?5,@L2MCR73E5&_MY6"48'!*J3Z`/#",HF!!:LJ!UYKW[D:-=;'2 MVP-K,E_"AV-E^LZ#H:3>_+S"<"B$WZRV]=T>!B9F;RPWN_I#\]T/`U3J, M(7T&$J#0CAM-QG-CYMS-TE'H8@#]W0B MVFMNV\.C*BUQ`,E3H%ET4H.@>;W02'B:Q[YD#914?3$?*$6B=F)HR4/S&.!= M[^X;!M@'AP=5W+E8`D&&D\\09Y3FL`]QXL&T^+.S^$)$BEB*=W%YGYW8>8`JY![H(H-99'.3T:54_Q/#D MK_7.DGC?K-?!K+BY_S3[=MPK<,Y,88.C#BKG+:2=Y''CB6MB6,>+KG M%Y)1`2LL/`?,T]X<'28XIV:ID,-84P4"R!XA9_?CDGRP9Z<5MC&NT&0&ZSH6 MPEF6044@B"71)&(2`8TE-*!_!3QF:1;!B(6_LK/_8DQ* MX?'WCU:8BYC<0*D47!BO)26]`QT%56EJ+W@VF^]")*[S]O;EP3[$VF`!\\UN M1XH^[D]-=&,WRTT`-"SE\P!IR/,!E0ZO$S5<9XZ]3RMD7K(\ M8#Z_00'\2E\Y+^_..D5.#:T@!X`1A1DT5!F""#?]5LR`3&L\6;("8([+Z`S( M[,G!Z-43/LSBY=A#O5G,7PS4-U5*02'D43BIG<26(N@4D=XXXUQTY$)[,O!P M9*K.+*6`"3*$*RDY\,%(84(PR*#S3E&+-4YST(]?2F$P$XZ74CB/^MG?HY0" M1%IHSP%6G%+ML0+A.,$L0!1T4D'2XJK+EE(8S-?AE<;.`N4M9-2CMJV":.^2 M-1.68>B!DH*&[XH15$$LO8)<6V@-)80H!P2VX4VSQE-!2\E!GA)D0]EW.N<^ M,VYO0E2H-X@P9Q`%%`"M`Z$<,1L@1!Z"Z31_*BL(9Z%2Q,S+7GS!>(["%P$. M$&J\%8(PB[AGM%5:BU6E2RZ^,)A)9Q1?.`^4A,BNW8?_A`PDX#RR45D9+/LR@!6.%KCPVQU ML]JU"6]C#S[4J]N'V:O]J\X8'5``F'K")72$26@IARZ\HVF:?H&O(L`IB0^.Q)J"TU`45*>Q?-BA,&"(6)#VMQ%;) M.]EL;$]'I7PD;L*I/VR"2@'&H,:*JZ#C!/5;0,6+W[?QCNUP(#='^J@\)X7N'UXB@K%8!3H@^*K'35>:BL-\)00*X@2).V0 M*'F?FD" M4UX@SK`7C@^LPG9H.3'<."NI]SRVFH.,(DD!UBHQ`WBTJARCB<&%N%Q+`DX: M#H<'5=HS9+"PPCI-';#",\\]@EX;8H!.+*T_6A&/D5F?!,JUV#[,A#@QLL)! M)9)<8AW@HE[!8!9;%>B&`N"H0:<)P%MP*N9%9NPXJY[PF_NND^7;;.:(E%(` M`(Z]9\)BIZTQ'CM(&/,![Y.WCM,*L:*60,F8YH82P`#F%.J.&I*\?XX>8C68 M"<=#K,ZC?OHA5K?S>CE;+9JAX57[SU=6.Q*@D$;%D@$,F&`W=&`@Z4M%VUT2 M6C68GX?$X@)`BL10/"_OU^7ZJ9XO[A?UW&ZLH"4)[QO]2;J#]]6#5?%T%9TG_^&LZA M=\N;L&G.8AD/-=\LO@ZMHG?^9!6##G,&M$6Q70P``1S;(V+\Q#K>9%0=1L>J MC!W6W"\V,?_WJ,G5/50![!A03F'J/93A7'6X?Z-P:FFUT;@])HM^,+X2,2I3 M&?`DYWV\N$_[_6+=L7=ZI+S$M\?].]?H9,KPR M2'L#F0)".PN1=.%-[Z@.+_K$SKOI",$/):2S8UWHO/RZB!JI;U;OF]GR?3U; MUUVD7D3P:)SD@-$5$,831Z5WB%NO'#,.](`B.+'];++RE1_J$N+U7P'SN+B; MY>WLL;ZY?^Z5%(/[Z_MF5:NGI\?%/+HV=IA^FGT[*G!)\U5:6DTH-48;RI!' M@,&7$X?"M![OX[6JFJH(E@`_(=Z_6U;8=Q?K>5OK<=MNMTWOB/_O^NYS;;?U MI@EO3QT@W=1WGU:SY3K`T5XI-[_%93?WOS2;FWFL(=SF]<\?M[&F4',?WK$7 MKH1)9HO5H;B/*Z^H@B0@+75KURNCE('!$'R&FS*7UJ!IO"Y=4Y/UM\6^$EMX M>\!TS&DYX;X]U<'!OT;*PEPH+I&*VNN'5`=O1J2">6ESL&(X?+2A)D5Q:1 M837UATU0:6TXABS&J%C!+'%$]BB9[R\DJ-C&SM:`G>#0,KRA%NX8DF>XWCTQ640V%9,8Z#+@.^S$C MYN4.V:*T+)22Z:>9[S?S857$7SO[L]45/S5J_OMVL8HN0%M_K1^;IY?>Y,<\ MMD/&5YI2Y;Q1WD%CPM8>(-`O5BA*.[-*WXIF8>SW7M@1X+N.LO-#*^-AS>'/ MFZA"5BBHO-$\O)F"!Y@U[R\\F)Q8KGM!01H5QP0G:J!Y7M=WZPC*YJ&.#M[F MOJMLNEXL7Z1[66^:^SU?5]LS]8`C],)9*VP1CS6^'$4>:DL-TZ)W9D"=9LJ7 MUH!RBD]Y4*]RJ'74O%ONMU\[YUA[?8;*>,D$((XQ3!0$@A'WXAVC).TR\6]^L_E+[_V,=2%K&=(U3 M#5NR?48%'/%:<*4EX=983"UX>?D02ZNQ/9K_NZ0`7@GBDON;;U;[9+9._%>P M'+#/#9RI4N3_R;NVYK9Q)?V/MG"_/.*Z9ZIF)JF41,IV))&"0)#R/B4S(2#@ZP]`=Z/1K;Q'3!DFB784`^=;3102.+&4[B/L M=\,`.2T_0A;_07#1C!'(`B<`MTA[RTCKP64.I+V>&2P_04$J#8;AB"SR\\5L M<9/)&W6BLZ`,YQP+:XDFD@,CA:-[T/W$BA(/[XW*AU5IW>M+]6.WIWZZJ^&) M?YA5=3L_19A>[8-&QFL(M0,.*>`-CR=Z.V^(T_(HE?9&91'L"9TI%WRE:5._ MZ*\31\91+Q?W7ZO5=UO]U9 M[F?WE:U^+-?S7L0XT"HH"`EE"`"#D#9&..Y;MSOP=F(9'$<@QN6@%29&W.>> M5SS'CR.-@\1.`NZAQ%Y"3)@R^T?4F,.))78ZB)O$9XXETTJ(AVG*E=AKIR(.!(:F^$ M490:JUJWDU#P.IPN0S)K8$0+ZS.-A_N,2K`]6H>X$P-F$);2*VF1(9ZVGBVO M=9H]-%@2R7'TFTS@E2;,JWN0KTMU=S=_G,?UT%,1/M8Z$"4,409OTO!BX3S9 MO_B/BR?MFG2P=),C$28/>*7]+9]GJZ=%M5H_S'^8NH;M;@H]'2Y'6@=B4=3S M-E?!RG+D`5"LF;,A.C$B?K`LE2.Y7/*@-]*9]#8;HUK<[A/Q]E6AS^@M>"8] M4)I"!0S4@#`"87OA9L74TEZ.>VAE1G,DAIUGCQUN&)#6!F`CJ*,*(TSJU#7M M6@(Z\;+@0SA_207JHE.`4`6"=0(1$RZ!]*Q"-@VFY`4>YBSP3 MHQ(LV47+UG_4<4,OL\>:Y)^KU;P.'GH;97N")^=T$XQF6C!/K4#4$H9%-"CW M*)BT1_8E*[ND,F5`E,;CBHKL7ZW^CD3O*N;1JWT`E&.JD:M?'&&.M(5^;P!H MEZ:ZE*SSDI<=E\'SBA:#I^U^F"WNJ_5OBVW\X=MQ7$GR;NF`K;NNRZ8)H*A! MCEG-H**0>&&O+'FW@R#:T7697V^Y%=AJ`9O9$`<3S-?O@U*4@%$M#6<1QXHR0AKP2&I%8X&\]CE%?"E M:)20KKJ]W:`[>_P\FTC'7/HT9@_EA,S-C()0*L^3-[?AO"_?SIEJO/]VUJ>S.84N_O@)QW!C" MN*<8.1]-*B1(@P?V/"U4:C"?[&"L&02M(K<]RT7MH8@@/FYRI6[#;SJ)"MIH2A&IBSU_SV5/05#@,&(SV%A',Q?T4D+T-AB>6["BCNW%8H$J0YM?Q;G(LUQ&@ MG^NR"U$D3]O=L':X?5T>7A,G?9`Y?B``C[W@"CFN!=:.D8A9@YQ0H%CYL=0< MD)EX\8L?4V%=77!)<]D>R&IJF;**420=HF+[ MSW9T]KE.\;Z]"=^.VBP7+Q&,*)%/=]\6IQ\AG==1<()ZP)1U"D?MWQ&D!6]U M`B73CJS!;.>B^\E0((Y(I\VU>08V'>ZGOH]G50`ZL-^VRTL2F&4Z# MF=LCDRD+AL6XM']T=:L6MU^JI_GJT-KHHE+/;@+6B*LZ/)'4QHI6%KOV-L,A MDG9=/Y@)7I1)PT`X'2)U14Z=T4L0TF#L(471HJ'$P!KXUIZ1,"V$=S"K?5HT M2D%P[*/M[.>4YW<6*!2*<00-4D[AD,L"Y.A*>"YN MG>HM<"<<%TYY@Q5P`@(?-8`=)LHDGGN#O:^!8:_#L8S'V?H/'%NOH/-.62&`%T;LK5U@;5IEZL'>8`Y-JC&Q M3:#9Z^=]FZ=_1T;B?M8.KXUUVGZ_S>9U6U7?:[?7>?0;_'<#PL;2:!]3X[FA M@$J$6ZN9.P"2:#G<2\\2O)P:Z"4.W?8)V8FCM/TF"*0-]DI18:R!(EK)MEUO M@MNT>[CA'G.6.B%3`2HAX/=Y$!HL:L*^>_M^F+7_V*)U@A^Y?B)`Q9@E)FH- MGEB'G(.R-9HA[K[.?)[B2_\<"19AB M!!"W,`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`B%H*3""L!<,Q,1M:9"ZEYID5^$0@EY M?HUGT>+I2S7__M?S:KTAXBE=_M#G@4/-I38*U%GX(T:`$=Z:*"HQ/FFPL))L MLLV`14+H[1^S1633YJ"*.T6=O7QQ:^.4'I<_-AI*M7J9WQP,$CJC=5T/'D%/ M'?>&F+CU.*Y(,PU`5%H&\,$"0RX6Z7#0%+OH>GL;<.R":OM54+1.)N"LT9)+ M2I@PKCU7I"9I&OA@82#Y#N!D"$KJVCUT[("X00ZHVO_@:U\#L759P>WHK?0P M28"#Q51D$V#B_(MJU.YG_=ZGE\ETM$UP+.IZ2CE#(8),(U;'I#:N)>_2'JT/ MIBYEM)UR09)TLL;IUV?Z3?5U]K.J[UN_/(S#5;??(_PU!G4HT`Z5$ZN]HV4@3FI=5\"$2@IKF65H?^01 M1I/H,)C-E'_!Y\6G!!>:AT#=LG_W90!(6@8(8U;1>&01CFB+$0(J+6G[8`94 M?EE?AD>1%YS5CU5U,]^$SL6_/U8;L",WO]>Y]_[3E2>A3_-`,64P&BR:8%J7 MH"2$@V;6Q$VM$E9^%@P`TBBFVCDF6B``V#H-HY'1""4($Q//L<9QH/C$O)U# MFF9G0E%"M'\N%\MFF%M'3_?>?K1-4'%30U)!B`@E1%J*/&K7!3$32QV74=2Y M("ESB#>QWW6$=YU\8+YXCN/>!T[KZFZYVH5+;ZS1]R^'XY;UMI=MK/H?U=-# M_=+AI=JEY3BI(!0;1;`<(2.D))`)IREV8!]X8#%)LRQ+EN=,I>5T02Y']#BK MW5K44=^^FY_R+QYI$:#F'B#H``'*&L6)$.W<%`03\QYG)]"E@)3?U2[=CXZ1 M'$/.3/W853#L?9V8BK5W61Z\JH0ZB;1Q@^TD>>"9QF&7.4/\,#\8C&*8:D8$ ME$I1A[F!NK47+4_SC0_VL*WH$58`SR)^MO;U\C]GC]6GN\^K6J.L_?^;-W?J MQX_'^4T]IU>']2GG6T)W@4D`H9326>&9@A8@VZY?*%&:1VZP'',9658`K2FF MM\":>*ZQP91RI+`!#+7'.$&I@<6#)6_+*/!D$*9Q:)W:X[:O82XZHKJ[#X8) MBR)HV`IE"83$.]M>2$F=ME4,E\*MZ(F4';XBGJ"F(EC']O'FNV`M<180#9P" M4&G)A&]!!$Q/+=5:3I?/!3@4NZ)_6R^VS2^XN7)JDZ=V7=CWZB0H!Z$!5A#% M#67T\PX%4I%KGV:D;R=PZJ;G<(L`$36:>RL!AU!S M8JQHMS0%;&+XSC5X?_,@4GR35R^S^>/VC'I5=GB7?43/UO.;OL=`=T\!>L\9 MT%A:8Z-2A:.YU2K+R.G$JMW7X(0=%JF"T5X'\\>50D$(%4OJ=A7T)-D\SI9^W5F`A(!',$*5!U%)4@Q/Q(.TB8[A@V_$X6A+F ML<_RZTCRA[4R6E&)J:7(*8LA!.T2-RQ-DQPNBGAZVVLY\,+5)XFY1+1+')&_SKB9K29KX,H\=QBC!DMG$Y]4#)>:-Z/I,RZ2([-R.!;VPHI+9`D!6``K%-=1IX'[[<'0 M1&?.-80CE$5N9):E,2AP!P0W3AB(`6.2`^--JR,`D18M!Z\AC"`?*B4D[V:K M1>3F^O.N=DN7R_?@]T$QYC4!*NH)P@'$.%+MO#A*3(V`KB&&(`<>8\C9SA^? MGZK;,R2]:Q$0=L@"1.L7J$Y:J2UHM7\E9&)2HFNX],^#2*']O+E6V-]+-:.N MK;[52='W:1XDDT02*XQ4!AOAI`2NF344B04AT#7<^@\`3PE2_*N:WS]$OJJ7 M:C6[K_Y\K@'[=++1<`TA`4/B](HOV6HI[%T]:G'[C^KVOGZ@?A/_^TTRCW2\0A)R&7D51=*VZ$V>N_=_+_4FV=Z^N'^0_]][MDC[_O M:CCKOP]U]F6^_M^N&A3E!A&`(]98206(VS_3A!,&ME(`0A!0Z@+P9'V+W(3Z MY:7S1-&>#5M/(WV1_+Y2]'V9GQO'##0+!3$9#U5`-!7.82HE0 M,S.&K)UNXOG+!-4A]8O0^4CR+R_WCG3S4Q![>7%_6ZRKF^=H;]8C_>.-;7-` MU@>^#M99@A@RA`N*N.9(6=#,27'9656L;*#2I8)9Y@:DA)"_5+-'MZX/NOV3 MM`[-X%B3P*DU==X:B*'0U$/LE&EF!V&W<3!&!9DKT`XRX3T6FSI/B>.-@J`$ M".B0AR*N.HH5I[29H?=NPIK"Y4+KP8*+4/J(?)B M,FB5A,T,#2)HNJKFY4+KP8*+4/J(?)BN0:]&H:,H/#,U@_^X7NG&H62-Q_#0#4QGV7:!ZGZUN/`C1, M79=*U\MCKE M04GL*2"FN5-8648]@90KOG<;*(XFEIPJCZ26)2$KL34$E;_OE5`5GEEO=(46"^9 M(&CO=72&INF7@SV^*[/2D^$ILZH/*LH=-L:)5L&)>#`28250DD-(C-G'0&/D MTBAP?E[,CV9BY(-\1%IU*I(GVP6K45R2BJ"X(5IB/!-,-?/D2.+IVAA9I->/ M$1=A]7&Y,3DK8WJ4*$^%8ZG;.O7*TPV#A)!QH:6EFC(A%!*^C:3EW!4+U.BG MAF226L^T>$D0E2##T7JFG6SH:!G^C[QK;6[C1K;_*(OWXR.>&V_9ELO)3=VZ M7Z88:2QS5R8=DDI6^?47H,P18Y'B#`8#@LK65D56#4;`.3WH1J,?Q%J-J=<: M$^8=LP8:WAG32"26D+DL<Q5/N;Q3$M]UC.)?SS6SG.]^VF1U^(*?]L`QFPFBD, M$)!,8@N=[@+H+//%_.!#?2/E:W641;JX\W3O_KG=+?GGI6Z?ZF.W-X^-!MZW M_]U`]&ZYV'R.I8S[.EJ3_T!CG#-26@<]5IXYI2SLDI%I,`LO2$:+"=%+3MU2 M3)3=D\/\MBMZLVAW`"[:=8=\KPWVQ#L:*24B2F,!N*0,$@^LZ.#WJ>7^_E:2 M.!78EVH`%%;\#8;!K)8$DMAQ4U(34.T2+Y7#E36-J%R$S\9+#=+>Z8IMHXSK MZ\?^,.W-E7D3U,UR"HE/_9-A+]$62PZ4!1!B"*Q\2C?F%J29$),=MRY2Z@MQ MLR?YA8I^[MM.>YU@ZJBB^790R<:WR=S&$ZB1/.F! MFGI=_8M8/MY@!L.4*BR!1)PAXYCFC\9"7`\AJM1-2\]*DPD\'/T:4]8_J[7V M8\[4>Q\T:KS7]LI*X$F`@^,.VE1CO5@-R(&T]LV/'P;*)>9#"V\#5IA`I+73 M7GC_F!(:5PB,I_7>QX\GK7]B=!I*KU$>JKN#KTD,1D?T39L?;[8GI1B2@!6C MWH=3$]Q-GWE=V95Z#AX&YLGZCL?'M!8A8Q6(OP59)E2 M`"'!=RMSDNE"KKBS:/'J\H22<5@70@K/P1P#46*/=JBP3 M%Y'#DT;3<<_I6'1>"_?5Z>X:*!^MLX]E@>P[0G[Z8_85'24UX2U-S"C1GFJM MI?46>RAQAY$5MK(,X'',+$O!-"'[.`O[>`>=MTI)$5`"@'C(L7B\68S+PE2G M74L4N%DKQ'X:3!.R3[*P_^TM#7((4Q=L7VV,U)H93CLS%3N79LP5N)0JQ'X: M3!.R#U\\N0U\2^,X"_^C!A,,=3BK."=D=ZX5,.W;+W`Y4XC]-)@2V/]KH=9_ M+0-`O[2+:,0,%(#A+VHX=%Q8Q9@0B$&@@7A,+=P>A:Q(VP&&UX`H+0.3(S6M M&*!<8H!V09_&:N6MYUXQ@($."JZ3<8I4FL]^>)Y>Q6*0AM2T8H!SB0'>;758 M`F&AT&%IE&N-`=&[Q0F)TV[S^&L2@S2D2IS[?PE*+'JWXDQ/N/:^?[1!-!BU M0"$O!(?,T]AIM`--V\JK98]SZHT$HS2U)QTZSQ]NP@HDA`@AB2AW&"N'.V@< M@J)>5UXZ.2^P/`J5U\!W=>Z[<])C&$=4OVZ9:>B\)OZK4_(UT%Z>[O%-4K5$PAG.*1'8&`$Y]MU1 MDVB?YJ8MW22U-S$]FJ0.`^1<*1MCJ_,J0#Q&W!/`,+5$`H2Z"&4`9-J];+'J MO+D";48#4Y;^?(52`5(:.XT@)^$81)$5XBF"3&M6KWK/0]Z0BJEI6+U6R:A. M\=NQX0(Q%6^A&48XK+*[BN+*I)6Q.4\)W=Y,C2RA.PRR7!(Q MNH2J)X1:1RP5,?%?*4%)!P^1JE2T;55,)\-S]N3=@BVHD+-*0:ZIUX8C*@B" MG;Q3D)AN7JSP:G[K,3MD)80I;_,?2IS0X5NQ87V.(RZEZM)8%.'ZLBS*G(3V M[@*4!N'K$Y6+,#&KE)#RDI&G3Y1EV`0EC1V(["G5Y^H M8:B48#M_"7>"@^E,(#04`&`T06&)W0$-R33FA\<$G<62R(?+&;D?64N;A8.2 MI#HL4C.J$$6Q'G7GH7<5YW5G86]04>TTK%ZO;%1G)]0G$N5%8;K2VIPP@KG! MGBA!-.":Z>XX;BFHS$C(Q-O`TMK#,"JS->0HK:VPYQHR(XBG4&@8UMFM2R+B MD[@_4UGU5.YS(%/&2?7KYNF<=-(!]?W#C0J&+L<0:LF)X@)HH[H8:RY96NB! MN`R3<#0$BC&&48*D4Q`MC6#`*:*Q8EA9)+78JX:`!"U5 MX;&WK9^/U&4IT/H+3MBQ?KA=_A[0B9U@,H&*/CY?V,MZR=, M>D4A/!O5:*UQL*F`YCR`G%T=(.M#QN;"CN=L19H#Z7O4JR8DFG>X0E[;140C%Q@)02H M_;SQ8(:'##S=A'[,"0LS#_XD-/XBG^\XPQ[1/?;)J M(1,PF@V;LE_XNU@2+]@I-DRW7[#97T;$9$GKP\$9!TBT",8T?]O>=[8;4VR7T\FL:+<.Y6V*%*&%,2.S- M4U$,9HN%"M0@)I.A5MR/U->#U+A@Z6)#G%!`1H^)EN+IT.UN'M\H]V]7&VN&VO/HVS`GN]J9%6"*<\8,H0["AB]*D>*^`LS7$@+U!$ MI@6NK!#].+_]G$F*^KVJH4H8A;1GC%M/D)#VR;WK'$X,.P$7+4>30+N/[=?E:A-/VMOLG_EC]L]^N?\ZFD6MNZ6\ M'=0VZL"XQGBHO$-0`<:8YX0#)+3WRACKG0(G97^:M7837>_-_E#?!?UP.$FH MB]$.QM+\=K%]]E0OJNG^:".PE>$(%SNN$BPQ]Q:I''4(%UYLL6&H7]Y*4"8 M4LV%](;98)QP89#4N_5Q>1GM/Z8AM';+%@)'` M1+"X8C88(C'J:K&8 M8H!#1$N"N70.=T>6L.E67*9X/&D]I&`42J]1'JJS*VH2@W/<&NU7T7^:<(]` MY)<&-H@Y02SB3"O!%([]ZNW33BHJBTG.0=FS^Z2,^)2]&\A7#E%@']W66`65 M"CC5`<9NE5ZX-)-RXA8%%9H7&3$N*TGYZN<)K)#RWD*J/-:4$:QQYQE%RM9K M9N0A;T@AO32L7JMD5&=PU"<0H\,4SUM9,>A1RVPPUK0R0FOD/.Q4M*2NL@SV M/$R-K*PX#+)<$C&ZLJ)33FIN&)!,4JZ1-I)TSAA!TNR)\U16S,9T,CS%L]Z^ MS;AWK8+G@QKGK26Q51=%9VQ ME+K%9KYYH.#=Q_9Z>;]:!POEIOTUJ)!%NUY_&,[VD/T7,B0QDYV8$ZHK MRU68EOM,((WE&?R0M,$?&-9@@Z#1"$MGH5#(.8FZ&SEA1%KQ^P(=2J=@=SP^ M)>RV0_ZN$X[`8T,:J"1'2FGHB:'`!=0HZCRH*C'Q?.+V9A4Z`3/A>R[I.>GD M.3ZHP8#$(G\$T7`VU99)+T'G%*&ZXK"F\:3UD()1*+U&>:C.Y5>3&.2P$MK5 MJKTQGV>KF`ZQN+G:?&Y7:KUN-R^[=WJ,;`(6R'L>)B^D(I0)Z]AN^AB!8HUR M^MD*.7A83@E0B<];75_'NAGK#[.'J.'"K,-O5O?MS=OY[-?YW;S7?7+_ES3" M8L.Q,K'5("%:(VY-AZQD:9E$DWD!,XK(Y%B5D!;WVWTXVKYK-Y^7-V^VE5BV MD9PG!>3%<8T"2@B'B-/04!(.PXAWKB_$<9KS8#+'X`0RD1.>LE>!!U/&WK>; M'G71^K^D01A*C)C%@!EO+.%:=;YQ+EBU]=%RI@E-!E<%`K/;^A[2Q:5[1?A< M#)#02T*4%-Z``')W1F/6%6NE,E18\M$Z3')2D:M`;K:V5;K,;(2Q6XESR7O*2@5C@^)5CA\VU8QC;#()CDRT6L#A]TJF]C M%9E>=3N3WM=02*CG'`&,I,!&4^7@#A<`ZKWEGD9538?E#C+-0$AJ],:^8A\)KX[D#G@*JW,>@4Q!R)=A@-6P+7[^\C$LM/^_/8$_8? MV[L86?/O]GJS69IVM0GH=0A.D%C12QVCN@AGDE2:R[R;CF1`8# M03I&SE0H8WCJJ7XXTJQD_[[HK^&?IPIGE)M$@X%!0%G,H`"$"F(=[EB@'%96 M2"./0(TN,%`([6HK;.1O8B@M"=8B`)QS*:4W2,52O(_`A,-EJ5-X8L>:>N1F M0'_$89"7B2"=H@>>AT@%92\85XQ)3HWG9K=.K;FK]T8Y"WN#FN&E8?5Z9:.Z MV^7Z1**\*&SO2:JC/\`81*1%2&&MN#9?4$^QWJ_9( MI!72GKA8P@7HHPFPKT'B3NY"_5[08*X,"\=/&_X+F>.0`=)9L)Q5K*KR$CM0 M:D:A]W>2G^K4V26(37EQ>1Y.>D*E'1[0(.0<$L9J8!2U2B.#.X,`$9$F#A.G MY%^`$LN"]GGDJ&\1N6=#&J"EHL8YSP'EVFOD&>W,0%]SE]&Q=)UD?Q1"KTT. MJE,QM=!_SAON\];!#=I;(VRD@Q!2$8!V4G3Z6X,T-31Q4L@%J*$B;!3UN+'M[^W=\NL6FR,7Z+O)3/9WS]G6XJ=@F,P_S:]GB\W> M!&."R>/<9W>];O&'O*8!TDICPLG<`8]\.$(CJQT@%@JDO?4GW:43(7']N;VY MOXO]5N[7\YA.O[\2_;#WKU,W\D-?U80OSF,D#9/&826Q%DY\0T1B5BRWZ<5[ M]6DH7A9%KMH[\K?+Q>VF77V)/<9BEO`)V_K0XPV,M1TP==J%3=88YK!6WZ!0 MV))2X8*#+.?I^%YF1ZR$R?+]-$_:*X<'-!HI)@PSX;QJ/)2"$*:[E2%(Z[5K MQQ%U@O51Z+PF_JLS5FN@_3QT__QMHB?S')\_W,1V]!9;J)QE!DE(`=GMAN%7 MI+("AV-I.<#R*#Q*,/QNN=K]UT8V8G'UZ5LEZ(<3JC_M MA0U"V"K@?*PB$_X#$!)^APR1H%1L>)W&01%,SRIM[V=?=A7,'WKIE8%O:H2C MB#,KL':Q6;K&T-$=%@837Z_!,37Y?64M*[!_;V&KSKJYRQ? M$0-SEHMMG^"7S:,7QS7!-K30$@L4E91;*!6WW3I98@3OQ#$NQ:R@G-"5JQ?3 M3?.DECGX?&,E(IX;RQ`Q'%$=_M7ML51J5J_ADHFO@^5B\J#T>J2@.HNB)O++ MDWY@)SQ5A/3PB`9BY+RAP:YB6,"@]HCO7$R,X[1V5!.'FQ33"'E`.Y=`Q!]7 M[>G3Q\FQ#;.*8B$!IL!I8@F7_NES`J+B<,;1#/:0B!Q8O7X9J4Z#U"<:0T3B M>!&6QSC+V=V'N]F?L]--90X\WE"(A"*4$JZ,A(9@Y=%NHI:+4FGN?6L&Y@/^ M^R(KX\'I_V&OV^L?;I>__^.FG3]^T^&'[S_E\*OF;7L;CL;;-@A'=/Z!IQH& M`!5AL5**@`;@#ND=!#J`=T<0$'0(U9[NI:N0J*4:6CO`R/PCGM&"$XY1+9*E6P@)$ M@02[B4IJ*ZF$G86M3!@DD*56\S_#'WTWO[M[N;S]\P<;KEDPPYSU`L0Z_]01 MW@5(&F1+-4`N0=#HU8^D9K:XN7I8!R'1L^.*Z?2@QAFCJ2<4<\(HEL0PW$V: M(9/V367O1Y>=LM%(I*BM#__\GP#5RU_57Q]J*.,>4<>9`)I)I1#JPHBTU(GI M[-F[Q.514&-6/E8KO9NM_M-NPD9[W?;73<\&-<@H3CR.<5K&0F8D[US4F@N? M=B#+WM@MOX8:BT0"?>]F=W=7GWZ:+?YU/WO9_#OP9,,-=H82#*`C$AG@PS>^ MFY[U.,VQE;U'6Q:BQB\_@1T3YGRU^.%_YR>X>?9<0[%R$A/D/"(20D2L[[Y[ M@6#:W86HDIFQBT_GY?\^MXO;/S\O[_N0\]W#C?38.^T44(ASRI`#G.\F"7SB MZ5;6S-`X!!)H^G&VF'T)VG"Y^.FW^]GJ99UT^.'&`$V`8=:'G3B_[;=QDJ="A`:\=J&82-XV%\L\Q@RIA3Q MG30+QD0AHZ4N+_(9D"T76/)\NCTC3(X-;#05$`O(*"5.2*XD@:3S(7G+ZW-8 MER7X9/NJ#&B^9OFIQF-^R6)37ER^JP>SWP@NMO&[N9D_GA_M?!TSEV-3!/VP MR[S^YVIY_W4=7G%W'Z-ZXS/_S]ZU=;=M).G_LC\@T_?+GMV'OLYF9V+YV$[F M[!,.+$(V)S3A0U))/+]^JT&!HB2"(IL`2'IR\A!+`AK=7U575W5_7=44,+BO M)C>P5*P3,AR7<'N@#A06.0BD1`C.1GPX>9E+Z$7*8`SM M/VH,!UG1S!8+""0E.,-*XQB$]8G?T-(;+.97E`#\[,KS/`/5J`+Y4VFW,;HX MG^#?5%CX_SC,,L2[KE1U<^>J M=&2P7(\ZI:#:*=R.IPL7J74VP'\L.BL=YEQONBG=A14I'32O4'\PC;&@M,G9 M;N:/BMVH-'2^7'Z.L_KWE&6M\O?5ASK6B^JVA+AF6U'?+NJ/R0.]N7M3KVYN M;^\7"Y@F;_86,AWPJP7@:H01W`0OD2-!4[#([=$D(GFLH<%*THV2XNIRX,XP M4&WGZ^>=KU]T?K6_\_63SC<6/25=K^]6GRLS^>?]>F\`&FE+AW88P3/VJ$#@ M12CF#'?"$Q(-1[):W$DC$J6,3:MUMW3G*7=ZK6.U_J>YH=@PEGE&CZL6C\>G7< M_+PO8.Y\J0#16"VY-RIR2C6FSN%VA)I;EJ5^O?/!1G4]>D,KPWYNI<)U]7*5 M8CC0W\[8INOQPJO`%'1+8/#>(W&>X-!VU.5>&.B=-S::5>D)IYQ8M9Z#A?I\ MLWA;+E8//VR-L;4T[^M99_QZ>`M%8`Q11R+XLSI&+_GCC79GG,USM7IGH8T7 MTPX&7;XFU-N=\:FR]FJ:BG=_J%?ES,'PIY.''9IWU6T%?W]%+XYOKXC44>J# MU\%;JXC',;8AO;/.YY%*>V?$C:TE@P.9H3/@R]Q6U6294-GJ4GWWF/@H=7I> M+5(B^3FX1'=;GE!CZCJTIX>6"TF<$":DJI@R>N<4$;0=OG(\[XR]=][>:'HT M/J1C.)R[;.C6Z,R7^GZ^NKG;.4'P'I_TI'8+@H7!S@IJDF]N,(ED,_.4\7FD MWOZYB*/ZK6,B.NX^[_MR]ICT;UHMWU0P#O/UZPP0A4AO?4SVH?RCVL?/@.D\)1@3RO.K5GV;MQD)YQY#UWM$8"<5. MDK`Q\CZ*S#1:W\M^_Q`8GH?)F+:8;GY_6._?5HM;^+G\M&^CYN`V"ALI00%Y MZX5U&DFBT,9<:TDR%\#KW%4?&KV<:S'UEZ_E_-OR_>8"@S?^L;E>-CS>= M[^YGEZ>>TU2!583)$<'6LB"1M4:3S;X&R:T/B*]W6WD$$+.)#-"=Q["@N;': M>F7E,OVE?NJR32%4F,^K)FCX?;KZG.QEW4$:3K>24\5FLUQ6J^7-8OII.B]G M[6>??.OM8EK#M];M;,4E>UD5E]WU@EML-$NQ.$=!*X8#$YMICG,7VNO..J9#=7B&M-D(1;6+0%@GDA3>;F$OG1A?7NTT_ M%I(Y.W'C3)G-<62Y#;$O5UW$CK/WJX`I:E4(U"O!+0$_BM.63>.HDYD\NNL] M=+@VB61,AG?0H\5T?=I>@1V?U/-UQ[O&_JTJ%UW^;5YCA:&4<(&E-Y1'`@N# MW&05<]&9S-I=UWN*,0J,E^_CKM)IS7WZ0'F73O>:5U:7YLZ^ULLB*JZ"D00+ M1IU-ZYK:;&](@S+OVE_OV<Z7H[O9CA;+.6260,#I$RZF- M;.,U4:'RZ`+DVD]1L@'*L8[5ZHG*OBVGDU7]D)CXYQ_>__`_53E)&2@2)[\M M1]-EPW+:@G#+.^5EM)Y3(X0-4F^Z]QVVU&L/J[`UMU_ M.?Z4MJ.5@F%*L<7>8^JETP[!OUL,!,V\:1<"AI%`;0X%V M)`)8NU_M.)8_@O97DYM%^G]::U-WK$7N_-4#U"WPJ\3A?7F!X MB$Z[;@H<^'9A,&,(C*$*47IMF=:VY3O`*AXRUY_KW5(?!KV_#I=E;/I MOQ[N0G[X7*4TS'6;AGF[JYU^RS&-%(A)'%5B`WOA)!&(B#8YE[<.YR6T)M>[ M`STH?&,L*VE7"Z+(V[4*P_KW"91X^==%O=S';=WS5D'!G4Y:D(O>[MX_[P&L7KO+V]_W(_2_L(:_^Z_O)U47U.Z:E^>Z#;)E)NNF<- MX+ET9W)^NV;KS)I9\'B7NN%^?RC_V.>P]O^U0GN((:WA,3`MM>3!"K]9>CW- M3"YQG=O7EX-S%F.V<^($6]VLF0/>[W0`KH>-;(J8$ZPT3JV5[@]6.R\S)KT M.G>I!P3N1"?W,-K\`6\5+&JC6O0]CQ/U=>[B#H'8EK#_ZR^/ M8$$G?UW_\NGO'MY]@MFJO/_XI9S_`&O07QJL?'W;'&S`J-=%&WZ^O4%^AS;N?Z&(5DAD(F8J@L!HM%I@[!#\PD1F M7W=)>AO/M%I^Z*"#O'BF4,*`!ECC#/'<0=RJC0E.>DLIXB3$/,;1T7,'`JJ7 M,Z8OP)\7&,T5>K"9BZ19-[[>&7]7P%:AIF3=K6__Z/9?5I MK<<74.)94^^0,"H2RS@LYTH;)JD7)G`P^R'/_SE>S@=E%C]!4'MJ-Q^'P.%A MV%#%?QFU$@)$BZ(6$#<:$Q%"1BM.:61*^`)3'0V6UF/O.&.)HJ2H-TQ[%[G* MS,,P6E'G@\7151ZX9WPN0.!*2(PC]43I=*!O.,+62$6E,I1DIH0;J]KSZ>(\ M:O1#2>M=]6FZ3(S/5A:N>S!7$X@K=MD-8>K$7005DP.%IK M%2R7>9>T!BP2W;,\3X.C?X&NMZM6<;J\+6?_5Y6+`/'2[OM1^QXO,*)*T>!5 M%)AK`O%N8!919KVG6L>\PZX!2TOW)M:>$!EJJL;I+/$\5M6G>K%_HCYY$M8= M&E$PG`8DN25"I04$1Q,I@1 MRE6J&:!1A"^ID`Z^:)[O,V"YZM[E>`H80@\]!RMC M/,#@&4F7>H50\.\\(0Y8/KLW(9X"PV"19OWE2SU_OZIO?UW3X-,A3+I=NIM0 M?MB+!;$0.$/TS"%VYN#3&40PP31&$Z2'125O3V'`TMM]!Z']@3.4X/]1S69_ MF]>_S]]7Y;*>5Y/F_L.NBF.OOE-0K9B#`6&42I9S8\%[IYHRSR6C5&9N`%[/ M'E(_N`PEZ5_JV?U\52[6,=?^`$GSQ8D.`\K2W!@D[A*9[I1:!$P>`U$Z>CR M)'L]NTFGX3&8T5YOB;RKOM:+%9B4=+.NTYO:]TH1*,3;40(@SG&G-0!C/.*8 M86]]1)F;O]>PK=0C+$/P#$*YF$-_EN#J/:&1/>,4M)_MX0N^6I73V;+C0P/S M.D$8D^GL/A4M>5_=WB^:(]3P1RH(64TBZ$'B=MVO'BJJ/>_ZW_>0'_K^1(&I MBD)0<+2),=B")6#1(>240Y8+]NI&[#`(/A:S/G&@70R,83Y4.(JDD]8;"%$Q MEK!(2M.B"6%-9LK#?F@1.V0 M(X@PB`=5*QCE;&:.L&&X+N?6S><<\HL1RRCW('9V]J!BY*^]6G@(DP1 M]0830?%FM$&SW979S\G2N2@=.$@O3X;[>U>RBZ$,?=>Z-;Y.-5MB"2F`?9VN M:E9VU[H_X*T"PG!!##:48ZJ#9PG(S1A-&,N!/)!#WY_(GKN(O4&4<47BY_FT M29[R/-OASQ`Z+M*_;KZNLT?=58M%.0-/L;F^TRGWD]LL8"ZYB+A63%&OC.*8 MRW;(0OD\3VJP2U.]:\78`)YO.3K8`J_+20WGV*_;+XA0PAFGM/.(-H6HHF]Q M(\QF%K(85_%&C&S/`?H8ROJF6CU>7#6_E=-9BFX^U%L'0Y_K&0AWZ=/HJXGY MF$BHM_L4-+O-POL0$5*1:DJQ(B'-X8WY\.HJK.&(2CD6T&,HXM;UZ0:XID`Y MP'7S]2%?Z+Z]CM=?+IRG1G).G/*,&F2D1*X=L:69:3<&LW&,(QE,:_ MG'UW=^`>W,QMN9S>/I]QS:7]/6J4TUSAP,OQR'K&8183C;`CM$4%W-C,%(?? MCV*-`.I%+I1]+I"%I`Q@8&O:/ M:OKIKW%`B&/G<8X.FRD,MA+LSDQH2HS0_1HLE^LE1I"GX'DQ MNK4]5T[5KNVV"HH\\0(%B@P1P2NJP^9TS7*<5^]OL"2Q%ZI?)R`Z!COR;3V; MWDZK+O)BCRS)AJ7R)TGRM:U7A(.FD5GK!.8<>&*Y1M`%[*AR.,@9#5>:5E*LB21ZLFV.2)(\2R[7SUQ`!_UH@)HA)E?.< M8I$'X50(6F)OT!7E.+LHY3B6X=:S'*Y=+2,.8`DBH*L#]QY;Q[B,$6/"F0\L M[VKUU=(JAU*ZXU`>A5;9V_H"/HJ%/OXZBG/;?JP(E`HM)*.8.ZX%-99;;$E@ M`0LA\5@.[M@$E?.[NID2&"2F;XKU?7@L6CU$-/_B&WFW'G>R8!^E\O(S^X+O M@]\MJ%1!.H:(4MX1ZZ/@R`JB-0%!.?'J5NG)P^B*>P]ZK[!6\HNY7WVN%]-_59,U*Q_O-?D'M5`H;"'$BM);H:)!,C1%?=9CUUZ.MHNR M/RX8SG<8%J^,FU[/.F(FDP;=K'&U5V5?Z],",I[MWYNT("C,:ACW8%;/IXR_E['ZO:G2_ M540D4>#86$.UBM(H&C;+'[;T0JBPX]J*TS`ZGSOYKDH@)DKNQLO96@\S/`<)S=Y+W,K1/VE&,Y M7313RT^7:2_N?C'65\Z9L6_3'[-<5JM4!/+OT_+C=-:>+]L?$5]V[*3[(=PIEK(/)8`(-EGO"+`)7R( +W#5KP:6EPN MEJ\QTGK[1B'!@!AM9;J-PPG!*8\UEEH[#O-4.4#I?$* M"8LBYD%PA8F7'J'(+7)&,4ROB$MUDCBZ"@SVC,_Y!"5D>K=(Q. M824B@N$P.5K*KKQZD:>*\[C1Y\36;__:)'K:FU[KZ4-%-$%QBC'WH&(X*N6L MP-0:KBF7R.75S!DP@?^Q6-8]C3Q#'.O+@/7=\SQ63W&01WZ<&&]+"*X6D11A9TGG*"@D8D@4P6631O"+T0A M+\/?O'[Y94RKD0:ZD6SY6"2@H\SESM-;%W_NF_G?NQN%!$\9`0.,;(\I6& M<3/[_-M,A%P!#;%%O&M+-2Q7TR\P,2>;/][E/"`B3@XEIL$:4C*4SFO=,>1%T/`M08)\R[NOHJ0;7[I8(0 M;:+%^O_9N];FQFUD^X]NX?WXB&?N9&=G4IED]R-*L>D9W96E*K//K+RB9 MM,:C!P42(.7=I%+EV`0(G#YL=#<:#4$8L`1Y):G0G&J64`*DVC`6L(EMC6&E,$X M2P(\@D*(8A>:=/,WAA#7Z\SUX=`IP8%]H_Z$S/*6=BL ME-C)Q,LR2\JXO_'8`Y#28CW@WW64](&607CFF-->D!Z9-=ERJR[#?+*ACA80_=3^^+_S M:AT'_.7I??6M6IP)?'3K(&"#M]%EZ84VV`NGG&W@DAR7HNA(^5F=R7*,KD." M6\*@:D?[#%/-YGN2HVC-QXDT MO$IPPE;K^;=972-M;UO_Y9=;J_`$.;HT#\IY)BBFF#N("48R*N-FU@;XB=U# M/`TG+@.P_TV1ZIR!8Z0P&%L+-(?4`,6];JT&;!*+A5Y+KN"%C+T"`15=7"\) MI7:XVK97OX$BJ1R63DOON4*""TP:G*"B:=NOUY+K5RA^U@?Q$LP\E&S;:=_G M=,.@6$34,(FXA?$?+^HJ*L\S=;"8$8\\')Q0EUF!NJ$>` M*A/U=+NN:YIV2&,RZ]4P]!@"N1*,V!O=9>O.Z88A,AU2;PTQT!$B4/1U6MPB M^=-*&66[/W8[ MU?K/V?JV4[I#A]:!9>>][G4A#,M`_.$ M&8(FZZ#X3#8YH"U4O`M`U'="K)9U M8+AK:?9#[8(5W&-'G,!4`,R@$$`WX`A1S#>Z*!5@,($?*]`^`%(E[)97PSR[ MT7KP^4`PJ^NY<8.%]DIB+.'+9Z>,G>X^_4#R6N5#Z>VP8'+;ZE,2_@C1C[:8 M]"^S^>V[I9E]G3_,%F?W2$^V"U(KSSCS'#/&)`=*:M+,4VM:[.JQ;@Y+3UF] MCF4,B$P)!K3F_',-SZ,%VDXW"`AA$;\2:A6RU`IM+6YGYJ@I%>>:A`$P"$3C M"/^LVC_6)``F"$%0"L$=L51J3=H/QCKNIKO^]Q776>GW0NBM\6!R%L!4Q#]" M"#L.=/,POS%UI>;UT]E5_^#SP7K'$406U1?;4&RH=JV6]!:7NIFKXVK?7SRO MH],#@%)DOWZUKN:?EUUE?>CQ0`2('P.-2Y^G6$,J#3?-K`A(+)21;3-K<%$/ M@$D)26]=FCKN'O%?_/RXGF]NY]ODD[-"/],R:`D@8,C)Z/H(!2/)K6_F"H5, M,^RS[58-+O]AX2ESO+UQ9S_>M7"X?W^-2V.EJV44QX-9+:,)_!BMX&=S>+7L MDJ;3L^?`&7.*8$4$)P9QJ;QE+5;,IFUJ95LUSLM!3%DF*$68P!8[YCD`.(X,R@8%J7%: MSL_@]]N-S:B,D":<43ORXI_6T35=W<7?KY8_'8[=7]`Z$!5]62\58$AB8P1W M7C73H,JE,8._%6;D0[*$IJF'50N8.B7U03:D*?/6 M2PX(Y::U];1(O(U(OC7&#(->Z8ATLZ[6(?H#AP4NC$)W["THK9TFA%))+->R M3NYHPQ9,\;04M6PQH%*1YSSHE;2;VY%_J!XZ4.=4LR`,A,1JPJ""#&)GA&JW M;Z&<6NV7K'(\8@L/`-LHY-B:9Y?08ML@?F+"2>TPB!XCMQI*15NK'@(TL>VJ M881T3O(IR(PB\_KQ0<)C&@"*[B`6M@_[`C4>1BZD1H",V M&MXPZCK+<#2ZA6I-<.=TL7NI+U8*O<342?H78I/C\/5>L.3DF>M"09%=".!S MM;QY>M_AL/+)=H$`#9'40%MA:;3#)`)Q;17&"@&P%F=S\LK-]=P!Y:-M`A?1 ME-"($V$0=1QJ9RD"S&-N$=;%4HQ/'DT>2$K'`CL],9GL<>2ASA\9;XTPW@// M,+5"2LLE`)Q$Y84MX:4RPRXZ?S2`<+N=/+H,G&L[<4(IAM$'I9YJ+(52BD+G MF'9$$24`IP%BZ17DVD)K*"%$.1!-5$6D-9X*6FQQ[GTDJ;,7]EACV6K1'^+ MRYF.@_G7"6;TZ#48PS25HKX[25$<_X=+S"FTP`H/D)K8-6]YS)-R^.5Q"QZJ M]?S>SY>SY+V28JQT\/4?EUK;7TNDTTV"PB6'+&.*,<.PTIBHLS MC;#$95F4VIA,O'EZ&'D?*[?4$ZPBV0][0SQKMO[X<(AS@11*"1VSPL%HA1-( M&7<&>U(?/KQ"5V<`\;U.:\B.VS50Q0/'N"*<*6&HB::[TUY[`)P"$A,QO8NH MBQ#A,E02LG,_12NOVOS\R[K-&8XO/WKP^DR+(#'S"G%"F(/4X+C6&L`U\4HC MC75BZ==\>2@]\%[E`"19?G^[6'X'6T2U@@#C)AI$5E-&A>`$1!!F&#/_C.^\6ZV MOM^:.CJ:6,DHHZ+80V`'#&D>;*`UBL M,&[[DUUV#P\^'P!F!D'))=7(2Q=5@&:: MZOCU>F*`/'M(+[?+N!VN?MH.OOONX`^MMMP5#'(2680U05`3U\P3(..GL"78 M4T)'_;F^:/R';/G5YV:\\4HR:82G//H5N@%%,5J*(HDQ@1Y"[KS/=QE"5[%Y M0QTPV'CKF1*8(JPT:&9$K>73+:8^@)0Z[.(DP?,6!#\]IWH*\I[8KAV46@FN MK%+,8NT0H>)EYL072RM-WP#HBG?'7;O+`!E]U\X(C:T0EA#BN/6`"`Z;X0H^ MM3M[!Y7?$(!7C^_=K]KAI&]*=\%HSSR,V#@."9)U*7G?H.))X@9O M$?W>WWTK`%@)&GUXK$'[>/=K-5NX36W#O!39.D&74\T"1H`;IR*@TE`KH3>H M=6P(!71:M,@KR%4VW$JR8VO<;MXM__EE?O/%+1_F#T^[<%LGDIQH'2!'AG,+ M*;(>"2"BB2R;.6,,TYSZ;";&*%P9#KX$@[(9Q%9Y5INZ!M_^\GC$J#S3*E`+ M([WK,#*&B@/K`&OMX+BR3JR*>!&I#P];42MD9X#-O\UOJ^7MK[5>Z[)ITZ5Y MP-;"^M)1H0RF#D-ID6AFS43B16K92H8751$9\$O0$=N91K*^[+ML=VFJS<-O MU?I^4Y^)6WZ+?]B+E+[2%Q?T$`2,`&%',-7`>^:B*4[;Z3"2MF)D*_Y=3'?D M@["\'OG'JM['^W7^^*,`,0'*,R(A1!1!P*`TS0QMM*V22)*MGO>( M.J,':D7"R%O2/LS_6%3?C[N+9KF\DP"=CTZ@A!A$0\IS7I_\;@,\/K&B5;9J MWT5YDPW%\OKETY=91.3CXT/TP):WD?^=E4=/TA:Z,NKF_7RTOYLBI9H%+391V5EH>;73KK+?@Q45#.(D@ MV0IW%U8I@^$VJ&N[2XBZV+?=-0L2>4MA0!588RKE&; M%`)U8C+YVPB>YL.Q!)?>S^_G#U5;9?2I+A0S6SZ]?V\^KI__MN>\O?_E[[/E M['-4A+L=J(_KGZIE?0GA\S/MW!LP3O`O\YN#LQ@0`C0CA'%I;<2]E2?T).TV M9/@V@KC3PKX$SX\'(M1]?6'X":*>:QJ`PDP[Q9QRTCJ%`7X)91$'$[7C=0>. M,X'7PZ`ZE(F]&]V+>5+7]?WJR6F]5B?CN+2O3G543^'_$O-4+?CV28JF7=WARQ M^F,>46O/)[Q;WJW6]]M3.'JVJ&\#^/2EJAY&K7769"J^[U+3[(>'@R;81I== M*"^0-AQ'V]QJ)#D54`G!S\;(,L_J["F$[QX,3@D($/$,,@63YG]=`\:3+"$@?0>:([B4NN1L=(82TD#K>0F+3"8^[A" M(CN&+%5P&6[7?'"<(,1K[U19;KAS,J[FIIEI_*+5A`\W%!'P92?(T]!\R_PI MSYNMR#XZ2KV,>4]A=!8SLIO#%!2.S_16_%2<(I)!+!1 MF4R4JB#4M?+;<+L^N2`:CR*?'N_OH^GRU^&MUN<[G<\?>^_?>;#,,\`\`8XX MR(D7PK^XQ92E%3G)EOR4G509L4M(24D9X\D#\/T[#0AR(S2%F@I*M5`,T]:V M!@P66YM2*Y/FD_)J)(P+$4O=W#S>/R[JI!%;?5U'CVOWZ_M5'/1?VY\'9%R' MMP5%M/#,(!>].T4)4='4:&!R7DWL6HXKHN+PX$]UJ?VP6MX\KNN,B*ODZL7I(\IUZ3;`8U;4HK7!,5A\*\$!'M\[D%\V6V_EQMMF<5CAJ"P[\D.,LXM!PX"(@0 M2D/,VZTO2&Q:^G:V@@U71,3!,)^JXY+%77E&"!.KM7$:8XVY)1!$3Z]=,X!* M8V6VHA!7YJ0D83Q5%C8'0^?51BV?#\)GBEN?>E7@1#O@4;1M#%580VL):P-F M4J056B<15JT='Q?/B:WY MH]-U8O(8A\#[I]V;"60F\-%7!F6MIMAR&6+;Z5BU67W<%%"Y0KETZ#-Q:9*2"4J&ZLB]1M+X`Y=E8HBRMT&TV ML@W@[Q?%:S!RV/G=714-W9M*5P]_5M72S-;KIV@\[&HZ1?)N1[JH?[7K0<\V M\XVZ_;_'YW(U%U&G_^N"5__/WI4VMY$CV7\T@?OXB'/"&^Z6PE9OQWQ"E*62 MQ&V*=+`H]VA__0*D6)1D'D6P+GHV0E;05%4!>/D*R$PD,@5B#!*,#-(JBL>H M.ER94IH7#MG9SE"GQ.H=S0%II^[N5D(KIJLQ=,RZ#ZT%B5.U:R0XTI(X*I39 MGFTEP.45JNML%VADI#L/S`$Y]WOY9N[NF''OV@K,>N>5TUP+K;&3A+A:T36. MY5G.G>WOC(QOYT"9P38[B0KFY-MS0KOZ-'/_OBW3N9AW&=UB+U>]NIT_E5?W M#3++?6!9JVT$*`2&PF'C/?1`,XJEKE]`B?*6T,XRAK?$KB$A',X2/=TI707L MK8L&$<+$0F@)LI[4B7"`AYE9*#K++][Y7MVIB+R1=N^9*0_EAUSSNH;K<(K( M'G)9#IJC\DBFJ.ISD]R5C1\2HN4O`2$,&(2BB2>@,40S)"42VEIUM$C#0"@< MS779Z`$!8\FTBZ^C]8H)JPP!8#-Z(D5>.;ZVHJQ&I.JT2.>PWA*VDF7C(PDC`M+ M##,`.ZLI^+R>*J^&N_MO+S M10%0":'FG#-DXEKKO%=FTREM;5Z)SAY#SO,0GK>$1X:05I6I9L5ZU_%Z6OQO M<5!<^RX/TC,;N0A\_&TL0`+JK0*9&R6+):V1$\CQ^#CLT77`BH98ONZ+)[N(UHW M\[]GIDSL.2BZ?9<';[$S<9Y`&)$X:N"D8'5'068!@AY#;\\67TO(Y(CP>?8C MDLW'3+>9?WOO4877J^P,X")$-.?T8K?U%- M[LJOC_/OA_6179<&#%WL%@?24Z@-VPRF6FI>LQ#<+ZPS@(D0TXWCV5:0HOE M'[/)C\23Y4O#1:W!G:GZ/'/1OK3 M<^=]FY:KV,1/LW^5Q6)O%-;NJP,ACAM&%4T9RXS@#A)?^VNI&5O:W^XVNML# M*3OJ\^K>E(MEQ*%)6-VA6P)Q0%D+D0;:1V['UK9>^*@WY^TJ=9=WMUNIMHA4 M'RZZ57:CZ^(EL3#Y'OZ[F#Z7VQ+'!WQT1^X,0@AEE01"`<\I0]'XQ;7V#7E> M[&1W>2RZ#VII%[#A(B6[R@F/F.+8&&X@$Y8"&$WO&E>/[,@,V1X(TQ5TPU$G MXTA$;@:>_*8"L!S@J$,)[Z0"*.)(:[\!1B[O,'-W)_*&(F)O"`\9)KS:#[[, MZO!$<4DX148I[(S6C@OE)$.\ MKYVA4ZO#-Q;"X>KPIXU^M)&N[92)!)IQYBPA7"K*I)?0QU6.$^*!(!'HGJAP M3LFPQO)L5";R-$#ZB5=JLSB@XD9*EG('4<0L$1HBZ)CV"BIAI14!8AG_P[6% MUE!"B')`8*N(M,930?-.G0Y0/[*Q(!N7#VP9NLOC#O",0@T]-]I1I;C`R$-O M)5\=K96]Q3J>65BR?6:SYS?Y,K7UZ? M#1ZT0\]I<9YLWV7\'"]^6`4Q16;TU]"01UM_F\SFB_A.;#K3Q,[>>T\P@CH- MK+%&(FW2+P92'@46%7KOT%&O43]C/&9U[[P^>!!52(V\8C!J!@YX:O!Z;!1I M"D9Q++4%R=J7E^8DT_Q,,>^ST%O`IS^EN^YFP]#\#]<'"[#F,IW'8X0[[ZTA;C,N;XD: M\8F.=N2U4^MN!Z5?AP7CM;5'(/S^A;Y--W9=3*)-\)I5]NCITH/W!4D)P$!# M11UC1#MO<#U.P_`HCW!DRVK>'3+-&5"5M_]XF/^(AM9D+?SXX:/,XU?A<_E0 M3%VT+98O>Q;Y'5<%I#U.U5$A)8P3C*BQ=*,]84GRMN4[/N;9SI)^/AKMRW#= ME;WS\\=+@K!.*,8YM8(;8"2%AFWZ2Y$880:(LU"?MPK#^,4WFA5U$*F=[9J\ M67LI5'7DW-1/UT7=P%JEG+;&$^@)I53I3=>8M+WM.!U>Y?(1G;1YRFGK3M]6)-8J$CDG M?Q-0Y>?)?;D:RJ&,)8THNT"Z$)!1!@X=RFH\+H/-6C]1#25D36$@89 MPMJ&$5[=V\F/R5TYNZMNYG\^3FX?KZ/RE+Y8?JI6W9HF'_!.&9[XE(`-)$`1 M9J,A!5.5((UJGYR!NK>%K9F5T)YOL7NLSJ1`W8&J[MJ?D^7C8SF]4Y5)'OQ- M:MB;^:MYTX`2&4\-3E*,!#/I\"9@SL:?>I61G.EQ3-C=4Z1[[/IP-GS$9T<8 MLWYYOTFTON2$S8K&SPR6*TA9U%N$)P)"#PU2M4RDSPOQ[>QP0O=;&UTAEZ.3 MET_?YXMB\;)VS7PI[^(7">F#QPT:WAE@M/HE]99KSH@R0EDBW^@^>?DQ.SMD MT.ZDTCX^W8@WS2#+>5&Y8C%]*:K_>IZEK_@_\L6^[XDA,5A%E4RD@D>*(:0$ MJ;4KGKE?U5FH?^]T:`FW;FCRK7R8S&9Q9BJJ\GW_\HFR_YF!Q%]6&^08A5!: M0%/*]-TL(<)`NFL65OTS'6F6J7O`"O,]]03:$XM4@4\"^6P*6V*'X MEGA`$&=`$>%KIQ:T/L_5#"_`U]PR,D/(_=/1!$8-[PS`81&M"6;C\`C4CAM8 M.\TI0"*/!7V1X'21'>'`>?`,0X6=B^%)E-CYA``1M@Y9Y[SG3GIH':U#60`P M>?L%OJM#;)E'K0C\1 MCV$F@/>J\;UYD]=E$UB1H2B<]-S`I'"&>FL=HRAK.)LMG$A;7O\MHM?G[]5D[M)L8C=O)H=34S5>AN! M&RP))\Y*3KDS0EM>1Q0AFYE='U[(MN604/9O"_\H)M.U)6;F3T_SV=?E_/:O MQ_DTBJQ*:4)O&UO"1Y\4M)>02,*D5-):K#WE]<8,HFHD0:P#%EKN/2A@W^>/,7.WGV>%-\FT]<#P<7LY6KQ^H[K^0L(0NP/JC=S;2UBVNV<#9I1N-^&5 M<\A#H"R`0!"NA&$$>2,@0QC#!KOH_8PQ+^&5)4A0&"TG'X>$HH8L`=Z,C9O, M6@2]);QJ+)E&":].PZ+XSTIXI:&)RQJ06`CGA<((:+D!A^G<4)*3B=)"=HS& M8CXIX=5I^/2AZK63ZH@I0)CV%`++5WE2#16;<1E%+S;A56-Y-TE?J[V)QUT0E//_A01GK+5-8>6\X@T1$0\!Z[F!<@@`\?OZV M(]3J4CI'AUCM&^/1LB9MM1&@L*OLSR!"%@TIK2'!&PP10J/04?NDRD^9[XK0*\'I$L8]'%-YWUP7I+*=``RJ90,SCN$+4\!O!QEELI7_1?TP$>`:&?:@_ M^;AL1S:[NYX6LVUQVW-6C(SF`M546SX.,&- M!]3_IVP[Z([.7KA@IIX?7(,`$%=/L\FWYRJU?3"'V>Z+@\"<*:2,B*!Q*@D4 MW&\Z"8WI:_5L6FED4#G-6T:S%S?"T_?I_*4L5UO:5ZN4"$?3)^^])RAJK,/& MP'26G4%D'..;\47+.>\`2G=U:<;`EK9!S9LG('EMGZW)1V_6E:K*KCI MT[IKMKPO(S;3:/_='IPOSGYF,)9X1HRW"&GEA1/8B,V0&:,C2W8U&A[U"7H? MB]1UN5A5])K=EBO\]F=C/7)'@(9X;8GF5D%`M<-N.S:*65Y`4W>5L<=`J'8A M[2(H+:,\E=3@M!ZG4IFQ<)W% MK8R*.FT"VP>!UA/C?N@:',!K^HA@"8%(>.(0`Y89H1RH,>4$7)J!U9T[O"-$ M1^'YV8?:[\])'*]>X$H]+Q_GJU*77>QM[6LK*"!4G,?CY.ZE)!P9JT"M=RK= M5X1(0X:V3Y-3?4$=`YRAV.=W>3[;J(IWSRL=\4NZ5=TORX6*5]T][L=I#(:5%:Y#6P$@[S0FLY\(!=%T/.@[I.A'WJ?#@OM"Z)OM8V`HB@LYE8S M9H40T4!#];XOQBI/K>S,U/_#2K2Z77X71- M;)IV&PH,&(*Q!)Y#):&'&AJZ05(++,>U@@\9"#0D[GTP^'4HY=WND;I_IX^' M8M*:/2!`**3TRA(NI(V:"U!F9<9V+_6,D4!?8]KJU62Y^3%Z= ME@?@O+K_4M[.'V;))+LN%Y-YO*Y:5J_I"M*W1].H=]1BT$H`I2T$"DGL%"+4 MU#L_$MB1Y)X8&6_'(8Q1NY?6"DYU];RLEL7L;C)[^#*?3OU\D?[8A8_I8(.! M2:JM]II[);D"TN)M=$[4X_.B!X;;->Y=(>@7_PMC]MK[U@^IUVT%%B<'Z$TJ MT^R!562-4=Q[/$T0N]TV[8I]56O7U>I%RDJX5G[2!^ M$PA4N7^7B]M)==CQ?_+#@G4(8,@T(YXQP.)'4EO37KH\S_[X++"."-HUWJ.8 M8/=N$W\87/5IMA[_G^7DX3%:"^I'N2@>RLW?KQ=1!^LD6CFG(\$SYX4%,.VU M.(HL-[SV&$),\Y)Q#1=8-+*I>4A9C>*M:2Z/KEZ7=GH0/$TQ'M`G9AC)`->@ M7C,-D'DKQ'#Q4B-[3P814F\OR+?C(_]V\LB_E(D)\?M5W>#B=OE<3&_*Q1,Z M]K+TVYM@F(LJ)K5"JY2@4%*+:W>8Y3K/EATN6FR`%V?4`AMNE?D8/;**Z7VC M;J:0O>K=_/`EH?9Y_G>Y6']*><=.7EK::3:DE&E,1C@5=!#$#P;74Y62**\, M16G+ M7YG_YTGF$JR,US&O"M1V[?S\J:U`#$-68*W5*G,W@]D1#?L09`*4ZFTU$H8"+EF&M53BT`N3^GIK@SHK_LNM"BE2["B M]X]\GQD$.[2B,WH3`(',1:,,$$`]-!@`6BNED4B992W_H[;01BVQ2UAGMO5+ M[*1*^;!2+75*1COGM\2OEEE_ MOEPN@>MOUMM/<1V;S*K)[2HK?S\[;^_;#!%9`ZP3<8I3&#J/@2.U!]J0O#WI MT49CC)/W;4GG$MC_TR[\S7Q93'M[$9HT'[@!V'%)I*5&,*P=9/6NC((\KUK( M^/:?AU=S.I#&:&+\35$]?BEOR\F/\BY5YMJ,]>K^;9C6N7']S5H)$#G@M(XS M"(5<4JL=JZ-9-'9YC![?QO#YC!X.]-$0]_?Y[$=9);,[05JM7LEWHY]7R]_G MRW^5R^W9A38I?6[[@6*+/376^)3@Q4*O=+V,8Y^ITHQON[L_)\O'WOE]>D>"9QQ!2)$4.)KD&@A'\9MMD3P_86?^DLMD M>N=B&8#SFV0C'3%Y\_C`4[B%]<)*I+DT1L55M5Y,_Z^]:^MMVX;"_R7O77B_ M#.T#KT_#-@19^T@XCM(8=>S"=H;^_)%R+,=9$\>T9%'>$,!P%(6BSOD.>>YD M+*_;0&?EK,/$9R:Q,U"7SN)5JR_WD_']YJ$OV^OJZNMD=CW7U;HJ[!5\'3Y0 M$`Y@!HQ!R&B"%!?)AFU*SD5A;9#[05+G9,W`S*;CGYK-'I,S;1D-MFE=(+6N M&'QSME\FT^D>*+4V?HB*OC,("T.@8\3:2/'&02*HR2M7Z,S/V@_"^J)VT;&$ M]3[Z^856T.'[!T42\"7'/E*'22IVK!S5ZG;5[A07E) M%:?"5ENRD,^BHH'M1Y-%'3)4<<-[6%/^:K+\YA=5M3FT^RINS5V@_KW/#AQ* M10D3VD$(F7+.B(;9E)@\^ZR\?(NAB41'_"M:7NJ/S_'%FC8B>S.Q6WI,`-HJ ME4ZTEBYR6F(#MMV=O86%M2G^STC!\:PJ&O![V;&;@/@B_;S^8S+XF[6B%T/B MP#D&8ZGBJ6FPHP;R^)$Z56_:5#N35\U07L[VT$2M9SYG^)6NT@Q6\Z?$E[^^ MSV=/*T7]@LOY7:3`PWQ6Q_Y579SQN-ZGZA674AM#!RH8\!1IP1%RF!*B MV)8`-!/HY67MG1CH/;&GF#20G/27/C*@@C5:&`,DP5)X`YU1`#5I-DCE93V5 ME^+7TSI?"M\&+1?KE<#/%T^7TGUOF1RGG4C@RAKJ">/>N&C980)9XY-T3.8E ML927-WAN$M0&,X=MMC14Z[B1=M9$`M;"HG3P.%#&<&NV[CC.A%>G:G$.+RRA1!@$`G,7&".=`T3H&>G9KQY&,U^&<\? M+FNV_IP0UZEYZW+WZ=6/5:KJO;TH=%EHHC==B/0V-(0X!PXX&H?DS>$N^=^X+S3!H?=P="/85, MJFB70(X$8Y$<*#.=\'"4WQCM.%5C>`/9#''#T.%V]#MQ,V+1V1.CIJ/T_R-]' M=D]E9#>AUJ4\=!^7'0TUDQ!(P@Q@>>FL1V%XAPR#@O!AM#P)0O=L5,\;"*KQ M:O)WM)KJC>DZ*A`ZSNG;$9KF_L$#(9%?2B,&O*:>"RFBTH5%_#&<*)'GSBHO M-:=[9;-U6I\6G8W7X,]J<3=?1-MWO'['NKW&$7ED72"Q\[(_+:;[^-ENO4FOF+\Y1]02P,$%`````@`5%D% M1\)SX>O^)0$`>_P.`!0`'`!T8V\M,C`Q-3`V,S!?;&%B+GAM;%54"0`#<"?" M57`GPE5U>`L``00E#@``!#D!``#L76UOVSBV_GZ!_0_<[@!W%Y@T>G\9S.Q" MHJ29`&U3M)V["PPN#,5F$DUET2O):?/O+ZDWRXGMB!0IJ[/WRTQJR^(YSR&? M;MO M<7YWJ2F*?MG]ZN@3]%\7[6,7]*,+5;O0U==?B]4K0)3,BJKM`8VTCW]]]OP7 MO7I:=5WWLOJV>[1(#CU(7JM>_NOMFX^5GA=)5I1QMD2O"!H`U'CD.$4?T"V@ M___UP]51\=Q+^L1EANXHY.]1GN#5QS+.RS?Q#4J)'-7;[G-T>_@5:9[OO8%" MY%*(5(M"])<77EP^;M!/KXIDO4D)/I=C%."0N'PNK33Q*AC>\4AY"M>G+Q0M M\"O?*XT"E][`WY MJWF2OOX$#5>M-^3:>S/Z6J)LA58U>>Z]&R2KGUZ1OQ;;XN(NCC>+@/2`!^)3 M'M`5H=R\\E:%EZU^0:L[XMB\)?DJ*1-4!$FQ3'&QS9%W0QZ,E^7"4!WH*YYK MZ$:H0DOS7<_TH\B#,(A\R[8659,+E%W\^K&5L/IH.A%>L0#YW$8Y*O`V7]9^ MCLA./7VMSM]W4H.>V"#.5J`1'.PD!SO1P6^M\/_[X^4.DGU3X>6AWE?)?!L7 M-Y7@#7Q$`=6X1&E9M)] MO@0X7Z&7$TYJ!IUA)CYL#DC@V8U41@]XT"G_'"?9&UP4G30?4%J)4MPG&^]K M4BQL58>ZXOAV9.FZYX66%[FM-$'D0!;O)DD$R9ZKC8S[8"O";2+'33]&W' MC:`5!)YC.U!S_;9!VW4\%DKE;^4LK%G+QLJ;(Z`<1HW3H"B"_5X$4`K_'<7G M!,6-QW0F+"9`$2RZNS%R$8R+^RC%7YJ&WZ+U#$6F&U>+_(`.8YY)L&0CGY$P2N&A8S"= MH*+1R,Z$C<;K@05W.0&STC`0)^.C%],Q`;C.F)-8-1G`2ES@#.:E7S.B;8'3 M9%5M:>I:;2(TS0H=(]!LR_<A8IL^X-'$=8[N:5X4!:KI1;IO6H;N MZVV;H>8%O"S%T=24+-7MIN),`,=ARLI2DL'D9BD&%"6SU'.$!K'4"&!GQU)C M=#G*4J,!>I&ERB5>7&4D8T)%^8$$;VV+!>P%=!^W-T6R2N)\%]*1<"ZP`NAH MO@<=W]?"2.T24M<,W2&IH:RV)>>*K&W:H=5<[*U6G6?M3WV).7Q4,DNCOYR3P(&L,F3=9P_@FU&B#E]I,NZ M.8F_0%(`DB^N0(E!>8_(9W?W)?U'CI:(O@CG8!,_@A@4VS7`MV"-,T3^69)/ M[LCW&6FIZ0PYP>5[<(_2%=W!O3<+4?30>CW85Q)#4`=H*I:N5.Z/TS('/*)L M&Y_924I7#T\S5,:ZTE]_?VB;#+W0]6UH*:[EFK:O^=`UNC5OQW@I@Q;1Q/2$ M3(43Q+TL4([D64F0?ON;[X MD1N>P1,?AYIM6XR"P'!<75<-T]9TW5*TJ-OL[&M,AQ5'-'.61(%W16D,G,-F M/"9"4H13.=;'#\D MM"A1TZ*CA*85A=`T7==P]3"(PBXB#/1('3JK,;(9R;S42`=J\4$Y/.:=$%*^D->CR7M-]DE&0MUD>0](A$IB5KH9\SXN M]J/:91HG:QK05I%Q52$LSC!Y)&]^05Y"?X!HI$K^BLOJG\LT'M"3=ND!7O4[T_HDPGAKI2F2ZA@)5WU*,R`V[[>^& M90XZTBQ7@FG=4"TZ^(X(#UKI05]\\%X8LXHU%*/_.IN-1KFV;]<\G#[Q;&:: MQ%VN$'&8.2*N#N";-+FK&J-?W-`9IM8;@N2V^MD]6MVA%4!U'WCJ*O.V.YSP MF:8BPVFRV&B(/Y5B\[FY6CE*'O/"$B%E=]"FTG3"IY&!0MU_X)LA="/5TES= M%H:NUE5H<*!C(`& MK]H?JAY9'8]0/=?6/,]7(P.:2JC[IJEU1U`],V!9L^=N1+J[Z16&W56,K8K! M'JX3RW?*BA_D82OYD^#+YF\XX9.RBG\,GA-K^*,1GE+%/ M"B]STCY39)D2]TD1YLO=WR0D42=I];K-NJNZ/%5F3A+HVR0C])+$*=C@(JE< M1Y?ATX=O:>KP0%,'$*_QEMYNA.N5U-6AC?P%H$NQ2;9,MRLD("%_"=_C.;DP MR\PC+1>G#I;3@1F#7V^YK'K3^_B17M)`FB:?Y%NT>I/$-TF:]&JN.($.;=V# MH>WZAN'[FAW`SLVYELE664!@PRQCEZO.0"LK:(2M+A9KQ`4]>7DWXHLTPK`0 M^DSHL_DF@;!+";*'@W@BZ)9@B9D$X3(TP]*[,2-_AO_>)N7C6U3>X]55]H"* MLG*_+6DKGN.$FA'Z*C2-R'0UNSMOH-DZTR4SXUJ2'*#7PH%:.M`3CY<21^(Z MC`6G@Y2-^,:@*87I3@)U@MS$`#P3/A.D#);1![DK2!7=A5\T/[DB"4FQ@)'J M1:&F>HIE69%MV(K6;3\(/<7DNQJ+IZ7S+,Z`WZI&LZ4%DG M$\;@*;FBU`&H3C"7&(AGPER"E#E:5&H\1!S,U;5Y?;O[\!TJNQMW-5UU=Z0^BV8RE\-#:Z6SMS?'_!N(-:26?,EY`91J##X9\>GXC0[2JZ" MP1/%M&V&_4AB5*BX:N0:AN)Y),PNAW>]J!QZ];C M]IF8'&.XFY9ZW!_-/^>X*'9?BJ5.!E,((4[!$\M6CH6\G,P:"<6/W^R6^'; M8$\.O=BXDQLL3!<&IJ;"T#9=2_>AZ?G=O4`J9"M8)*3!R7+M>F'Y MT&"MOA#+C0/!%L*+XG'FYD1>B,_!A95(_#S(AOJWP8&,.K'Q'P]@/+7IJU,$ MM!9^=1\L6M%:3$EV1W+.",55:;\NA#55PXQL6U-TS75TZ)M>J+;"*(K!M,]2 MC@22V7$G&;AM1!.1:0NU`2M'G@M^_OR[EAA0D4$C,^A9)F*QC.SZ^,/!'42M M,HPU.ZZ5HN3Q4OO2(&4N'-Q62NBJ(Q2+,%!]0]4UR_>M2%4BWXBZ_42AXJG# M=O,(:$CZ[IVW\==DO5TW^^;JB=#]_*`\MYXR[`@6;$P4*R`N3LCAQ/+2\3PJPWAN' MXJHZ/\?[R&Y404::P49449H<*>D\&IQ!#NK=EFYQP+?]EGMKBK^@E);8_QTM MRQ)#E)=QDG4>=)F@8J%&IJ_9-K0"WW8LDLQ$:G=QC:'I_M`#$-(%D9P\U/+3 M<;9/GCT=`%4"-%K0H^&-'F!/$09JE6^\EWW8K.S&YN7^F"8;[B]G93H^C[HS MX=ZM!L=6V=N[#JIZ"[6#;WWZ*OW;YK^KY?A`Z`50MVPY-Z'BJ%=J*81F.'FAA-/Q8`U?S(0PT M3U$>HTC%4(8A\A^ MODDH3I!/3$/)-MM,)J*DJ_G\=,0$L(KFAD_T),<"ZIKJ1[876(:A&1'TS,!K M"<%7W)!E18"I8@CM$$+/-DTK]$/+5Y0@>-DL\FVQ+:-N?!3+`^!@7OW8GB.O MCY+LJ*$JFN,;A@(CQW$U+S1\:(:19K=CE^YY82'2TRV%/@PM0W65@`249J01 MI^'HAN[IJNJ&H2U[@TES:*K/C#R%M$:B.8P)IP.2C?K8,93";B?A.4%G8F"= M"7$4@;+Z'EVZI(!2QI20]69F)%X*VIQPC>,BN0C-XZ"SE5!ZR`N)[AG M'(XSX9R12AP\VCH.DD$K20.BL!W1O>F.J*F:%4*'1&6.H9BZ82F.U4TZ18[M M#ET_XFS>M]0(FIKM$JHU`]/U--(^]*"BAZ9'8L+Y99IOF(_%RK3.RPM$,S", ME-1SOC89O@(T`]OPK?OT$0>W.`<2IFR&+-WP`7ADP4:R-6:P3"-;0SQ9UV:= M'EC>H]4V1=>W+),5G]#7TB?8?5[8JJD[!O0],NX5Q0UMR^E27DLW!^VR$"6+ MXP=*X%N*YA.`5,MUS-"Q%=-4/:@ID6%+=IFM^'0)AF>6$%!-0*4*\[2$;"L. MG+B8D0'97.LTMI,S'3(.]%,3)A.9EH,D?":=3N\HTL/`B5P-:I[N=Q,1IF(PE0L2)%*@&P:TK<#7#&B:$:0W MOD.H>[IK&U"#LD_SG#+M4PV]U>_;NN;3==;;P7'5E&Z]RMZALOYUNTX[WIE, M9?AA/F6&-F=S+4\5`'A;,KB9L_L7,08XX68FMO!,O,W46N.S#BM&W].=3`V2 M8IGB8N\TE&NX2J186F1;)HE.%0V&3F@:FJ:1?Y(D:2"QC&I#'EWT"J/U!#O? M?JY3,)T8U$+0G@Y3)4G1+0W8=).A02UE&`G)N<6*B%8LZ;=T\#,GUKS(BPY M<3X*VZ#D>#SH,^$YH2H=37)%P368]?KE"G=--B5T25IBF)X=&+:K!X9G*J:E MDC8-)=)4QW$&7<0NI"')/+=7L[$_]/@*<(_#=!BM308G&Y_Q(RF%Q4ZA=(*^ MA(`[$]X2HPN6T/N8I]R>4^-N!I8E,"^F"T(V*$S55-ARCH!-0).25-*)Y`Z.5,D`N&9L)8@99[-ZXB#:#!O MO<,E:F]96:BV'AHJ+36K6JH1^9X5J&T;>NA&+#3%]&+)K%3)TEXVQ,@_;``- MHQMIV+"QRT!8I/!('X(3M,&%U$Q8@D]V+*"KC."``W-;"R>R0BOT(]<.H:L: MBA:IW916J'E,1?S&MC4E4^Q==;&3<02!<*'+SBFR@1U!,\R82F>?`V`-)*0Q M,,^0HT:I@H_NL=W5<_\[GGW.\W239W6X*'_J^KNH6 M])S`-!7+-0S-:X7S;4MEX;MI))+,BB0J3=;5I,GNWI&J_%=6#>U-[6W]Z)S MTPB4P'+",-`=73?HUKXN0U<'9L_32R79=>R4:8LPU^J`5A_R!V@UJDNE?<*@ M5:H?+%[?`IX\_@QV/NUGYFUB-E_SGVA=AI-0L[4RWP&I#X@H4%0'G6AYNWAG M_&5M_*(V?HE!7-_?7!VC6F[SG)[W7GFF[+Z`WLA[\@B?4([R(&8YWR=<`[GPLZC M.#[W^&=Q@TN_+9!FG[Q&A@HSN4R>B%^@JZ]/?*)7._2-M6F,E;3&2K+]&KX%V!9U.(':&'3? MPS^?U7K=SE+7ORON\9?J-P7=6E\F#[2F27/-1/\U[?NK4OKTRR=R%"A%RQ*M MQI;Y'6G%(T'#9)UC!G'"=+KB,XP^EGMEUIMX65[?7C^@G,3/UQDZ+4.`VH]W M&CR)6:!'`A4G<)S0A:%I&4[@&MVV4->UAL8'9Q!-9N=/U)9X32-&O)#19 M)VE*YT'^1@.(F`0*Z**)8.([\B=.GH0R!\((YG`&7`#R\VU:S6Z0=\;T0JNN M!71HH6]DB"+>H$>"EC/VG!F$,>?4'L]B^)XUU&E^OU`B#4+#,#7+51U'\VP/ M=AL;3.@,VCMP7@F_]<"G?==9/>+@[G"..$A&3YA9./1M=8)S1D/V2@Q`R"U'B)SR2#PJ:@&==>M@JKF\ZNLENK_M6H'YL#9`9`2AA&)"T[E]???ZY^_T]G6)/#[#X\35U^ M9O0)H8@GYI45H0/PJNN8")CC[\K/TT6C*G7!$UA(JX7/&>:""&VQ+?!^'.!"Y@Q[=TQ$7A2I*X_4'954``1:)22"Q$B$-"^*_6!6 MBK5ZU^:%)JRB+O*U,.=6.X-<8Q1"#=P_2)LKG#JE]-1:]UWP+3I=:6RK"),&A5J?KLPQF2P#U'4NB<,=%4,:V-L@I3KG*>#[)?\#5[ M`)5Y5,&B$LI86SE)2%:4D+3FJ3?]>,S`1>6()<FA&+_YE:="(B0"=TN72M M+-XN9^4?_RB_3I2+I"D7A"!=PAPG%TZP5@2SUE8L4A(6I18!7/6F%T](N"@8 ML82-1C&B#7@F&=VH:*49NGG]U<[7U]/%_Y335;&FFG'`B:(Z%3P`)9&O9.-L`!)CSNH@+A40@R%F1*^!?'318")O\WN+=>[\-L,PCRQRT MS&,+4(]X_EX6D$&H"].0.-9ZT)%S7)R1DL[4C4!-NMM0]3B6@N,0.U^4*^V: M^%RMG#^EK$"YE%1P*0$3``&ZGPZ:H5;5'\X]6[@X"A22X`(PHA#E?IL'6$5` M88'(!]H!K3%E>U#!`4@@76W#CW1,104?;4GJ+?)X9/_%N"..J1'H1"?XSV*. M+C2T4H=]GL5']Y,)-$12R0#@&D!J+"24';RDXJVCC$5D`DG$2-O-;TM'#C#\V^,Q4C^)D!',\ M#G?5<3!$S.H/Y6I>S?;!!3*%)I0K:(1R;1GA-]]VH]CK2>CT?OQTG@/-()=^.L(B1:`U5SWJP2,27A"& M.,)&I!"1!IR0BBY4!&G&PZ+$NG]93P07T%I48$LX),PU1.1A_$O1ZMZ>2\\G M&!2(8>W^4T1*+G)::(B0QGDND1)#Z<;Q(KI&%J$K' M$R)>4)!8VD:D(=$FG%"1;G1$Z$@C6TUC&`DJ4$ZE$I::8MT+ M5N4$2-963QX_54IDE(-IB`NMI,FY-3E"A$)*N?N<6D,.8#*/)D`U`KEY62G2 MT1*F#FT9Z4$/'IE\1@/B:!G!O(\$7G4=$>$Y$]7=7;6\VE37OUW=3MW(>+_= MK#?3Y6R^_#PA6ID"<7-&)WK9''8,Q&W7R$4]J?UD8%PBZ MG)+1![,CT*,^K7F>K-$?20'*]6NY6/QC67U97I73=;4L9V_]M>*K";16(&H, M)(1@HQE#&.YG%;4Z[#W2LZU@P7/MK(*`6J?*4AG$L<"Y(2S'F`UT\NK1??>; MAY?M\64-P&"EBJ:SK4@-P624/L60V)LRG6'EHBAU97(T>M39D&=2U`\U`2KT M2[78+C?357-ZO)XP57">,PX!T,*_J6VQ.NQ"`A(8,CU].BJTFX*VT"[J(UP8 MH2T5M(!("<2%U<.HS@%5D]00LMT225I;C4G)5Y2VM*>J-T5YPL%%)8GE:S0* M$FW`,^7H1D7(BJO)1_NIO*]6_DJKJ\UTLUU/H);&6@`L83;G1N;,J`<_6XC` MM=;I1@K,B+),":HUT4(("J4!!.;0*&/!0&^W[%,I#^BR!E[XZBJ2RM;KJO0L MQJVH@@GL;R5UDI++:ZAN+(Y&:[K:\7S=U`F&N@N`4O>=_.ST\X77:0_"%'L_'P>O4SS]%S8NKT MQNA(JEQVMZ/J>:@%3IVKZ]MRMEV4[V^DF[BS^6*[F?]>7I77VU5]>T[Q1U,Z MRCK3=75WOVTN4WM_\Q1H<\V.QH!IIHP$!8*0N>4(DWN4$L%6U1=>"5KB`&%O MC;\#]-B>[,&@;&]1Y@=:=F23_]&I&1]T\]9K=7D[C1UQ;X6&5AH+0P&$`-L)$04PT.[AA-WI:E8_Y>3GW63*S#P_S M\V<_/7]>.N[\I_?W'H0I;\K5:KHH?(5L]_<=(!<>:@N(X#G'ADM.(&%[0)0; M,G%B\*EJ4ULO+8Z0*7D,N?7,W,,_H7-;;T'].:MJ&[+9SHBLW%D14J\^<8== MEL=Q]528>!ZZZ`AX5B//:NCUYZP!G^W19WOX68-_/!W5OJK0>#HLKMS0BW-K M>GEV99O;Z2;[4JY\4%*7J&N.%N;NNSY8=!_+_8G"O7OE;'I7;9<^H%D]%*=;5.OCA^V_:64FPE M0%)"I2G/#T$*H7D/.S@)0+W2B4#P,>>[X-OFA^_?00X-TG1M/R<$:7IUC.<* M[RY'P=O=[/!!+_%`>1]8QU0113K747&@#L.;28&OVX%"N6E4$ M&!;1G\/7O,D:9TCB6P=_\:7B74Z'Y= M2A3EK?W)CZ4OT%W=E>_7;:N'Z9VV:9?\A==B8P@+` M+1880XX*OY(Z[*L:'I37E`Y%8K_A@/M]#8<\FVXVJ_DGUXT.N=_Z^#C=?KJ; M+NLB"N[!;S)GX??9=?-N?[W#47WQ"]GLFQ^W=^7*SY!O_RO0<23LO7;.8AP= M%^8@?)\UH+-O/.QOLP-PWV_'MR_LL+_)=NA?[VV(:*(O^(+TG3<2_1_`T&KH M>1&H\P]H&H?C?-)RZ]S,^WLO/?XX9:(-EHP0I+G)L022,:#W+2L,0;MSJ1X; M3'X`I:;K^76@Y/9!9#MM'9C!,!%]+*"[D'J/,'N`F,DG;O'#U+_"-[!ZODSE M!9GLL1]&HH=]6E0E&[2!"F>>A]@W-^7UYOVRGN9/P^KWF]MR-=$2(@.4R0GF M%@D`-3J\_P:Q:%5F.2F`Q/'KV[M[YW3\"G@ZF\U]_TP761.7^@-#]^\??_I; MH$*FZ8AVFOGJ?1"FHN;Y/L6;K$&H-APG#.;8&D)P+@+1KGV!P>.O\ M?MM.ON3?W:;ZC2F7U=U\6>^Z9O_^;QQ!^-_9IXC]@)ZY;R>SKT=ZF,0>7G#8 M`3-@O7&^RP_G[NL62=-AN MZ""P`_=`/U*[/[EZKK?9`^XQ:.[+[(:J;X_]-68=[M/,-HK<.ZU=X]QS@"8Y M@HI92)RGL!Q@S`MQR)E@2*"0G8.^VTZ\;W`QSIU%;2KTSGZG6'<0XI-&NZ^S MEQ!(9WC$V[ECQJRU?9C7+NKMB<8>$P0^E*LZ\JXA332B)+?*`HN)SH72A3WD M*5#*@N+=OMM.'><>O_AVG-"5?1>UA=`[]7WE%Z1C/4VRP9OZB*PY-:LQCR[- MX!&CG7(.XOIF)-J:S+S@;(0N-/:KK<>"/\'`($-!@8%$M#`#+SGA832$ICP/UQTTWI6VYNALZ9 M!$(@EK,"^O=M4<[)8?8681'3DT=#]V0(B;0B9P1I*7&AE2H8EX6@B.'$X=`! M3>S-_(%$M9.YA!R%J5@`/8DN=#LFXH+\1#(V$G6)1?_LIK8.)(1KP]5UN9RN MYE5S/2]`.:#,!1G8<(L+6T"^'_F^\'N41#QJP:T2F8M@\IP)2:BP`KK%I)MJ MN04\1RSU6^P'4&^R/:RX^],C^0M4CF34!0I(6ZK2RL7A\+IFB`FFGH#EA1<&U4%;;'!N!I!;)"YX]1/OOHJ]UBV$M,+9) M0UCTRJ@55VGCFW?"FE@RNNZ4?BS_V"AGW&\3DAOGBS4# MR@##.0#V(?)7E`=MKKS<&&<:\1P2!A"AC$FL"*$%,46!J*:I%4:5R_)F?CV? M+K*W_N86!W#M/CW9#PU4G.X,=]I\3D-N7[O-S;Y-YD%F-``'` MJ"X*7UA00,+SO*"'\R"J1:OU7'<4+FPTS*E#43!**ZP(3"K&E0N8B]9;2 MN5F;/>#/#@9D1Q8<3>>`^]\3]]AE$1U79_6CKG_.?FI_3_]X^BONGGXS7U\O MJK4+*7R:L+_F_KJZ^^0"OEGV:>J^>5UFZ]NRW-1'LNXYVX6_-/\FJQYNV)D? M=::_*_]G7T-H72WFLZE/S7@_F.=?7J( M@^:[.,C?_O$XFD4WV?JU&_7V?5T<;U=U*@^3=?^]\N+$!XN(CE&4$ZO;_=D M7;2U8X&`3D/K1,@PW'`=08&`@0RMAE:"P)65O]ES5=Z6R_7\][+)C/FQVI0/ M[0K"_$:#93AGM,B94+D$4G"22^+^#%I9O=@8)-3)JX'4-4.4H=(:K@PK%`4% MXRCU99F/\#VY>L$#=0N!-DN`1$2W6V`-RG%8"-`3O4E66"_1=F&%U1OC(UEA M]6=/E6AHAEZ\5G[:/(0QA[0?[H_?*%)4**Z!$5`B;A3#6@A.L6Q;\B+RZ>FF MF0>4'85MKY88=YJ9"S.I(Y4CF3]=K7AZ-U8?I+2>*S_,E]7*A2G[G<4F"X8( MI:71"FDH!814^8/K76.8$!D2!,2UD-CS__BXKND>6V1"6R2)[?0F/7]AC$56?`RQ0;]Y5R\^NF3NO#C!]6:[)\-JAB5":6MO<(D9*R+NK0@*YFN M/*;D!4V)Y&]$>A)KP0DMZ41&J\P0?5NN5E_UJBQ_N[JM[N_=TKJIT[5KTDB1 M*P,4(KDH!,;(<+%ODFC:JD!F'^VD/I&IX64UOFP/<%>Q+%1G>J'UY02-(1D- M/'\9&YGMLRB&)#4N3^+`YW7#IT\-J%,8'IW_K[>?UO/9?+KR!3_GR^S+[?SZ MMDX4\(I_7`9XAA^FB\7[ MFZOI\N_;Z7+7#.+04L,(5UQ2H`M`T,$!$8%;O3@:^^S$'N"CFQL>5GU)X729 M>60Q8A5%V\MJGYJQ,(5_5;+:JWEJTN(4/)*\-MI[PN`S>MN%FA%H;"?X53\C M)%!+Y>;7LCZZVE3+OSDAWS<'M.8":(8I@LA@%^-3&'H(T;6-Q-I:CW:YR1[` M936Z6,F(IK*=S@[!8IC>CH;`,.T=@LB_:!1]@;X+BMZ5$$H>VAR>&VJU+``"A"$D.*3D<*C-J&R5UQ+_].3J?ITUJ/9K_`97D"9% ML=9&SE,3%BKDUZ]#58APIZ;L+RO9)X@[*]9=2!Z%3'K M[>/WR0&!S$`.E,BQ0,`BH_-#6/(]M(+-/U*=`#KB[71D2SV.X8;0@" MPV0[CKMDR?G`>#$XH9T)8@S(REPGT62._;=V%I4`YT;XT.JTU-`<1UUF#U+T?NT68> M;B>UZL)\C'P-1'HG/8OF>P"%.\]?:\GKH0M&J8%]V'51%'LC+OJUD/?_S][5 M-C=N(^F_@JJKW215WA0)OM]].1(DL[E*QE.9V=VKRP<51X)M)C+A):EQG%]_ M`-]$R9(,@`2%R6[MA\W8EM#]-/!T-]!H]!>?W^.2Q?W9/8Y>#F\"M'^RLGTS ML=PTBD/'C*&91JXQT+:/_$CL,5]UPOA[5Y;--D;V*=\V[XRO`MN.K"!R3,]GD7H`?63U`MIAXHE%Q,O) MI9R1V]LVN\..2;\T'9,^=QV30-:R]BS=+948CR\LUM-J8L[A7$>WFS=;NMV` MO2Y@I(P6734EC'`AA%[>T)J$U%=0G*NAIWKH!5[=;&-_1*JZ0ME37F=;)M@* MFF$:FW8*TR!.4B\U0K=S8:$7>K'@GHGT,,H)?R3,<-A[<^'<6([\Y6'FX_)% M\!6CYJ$)1R,3&`FU^!.8I[&YP)B3X=2$`*?K\>K=REF`4=:8>"12+^JJ(12?IYTFO,L1[W\+4-ZBIGM[-T-'J\T3XW*$ MN&-;]YKH:$:UK8Q5FU/VJD=>@;S&CZ#$3_3OFB[_K!AM<]#MN-H;^6XP\KB; M,?V;H?'O>F1OUN7X:%4?!C+%!C@&>SZ<;5W\A=S]98NKJBN=HS]IPDZ0K==D M5]3]]U7L;($)B=M)^=A.2BI#]X?T]U?H*'S"PF?VK9:>/QIL=2VN\L1^P]/A M%LY^DM^><%'AE6^$*''LR#43PS=IX)+:23],&J2&7-+#^^W*M1.KR M'&Y`Q=(;%4A*9C6=*%?*9;K1.5(84<@TRUR$Q3^3L,C!P)6G'`UQV&W_\+5O M=E:P+_SJ\+Q_[E7+'_#95EO=UMV)^R"S799I/G-2G& M;YQDFU]V_:MF[(NS1U+6^>^#-AM6@'J7Y27XG&UW&%!P'O/=8RLU`X>--?7= M$L'Y,)*N2I@#*4YVT$)*B54K@Q)N89G4W:,3^'T;ARBE95G$`'<.+4&S;R'41 M%QEB)^7J9JID8,5I5',]9RPP&$L,3O.0`/W,;XBW.?VJ-A#C^2\/?GZ/ M<%4SR/?+6F=E^<(2CC9=Z#.(![R]W`+@AJ9+?:[2?*+$[;.+-0'%X6V*/B2: MFG6((GS&:RDSE`:>3)UN9(&9+NCQ+F8\)\2(+,\,_1B9`4*6YS@H3HR]&'Q/ M!J@:>P&_QU&8>R*/$63?V6W"Y_^N:0X)%WAQ[W`>-SB[(<0\X34-(N\,NTXV M;SQ-?-EC7EIDP^[@3=<^)Z,_*T@->G>Y?S.Y;ZKS:5<#\AF7)_KM/&8OU`GC MZ?7>Y`S>6G`6 M7'#8JN:3)CY;F7IDF64ITA?_=8&"4#`1II:-XM0)_2B,T\`W;10,Q0Q&ZO-O M*ZJ61,?JZVD>7KGMWO;V.AE-S/.?*B=4F0PK-Y9`\W^-C"8?'62/S&D>'!G6 M#W1-/6?50>W@9E?VAWU/N,P)?R(]?*_Z9'JB2[-Z`5$6?!VP?>#0[^<+68*_,3L%I3R MZ]PVR07?TW[*=X#F!0*S+Y#4$[9(;CB%L'T.<,?AJB:C'I&(LJT MO1R,J`59IIY8*#P*O-3U;".P4]^`5!S32:U>'"MQ!2J65$JAVT6':5L*2NWU M=MBABZ'$XHW!0IW8*K<1E!I(ND3Y:H::<-).JB9B^$3*DCPSQTJ]ZG&=<%;M M(PH-=PTF6(&O"%B)737PT8NH>;XX6"&LG%YY31[Q#Z2J4@K+Z7N-U7M6R4Z* M>(<_DB/Y5T82!5$$H0%1XH2^;_CFL'/A!B%:M>%U4FQXG+-B843XY%#N"3Y: M\>&^>@OR.&N-#"?JL9GH@,D.F/#@7%^""G0*`*H!^$C`L:_7RF8B_ELCV\U\ MYZC)V=F.P5-)GEH5Z!H$U0-+I)E7'^7_-`!@_\J/UF^SE5!771J.,?BZVK'L MOWKS)M+A0O^&.?_]1L"%RT:`*I,]/6US/#6-GVK:LY'!0C-&B_!@*5W)%9:D M8%^!#SLZ+7&S/KT MU)%=MRA9T]318AW)"GYFTH)&7-$'P>;#GH\/KP*[Z&';7(@K849>!"^PX^Q& MT(0AY]>+*)Z]P@T7/Y9945$NIB'3GI=C-X:QZR>)&81^2(,FPVC7)DQ,S[1Y M.F5<^/8P@*%C1XZ+C,!Q7*J)Z1M4DB!;BE'5COZ.U'A/ M:'L^LZ,(T26"TM1-;,>P;$@72K]*`LC5%4E\5!^Y5&?H>DX('2NR(R.P',M* M;8@"(PZ%.M=+A%YC0;_J-]28K*-08$KL-2/\G,GH59`7S$CG`UU-8LJ+X:7L M='8[:!*`*5#L.$]5!!W?I="\>B)5WG+SFH[>_G=6;&+\&6_)$W/+`VE'IA/: M-&4RH9U"%+EI8">)8<>F#P/?-7FBLGD'5+=HQW+>@)&D-\T6\DA8N?AM9N`% MKAI>S0!R4=[,AN"ZAR<"T9EX4`W,&H2(BA0CJF>H:""Y?L";W1;?WD6L$1VN MQJ)4TP@&F_.;0DW0*0CII=A3E75T"4&5 MZ7<#4P@QC]3K.`FD>RI3"\P+>*C:()ZZK6\OAM["5`G<[` M[[)'W`O`Q(G)8Y87*S]QH.?&OA4EIFGYD64F3B\&LNQT%NJ5''LYS@4_MR+- MQK&R:$\DUP6`EF95#HR79='38,G0YT38=>?-J>KQ$N8L,'(SY>W=7;[&T2[? MLHLE/^+'3[AT$:#X1G^$)%R]-' MNP(7=>>05$;9E&\&D.492AV^T[E*"-K%>.L`,4$&DT-;8RZ35(B#U:9`Q=_J MI&@*$++M^VWV>];%<(X)_=!V'-L+46`BVPI3V(\5>SX4>B-19@#%+'8@%V@$ M$\W:IN%WF:T6@TZ,H*Z.FF"S#]7HR57P?'@@3T\LZ65O_^&R>_7O4JL.UC/L M=6LN^KD*9*R9#K4$5SW0=CCMG3`>$B\$_U%GY3,AF5%3> M#18DIAEZ1IK8D8VHNS`CS^T&BR*8F+P4+C^"ZBJ;3K#QC0<9.IH`X=LLO@QZ M8C2N`7#\1+X,@'),CAH"K[HW5YL6ZEVCAJ+9U3P%]'^"'[-U6-8/NQ*TG[^A M?T$_:_6#>6?^"F,Q/] M+/B.1HE%^UOF79IF+?_(M^RB=T1E.?P<_>:ZS#?WU)/0C_W:UHVF65Y2W5B_ MD.>B$TQ\5_:D.SEKP3/^9+K%-7`H,RA!YEP$(D^REOGOU'/]2.=/U8WB12Y- M-Y(X]0T/AJ&3V%[4CX)@'':]DYB8]=L>16(`D;5\+`OW[3I68"/7&D9T(7)X`_J)PRB.Z@$AH4F MK8"`2BBZNSP'J&+\K!C/*5Q]?2CEB%PQI'*D/A%:489^C0$'6T\`3C/FGJ+) M&1:?#`[?[LS[[_Y6Y'7O,QS72Z&3>*YO1&X0AA"ZPPA!Y";\W<$%OUAD04@U M_*;R@$8@J7T$090X=EW4P2.XU;(D+@*;*NKPD0R2\T>VY]%?#/BN)+LG\$/^ MF+.M<+9A4=!(XB%_ZL`L\1KGG]L-%\HE!6[WL)[S^B!\_JH"5;8=.F,ZQI_8 M?QYR-_V&_\F*75:^`'8`.C&L/@3VW`:''/H:D+*LY&3RU),]U/PQ*W_%]?MM MML;=B!"%GIU:L8L@BDT7!9[7'Z-&GI]R74R=89A%#SA;\4`CW^03.PE(!4\[ MU:(YY(XSY8'3@*WGTN394!\SK ME]OBV__-LW[+V['")+!LF*30#DP3VG$ZN`P?FEP%OW+?K)BS!X&^RJ3.XR2@ M>IN8U:(DQL57`$C@^3JE0$D>4(H!QO7BVK&:9VA4'@X-F'."\&2.&2'.C__W M@(O[WQ_(KC\73*TTB9+0"*'G.2Y,#,_K1S+2,!8D2=&O7X8I!ZDFD($P<-R4 MJ1(S*=Z\"ES"!*H2MDDL*@*?`),>Z7N93F7!T8=3I35X3:S3P.!BU[]F1?;X MMX+.E@__W&5E'^CCVM\1F.G0B/!AP[50,RVUR1 M;B]X^A&AUS_%36.#YN*?:R'?HP%T[*:6Z;IA:*<#[_NNZ_,=JRTBBOJ#N%&_ MNW,/Q-V<_`W&-X#I(7>Q6*T!+_L$[2PGNL.\-PR7`10W(!0'[P2?+FH332X' M+J/KV2:%R@'F9O-S8W:%%I'CFY9ONHYC)W[@A8%MVD/-E)PZE.)*^ MS+-R5Z6G@LO'I0OB.I4MKW,M^C)`%QAQ)F0UX;RYM"%*II\@;[7/67Y@7;/8 M!(LR.O/6^,,#QG58;,+-IFV\/7X0*GIIVW-GVZ9FI?J^Z-Y49W]#V#.I.[RY M?<)EUO;O9JP;&2BQ`S=)$$H#Q_6,%`UW-BS;]D7X3Q.1%?-H+W!7&"0?IFH" M%R<):R*M.C*7L:L2-E\&Z0M>03-3:^)==$.%:+T^!;V=D"`CYPOMV$-&Y`=F MFKA1S*ZQ][?8(]/Q$A'WI4J&1?U1=0,&R<%8=+"7?5K,K\Q4?'Y(!RM-<2RS M&DB)_Y%$^()#46TS33R$+)K.K$FUE,:I`SL86W MP&>U!>>6][7,($;'(S$/\&_A[R7MP/_^#?#5;'\+`'EINUN%/32A6C6Z'6]G MJP.0J^#CW8X=<][>=:U=VD'Q9H52*T)10O]GIRCRD.DXP<#?'N)Z3&?*]RNF MR%8L=FBX[GK:;#K)!`H8I+%[N^1C"=C$*.VZB/'7?"R!G%S1QT_XB?Z6?JQJ M[NP5KP"M'[(:/.,2#]"RWVYV)0OCV4=><%9.O+!W!IXS%2)3P=2@1&2R"F2^ MN248['Y'`^D?2%7=%OMPNYER5(*L>DBWY/FO>'./XQW^2%)2XG56U7C<-.E] M23ZQE]IN[]Z1^G:]WI5L+KW#]8J*&;JAZX1)[!D()H%EH.$>H@'-58'O65]& MONCXFI)R+=R@7;ACI;C7+5,.?,W4^P:0`AQIR)8HTQ$P)4&C):!J@IJ`O:(' MG>=Z5=DGJ;)@T):FY+@6#,*O.D?X8G;M)X>4/]1E5BC)#A2:[$(RH<-$T23W MT`(*HM\Z%LAL>G')L;CDE;CU97')@;C-'EB5?Z8_IC%9N/EEUY9GT"_)\O+O MV7:'5P:,+-]&H8-@H#.;,)!9 MHT_V,5QL^ED]?$,G%BE!5H!LJ!8`]3,!CU2@!U#GC[WTWX*/#U2@#H9L6Y&^ M[71U]/'L8-50(6ETU@Q,8[3\,T6>+C"JS!U;3I^9A2=NH5QQ;I[9IOD25HL& M6T%?!$SDRR)!O0+RO2[52)FPCH9^PM]W[817T(ICWXL\T[-MR[53,XC[JP#( M!#A!YKDN9OQIW"+8R654,ACRA/?G5#X3:4]& M2(.@=[H.9,8I(U(13W6C,>UMR9[AZ/XQ*LWOH]`/9+M9);9M6`BF!DJ"-(T] M)QSZ?Z,012%WE?R,8ZJNG&^E`[=E\TX)Z/Y]<,]HV+4"3&*1^O`YL>>HLK\2 M[(*5]U\,X@)5^E="7LXMS&D!KB)]?G3.%>XKP%<#IZ)$+:)V6HJ['C(>/LY9 M-Z"A5JF%+"M.XB")H\B'L9FF_0T$%*&8^Y$? M=1(LY);(X1(%(^%O0",^.)`?]`J('&$79O5S:2Y%.? MPXE2W5AD?6"1X26Z.VK,"F^W[&X:.SNI*EPS`W_:57F!*W:;K22[^P>0@:(S M]]?TUT_,_MT/OAD?^DR]UR:+^&4'JM""^KA3E4J^=J[*(>5RM>]+LL9X4S%` M1D*0NY]PMDTJUN)H]`QC@6MR-SK-:)+0E0>1ZX9)BF#HI3%"/G2M7BP?.5S] M)9:21;'[[54`3(?N^FK?=L&X6 M$W/'A\8:R<_,Q#0`K0KCAT@',XZK71I%=+,>OY?6S8KR52"->\V+IB2C,2HK M51B>@NT3T[QHW&__M.SH8GE;'G%^J4YTSC,`?<9-+VE"#1SVHNJ2ZZP4P5/[ M4RG[2,0VFKV].QE8F"MHNJ&)(M<*635!:,(4#I&%'\9<;RLN(XD.^?,^-9B4 MIBUD.KXJ`GVLIB"GEC>8DGJ$25A?*%E8QH::5#4LI"RYQC*1;I#R(6.WRJF; MHI%,G>/J':;"A$]/VWS-JL[:QK4?L]]PM0HB+T'(A![R+(OBCR)CJ!Y+K`"* MO9ZC1`01UI!Z->>H[/U#%RGNA6^:3C2%ZH,"H-4`-"I(=RF9TU!\!']U"XGQ MND+3*&X5P@_O!2I7:BU-&%RMCF>[=B@#=`:^/BV&'R/;B.(866D*+1-Y,!E2 MACAUN4ZU5(VM.![GH`'5U"QIDZFLK-XKZ+4@D9BQ%'L1B@P/.@;0Y@>>%!H-V2^414S M[?E7(P=AP5[:R8^726//QZO7@5V,4>="?*%WSLX`>($_YS>")LRI0+$W'T*; M!SJN0^'NJFSUX2%CF]N4KW_!Z[K9OLZ+TY)5*]-/_Y^]J^UMW%;6?T4X7]H" MZ4)OI,2/HBB>LP=ML^BV%[@H+@S%5C8Z=:S4DK>;\^LO2;U83F*'E$2)V;9% MMYOXA3//4`^',^0,XVS*'&4_"6R,(^1V1Y!=;$NUA]$VN&;N?'JW6,C>>$=< M^N80/7.@SCWS*NE#/>9Y/=N[N&74Z/5K,(I\$G=QXPS/VCXU5-D:ZJ$Q5'-, M(N]Z^6RRFTKTD,AJR_&KN/O\YB!.6GS'/YKNVM?N:ZOF33?)D2G<(3"?R=EJ MM9@!25J]^A4S37WE'A),@&,*^-==7I5M_#\M^2O%:7(@W[$?=YE($/^95W=\ MBU2G,9OQU=9?M(W[(L+QN:C^TPYZ,]6&?%VRL^GMZ.>@5P$Z$?'Y>#-@) M"GTG\6'G+CARL:2O1EG=R>2NM4$/)4N(WJ4>K;2L$Y?/DI,Y/UC4HF5QN+J@ MR[D%2W"B0,VJ86-;B;9"R%&84P&N+`$?K^_1?&T/0>6>%F]\0DBW)'GC>FK, MQ_\]Y]_87%!N*O/&]9WAGMQ7_`S(-]YJ:I@KV#!*L`H@J&+(IH@;$.;0!)UAY\0%`9[`#$H6<\YNE4N6\_@(7;7(M-]#EZ15MF)K/PZ3Q",A!-BU40*\ MMJ]4[,6!=!M;\S71?<%SL0W=L38VK[C;K[C"<5&Y?6B\#65NGAJOA,9[JW_/ MP1GFH,+]6>.5T>^1]6;&@F&ON@:Y&*1M)?9DCHZ]P;NTJ<_=_UU:+NDI:(`G M^H;`*MXBRRAXQC\S&?9Y71E=W+TO=K6HY[3EK=_+5>1Y+H!.0"(/4!U]:'I^]`[D'^6>Z\L(;[",JW+/*_[=P981LTI>_M& MD7=X###.,"^E$_QSU\B%N1U_WN7KN[K^1\],!V&F?<]O>6C\EO53OV7]Q&_I M5QUYZ11:W>]HG>YX:Y<;]MYBNQGIF`PSR1EO0K-]#7`!=&M8S/:PF'L^393- M$T]1>LLK[XB/]$KJK&@(PB0*7`?Z7HQYQ"WL[OD$D2U=O?^MZ?47.'56ETRL M*52@U/)@]1;.V8R?N<8=(YMUTKZ]$V-_]?EJ[!&P6>?MVSWM-6[^&GBFZS6[ MFW%\:[+9:8!+_&:A6^Y0UL3FEW/BL^I$^@]IOJD*$:K;9[^^^_CN7UFZ^>/` MU&3ZXT.^Y1>F5@"3."0!Q01X$80X"5`7N@L\*M^@1(**M8--<'F!6QI]Q:5M.N!GJSQ[!L47 M6%6G+0RI[*)%-8D:LM/`I]#C^Z9ZORNKO7`/VGY>/Z=5]I$7,=_TZ\MX&%`/ M!-"C,(F1$\0.Z%C1;TZMK7CTEY9M;S#"V)-:0`Y`ET( M>S7^G!!V39W$94&\0)\:+&$(>^K0[%GG<4W@27,G;CI[]2B[#A:UPI3O&7MG MF^L]_S\O;EB'I:YO18&2YM45B2,:VM3V?0HQ#&"4'*4#5"[[.;-(FCFWU>+4 M6VJBX!T1U+)R#ZO5Y:IWQ[G61Y&,Y[*H'%$;:$PU$I_#CEK8?1KD+S#_S*8U M9%686^MBT>=IP.G7;-/F%6*V%6B;##U-6K#7>RJ(G\^&7BAVPP#ZQ/:]&#I, M5KL+O9`H#GW5`[+S2SC3&5J>FNVRJ5PWJ^L*]U+N]NF5@N97D\2K%YP-\N=Q MS9X(PX[L_CT'^!Q0/_YK]EP8=T)XN3FAM95MI%-<;,Z'$>Y[>*8I,M"/ M^:[8]_9]+U33QX^,+]E?5Z&3.+[K)VY`8`(@H9'75M4GB:=&2E...T/BF-?2 M+K9;7F>[E?CECA36S:-5BZU(89,:0H[5EK*!>OIX4OBU<*`"EA=H48=%#&%* M+:H5^B>T0NCJWT6^J_Z'?3EO>GKT+%MIFJ-!FU7D^+[-?,@PH0%!V$<(MV76 M21PETH&HJ<;3S)]"3*N1\S3^W06^6UD5P@*3H?UZH&<)H-5(TG2,Y0,I2V`] MO$W'-OO,(&-N>-$M1GF+=]J(RM>DU/J/L-#GQD*]2]4C3X=*XG4FB#$UV@:$ M)"97J=`W.97R(NOT(:_2;?[?M(Y7L/GW8[K=%K MV@3&@0MM%X:M!#AV;/EDQZ3#:L]@G$K+GTS^F'*!108UW5E<9NN$+Y5BT=-: M02;)L)@!5#,';PQ[E>#^8C88>%OA=,_4K#;?E-:A;)I(99_SXE!N'ZW;PV[# MUJA&0>N65[]G5MMG^?W-@3V`XG(E+_"1[2O>[58THN)%.V[W*3]QM!;KF>A& M-;IOG/?5&6*P\& MT(8TH*&+06+;F(!N8:7$EEK6IAA'\SK6%XW?AFZ%N[*$>(JAI5&`RH62YL)2 M;4D:#*.6$-$%C"Z$A*9`UI`0T"2J%--//-6DW9HMR8[:>WF6[ M,O_<].SFG;UIP=;03[OXL-]GNW7=@F(K:#7:_.=07YW^*:NN;W])OZP0H3;! M$:")CP(4@`1#TD6CB*=TH6`)^73S8:T0+U%6'>6TTDY0U7SA$B:43#4:;CW% M+.51F_;<2%\?JU;(^I:K]-V5U6AEM6I9/;VLHV)7%K^.R_<7Z9>Y?:,!EW>JKMNOR-TUC;*56UU-A_GI(:!&X)_6\S4!:I9'X`HB/;A[^3:]M M.(_I?.+R6NE]<>!+:%J)7]ZD[./KC+TS8VOJ1MPH9._?%KM/WV^;(YVBC#R/ M$^U%G=?.L-4=^Y*Z`WEV^DK=G;PJQ!?RHK]M?*EI7U[6G[U+F0]0%WS-^(?N M'[99>\RT&?8FXQ&L[LO9B^*37"W^P7V6;A[Y0#>9];!-UR(TQ7XLL_WG?#V^ ML[F>(Y+RRT,Y+`>O&]+AJ]S#\=3720+^YE$L M;*<)]WQ75R"_*QX>Q(*2\9SMA+GW%W"2R+F/0=>`Q6`R5<[DV,?#(T7]UX>* MUW%J*B2^-*@#8$2P'6/H>]2#KN>'N$OHARZ2)?_Q(VFF_T;`MFSK:-::`-K7 MEX!Y455;!`P$5'XAF!?8:9:"WD&L%]:!NVPK#F05C5F:U/BWY7:'/+W)MWF59^6/6;85P M6N;E+[S$QU%($(1>!'$200(Q"@$BB/+'$<,0(1(KE0B=5K*(01?:GAO`D(*8 M(N0&A`!B$]]W$\>EFJFP58;O.(\/]57;:I/'+7LZ6:U2/`+:J64)O=C#SS6S MI"C`!)/+,;"YUE9C[(4,K87K)[7)A;5A&=L;LI8LI'QAPN,WU*W&C[C./GWD MR:=_[HL#C\T=QW<=CZW[:-W197Q=HN/W$1#?>_1@"NZ MX7-B/=0CO^+A@$9,2\AIM8(N3]VR2,IX[%,9PQ#"G5ZO<\=.`A=0&[J>2Y*$.DQ6-[:#U>=L?U,H,ZEVN50>_[X* M@UA@L&>GZK?/:%=%NC;*H(,C+(W$HJ'P5<]FW+)]N5\WGUY*'XNV#.?/9E'3 M%H7Y%#^W:LP,_1#ON_OKO_)LS[[@[O$'?I\]^I*7*R_V"=[BS+8^L;H?Z`E9R[O04 M8)O&FQ-I==Z5G@XT=<;K>P;/Y2#%?9KO5K[#BUG[$$(?T2#!=@+"5@CB1^X@ MXIMDY!GY[]2'ZCE7O<>WEGHP-4YC#$6&G-T.@[U8%:#U,J4,9C*$.2GVIO'F MM,J=HT\-$*JSZ/O=PZ$J!6L[/V:\*\`J"I$/B6=#DH041IZ'XK@=,HJ0U/&X M*<:9D2%KZ:XL(9_E6+_5(@ZFPR&H*I*?9D"'^X3J6.IEO.=`R?#;"'A-8[,Q MJISCKM'PC&(JMQW2A6P,!WD1(="SL@4S&5#):S,94[B*E4X368J915D6"J8?#,FN+Y(=]E[ZOLOER%H0?#P`-V M&`2N'T>QXP6MD-!SXOG3//*R&9[J87O@?)?NUGFZK?MMBK)H.U$UOVK(RK_(: M4DA#32!U7^[#L7KQK[N\>M99AU_CSIFIQ$6>?,=^W&7B3O>?>77W,=UFQ6W= M;?#'K+HK-N]WG[.Z*DK;MJ=6'!?%[P*'58S"V/,(L7'@@-B.`HJ[P+`7^])W MKXT37/,VH*>O)11^L5'7B=;\VM11;XLK;G'-^1N;=J6U\M91^UY;L!J`*XM# M4#.OPMTVX\PC73)70. MG-%SQX`+JN9B4[R!AU]S=$,XKM%-6>W3=;4"+HH2#R4841I$;AB$GM\*Y40` M#XK4:I%$LQ/7V[AN>QO7^W;CFE8G5P5V5FH=]ZTW];ZUU45W=$+1A'JB$?JL M-S;Z<'42>N`6_5@5Z]_OBBU[G,MOCHO6A3/'$J8T(@!Q8H4)`P[#K/M&`PP# ME1T94!@#L?3JT%N)7K@QO8I@['@QY%?.'/8/98/"=M3$43N&-7(HS?S^?L>D M$+>/-ME#4>:JQ:S'`BE'PC-BJ,:RI[[\BY469F;*RU!=H,*),#:$ZZ;2IM`R M$56+_I\;L"/-E>.@,($8>E&`740"Z"5=CC!"0;"JBBK=RC'6!,,IL58GF?1C M]PO_2%.D5;7Z_@18RI'6S#"J$==%RNI=7)J[POVKF%U@L`D!-X3%IM3H:3GY MJ<&29C.2[?//HI]&SQ%<)6$$?!)[00RH:X,H]ISN.):'0;S:99_XS?1?Y#VO M80-)/7.H?N:>R23]_!UE._;LW/-RU:)U&O-\57EM(*IR5*81R4'LU4.O%>AQ M9J9Z$9(+Y#0.0D/X:*02Q92S2I%U>D.\Y+DQ9G,`);$?.XGOARY`<;?/9&07 M=O0C[T:-''$(#PWUI'JA/47:&0NK'/_,`>6P*%MW,*LYM'/;_:(GLQD[P\L@ M7J"NB=`WA,.FTJ;0,D55.NVDY1W=%G_V*OW5AW'X"W7>I3Z?TTQ2]O42[6<5-N3)6NU@#/PF=L_'[AYVKN^R!S;2[ MM&1O9C_\^N[CN[LLW?QQ8!]DG[LYY-L-SZ.")$8^A`30F(L(0C]Q.RDIDO+Q M%Q)--WLU&O$[$SV=+*$4OV"Q?G+!@O?4:C5K.PMSY:R^=E:KGD)`9PFSOQZ: M,]SBBO3[ES:V?#C/<*,/B^]I-O[(_GG30WXF!KB@;0T("BZI?6'$`Z;@B/S$ M\$S+N^L]OW?5_!"M_SCD9<[%(]E-%3%%[K,-3S#/E,-[Z#*Q#CMQQWK# MQ+[J&>VAEK.T;IG)TYOB^QI4)WX5ND M')6ZM`[S&!C+9V7)9U#M=O2N=(LQ=O7!Y:9/,^#.>V;Q/ MDP'.V,P*%TL1EV($N4EE)5\>LMTFYVV[2R;%8;_/-OC`I*W^-Q-![)5C(TB0 M"SQBHR3P($BHTXYO(RQ5%FCR0;6?DQ)R6GU!K592P4U,5NLQJQ,SBE'HZ9"7 MBTTO`KKJ\:9I\-82R9;%[T)\>W(3&!+UGEZO0O/<'=SQ.4GW.T;0Y8=L__$N MW6?\^O8ZVFU(OCWP(^FG33UI$MK4]D(0Q1`E"<2`D3:,PX2Q-P@A4*L2.E0* M`&@$71B@B(8`)F$8.0Z&%+`_(PQL)9]W4#U0(9XXQK:I!;2R1@'N*%DE5V%P M0^:)+2)'IB:80HU;^TV66YDM)K0EI+ZRCC9J)%^^(>=`D"\0L&ZS&<+'VM4\ MVPE9)ZP#V#IB>V-!.6QC^Y%?]!2[RN0+=[.S#67`Q<7]PZ'>P3^7_B@I00ET M?`P`]FPF,PH3YT@;V%$ZMZA!O,3S((*![SD@YI5&&7K8P6[B)PZ$@:/[/D&? M6_HZ64>EK%8KBT]7JZ?7RX2DQ#[&S`+5QMB!=N0$B9-$F&(,&9<%3DQ]BB+IJ_+CI(A\$),(1Y2&$0`)##&!/@@@ M\1T[2&R==^H[P>M2IT?1K4;V^OS^5^994PUSV MR&3=)YVTIXUU\WCRQB:[9*5<)<7KFPO86-4+-LF\PYW?_C)QLIQ$3RS[PGIB M17*6U>SLCC2$E(\[E[$-66<64/RL1SLO]/+E_L0([#.B+S4*$:(Q#+#O^J$7 M.2&B3LLN48@2E17D])L3"E%,71#X@`('HHB$MA.X(81,(3?67EI:/.)OO%T.;>"["40A];-,@]J9OJ6H]/SYRY,808 MQ`E;TT((7)LZW5X=(5NI),<$XO@^VZ-%V(4VQ8`&(0H90E[(_HT#/PJ]&:/A MY]CG_[F[MN:X;2S]5_B85#E;!`CBLF\``5"U)4KN7;GIZ6YE MQO/KEV`WV2U93>%*,O.2C@ZVA^?XM>EF,;:>J][> M-=LOYC9VIVCWY.0%K0!!94D`Y`H)"DJ-$!^B4U)PIXEO@:IHKLQ+E;PHN"K- MZV0(5"W3F3\I"BHVH<<8],_.##ARS^$EVQ2N(LT"NKJ)V=?.WT4D6K;$OL$' M<"N_D'0E%^<3TEI[T1],`'*(+_C0_G>[OFG_U+FH,:7R0@+%J)(*0@V*@AXN MK71,4F'``EV!@R9MB@4U1E6E8%E6!`M%8"X@4A)+!$LYBR;"L/M`\T@INU.)!IPQI&H-.2J]8\`E15@UHW?8R(0+2C'M"*,FS"YY-QT M_B!9E9+B4JIT%'B:EGWV),]\UWQ&0!H)+F-`NY#0,8HIET9J!\,3LI_.0LV2 MB*H`6B,"J2``8L'Z#555W*F=9%20PKP4-"_;;!.7"%8\1Y1RA%OFJ'+"4J?M MYY/H?6?U>^'G34AIH(O"2/.EQ&,XN9&2.[S+924/6UZG)5^`K'GIW==N".3F M_JK9[:K5=OOMKMF:AHKCPV!8(UPAJ`@E1>OI..N*8$UHV[PC!-PEZO@#5"8+%@7@B'13.G2?,UNEX? MN[T])$H/9@+@HIBT&:*BOBE1.ZB9@L M&\P&O?RNQ/I"Z)@6ID//.R&T!RYM)O@$&IL;*O%]$9H9PP-!?" M-X%&/)]]%P$2:Z;1S;9>WV^>RD(T;T.J$I=,EX4`):M(UC?K_9F=,55 MB^##SX_;]>YVW;T8=A0K6`YR#!4S$Q$Y:%E.ZEXLH,RI[APJ*S'K=.IUK6F= M@MFYAKX4%`RO'1M-B:P;,06"FJ8E?ARM$:J*A?-"6"N:.<\;UZ/"%*$7X&J8 MKE`24D`&):Y*KEL]*I$/"2$O\R)./X"]O%E[`JZ\I]9$@3JT.2`-RC$;!*P` MGKA+X,IB9DQ,S!?"=5%-LNX8\(7+_MW+YLO79F,&E+V[&ZI@W?MRNUK4F_IN MO:^:3:O;8ZO>44_3F-VWBQ*,%4<%1Y2@"IH7C"0>J!A+IT'GJ769IK:^;U.H M^J!T]L.G@]H_6C50S[-`=BRZI+5Q8]B3YN;FY5D%7_6+=-3_QS?9R83L9,-\ MS>^!H(\0]%3+N1#RGLSF;%T,W>UV;%]`?OE/I6@""&::4F1': M%"M)B1Q\#81.(U="9:4N%1[TRFX.:KJ2UJ##9'YK6=[5YZ?@H]P*?7DLD>,Y4B:0N&4(%4SD< MI.?*J7$LDLB)..SVJ*WK:6HD7"V/5Z>'U/&\]:C@P&EC(>/4IZ]6X(T=Q\9% M?R%$%]NJYP>V*4!S#M8.ASK?BZTHI(0*K$&.<*YS"?'0)H=+BGR"-5]9$YWK MA@5KWD"Z!6M38.@9K)T=]L[-:*^@91&LA>*\$`Z+9LZ%8"T.3.[!VD'N) M?FH<@[9`F2Y[]%P]QTZ.H-`M%%:G`&Y"//W"N.>M,4O@/"OL7@_J(F&_$,:+ M;-3+`5Y4R)S#O"?2+W$NYPC30A8*:]+"V'Y"@/4Z,%$XS=*(*GB2QL#`@"\. MPFYAW^3@>@9_SYEP@4&@#906H6#4%5D(/::Q[4)8F`!`J]&W%T3]9=OL=LU= M^_^;S5_,A3/$(8.:\1Q#5E05)4KS7G3)54Y4>.@FFO/S(5V MC$Y;T[5A?MYL,J.QPZS5:)B/L^9<<+N1Y9\#:?MQMG,@[C?'-B;R-B-L+9%Y MP=NDP'4!0VNCF]2D^PP=XV_SNTW3Z+O-;RLSZ/W]MOE:;_?K>L>_?GU8WYB! M4X.*]>Y:Y+QJ!8-8@M/7D-XJIN]]KZU*?YP[%1\\?L MV*B9K1ZZ3[4-*O=-MQ?-GGPRA?T','4,Z0CS2!B9:L$6$DDF,Z^9YKOWG63R M+'Q%J.(5%"764C.2HY)40VU3T,HJA@R5D3AN_&C^R?E./FYDWQ$FK@C:Y=%3 M@!KSZM']8= M&_9]S%P()1`J2X8D$7(19%B3;N3!:4VN'-C MVZ%*<@@]#U%.//@F:U6;C_S&@+(X(@G"=R%T%L>6"T<@$0#R)ZBN,'9=$JJ8 M4$6NJ"!2`,;+X8`%Y-#IUK"GB.E)*923+*'S9*/XJ$7@H4ZIN>FG4\*%>-R@ M7"KE.%KQ&MGX@.)/,W];/3QVIS3\X:'YIWGQ^KHL-*?*S-<3>:F!PHB`80"6 MR-7UIKXWA5]/UO&0:+69V&$SG2MGO:<&G;JR=J=4,`OY(.M)2:D@C<=/)X`' M%>=FJ^]!$SAK;I;*1DPT6"9PC(#Y\ M\U(]2V"A&>$YX@7G"@(@JJ&=F!+@=6_+4]24B=Q9P3Z@Q.0%J#,?I<8R@)G. M5.L;H)90;7*KJD>">GE$%63-9 MDT$<10F7D8@S',N%1)P1#'GIR9P(T-A?`SB3(%$04I2E;E-)>(0*5[25`#IV<%/7[]Q&SC]VBR#VQV1),8L3"&F>>)Y.\A M&2&7`/P6PBHA%CSO<0\%(SASO1I>OBD(5:1".:145E!(C6T:G!/EME9XAR:X5R-OEL5'<^&)KH=! MELFN+U0."6_KCS[47]N/[?-J5[_?-O?;U9?C@\7_KF_Y%_/F+;BF0#!5:B(% MIIKG1#&L>O%,$J>3WE@R4SN.+M`ZZ9D=%7V3G53-#KHZI\B10+=-F*?'V]&' MQ(`Z45)MA=UHBAT7_86$QM'-^B[]3@&;71#]5#2_O>T&U:P>>NF'8`*1G.(* M$9[+$@!<59*4O60MM+*.HN.(FY@-VZTY*)H]T=0ER(N$M$44/3W(812X*'P= MHNCI[;E6V@SW_%1A16Z%S*:2."^T28NK(%C7) MOD-_[W&[VMQ^J/=K,REUW2)R=&1O.W!,B&^Z&7;76DO=.BQ5%4H#KD2!L!P4 M(=J^))-$^L2^Y;:;&W+4.^L4[R/";%#]3790WI\.8RV-L_>9857"G-&?;$&\ MW=4,"^-9!$JS0!X^S`XR.Y<6&?[E>;C8!EYV>$F@M/=__.8?CT;V*UKP/^KM MZKZNFMV^;^R[1KP"1?[OM?30C,W8X M]PY/LG:6KG(AR^;C-/_35LS1ERYDY4*\:MH5M':Q_DB..=L)UF7^N86"93_@BMQ0*BV'*2(X0!D_@&?.'VC1!K3?W MIS.=LWK=\70'2B1+RIG2K-0*E02P5B."025*3J!5,C"!&K.=1`_:GQ^4GOW% MB,?3<=8KY,1Z\J6*=8@=NDH3GFS;8.Q\V!UUX19]_AW74JLC\03@VH^%6.]N M'IK=X[9^=V>&.->;71=(?*@?S&P]$]_NNNA6&'?S?O7-A!J[T]W-4M%<4@H$ M1!)6K1X:YPI76",B84F$T_R(0%V@)KJD4`B&2`E!22NEH"JHXKDD7"8_7S>J M_=3IEIVK[SIH(O6*V!'XDA;#C<5/FIOSWW/=LZ/R7:J_>W-(]'_ZU*U8;\&< M-\X#,1]A]:E6;W7[;I8N[_L$F\>U_ MZMO[UOMT2G8'"^NOXMOA!97A"I5Y&]3\4'Q[Z9=]6._^[W"K,U=(5I*5-*^* M"@M$4,L^J#6"Y92BW'YFUV(T3DA4@U[9F95O#D^L_6`L_='YGG.LB3M3P3_& M610%""?,J8?>Y_!^4(Y^(U8.9+_S;Y[H>J*V[C*XTI("T9)7G4B+-=8%Q M+X]JCMW>G_46X[)/O!Z:/6J6=:IEO6[S3%JXA-+(S@D&=B';)]R.)O(7%R&; M,=%`)S,'4NJ\4@04JB!`%@BP7B8K=.DVSS1`4&)7;9,[?/J6O?C7,F/$//MN M#%+'5,!Y)1:R_^+88A%N>P+DL0^K9M/-+O[8_H+C9`1$057E>2DK*I$@K7`] M['U08>ZW#ST$3;^4RH]UXF[W__WC]TQ2(62:RXU%V4N-<,4009ZD:HJ2[N@,8:DY'%CKV"V M;37,;GH5LY^RWW_^V\X][7JQ6^45%"YTJ\3";@'=*M%,:>)_6HZ.Z4(=Z1"3 MTM8'(BI9SAD!`%45&K9J`97EOHDA*?F^L0P1#S9D@Q'VF5E\\.VJ0%.A[E8- M\L)_>7'([!AY2`';R(,CF)>E1)7&%/->*(&L M"-M1ED)FV5/SA->C0+GO*T>`E[VS7(VQVUM>$%GOKG?[S_76G-1OZ\_U9M?E MST:-8X#"`,"$"B9+46)*.:2Z&J02Y32],U!4XCRVTZX-KL_4R]:'W>=Y#!0* MK1US38BJ&W4=`'VB61]J]4?[\YP7C2,VPF&1H%X(B<6RIDGR/3K2V*_-IOE: MM_GQ>G-_D*?^99J/>K%(2E&46IC;P5IA68&*]&(1I(4+CX7*2DQDY^H-&^ZH MH2X.O'9E-":T;FX6BFH3)7H%KA,IB`;T0+HMF3I/F>W1.>0YEHZ?"M`"X M4#*G9CZ58O#`KL=)'(3T)BYAKJG/5!*U^R\H3/-E-,C9QKAG@$35F# MEB@Q?`&7T80P!,>%\$Z@$=\E@.&0Q&F)OAIF]D+9)IH5502VU"9@+@B2P]&I MKG1H.X&'R`4T%G@,!(^-NQU;S0"Y&WW%0WOZ/O"KD0'BB19@(;P7VRJ7WFE? MT.(PXX?ZIKG?F!N*;S>74EUU=U??F'__OMF:"MZO]7YXW!K@7`K,BQSF#+-" M`B50K[/$VK,M9`9%$[/P035S?^WVQ!#KDYE9L\E:JTS/R:YY6-]VM]I.9?+V MW[T[!.[F/0$S!>?%0I3-`_,+_$8B:JI/YL_@XR;#PL4S3KM`SM6,K@EFM?NL'YI_FNM/=:_W MQT;4K>[F=:GUW;J^E8_;]>;^U_I?>P!_:3;[S[M6R^M*J8HQJ8`NN,:*IZ4]\;+_#1O0J26#,K+F0'+OS."/="@+$F,^9DQIZL,^@).^Z;[%.= MG=N5'0S+C&49@-G!MHX#/6LOJ1?;K5BSA`4.J^Y,M:A):T-ARV!13)IHG1?B MH::V^D*Y:E+0/;*X5DBGUMM-W3N_3;T;O.8U8PPB+@J:$U9B@'0NZ>#VM)!^ M*5FHU,FJ7(=(]T`HSY0])QCO!"D8?M=L9TKD?5.78-`39QVO8&B50L1:AX6P M;0+#+@;W<:&;M?)U70"E,$,`%86DK*Q:7?5PFU@5S*WA?!85%]&I'JFFL8!" MU^N?Q'P%KJC?PF(+6_\!U:R)JUC6W\7BO-4<&$Q0M7)K#8WZ]7#<-:^&\Z/9)536>2HR$%5%4+GC%!1 MBD)1C5`A7POK(TE)V0/>*F<*[8-ZIXZ#G7LO02Q4[5_EF!A=KX M(4BF>;WB,DPCP5P,K(W@ZMW/[]O/HMZ:I]*,T&/C M/F""4\(EYU@60D%44M&+XTC;OP(:(",U.W6J93]G@W+'K>5X/JO\6C&$TI;GDZ/HA=/SP^@*T^G!S*( MIWT`M>?I%XT?Y>DPN!;#TX%F?,?3,6"QS_H[D>)%D1#BHB(5`KD$!2@Q*Z#L M13(FL/T#.-'PM0NDF"J262?]$:'KQM@^0:7+^RRB-Y?P1L%U*SA_#E.[V2] MN]FNOW835S>W7;/4Z<'%TVE,)336H&4^10""#+5ZZ5X7C0!SH:$D"B1FJ8^? MZ_[V]^8^>[_:[C?M+_F\_NI_WSO-.MBQV>Q+X$9VITBKTS<[4[B[B']H6CW3 M>;Y;UC[(CI!ETH5:")>FM;&9\,MWG3#Y:.+)=W MUP7,2:5XR_VL^G_VKJZY;1S+_A4^3-6DJSR]!/B];P!!SF8K'75#1 M$AVS6Q*]^G#:^^L7("F2EBT)``&02F6F9BJ)9>'><\%S#RXN0(]$((UAN[/D M>K;02Y<&#:2966O;F)+9;^ZR^GG>[N_JOVP?RL='QKCSG)T,W+(.]?J*CM5C MMG[^)U5`W]:4%A[+S>Z^7!:EZ!V4@R+`Q[7&P!?CU`YW9IA56V9UIIF^=_(, M2F?X40FX$^%!-;X<7S>I#B!A7JNZ>K;OU__S4,P?DO6NV#W7&HH.#0(8!P$! M'B0I#.TPBL/H,+3C`*%>&Q7C&6.Y*@85D7UC9AZHS"H;2R49;!#68D1F"F99 M/OM\A'!MHG5[$6"MQ'8&-0Y^4X'YQ&A.B4LGV$X=7'R-S,VPU3H^IROYEW7# MF4<`)5<4H\@!*+!)8OOM[K,#BB>GEG MV"2@4G0V&2P%.L(-8BJW4=REBGF#+?WC8XOMMJJHEOL=3=7K!5M]9-4GV,+C MKGG?\K9ZWS*[(O"&)9ILL2BJ:L2N/%J?S,O5BOY[]9T_#]N`O@#LB4UH5>&8 MP$:T,E=*];-5M@A;C4**IV*1KQ?LVIM?\PU;[&9?\YE#"`AMQP]1['B)`R(" MVQ9X/PR$CG?<@?%F,&H`%JZFFL)6MGE;V MW5@MSI\J_NJ,'*M6>@8WGMJH"M@G(H[5^G2J]JD.,"YY7)5:*;-VNR:'>[Y^ MRS]F/.XL%A)]2["\+ZK%@%V/$ZT&<7W:/A;QDK^9C/B_NB[FUJ[#> MY,O\*5OOF'Z>5W;NBKMB29?M/[.C]LO]@HKT_2%JC[VH%8V37ZN-@W579GO( M-F\+^_;[EWEUEG^@*A?`_81"UQ&Y":AU+6Z5>B?\(!7_1\F:`SX57Q]VVQEP M7!NEOAL!`#T(;!]$\6%$XA&YA@GQ832GKE?2\JDRSMI4U@V2[&)HR@AU;4`. ME.>U7=:G"Q@:D.1]A+B%N!2LDY3?/7TR8L_'?CS\=I(T(OQG#K4];2Q M^UPM(6Z[?8!9X#FQ0XCC>&$28SN!$+2G MDV`"A9KQAXYE6MG5%EH]$P?).PEP932>7EP'"CT12`VHO5=8<4L^>90GPF[* MW#DK_H;")*``V:;CJ3$C["*\D$#:5=YW<[K35L/ MDJ:O89CRZCA#<(HJMPK)%ZQU,R)MG8/IK#A3@.Y$"$N-+Z\$F#*`!K9-)?^[ M+W;/LPBFQ$U@B#%('<^G8R;M`AGX;CR\;XISH'$;IVHCE73[\`)[>:?'**9B M?#4].%5T3VF`56[OYE/^2']:75"Z>\AVO4V77CO5,=SU1WN;BDI@+@%[8=B5>SRQ8_("RKUL0/`*?;'-E-?_IW4%-&R`M$S6SD^#A!?H*2B"3(L9VN.]!-`!9)E(,'&[B*,JLZ?4M.4E*@PM6O.WNBU/=V2DY'L M`A^8>N8DODO_F[@@2#V,(,:H7_&J+S>Y>^Z?*514&1-' M\$+-3&-()E1-T^GE&W4V[:!RKPSJ^MXO^>ZA7+Q?/]&LS1Z`S_O5*MNP%VVV MK_)YO[XO-ZOJR6CO3W(CD@8A)"1`-L"VFWH@Q#`*O!`@.T*\;6Y:;=#'TTT! MO+;;Z@R_L3K3>^__ZAD_WC5F0Z`^(Y:-1'`B0MJ,K^4(C\A@ZLCSC]DJ)^4J M*]8S%\(@2C%")(B#)(E2/XT/HP:.B\1>YCYP,!$6D'HM>__Q9W997VK+QG_` M^S@)/<)2`$_V(97SYN)C.``DO3EZN\W[;]WS4]_V4]=.Z(H[<-,P3%L*2#T? M#'T8E1ND_8&M[?E/P3J?B5!H%$WZ8F!*.MU8M1-7)J%>`*]:2,E%=;),K<]C M%:)J"-ARBV5K'+5]:FW_^76XOVPNSJWH4N MCO=M'(M>'.F?K/V:DOZV7!;L`K7JNN=ML2BRZKTZ[!H'S[8>ZQMI_E5N_K7, MMX=[GG-VE6/UJ?F<[1FQ4=CW;5FUE!F3U_-K5<\O:D_S0=92:+WI0@?RX8ZW MKYMR_\C^4K1QVE;#U->)SLO57<&,Z3E.OS=[?*3?M"FH1P-+M,.FRHDRK:'Y M-X%2K2E/2^,/MV9Q@.:4%_9+]D@2]GS0'U?_O"JIF?]74QQR<9CZ,4RB&"// M=9'OHH.I28K@;)U_95^@1S>HL)"+*:.:*?O.\"\8.R.M1<_*BMFRGJF:\YB2 M<.J1(L;B:%BC]$/?=\Q"5Q9VO;K&=/A_")Z^"]S\Q&[EJCZU*[\3E<0Q\13* M)Y73_$IUE5((!@HN]>'06IC_2".RWVSHY^I2TBQT6`$)A!CX@1VG41C;2;=I M$$:S7;G+EOH*\\(&"95N6MLE2C<9E>.K)77*B7]UE!J7X@X-K6XW&V?6#_8[_[E"V9P)H!Y*+8I]G)@7$, MH!^R-S8UIN$XY3JH:-(>S>5[9DZE6^?L#WEGF.9%EE1H]*RE=4?%U-JY"F7U M?\FTPZAW;:P[G#_6PGT73O+'-:]RWYA""E>U0R;HE:YB![D\<-4Z'&Y]^P7+ M9?F-O0TI+3>DW-_M[O=+5#]QVQEQ('N3!$)!$!&`"7!!>K#1)0CR-9*-8IK^ MEK*#=163+!K[#FRE.^D-"YNF#0%3\3*V$]"&F'ID'5RRT#6$6'/QWU2H?RB= M%U7_\YQSS7KGW(Q26YAYE+4.]MU8 M%2EFE[GK'_`&1$'U)?\`-UYDL[=R,G:I_HD5?_5ONTL'7EN3A8F8&^RMJ*-= M^6-U#ED?N3=_Q@BN]E8*$T'^H:6..BC.<=8ZWUVUG#HYI=3V1@R=M]TN?I4VS.9<0/P`DL!-@NV&(,'`"YV`A<(FG M4T8-,$NSC#I89LUKTRIJ*IE]5G9A7WWT@.F1/X9B94K^M`%N_+$JARXV38P> M7+WRQU"0?\B?O@L7N>::U<_I&:50_2B8ME>J?E1X/E#]*`/?P+T,,\V; M@J&[XJ9-44^5W:H@"*Y6GC[<\$TE%EHW;\%H;WT(7)S8*71!&GO(P8`0U^\N MU`H3D=NRC1NG><7:LZT^>?3B6-)],2_R]?R9E?$S8S?P#`NFOG1@+([FDL1Q M^)OONJK;>LZ%17%643(#KCC7J/%?0092&`A#Q\=Z%L]@E#H>=&*`0MOV@.?& ML=TM<-Q(=T*2LTIS)JHW%!^S9U8$OP+:>1-$;8>09`)UQ40ST'&EQY'DH==* M+?%KZQP_\MP@=A`.?&#;;N#CMB,YHM2GFUQ5Y`Z7L.O.&\,B.\5)XTA7BO(&(-!U[:/7__.[2;.'HM= MMGSK=0;5FZ9G,+$3Q\8HB5T/I$D$'=16WGV"N2HEHQNI.:7\]NG?_]Q>K)-H MW@M6%U$]V_ZC!--4$T#SF[<;JW'OQ)MD*@^O9B+H;1$894+\:!@X=N'-BAX%=!YH"8TJY_7=9K'=_T-^B#];!Y-I>1`CV M'!)$]'$)(4`PBEJEF1"@M1]3F9&:E=OO+\FXLM-J#&WY\)\3DW8#0FY$VIF) M]GC2[NU9,H:V&S`3C&H[,S/BA[8[=D&6S[XC;7=RZNG3=L-G^_>A[13@H%;; MJ0J,\;ZE&8B3U`W],/0B8H>0&NJUVM,F#M'=;2IEE.;>4_5-+B,U,EV.KMD& M)J6!';MQZ0KV?MZ*@8$N)>XP7_'^SS"_-74E"0(__AZ0&\#("US?CMP()2E, M8I>T9T^1&^J],DR9F2*T)75]&-\^D/4NNRN?\I]&E\:3*GOR!N_[D,8*<#!5 M]A0+S`"RZO^IN4+^^?' M%365F&!DL[E;D#-B>>Q>`K)GYEJL#+';[.=59>(=ZZ.TX!G",1HAV1JD\>"H MDJ[O7\3J8+I5V6[UC)](?(96!HW'2:[N]^EEJ2PN5X_9^ID^6M52M/^`L8+7 MR_K;<3GL\1#3W4.V8R6PID]T^=P\CXO.=2TE,1[,A;*ZTB!.-F>K]?)B1M8` MZH!\2XK[^YS.TGF.\]VW/%_'V6;S3"4`6K'*,EVN5+8MV3_5WX"S;;%%BS_W MS=R?I2B$O@]!X9E8P,&ZL_5UAVSR?+8D7%696FJS(['61>,Q$CE?MB>%(P$6;9E#ZQ""O:4NR\LAJWK(-?5NV8 M13VS.M<.>XR5D=M*#?TUW^RRGJXNVQ97=.Y?U[7G.]B)?^$RM6NQS]J+" ML[UF72P/'[TKR[]J[NSSY1L$N64^;K-E_0+$;;YY*N;YME9B=/U*0:D6N%7E M^.ZY^NYS71];+?IL^!P74F\&'ZG):CN3&%Q4?L8#8E07HL6B8&R9+2NK9Y'C M!U$,PP#BR$V\$,5!:ZIK)X%I62AJGVY5&-]6G'K\[WG5^U9WF5%8J78H MYO1Y8.94RN\I6^Z[5UI?@V`[FJ^:]9KLT_$=R35I"#2HM6'A,"K6/N:].N3, M)VF2H@0'.,3822+73=K&MSCQ$Y[&LO<]QA1HTY(JZS1#1"'A<,ICG]IB^. M8ZLW-BFZ[YE^S,TK-WVQ5ZS;UJ^>[Z,&_C^KY_NI>;YOJ%*J.GK672E)5E[E M)^7535,-J\?@WSW8O%4>$]%/+V:-9O4D-T._(^TD"8`&Y30D M%%RZB=#5Q::XV[,IOWV_3JJEQ^U]-RC]1VI790=]>/+;^Y=)OG]H8#L#8>B` M,''B-`6IC7W/B7`K["((^%LAS=JEO??QA3LOUWC];@G6!S5,Q+W.+?4"5 MJC(;[MS$E)8D? MOV6/L#&!CN3AU,,81R0E3@HBIZ4W$I*8M_U8];B:F:AOKM6WUSH8;#&++6:R M!45Y2DL@+N^@C!D#,5:[0OCY]SC&#(/<+H;R3@4YJQW,8$F$#' M2R!-FG$<8>S'@0=:$Y*$JXRL8]PI92Q7)V5R!T)=QM(1`XT9:QKPJ\]8.L)@ M(&/QA$-EQG*59"Q1L*\H8PF[)I&QY.!3FK'`+_GJ+M_,DL"G__%BQW4`#DF4 M)&%T,`&'0/D:BW?<"64L8-4V:^!+[BBH2U_6Y2D<,)+N:NSZ9 MHKH;M6IE_/90;G/K<5.LLLUS_PC7IMC^Q0ZV[]A9^^9D^Z;X^K!C?]GD\YQ] M$;OY,7NV,O9R&-;]O"K7^3,[[Y]97^G/U_6)+!;F#<7CQGK(E]6AKI,OB1EX M%$LP*@-3HVALKR@U"KLFD1KEX.-*C6Q!=>J.3IE$GQ-M0,V]S!T(+;^L(R`_>5L3;4!5OBT;YNGA; MV#LYWI8#435O.X?%F!/9(0$AIC9X`<:.[>*#%6'DC27^YYN1TL*=^O*2. M\HGC=3ZQ&(%*+'6(H:3E2,TQ&F]PT6#@)G*41M[^4M$,&L`8S;8\_>8(``AA M!+T@<1R4..W1XP2"4)8S.+_>+&O(GMD6(1:[[>]_/FV;(5/7]4CB M$B]T4.HC%'INV_/H1HB[17[H.)J9[V7IHS708A9>[&GCJ8!<\/]$N4,5:A.H M;2ASI50_J0350WUWX^<='965X#XP6(MR72U[7,>)`Q>`V+-M.\8N]-)VY]:& M$5>#KHIQM#\OU66IK6W6P;AQ5NQGD#J3IU3@.Y'LI,254OWT4_-D-8L!'R5) M1-.Y"1="#2>BTBX$@\10\6YPCC?=TC;.F/8N6^!,FB/*TGS%19_B>,BF( M!)ZS.G$F?S_FZVW>I$ODI`$&?ARZJ0="#`+7;]-E!-V4KWUVV!C:NV1;I=?8 M-=8BZTUXSCY*0^"DFN&-$SM#) M`/@FPB5#/'AU!]Q`,"19I'?C'/(]WP$(>0Y,@CAP7(CCKK0#A6K-TH.8992A M5TW*(BG#+YI`',0R8]\[^38^W)PC`>DDF4?&C[/\(PV,Q!VW'XIU_IZN/+8S MG,2)Y^"`,EX2)7&4^H'7GN"#$9"[XI;_^[5S3W?#/#/*JJR2O]]6`#A>OM&+ MF2C5",*E^6[;%I.S]"*/X&2898`+)R^VE85#N)Q0U>&S[4.Z++_]5[[XFF_1 MW;:JRL\("OTHB%P7$A(E.(8D)FTA(XF%](V"X32S#;/*NJ=F60^57?5KQWKG M2>HS*E\.]HKRD`K`^6C),-9B+'6T:\=`9_99M8%<\&JM[9P&C:/0HP#QB;": M2H].E("4@761\^JW!_:O#2_K]Q#7+X>=)0ET`R_T0@3L@$"4!J3M>_2)Q[4! M.'0,8UJ*+D$:RYK7C7/RV&`0SY.72?QD=94`=&-8]J_P;9(J;Q5)D`2X;R`^9E*5'GF= M754P+^AF3K6N@DW#LKF2&1+LNN[;)=:4M&T\YXO3.`LF72X/9XDNI<3INVJ_ M?I179)_;/.W;\G.U+ES-XKN'O(O7W#877?/.-3RV>7 MF@W4=;GU-KM\6^R]>A#]1P%[Y!L\;W/QAEQ;(&X!:?EC+:BL]2+C>/,761.T MV/^DHLU:WI&A/$LA8,3/4`)ERF3?'$%19!9CZK4Q85S9`_/HF#A2DT+=V-$= M>^;QHB)QCN/#,V:48D(S+A<7!QJ:<3'V&T.+8?86S>O-KGB6$]KM_6FXV<2A MJRQ-XB0%.(RC)$$IX.3X9$I"]6X"66UXZBRO$[AR&C^_I-]`'I7Z-=8-JF(V MDP=T%/;E29<:)$IV1 M<$5JS,A:B)88@J]L]!?SK-3JSWSW1724_/;^\J9>2A%BF/L))A%@<9C$:"AY MZ\.$&F:L6FE[PA5@`]AK$,L9WLU!@R6/Z"X&^8+2CA]?E7R% M>2\X$G_HCSY#9\A:#F&,_#`%89"2$`64TY1R@H(D!"!*F6H&VLA6W`WA"'CT)8UE9-^J#G&AE=5V'\?BOU/4CT]5Z7X9=U<\#=>"]`[(ISGN8*KA%T9 M;W:(7LAPLV1,Y:(O:@ZV7XJRDB=P_>#^/-PZ9"R43X%3/_!1!,5TFD1AWV"` M(ZUW4LQ;<;P\N#BA?3:^;3R"4;7H8!HR+04&2CPZ4:J+-%U1J?'4+D2A+!A2 MV>YU&FF:_\P[$_=FQ>QE9XO9.@7MWE?UYTIV+M";,1;C*W09T[:AE3J7LSJVG[O^9&%QF*9XJA\#FOZ[N'=?F?#P+&S]L_RWS[]?"M M+K;%>O?SU_5.]'3YPUW]4#P/[Q7?W^>;?7U[3Q[DX5,M;#R"CFF:T2A)(/)Q ME&+"`!A`IT&2Z>U*SXO5^6*U0R>E9-/B$PKA5;T1QS>WQ$_/*M_6O=V%?)RK M[,)WS?VYF3N"VA[?7Z<'Z$4#9W;=>-(R,<&L2Z^US6N,\X[6W7BM?=Y@X!`A MW'@G_:BS\L:3X<;O=VUP,0004V\].O7>E>W+9?2:A6R!+H2,:HD#VSCC['CW MH,;E5K[9)B9QO!&_5>R%*!\CQY/%,HP8#U(1Q^&(^CSD(,,L(0`1%C`>`K/L M,P,@88(XRE(B5NAQ+$9NQN((`IA&,0(`4_40RCBE%01P2EUM2?WI'=-X9//W7?6V1JK.[-"FY M9IM(HTE6VQ!ZCXF+^S[6*%S$]HX]:RHG_4PWS?9BR_6O(GK>_&S_?11*3B)" M48JIGZ4I$*`BQ/K1E1*]A\JU&R?,1P!#"!@F,4A`%HMQSK(4HR"%-'!]K>S: M2!,KXA:M]WOW7Z4(9B*GJ`69L_K#WLQBZ`HW:=.:E%Y+I';EG84$C>[L>YEL M[99(_?3KV_NO>]'.0_4H**[;,_)!^-,DRRC*?(I1RI(X]<,XI%D2X#B(A/2K M7FFWTYB[`7TLYEK=>Z<(_]:G_,QV]4&).I6,;"O4+V2T6C;J4H:V1>C7$R_;S#M1-V4BKZB>?6B"`0ZV'LNVW/J&:GB&6F8(M9KE/`QDQ.^$32 MNT)GA=R%:)H=6Y0>1S(B2*-D^V:7K^NC]3[T&/]**.1MT_N)&2OPSQ]L7$M M2J\,5%?.6JYKD+FG4.'U_V:@`]GC8RIR`:B?C(Y7K="N?`XX@#AG, M$,A8$@EKB%*6,L1!C"@#+/$SF`YK89R:*+S.YZ?4:>^#".'J!MU' M75WQI*F?#0RAF`V0J>7OA(-K(F9"U5*DR`C[2T$Q)T`O9&R;H(>= ME*IVO#5-DZK\+L2LJ1#U6UGLZQ5#L2Q)0!D&88!9%&8(]B@RG"8Z&UJ6FW:\ MQ26!]D_CU4U2P_-A)W^TEW&%@+LORH.,*6[O[_.=]^&?U3ZOO;2Y%QCX'V\Z M#3()&RVZ1R,\G,"]5KL=YXO<0=\4K7-8CG"/>4Z7POK+/OEZ5H MIB/KW@K37)$X5G?_8_UXR%^#\&.8B*8Q3UE,*/0I)X/X9Q'5.KBUV_*R5=>. MVIHZ99383N`/>UK;@%VPU+Y-IK[2CG3*LH5VK'%J.FN%0CV9_9(+T=@\K.M\ MB\OMEWQ?[-[2_A7(0H@Q@3""(M3.,`6,]QA8J/=HO=6&'8OL$6;SJE:;N-NJ M;2.H7O*Q#Z=,!-4:_1IZ.@?S)G)Z@K.9LSJD;\>RF:4:Z:4*?E55^(]B9!"8SQ_.R;M_NB0.$ M$Q@&)&',CRC`.!N.?^(4Z*NGW>8=BVB#ZM^^-6-Z,W`";PDO5=@%,?GJ)NWU<5 MU79R3F3K-PF'9!/ZR?V+VUQ/P:V2;GJ>-=-VR)=R. MB3HG:U;H5'JD%&__ZU#OF[>O[BJ\W1:RH?7CK^MB^ZDDZ^=BOW[\DJ\?&]\T M6]`7RDJL(*`K\_[VR[?YOE3DW[MJ*Z3-6^^$2C,TUL6\"CP#$97F09Q8D3*LPWV2@G&O.Z3MF MX\O&3^\T-0%;I+_T].]"G'CC];:TX>0KCUYZGJFS:&(UM>6(*V(\N:\7HN73 MVUW-/,A&OS73O(+:I2$3Z`.`DI1A/P.,TA32H8Q%)'ZHG1!AW))CS6^@C+D= M84ZA1GK").P9)"*\>L&E?6QYONL.EXAZ+XE@-,$+D3U+QKS[,HHY16,%:I6% MD*M M-NIFJ.F,)BT:1;6J^V(O:P"LF!^D211Q@FE(`IQ&P4D+F'.]4EK*GW6L(S+= MKVC>4-8NF:7.C)I^.")%<]5X?(V\+?WPUWER[LC?%5DQ('DA2F*"_%71+$/C ME?7B4IF(WTJ9CU/\3[[]^[HH)8+;\ECYO<:[HA8]YS2E4G3$V_N[]8]5'((8 MA'X(:2``"X4+X(`4T40K\7P&>([UZXC<>ZQD08%RV(/S=NN]3)L2"^E#FZPD MSPDJ@\!I#J^J:>;"':JGO>^6X;GQ3MPM#>O+\PBOGUCG=>:]3'[O4MN%D1,K MLWTO75'X&;O$0F:*.1FH%C,^=8L\MK4V1.MWNW59/S9Y&L(Z7VT`[^V/Z$]29G4+2;IUB]HLLQR/ MZ$TH)\XX`>X=D9_."3?=/.&]42-@ZJ*68_B^,C5,X\>%S`(3&?NRL.:$%(]> ME5S7=7%?;%Y@E<=0^)9\.IN9AFDHB;,TY2#!*2&13Y(8':$&,".K M,O]#EFZZ&[\Z<0E327S25GQ>6:0L1"_1G\P'WGVU\]9/U4$N4';YIOJC;,); M$=R6IGLSL_A[W()E=A^[6K&\IPI3#SNRH)K-R:GA8Z@:6C:.<6 M*$O;NS5P_E^735%UT$)$9FJKW91-T2/=K&Q*BE'**8(!]XF?0I#0)#A&X#'1 M%@2=CT\WK-5*IBRF-(@J<4L9;D;8KY4&T2-`IUZDF-[%--T^L_Y'7FY^WLDQ MN`(A%D,MI"@*,B`&%T0H94G&(AQA2)#6<_276X$H!CP+881(&#,89(S&H9]P M`&D(,N`ZLZ\+U04R[P2:]WL#3K>B[0@NU99.T]"HMP`R9=!5S'O/;>[EW4I4RU^3V?H#"?LBW MT/*L?0RQ4="[_,<^$VS\:T6Q3VE,18``,.0LC6`4]8,OXI%65N$8'(0D69RB M-`H!CH'X!4P!C`/J4\3]$+LN`M1#EYN>1_#R5R?#MS/`^]"9\+&+,SQIAM?8 MH:N,3EVGIIM+\9J>JD[@,#>K3W.VKRU6)_#A0G1[$E-?+H4GH]=`\VE^G^]V M^58`P76=[VM<;C\7ZV_%8[$O\OH%G"C`%&:4$DA%[!SX',>L%XTPBH+5]WSW MK=)7?$T4(4@"@D$294$<,DB!.BE>-W"EA9/GJXWE[(Q+H!W&1G M/AXA&RNY98?HJOA\GC!7\,$=4K7QT1TGN)FAS*<@ M+\FX(AW&O"U$,\SQ5Y8ZD&Y:Z7.^6\M=ML\R>;5^H5&_%&7Q='AJ?J]#M*(Q MA43,Y"`,PX@%"8X0Z8$`CK7V\.VW[EAG.DC>3BY?=3,Z[5.M)D;SLJRG5@-6 MKP5[X[V,A&Z\W@G-G_`ZS%/G6.IR>BV#TIE_%J**#@U\F?WHF$KU1P=RT;_+ M_?H/T5"Y7]&4^`'S$<)AD,:((C]A?2L(<2W1U/RT8T4\HC$215V>U!3/(47V MY>R$P7FT[)RM*T)E2.M"5,@4_;N^PK* MS92,8#])N7`E\9-H6"ERK/>:IU$#CK6D/VN25VB^YSO]#60SUM0TQ3EA>LK2 MPO'.\4PL'&]1$7@?1$QB]$Y#>UQDI5B_5,0?59@4W MNBBRO9KXO*N^%\W+5T]VNKM*)0Y%KMZ8*UPPO8"J&-9-JMQU3).+Z>VJ9H5C MF"'`*,E2F,91@@@;%M-I%B7:[UPI?M?Q1&'R4*<6+8K[>(X8T5S2-O>E/[US MI]W=Q>:VY6O;:08T+22Z-(+^U@5@(_.UCQ97(20A\W&2!I3S1#B-IKC_/DUY ML-I7^_6CWI'BNQ_5&NQ#^^H+*_E7^IT8W06H.C-ZYXA623$[/YSIT%#AL%"9 MG(6,;+];_\AEEN%O^R['<,5A1"G((HIA`$),4Q@-R0\QB['ZQM2(1ISO1@W8 M;F1*M3PL.O3@VH6Z6,L_57(K0&NG9`RO*CM0$U&JN^WTFDU)X<#H9!3J[#!- M1*79ME(;&%?WWM,1I[>IFL+RHF<*L9#EYT\[[L_^M\\Z;_O#L1M,EZFZN*MD M@=U%;"79L*.RW.W,7C.L]Z*Q;G899IM52F)$!"N0!X#0B$:8\R$E(\D"@]?2 MS1J:8EO)JWHX9@\$&E*HL>,T!7LF6U`25Z,L';(;[_9]*ET^N/]M5(UE M=RG1IQ5;WG[+S@9!%L])5S#+N+QVSI,L#A%($B;?S>A6W1PHW?>VV-S_Z5/2 M]\FV=4AJE6?3,]+W*9Z!8=MGI%:9-HMEI:@T-]T-CT=EQ:#]0[$38>UZ=WTY M8>^\=-1QJ3+IBPAQ[5JD?5BJ299RV/OWO!33UZ-H$V^?BE+6AVV>6NTFMU7$ MTBSS8<@"G")*$YJ$0[0-HR36B7S'MN5X6NG@-2-L?090,PX>S:E:*#PEG7JS MQRF3Y]CZR'CB%C!!C^*_N5H^A07D$ MT/QYE_\O>]?:([>-9?^*@`5V$Z"Q("61(K&?*#X&'B2Q$3L9+/*A(%>IW9JI MEGKK8U\HIQF8[/P'GN)F/ M0[#=CCXYMV[;^BF\FZ`#V&SS5@Q[D28;UB[HU:BDST3$QK6I\OB6#LT#6<0` MB%3BF-,PX7$8Q5P'0VU"&4LBEX0O]Z=[SOQZGLHP-`'D=;XLS^&]4N5X^.[` MTC19'B[9'=;$S41;!ACP6C:'(Q76JO%+57;?M)H\U-8K8]HI"RF#,(Q1'%.! M0A5V:2,Q=\H>ZS^*9W?H%-BA]5?PPR&,^#'XX9=JEV^#L-[&R86^#6-3:R M#WX0QZKBK#9UNYLFQ-2^U^.G--UP?LYW=Z8;Y.>\Z:BU M78@D##FA-(:8R!1%$D#4G2%'L5-R_)QP>_;"#BO\8VU/*Z"FQ&C>?N;/:^"F MN^+AI]5M\)OI-K2MUL7*M'<,_EX5Y2[X7=NSW[2I7Y],LW$=0*V*[4.U+6K6 M;NH&C?J_WUWJTC?_5\E.W><$V=]^\:AY8W,)\FAJ<+2U?<4:"X+&A.#$AIN3 M.MCF)9)_[C:95MFBS#9?F[8#-\'C/E=!R]-5BC1.,K,7#R/G]W[-9.^<)34O M%JB<&<:>[6<>UQ-?P#11((02Q(`)SI*8D&XX!@'LT>FX[U!6PC>X6_&;9_MF M$WH$T=0N\QF>7I61_LS.:LD/,.-<7Y1!M/1TE<^MXP@FF,>*,X(CI8ADVCOO MJI6`)'3OZ#1T1,_AO71U/@_K+G:-]4?BOX]G.`7U@WVZLV[;55VOH4[34.IG MI7VC&77141F'LA&/$'HUQN4,1RC%,8&4,22CA,.T^V(M$C;N:8$7B),>#$P> MS?N9U;$"]ZM/J)\8O0[!&\."@V7!J6DF#_=;BWC6W.(M\^TN^>WO+'A[6Q=(`.XGX%Y@"""FE4A"% M&10@%-VV"FGHEJ/L`X#OQ.57-IZ#OQ].'6?WX?)2*J[/J9F)>/BU\6G2KG]" M[:N3;ZK;8F?0+*(T5DD:\0BA)&01!SCL3@_B4&`7O]/AL9Y]14WI(3Z?NI9V M1\&%M=6#IYFLF#[(G];/[FO\B!':I4U7ZE_??5UP3$2HH46",!%#&"LINNNE M-$6]3XP]XYKF>/FXOH+LB3M>/G;'BX,/TYZ#)3VNS<[`T.N'V28SY[@AO(40LA>DS+QF`+*68J.Y"%<"I M4]JSVY,G\Y.>Z?B';/_Q/BL#GIO5WIS$_*=KOJ(;BY8YBMX(=,Q+U-P]5M2G MLODN,RUQIDY1/*7G4EIB+QIGHEL]P3]-/QQ`@5NIHW>;0Q?=][MJ^2]1?"Y6 M>;G:UC!64E>W=A)JKHP[*72C+Y(,_^#FX[W&,4"Q@BGB9* M4)!`F"8Q%Z1S!!D0K(=X]AUJ&J4\+M)MO4A7+5K7.[=]";63/:\D]KM9VR*Z M>2IT4]^E?9F:"]HUE,R9"-5@,YY>DAV%EG[!(?N<%>LF0.75_7U5UD/?56O- MX3;-ML5R`95*,$@C*K@(!8Y@JKI3_%"FM'?X.,+8,PLP@V5M1["]T[%3]:74 M/Q@2G('BS[ MOY5Z^'7Q5[XZ9M@(C?!S71)ORS:%*?,I]AN3_<,F*[?K M^C/W\=#TLL(NE!`D(@3&!/.8I2!1@K6@8@5"-[WRB\6[-!WA![LC_B#K#)A8 M?@;1>4%IIIFFF8C*1,96UU@)(X:YO^;+=;;=%K?%\@E6DTG#WO(WCX2N4[4H M93QEB$9(H%`R$4$(.E7CF+;?2(9'OKX0]OBTXB8K3X&?"$IP6VU,<=.]\7(V M^;+Z5-:>D?:+RFOE&WN8@YZAF.\9GXE"794"AV!MFND8]=!NH9^?`*F4N>H$ MTE#&%*3MV"+B3G<11AG0\\>12P=O=:#EX=#M=9+'.U8;E5^/!V@JNXV]3C3UL[D.-M1^-, MXN#M9[J)\[O=?'.;B[_-9-0IG?_F,:ZY]IN%!YK'V!P6B00DX9)P&`&,:0*X MXMWY#R!.5E-IIEW\NW52KQ1-H0$&-Z#K)[R_RPY`)E`?:V+[Z8\/1H(2)R8O?"8O8S2S-9U9Z,JZ9XT1W7^=/68Z+8+M?5=K_)/^1_[M*U MJ?]`@<(48BA2!@B0/"$,2\Q#"@2&4"4NJ]MFO(2JD,(H@EQ0I$A">*Q8RAB4 M*=%&`\]K^LQ7*]?/CJ,P:^?23$VJFT=SAL_@B#+XP^`,:J!37[JUX.Z"#([) M_$S$;U23*G\OJJ/0J:S8_)ZM]SG;;O.=J;+U4Y%]+-9U%;R?\\R`6+TM?S65 M\WV@]!:]7 MO4$^]8(?C?(+LC#]M,Y$/*Y@>'7M%64I1+MEM7C_[F^_E<5.XS"^WB)22J04 M15`"ED244<)(IR20IC9*\L)C%9-$/Q0B(3&"BA">8A@UUU$2P-V*5;E+`=L4 M?U5E%OQ37X#;C"'OI3 M4>9UT^\%2\(TIIPI@"(>I8K@XS[*`.)3[Z-'9(2EG,B$R4BF2(1Q"D*I.-=_ M$QRF6$ZVE]X$C3WUWGEB4;O'KDP-B0L[;&U7\(>QK.FT_BUNMMV\>-YPW>?_ M.]IT>QCO8>/M.P56F^^[;+,SE1#OBH=:*S62O/BSE)Y'M\@5BD8AB MCE62*!G",.4"M'H7D=#J6]$<[.#:""@@XTA@A)ED"52`(I%"&`."N6=U/#$_ MJ.T/6@*";&O2WNJ*X!JJ+,RF61K=\=FN]V=2?#!&(,(5-81A!)B1**`*/F M.$&EA-GV^+,:BV'$(90"A;&I&"`IYVD:$9$RSD,,/:8'=O",T'4`@Q;A]6K` MVO!V(0X>E?:9A+?CVE1Y?$\=UR-;KZLO>LA<51M1[3_N;O=KMES6E;'>;?+[ M8G]OPNA:,1H),N?2VX5`"20@HI*D%,:$8HZB=HEB*D*7@[.^&,)0#X]Q2B5% M*,2"`D`Q4MJ5XQ2@Q'>Q[0YV74UL=0`>9`?DCI_JO4V$G5;.80[D%G?,S83Y?5N9C7M0NB?`:[]OK>;>J]8U1Y; MFX:YP""D$,L4A(!'T&2>,]E*@(Q3TC,!_.QX41R;ZS8@1"%$*DXHE#&FT"B1 M#!%(?.=_'Y(:F^SDAVS3Q'[]T[W[$VNGK5-SZJ:CCY.]-4"]IH,&XB&L[[*^ MKY?K?8XWNU3OP:S/1`M'->E\HO=(=/71N";QE.UUR+HQ%5D7B=)1J%`H!BF3 MH?X?2UB[!&.0./F9E\8)0^U.LU01!D/$D%[<)(RAE"*A"CC>$ANL:8=\[:R# MUU_;W`EUUC2O7`[1L@98P"QH]*U?3SFRTZW>S,Y/K_J;;+=[ M/9Q4$NLP/`02`ARG,0RUUW=82A1"I^21,(19"J*@2"@6T(T<4H&MQT28`S32/L..LA-040@ MPU()**'$4%"W`K%#&B:_/T:!5;]`<"R2[73J"OPZ)A<\I79.$:$=>Q=T;63Z M9R)S8UM5>7UG!XG@3\7_[(M5_=&S^4&N&:IQ+&)&D$*AE"E5-,$D->*(LG*(,CS)M&(*\JB^?YLQ;&$:9@EM(XAET7Q7$TXL:4QP5,(9*@O_P]&TK[O2*)=9`HS<5QE:0)3B!&(44@2EGL^S/" MLP4Y]$O"4&;[J)Q74@<*W+4_*5QFREK,>E,\2QWK;\U%"1M(TB#U.IPK"@4) MI2R*N5(P%*DDH$N$-3=7ARK789A4X9!'1!`A4R2!(`JK1(5Z#?.8@]2M@OMX MJM7K.\,0-ONKE0I$S2)5."H(MA$1, MI9$61*D`!#%'J,LCX)&@;N607QLM@FE$$QJE"`BD&"1A+)@VN$Y]%+9E+R;^Q9N2#W5WL!9K(_7,_^I]V+KSL1]G4AB2-*7$*3D<:TO-NT:*\ M=#-]^WI)0:^DVVT*5^#;3>I'HMK/_5@K\BXH\LCLST1GQ[;JZ2U9'Z19%6TR M=^3?9O]J"]L!1"%,DR31<3=)J52*\7:$5`C+1D`]'NP]R*U+>1A`P1\-)%L1 MZ\/29:'R3(^;&!UY>:V2Y&!6["O/>&2G7R&8]W?5PX,IN;*LFVP&U9MEH> M6+SE,4TOB/(`+F=0VJ0O\FKPB^0@H#]GZS7;F5JL>5EDAW%(A$3($Y(@B!E1 M&&+<"35)(+.7T5Z/]RZF'_3;;9"9DD0MMCZZVH^\U]75.VMN&EM3Q4ZH_:8C=EFP6 MD>1:_\,HC&..@:0$=V,!+NPEN?<0WF6Y1188:(=^X'UDN3^)KTOS).PYQN,O MT>8LT?U)LY?I2,NP"[\N*@ MNQ[Y^:[D]C%/YU2V)YMS$->^T*OA+Y.#E/XC,U^`BE5N7I.N&PZ4^ND)H`K) M-(J5BE':C@,1XO9ZVNOQWD6U0Q74L/I(:S_>7M=7[X2YB>Q3IIREMA]/]GKK MG:_O271?(NN,\@[B=0;R.PQ_-=(+YB+$>GIOL\U].P0&@$B!3"T-'ND_1D21 M3NLYL*B0()A3 MT0W+(JO;D&.-Y3E?Z_03W!'ET)/?44A^79NGYM=-KV=,K;V\3TUQ/\D?A6H; M%;>@XXRRCTGD#-1^5',J/^_;V#F]/W5M#Z6**8AC#'@84F:*VO&X12`$BT;- MZ[4?UO->89EP^I--&U/O,W!Y][@R^8Z'V2/R?IULWY\L>L-ZF(IO)>NWAV6N MF;]]R;/RJ47^L,EUL/1QG=?]8=^4_YUGF^TBCF7",6(HB0CE))$P5NU0''&K M;N]?=XREHIV6=GZ\!]I-\LH8[X*=M6C9V9-NTC] M*_J?JD^EJ>QA.IAG@6FT57RZTXIG]IKZ,0./1: M.DA\LZV\O>7Y9I<5Y=_-4=KOAY.T12P!$P*&*4A50H2>8LK:\3#$5M?P/CI=VP98-NB?'B0X"-HS+UW5_,AK=Q'\V#-KO`Y,QV7\S*/-=D+_";'"7 MK^L3\-.3[LR<<^L?[M=U=\U5H<6]^+@W`+9!_NV"+[$ MY1FY'X7^&6C^.'94([^7CLTOV*5^$F"41YPF'F`@$ M($E0%V&H4%CF2(\_KO=OEQTH4S?U@*KVS>[VY6J3KW9WVQ\G#LVMV;L0F8\_ M`S,)S#T85OE^>4=9M:*X/=0;3?/=ESPO>;;9?-5RS^Y-%T=6KGXK-?=K\T_- M$_Z7O6OK;1Q7TG^%;V<.X%[H?GFD2&DV!X-)(]T]@\5Y,-0VDVC'D;R2G)[\ M^R5ULY-.'%$B*3J[P*#'W7&LKRZNKT@6JX8ANP;V#1L'7I#$(30LBM`=*G9M M*^::I*$4P"-9S^I@)UYH8 M?MR.J]8VGY30_K07NP)'<4`G#^@%`O!H[J-,_;[N8@/-19N%FTX4>(#6K*-" M_E'DI,P0HSD,DS)[I"NC1W*5TRF*\ M&CU=-4N6H3?0;\SH](?1TVL?=I-5?W6M,0QDT>S9]LS`<-S`P;'M1[X3NJ$7 MNK[)-4M3(]C2-\)[<.!$U!5@PH)?F+C_7*@/C3H;G`EX&CJ")J%01\T4VG^+ M>;MELCGL;->G)/*#ED-1C!,Y"@10EZF#09HT!Y\VXQVAZ72RM7-%]^+$+'8<*B'RX>:#!?VSY$GF/9F/[?]&+?]`RG?WKL>['(^#?R MD3I$P!:JZ!@X5N=BHJ`$=4N(@^]J>I%(V**:$0LYE7\AT9!7*LYX.$EIHR-B ME[)B4F5W^4G\98UR`X0C`T$7P\A"MM$_S7("K@@X\1&2(UZ'"IS`FI;C3=7@ MN'BF0'E\\6N*WJ1$J]^X?I1 M$EF)Y_;/BQ*+:^3])9VN&(/IT*UC3Z\ M&6T"0LBI?KS2L]0A4G*FSV1R!7^7#.<3*4Y3,I M;XOR@?[E9!:+CQ(#(FS!V'.0EP2Q%WL]4-,*(H'Q50(ZV;5#M[=DTU;B'H-! M=A(,:/+3EN_V4W&:07N=<.SWKO>D;`^AFN*2U_:;Q$9M&2X@)+PO;'T^'AA_ M>*XO$?`K?#IC2#3N95"+3`7P<9!T4X@BJS<`%E5S(XY-=_@CW1U.8+I.X)MN M$+O8LS8F[43/UXRE3!0H$,%&*PI#;&F:NY\(%>D-+Y8O*B^ MQM^:5:"W:?=EI^AOS-76UP5^A1<$:$>#ZZQS)2B$N0KO9;B'_:YX(J295G^] M9[[3/1"Z",;)C]`7M#H,8$&%&A1\3N^H&M& M;RGH3!(U7ZF:I$,"!'EY@T>0:L:F**;3/:389K?9LV*E.'3H0WSZ7V3%1D+3 M(G]X(+:0QY&IS'B*](3%=/IOT"DZWD-]`>HJ$C+ M;;/,STKZ.459@72_+XM'=@+\@_TLW?[WH6\W6!>L@10H#G55IWG3*J38MZ^V)'XW4%?I"2;3>!%.3D4)?TMPC51/&0;<"^6\*!]):U@+VC MG\9N5K*O0'Q_+35*=E)S[#=V$=>3:U&3;I/??\JRN M;KY\ZQZ*S2B,`OI([+D^'0FAQ19]Y3Y(<@X[@NA5L`P_\0@&RD_%I MX6BF;L<%)75JY0M-8.0[?GTW7!I('Z@ M,:%J5VI%V5?3YG?@,*Y!2W6SI M^UDOT/819_J`ZN(JX\*_WE["QQ,-E$_?&=(WJ8*U43Y]7R<2:&1:@=\'S^H6 M_4?!5%=V&@/*%N4L=JUD&^N33" M)N>U4T/R(O_4GN3TU'9'I6VN`3:G*'4S:^^)'1P9+;$U\8\J`6P;61DOTB]( M>YS2!L'T,/6B_(328P(HC.,V+4,6+WOF>,"*B$ M_6'O("-HA`2-E&`0\X(\8ORY\05YQO09%,M$D)E'LW(M\\;9KB;NH,'AL"Z: M*+3[KBZ81T6$?KO($7(,$\<,K0@GL>F&GD-3O[B'[-@&7"Z1XD6J5R;UK`KF MLI,I;I=1GTW)]!6-TJE63"WR*6ZG6"ZADND<"C(JT9%$LZ3JA7449553?>(# MIE6352$QKYIG'KF)U0N\S5C.M>48,;9]''D>#H(@PJRI9P?0MF&L((V:A&N) MI*DO(GZYV9O-,)G9[ MZ';H65(-8DVOP5-M\5FE&CH86TR=Q@K`YW9&/]GYV)OF"Y^=5=9H3+0(?X&& M;-/K79TA7?IQI1EJC#":K3H\9/LZW/AO]I*L33,(PP1BQP]";,2>`?VP?[H5 MQ0D/"PEZI&1V>;:$V115#384[AUI;J=F[3R7_@)K5U;XCZI-;%_A)+"G'\[; M1EF4;<;QQ0)FX>.!`2!XBQ%`!U)Q7!^GN3/Q6K#J-8G#HJ4JI/KKU.8RI'S, MNAN"9X+]]>T-V11W.2NQ^TS*K*#OJ^H*I?NL3G?L7]MYN^L(!@:,L&E`*[1C M:#DN&FXUAP;FZIJ\%$;)D?G8XJ:5Z\UP\"Q!+&[!43S0R@<:`5?@1,1N8#?O M^/6EO&%<:+\$1^#C@F5]0&ZS)+%&.D,[2[N%)CRUN!K>:O.TJ%GD7VMJ-^6J MZV-/F9MBMTN*DOUP[85NA*,D\A,8^M`(L1W@H2F<8P=*[C;-@RA[_^OP\)"6 M3RRJ]=4"FSI[S.HG\&\&$W0X!6UG23?HK&TMG6PI9GN+XQI2)QI]<=*?::P/ MZ'4=Z:R59-Q)$N,6FE#9TEH0=3M)I%&6(++V=M7:HR1K)LA(7)08&++S)K,' M&F,#K_<-7W^IT[)6SF0C,?($OI?BC(Z!IW$KK<&_TOS`F,U&I M%ZH9?=)*SLM($LPWDG*6M=QRG,)E-#FF$F+S<..0&V\=YB MX_\SS\FVU"7&+*<`Z9DGGRG$1:CJ':0#$5_E;9C]DV1W]S79PD=2IG>D__GG M,MN0=>+%28`-D[6=B5T+^\@?+O>8MFL*W?57"UV#C+>:D3VM0"\]Z,0?W@4: M!8C>I5'L6(*VQL,NA<$7T@XOO2]IQ"56)^?A MNZ&)/#-AQS@H]`P_,H9-,V2$:MJ8"L:L`=M/VGY73/*J/$CY`8TRY]'DV.;" MV%R,(=6LM86XTJ7PMVJUR%N7"S0;'V-_?Q_^=V[X-X0-W:+_CHJ\N9!T2'=? M2?E@K9$78^BX.(@@"NRQ'_$7ZFF&_\,P^:`"<*(#P)0PA=4ULQ(/ MPVL&_2.P_13?DL?\:@W\7A:@J;OIE!'HJJ+7L@-=L8I8V[='H,=N\-_8F(N3 M$U$VWZ)ZELG<,-%_*WZ0LGV5/63UVHPBVPLI.&C&ID%?('O(;F!HN?,7](J` M+L3]JY_'27031YY-=6^$7+U8:8%&O!5H1&W_`AIAA2S=53G(G/6ZAKXAAK85 MNX7"E;D8DW$OQQ5[BDZ,N[@N1BV\%S'0,ASZ;;]_AME+[`39O@FAZT:F"\TD M&.:PV&',-?%U4:`7S*&-J+IP*+>#+,"A,GU#'P[E<`O].?2%R51QZ%1/^8@< M.ED7,CETGH&4G3%WP%D3T:X0SD&>A0,[BJ`5FD[DQ93PAVON"?)5GB;SHY/, MELEAMWL"CZ1BFW=#R];1);"ZF%#-<:YH#57 M*5&`X-/5N:98@I7.'@.'T'9#&(41#)!I^I$760.I!E8L8*-4/>8+.B]]%@CU MJGP2YD'*J5*9\VA"H!^K\FFD(=7PK1!7^G@L+$8M\KA9H-F453Z]#?^MHUES M;3BF%SLN-AS#34QD&X8[;"M'?L+5JU-'_!^&R;6I?)+B96HJGY9V,%W9_L-4 M/DTPL,3*)YGNIE-&H*N*!%<^R3>GLK4]W&XS]B+=X:S:[(KJP+;7^S$-R+(2 MZ`>!$86^83@8Q3`8"KL#`ZIN@+I`!QLC\B%#^A197(U2W!U MUEZ.BH\R`LSI&%JNML_:3.(:6XROZ,2CRRM#\'I:I(F4<>.O](WU<&?YU[*H MJK43!R%,0A-Z/C:\$`78P$<:]PV5C#@%WP6M@EOQ3ILL-"(J9LM)3J"&(V7; M?SEFY#:]EGSXBGTDLN`<;_@@W#=+!8(9;[XYENAL<457K5E>99L_TMV!K"E4 M9.`XL&$";3-.;",>VG!AY(AM8"4-I63.@W=W);E+:T+C58<+/#)@;#68Y9_J M>_+IHJKT6=[EY@]Y%AQW[HA-A%@6='L>D-%U:AZ=L+ MU#3-`WQ!"\!7&^V-CID:^XS2*B9U[K+XH>9$3]&27<=83W[=DACG^2"<*U8G MR3:AM>L#7MZ=-ZM>F%1MQ%-$TP37]T,51[`W= M'R,[YB)-?&=N(BC)(H\#$V$Q@-IY9VPK'X[+7*(,-V$$*.8;C8M:TPAH[M#I/*/"<6&3)G`=$B'!Y/(K6H)YRM];FA M3(A%+RE,B1%X2@@2J.IWPTN]*81ME[4-9+[E6=W^`)-;0C]D%^_(AOU][7I1 M%!FA$\:&:[B.&P?P."L18KQ^).7WXKT\7RO(/+'J5+K1(:L##$B/N&M*=:"8 M^_KX;8<:D`XVV-//`+]D.:B8%JI_CLSAM5+M.WRD%5;)1SL@.G^T$W5'.]W[ MGAWM]/GYL+.U!8VT@(G;=S7K!0:]Q!?I,-MB([S3#P%`61TBD,U MRO(6U_!LH\E:5*KXE<1&2PLOG/OHJ9-"XZ^DP@SJ*V&8R?:*+B_SO,7Y9U;? MGY$B\7S+-%TK#.P$VI$1Q'3AV4]V;'"5@Z/@@$FN3?XFPZ'497(+.]:TG$Z'\/4?RZ:'_':3 ME"A*=*`/D#+*U([`Y%&Z$96DD2U&LEW[K/$E3@(<6I$?(@1ADO38#,]+U"6' MHR$I3OG:8+GMT(T.?(<]_8,WJBZ3YXUW!OG9FQ0O6"HGZX71TI;J$BY?&%K\+'VY1IB/!$O M;)!IE/O<,(PVWS7.=\)Z878T2O^>YCEKB)GE59WN=@Q"M:*_L",5NWJVS1ZS M+?MY2>J,E=Z0M-QEI)Q)N?S*?H-<)5I-`QJ5*5VAQ/4YJ+&=&'%]"QN'O#KQ M1WPHV43><_C^S':[(SB,8F39`7+,V',PAHX]U.`'+AHU\5XM(LE$^ON0E;>B M@%-9P+81IHLAO3C@1)YFC[L"/ZA$DP*[0LN^3[QZ&I6/C__OV',\?^MIUZDK MZ8R2;]40^G%%_0I3/[?U&>Y_;NN9["U,U6^0NGI3:L#U"PA=+/GM4=4:)?Z? M0U8_,8G*YIM87=-O5?GU/LU'-?*T$Q\'(8H-:!JF8T=A:`_G"]"TU'3'E"R# MY.SCI)-T7N2?].TF+=M5SBQ:\:AG]C#%<$P MPD@)M?,`DLS3[57+DY,Z^FD!N'[(L^^'JIFXKHJ(N:PDF55E&4@Y19X(VE\\\DF461R72%RV>&),W*IJ48I.O8AY;;;K+JKZ0DY"JGX914 M]4U:D[5OAM!UO""*3=/T8!RC8*`TUT&)$MH0AE;VVF]^W&*BMOT.P8FP*\#$ M!4Q>T`L,F,2J.$J,/BB[+[]HFG^;:B#"$GF73#(&N'D,;&28<;@9B4\V(OBG`].?23J"N MH;`JJIQD9,FL*-N^R@FPK8X>:V"]6.X58\@@M#DVOW3NFB6[*)J:;P`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`F2W;QIFVR>FR^=-QI9HF.^E4FO**5-?_T"I$A)MBP!)`#" MSG32)(XMG'LO>,[%Q07(-[_L4VO1N%LCU!J"_6HT^NU)<6O7M"HL.:.^'0&6 M=8QY[1T4.@MDM]T![[KKYB3")'(1=)TTQ&X:D!3"'G]&PGG9O%MW=6/#DED2 MNQ`1ART1/S-3F)1;4-;(JVQ\IU97'3&U7%SW?6]]`_J;T=;36$XBK0.GTYM7 MUJ%^,2:LHP)G@:Z>=JW/@X@@-XD0RF"*8YQ`>'AM:AA%5IXFNPI:<_6Y06.1 ME,J&=&HIU1A-6Z7TZ5FN-R.EI[&TX`B6\'1Z\U(ZU"\3':"2#)P%4II5F[N\ M.,X&')0D-,B0GV49#1Q$D]3I3*`.<:U:IFY6IJP95%+K\;VQDY>"]V5^8`PVL[L:^,.6W<2A.-_9MGS<&.F6PK M32YT-C'F]3LJ$AC2,*$D"$@20.3%R.L;:Z,X3JQL;AEOUA1]+\WK,TO^%_Y& MZOT-/W^;FO]H>Z1=]#7TKRHRDR^D)IIEMJZPCAIN MOK';J,0GPK0)AKIY^NWD'@I]9CXM41UP"S*6TTW6ZP82A%"6D<"C*,7(2?P@ M[5_^D`80V[&+J=HJS=N&<_>1M M-7WJHMHN&;$Y=H%LCY:V[.65Z<);O$I9=(Z]>5W0YCAKKU*6"[T%NK#?=^7O MLKUN7>AY(=^0)8%#4C<*HS#N;WK$$7'M6,TJ-4GS4K;?]GXKJUFU\VGJI>QD M4\G6=>R10[ZY):S,9)BR!4KM;'WS28H>KYENG-(1=`O2$XF]A!!!/R8N,P/[ MCAM2Z@2];_.RH,-G-F[!R@5< M6!*BY7+WL%OSDQ8-.&[A)K]G1A9?\G?ELGK(?Z[J^F9QN\[G$)((II$;AEG" M!(DD#$+JIMA/_!"')),K-BH=6GL]\`CM/N,^P0M:P.![#OD'\'N#VO2];C(> MO4!P6@)C"1'IL:TR,+,E'^R/^7*]J.OBKE@V=,72@_=W`L!^R9L>51RE08AB M$L"(_0K=((-NARKS0E^FA*09BN;2SU/TH-HUK^@1)(3?6RMD+Q'5'3ZQBHU% MD9.KM&@/FA;^'N?N"XQN*(Z6<+PI:ZM)'A8]"5Y6;5@*6M+=9I.7RZ\W+`&M MUVV>N_KWKM[R]/77G!ETL_ASCBC"F>O@R,L"R(!Z*$`=U"2$@98\4"E"N]+% MIE[+C0.==>#(/'"P;P:8A9S'F(UVYI8R41J?@FJ9$Y:PV*0N&);0:@R':KZC M[3>QK]%[OHROWY4,V4^+HFP,8=&@B_H^6U=__'>^8O^3$Y^W.!NE-B.5YU#O&%,/="-PIS[TMCGUF[\?5AL[5:NCE9RG6;$ M^1W[B:=@=O&@Y$3@1IQG*(+IF(2*1"D'7BFUY_#]:=5)(8(Q[9"/9&@M;*_A#Y MGDS5J:W6N3!.7&V9!LJU5/L,,*J<(\(T0"A-3`K+==&("P1ET%PX1JO>0879 MX!^J3:._V^VFN-UM>?_<3?4KBTM5;EF,V,=_?EG<@K!G86P:.30/;"IP:!SKK%&F`G*J./@ M&/>XO-"G,EM&^4&O70!5.(C)Z\'TI>5Y[O:?3P`9L68/%0[?C%&IM\67TNFX)/48(R MW[+?N`P^O0R$D][$$_ M#=W`[]LC*$E#%8GR-,BGSZJE=HW/GTXQE(Y/-+?,M!],-ZVF[4-0/:.L[$B0 M"J[&U@0]D\QR)9_8.8J;%72&<+3Z'R4@_[-;K(N[KT7Y.:K;-G,1O-AQ40I) MF@:1XY`8(4A(A]>!R%,PC((H\D\O MYE%3XE.!97K5,ZYIRL(X?GO(=`25*]2KTQ]!KP^LOJJ,I^5JHMQC?; M5D%]H24BBDF2T@1[*44))B%QG;0SB@0^5KB'9(=!9G:;IJZ.Z6W2LR.2=A5D M=4['5UF@M;MOT$CTIZ_@CIR5EF<,ECEKF@JODA!/6/%]`7^8L(6WGZ9L#1Y3 M$F4D3/H^'.0[2&%B8AR[-3F(FG*@WF3#_,R:JH"L>1 MD\KR#&`ZOVBO2"L)G/X*]0LP(<5Q3%,44!HYV*4>=@X7&U.7*.Y-U0'1&I6> M7H.US0+-!6^=D9^R`&ZW7@X,BXX*^<@)8+GZ:3=?505=21BN:MEV69V!6/00 MCUJE3Y?@YUNFDIAZJ>_$'F:+9^S`Q.LO>O$SXH@<)3>+:(+SXZTI@-MR5"!\ M7E@\(;`;R>U7PW&]K$GVAG2\$KW%:*ZJ9?,:MJ:D]@JC>H)?.+KG[7EWW1[& MU/0Y4PLG%FQQDS?[R9''R.%X- M%,9KB)I/$ZHA^OU6HC1&I:>)UC!=?A*UOU1';9@<"WM06(#5Q\1*R=5@YD61 MU>76T;+:%#ZO84+8QP[-TC"!(0ZI%P?>X1*Y,!&ZYL8($",MS!>IN_G48RK0 MR]]JPC=.:HU'3KG>OLJ@J5%>X\%3(K]Z@CA6@T5\.4"(E8;(0<&81P1FCBA@SPGCB'N>\@P<9-^$U?EFE@'T"%;N4HO6)4N MJ8[;SYUX6JA:]F)]Z&HS)-2::#NKJ``.760U[R>8B+"V"H?B2&O;[]@5]UA\J"W38@)&5R=EO0E>S:O-;>3R)_U&Q M9^`3>YYV[*?G-/2(ZZ=!""F_(MU+_!CW!Q&(JU]U1^*S7Y,;%MF=F`C^S6T$ M7_9&FI"%L=-`HZ8;G`'&%?]M!-]`QF!P$DR;3PR<#%ISBLO.5YUQ*`KU:\Y' M5+E`1;:B-!S"-^]$=9UOZ^BV;F#-'0=AQZ5)$M,`)S0)'1(F;NQY61(EU,$R M;["7_&C=&42#YK\DKZ21=<]E>3;@&4EE;8"`WSLH_S)\A\NI(\X0W$B/67*# MRE#TE9)I(\D('_/%.JV9*N?ORB]Y6\?\L*D>\\WV:[2E5;V=QT$49&&$5*,4`P[48YD.#C0H@,'>*##Q[M` M`(=HF'NN^^P"'RETN"41#)7.@`#JR-DS:WLBP=^Q]9?S1=4 M$N+0<"A@2)UQT$.9QQ$ZQFP3AY[WZE!2'1FCU\"R8TV4H5TE[E3"P[_FVSGV M@LB%3A;%#O))S#3`S;IA87/OC?A%K6/'TMRE=O719A@5TJJ0=\=3J&K'*J;+ MBSXUSHP,S4`6E''S*V`\*7,DV$W>3<),EO[?KMA^_27?WE>KP\#U/(Q@%#G\ M>+5/8>*AT'7B;C@[\2[ZYK407Q4-'D7G$C@$)/VE'3U=1@M-Z)6@*EJ"K M6(+O?ZVV[#?49(WN#X8?P!=<>.'!&^MT2QZXT694:N>BY`-&%_5]5*[X;WSD M+XMUVT='%YL-O[W^TV*]R^>8($R3&.$$1FZ`J(M=W`WN0!C+5*#4C*BY",71 M-0_2DO\A/^"4S!44N50ZRZ0F5K7 M6T)MBHVJ=,Y6Z152O=T42R:CYV',D9L@&F8I<0CT:92&3H:Z<<.('_N1J;F/ M'$PSV1WPM7379!+`NY!":/*IZ,+(H#ME5T:])U\D.^,KH\O>NK@T4N1H2_A, MG3W/%D=*'27>3;!<\NZ'FHW8)/\?\V7.QKQ=YWQ)%B:!&T!,41BG3H*(1QW2 M#1H3ET@U%XP:27>OP1Y<\[B5S2IHT^.;@75>LW]:KZL_%FR:--U(JVIWN[W; MK<&B^]'J#GR'9Z$;-A_R'9J%R.=K+MYMU'R)/UZRW0SCPB/8W&`L,I*]#L=! M:9>F'X^"8KY$=-%1EWHAE#C8$@I49,S33@F%+A(FOV27\UZNCWE35O^P:%H& MYGZ&@C3%T,%LE#C+HB#LZU`4(T^&](:-8(KL#A37MEIN6IC\QLH!S1,#O2G& M4?H=*<=-#$_KLSTB\.&:S[0PTEFW7&"B<6ZTA(%&&E&IG%FRC)/?Y9L-2_*J MNN&ZYF1JVR4V=].,AJD+"25LM,1#,`JZ(7WB";U*0L4XFMFG@P:6]XO-Y[Q5 M]ZHY)[YH`,K2SAB7"I*/(6]*4E#GR`96X\;VN'UTQ8UZF.AE'UWB(P6>M865 M5)CRE)N4N4>RO7P>(1>G&2IET5]MD%T/0]Z#%. MHI!DT$$4.@23-/#8099`2#WDHC#T?9G'L]TW? M,8ZA7,^,U$=K;Y1I"XR/+1R!#2PM3\6Q2RX\#H,\9\ES,`Q[I6#J#-P:V0_# MTF_VET=U]NF:EDNV[_,G1A1QTVCV"6!'\`H@9[3;]5@5^Y(IBX0 MIFJ,W0/5'$1HH8/U`?O`_1#U,9';*IDT'`-W43X<16*/&OPL$@FM>RFRGA38 M9M$6'$L85+^=+VS.:':LT'4^25&W%_0555F_*],_EWE=O[\[ZG-\5W(0^;:] MX^_]W:4S^F$28DI(A&`213"A7HSZA5?HTDST$A^SJ'17:(^-X3O8>6,.W^`N M#@;Q?VAVR_-M=Z4G^P8]#<9G+^U0ZO,SM#)=7"VXH&,BPZNI'ZGA%9:Y$Z`0 M8QS$[(,3UTN3"-)NB`AA+%,RE?E<(W53H41AO(NDRRE*O3.XC#)=[42L9B+L M)4LRG$'07ZZ12)HO?O*A>G@H]M<&ERM^4U!1?L[+)1\R#G$&G&'+6"" MH\.0KB]YO&C,2-HK)T?@V@,/Q_`ZS?=FP)^!8`;"6?--#I1M#A[E;3%B,>5F M.:)YZM\37*9/.;SLH0M4I,*OEE"3$E.>GF-0YAYAZOKGMEK^[WVU9MZJV_-B M?2'93],T<=V0+=FHF](H]IVHWUAV4Z$UD8)A-"]R6C2R>T1CW"9&088\)L=` MQZ#^`[2P3E\ZN:U`^\;BZ7:47O;O?FO;#9?&X MX`K`A?X+O\>,/V`]H.N1R3/@OCIS96[QIG M&V;,,ZZY0)5C'&D)1XXRH5(WKP:L,ZOR:!POBWT/Q9'K4@Q9/DB<[)`4QJG4 M$07I#]?,ARV>8Y9K26Y/:LB[R&H$SH*`S`+2\A+!,XS7H(/]90F/#\9]9>(YPA'@KQ6I5\,QDL?ZP*%;O2KIX M++:+]1Q#F-`8!ADB<8(#'-/#<"E*D52GQ,`Q=#="]+`8BQ6KOQ4E6+;(9%L? MAOI0L+/!@/LD&Q<.GN.0^'XCO>8Y/:T*YUUSJ1-AI#,MX9G19CSM(U#B%ID& MKN[*Q$MO`/PUW[Z_NUG\R;(W+W6B-$M\SV7_X2P-_?Y^I)1(956JQ];?KM7? M3EI=>V?GOCG2P::[(R6=>KE52$MX;'EP=9GWO#%(HQN'/.@O=`WT70)SE&(< M>Q&,8C]#*$V.;QG,"(GD+HM6.;+0(S[FDNBD^%*L\G+UI*?GT,`CWXRISNV" M68II?P]MN3S<]?RTF2KM'<^@@G=7'*^;1Z]Y48Q#E<7"/OY49]K+W*G8?2,V M`>>N`UTWIB$B(8(Q#AT*>X;.,,EDFI@&?+SF7B:)?:S1&X/773ET0U"I%[5M M!$Z^^R>UZR?L4TL8:HP%5W?Y))TAS#>_%&6U89_?O5]MCOW`I4'@>6'@!S2+ M0\_M3^X@ETJ=E)'^<,U+JM-7Q_>O.]PW1`%?MOU)WGEB_*+5;QK8Y8E?.]B& MZ>:IURZ0S6`'6T(UP_%7BF;:Z+2&I5'K'=_G^<#?A%.5QW/JICJ=43VZF&5; M'O4#/X8^=9*$+5;[PRLXRX)QJ9`62!.D3S/06P+VIECZR*J)@516H37(EM"# M::NO9B\&G#[H!HYR=2;3;_-`0FGD^:EXJ0J+$(UF&W)2Q*/4])T`)$;TI1^V@>OM>7CR3 M`0Y0IVN'EO+DE689]1&QY*'59)SX^8[1+A0Z-,\OD[_)2^;,?I3`=6F6>C[$ M+EN&L;]EOM^-$C@(BYU/&_CA,L_EL"-I_(T)VP:4T!.HQ&.7&H=J3!%EP7,`9]I23J M$FSX2U$6#[N'Z//G3;.-WK0^OK][_YAOFG,7_!!&R=*K^^+QM[+8UC=5G+>H M\M7/]2F!KPX*8"<0YN;`N3 MN'Y8$ZY!2O/WF_LO!7TCV)[#Z(?0;2^X\>2 M;A:[VX=%.0,+]E&;7;W-FQ'O"_ZZB"],8YJ:+O^'9MUS\S'J,8#OR^J/[@,. ME_[\M*EVC^#GGRF3('#SZ:P M^+\7G^^WW-9]DL?_Q$VL'AX7Y=?F#1:G;BG*YAO.>FX&'C<5[XU:L>]9;)MO M?.IU#G4+UOFBWK;`^_`\\+NQ9OM7/>[J_`0(P_7(8LQ@MU_OXG*T'\@^=G'X MIL=-L\7Y(G$"`W4S6SWO+XY#RD4BI:HL;< ME4E'E#SC\^L#@%=Y="%`@(1V\[2SMBQT?PU\:#2Z&]HC_N=**W+\F^=D^T>Z MHU)4U7TU0LT(1:48WBUI#)[TOM&RY^=TE>%_;3`4Y)4/^BOR,?KK^ALJ6?XV MK@O3F(5VPA6:9.TJX#1-HVHI,])B2,PB(J/5VC5=L+:U6B7M[G,T9=FJA MX%_VG^;"G+-\?#OMY(S&\"H_ MR'D%+_C0^#U[QG[T>X>ZR2HI/^;'?.L'?,;\G+SU?.O8,V(KQ,(`QS3U`/\O M"!OQ=".(A@<5IY1*.BWUE#D6!>F.T.<.]]61_CEYXPP\3FKGRWZTJ@9FH\V^ M98^$)EM-\+].6)5HHV%U...4DUIUN*NNJG7YHYB)M#5\*;)YVT71R&>>S_HX M2=D<+QZ3#7WDNWQ*\<=)O&SDZ4&@34^<+N:8-0J<4L]2VG\?HS]+1_P432AO`/:(T]@%I09=ODYT!ZQA8M<*[?X@ZNC-VP'R^8Q3;L5=7&KE[I]#S36J;U9 MM*U5V'B%ZU1(7!PL>9(T-7./![I;K_M)2'YD.-#P8S=$?NB:P/*,9BCH(8"6MN=,F>0&\O$5-@1S;CM2#C(K$E47)"QA#*N4$P$V73WE< MF5-)E2-55X!K1ZM0B)L)_&UKJT[6)9X<85)FY2*P'<]!@6&&)D0F],U`[[@[ M"!!G`UO6821?X!\V1^V$TZAT_,UDF=$<=J$R$9"L),N'H>P>L^\0.G,'(P!6 M1>YD1&ARN@/M.'#$EK4]I-]W(5;]CP4R0N!9EFNYOA/[L6?9MANYT#=\9"#= M\X6]XW1L<-T([!A&,(XQ&+X1^V$,#0L&40S#0+>]";Q"KJ>')@%^.*G-A#@[ MT0VK*"32:E1<)6L*6S`O<*($JRC$DS*TXRDKY`5Q,)]61H]SGE, M@M@!9ASKV-W$,G@1BF/3B=PPMK$DR#>8O#Z&80W=\($!/">P;,:N7()9F+:V9XKIBA M>\W\5BM;=;1UHP_^0*O0;=,#O6QT8H^0SF+H,;P^OXW%$/^MUFFBM:IH'_OF MK;31OC"9=\*]@,L6S)N%7(LKO9M(5GW0=C,%_%+WH_OT-;H>RYMWD7T_27- MR[1A+?:CLB\ZVV;Z2F70>> MBXIXZ'N4].&EHLV:2FLM&-()%(%U0#J'(I).OPU=W(6TGIH:U5-K%=6PIAI5 MM9==%UWO/!F>Q:*(Q%-D7&:EEF$/7]L>5D*OND!EL;X8KR"?>1Y(/V?91\-? MJ>T/@];E_K',5EFR;9K/.CHIJ5AB67\NMC]OZ`-'-!44_Z1N4;ML/XM^/3-R<9L:MKTFIKN1:Q M'SO``'X4.+KI`L?Q@-&(11J.RG3I6&61?E57I[?7Y"=Y1V6VA!RW2J81IO*9 M6LM%:EI.KJ,CTX*S>S'9NT7YEW)(WEE6H+?!.V>NU)7@5G>DGS`.9FE.`"*K M$O^,/I"2K\`S>2OEGQ4[`0?HGJM',`HM*T21;Z`V.N7:'AI>[3*U9-)C^7WA M*,\D/?$D[SFC3";'M>3&7FV5V-U;GE_9?R.\Z8 M7*`/(F)B7:D_(D3UD;Z)./BE^2GTS;`VE`*+AAQBGE80I:\#ZKU@5NET0HR9L5EUGD^""R+3*5[U&9L;O5@:J:4:ZO M(=N"II0KO,@V92S^P[YD07[5_(]SORH.!#<;2;)-YB3`-X(8R0K>N>#J%KMF=6QQG8 MYV<:6:1?LFI8_MNV6&<$F+MU_P9\$<8^=DF@#8#M.9X3 M&Z%OM^J[D3W6!;A.K:4[&XVP5:+OLGG!F8I[2ZGP?68.N2V]_^5?_\4W#>\_ M2O+,"WF=>?7[ON[9,WJONTY+<;M"UZGN#$Y7!Y16(\7LA]&TPGJ`CWGSIW?K M\WWAM':1])'3*NBH#/@;^NC]59?`6,?R.M6>]1*C71*/]9*@CWL\DUL">F=Q M^BQYTHFMZN%[]P]9WGP'_L9WMQV_TY7RVJR4I"0B%MM=]_07['^\:_"$OZHV M(_[]W[2'0VVPOJL]%7/+LT&=U.VG(QM6-?A1OL`?[X2B#23)JV;XK[=IDYU* M%'VMGT?9E^EZO]$V&9[0S<%BFVZHYDE9IG@L&0<$)9<-TU%$20T&+WQE#SU7 M#NO%X]65ZW<]![F^?G?K^NFILGLLJ.H9[WI^""S;=",/NA`"$_^SK:[2([C( MZ8M3*_6/<&+T'>08!)5CT(>&KR`*[S\(EK^91LOZ;-(XL8CPROC_JH MLGI'Q[UG&H_0\JWV[2E;/I&C3K*ASB.>\[UO(4NH.C30\QC^6?$UK\X;N99H MI/MH]O4)>X59GM:'&GH0L77M+4VVUW[4 %#UDB)WE_W^\$`VH0@<+&5-E M<'9>EQ828W,?AP(/;MNABWPC""S?<73;]_VZ<_021=2;?N3 M>[9G^C""9A"Z6)30\9#>"N5`??C%JGQ9I%]W=BITG8TN/0M47W4V`67\P7]G M.&),8,#+QUVU+,=V%.V9K/_T_/G#8J)36I8<_49]`!S']F/+LW0# M`,./O*!1(8;>H.?V5)1;BJG8I2EUJMKX85)G'H=E81G:=H\:Z:41C\#=5$GS'82PMT2>P6$\U+I3'> MO>K$<5*JVXL!M^D>@_GK?.-WTGN5OEE:Y:5K-^5^^43R:RZ5&Q]FY'P@(>4J MT'RAHI@&HE]>-EFZJN@TRY>;_8K\YG@.SE>L7#4DR9)/QP:<)YYW)]Q#56>_ M`LZDLM`4ZI.73$?U?9/;T`\-!SB>;4>!'X2>Y4=1(U,8A?'P-`SIHDC/D!C> M4UX*10UK(#T9S-=((MRZCF&%<0#+6>;G^D5:3H29R/=`Z!A!$-K0,9R6AI#' MD'DUJ5C3)DB-Z!@]K;$DG/FD6VGB`YVH7M'3&E;B(6PJ`\]_PCK?)GKF8Q.M M*JCR>-)-]IQ1;FOIG+2+*.V7(GQRI\B!]*^D?[G.\66_>Z-&QO;8F51%U MZM"[\F8MV54@$KGH\Q[-;)KZ],;>XWJ6-7&-+I,0O<>X3^*`'YS*TA86W:UA M4C[%F^);=YW@ZI%AA9X9`PN?U'3@1Q#$5F38KAL#$%R*L@H90]XN>E!31033 MJ&3:?S>R_<_$^2GG<#J3EB($7D6R4<3H4DB8?XSKZM=T1\;Z;5N\9JMT%;[] MO215,&TD!"QWV6L5)&DE,2++<_40F9$-?5WW08Q:26#L#+GYDCB\Y`NLW@*D M+FUWC=#).C1_1*81AE'>S/BS$2$I1*#P-^)JCV_:#9$8^SD?CEIB/I)D1_8, M=4HTDR*$*E/#8K(YSTB^H"M2_A7#A(7ZB#>`DD2M"6S9)CWH[?90L,IM@R!V MK!B9=FQ;#C1A8,-6;L.*6*AZ=F$E$WM/OZHNO=:J7V./?T[^CRA/3K0M"77W M>PGW)C`[O@.WC-GEE+?!]%2[U6KE-*K=+3%]J^"/W3[)KZ]F:Y)MP3,;F3*3 M1Y%M3QT\"D57.>.6V@]-X']OTF,Q"FB&,31'2U)27'E,-/ML$08HM!T' MPA`ZKAF;NFMT007'")JDCH?AY"='$(XTC@=V5B2RD]8'JZQ\*4I:'LU*B9+L M,(PD9\2>BS8IWO7I%<-.A"873)W8M]HC%5SK)&\.O53VBS$D.%SZ![ZN46[4DB>$6.17\D@A;K7XO=W7*YWVZKQY0V^S)[Q3_&NTIW1L9?DF3;_THV^W1A MV%B3(-1#/[0!!``:GM6HX[A1.+0P3&4=)#O([Q0FM/1$5.VGY=Q@G5+-'/[. MSM&TEAE!/I$%#JHA'*$"10O1\8V]KM26'>Y16_^U=-,#D)=LEF_:6`7@6M!S= MBVT]"*&N>T`/&PD\LJ08(HL"AY7L/S62:C>K6M8/)&V8KKWW;>*73_@OJ][G MO6Z$FRQYK(OC6.^Q15IG&.'-9!@V!NQL@OHVZ6Z&:U'GNQ8>#N,9GI1@"T6( M4X9F/W8ADP.>"&H%E!T6NF^%@6GY;@A@&`,/17K0#!P:CLGFVXT?3[J/=Y\N MT^R5T&5YJY&BP6VV)"4@A$UOM56Z3K=;\K^T<6S9[U12\:DX^AQJ@=&L*1)Z M.60)+D`[-4%6\O#Q(B/:ZM,AJT+#69`+*A'D]ZGSAQ9A"#W++$;M#1KC@P MA^>:)V^T8N6A`,O_W6=;DOZ)TM=T4[R0!QZCDA38+T+'`5$,01P9$$)=QW*T MH5/'-5VV"*:8,:5',9L79VAMXTN;E\6:T]!J!G+TG_&QD0^ M,$`,0\\*/-_#Y!MZ;:6/&W@>")9@FXYSZ/JMM\BW7R'31;MJ2[EWQ04M+ M/+V^M>][DZORE#3ZTDB?L=UV3Y.R")7^GBXQ"53YB,Z97)9)3,<;"Y5O+I$Q MT4[:RH$EM-L3>/;HZ#DTF:*D0LRB"`'+TNYBU%0@B(.RS[$GO$S354D@V#VE M)!>^6#ZH=^F31GAH*2E M*>20'!EHQ*_(N5\6=$N[<)#6AYW(M&5B.2`M?'ISG>=DU2S%Z`0?&(FTGFP* MB5KQ*\)N?>'6>#TM-*J&2C8;WLI5)=OQ=F]-J]S`+%]OL,O3FK*L3?G2>]P[ MZYOU-=EFQ1Z?@/`0M!4D">TY$6VVU)PGJO0ZOIY?MN"*.D18XLB%/:5<% MBBDF4[68?MF,#2%U3YSU'S5;P#AP?=V.7->R@:'[KAUUJ,;CI^HQ=7R:22O*AYT"VRA,[_Q(NIH'T^Y(\1D;;O9/R&_9&,E-9 M="`Q*VG,,>>B4^]>W&JM)IB8M`-=;K5*FZKK-]5G^O8U8NQP;A.8W-:J;!/3 M*_YCPYQ9H&?VQ>-BVY>5UAL>N5U>`!O$L>D"Z`9V&#F6'L7M[8IA&S['O89H M$::YV.`I2Q8.-IL3/BG`XYQQTF7LYH#?/]1-QHYES,SDE@_$0&<;(M=OJ&C?2;0'9W#S#3I[-?3$93EI6 MXF43#"/7F=!GXU6AP,^<>B@DY7"P+11A4AF:<:<8,H(WEC_CC#PG?#S)$4#/ M\RP?(3NT`T^'@1\Y79)C+"*O>\SP$^=UMZ**S^L>98113#H5_D(9]9@EE,OK M/H,L.\F*,)/:9"M$PV&D*PY,KICS??I2>]1WZT]9GN+_P&VZRG:+T(1Q:!AA MI$'=/N,TL?=PG/,P+01='37PBC'4*%5.9Y^,A(>'H;#[ MAF?>$UZ==VM8/#\7^9==L?QC$5A1H'NQ$5AQ8%BV"V#0/C5J>0;/<4[`J-/P M52<=C.TL7BK1VVC M-3K-<&+`8B:Z^ZI#R$/QD'S_1[9[>BHVJRS_B@7Z\I1LTQ#+L\+BD"=1JFKB M&`%+]\P@C*$/@>-`!-H4/Q\8]@CZ$R[+1$Y<+\K]]UR,'2ZWUQ*:L M3`7_^9%(KO5%GXF361$>P-32C*88?\O3\P2K2P:6)S#8U,1\SO)BF^W>FO++ M!?:C=1>:5A#$($`FM&.G;6H8AV'`5Q(^9D0.\F8,#QY4*^+EGQ>D6'&'OW%# M5G_;+((_:,@/-W/P4"[.HX.(=UL\]9/M6U$M?U.OAW4@\7W#Q%(;#@HRC M+:`87PI1Z73041!<7"S86_@/!5BOLTV&^:-!F)]HN>REO,#Q+.2(-G,..DP;&(+Y`& M1ZMT@0;EP#4HZ^[N,#/MWXVSL@+#"UUVXP8,7"/2-.BT36,+&4/3[H:VISCO M[OA>()8Y)BL4E`$V)^=-C+,@YQWEY?7D`WT!9\S*.P,99UK>6,"70GDR5;J0 MF"<'KC'SW[NB*7W)%EEAMJG?2`A,];)KY/B1!I&M0PWK2+,<2]>[D\R!-_"* M-)D2*)\?US=,=U>\L*OWVX*A)5W`R+]1(XZ?'8\WQN#9\C164#)[[D2O]XC8 M-=('Z6?=.!(`6&QJ+GWI+AG,,(?>WO`R$L&9BSPYM:!JF%3I: MM^6%-12,YEZ1QF:@V78322;'"N$[F$ZE`ZN$.1>PM7X:,S$R'`+VE'`[S9!FA>;7(VZG8:?X/V8G M#_$KNTWA.NA\=#<3WF+4-^#VA,5>F7"!#1788B',J$*SP5AL)A`CTK,0DXDWD_64;2:F4A$H+Y"I$HLLA$[5 MZ)9/T*6E4"HD3%\4KX34_XAW^V2EV:YI(R.D5:--UT"!'AWVE%`8KNI:)U^J MN*C&,*IHNR+C^*V(XXD6,9K?("D\C(=:8M'C=[!2 M7`-W'&221ZSEV5X(0^1IA#&B"(6F9W1TH1NH&;%AQKD:)J=5\?':"BAGM)*G M_9N/4UX+O*MQRJW4H'$J!AE7,<1;TGE9]E-OQ[)$299LTW4:[]J4M?OD>X5V M=(G)#FU?LQW2[%YRDG02W`0]E!SB8H+F+RSPL]?G'!6,PRK1@A!%3_0NH,%*-=/R69/7M>% MF>LTHFU>/,=U[>6DJ.*419Q5SNH,"HP?>H*(_F23/%0W8%U7LDC_EZWRU=^X M8;ZS^W[RG9XR8$>4Z`&DHYH\Y?ZA)/+%!4WMI+^Z6+/GP[ARAZ(V/>%(E7:- M!10T5*=;/L'8$HR"OS2CA-9C*9_HE'V7!.G(M0T#D[=$4A2'R@#IT4S?0S;T3-O!H6<$@>^Z MD:N%/@PMU9=4MV+7-9::"ZMO0%]VT!,>_,G$[[F!"[E0#S0\D+&'MS3\`BH10EW M&I2'D^M`@!5SZ%G4N/AR/.:+XT8)*IWE05EP<7/>J08_I5GRL4J>RU44!IZO M0>QJKHZ,*,*^[K2-^B8T1=AN7$N*>>[,T*/R`2:@*,&-Q)6/VJ:#5(S4QJ"I MA,TN`G6!Q^0`O!`&DZ1,KJ(/"K(6*]WW.:&'#MGM,^5MUF1-]I(F5T%DV"AR M/-,TL6E9GFM97>.:`[$(>\EI43&+U24P^U*"/`.-G/5!W49203:3A#!BM024E;`<%W`7V$XN\`MA/'EO=WJ2TS7C7C%7"O+"#1H0>AB(]!MS]%@X+6"(&QQ52)1U[IB M=CP2NIULO8).;'H8K1$<-)*S-#DJN\!>DR++7-_OF]\H8CSZONW!OP$XOUV& M[0(VDM#[B(E3VQ]9Z[&U%OGDI;/20ZU"?85@1DAQ7]\-N(W73-=QFVZ#<#RS M\Z;6)@O8?E.L8#Y5]Y;F$MN]P%8`+S`":"'+BG3'COS(LW2K%2"$2)(K%&UU M=A?XL=MYE\VTP@88Z_%48B_;TRT(=EF.327\:AU:O%X7>WKH;%^1;[W$:2\% M90[7]@;)02YMJ#46[\H&*\;MPL9!Q^6Z<*]+14V/^CW^GC[OGU%>%/FW-'O$ M\0OYI'I=Z69DN;;FF3JTH\C6#0NY;?N6R>^YI#:JV''U906ML#>@$1=T\H)6 M8`'^E`O^=:\U&^YB3NO]0,[OL6:#?IC#:K%^Z+!>-\(1OT08EV5/GG1'[#KV MG/@O^FFZ85ERY&/JW+)7$#_G>WH&8;TO"B+4CGB]?556<<;R.P^/;I\V,EM2 M!/4SSDV)X1;@V]3HE2ON\:)GA'HR?,KCC'A0;#A6:(?8)ZVXGFUZN&U'UT-+ M9&-&^.%3>BHJD.AI9F&P^'95E.(TPK-MKNUH\CP/!'Z MD-&>8D;ICKXT,@H2BA1$^3AF:C#%:(U"N$FJ2KFZGBAM M"?I_7O(,KI_2Y"O+<,ZW=TG!CE(1N#YF7Q-6.:D\MV(>1A[R?1P8,(JL"`=Z MZ'4)@!%"2,Z"M5H99U[>!E0[T%.O.7[=*@@.&E[:?+R1MCBKN$>,74%?3F>0 MN][^_ZT?R%K27TY_6,J.-MC3GA1_/>I)+[V>])S$[`2+ROV!4689M)LP34=8 MP/K,(F#@WJF8TBS<,[HV.R[9G+X`8V7`P+6@8>*`7G?A&TZD==EQIN>8?+=- M2&M.A(8&W3!QD!"LB6P33T.NX7-A#B(-VH5,0.3IDROJ@R);B*2)-$M*@L"W MHB[96.5]G_52Y/],UJ1Q1W,A2!SK%O.`O>@DN[[P%J@?W"62`?%MQ*@YYK2X\7 MF'/[>=*!74"PJ$"I7&5?%/`N]_'^@821L$SCWY/GAZ1866$00!BB`$>6'EFV M;4,2(YJAXSN&XPCN@"*'F$\+F,3B5`L5&:I57R*=TF(9FGTXOKF[9( M$W[D&0YVD&5KNF9Z8=BVY6'$=>7(J`84$VXM%Z""@5:R(;PR',#K_#L)=F(T M/#]L_*P\"7S#R'D@C#P,>T[K,T0[&J0%\.UX'7*)O4:`?0];`[V#N_?Y/ZA_ MOFL=\L>2";)+-BL3ZY8&+2<(:?:+HVO(T%H1L(ZX4MA4M*N8JX]W4([JO1U" MF4YND)8@:20'/Y-PYVF?;0HR;WDJ+U294&^;ZWP_IUG$W$#/(K>]JP?`?0Z8 MM#UK?"Q!*_" M(%`MQZ2^KE.`S-`/8_I;HP.(V774!RW8NFNMAR3/I\228IYP;B..\8P'V7M. MLI4>P!(`R>%H59IH88Y7J:IG'+%Z M>+G387Y/L[SHG2J^;==U#_*B5YJE3*7*=^1)C_575H$+==NQ;>A%EJ?KD8X- MV`H4^9$MW;4>`BU[$@]F!@^6VSEN\:W'NO M$MI2O1O;B@AJ&6_`04IP$%-D^U$&P!P[MA-C*[B'NTQ8!?9Y)X9W>`S[W!SB M[\6RW6TRU5-<$R1)L3^3'8I<\IW4.F7\UK M6VWV!?5\Q!$Y]=-2$@7OXK),MVG"8N*J,W7"H/H`[M^\0W\3@S)9[XOVZ@!0 M'+K#-HE9S:3Z^7&1L-L"2!357C]`29%ZXX/H-_2165Z]$84H2OZ;5+2PU*X[ MC$%<-7D(S5/N6O\-PKNF]E/]G&?RFKJE=/?*1$N>Z;&N#[1\\6Z_816?7@$U M!Y6CTZ0%Y/`+6G8Q!MOT.Q&("+%)B"&>TXQ]]%*D:U;SBF;TG_D.W<-G;Y)_ MRYL?GTTA:"S3`/*4[S84$/*CIWJ&4J=OE\R\/9CKM4$*+U6X))UN5Z/15,DZ M"?38'(#KH^A<5H#$\;>`"8I4=7(U-"4WB*"A:Y7'91@7N]>X_-L^HV^Y'U8T MCH&&9WFA%AG0,0SH6=WFFFMSW?FO6H9E!!V4=2WP*Z!RT]>N7'D"94YK):G!SB36DK605]\ME!;@*RUYV[[S8X;; M#_'10[S^5QLD-0ESY*.VYCFE]+[MDQ]M_U?L\V\4^X"/[%3FUZ2H4B+#33]V MWN1)8X7FI_2SN+VNOP#)5[85D"7KI"QI=R!=AOV4?;&-V;,]S3=AN#[%73=8 MY_O=AG;)@O:AHDZR?Z!U3'W<%7 MY^Q3O=B[9977W3XF"M':`ZQG4:G:B/YC_CR0:AN#(GU\(OHR M%6N@>A_W/V03B.;2L$ZSMW.(5HD&;#)"*=3$G"P=G?:3NOM5X%N+%>LEY&D- M2/7!6?J,%H&.!FH,'E[[,)%^$.]V=#:4E+V>7R/#ADUO3L1V`\COPR^W=VP@ MU5_K]5;R8?/@/-N]MG5H69]@=Z2!]1-AL*09GG.$W>?X?'@X/MI#O(\P?;R: M8N&[)%AEA?6=-R0CY5BBE47^"A`V0L?6=3_0[,@S6H'H M0E%T/\904N+[B6RD)L(_F.=DG+<<4TD-\B&QO03'\#ZB>QF*BL7WTJ`5N#"G[D(M*R:#_)6\"]E=WBO' M15J(,8XB3;/=P`^PY;6RV*'%E1*@5(#)X_I6/E`+>`-@5:=YM7QUK%Q7@D7P M>E4UUKHY)M8)=YP(PR+2 M4YT+^6N?/R:>\+/^6 MIUGU!Y%B7R1$G(I*27YXF)6L3#>P70LC.X"$:TQDFQAWU(,@%(G.)A))<;QV M)@"@C$`4`;4FX&>JRR^`:0,:=4"KSPTXTD@P;IO*LGR1W`*-*A;;36E/)8PO MQP(7G,'$)EZ(GYA:ZWS6<:7"N]R^L.I=V6,K&G&`;\2S+!]CTW9<#[J&X48N M)K%N(UY`WI#N7B3(M"3_TJD#^OI,X%]DV%:B@YG8K`H]S$B+SN=AKIM@K(N1 M:.3WY&-DJCW$R4B'G=_+],7H+X+>YZ,?I3Z2W+N0Y.D'Y>>8',E&S<*S`+)RN8%:+")*^?&.HX7913"^QN#+[ M+(6OU2GXEID50SEXD1@^T-WT=;4R?3,T"/%'FF6XC@8M+^I.$.M!Q'77SNA& MU,?BO_:VZ,\=VO\O00(=CBD?3TX"IQ@=?J'I#G5^0_E3LU?&RXC@SU8!_FLM MU2RFMW((K)P+8[\0JANOQY4U\8'`#":NCUE_M:1<::'I>0@Y`6G)TE'H8KV[ M)<76#*%:K&/;FG9)X7#9R-M=K'^RY/9B MN;_G50+!*"6BB`46'"A?*Q(F6O!COJ(.8Z>Q]NM[2X(FF8'2`K2?35IJ,>9.P+ M]:7-92:"W6;U6FTGH(M-WW*M,/!=VPVQAP+7:04T`COB2P2?7B[E:>*-.G0N M69_48Y/-$V>&SZ:.T_I->=;.27FX9VY;7_8;RS:RF`]IK7N[!8TFQ$N`P]&` MSF60=X^J)O;U`;=9M_71J+1/BI;ZFN<[NI\`9P_/^=9?P,6Q66Z7J'(URW?9.TI%GJH4$ M_;OZY+ROJW\K['&[J>TSBW5V<;@@;U<5`/B?QCMF$?'2[ M/9TZ5*XT/?!8LD+A/P\R:I7_U" M8_>3!/&?_^$9NOO?)7@ABOY*(_RF@A:]5"8^8'*A]`?X6>=?FST9A$C#_DP` M,KUM%Q!\S*!T/N=P$N`?0H'W19R56S(,[O.(P':N<=W'-C8]K&,M,O4(6MCL M2@5J4:CS;+C(;7&"5.RJE13\7.6_U'?\GEL/%I@&2D3]^O1]'L#%EW>7CS7_ M='H>S(==G?2&?,L]&;Z+*!$W1%@&IZAOXTGQL(5EN[,ZX./G8+\"%*5`J M5]E=Q5R02!1.OGZ[Y9)V!0W']EU=TZ&G0R=T->ATDW1L&9J`RYI)0L4NKEX* M:<:WZ'R:WH"GCK/GZA)<_O0=](;!VZM4*]"IQ4K1U@LG?,/NA=E@*$,#Y.4`/^^;AB9F,O M(PZ9&X1\2>-/(,Z)TBRMDD_I-ODA8T"W+>B3X`W8@1X#';]CG`C"R?:&S^MS MQEE(`&`!;"]#BUQJKQ#<3_U4URS]U%Z,W]SG?ULT'_12U]&^3+.D+#&]N)WV MIR"NDI5N0!AB;&'=T&P-0]W4.C_@Z;K0!JMR813ON-[7=_97M/`KN[-_>W0. M)WXLDH2.1L&\6/4VNDSYBS2/F'-H)`2=[%WABKP`[8<]^6]`J\$-Z'0`5(F) MM\3'8GYACWPR*T^(/6@#FPJZ:Z2'==BQ- MQP;&;HALU.VJV;K)77)69IN*F;P3%5!9`1.6+N2<6;816;J3BOSU6'TNT,7X M^;W@+9`O.A/NPZM#)9T-CJM"G=W72C.PK2==.SKI2IJ0]0.@3[OTJ^HI*0_? M9^6'ZG(W95)5.UK&A]6H::*IIBC-)BWK1396TJ?H%M)8.9ZT+L\3ET_TH_(E M6:?;=%T7?BK;$C*L.-".E2UHZO>,6U\3,/&Y;%<%G60!LR(E:N5JQY;@O"E( M'JJ/M.82&VSW[(+`2'-=QW5],DO3(C/2;:2%`7)-[&/7=W$D,A4:\GS%/O'+ M^BG9['>,$S[EV>.O=(`"*B@X2%J"/YFPO(M5H_#DF[:HAE+,T\E"4YH=A?[]0UHL;RI2QEN*.+YPRY]K&/8IE(G"5T8^=."AC$AJ9%!Z%F< MSH2Y>6^2.Z3[Q4BFOUKY48(8=NW7:C9CF$X M'FDF=+`6861H@2>TEGZNC<#60Q1ZR$5!8#L1@CBT/!CXOJ];E@7%4/)56#.H#6#R*1N)$(!9A4 M0H-4X$DN-AZ;%1OR-$J_(F^U;Y*^'N$S(._\'4$L# M!!0````(`%19!4=]GG?7KJD``&]<"``4`!P`=&-O+3(P,34P-C,P7W!R92YX M;6Q55`D``W`GPE5P)$5=7@+``$$)0X```0Y`0``[%U9<]M(DG[?B/T/6L^S MK#I05T=[)^KLU83<\OKHF3<$1$(2QA2@!2#9[E^_!5*$9(D'"`(@)?6#;9JL M(ROSJZS,K*RJ7__^_6IRU3J8?9HDZ=>SJ(@/OA?)+\7H,KZ*3K)15$Y[OBS+ZU^.CKY] M^_;V^UD^>9OE%T<(`'Q4UUI:HOK?X;S88?75(42'&+[]7HS?'/CQI46#]N]* M_O*]^N*G\M_PM#040AQ-?ZV+%LFB@KY9>/2O]R>?ID,\3-*BC-)1_,;SX.#@ MUSR;Q!_C\X/JWR\?C^L&RNCF["I*WXZRJZ/JMR,Y\FR^F50O*&A"*^^U=EMG$9I6?B??[N):-O<=H/0 M47'I)MDWDQ2C25;<^&X^W5S[IBJF10V%LUDCO1+<9%W9I(E>B6V$BXW:V)+< M[.HJ*:MV*^6GL[3T1J`W!I/U1*ZOV1MI#3':N(%M"4V+;)*,J_5?19/*[OMT M&"#Z]CO.I"S:;%T^,U78C:-KJ=D,R<>[=S-*W MZGOYGWA\X>>T'/G_)^5ZG=6L.29=5_JWF`I3M.6K&VF#_>`LCY9 M.S>9/GKB[DLV7"NZ:+K/P":UY*D& M[X(I_9+4)S,;&6&;-+$EL4EQG17);!:-O/J???;=FO@VGF374QZN(W>C1H8@ MN"'&VK2U)?EWL4S?A_4V8?GC.#W/\JLIF.>_K:-Z@R:V(]9&>>J15WR(\T^7 MWNY:0]BRXMT2T4RT:VIU2]('OS@U\%K65>N6J$:*9G6E+0F:&I.?\R@MHM%T MCJTC9FF%K@EIB*%U];HFJYG(UE3;CJAZ-7W@_Z\A:%65[HEI)KH&-;LGS19E M](W;+G[H=7?R:*(IR&-DR0Z2R93>^1]'%6%QJ?I MQWATD^=>H:BH2+8051?==<^$1M-S?<7M")MOZ7Q?2\F"DIUUW4RTRRMT1D@C MF2PMORT9WC-+KER2>DGG45^R*LJ=P:UN^+S#O//KWX$.5E&N?% M97*]+>D-VMQV.-XMGX5\C],O'G+W08M_9$E:_N%_:;"<;MK,,$3K[.HL2?T" M-&?L`Z=C<^>^YUYWSY*9QJG!-QQ75G<\#&.Z'>U.AM!P66G3V'8#^#W^)D>C M[&:ZG_0ASU+_<;0!QAK7[XO,)CNF#6OW16(CX3>MOB61606KTG_VC5W,0\%K M:5M=JQ>2&L*O4>5>"&PFU29UMR-O&F?Q#DL\W;*(O1=?Z>TU=*VNU`=!S>39 MJ&X?Y#629I.J&Q'W.)M3S$A,XXM*Z9]$9_&C;>U%]29Y_E.U*H-45!FDD$ZI M7M1:AU3^'I?=$OJXP0YI_>!M^6QLTXY9N[C9SNGV5EC>,:^7-=PA[9^]:Q1W M2_73)KND-RNC2V:K/+_.]9 MW_'W,D['\7B6;^Y[GV2C14.<#N\\*LZF8[PI#B^BZ-KS!P9'\:0LYM]4*CPX M!/`NH?YO=U^'#<@[R8K":Z/3\\_1=WE6E'DTJG?")A73WKWQM(5;MA@B$D!I M,`B0X(QCJAC$-K"8&28,QN)G]DRJK>HLG\MFU_R9KG[;,V7:3`@`E<#*0`AG ME#;4<&WFG,""NG6<>(A3F8\.LGPP#<'_I?S.,_OEL$5QRFFT+V-\[/L MD8J)\M%/>']:]:[$T?4TI>QP=)E,QO/:U;F2@=&2#28(/_#>X5B'(&;[517U M63K-Q_B>%"OPM[)>"(%6`5%8*P<$!D8I"N;CM``%0P&N?+*B[0AN&XH_ZX_9 M0X#J$9DFNXJ2=`68%I8/#0\ZC:>K7> M!Y/`GAAI%:=0J01=@'$ MDC@._,0EB-<\-0+PEQ`$&0)R[>(?/8IJC^"O9X7\=_59/3^HW_R"->6!E]/\ MN&%U6F1^H*J[";%=_Z$,,'0FX-@R"P2#@HI:PVD$VTZ1/5+\^SM!!A7='DV9 M[L!_SPNO.30DAA+N_V(<:W'O15B*![.-G^Q/O7P8MQ3"$(!<1O:BI6EV9$.F MXP<+U7PNJOC"VB7X[^>QI_M#ED^A499Y:0^]A9@8*XVR#AI,$%:4!?7.!@E,V[0'WACIZ_(V7RC@AY'7$NI](#1?"_-][K M.?]17?U4S$*S_#F67VO`=K]2.4%64:=A8`&H2N4BAJK MO?5J-3*8"AI`.Y<3Y:SMI@%LON_["EV.?13M\[2H.IMM79,0"N-7;&:M7[R5 MIM)18>KP"&+5_&@WL9KO1+_"B;5C*>ZU(=;IWD0;7@*-E=(6<>W=/!QHXJW< MVB30K;+R"UV`J8C5L,.5:!L`9"+!$).%,8ULL1 M=K9M4@-\G=N[PTJC8_!-5Z_N$=BDV1!AAJ%V5A@@L-!$<7*?LB%,ZW.4KW-' M=@!"2:H-%!`1J!3`M5^,:6#:HK?U+NOKTJ7]BVRH M97[-'7Y=K/M+N@B9#!P+3``L!)I9"@&B]^9Y^P--F^]XOB[P]B*>02V#[D#; MJI\0&X*P08'4@D'#'!2TEHTBO.UV#7J=.Y'[(*,AHEX+GXV:YQK?9^_$XVF^ MS@/>ZV,_K&S&D-FQ*=_&72#D]WA5^*NO+D,&I?=:E3(*.R*4XX&MDX:0:1T' M0WMT#039*ENCL MUNV%1"&&.,.&"\>H-$[@^[.W$+1-/T2O\Q#HD+(8$G;>@&_PYD%7H%S=6Z@% MH0&S7`!=I8T1PU1]=1^C06O([M%E*,\%LIU*Z@&@?SUZ*"0_N*_]WJ"ZX`+[ M5W=_JF:8"`@E1\X208SBQ$"C$805<-8GU/;#GR7"^NS%HWR/7ULM#)QE:'2&:X,L]6%>XPCTM:CWA\],A@FLEY9OT/-L.A:^E>G&JPV2`+` M`^4H$5@)H+RI8ABEV$H.U@;_=\J?3J]6ID)CJZL55C)"J%66*@",$4`@*&#K MC>&7HS(:8V6;BY4W$\/SO5C9*FVK*Q*!X900ASPK.0ZPQ!`*:UGKC+)G"[<- MQ;_1QE3,?S+^SWZH6]^&=Z!@I@5*3(#ZQN$(( M'"?",4>QY$15\2*!C7!!P#A'2*[-WAIB=$WTPI(:H6.*8A)($527WFNMJ'*: M4@,#";"C+^B-BFT%_&0#N`N&[GYV5M_J[#9.H\I72<>_W42Y_Q@O>6;YF4W? M``?&::ZUX8A2Z4T`:8WR"AM*"*1>>]ZT;S.VYO;IV22YF,IX;="P0>T08:<= MD%;!@"M-`<24S,=M@&Z==/ILIG5CP2\U.;MB;G.SLHA';R^RVZ-QG,RPY#\\ MAI#_*CR)+Z*)3@5(@015AQJ(R#QDBE-:DY(BQ_26]<=2G#K"N. M=H^#&2E+(W./BX18RD``C!#34AEJ@&)H3B]BI/5QGOU!P%92RCIA6XMHV^?+ M^'TT\2[`E]3;_'GAN_ZR`-"]2!E2;R>QK$]6MD!"1<'I^:@J-L21``0BX0<&=R+@C_@T1$EQDHZS:4FE4+W36<.$-70885,@Y+2!],,ZV%^WL MD2[HT]KK@\>#W=;QT3OW>3*]WZ/GC#J#SH],GH(2^DA^2=9M"JS[7%1/P\THH$E5@L_ M%L8)YGH^&@AMVTCJ'EW0U*_]LR5#AX!'K?JB'Y4#,;L]HMH]J\XPS_ZS`C$- M:H>&,D$4D\AAJBT'7)-Z)7:(M\V,W*.KE?H%4?<\'@)7T\->=R2O`-##8B&A M@8$FH-X5T(H0J+6H9P>PKNTJQ9Z7O+=@R;`W!K@HR?^()C>Q=^;J+V51-#S] MO[QZJ``5&"F,$)K>L4OLC'4&<@EYZ\?2FU\D],Q51@],[MQ#^G+M9>.Y$]]. MD\FS7$':>W_JOJMMDNG?.M>@RMXTJ(ZMR-1]:<4FWC MT7MT,="NO*\AY3),ZNLLX!6/J]>E_4)=_5.=;[B-)E5^Y3S-BRVST MP%>XSK-_QZ.EET?%`(9:JR\V[T,J MY/-/>.2444N1HD)Q#8R`GMU&,:R%\'-4KHU-]#.Z]TF:Y0\BBNM2'!>6#XE0 M6AJMD(925`\5^:'.QX;)2\A?ZDJX6??L',)$.,G2"T_A537\S[[7->>7%Q4/ MA3+82<>U)8A5YS1(=:'6'8\$>0'I3AU)->N31[")/M!+L&):VX.11./M\1NC33:GGA4&FDF6<-`QSJ`&NF MK9N/R$'[@G(S/W#P'= M+"3;\W#W&?+<0&.`$-9JA@W6"#E8JT4G[/.?]5M):5F&_&9L:Q,:N/2\^Z'S M./[ZZ3*[OJ[VEM=GQZ^I%1HI`F6`0B005F",O#,\)YMH^D*DW4Y265]L'#PK M'G'HJ&&$*RXIT!805*\^1."7F!7?1LK;LZZE9&7YSWAZ(7B9I;]YD*V7\)(: M(="ZNNZ388H@,MB;'11VX/KM42989Y+NAH6M)#Z2>7EYDS?0WPO+AL90IZ4% M"!"&D."0DMHN852VC0+M4=)61U+>GGG#;)R?E?=7J)\T./BPI$8("&0&!]FCZ]Q/YZ8:?PV-%1452?/*RB<:GZ1]1GE11N,VPX!#BZE31A)H$'2*@EH`7/.V,)U[3K#H MB)G[FB(**J/0>1><4@6@!,";>/4HK-OBKMYNQ;J]&%9EA6[&A2%D.;N^]7U< M7F;C*F=K]BS6IYNK*[\0_AF/79)&Z2PU89K:-7T$J,Y?GJ>")0N?.>F\CU`$ M@<)"51GXU;(L$-=XSK]`VL$B)7TJELX1N"OV#WD*0F=%6>CH.BFC236F%6A< M5B5$4#H#`X><,-8Q!R2]XZ]DDIG!+BYX5N#JB)LMC)0VL'Y`X)K7=CMJ/9S. M%(,"S)T-(+-"@IH-W@IH"ZH]B@5U!JG=L7U(3?7HRM$5"NJN9/C_W%W9S+(]8(W]LS4K3=]\8\5=`293%&(CU<>IFOGP2I*LHRMP)1Q2*['[IE M5T'`R5,)))`XJ9!Q@3,K<$`*P\<36:C'$G7,W31N?9GO*OU2'HBY\CG;7WB@ M\-=ZG'O<3LM6*BZ1(`%3A`+%(DH<=,-SS'WN1<\!W=$KZEZZA3;6==^K'K?W71S?9%W,5`S6+!1N-TR\?/JZV+R M.($I+Q'QYY[M84;;9BJO"4?2.L^8$\+!J)"H!^9YO($4LG*VG?6&8>U`V_,N?/UKD8:7G:FZH#R%SJC4;=09UUQ^FDQ7<`SG=EJ M92)ESD>8Y&TJ_*LP<[I9SJ.8*T4PP-"\,,?Z!;X,W\HXLO,;KI34%!/&`S&4 M>:2Y1:H>O,;9E0<&%[MWS[END3\_6BO@XLYHL=(R"LF09E$A`L/%/-)ZN#1D M$VV`$7YAJO4'>A;'ZJ)/J2#X[IVMQ?ULGJSF5^,OL^-;1"6:K5"PVEI"$'$! M'+M""C<^7>AL<P;?Q_/)[#%,'Z^);[UB?_D+QY^_CQ]2-:@?8^W-->1; MN(SL26`.%M1,"4YH#$P$LK&'DU@=3[WN(XOLV%7D'4]7$4DII-2**!1IQ#"! MAGI<6KI<(9X!1?:E#'LP-2P'S*'<#I-*(,^Y=)(;'A%"PL:ZUT+%&ZJF3&RAE?):5]M\-:P-;+TF>L(+X-OHV M3M*3B[OIKV,8\")5;_9)U&3R/1DH782]>[J?SV`9M=%$W8]7D&`9[!/MY6X MT#!%8"(:CP\S0*Y>Z371ZUQ[?RP8<3[,UR+?DP3#A,!4$ADU$BP(T:PWK,A6 M71C@):Z2DV(!**])O$='K#DFAFMD@A91<]?`9(.Y(8VG\PQ[FGA/.S2O0;P' MI71I)Q@37%,OG!:AF;^#Y3<0JI4RZ7'QGG987M>-8<."2FEGT:&@$?;81E&/ M[8R3H0$=078QV91!,S,/Y]T@@*>3Z5_CT<[;EP>?KX@BWADOM5`\"D:B\:C9 ME/#9Q1<&Z"#.-M:L/)[].XEWX=[=T_M+R.O;R2=[CL/-5)C8E!8O@G,Q8.$\ MKH5PG'1>YE[,'/R&3CZK>H#YUG0)*.:"1.YP5,IC;)G2S:>F2;8PX>`#I-(D M*P9Q/P1K*E=,_MPF_J3N'N34WK(D,R],3SXI4\) M&I5"=:BWR;5E7D:X=TI,TVE34\EQL#K&]6FAMGP-C_//6>N9_3KN7C M5AOCY)GJ4"-5C)8YXZ1'%$F'`V*Z@5&X[(+T`[H_U<]<51#DRR<]K8//Z\YK MPM&FWZ"U19Y';&$]*HT/G-JH&;9'M:%.BG;OOH_G8(/IM_O1?/DF7K/X&>8O M@)V%!O^U)PANVTR%HN!("O!=3'&L13JZYU($S0R&J:VWY*:^+KF=8]]9;SAW M]=VF:B[Q9?;'%H7%Y]7W[R_KFE.CBV8AON]'W88V8=`%13KB55CA>Y$O>@?&F3F7ZBTUJ*_`&_NCM_CW\_P.L+]>J(/O2 M$XNT6REFH:?84.ZU4S"3(,WJX3-BSM`-&MH$798-L\L982@)D.`=?C< M.,M*^U(EV\&6<8!RGI`ZE$*T6`LBHX)AK`DP1#O:V2$%#B3#`,ZZ[B,^R\&>9^J2R7T MX3`%YRFI2YLEDC,L/0GUZ'1@-Z"64<*TI^K#M4.S3Z[\F" M/0O2=HVD'3PI!0]26TFH#XGT]:`4][F;F`,\WBQ`CL[QS2#-NUW4WZ:3Y0+Z M-Y[\/GX<+=+?S)Z2&,'D<;WE.IM.IO#C=+RN/OW'9/G\>?0RGCWMOD`^FC[> M+9_'<[-8C)>+.)K,_V_TLAJ/EN8!GE],UI?+=Y^K#Z)?%68X!L^8==Y))^U: M/^\->B-UKM\;X.EL(6I?F\ERQ#`6"_A"'Z"GW[>#7:7!3I(VS+OQ0'^_K^8/ MSZ,%/`P__/:WSW]['H\>_[V"%^&]KV^73/;0O_POJGAPF@F1E-K2Y,,5"Z0Q M:=2]"69<#9\O;H,,@B;%-7/^C7<%`E_\J(C$YQ;9)"R'OX,F(F)YC=09+@;0OST MT7>"]X4^^@OFP/7QU6,GR\8RL%_@[ M]L1 M3SZN&[HTP`53TNT)33BZ&&>>K:0/D2XH!YD?J&_[\8*48=EU)76?` M?)G9\::/.W.USVVRDHY1`US77GD:J9!.H7K`FK+>]!F[KKASCJUG%\$Z@UQ- M7M/=T__/)\OE>'KW?5,8NAD\]'OM\/9PJ44+E;?*N&"14TI+(G"(OAD.()N; MW3:@V:8@<;H#MI>%R3/@=#^?/!SJ@Q7%B,JB5-4\ZBQ1KX>`?CHW*V3 MP94I+$".L]'+\!/F^_?Y[,_)*SBPCYZLOHRP^#3=Y=2^/(^6?Q_]=71.*O@; MJBAA269A\(83@C3\:&P-!\(Z]UA^4*6<"WJ:RT&?P\3'QW4*VGLMFEU=VT>S M$U^OM$(.&X91NL0IN"=*N&9YZ'!N\#RXPH*E.-0-KCG1TGK=OX)?>_?T=#QD MVOUTI53`W&$5A?7*"F*H;+8/G/2YM]P'-1_U&#<50;F7;5K`8C9=;_I`IP'] M!1CPF)#L_IB8:;>FN]:TH:9QKWQT'NT4`[87 M\8^[ADE$>7'WM!W!00J=VDAEF(^<"1\IUHH)+873S6(?V=SJ=$.+HHI3JB.` MN\L3V%;DM:.7="GD\_-X>Y&VW\3">MOS[NE-#6'T7`A`%T9Y&Y9U3CCJD@S+U^`*-MYL"<+)A3TX!:`?E-:0`2$-@ MO4TI@ADP,*>48`U&6-(;6$L6M.KQ%(!V<%YG"H#DC!)-J8?Q62T8D:YQNP3S M&Q!K*V'@%BD`[0"]AA0`IHUUGH+#M3I@J@35O/FB5.CMA/CZIIQ<#/M@Q4:V MX(2E^8\/5A@3BIGSWCI%O8-`6^AZ)-[A7#8,T&&<8\9900S[8,.V>.E6X*(I MBKL6&#O`D.,O5U89%;4A%(##FD3'$:I''!6^H95)KJEG'6-Z<18]/*Q>5R]I ML\*/P6@0!"X/[WAEM%:1Z`,3F#`"Z$8I142-R_:"YN:>G#Y7Z0W/INLSLL>K M9UH1F"]-OK"A7AB$-(ZM%J MHVZH]E:Q2:LHHKU$\`\/L]4F)6,M([11-DP[%X<7/`??J[173"'JB$X%#(G@ M#HMZG%:PW!3<`2JA%6).23C[H(U?C2-@\>MXO:Q/F5?O-"=VT&7G\Y6,1(5` M$:8P(!NC47I[7$=)[K[Q`+7+"M&D!(R]T.,-_;6HO/E!X_002?:_5;$0G0X, M"2=@>+"20T;58Y2"YP90^G:I4@S,_C:2CVX@5X8P&B*)(3(';,>2AF;O%$:3 M?3\9W6P@G05<'R;_93+Z.GE9USDYX0!AQ].5I;!J$A%AXA`65`3%6;-WB4QN M\LN0SY3./T4X'\@^R)%3Q-7!HM8\5#%Z78@ M]AFAO/40IC+XD_D*C+'%P"7IUNER4UCI8?/#"<%+VR:3-(3#+!C+A)(*&8\X M;N(WRF[H%+LDP7J".^,6AY^D@/WK*MEC\6D:_GP8I_2.=SN(GZ:I2^/EINK) MW=-O21^]R9A]7]!BU^JE^.^`4%!3)X0AR!N#O..6-&Y?LVSQIP&6K"G!P$OC MW_,ZZK3U4Y6N,%!*E86>>\:#-\C58S"$YGJQ]I5M.E]#E_1B^0CV=:/HB!1H M.QF]RFH*($6.K$A')PC6FMLQ,IE["C7(NVD%U]?E(.TGK6_V\*_GV0N89K$Y M0SOIGL6^ERH90JI2HV&^=BPX8R5N$FYY$!$B%QPUQRB<4-RM_(&F,95PK"STH#V?+_UZ'GVATXGGFSO\J<+*I^E;+99#X?KN-RJ*8`%N MD8I$6$\5M6X[MD!"[F;P`&.A#IA2!M2>-H#J_,'U(09P'.SS/)XN)K^/-S'; M+[/%`@*XNZ4*0WV9 M6*Q5#%8QC%)]4$V$)LA2C1UJ/J!(16[LU3Y=J_-MG0ZH?3#D[Y/I;`Y= MJ\6/#O#CXZ,5E2I=3N1<*ZE.5V70)>$)7OIW`I#*_H++P*7(GE;1(.IQT`W5SED-CS-6` M'J1WZG!GJ`?L^T[^F#ZVFOF.O5IAB9!@A@KLN'&,,.F:*4"@;%W&]LFGU\2T MPJB^XU`OQ\O)PW8KX>:TBTS*_,7!<\(BMR)HYZREREOC'!''KTUW M//*6VD64$<>DT5JB"*&?4$K@)"H<#/?4TMP#ID'N`Y8 M"(YPQ!&R-AJ1-,%@6"1B=$-"-`6L>ER[J!VJ58 MTI"+@J_74#=4\>H<`[?0+FH':$;2WN:7_\^)'#CR1F4PA_4LH@``X89C8[CU M"@L",1)'I'NQAVNR?UDPLVW_OZUMO_.-"B$G2*JJA(SB5%@3P5D&:K`E/I+^ MY+>OS/8EP.QUX?E+GF:9(202!X/0%%;E.!BFHPLNA)2YA?T-%)+I:JF9BV$O MIWHO+[,_TL9!G,W];/5U^;1Z:3+4Y^/7R>JUN2^WO89[\&Y:7HL5(3HH(:P. MFG/X\C1"6O"(X$O2B,N;2H3*)\;',[Y>P.XY2>I^-+^;KT%Z7*?MW(_GZ[H[ MI^5-[7L;OF.&"*S\"0#,(Y,:!R8T]ESB`%X_-U8>L@,[GV#E@>V93.LN+LQJ M^3R;3_ZSLQ32"6_!!^.L-38J@]-:CEFE",,A>*DC4CKWP'"`BZ-NR',FH!K MY6(YFJ:#R#9L>?=:A:GC:2I66'L>(%``O^DA;*"8"/A*\YC%**X7$@A/-$;4F6X9B@&)8G5'H3$POQ9ZC`=K^ERH; M!7%4>>6#Y0%Y%464D>!H'7/(9E=]:J^==>VTR0+T4I0Y+50[\F9%80FHI:86 MX.+18$68-S!NK-!_V;NVYC9N)?V/=G&_/.*:XRH[\R!$LXHCQTDC'FE]A?* M'5<$);4$2L8T-Y0`!C"G4*]G0X[0Z"-6Z$<)=7?D9#CQ-+P_Z\5=-9U= MSZJKO4&36]M$\TEH(E0\P5A/TMMO)#>K2-)S#*S-D^]KMO2$Z'N(B$%**0`` MQ]XS8;'3UICUC.(Q)C=8SPT46_WS@*##G,&M$6I?B8`<)VU M=6B@]E7(T.MSH:Y^=?'2%3AA3O+R9J M)KYEL@7]^^$I36=ZW!HA62Z;R^9;-8W_/5L6R-AD$[EL^M-D0_]T($IZBKU% MQ!-,#3(I@>A:8!#G^E1&N)L69//(I%9BC3ROJAC_?E,M"5%?J=OT1OR??24R M#VD>#-+>0*:`T,Y")%W4$NM91R51;(\N4I-N-!3ZI:9'[Y(JM,L_SA9Q;+Z9 M?VXF]>=JLJC6,;H)P9W1U0>T#D`83QR5WB%NO7+,.-`"BN`9:=+1HO:&DU MH=08;2A#'@$&-WL=A7+P4-N7:;\N/RZ+2\@OX]G;>EA1[<\6TV5.Z8>EM)O6 M'?ZOZNI[91^J^R8NP"I"F@0YG]2+",D MU2@30(Z.W'V+IP3]XOCFZ:1EJ]6?SQ!YRNA[@*?C\$Z"XMA@"K@G0&H#`%>@ M=83S?(*.,-)ZM/0<3%HGYNO>&I![VT8#`VN)L&`Z/911W#H@U_/5D`Z?S*.@ M^AR"!HRM32M8L-["HKEMBQX93`8_B=DX*J\74^7]SLZ M"U1#(9FQ#@.NXS[`B-F$S5B4^_1NA'IP^,O[_G`NXM:?_+T\'5\V:OJ_#[-Y M\O;:ZK&Z:>Z^59,;MTAX[7+L'](^:$J5\T9Y!XV)6TJ$0&\L?I2[SX[R2#F8MZNC@*Q04'FC>5S7@D>8-6]O MU9@)-TO70:\`6<6$9=A1YJ"TU3(O6]P1UKN=EA/E8"E"OO$!.LB.O9_.I M?E[%N,N>_'8/P7C)!"".,4P4!((1MW&$4I)[X7[X%Z8D>4\DGI*:U3?SY]-4!&O;`GH(BRGO$E&&2 M:$G^"B"2B0!4X`;I'VEI'6W\\]_ M[`_GTD?.;]7=DRZ_N$[PQ#],E-QL%]D.:A\T,EY#J!UP2`%O>#R,M/.&.#=- MX?MYT82^NTP#7*V&;R_J`5H%)R*2T5#&$`3;.0=/>A@,' MX.WPZ:$_`+>.Q[TPMZ*V?9A/?TP6<0-_E@K[,(IM:1PD=A)P#R7V$F+" ME-FD:<$<#I\\^F,PK1_X2Q+N6W6S%$AS.?GY/[/['ZD@6.=V&5*%;L"1U-X(HR@U5K4N1Z'@\`ZW#T#.@852^&RWOF/Y,JN; M^;)B_.H*\;`SWK;6(>X'@!F$I?1*6F2(IZUSTVN=:YH>GK;Z]#>^`Q_S>H*^ M--V>W>-=-NKZ>G8SBP(ZT*38UCH0)0Q1!B]+#F#A/-EDHHE++S?`X/`4UQ]` M[_6'?VG?V]?)_+Z.(ODQNS--W4[A0.?;EM:!6!2/N\M("F4Y\@`HMIZS(3K[ M]=`($V2?R/W6#_(GVE!?IG)6]=6F]L"A5DB'WH)GT@.E*53`0`T((Q"VE\U6 M%,BX_6%VW)YE<2)^=C.(WVX8D-8&8".HHPHC3%(^N'8E`IU]W94;Z'S&K,N' M?5SW^KWUSHDQ M[I9BB=*?W[]O?AT'\/D0BP@JG'):@+BFO-<."]0N*(AR55;GD,L5L5P][)&L M.*VZP?N,5D4*\/R8U-^KQ:=Z%4__!Z-L3!X?/0 MG*(P3Q_2W5VAIQNL);:`=H"K":=;HJ9>JID#*_6\U2Y(I07WR@-(4;0N$4V9 M+)[F22T?_LW[*6JM=13Q-J;T`&@)XKP:YMZZ/6]^'SC@1G$FN9,.Q"6F-!?K M>6FMBQ&EH)XY3KY-_ZB6N?MX[J#\4MW^5!YO^0X%LD2S%!75[,DE\G-U\GLZE/]],IV+TMVM@L&Q;,<8!Q#Q`T3 MC'&T0I(WQWU2]C^D2U"'NFTX?;AV6`U/)=;,)A7OVHZI2I>97^=#^3 M#NTC"*$A4QI0!%6TS!T4J#W^<>US637"U-X]LVH@A`LS[$4\RJ?:_9Q6B\7% M=9MHMPO3#NLK$,>-(8Q[BI'ST>I`@JSQP)[G!EB.,!7$8(P;!.DB=YQ-G?+7 M1PQOEOGG5_%V>TFVJUF`6AO%-#/* M)=4(CDU=6RZ]`(H:Y-AZ1E[8\ZVD>K2#)Q?#$JSX-9/=KT[1;Y'AOIG_9S*_ MVD&9CCT%387#@$%J.1',Q=T=D(T'!!_A"2IVSW.P./>F#^P3JC+*Y/5XE[50 MTB.$KZFR6Q3)_6J'34OHLGE;5^Y40'W\0``>>\$5_:BX6T?!">H!4]8I M'"UB1Y`6O#VO*IF[<8[0CU54FPTE@!-2<1DOT@,3W^XGQ3>Q.'OEI8O�?6 MFW9):F)S'1$C='V=F(B]X%^,AYMGTU>JOOI6W<_F;ZVK?30\L)N`->(J!;F3 M9,!K9;%K;U(=(KEVZ0C=8459.`S\XR'AOE#'#KT$(0W&'E(4+4%*#$S`MW:@ MA+E/4$;H01L7!7/0/_5VW#D10_?.`H5",8Z@8(\P)48+38Q-8B8-"^^![Q_;??A,$T@9[ MI:@PUD#AI;/M6A7QIC44B^ZOL/&\S_E\KM'9P MJZ^?"%`Q9HF))QU/K$/.0=DZ)R!SN=M[A]P09T?-$\GF-)?:R\C$P]R5V]H% MPU,Z*B:=`AH[:R6W[4LR$O\QEX,?_;ZF)\!/2*SNE`H:<2\Y-1AYP[@QF,+V MK&`]RE9H'_W.Y6BH"^63NY[=?VX6.U,5MA\%!Z!DA'BC+#)020*?S4!E%YJ! M'_AJ)!O=$OS8%D?_9QTQN9G]4UW]-IG5:?`7M:WFL\:S1=R?G[N/ M?J_N+ZXO)S]W\*S_'PL488H10-S""&Q<>9"WB`K+LM^@?^![E)-+J9J.Z3=P*#%WU'M,1)06QA+JC7[(STOW@6]A2@KD ME`H[K<=OU?1FLEC,KF?35]-,EI:Z,)]>K-@C-/81OQ88U5)ZS)0TA@##J-A@ M"GEVB6^8FV1[^*S'I];CSA'#E61AY-^F,-8Q<*B&]%1QZ8(#DF%D&-_L3S=6EJ//%S9EQ+!_CPKG3 M+B+PRXX6*0G`*)5-;_70[R@/2IVUI$;QBB'D$%"):8R:9Y]QCX8'4 MGB*Z-U_NP,\B.R9,\YY):'&T>-*K0(>80V(]&P;.*6':T?+DR#^4_@<3XXWKKY/V=_>3H'VQE>!:$8!E!I:XC74 M4!+CVU$+D'WI.3[QYXJKZ0N\_D6^&LK6#&:O/XES=B827`%"43Q/<"\=6X_7 ML^Q,N2,2]E%2:GJ!K>@;^#^F53V)IYQ#DQX^_SXH'(\BG".#,7/)CX`A7<\+ MNNR4+R.\5#YR[?<)8Q%Z/`WOSWIQ5TVC>5U=[4USN+5-,!YZYY&S!'M%K=/* MM_/#T)YCJL,\^;YF2T^(OH>D&B".&PO%/*%:"LRXD7`](PY8[M/A$<8&]*U* MP6)L99SIZQDO)V-PSC;HSIB1F2(\I>: MYD>A6,37OS+NZ^^?D[-C\.V`'QCD(A$CU7R:Q/8]CK'>64_UQ8?!2@.@`T(H M!"455@#FUC,144^?SPFW-[H-[R95)')BXWUZBA4EVM^LK& M*=TT=\MS>C5_G$W?#&KMT#HH$MGMJ>/>$!-5GN.*K*0FP+,%A]%11-*9V<-5IR20D3QK5[H=0DU_@=8>AA?P>.;/A*VC0' MV#(!<8,<4,G"\\F:(U:J]>BM]#!3^-WC^`:O6=>;\#.Q*VJYN)_I#?%!9NW6 M-L&Q>"Y6RAD*$60Z&OY0MH:_=[E)@T9XM.S1ONT+SJR3Q*R^3V>8:74Y^5FE MJ^D_[VTR0MNT;\4R`+PE5,QO51UQN(G#55>WLSJ] M/5W&NSZALD/+[&D9B)-:`XX<5%)8RRQ#FVV:,'H^=FW_BJ9?;$OP:!U&NI\W MK[X,`$G+`&',*AJW6<(1;3%"0.46*!NAD=L_3X[#LD@6C"I*83I;2B?^_:9: MBBGR^C:%)O^S+S_6(&30`P"C MK6V"BLH4204A(I00:2GRJ%U3Q)Q1:N8>:=(7G&4.+>O'8.G)5THZ-:L?XK@W M;PAT==W,GUX.+#T&KS.W1%7YLI?5FXLOU?V/]'KRL7I*Y;;S0%1L%,%RA(R0 MDD`FG*;8@4TXF<4DU_KO?MAZ3YIOO`(JMTCBK)[6L8ZVR?5L_]N57UH$J+D' M"#I`@+)&<2)$.S<%P?`W&J6?N?;.P6,Q+:]4CU6'V]8)AIR9E#=$,.Q]RL/* MVNM='RWC3"Z-,"_`8(JL'VC'L4_W_.!YF!\,1C%,-2,"2J6HP]Q`W9KGEN=> MVW3/W'Q>NV\!611QQ;9)9/Z8W%07UU_GZ2"=KJ:6N0?4W=W-;)KF].R&5H`Z2)QKATSHV%-/-?88$HY M4M@`AMJC!T'Y3W.ZYTA^3^HL&\!Q;+2[=.OJW>)1V^K^[H-APJ((&K9"60(A M\[37B^^"M<190#1P"D"E)1.^!1$P M73"Q\7M28,=@6"QHYNL:_V4ZE#83^/)"M2VOL"^$YJ!.@G(0&F`%4=QP9N-R MH.TC!6MD;OQVA]3$[U@?#89SD;O-]4A?3F#7=>;;+0)$U&CNK00<0LV)L:+5 MJ`K8['B^PZ\:WC&'^@&U^#:E'B>SF]4N:YK;V^9%YB8]6ZWE$N&$'Z9@+$W9D^#XE//[KS(+R@ M0@(&D(!*24<@>Y*,\5ZZ;,4WPMB-OG?-DL"?DJKO)O$V]I!;`"@WP,?=AF'< M(JI9N4PEC]7\KV;H.*2"!"R0C+N3Y$JLA7$FX_;6"BP$)((9HC2(9RNUQHEX MD'OGUME-(^M_M`?WRR,:EYJ<2N)49G;V MD:78C*U=1\JQY)G-OS^@;%%*(HDD2$*49K;F() M-XYBC&H%846J]9SJX5\K\<\ONG-_#CWY7>\Z[DPB'T)UP8F`>*81;'?MJ$VU M1;IG+H[N[4V4KHF2R&);_/S&V[<=.(MBX-]4>(*-,A@X98&+(#VE9(NE=\G% M:0G#0"XIB'%>*9R9T>,QN!564A/'&*(*.64D1$L,[U2+Y()6:4MM]I,:UJ,2.B.9@C9\]+2*O5Q]> MAW,VW0T<_/G""!&`(1--'.41$9*8>E^2)/<2ZCX8(X?W/B!7AD#S'"QQ\\?G M]F5H/YTD3IOEA1:::>:4U<92J[S6R&]WC57RY#XRP48CPYY,0T.;@U#_*N?W M#Y'K)GZRL_OR_?.73^73S>>7J4$WS^O5>K:H_(RFHZO3=I$]L[C[I;R[KSJLW,:_?]=!*^M( MI]TKO5FLUD_/FR2E0V_GYJO;Q^7J^:G-E7J/IT9"2"H"KB0D.1+*<".%H9HB MS04)C4W/)X/3;U&$\-B02=7CL852!%DOI7'.F- M+'SZJ:5$-M&<1]_XSY_+V^@N'MSHS2)Q,)TKU[/YXX24V?8>';Z](O"Q?+F+ M7#W,O\*W'WJYOUV^7,S`MT,/^SA?_:=I-ER^ERB09\XZS16*!I0`)IF(_^2) MUT@IAAHMAW&D\':YN(\JX8LK/ZU_B[^Y8:[2H1\OG)5!AF@,F*IOJK:4,_&R M,RP]HLDS5B]$M9V9+LO!)93#>O_Q-1O'-1U>4#`J-&'",JU)F2[,T%< M\K#VZ7&OGV`;6)*$9@Z>_'.Q*F_C:7U7O>F[LO(;3I#DP$\7SCM&!+%,*DXD M2&(D"&-)5J,NAPXPMJF7O1,,'UW`03:0E,[%P<8#[?BB0G&&%/8D8!6_54Z-Y'R[ MPQ#\%1UJ_87<@C5)J.:)B>^\MMWK-IYRIY858&A4ZL$X*9@&%S!C8;M+HG%R MPLIE<*>KJ'\*A0^&;![CZ#:-0:<7%MI99*S4'+SF6DKE.*T_OA"R)5U?)(<& MQ38'BV#V6`TG^/6A+.M#O<&".K:D\($H+./)CI!S+)A0]1M_W9T*)O5ZI//M M2(YKW`NPH0:2T[E8V&A#'5]4<.ZBQ2"],L@$++`S&F]W:`E+U6$3/`?["[D% M:Y)0/3:K5;D^?JZU7%DHYSPS+.Z`.(8B+(:R M^@@'=$4S>H>0X7),<+_GQN58#`,">Z%69_=SK\&:2'M@P16VSOMX)'I=93LI MJURMWDBRESS!5MD78&EDD6$.=A]XTT8SY.B:@H(PGDC%*%!!">.4U"I!`+ZB MX//8!%B.`WF6,,]L]1`>EW^^OG-S?.?0SQ=>,P7`!*4$:<5_P_KLAV M&4"V/YZP`R!ZKJ.UTLT)!^AV68&P%;A_C][+]_:OODL^>/ZWF=_/9TZDP=.*3"B)`>D.-$SPPS*61JE;8 M1I)L[6YR4J>/E)#FT2<'K;\&<_O$JL*K>)PSY30R6F+,K-TEY%'B4PG4N;?@WQ=@`XOJC'1L MM+=/KBL)"$4`XF'.OSTVCL MG%Y8:(R%5*`=!RZ4,D2%.JU*2G]%MZ(#2;QE_Z4D>',0Z>AHS$8F-:PLF'-` M>0"@3`0OG,56UA8>470`B!3!WX M("!2"R$G6$`]#F^&0#5+(=$]>[+!VVUC@M3D@OH!T3>-"%KE)8EJ%@@"R>I[2!V22S\F.-OS M`KRV461V=K9^+&^7]XNJ6_B;Q3$[\J7,._[UM3OB^W*=VL%AH%];8($<"$,1 M05IHZK"'.JW+B7#E]S5]:->%U7FEE#U6OW?_7FZW_-L2REV+Y?+NI4_^^_*_ M:TS>+1?KAZJC;=NX?O(O**SW5FOG<:`F"&^,PW5)(X].V^C\SMTN8^$^'Z;';U9E%L`%^6J1KZ5?F]X1J&U)LP`54AJ+C`+R*D:_I#>`>W" ME/6Y6#R6H"[5=LELLQ041]]7,\RJ.:&:VXAJG2QM/!U_:,)4;E_._P&<3:I3 M^%;J4VHS*.+V]F6Z2GEW8]_$@VXYQO>2^BNC)@)'M43&(8PI1D[O"@RD0ZGV MSP0C*A?YQ622Z]Y7D[&KV;[5MS=)97)MR<[:8Y$I:;0A#-DJEBLL?A6D#0P' MTERT-C9.[7NLO42%HHG.#=5($RF(]0+DB^E3[8[@W1_9Y)MPY,EV[8HO!N8EU@4KH*+6%&&"8"' MH$)X*5&M=HALHN+`%>4 M$S.$##L6A7<#-Z_O!M_>S];5F=NVNFI_0>$,L6!4_"W$"6,0(4IN=^:U@&L, MM?4[>`8!,G/,=O:E2[G3[L<+SJ(WJ!`H*>(O01@HD.VNG%!7>6V6)M;C,=14 M-!..F&.E,/L>ZJ]_SKZ2HVQ(>$I1E=5`X`"@77`T8$UKC)QR5U33VT^JRUP0 MC\@<.@ASZ!:ZX(S1*J*$$`M84O5RT55MBW)(C71/^O3)Q)PTB$=D#AN$.:]/ M*8@GE/MHYH&U&D!8R6N+C'J?:K=,,/\R.W/2(!Z1.?BD<]3Q*867(OZ/6\HH MAFC2>Z]T[3HJG*IS)GU3D(DY:1`G,.?[[I3_NYPOUK]'0*+1UI$\W1]42.RE MSITH\@;K>C)H=)S')1$9BD1DFZ)L'9C@@@Q& M((H@'LOU%\*)28WXBFLB0AI6XQ*!#D4$NE655"/EL(*X-2X!*&*PW9S2-/4: M:=(9V_DHE(9RCN#,[_$`K<)0U9LV1.Y^_-&"\&C((T."4A*+P*L9AC5HX+*U M)[ZDJ-IS4TGE1S[Z\E"),NS!.L2$(Q M!R_>+A=WR\5&L7V:+?YS\SG*HKRK7OGM&[CYV%B(UFI]84G<*0BN(P"@C634 MFOK#XG!%P\_Z"/WG\5.#0YN)4KVGY463W"C+N:@F=Q''`C&[N+C4J5[0I+WH M?F?0`#">@QRI(^T4PUHHXC`30GCCP89Z9U2:*[J/[B?8=B/MNJ&9@R?]1]J! M)LI;*3E3U%J%)0VU4MPNL02Q0(@.+_CMW M3"-">)W?@73J3>/$8V]#Y2OT!C0O;89KUHJ(`>J!8,FBE\")4VJ7O@.0K>/F MN0IJNHN[2[O6;N@FQ.?.VZXU4"L5$::Z_!*4T+C+.@XMC;W*D?=]I-RS76LW MN(=B4^^6FX$Q[CQS7%4EN\8HSFIXF#97F4+^3;#@TS\B8GCVA170- M-(>X21#<$$ZJQLIUD#6Y3?D$=Y22U2;T/5]#3, M<)YZ3Q#STZ)EF>7A)8417%!L#*?$2RLI(V!W>2+DBE)P^HCV)$N2T?R>*Y>* M9,KV+_QJ^6VGWMGU3Q?@K><49"2VZ MGQJPKEJTMVI>7#BCA)::,>*<]F")LZZV<[R]*B7=0]YMV^*F`IN#2N_FB^73 M?/UM^_(W?RXBZ`_SKQ_*I]M*AO<.`&D&-(QK47JDN M43Q;&Z@<;NAPA%CF`KP]Z>(9^H_[Y1__,]^,IJ@H1U__7)&-[I'MY5_W:V.6 ME?1FC^;+\OD@L1I61/U.F.2**X.1=,0$Z>ID>.'X%974CT"B8<'-:PJ%^7^K MKI\[3%J91#^M*@"`1BL<@931/)#>*U&;CI@AF4B@"587C:B%A@,X+XE@MIJO M?HV"FMW=+/9+)5J1Z>CJ@KH0%:J)&M8ZAR!@'>HB"&%T:J1^@N4"64@U%-`) MZ5._+=>SQZJV\NM+J"[YI0(BE2`T,3C%9G M.?O&`#TO`7^9WS\,Q,!VCRJX4=80"$)(%QA1VNTNE+RGR:E6Z"_*P5%@WR-A MQO$G=3+:XB[,YD^_SQZ?XYX.3XU8?2R_+I_6541D4PF1GE'*32P0H7+2BI+-&P MW9_4USE-8!P"M"XSZP;YY929(:N1K<"21KB`394ZN-T7`7Q%5!I`MJW*S+HA MFH,I'\O9HU]5&>TB/4Z]/IA@ M6L0$C\.!I'(NSC6>>,<7%59*)BWRA$&TFZ6.3KNJ;689KJ@M9W\AMV!-$JIY M[@WVFQ+O7KA%9[13"PLBO&*.2`%&57-Y381Q]\FI*QHS.H2X?[I1&!#;7]FO=T$W(^#IO^[6HH)UPT8(`8Q4`\0'7NE]S M?T6UV<-(N6?[M6YP#\6FWNW7O/$:I!5("\TE$+":U?;\ MN+[9Y(GA=U^?EG_,5_&/34.Q3RPJ%/)+I\CEF\6=^6G>'@MRM7J0W>F='E>87"@*'#-D,4@ M$`O:US%1)GBV?M.73J(10>_++XZ^S!\?XQ\2M,ZQM06JO@,'O*J1Q8)H*G3] MB3`.5Y2L/BYO!@*X+T?0/Y(.I0/+"FH)MD"H]@XK0[S7I+ZS45:EMB*?8([Y MN,SHCVT.&_=0Z*DAEG=L28&-EL08P(%9CGQ$C9,Z"&J2J\,G:-!,,(HWD%3. MQ;G&^-WQ105%K&HOR`B/_C\XH8-&=="*PQ7=M/<7<@O6)*&:=H!ML+4/LZN'Y9W;S;].#;)L^(>!X?B%`HB`40`6ZB".1R;;V-"\28^CB/5(FE-OT!.8\OZYKM=+6SZMH]==(W`[/]CX;(C'%CBZ[T1**QQ$Y1]5 M=\#U?1HC]#K'CX[,MSC1>6@$9<"6R=IT:J(#!5`B33O$J: M1-`8),R(T\E:8OAV9%K/?KSF^_STIN8;^5ZBH,@29!P56"'&%8O2D+44)/Z[ M&47*D=B[8O0E)*K76PQ%2-G5_V&%WTO_3DW/&)TV$F M9C=!G9&,/6=B!DQ,-#N4D$8(+;D-TF[W"2#]]1!R$&EWFHG9#=L<'-HD#]CE MERB;AW*QVGQ/U0Y::K8VRPO"M";$4`K26:EY8#1L=QV(2NW6/6G?8K(J;@2) M38&GC4JOW0.*_V?ORKH;MY'U?[D_((-].>>^8,UD)HG[I)VYRPL.(].V)K+8 MHV72G5]_`N:. MLPN2?NT"X42495&[QWQ5&V[G`Q)P^P,!(>>0,%8#HZA5&AG<[!^(B%P<#3!< MY!W(O%9X]#;H.S99VJM'`DC9%8USG@/*M=?(,]KH&OZ2RH&>R]Z#:,FBZ%NE M^WB+7)%QD]`(&^D@A%1$0CLIFFU"@UQI-\"K!>]`VO7"PQZE84NY(QTT#FKH ME#18*..`,LWJ=7&VER,/NP;`T;DC3R/YFPO,TR(\]W40I$C%J`$US"M)4J$V MUJQ=Q\@%A7J^=X&8R[,^T/IY=%_>+">[DN%?EU\7.K[Y]SUX/;:+8!2AQCN" M@9/IA(N#)U.,>W.1D2G].4TZ8L,`0%BOHQ^FS7J^NO7C:3$=C8O)IW)V6\T> M4MQW"V@]_5V!&Q]W'8M47,%Q80O'7,,PB$2N>^6]V.%O"^O.^34`_.^86S4? M)\@TH6\MH/_4-P5*!(^:G*.68"BI,,:I-2VYP#[[W/V]6&5OB_V.N=59L,]X M_N5QC',U^M=RO/X<:6G+?Y>3ZLMJ&^VR_7[S]3<6S-^V)USFYCX"9T8)H M@'W<9-,&"Z-]`[UCD$6ZHX,68'O3VB<-3N\D$(8Q(=Y"JR5UQ"I'C:!(0HND MI=G5`P=DVG;([*HGLK_MBLTKBC60A:LA542JJ``0CXQF7A+G`+%0(!E%]\%L M2%TK!GHY'Z=$5!LSB:;OQF^'@N-.[2H@C3Q&TC!IXK8EL19.U!3![!+2)W2( MDIT;>2?$[T-'_;&:WD56/*3"I^GZ[(%3_FW-`TPYTC!UV@EEC&$.:_4X*X4M MZ>V^0??:8G<,KUJG\UN@Y^`A^_8'@D:*"<,,,,IX*`4A3# M8P^@)(N:?>'D^G&@![-IO&X<$.'48@N5L\Q$-8D"4B^C^!6YH$S;+L.R`#])KUMH>V2?#^LN@UPSRX(6YM'ZQ$Q'-C&2*&(ZKC M;XU4IU)?P#E5R_S=FCCO/*KV@98MB^=0FNKM3P2(D?.&QLV?80&C?"6^L:(9 MQ[GU"@?HM.Q-]+1#ZK>"4?HX*P]KY`>?#6YH%")!2AE'!E)#0$*X_J@5HN+B@Y M0(M,>YE`YWS"'B]-YN7HN[OJWW^Y*<=K01(_O)0?\:OP8WD738%5G9@=6\^6 M5H$!0*/)":04D1J`.Z1K$NBHZ^J]@GXG-?#/UMOA7B][)%;UXF: MC?^,+_UI/)GLK]'QNF'@FD4-P%DO0"I60AWAM7=*&V1[J_/]I9R-JYL$P,5P M67PV_[M[?!#P1FCJ2<4<\(HEL0PW`R:(9/KLQ^0N=TZ MN\^F8L[^]^G[7Z?C`W5WGC<*E'&/J.-,`,VD4@@UWF8M=78JBY-5VRX3B+:S MUYU#MW--V9^*V>_E(FX2H_)X@_;50P$9Q8G'*1C`6,B,Y,T!HTY1[9G,'E#! MR/9WYG.IF,'ZGXK)Y.KVP]@7C8/TV#OM%%"(<\JBNL]Y/4C@LT\4Y&5R M]SSJ9;#XK\6T>(B[?S7]_*]EG.9>%F]O'`S0!!AF?=P]&`!$1!.@'J3G*/O0 M"%P8CULA7[]7/K<7+GO];;D*/SD4[I'!&[L>#)H*B`5DE!(G)%>20-(<^7F;>Y%X0&>F M_0+B8'7$,ZC?!\Y>Y&_9+.R72H7>W*RO:4V>;EO'1;N^S%5,OI]5RR_SV,5D MF2+K4IM5T8-E>7/UI9RMT\2-$8#)B17Y@[( MWNI=X@Z2<[UDGCIE#D<)[ 0[23>-2YA$RWH;5-7HC:":$AO>`$WV\.MI=Y MJ7IAX%$>N`$RKW/J=.[M[,@X&=]-Q[?C43%=;,KH=-__D6)');([I9L`I)7& M4!_U#H\\APS9YJ3%6Y^K``[HB*I_TZ,[^F<<@ZQ+55W=FC(=D,_70RAOMN!G M3^M@/-9&N_B?>*.Y@93*9NEQ>2N`]Y5"?YNIH^B>85!^/@ MB_F]GU1_I#1,I5V6UY6O9N6HF*>ZNT^B]M.L^BVMI:O;GZO%U6BTG,VBH/]Y M;]W7#M\:(ET54XPJ9SDPR$D<-_C:`0A0;HC0\5$NSRL4OU\@#X]9&:*Q'GSU MC;XE4:3*B-4MXO[4MW\<[D^8HB=U,G!=HC?-QQ1`%&E%<0H M:IA!D&##>:-=$<.Z#Q*ZE+7QOA@YS'7S-+/YQM340I?3,O)M7$SJTIMOMY*. M'V-`V%K!-8><$,R(A]+6YX>&4Y/K1SH^%NO_U]8P6-O+>523M/)Q9VY^WW?D MM/.A$%FC):=6"4\QEA`;`^L92JH/YFA[1Q2+MFJGE*99JP MO],:W-4\6.&(B,-B,-HL'AF+8)V0S9C\RQ0#BDGK39JU1..>F\Y?;HG;931N>KE$#TNG9\@ M=$;V?!15FX.QJ0CZ8ISJK%]7BV)BXO3'-X\GNK^4HS+^_0"F3N\O>&PPMLY* M9[46R$+OZP,4HXW-#90=XE%F3PCKG`D9>(NZVZ@L;^:)*AM#JFZ?\L6D04\C M$^['7Z91!;S=T/Q6(G8'\EKH.7!D&%,N597EWAHC$,/U](6ANF)UZJ)8IK?S6Q07WZ.]G]1L09`H:S;!*=HR"R*-FU0IEF!P+(-NC_-G&ZJS(Q?SQJ*9_*V2@Q_&[?4=S1 M?03M,0(.6&V9-A)P)$"S44B.LK?M(6;SZP-_75$^YX)2]?"EF'Z;?[XODLX; M5\(_R]%BI=6.I]O'NDJ0.'CPO)1QA/'@=9*HN;T">77_84#NC[>FR73 M`P.R`X/B<)Z,J-5=Z5H/+>;I+]5S)74<#:OIM%R96'^,%_=)3E<[(NK3;?K% M?3E3\WFYF%_-QG?C:3&I7_OL79]FXRJ^:]W/AA6W-TIIV$,/5$,E23KUH,!) M0:`CK!$1,%\Y^&A^DPME>,:*73DA7Q&A'M?+Z6XX%G8LH^S^`M=2,8&D\DYJ MP(!E5C46JLRWQ3ZB`Z@O+N2[%)8ELL=H5)O?FX0ES>6CB'K6!4 MHZC[45S'IAEL>'8\[$=T9[TW;F8LI%_BB&;C=>S)*@=6-5T/?-?F'!\'7Z1?(#+M,+BMOD/J+7[GWSMA\/X**,1/AVH'#H M9K,@M#%:,,"4=%Y3K#UI-#W,1&[P#`+O$F6XH58]IQV:@I'/ML%'S(6U@] M<."MX@DVU=ORMT64E,N'TZ,'=O02",08:F@MQ)8;:4#\7-.`X>R4(>BC.KVZ MHWT_P>:_+7Z81FUXF3;G.O3PEVA5K2[GWQSE\3J^DZ"QIAY3SK!GSDB8[DDV M*Q#0;!GX45U>G9&^#_!MNK)5U0J@,;7YI$ MZ4+?TX16OY^H5G;VON`U$IP1"Z(5Q6"D%&@4'ZN,R+T#A#ZB,VLH7.I#0JM9 M65QM1NP^EO'<(W-W/1(L9-!(QP%(:2D-9Q35R]5*J7(=JNBC.9U:)G0?,/II M/*UF&_)]2TB._O9I1=H]R#JAER"@@P01A[AECC+K%:X#?*S#^6#[:`Z>[FF? ML2__K1I/%_^(KTJQV*\O3CV>`NRZH73DTT%!0D`4PL)Y;J4F4NHZ@B=J'BY[ MS_R(#I=N:)ZETHV*+^-%,1G_^7CG_/J^3&GIJSHM_>90=^IIIW02`.'0BW0; MP#+#$0.(U8FHK#8PMS@`^HC^B4Y)W\=6F$XMH[4^6L,_[MEWD;OS[V?5?%]D M^YZG`HZF#V">^U03S@&@+6W6C+<@%U[XHU[^:8_6O6CHH]'R83E)9SUK6Z1Z MB%R[+Z`\I]_V21T'.;OZZ]??OOX_#.Z+8KE;P_%]+NX=ZY);:O1 MRN$69^Y6Q7=^F-Y6LX=5)_7?GH^D_+HHIS?ES7^31``C`U`&F94LM@)VC\P+0WPHOX_<%K8OMTVI,J@8_+^?6.B*I7;8)@*K)> M*Z.0I<8:)95RAEN-,:#(^=R`O^$LN/89^+)`>"8QCS=ICF7_BY+G.P#PLC"Z MQ-8`IH1'FM"H6@BI",>6*4?C-N)R];@!0>`,3E5MT:U];KN-4F7[UGI=S8P( MQB'TV"(A4_2"H@!JQ07F0F&4G7ES8'S.YM++59U'MJ[8O"&P&K5@+].W/1"\ M9APH#XGP49O`7DL&H0'Q"^6)SCX?&)#%ULY2;XV$7<'AE_)NG+:MZ2(5!=D+ MA.=-`T<*8.P5@TQ3:ICFQECM-69"$T$N8,-OBX&O\'`6);M"0JJ=,$M)>&_* MKW\OMT43[&P;D($^FA(*2&FIH$XZH35'4DKA-.6Y=U>'*`[:QL)YI&P?#.NS MQX4?ST?%Y'_*8N:B(;G]VNB^Y@$"+`1V5G@&J410<$!)-VG M:G^/6#B?D.W#H#9_KV/_._B_V21(:W3*Y",I\111(SA&A``+F),2Z-Q[#0.* M<.R`\6=0L#N.KZ_D[M\+MK8-@@##H5"0($Q%*L4D@8]O$BYY;7&NGCB@",,. M,7`.*;L#P]/^Y.,WN\S'':T#Q<`ACDW\IZE20A+F#$3(8$(4TKEG\P.*`NP0 M$.<1LVM(K.%Z/"@VV@=OB%<(1H0GJCBO@+6(&1J%G/?$Y!XI#"BRKW-8Y).S M?6"H.*R;U=`FQ;:[%:_:!*60U7&$ED;IIFPD@R4HY79@3,3/N0`84$1>!P`X MAX2=G214#P_5]/.B&OV^OAN4/(@IR<#V6S;'/1B09II3PZBQ*=.`0NJZ.V1HC[!=@>:_RLGD[]/JC^GGLIA7T_)F=:%LMAF7:'D']5D&1DS6]O%^QT7 M+]H&Y(R-NZ$S4192D0(A/)/,P:@E(2&]R47%1SBE/(^6G6TTZ^.R7\HOU6P1 M15FZ7KU3\]SW2'"84^UY)(@QU$@9":,LH)!`JZT'V\G3+%Y)F@C,=:.:1UGQ)!20$!JN"*8,S-_]LI1($H6PY5YI8(F1!&(#@!$&:.'!0P<[XAQ[ M>&MPT!ADD9<&&`00(0B)AM5&9V>1'1[:WPJ<+V]C#8:9;[=@4N31SI#/8Q\- M%CICI,4`8H"M@HAAV,S6R=PHCP%"=Q"8.0K'V>SI`XRK,\A$J7(Z7R>)G!33 MG\J426J?>K'[J2"HB-HL5)A"+)TEB9#-')6[(%VA/7:_U!E:(V_&);!?I^-5 MZK"7V8U_C1;`+'VZ^K+.V9AX44S<9)W3>"=FSNXSQ'5H/*!2$(&M4()"RNLI M,V%S]^.3SPG[*(K8.J;Z)O\[4#E_W!-GW_8K`L3",X:]`M'$A]HP09KU2AG) MSI`S/'%X&`>[7)7F[`_VZ_X"88$89(8T%>%7,U]N:;HCH[+)ZPT-\ M_U!K%^M9#.L#Z#^7BZ$WO_\_]JZMN6T<6?\EW"^/N,YZ M*SN>RDR=\XC2L>1$=131)=DSF_WU"T@6[=B22$$D2'.2AU3L"!"Z^T.CT>A+ MM8JPV-I$_6+>PE68/6>PUGD`A,<28RB02^=>?>1:4,B;]=/D5VW#\_U^,_9'\V#@[%8<4J1$99@!13GP!PHUCB[9-HH>X47P$75 MLP!*0,Z^W[OW]]&8OUWKV79Y]W:_[DH?G0%ASG3!Q#N)!=H2&G4`D@`:5#O* MXY4UNQ#X^+1E>5`6$,@HC_=(7EW`L1 M3Y)XEI`#'^(Z$?%2F_!2=#;/&`"PT$@(O8&* M"P4M5[5;!HOLXH`C2B$<&4H[E\F`.O04+9=KT5,S!8*@YA[2N(6]`!@+)VMG M!D?9;;LO3V^KRS&<2>/MO/N$#A5235SIF`0H\1K#SRFADAMG*]YSAC/ MU9LCRK(<\UW]&EF,!I>O]]FUR'P]5\#`(LN`PT`AYJS`TM7Q#IK"W$[O(TKU M'#DVKY!&J<#@W:/%-L'\F3,&R234Z0]"J<$P53;]!1D@T;(4OMCC78EKZ/4@.1GK MVR?3BX2%?=!`=>WBW2>>[,@@21F(?U'K):1>22$4G=!378_@'4`2'R!Z8H2! MZHPPQV@J+<()=4X)P+U6PC&#D0(FUVX;8:3%4.`L&*A^F3`_>J`ZCFS>-2W@ M@%#DI=3>``73`Y6CP$^@6NFH,'-IH/IEXOD`VKMHS"(7W1J[^K*0BB,2H[G2V%))N4+&(\0D@4RG MNF@_%7T^"'NSX#.EUYLO:M?X?M=];7;W0^3<-7UCWL_:T"WF]("@)%*4:,JB MM&C47$)#`9B5$C"E%6U,>NHQN>O9G[E?_*_5X\(NMW>K:OO44B6TG2,(PU(A M`Q:M!D2Q)AI(3#'V!!D)K,J-8!C13N\*!,?2O7I@<;GMF%%,\L/R M,4'3WU"MY5?UQ]8R2;BS>/!'/IG5;+N]O=\IA`:_TLDQP8IX>Y."1U5!J.$8 M(,9J^I@J%A?>+VPZE/,[==P-9TL@Y_42&YTR[S\E>/9-/3U^K3;+_RSF^SQ!>/8T:C5# M$%!+1WV\V3+A%>!NU_9X3[NT?"(F3<>?%X_+ MR/[?E^N[`XAOXC]WI2BVNUC2=M!I-U?PWOH(?&>P\U`YC0FS-8G<9W>U_YLB MJ1>NYP)KUVA[T[BFY[AE4VT?W]:?/0:Q_%D#409BH#RSQ$-&-.*XMAXT5[DY M9B/JL%4`;,7XWX$^4_4:_V>V>CH+J].C@@<<.`J55E@*SY7`KCZRH<97)-=\ M..%WQJ7A#.C/BW0I3*DZM6WVZB3.M*G;3!J0)9;&2ZWSDGI'*(SY6:W85Y>$H:)WSZVD!8QW.>&!8H=YDP@BS&B M0`'AJ6!,)B/#0-'VD4(9@:C$$NI:'QE)%^0A&_W4#IE"HH+(CV-FC;ACN?%E]FJWV_EQ,/ MA4<^%:1@(-[&=52BCA(M!;`B12T0@1EQ=D*U>0>0=-45W[M'RWXI)Q\(WWXD MD$@:\B1>E".17@OIO1%0,`\$@81/`"=72>E=RZ4LMN5X'7[[95>X]VRQY1\_ M%+QR@F((J76,0B^$T0QBK:C$E`.3V]YW9++,DT/5$==*^!BZT&CGGHA[^9X@ ME#;Q_JT<=II:1'3<8=Z8^),U4+,)O-\,?^*,07(9RFQ?/J2Z?UN5/*YOL?QS M,9]MT_]4]Z9:;Y?SYVSYY3K^N-[7)_]K^?CU]]EJ43W[?_ZU>/Q:S6_6?R[V M=7%FZ_FN`MZ>';N"+$_I"V;W$0V+W9#'%Y?1"6TZLE4&'Z6!!!;06$01@$U/G`<*ZF(ON,+5F(T%JRLY.K59.!5!8.)@18J0RVC M3#G%H0>26@TA2<_F/\^P[K;+>8KJK_/_<267H9P0/@@846:.JI,FZ? M7`J8)-80GMT'8T3A%W^[390KW)).=+=]7'Z+&WM>_^?M?@<9)QPE"*'X(VQNJM[3^WC]4OMY,5M%F42)_+:I'A:;M"?: MUX@Y.3I@09R-P`-,&X14U ME((P8`GR2E*YHS"%G$$TH:>YZX7<`C597"V2CXF6YC2TSSPT+ M2&$2+29+N,0V\9`R&*DDP",HA)A0V]8N1/TV#ZL[S@ZE=]KXY<^."P1KC"5! M6')J4I",5O:@L(6>9IO!,L=7+H]+8.GU3>8,=%Y_+$".'8FFH"600>*U8A8> MJ,!.3BB:K"-IOFUQDL_,TI`X3.2$@`\K"^6SBD&DOG M?AP5TS]PKN=OD2?GY7JVOEO.5C?K>+]\2AZ@;?V[5TXM/5O%WRU^_[I8//ZR MJ9X>4C&A-IZ,+N8/)C5;PRSJ=4MI\CD1I`Y\TYSE!KN/$)>]7/V'$$*&W_PE M<]%$@2P??X_"FGG\<6@_3P^`(^,(80B)J$02'%E:ON.&C&! ME/(I(CQ/>B5?R"\-5]C%)TSMV1Q`8+3D0'JJHM5'K&?2.A=OX%1:PAN;5H\W MY+M<;IKD47L[Q1%P'-%T%<7HP$-D0+':3B5:!W4#IMZRTRX31='L!?V]_N<_ MEE'+;NZ^?O^T^'.Q:GBX;S=!P`;OXJ6D%]I@+YQR]D"YY'@"!<8&1,LIO'8I MDJ)@?&;3WL)X1T)C-,!%\P0"B6>:,,:(]-QIX*AX40MJBB%*'0'C%.YZ8'M1 M^-VL'YX>MSN&P,8`@C.C@A*2,(L!LTYXIC"6QAQH5$I.,2FD6]F?0MC5O!X* M3R@+3^A`(THE`*'$RMIXF]8H?O.!1JWPA-KH#8>G/%[_S#0]&2@O,!,<4R`X M1\2D`G#\P$>&8;$LG:+7C^%MOP%D5V(/V,5F^>@W69X M4,XS03'%W$%,,)+1$#I0;8"?0)6%@=%2]2Z4GPE@K7.$C!0&8VN!YI`:H+C7 MM;6/#9G2&^.@:/\`PAVC$;/C^B5NY)QY`T52.2R=EMYSA007F!SX!!7-31(8 MXS/E*%1^26F50/6Q%.96P9WG!P;%(D<-DXA;&/]XD>IT/U/JX"1]4_TBHNJ1 M_26`=G*M-6/.@*UY<(!0"L?#TXH2JS!W%"/`%4FG@^U+:)IKB.@_1DK]]!:+[ZDE*0_)JK2 MNF!^"5"]6MUE1^;Y@2%N%DB]-<1`1XA`\7I8\RWNG]Q:_>WC<=[`;***K%,I ME(RKV?G7IA,APS0WQFMAD]/;<2R\),P0S6UJ>LL;;R[]4/J2#)B%SIV,+FN, MWL'WA%1/E%(FI%.,6@:%PL8(9Z1'WMM)909T`JF3Q2K*"Z-PK,RQ$,>+&@HT M3!&@U8YY2RC`@#*+E79&>F-M@(X$]/$N8)$VE-I&YV)/KM2'W?O'^LNG:KLUL\WF^WVU^6NVF3>&3#>, M#,RGLP,Y+C@FVBC(4E&RUNK7X_LW,5-\>JG6* M(VH(:3X[+EC!/7;$"4P%P-$N%4`?Z!1B2B[YSB3^KH-;=_PM@:,WRVP,/S[Z M^4`P2TWFN,%">R4QEE`:.O7]M]ER?K,VLX?E MXVS5&/=Y=ER06GG&F>>8,28Y4%*3`YU:T]PHC1&BYTHYOWUOZ9"K)=!3G]S/ M?2Q/MI$Z/R`@A$7<8=0J9*,)KJW%-66.FG+O>!_VE.J$L<-`IO&$.C4D`"8( M05`*P1VQ5&I-ZFUF'<]M"S-"-7.M>!O1DL71(J^Y<:';Q^6=2058-M\;#Z:C MGP_6.XX@L@@@QB@V5+MZ6WF+&[M&?F2D7"K:MR^T'3"TB+^[VBR67]9M<7+L MXX$($#<2C7K64ZPAE8:;`U4$9-?_'N$YU#E,.N!GL5MV>N&)LEO]\VFSW,Z7 MNYC51L`TC`Q:`@@8:^_?# M8KU=Z,5Z<;]\--4ZDO44*7LFL5JW"5=GO*04BB#V:9.8ZA M-Q(HJO#V2[Y"X9V=('!/$2$.,ZF$<'H0!22R$L%&)(I18`[K^J`-N5R4<7'E[):&E7]2:&$ADO+2NZFVW6J MG'%[_ZHIXL/#:GF77*%'`N^/*+D+9PH:*!.IA\!&2\,*P;FK35ZE5.ZY*WZ> MNZ5D4C1NH_5A>TJ1DU1Y`VG*O/62`T*YJ>U;+4RN!I0_-6"WG"_]VG&P!M+# MXI%$O`M?.%K.%I363A-"J226:YD>F6KW$E/--=L_CI^OU*M&/YPO>H+BW-Z0IUZNA)Q M*^1.@&43FSQ'I=1R_/B68-.98T=P]A`2@WW0D;& M`".]Y-&/PFAAN'4N=Z2C"2",MK6;2 M8`F]([DYAZ-L?M:'T5Z&[_U=MJ,^6'[SR_5L?;>K"2)?>NH]&U^W:V?]1 M'9G]S%VZW<#@M(_:(^YBHJ/8G)*,`@(T(T@IJ/Q0I0$W7V;KY7]V0DBMDJK5 M*J0FM(C1#&>D9IY*F,NIVZ*%T/.`5#5?I].3B.-TQK M+";:;H*@K7:6&FLU%O$L,](8".)9)X$FTK,)>%BZAL')$[Y#/A>K>Y)6:%:S M;326?W^,2J5M9=&W8T*JO$JPY(QQ1CEVD9M(:4LCA0K"*561[EK@IXJ+7LGB M(K&:KY;8Z+-[_^'@@6--,^A_MXCX^XMS*NTF48M.Q M]I6EE&0GD_GUVY1,RI<.0B1%*5-3F7+9)`AT/VCTA6XIC')@>2$#9ROL-Q0, MTI2I,[K-WP)7G^=7'DK.C/LPG^"D+Q;_^E`1=_GQC662=KR1-!71$,F8""!Z M*;/2(6E9-&#L4)O=Z&B`W#^$5[,NB)G-^_]MS/M7WTB8$B2D$Q1[RP572C*B MH_,&U&H4\!F556N5]VT0LQ?=8CE;NR=8]G@K"8.P\LY+CQ3G8.EH'4*T1FIA M!,*Y^L40ZR`<#ICV"=JOU_-UQ>KE;XOB_>BVV*6S'C!LDI)J1**B.((\=,I* M@6@4D49*K=2YY3<&Z?_L6K'MCP]]H'73=/>LKK_IQ10%9LC*:.``YX1%9:(1 M#A%-L#32G)-.W`L@7JW"WQ+U,]2H/^&+UZ/Y[6*KZO3L*3`2#+(\8&:1AA,> M:6RU$PHI1JQ!_3E?^Q!#;7%HUA8YLPH'P/:9CAX*]T]&?X^VLGO3X\F+$!"G M01E#`>7.$D$L'-A``0VF8FZ1Z@&JR1UPO26J#D'UV:N&[/Z#)*^C=0B,1$XD MET)JAS$(42?!AI!@.IR/-GUDI2:;YL=18@L$-,XHPT/5BF@!@(Z$"M-1+BW[-]!J-(9L-BIR+1#^/[CA/4M]`^C M^=W#]$\D=N@=4IXB1A%VCH))KJ6RW,+1$AFC?J=7HNO39&GPVU]+E\+^`<,7 M;RU!J@26#.!"+2/8LE"M$Q%W!HVEVV;XQG/B4.*>7FBPO.4:731::*&.$IS80QM5ZY2SB\^'^(;S:,Q[8C)A'CP:$E^M46N?ZQD;H`>C!<"T M3]"^M8E]_%^O/I\0%8Y@+36W).H@H[&B6I=#^HRJN76A?;9!TSZP4D/ZRW1< M9AXO+N?C[P_)U1=W-\5\G4"]3\62G.&2LU%$#/LH2,R(+MN>Q8HJD66G*`Q< M?\E`Q:QW8OKWZY*N6Z"V[;5$"9(N&""H=MQK'!VI MMRWCB)\/I+H%P:PSFO>)K*71N'@S_?-F?'D3IG?CNU\KW^E>`-OR=L*2."D] MYL1'HI`"TU-7:Z84Y[IH!GA('@5G[9$^PU"K)K$4VL6BK#3]6/W;Y/S>_E;B M'L/6*&,*%!N)?$"BMB]!J=:V,D_&/\54QO?I8RM-]8H?[ MO)ZH]UB!:J&,HSQ0K#VI/>Y"97=T'V`3HEY%4P>TSY!-RY4"T->!OV68L%C< M?2[FMXOR-O_T!_P!B+!!3C48(2D,!**!46Y1C"*`B\HU;B=T)E#J MEOS]RZ\_9F40^N/XV\W=-GUJ\TL)4X9,%$QC3#C!2&#MJA5ZOCL_%:+0%_-_XZ*9[.>Q^)UGR0A$,$8UMCBD!QC%+&L@!4Y>R-V=53 MFWD5[)V]A=N+-Y/DU(%60"E7P5D42%E6 M]&&M))!<;VKCSD!GAK9VR=Z/F+N]G4T;XVO;:TEJRXP-7GL)]HP//GJT-H5) M;K&AYFV`S@M<+=*\5??#*H.QL?]A]5K2)'H6P!ZQ.%(N8.*A/OFQV%TP=Y-K M%/VF:.F`Z'W(H7?CZ;):965VO)(`:W]]6))YBUAJ,$K".$IAK(X$"%I6J9.6 MU*$T;+,O:/WN3OGN>-`'#M^.;\=EUY*'BFZ_RC*$H^FOMV_=Q?SA;X^,Y+^1$-1PIE7=CF/=,@H')K6)*2$ZXU11I(PC=F;O2*SV:%5?=?Y!4!O5% MX-Y$6E;FT9I[9;PW2B(3E3NC(E>=X6.OBX\M$/_8\@&DVMWM:#[^^_6Y9\N6_89-3/LH%?%>&K#] M$(L<*TNTY`J;$DO'$33U#9^=]RZ?/)B"41@1%@46!@5CE00=_F$U<(B>4LXI*6KKH%$LWI7S>B_/](6Q>5_?9O] M^.^K8KP"&?SP'%OPJ_2V^#::K#)B-PBP5YY*TF`AJ;>&&T>9]`I+70M_FBV/ M!NB1/%`:'4Z\]EF^FLI&P?'\D<2I90K`Z0RAC((B[TQ]TL<@>A,1W3'[("[- M6B%;KU4E/ET64U#Q9OM6E'C\?#)&^;+71B#(F;(N*G:TEEC1G%/IJI8TD1;( MV(_BNYK>E^GB>W$YOAX75SNUBXWO)&'+4NK.82N"!:O?.+T^V!@YH\MX!_+W MA=[:#D5/KTR-(8(9XADLCT7J@^"QEKB$V-SL\`&Z]ML6+`>2\A0JTU@9%,?! MDT@,83IZBF*U(JMX;Q;P,2O3[,W5W95IFI&S5UGR=I]*FR\>3I913[E2)BIB M'9A.6/AJ14K)W#3L`=XM:5MZY-+P.&Z/+BMD"L19J>V#>AZUDIR"=5Z34JAS M*I1V`/.SZV`V(^_QX+7#`[YJ'MI13.7)X,F+*)"(#`46L&11J;BV(;G(K<@U MS.X'74.R0\IG9-7DS'%K/8O#!TT$2Z7][?WDS*:[@O@,_QY^>O;&4QZU6VU1;3N\;5DF%51.!+`/C:<,0-J ML(&#`$!>YP2YS`1JBSQ5+D?7,P-*0W0U7="\OEP1O6E<4PFLY]E-EZVP]9KAVH#&?K6,T=C<=IR'48#'< M(L_Z4Y^7LUOV/OA87!:P][Y.BO?%IJX8[7XD!6",5(Y1$80"J]HA6ML4)OI< M43S`DBFG!..V^-43B/T#I]W-:/ZM6"ROIVQ4?=O_2`I>2.PE"A@QI8S%5-;! M5LQ\;L[N`&NPG!"(6^/74,V\3HR[!PI1YJUUP5)JJ?0,(["+Z[,*F5Q$-Z_S M\H])UP)_AHK@ZN[SN"BO":U&Z"BRL>U323(;4"2@CSENJ,7>,[&^3*!R:TP. M.:?L.%&.%KDP5$RO?2Z/%MN9!^[1-Q+1L>P%X8!M"'',F7-H?:JQ,TIY.Q[T M6G7*Y3-OJ.!W72/_Y0<2%9HSZ:BQ4F"$F!2V]A%IX-[Y7`8X:=@?S+F>;,G5 M.Q=S-_H^!MWSM:H$RRIJ+5J6^WXRD8`"1=8$QSB.01-J:KL%#NTSTE..#O6! M\?(XX']\/;U:0,?@W_C)9+RWG'JI896*8$.TKJ5%\#C7)#V3H,T0P=\6+X>J M[;Q&\Q[,UH1=B$P)I;CV2!$@(Z]%!_(T-T^J>:[Q()TS@]%X6N#=/SI/8I)H M+IE`FFD3(H'SLG9/&,-R"^@T%OLGDH,Z,'ZT!N#'/SVD)/[Z,@56^N)',9E] M+__2")[[#)BD]\1I@[4A93L`?8X4]_#XISG9N4/,&3>*2A[Y\01(6NNKL8ENT>3Y1HZ1NRSKR5- MA=2.*$FL9H$KX]:U#!@*N'QA@#V/$$?'ZOGAT9G2,UB??2L+'$$VP MTBIK:=",A=HR=4'DNM@&&/@>&%8/84,&4OT8+,+QU_N23XLWT_#795%>4GY2 MJQ%FN9S5Y>RVN+C>H[+K,X2V^HV$E:)8!>IBQ!%9P:FV]>;5)/?8;]P=Y80, MH6,RX'A.J^8QMT6BT0>D%:',8^P9\9'5Y<50Q-E%E@;83:7S%(BFU'R$E,'5 MG5WMBYIDPRL]VT`[CU<]15K>C6#[%^7OB\^C MOXK%E[MUA&B9H5X[WL-?WXOIHM52"\T_GE"$50/+2M)Q0XE3QE1$)"[F5EL\ MD^2JMN`^6(;VM"NJED(/LVP1\L]&3C90)1QC0D@3I4(:I$2U?(]E[KW),\F@ M.C:>#^-6;Y?-'A6/F%YU5&ADRU<2H@2,2D,UAC,-S-/2#U&?;`'E:B&##(F? M(HS;XUU/D/X\>QSR=[-%JQSZ:R:YHIH+>+VY>#)B!"$4,PIX8WGQFA1VQ3,\MQ\D`&&WD\1 MM@.QDS>,RH`=U6`D$.:1=+&B%Q(^5[5H'JH_:[E\ M+'ZU)I7K29B[58"M+`_Q>?9:UF`C@=Q@W,2P,DQ+K>#TB4$B&3BOEBY5=NN@ MQI'ZWU<+[HY;W:6>-)ASG;3]9KI'>/AC,9J4K%C:L)>K!K4?YK/K<4FFB^O' M-L%A"2U#6`%H@XYCS(E&*#IJ3+38U7*'9%]!&&0RPC`WWSG@X@2W^>/57EP_ M-*)>M)I?>=RY)QL)$HY28G#9ZR%:8UD=B\0DU\9ID`HR\/JUY[2WNX!$'U;4 M6@6.P-/F>5![O9^<=YZ+*&&1$L!EG&>J6G<0+CLKJGG&PF]A#G7!E(PCQA;3 MXGJ\6NLJ'K$U?>IA$\*?MZ33M#)NBH00!0:>BIQKQE58I2`NEZX]RTVDQX-L MR'!LT=PWNS*0NM>&^5!&'V93?P\'QD-NQ.)ML5BTEHK0\RP2L*_L/141AK-! M6QZ=TT(;@EE\%+<6+K]YI9J95NST-;C.]$IB('@C)U$I%X+10$AFJ]7AB'.3.P<(J[;9/>N$PL?" MS\X&SYM?2@9115#P(G)L8.LYK,VC#7A&HNEP)N^!FBRJ]H&;IQK)>L+OBMNO MQ7P+=K:_F,!.`'4KHK*>8[`@R8FLB:<5RKTP<2+X:T[0-%N^3PR]\6 MQ?O1;;'CA#MDV$0="PH1AHDBL(&Q"^OMRX%Z?5W9Z:5.0+?G8(]\.$[JX6JZ M.\_+[2\FXC034GGFA$,T>,M%J%9*(C^C>[W]`&)GEN`!U,]P5<71>'XQ^L_F MH_'E0PEQC;&54@KB0#B'&(VK)F6]IWU!XCB!JCS^S%JB9I8W$O;.=+2*^7^8 MC/X>;67VIL>3CL(#DE&$_SN/B,)V?4);GNLE/(GKH@4V-O*^$V/I^AI<""A""4,5HV"5J*>*')G?AOQ8.:W1-<<`-Q/ M?P#RBE_;^?[TJ615T#98[I!EA@2I@\?5M$(,N7O]1#K/'L[N@\B9P>4_1^5A M.+XJ/MW,OF_7X5Y[-%$<8%H2Z(,YS'1J-K[R=*+];H&D.TV'J MUZ/Y[0Y^/WTJ"814\!S#,AV%'VG9Q[#"HGO>';Z[RU^GRNJ#R)G!Y<\W1:DZ MC.Z^3,<_2I3=_=KS,-_CS22U%0%AYJ4K5ZR$T[Z>OJ&Y?J3FE5!/49=OG\!# M<&#I!"91HP)Y`C1!NP:YUA%`>]-KI=@@-58CNRHS*9YAE2J M4E-@/X=47XXP$OH[U';EYJ_J<2\A)1L%6618H1 M`3KRVBM)2>BO<-#]Y,"'-/'=",LTHMQJL5HJDP<(P"\O);I!LI=W^67W'B%#),8I90/FUH&VXRQCQ!#L86TT MMV#-$!U#+8N27!H>STA:?`8%T<(7_]-<):M?38I2&XCCC&$#6\DK1*B(/EC8 M8A&A7,?/D*5*!JOW:W:52]76:G_M*&6\!2\'CYG\\J*#1MK`3M2@X/T_>]?6 MG$:2K/_1;MTOCW7=\`GOR*'1K&.?*C"T),X@VDLCS_K\^E,%HI%D(:#H&]@1 M'@4#W77)_#*K,BLK,_Z/A-1X3N*$]07%.S8`I*[)W99Y^UOQEQJ/DRF>,F\M MRGG\.%[19N4#/=*>?1/IN[O8DV-H_XM!4^(PC5L(K17%"@HO/3':*VL%I&AO M0$]+7OZ=`Z\^E;/I^/OZ[R'J_]BF@G%`8,4Y=LI$785UBKQT6BH!);?P`NXO M-`V-U[[_=BG>FB"7R3>UC)]GJXSAZWP/_3BDWA[+`?ZG]U\,PGJH'4'66I5R MZ\BX('M&I44`4[$_BJ>=V?YS.B\7JQR%Z^%NSXD.$?`#W@[644(9$P`B10%A M6@G*TM5!+[&#,#N+Y7!DNFD`E&T3N6,Q[C.Q2%O2+#VUAC&,M+4..!+)3%)] M;"8IHI'PPY#F?3[D-Y\/'C"H-(I6+$0R+A">&KR96ZK@]]-([,%,WB.Q.63M MU-^S-@92TMEROO*E'^A(?NN]0!SQD!E#M;0,&Z8\09MY.D\[NW'8/GQ.Y/,N M9U`#5.W.+U0/\\"[RZ^>3Y:DYC(EN6`DFK'>&N(V\_(VNWC$`-'2$'_?=`:= M1M4NT++-9/UI-)U\F)O1U^ER--N;Y>/=]X*D!&"@H:*.,:*=-[B>IV'X@G3- MB7PNVZ/JX>BIBO'?[LIO?Y\4TS5PXH?7>(E?A8_%W6CFH@V[_+YC)7KCJ8"T MQ\(S`REAG&!$C:7K43.$)2UX]$F\H)Q3BG M5G`#C*30L,UX*;J$_'4G<:ELA&PY%Z+6IJ&J]EQB_^&YN`Y&\U@Y;8TGT!-* MJ=*;H3%ILS.K#XNC>=PHFR/0^'5?YS:")Y+F[OP'I[$:XW2@5ENLIO)>=K;W'@\1FM(+ MQ.*,"0408.'<9J#"Z-PE>D!Q_HVPNR'Z=;&M?[T5^7A`Y,C.=X(1U&E@C342 M:9/^,+"9GW M0%4/[?-T>7]?S":J,LE/FPINI13O-^63P7H`G#):#4Y2C`0S*=\+8,[&?_5> M2G*6&Q,[H&U)^_!JG^Y]K&]OW&O2WU\>(ZP?.6+].[C-8+F"E,6=O?!$0.BA M0:KFB?07O#[FX[)KJN=8R\7#UW(Q6GQ?._FNBTG\(O'HW9N/![X98-Q&2.HM MUYP1982R1#ZS#G*3L1]]W_&<0-,.;=N!1M)F2#&$E""U_<&SC_8&>.>P$B6 M\=N!&D]G8B\NY;ZS[\II+C"N@3/&>`\`Y59:DXJ@EFLG91KK3?GVI-^#ZK%M!>V@!-1ZJ1"GE"MO*-[0 M0ZOLS28\_ERC7(YFYP;*ELG=QU;S@(L*NUX)6&*'HH1Y0!!G0!'A:[S>@Y_3 M2-L/C-YD,92[DAU_[-GYKJAQP!Q)RWX4STLSXM8\2UNX M"8C+V!@=U6Y@4CA#O;6.4&7BYI"P6H(XE]D11C_E67N;I,])7W-[6XR7:1CW MH_E=444MNG$1;D?\?(B_/WZIII/I:!&'>37?F_.U\3X"-U@23IR5G')GA+:\ MCB)%-KN<'QQDTN)F#\7Z9$3W'HMOH^EL;?.:\N&AG/^^+,=_WI>SR.XJ51T8 M'^ROV-M2T%Y"(@F34DEKL?:4UP>&B*H+N*K1(W[>=6XTS9L,':HF__NX23Q6 M[KA.F`J3K]@>?[JZW9/DY97^;*S]`*`5'$D*-8HTT1HQ4F^=),_>/0ZJ#'?_ M0.V39QGPC?)TLQC-J\B_.%8?"7D9==[4M M6C->A@&^MCB2!ZYCE'5\_.KVH+'O!F,[_06%&)4<`J@$5,QQH%C-"$-0;NFY MXV-'+Q^\@^!@(W<#]UA&NU\(D!)"!!("*&ZB"6@,@K7EY_=G1-RUHQQD3=MF MS9S&J-J%S?)Q^A`'._DX'7V9SI[26HSFWZ\63S\\\V7JQRK2I:I,_&_%5QL% M\!TCYM2F`T1*.6.(@0A08!3$H!88`>&%6#5-P*7LE?(Y?I]J.7U(^KLNBW6L M57)$"P'@5$.8$0`-,H8[376]AZ4P/S?-Q8"GFR^$BG' M-Q284R;E\_>2(V2A1(S6Y)+$YAHA@SK\:&E7TPG%3_8N'Q#G?`BN33S/*:<$^#%5M\2X7)C1`<8)M,.O#HB?!<+W=9#GFSGHJIN[D?SS_=Q!M^3 M/WWK-7^Z?/>#D_VU'SX=Z1Q0A:+5?@.U4EO"&!=`$:F,P[BFLX39N8`&&7G3 MDETX)`:UY0+Z_3X.78^J8I)VI,5\[=?LQ?>S+1"2`NVV@[DN9LFK9LJH1U;# M_9*&^VGT?5T_=[]OZ+2&`T!"&\0UP\A3Y;RR#GMH/`($&X#V[D5ZII9^/JE# M]-*)+0=,@6>6`:4]HI%0*;\,I39N4@7GREU0&JH"8 MBC#Q5B''N<<22`[B`L8=C!8EC*M'/PKH]_%],7F>/^Z,,@)E._DZ":; M+MN9S2>?9J/Y;Z.'8J_GOHWN`M5460#U]GY?>B6`6'7JW2_.TMIK7SG:"HB4:3,3#E6&,0&B%PW M+KIHO#1-UCPM`\E3E^5D>CM=WZS8N;#M?2(P>?RGD0,>2LKK(5MDE_?E M8OI_;Q:U:ZVOH(!0<8,4=TU>2L*1L0K4YJ#2G5TSZ.``KG&(-:5I&V).AJV> M/^1ROK'])H\KH^\ZO:IN(Q]5?&J2GMQAS+?;:=#,*X4ME9H1BQ&E%JIZ.P9< MKL=ID#'*K6%Z<'P:`+AU$6W/HFMTO^HU..4)E$A;[R"5C$2=X#9D(WA_U$E3 M#M5?\&Z445WB^]7H4PZ073?4&^TCH,@*B[G5C%DAA+8$U38,QBIW*SW(X.=A M8KN`A5F"S'04&#,%8`L^A MDM!##0W=4%(++"_(L=&?K=@KSSJ):UM/I9B\/5/WW_3QO?C,PQH($`HIO;*$ M"VGCC@LH7L<4(NVRT\">#5I;A\SK<+@V^-)I=$BQ^#9].GMYAYQ7M]?%N+R; M)R/V4[&8ENOPUJ>G;O=456^HQ:"6`TA8"A21V"A%JZN-O">P%U6(?".:' MP9>2:Z`M'@; M6!DMEPNZ@SN\34RWO#LSJ5C[2;L1B'5?@47%`KT!GAH/K$J&$MS0TUG067#U MUY4JC&IYL1RF1#0$R_:D)(NAW:2/*L=_?EC%6=G'12J]L^;UZC#@60QHY?Y; M+,;3ZOT#HJ,;"]8A@"'3C'C&`(L?2>U_\-)=4`J8H8&[;5[]4N_[M('U@&F+ M$#3&4DZ14I#49Q!0=I9-?:W>W7SR4^&_9W8.0CQV1OV\DOWJPWRM'CX7T[O[ M932#OA6+T5VQ^?W3(AI7K5P]RQE(\,QY80%,1]:.(LL-KP\_(*:Y@G5\IO>? M;E$9,I\'(7&'\Z,M46MF!,'3%+\*?4*&D0QP#>JMK`$R=^-VCC'H`Y.Q7AC< MF7!]V3_S+T?/_+I($=KQ>Y,R1HW&R\?1[*98/*!]@M;M:()A+EJ-U`JM4MD7 M22VN??.6ZUSGV#E&X/<@=(-F=G^KV^O`P=7]K&<69+H&4;W0+=>):A_+OXK% M^E.JJ7#TDM9,MR&5@V`RDE-!!T'\8'"MYI1$N;N'JV9?;!%CT/&:`(@D+EH MA`("4E98#`"M-](12+D1:_!\PC3/U>70/K?/87W;5N[>ID`](32_F7Z#0<@K M+@30D@-`K'&J3MI@#DC>^Q,<4/4?Y-8D"\]!5/X1'US6!V__6)15*XDX=O<6 MB!-2>0D5XQ8P:80%=JM^>&Z%[@M<:QK"9L,2PP8#^MW+^K:B2BR*1M%J)\XO9E]7RMW+Y[V*YO:#7I#B"TC$K!R-"ZNYN4=R-EL5QCJZ3VPX`$V,, M`8!:BI%TBN#Z;JYG)#>OBOA9`=P@L;O/Z[.]+K0G3?<;D.RR^T"9UAK$W:$# M%%!"G5#;RTS*=G:WLHML0!W"KKDT06VQL@>9N$F%"B,@/L3%9SY?C_KS='G? MN70)YRTCI3>Y"83?ZREN1@TWS@ M*9C'>F$ETEP:H^**7B_DC.4F(1ID/L/S1'D1 M7=Q-YS>E+M87IW>@\_B&@G``,V`,0D83I+A(MGN=3T:<4"1F:.9C/RALG249 M>-LD7E;S^6-R7E;14)VM+DFN+^2_.]K/T]EL#PP;:S]$\\89A(4AT#%B;:1X M[502U.1>.QJ@3[P?=/;%J4&?&;G_/$Z7WQ,Q%H\K6EPM[XO%S?UHWE=HSVDC M"MAS*Z1Q0,%(*JREQ'A['H%R=]*7%`?>X\E2I\P=M.#9HAHOIE]WF*%--A^P M='$O![CFRE'H)$^WC3=KK+:Y%X@N*>"G*UPV)4?Y[!VT4/C1=+$Z5E9QH7U8 M4_YZ6OWI%T7Q81[Q4U3+Z[@E:$-B#NT[<"@5)4QH!R%DRCDC:F938G*MV4N* M!3HW<6J)]X.6M=6??\6)U5G)]MZ*:*B;`+15BB$<-5?DM,0&;,N">`L[JV_Q M2X(:DZ#3V3QH8=G+CI=!N:^N@JQ^3,Z16L_T8C@=.<9@+%4\58MPU$`>_Z0" M)YOJ)L[DWDH:H+OLIQ'3GC&2X;^[3B-8ED]!67]\+>=/6F8UP:J\C11X*.>K MV!*UNF3UKU5G[5,K;6( M+Q=/7Z7GWC.QNAU(X,H:Z@GCWKAHR6("6>W[=4SFAF9=4BSMI4E?$T`X;S.M MIEK+U5>R!A*P%A913B50QG!KG-T"AIKLLK87E7QER(=7#3#U0L2KO01@QXXA M<"BPE=HII#DG'$`.=1V%AQ3IZO1K\.5=6H9W]U*8!8#S%L"U%;MQW_0B?R^' M$**"9HH@0*"3F#C!'*C334'/VB^7*M?B-U_%$DUNAKNR78K\G02`\Q:_E][3 M`3CY@U`,$:L0\L!AC2T`VUL;4JE<]^1/==1V)G)W$N?/6^XB4VZ+:=\KWP^C M"!!9:X1'W$<;1:0**FY;W0&RW+WGX2=HOQ:_CH7P5`RS\2JFX7&>9OV)5:,2D!@Z!,`01%KG)*; MIC8ZB-+-=WNW*FICH__5&W>SX#AOXUZE`7(Y2#Y\)5@;`Y`2&U+EQ`1HT M=ET(R;$XC75)>VHOQ:@;Q,5Y6_3EK*T-(\I*D13$%17&.:K76F.BN)_@_E5& M_S-BYPV-+8.^O=E&Q;=TSO+PVZ.KZW<4/.^]/(Q[SU_[D_$2%_\6Q7WNL3/; MG<'P=9YIN09?FO4JF^+.'X_;4[H;/N7/*KG44J$!J+;DA']S_-1R\/&7.Y#I,S]X#]4+9'SG28]VC4JBC MD]P[ZP(PS;4'H[QWDBF!X$OK4SI(CM`6V-XZMA.IJHUP8SFY=#M\'7W$CKUS M7A6EBQ*C2*^(``XY.HF2$L--E#(64_EV$'(GT/WD>)+O1,#ZKEPV3_8\R#V' MO_?&0S_)/><."4`+;E>!XIXR9"$%">"UL#YO_-9.:+#>\PMRH85HVC?4:UX) MG8!V;8E_$RNIS?X!95)TKD!'[2P08-8R!MQH8(XIH*7?&+O(XW)R-]RZNEH! M>(U8M_L=8'\^^I/6:0LQWJ=UBTUS^GU`A%L_>!4<11XDZB0F,)I9QX&+*(E@ M:6TJ2@DE.^B7VX37GN'MT?74+K+7R8.?P^GC9)K6Z?WE,RY8,0]`=Y+,5":G9%N>48YM>2TYD[,OIV`2DI"A``4`;6N^?AO@1:0$DB`I6[3EJDQ% M)M"-OJ'1:-Q^_>?CU'?N,1>$T4\[AWL'.PZF+O,('7_:N1WL=@:GO=[./W_[ M[__Z]7]V=_\\N;EPSI@;3#&5SBG'2&+/>2!RXGSUL/CFC#B;.E\9_T;NT>YN M!.6$OQZ%]U&X$SQ%#I*2D[M`XG/&IV=XA`)??MH)Z-\!\LF(8`^H\+%J)%,A M52P1'V-YA:98S)"+/^U,I)Q]W-^7*+B;(KKGLNG^NX/#]P<_'0%+P"05'WU" MOR45'QX>]A[ON+_'^!AJ'ASMJ^([)'!!\J[4(MS(F; MP)4#90&DRZSH#\2N`A=)Y1$2=QIS7*)`CG/#F,@U;HG$Y`TR^_WP\)T M55(@($*%1-1-!/2X(M"'(UW[\,.'#_NZ-*DJ/%-%0'NX_^?EQ4";Q0Y8B>-H M.R'3&>/2H2OZ3;,\1FB6X3BTK@OF(JG-.CQUWH2,->14"KI.<>J0TH,,\C%CVHAA`M?R^ M8IL"NWMC=K_OLH!*/E M#Y/*M,0PZD=S"O"C.ZE,0@*D?S4G@M![+&1E(TF!1;^;FPA%Q-5#\6$52A90 MX<_=!8*:=`CB5J8BAE$_UD"!G/'J),1`^E<1$8A2)C4F_2W^.IL1.F+1)_BH MQO"/\4!^@T>.CE<_1J-H<52[/^-LAKDD$%RE9@T:P83CT:<=".EWX_#]/R[R M]R`,CFNLX,]&&'JX`A`W\#47%PL:8PS*?7_:$2!N'\>\/S=3'AY590I`""4M MYLE'=U5Y`A#LMY2=&<=5V0$0`;/N>H:G,`RAAD-@LM=QW6"J3!A[?3G!_)1- M`?D$4T'N<8_"_!:?88F(+W8>,"-=G(N`8_DAA=S1Z)X/?"1MP?HB:^,>O^\N(E]L,!!!*?]._ET4:04=5 MBB"7G(`]8+:CF>&BK['.&JKRBDF\)D6&J`K5>'AX?'AP4%>-NH$W):Y*?HCN M_'5I,<)5J,:CP^.C@\.Z:@Q;V#H]GF`*"%V"_!Z5&-B1/7J&[V2'>O$'F/V# MK+"%(BL@*^Z0!^\-'7*!W8FQ.80ZJ@$'46_Q,6KC395YTE=?3]D]IHA*`<6? M`\3A)\;"?@Q=9VO%@^S!^^.#XZ;&H(9;*$KHT)46E/QC>X?C*HI\"N.P-8&5 M.*N.";RIN%@=@QEV"515I3TJ)-=+ M_(.%,JT#OLHHB^.^@_>&N*^Z"6QI!'B*Q.3<9P\+Z8E!,)N%Z^6H0J^W1%0R MHS9Y>H794:A3G\6/3AK[]O;/$K';3J6MT)1,HTU1NY7NMG,.72)R:W=JAZ=D M[FSRH5:ZVU:WR:93(I40U)SFE%%)Z!A3E]BIK`"ZI),=F#K9`IT>W#((WS23 MB*+"8%:.I&0@.S@V=*@B/6WQ$,:H8#[Q5)+N!/EJ2\Y@@M6F#`L]Y8`6:0=Z M$/RG>M$`Q*8]F5)._VK0O^B==8;=,^>D<]&Y.NTZ@R_=[O!-'Z%0KQ$'QB98 M$J"T@7*R>,HT]5[W(SM-.3]D<&]U3THDUA_%$8*=YRM!4:*O]R4]:S"$_UUV MKX9._]PY[0R^..<7_:^#-TV%8IX@&`]$CW;_#HB<-]#7$J(2K1U7TMJ7SM7G M[L#I73G=_[WM#?_]ICPM\_X,],9]J#< MZ5R=0<7+ZYONE^[5H/='%W0.?W>W3>%GF)-[(.,>@_R_8&\,45O'A;^)M`OX M2Q"4+(?]8HCY%QAU*!GA=!9(WW24%G%W-,(N]*1%K4625_1IS7YG/Z'8)'4E M&?1?#!GT4NMR?@AI=M@H73E%ML.H`X&8DR8^Y8$`;D%_-!M:79C?XL1[L<7$ M^>L;D.>B9H49;B/TY1:UDL2UL*@D)Z]:30%L\_)LL9KB7:Y0=HX(_P/Y`<[Q M(AUQ@]5^6NSU0G]"5B=FZ[*>)R*KW.I6]@E86%U,K*Z@R'4TO06.#0DG)EJM M*25.+B+=B6AW-/%OMIMC)-;Y;2LT)4N$OQC2VQ:VL:7);1#3C`D2AA8N3"## MWR#^,WR/?3;3_%^T>MS#3Z-^V9A%[!UU?"5^*D MWQG2XA5TN<7.-#HG#V+O4DGDO$='C$\U87&9C3)MT!3I\"!)GBE4-V^N^EL5ZS7QBN5B>"UJH$N@:[U:'&I-*8GQ;KQ/KB#P'L&2+ MR>'1:E;`I(\M#;K#A9HA1U0@5\="-II8!2H)IG\RC1<:BY-&\R;]"D-&+FQ) M,/R3(4]FT,46CQHKDK7W47F@)9F"GPR9`J-.MM1-)0F]U)Y`"W48P4I"VR.# MJTHEZ%*8WI10)?5?!%T2YAX9PERS2K;7:9G$VQ623%5R.)4/U[N>K]%<^9%F MRK/%7J[#U\A)3I3E*+%B8E1R\8).8ZFY\V, M,CJU#H$*@$NF:D>&("A/M5L:!\47$SQ:J2)=NV2"9HIZHEL*-/P6"]K>%QJ` M2N9B)F^6%OOV^J"4+*U=SRI,R;3+Y'&RXM]:/R,Q)]-S0A%5QUF3'51V:L@% M+O%"IF6%")N3H%MLY]I"KY0GV2I.J@Q'B<\Z-"RF%BEIFWU8GJBC38AT?(VX MI)B+"9FM0X5%>,O5:AB*BM2:-.:D6MOBL+FGK]G4PNG16QA&%EM0?V>$RC^@ MQ#)Q98VJQ*&:[AA+X58;R;+8'8W>B?&_J=`L]U,VO2,4>TG'2.T[J+>W\:E: M+NGUQX;46A4#<7Z("4HYB?0FC+=MB>NSK#`T35SP\QI73N/E]K62W5NK?47A M>D+7FXF5:GG]=F-O#(80HXHQO*FV6!$5ILJ5$);,HTUW8%93[);.LZ_P0\?5 M5_BKF)TS"C_=BLZ]'$=)2OUG0[<$I,X"JY-!N[W=,%_4MC<>E6$H69S^V1#/ M%ZMJ.V\YRA>SM8-ZTT5"K6]0RN&+_%G'PS^ M+$\QV^O/S"*V=F>%X"7>[(/!F^4KZ/5[LU_WEU^:BKYD7Z32[U%%S]LZZ$Y( MCESY:4?R`.]HE4J7_:?S[N#@E_Z4DKM`7/N(7N+I'>8[^FVM3SNYI<3WE9AC M;"(`]$0&JNW/G`6S3SOZD=>/1.+ICA,^YQ.^<_O18U-$:`\*%$L[3EAQACEA MWE!7]`(>N>+]2HP<'O=G"NZ2>>K&[NCDHFHMQ4]AI1:R5?X$BOK$J,KA@"%A M18%(^*T+74<0X1=@0\4K=>60\.UYNF\@_Y1C^#D`NI$')/N!IVZ$4,Y`3='4 MA2!#%N\YS=GEFHACS4AKF0O8"DC#!6:+A!2^0"LM9;2X+=VTN+S*?FG]C7/V M5Q#E)8=L0?8U(NHR$#0C$ODW&/E^=$.'TDS.!#5F?7T(Z_>-*70TB?A\63QW MX?K;IQU7FV7]3C-5UML??09/!".EZ-/T;3WJ3EGE8FZPZR,AU/OFYYQ-.\PE MB9@:('B%8CEGO'"+0$.AE:)OL4AG,\X>M7OLC,=I!7*P*PIT#ZKXU&N]$6KE[;2&VYHCLI.;)CY.Y MFH,$=WHJ^RS^2'$11A[+#L98T@*/`4$3Q<+E[(%CG1R03%DQ$*2/L$,<]A=V M%Y.G*@#M"UESU3;!G,]/.<;?!A.FDFGC4ZRZ:38**Z_6OLCEE,AYG^[]29;S M>::"UI+_?Q-,Q]\G+##RL%JZ.482PMETANA*4P<%$>JH\>$"SPR5E5P9KH3E;\O`N.V.J#O9R63^J MQ_K1*V#]N![KQRU@/=VY]?HD%:D'7D$(A=]4-\5'YWL![C"E^WKYZ) MJ0'76N^8?;U[B/F4T#E&7*29S:NP@B*N9*:H'VCH]YKE\Z(TH\&6XD^)@ M[_!RQMD]$6I;129\MZC7OL@M0[0=:R^0L?<'4Z`P3-Z4\E=0N>5L=O65X^\/ M+F^PRP(N<(_":`;]D4+8=6W!>D4$K12''CE/(:PSJMFZ5/GP$4*3>F^T_ M1!.WQ6I[WCRG'V6\EX6Q;J0;]R'FQ/X949D2#)9W@N4#QO04<3Y7ZZ)ZJQF8 MPJU:5/35IXBG9$NC'O$2>3T9^M;UM75+5#.:VC:Z;I$:\+]ZF6I/'H.O6Z#+ MR%^Z-)-AKR/#45)Q,V2F#9!J;-!(>]1BI(S#XW"?^+!7_%VO" M$L,+V$!5!F+8J+^*=A[Y)?/W^J@>TV.;RGSGTK[-Y%;(=;7 M);Z4-Z?>NL:+8K2OJL>&,'T>.:?T?"".US+[J)ZXC5 ME6SC$;3[J*X@:23"552OJH=?(NAN6'T/7_^XE=$#3_$RJ5)X%75IZ+:FQ^&=GXS&?AEO1J(&US M9'F*5,STT;>E?6TK7S>_A2TE]:^<2`A5PNV&J2/#8XYQ>C&@&DCK^MBYNNT. M7Y`1UOM85"BVU,<*:[P`?I:,+K]\\^:G[BJZ8$*P\,XS?4)'0[%1?%K_"_;& M^"S`DITSCETDP%>D_!_$.7>*":8N1>N[T;.L^BXU=;D<&Z7V-@"*Y+79@DWS M;2.JO>'M,T@*YD@+8:5D]8S**B"A?:K)D,V.F/^O<0F?I^G^+HOB/0$,=(;81/'TH59SC^G"A*F*]A?!+,K8V7U\]M M!/]TXEPTL.%[(,-,@W(SZA1DSBT(URHK#FXHP$-FD8A?,\[VVEU5/G-2F6O` M\WID=(/O,87^9E4`G$34AI&8U"?BV0B^`X6I^Q'LJ[?8 MZ#+]H\X9X68H7HID"@_0'AXW%)`.QWU$!2]GR%EB;$('R26PT6RS"!^K2#*(\),5Z%OY`Y`2BAEG`W0E, M"O2L^W9OL#?!R%-34F!0W`7$]\!P$K:?`G-[0Y3T$)(ZLIGUH=M0\$+JTP5&(KQ(.'409H#Y/7'Q@@O+VJWK2M7X%=48;G>. MX))0=3'@\K,0IDV&^E(P=1_8\O,2#7&T=M/B%=:WA1$ONIQ>/6DC611DJ'#K M2RK<.ED*Y.H"M[9S`$/Q\6J-+W=/P\INIEJ0K=C"E)QW4PG%[)FW"LPW0-%" M*=PCXH?TG[(IV-Q`0AL3YGO*CL$-NOHDJ5Z,',&G(7%1_D/CRYM8K&IN?,.8T@D2DSY7PU[T1VJNJJXO[,`D?XJC MU_&@S5O@3Z]\8>^:XRD)I@G+:T+6/G.P%%=LTP/H_Y9"60)YPAET%099FMHS MHE_F4--^O44U$RF$IX#Q,KNU$+0WFDBMB2_6RK_,9TQ.L"0N\HM7VA?":8RG M92D6S1&X]W@[\T`"G7K9O+EXGPM9()TR9B?`*NU5>5XO;0[EZ>U%MID3$_5OL)DAKG.U-+=1B M%+I=:@-X,Q0O4S0ZH?`4QE47\6L4H[V96>)Y24(B51UWF;3J(VRQV&":!;%2 M%`84;"*RJ;CA[5#/%!>>,/8M\H&VAHUQ#RK788:E-&PS^2-XYEW0FM#;WR!XX:,)U*R MB*[;&:-_*)=*Q_HZ3*'BE&3_6,>5`?)5.?;"9>*0V40*Z\%57R;J\,$8\[5O M.Q]"O<"'N&'U@K`+0K%J,#%BV\JM.]]71/@P?;.' M344[[CSY<3)7T5%PI^7R/'QB=1;V]^R"^9)-%E9IH8%J>O]5SE)>E>G;U9Z\E09OCV*73)'?-+^U;@Y/$AQ_.2"7&WFY4IRB;_,2UOK1KKQ MR*';?5)046X'B$6:>/L[L?7C&]EZ\ M;.-37[U4SE"E@)Y>RK5:WIB\Z"F$]@%Y2V,GV!&_,!8^M[" M%6YR*[0@=@JG@N&-`XAZ-UBJ7P,"$_IKSL8<37OP4]M61]T?-\8J/053Q,+]T19UV[M<="ESCP.HG2,FN/Y=5> M#([JAO>[6!!Y+N#PV/)D.@B[L^1^#V@ZM// M>Q7X+$"QZ24S"^KO$A0"G,A2$<5RH'%Y. M&&=7M04=5VU-&SR@V0Q[ZH1$GUXPE(STN:4;[I[Z$L,XZO@<((@NY?R"H#MU MV<\\7F>\SMX$7!6HU3S^_P**@#5Q9@'HBF]P>X$DO^+6/*C]#)K2<4S.R$PM M`^O*3P.Z&WQ/#-`+H`4J>>"-/12%#*56#+*-J'@.^T3>%@7*X8:HY1=9.@=? M,XH$;QB1'0!&PR,`C,D.`.-!'0"9X)W"Z%/A!(;JT,.",D,&OIZ';/M$7A"` MV(94E`N4<<[/`[=3$-U\TK0,^(`ZN$N.L>0!MN(!?8DC9!MV)O*P!B4&T'(` MAZQD'YX(6OF2F9(:G)%?@+9R`(?`Q0````(`%19!4&UL550%``-P)\)5=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`5%D%1Y!Q"@'_*```2<`!`!0`&````````0```*2! M7<`!`'1C;RTR,#$U,#8S,%]C86PN>&UL550%``-P)\)5=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`5%D%1ZH%ZX3]F```WS\'`!0`&````````0```*2! MJND!`'1C;RTR,#$U,#8S,%]D968N>&UL550%``-P)\)5=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`5%D%1\)SX>O^)0$`>_P.`!0`&````````0```*2! M]8("`'1C;RTR,#$U,#8S,%]L86(N>&UL550%``-P)\)5=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`5%D%1WV>=]>NJ0``;UP(`!0`&````````0```*2! M0:D#`'1C;RTR,#$U,#8S,%]P&UL550%``-P)\)5=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`5%D%1]_.*/=*&@``NR\!`!``&````````0```*2! M/5,$`'1C;RTR,#$U,#8S,"YX`L``00E#@``!#D!``!0 52P4&``````8`!@`4`@``T6T$```` ` end XML 64 R26.htm IDEA: XBRL DOCUMENT v3.2.0.727 Derivative and Hedging Activities (Tables) 6 Months Ended Jun. 30, 2015 Derivative Instruments, Gain (Loss) [Line Items] Interest rate derivatives designated as cash flow hedges As of June 30, 2015, the Company had the following outstanding interest rate derivatives that were designated and are expected to be effective as cash flow hedges of the interest payments on the associated debt. Instrument Type Ownership Notional Amount Swap Rate Credit Spread on Loan Total Swapped Rate on Loan Maturity Date Consolidated Subsidiaries: Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾ 100 % $ 200,000 1.64 % 1.35 % ⁽¹⁾ 2.99 % ⁽¹⁾ February 2019 Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾ 100 % 175,000 1.65 % 1.35 % ⁽¹⁾ 3.00 % ⁽¹⁾ February 2019 Receive variable (LIBOR) /pay-fixed swap ⁽¹⁾ 100 % 100,000 1.64 % 1.35 % ⁽¹⁾ 2.99 % ⁽¹⁾ February 2019 Receive variable (LIBOR) /pay-fixed swap ⁽²⁾ 100 % 12,000 2.09 % 1.40 % 3.49 % March 2024 Unconsolidated Joint Ventures: Receive variable (LIBOR) /pay-fixed swap⁽³⁾ 50 % 135,721 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap⁽³⁾ 50 % 135,721 2.40 % 1.70 % 4.10 % April 2018 Receive variable (LIBOR) /pay-fixed swap⁽⁴⁾ 50.1 % 173,731 1.83 % 1.75 % 3.58 % December 2021 (1) The hedged forecasted transaction for each of these swaps is the first previously unhedged one-month LIBOR-indexed interest payments accrued and made each month on a debt principal amount equal to the swap notional amount, regardless of the specific debt agreement from which they may flow. The Company is currently using these swaps to manage interest rate risk on the $475 million TRG Term Loan. The credit spread on this loan can also vary within a range of 1.35% to 1.90%, depending on the Company's leverage ratio at the measurement date. (2) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on the U.S. headquarters building. (3) The notional amount on each of these swaps is equal to 50% of the outstanding principal balance of the loan on Fair Oaks Mall. (4) The notional amount on this swap is equal to the outstanding principal balance of the floating rate loan on International Plaza. Effect of derivative instruments on the Consolidated Statement of Operations and Comprehensive Income Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Six Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiary ⁽¹⁾ Nonoperating Income (Expense) ⁽¹⁾ $ (4,880 ) Interest rate contracts – consolidated subsidiaries ⁽¹⁾ $ (1,792 ) $ (7,735 ) Interest Expense ⁽¹⁾ $ (3,587 ) (5,043 ) Interest rate contracts – UJVs 82 (258 ) Equity in Income of UJVs (2,248 ) (1,551 ) Total derivatives in cash flow hedging relationships $ (1,710 ) $ (7,993 ) $ (5,835 ) $ (11,474 ) (1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Three Months Ended June 30 Three Months Ended June 30 2015 2014 2015 2014 Derivatives in cash flow hedging relationships: Interest rate contracts – consolidated subsidiary ⁽¹⁾ Nonoperating Income (Expense) ⁽¹⁾ $ (4,880 ) Interest rate contracts – consolidated subsidiaries ⁽¹⁾ $ 2,745 $ (5,284 ) Interest Expense ⁽¹⁾ $ (1,817 ) (2,507 ) Interest rate contracts – UJVs 2,041 (501 ) Equity in Income of UJVs (1,125 ) (783 ) Total derivatives in cash flow hedging relationships $ 4,786 $ (5,785 ) $ (2,942 ) $ (8,170 ) (1) Includes MacArthur Center swap for the period that it was effective as a hedge until June 2014, when hedge accounting was discontinued. Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet The Company records all derivative instruments at fair value in the Consolidated Balance Sheet. The following table presents the location and fair value of the Company’s derivative financial instruments as reported in the Consolidated Balance Sheet as of June 30, 2015 and December 31, 2014. Fair Value Consolidated Balance Sheet Location June 30 2015 December 31 2014 Derivatives designated as hedging instruments: Asset derivatives: Interest rate contracts – consolidated subsidiary Deferred Charges and Other Assets $ 45 Interest rate contract – UJV Investment in UJVs 82 $ 109 Total assets designated as hedging instruments $ 127 $ 109 Liability derivatives: Interest rate contracts – consolidated subsidiary Accounts Payable and Accrued Liabilities $ (6,095 ) $ (4,044 ) Interest rate contracts – UJV Investment in UJVs (5,044 ) (5,154 ) Total liabilities designated as hedging instruments $ (11,139 ) $ (9,198 ) X - DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + ReferencesNo definition available. + Details Name: us-gaap_DerivativeInstrumentsGainLossLineItems Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 + Details Name: us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + Details Name: us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details Name: us-gaap_ScheduleOfDerivativeInstrumentsTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 65 R49.htm IDEA: XBRL DOCUMENT v3.2.0.727 Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands 3 Months Ended 6 Months Ended Jun. 30, 2015 Jun. 30, 2014 Jun. 30, 2015 Jun. 30, 2014 Net income attributable to Taubman Centers, Inc. common shareowners (Numerator): Basic $ 23,230 $ 21,344 $ 52,852 $ 390,469 Impact of additional ownership of TRG 91 74 196 3,556 Diluted $ 23,321 $ 21,418 $ 53,048 $ 394,025 Shares (Denominator) – basic 61,606,563 63,263,237 62,319,211 63,214,694 Effect of dilutive securities 779,479 711,376 837,491 1,619,315 Shares (Denominator) – diluted 62,386,042 63,974,613 63,156,702 64,834,009 Earnings per common share - basic $ 0.38 $ 0.34 $ 0.85 $ 6.18 Earnings per common share – diluted $ 0.37 $ 0.33 $ 0.84 $ 6.08 Weighted average noncontrolling partnership units outstanding Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 4,043,824 4,348,429 4,096,487 4,343,555 Unissued partnership units under unit option deferral elections Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 871,262 871,262 871,262 X - DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Antidilution -URI http://asc.fasb.org/extlink&oid=6505113 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Diluted Earnings Per Share -URI http://asc.fasb.org/extlink&oid=6510752 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Contingent Stock Agreement -URI http://asc.fasb.org/extlink&oid=6508534 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + ReferencesNo definition available. + Details Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionAmount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of dilutive convertible securities excluding adjustments related to ESOP convertible preferred stock, stock options, and restrictive stock units. + ReferencesNo definition available. + Details Name: us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionAmount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.13) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4613673-111683 + Details Name: us-gaap_IncomeLossFromContinuingOperations Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThe amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.23) -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 + Details Name: us-gaap_IncomeLossFromContinuingOperationsPerBasicShare Namespace Prefix: us-gaap_ Data Type: num:perShareItemType Balance Type: na Period Type: duration X - DefinitionThe amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 20 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 21 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 18 -Article 7 + Details Name: us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare Namespace Prefix: us-gaap_ Data Type: num:perShareItemType Balance Type: na Period Type: duration X - DefinitionNet Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1377-109256 + Details Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details Name: us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details Name: us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Weighted-Average Number of Common Shares Outstanding -URI http://asc.fasb.org/extlink&oid=6528421 + Details Name: us-gaap_WeightedAverageNumberOfSharesOutstandingBasic Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - Details Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_StockCompensationPlanMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=tco_UnissuedPartnershipUnitsUnderUnitOptionDeferralElectionMember Namespace Prefix: Data Type: na Balance Type: Period Type: XML 66 R41.htm IDEA: XBRL DOCUMENT v3.2.0.727 Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) - USD ($) $ in Thousands 6 Months Ended Jun. 30, 2015 Dec. 31, 2014 Guarantor Obligations [Line Items] Other Restrictions on Payment of Dividends 0.95 Notes Payable $ 2,212,461 $ 2,025,505 Derivative Asset, Fair Value, Gross Asset 127 109 Restricted cash 16,917 $ 37,502 Cash in escrow related to construction projects $ 15,000 The Mall at University Town Center [Member] Guarantor Obligations [Line Items] Unconditional Guaranty Liability, Principal Balance, Percent 25.00% Unconditional Guaranty Liability, Interest, Percent 50.00% Construction Facility, Maximum Borrowing Capacity $ 225,000 Construction Loan 215,100 Interest Payable $ 300 Unconditional Guaranty Liability Upon Achievement of Performance Inventives, Principal Balance, Percent, 12.50% The Mall of San Juan [Member] Guarantor Obligations [Line Items] Construction Facility, Maximum Borrowing Capacity $ 320,000 Construction Loan 234,800 Interest Payable $ 200 International Plaza [Member] Guarantor Obligations [Line Items] Unconditional Guaranty Liability, Principal Balance, Percent 50.10% Interest Payable $ 200 Notes Payable 175,000 Derivative Asset, Fair Value, Gross Asset $ 200 X - DefinitionCash in escrow related to construction projects + ReferencesNo definition available. + Details Name: tco_Cashinescrowrelatedtoconstructionprojects Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionMaximum borrowing capacity under the construction facility without consideration of any amounts currently outstanding under the facility. + ReferencesNo definition available. + Details Name: tco_ConstructionFacilityMaximumBorrowingCapacity Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionPercentage of unconditional guaranty of accrued but unpaid interest of construction facility + ReferencesNo definition available. + Details Name: tco_UnconditionalGuarantyLiabilityInterestPercent Namespace Prefix: tco_ Data Type: num:percentItemType Balance Type: na Period Type: instant X - DefinitionPercentage of unconditional guaranty of principal balance of construction facility + ReferencesNo definition available. + Details Name: tco_UnconditionalGuarantyLiabilityPrincipalBalancePercent Namespace Prefix: tco_ Data Type: num:percentItemType Balance Type: na Period Type: instant X - DefinitionPercentage of unconditional guaranty of principal balance of construction facility upon avhievement of performance measures + ReferencesNo definition available. + Details Name: tco_UnconditionalGuarantyLiabilityUponAchievementofPerformanceInventivesPrincipalBalancePercent Namespace Prefix: tco_ Data Type: num:percentItemType Balance Type: na Period Type: instant X - DefinitionThis element represents the carrying value of a short-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project, usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property. Note that there are separate concepts for the current and noncurrent portions of long-term construction loans. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20 -Article 5 + Details Name: us-gaap_ConstructionLoan Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionFair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=34720828&loc=SL20225862-175312 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=36459792&loc=SL20226000-175313 + Details Name: us-gaap_DerivativeFairValueOfDerivativeAsset Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: instant X - DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + ReferencesNo definition available. + Details Name: us-gaap_GuaranteeObligationsLineItems Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionAmount of interest payable on debt, including, but not limited to, trade payables. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15(5)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.15(a)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph a -Article 7 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 15 -Subparagraph 5 -Article 9 + Details Name: us-gaap_InterestPayableCurrentAndNoncurrent Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionIncluding the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.16) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13, 16 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details Name: us-gaap_NotesPayable Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionStatement regarding other restrictions (not covered by a more specific disclosure element) on the entity's ability to pay dividends. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph e -Article 4 + Details Name: us-gaap_OtherRestrictionsOnPaymentOfDividends Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 + Details Name: us-gaap_RestrictedCashAndCashEquivalents Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: instant X - Details Name: dei_LegalEntityAxis=tco_TheMallatUniversityTownCenterMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: dei_LegalEntityAxis=tco_MallOfSanJuanMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: dei_LegalEntityAxis=tco_InternationalPlazaMember Namespace Prefix: Data Type: na Balance Type: Period Type: XML 67 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands Total Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Accumulated Other Comprehensive Income (Loss) [Member] Accumulated Distributions in Excess of Net Income [Member] Noncontrolling Interest [Member] Balance at Dec. 31, 2013 $ (215,660) $ 25 $ 631 $ 796,787 $ (8,914) $ (908,656) $ (95,533) Balance (in shares) at Dec. 31, 2013 39,651,069 63,101,614 Increase (Decrease) in Stockholders' Equity [Roll Forward] Issuance of stock pursuant to Continuing Offer (Notes 9 and 10), shares (25,500) 25,500 Repurchase of common stock (Note 6), Shares (266) Repurchase of common stock (Note 6) (17) (17) Share-based compensation under employee and director benefit plans (Note 9) 6,090 $ 2 6,088 Share-based compensation under employee and director benefit plans (Note 9), shares 136,622 Adjustments of noncontrolling interests (Notes 2 and 7) (1) (5) 21 (17) Contributions from noncontrolling interests 22,345 22,345 Dividends and distributions (114,628) (80,876) Distributions to noncontrolling interests (33,752) Other, Shares 1,431 Other (81) 133 (224) 10 Net income 565,211 402,976 162,235 Unrealized loss on interest rate instruments and other (14,587) (10,321) (4,266) Cumulative translation adjustment 1,850 1,324 526 Reclassification adjustment for amounts recognized in net income 11,474 7,982 3,492 Balance at Jun. 30, 2014 261,996 $ 25 $ 633 802,986 (9,908) (586,780) 55,040 Balance (in shares) at Jun. 30, 2014 39,627,000 63,263,470 Balance at Dec. 31, 2014 419,943 $ 25 $ 633 815,961 (15,068) (483,188) 101,580 Balance (in shares) at Dec. 31, 2014 39,617,000 63,324,409 Increase (Decrease) in Stockholders' Equity [Roll Forward] Issuance of stock pursuant to Continuing Offer (Notes 9 and 10), shares (72,061) 72,065 Issuance of stock pursuant to Continuing Offer (Notes 9 and 10) $ 1 (1) Repurchase of common stock (Note 6), Shares (2,803,421) Repurchase of common stock (Note 6) (207,480) $ (28) (207,452) Share-based compensation under employee and director benefit plans (Note 9) 13,761 $ 3 13,758 Share-based compensation under employee and director benefit plans (Note 9), shares 293,812 Adjustments of noncontrolling interests (Notes 2 and 7) (9,296) 56,610 (153) (65,753) Dividends and distributions (115,778) (82,296) Distributions to noncontrolling interests (33,482) Other (259) 7 (266) Net income 93,333 65,406 27,927 Unrealized loss on interest rate instruments and other (7,545) (5,345) (2,200) Cumulative translation adjustment (4,025) (2,851) (1,174) Reclassification adjustment for amounts recognized in net income 5,835 4,133 1,702 Balance at Jun. 30, 2015 $ 188,489 $ 25 $ 609 $ 678,883 $ (19,284) $ (500,344) $ 28,600 Balance (in shares) at Jun. 30, 2015 39,544,939 60,886,865 X - DefinitionChange in additional paid in capital as a result of a reallocation of a subsidiary's stockholders' equity to noncontrolling interests, including adjustments to redeemable noncontrolling interests. + ReferencesNo definition available. + Details Name: tco_AdjustmentsToAdditionalPaidInCapitalReallocationOfNoncontrollingInterests Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionContributions from Noncontrolling Interests + ReferencesNo definition available. + Details Name: tco_ContributionsFromNoncontrollingInterestsExcludesContributionFromRedeemableNoncontrollingInterests Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThe increase (decrease) in cumulative translation adjustment before transfers included in determining net income. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 30 -Section 45 -Paragraph 20 -Subparagraph (b),(c) -URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900 + Details Name: us-gaap_CumulativeTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: na Period Type: duration X - DefinitionAmount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 405 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 + Details Name: us-gaap_Dividends Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. + ReferencesNo definition available. + Details Name: us-gaap_IncreaseDecreaseInStockholdersEquityRollForward Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionDecrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 + Details Name: us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionAmount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph c -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580 + Details Name: us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionAmount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 10A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669646-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details Name: us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591552-111686 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4591551-111686 + Details Name: us-gaap_ProfitLoss Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionNumber of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 + Details Name: us-gaap_SharesIssued Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: instant X - DefinitionThe number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28,29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 + Details Name: us-gaap_StockIssuedDuringPeriodSharesConversionOfUnits Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionNumber of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 + Details Name: us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionValue of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 + Details Name: us-gaap_StockIssuedDuringPeriodValueConversionOfUnits Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionValue of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 + Details Name: us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionNumber of shares that have been repurchased and retired during the period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5 + Details Name: us-gaap_StockRepurchasedAndRetiredDuringPeriodShares Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - DefinitionEquity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital). + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 + Details Name: us-gaap_StockRepurchasedAndRetiredDuringPeriodValue Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionAmount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683 + Details Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant X - DefinitionThis element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. + ReferencesNo definition available. + Details Name: us-gaap_StockholdersEquityOther Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis element represents movements in the number of shares included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. + ReferencesNo definition available. + Details Name: us-gaap_StockholdersEquityOtherShares Namespace Prefix: us-gaap_ Data Type: xbrli:sharesItemType Balance Type: na Period Type: duration X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedDistributionsInExcessOfNetIncomeMember Namespace Prefix: Data Type: na Balance Type: Period Type: X - Details Name: us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember Namespace Prefix: Data Type: na Balance Type: Period Type: XML 68 R10.htm IDEA: XBRL DOCUMENT v3.2.0.727 Investments in Unconsolidated Joint Ventures 6 Months Ended Jun. 30, 2015 Equity Method Investments and Joint Ventures [Abstract] Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures General Information The Company owns beneficial interests in joint ventures that own shopping centers. The Operating Partnership is the sole direct or indirect managing general partner or managing member of Fair Oaks, International Plaza, Stamford Town Center, Sunvalley, The Mall at University Town Center, and Westfarms. The Operating Partnership also provides certain management, leasing, and/or development services to the other shopping centers noted below. Shopping Center Ownership as of June 30, 2015 and December 31, 2014 CityOn.Xi'an (under construction) Note 2 CityOn.Zhengzhou (under construction) Note 2 Fair Oaks 50% Hanam Union Square (under construction) Note 2 International Plaza 50.1 The Mall at Millenia 50 Stamford Town Center 50 Sunvalley 50 The Mall at University Town Center 50 Waterside Shops 50 Westfarms 79 The Company's carrying value of its Investment in Unconsolidated Joint Ventures differs from its share of the partnership or members’ equity reported in the combined balance sheet of the Unconsolidated Joint Ventures due to (i) the Company's cost of its investment in excess of the historical net book values of the Unconsolidated Joint Ventures and (ii) the Operating Partnership’s adjustments to the book basis, including intercompany profits on sales of services that are capitalized by the Unconsolidated Joint Ventures. The Company's additional basis allocated to depreciable assets is recognized on a straight-line basis over 40 years. The Operating Partnership’s differences in bases are amortized over the useful lives or terms of the related assets and liabilities. In its Consolidated Balance Sheet, the Company separately reports its investment in Unconsolidated Joint Ventures for which accumulated distributions have exceeded investments in and net income of the Unconsolidated Joint Ventures. The net equity of certain joint ventures is less than zero because distributions are usually greater than net income, as net income includes non-cash charges for depreciation and amortization. In addition, any distributions related to refinancing of the centers further decrease the net equity of the centers. The estimated fair value of the Unconsolidated Joint Ventures’ mortgage notes payable was $2.0 billion at both June 30, 2015 and December 31, 2014. The methodology for determining this fair value is consistent with that used for determining the fair value of consolidated mortgage notes payable (Note 12). Combined Financial Information Combined balance sheet and results of operations information is presented in the following table for the Unconsolidated Joint Ventures, followed by the Operating Partnership's beneficial interest in the combined operations information. The combined information of the Unconsolidated Joint Ventures as of June 30, 2015 and December 31, 2014 excluded the balances of CityOn.Xi'an, CityOn.Zhengzhou, and Hanam Union Square which are currently under construction (Note 2). Beneficial interest is calculated based on the Operating Partnership's ownership interest in each of the Unconsolidated Joint Ventures. June 30 2015 December 31 2014 Assets: Properties $ 1,601,636 $ 1,580,926 Accumulated depreciation and amortization (568,755 ) (548,646 ) $ 1,032,881 $ 1,032,280 Cash and cash equivalents 29,252 49,765 Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014 35,695 38,788 Deferred charges and other assets 41,079 33,200 $ 1,138,907 $ 1,154,033 Liabilities and accumulated deficiency in assets: Notes payable $ 2,006,424 $ 1,989,546 Accounts payable and other liabilities 68,735 103,161 TRG's accumulated deficiency in assets (523,737 ) (525,759 ) Unconsolidated Joint Venture Partners' accumulated deficiency in assets (412,515 ) (412,915 ) $ 1,138,907 $ 1,154,033 TRG's accumulated deficiency in assets (above) $ (523,737 ) $ (525,759 ) TRG's investment in properties under construction (Note 2) 277,588 232,091 TRG basis adjustments, including elimination of intercompany profit 130,088 132,058 TCO's additional basis 53,989 54,963 Net investment in Unconsolidated Joint Ventures $ (62,072 ) $ (106,647 ) Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 474,449 476,651 Investment in Unconsolidated Joint Ventures $ 412,377 $ 370,004 Three Months Ended June 30 Six Months Ended June 30 2015 2014 2015 2014 Revenues $ 88,418 $ 80,294 $ 180,332 $ 157,519 Maintenance, taxes, utilities, promotion, and other operating expenses $ 29,286 $ 25,448 $ 56,281 $ 50,446 Interest expense 21,318 18,400 42,547 36,547 Depreciation and amortization 13,654 10,338 26,406 21,196 Total operating costs $ 64,258 $ 54,186 $ 125,234 $ 108,189 Nonoperating income (expense) (3 ) (5 ) 5 (3 ) Net income $ 24,157 $ 26,103 $ 55,103 $ 49,327 Net income attributable to TRG $ 13,435 $ 14,303 $ 30,488 $ 27,061 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 1,055 859 1,563 656 Depreciation of TCO's additional basis (486 ) (487 ) (972 ) (974 ) Equity in income of Unconsolidated Joint Ventures $ 14,004 $ 14,675 $ 31,079 $ 26,743 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses $ 33,911 $ 31,484 $ 70,417 $ 60,574 Interest expense (11,405 ) (9,955 ) (22,768 ) (19,799 ) Depreciation and amortization (8,502 ) (6,854 ) (16,570 ) (14,032 ) Equity in income of Unconsolidated Joint Ventures $ 14,004 $ 14,675 $ 31,079 $ 26,743 X - ReferencesNo definition available. + Details Name: us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 + Details Name: us-gaap_EquityMethodInvestmentsDisclosureTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 69 R27.htm IDEA: XBRL DOCUMENT v3.2.0.727 Share-Based Compensation (Tables) 6 Months Ended Jun. 30, 2015 Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of option activity for the six months ended June 30, 2015 is presented below: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Range of Exercise Prices Outstanding at January 1, 2015 521,293 $ 39.20 1.6 $ 26.56 - $ 51.15 Exercised (228,750 ) 29.72 Outstanding at June 30, 2015 292,543 $ 46.60 1.9 $ 35.50 - $ 51.15 Fully vested options at June 30, 2015 292,543 $ 46.60 1.9 Schedule of Nonvested Performance-based Units Activity [Table Text Block] A summary of PSU activity for the six months ended June 30, 2015 is presented below: Number of Performance Share Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 254,651 $ 132.86 Vested (43,575 ) ₍₁₎ 97.44 Granted 50,256 112.30 Forfeited (5,854 ) 174.95 Outstanding at June 30, 2015 255,478 $ 134.52 (1) Based on the Company's market performance relative to that of a peer group, the actual number of shares of common stock issued upon vesting during the six months ended June 30, 2015 was zero Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] A summary of RSU activity for the six months ended June 30, 2015 is presented below: Number of Restricted Share Units Weighted Average Grant Date Fair Value Outstanding at January 1, 2015 293,651 $ 67.00 Vested (93,331 ) 65.49 Granted 100,682 74.36 Forfeited (13,884 ) 69.90 Outstanding at June 30, 2015 287,118 $ 69.92 X - DefinitionTabular disclosure of the changes in outstanding nonvested performance-based units. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details Name: us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock units. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details Name: us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details Name: us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + ReferencesNo definition available. + Details Name: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration XML 70 FilingSummary.xml IDEA: XBRL DOCUMENT 3.2.0.727 html 196 392 1 false 75 0 false 6 false false R1.htm 0001000 - Document - Document and Entity Information Document Sheet http://taubman.com/role/DocumentAndEntityInformationDocument Document and Entity Information Document Cover 1 false false R2.htm 1001000 - Statement - CONSOLIDATED BALANCE SHEET Sheet http://taubman.com/role/ConsolidatedBalanceSheet CONSOLIDATED BALANCE SHEET Statements 2 false false R3.htm 1001501 - Statement - CONSOLIDATED BALANCE SHEET (Parenthetical) Sheet http://taubman.com/role/ConsolidatedBalanceSheetParenthetical CONSOLIDATED BALANCE SHEET (Parenthetical) Statements 3 false false R4.htm 1003000 - Statement - CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Sheet http://taubman.com/role/ConsolidatedStatementOfOperationsAndComprehensiveIncome CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Statements 4 false false R5.htm 1004000 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Sheet http://taubman.com/role/ConsolidatedStatementOfChangesInEquity CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Statements 5 false false R6.htm 1005000 - Statement - CONSOLIDATED STATEMENT OF CASH FLOWS Sheet http://taubman.com/role/ConsolidatedStatementOfCashFlows CONSOLIDATED STATEMENT OF CASH FLOWS Statements 6 false false R7.htm 2101100 - Disclosure - Interim Financial Statements Sheet http://taubman.com/role/InterimFinancialStatements Interim Financial Statements Notes 7 false false R8.htm 2102100 - Disclosure - Dispositions, Acquisition, and Developments Sheet http://taubman.com/role/DispositionsAcquisitionAndDevelopments Dispositions, Acquisition, and Developments Notes 8 false false R9.htm 2103100 - Disclosure - Income Taxes Sheet http://taubman.com/role/IncomeTaxes Income Taxes Notes 9 false false R10.htm 2104100 - Disclosure - Investments in Unconsolidated Joint Ventures Sheet http://taubman.com/role/InvestmentsInUnconsolidatedJointVentures Investments in Unconsolidated Joint Ventures Notes 10 false false R11.htm 2105100 - Disclosure - Beneficial Interest in Debt and Interest Expense Sheet http://taubman.com/role/BeneficialInterestInDebtAndInterestExpense Beneficial Interest in Debt and Interest Expense Notes 11 false false R12.htm 2106100 - Disclosure - Equity Transactions Sheet http://taubman.com/role/EquityTransactions Equity Transactions Notes 12 false false R13.htm 2107100 - Disclosure - Noncontrolling Interests Sheet http://taubman.com/role/NoncontrollingInterests Noncontrolling Interests Notes 13 false false R14.htm 2108100 - Disclosure - Derivative and Hedging Activities Sheet http://taubman.com/role/DerivativeAndHedgingActivities Derivative and Hedging Activities Notes 14 false false R15.htm 2109100 - Disclosure - Share-Based Compensation Sheet http://taubman.com/role/ShareBasedCompensation Share-Based Compensation Notes 15 false false R16.htm 2110100 - Disclosure - Commitments and Contingencies Sheet http://taubman.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 16 false false R17.htm 2111100 - Disclosure - Earnings Per Share Sheet http://taubman.com/role/EarningsPerShare Earnings Per Share Notes 17 false false R18.htm 2113100 - Disclosure - Fair Value Disclosures Sheet http://taubman.com/role/FairValueDisclosures Fair Value Disclosures Notes 18 false false R19.htm 2114100 - Disclosure - Accumulated Other Comprehensive Income (Notes) Notes http://taubman.com/role/AccumulatedOtherComprehensiveIncomeNotes Accumulated Other Comprehensive Income (Notes) Notes 19 false false R20.htm 2115100 - Disclosure - Cash Flow Disclosures, Supplemental (Notes) Notes http://taubman.com/role/CashFlowDisclosuresSupplementalNotes Cash Flow Disclosures, Supplemental (Notes) Notes 20 false false R21.htm 2117100 - Disclosure - New Accounting Pronouncement (Notes) Notes http://taubman.com/role/NewAccountingPronouncementNotes New Accounting Pronouncement (Notes) Notes 21 false false R22.htm 2303301 - Disclosure - Income Taxes (Tables) Sheet http://taubman.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://taubman.com/role/IncomeTaxes 22 false false R23.htm 2304301 - Disclosure - Investments in Unconsolidated Joint Ventures (Tables) Sheet http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesTables Investments in Unconsolidated Joint Ventures (Tables) Tables http://taubman.com/role/InvestmentsInUnconsolidatedJointVentures 23 false false R24.htm 2305301 - Disclosure - Beneficial Interest in Debt and Interest Expense (Tables) Sheet http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseTables Beneficial Interest in Debt and Interest Expense (Tables) Tables http://taubman.com/role/BeneficialInterestInDebtAndInterestExpense 24 false false R25.htm 2307301 - Disclosure - Noncontrolling Interests (Tables) Sheet http://taubman.com/role/NoncontrollingInterestsTables Noncontrolling Interests (Tables) Tables http://taubman.com/role/NoncontrollingInterests 25 false false R26.htm 2308301 - Disclosure - Derivative and Hedging Activities (Tables) Sheet http://taubman.com/role/DerivativeAndHedgingActivitiesTables Derivative and Hedging Activities (Tables) Tables http://taubman.com/role/DerivativeAndHedgingActivities 26 false false R27.htm 2309301 - Disclosure - Share-Based Compensation (Tables) Sheet http://taubman.com/role/ShareBasedCompensationTables Share-Based Compensation (Tables) Tables http://taubman.com/role/ShareBasedCompensation 27 false false R28.htm 2311302 - Disclosure - Earnings Per Share (Tables) Sheet http://taubman.com/role/EarningsPerShareTables Earnings Per Share (Tables) Tables http://taubman.com/role/EarningsPerShare 28 false false R29.htm 2313301 - Disclosure - Fair Value Disclosures (Tables) Sheet http://taubman.com/role/FairValueDisclosuresTables Fair Value Disclosures (Tables) Tables http://taubman.com/role/FairValueDisclosures 29 false false R30.htm 2314301 - Disclosure - Accumulated Other Comprehensive Income (Tables) Sheet http://taubman.com/role/AccumulatedOtherComprehensiveIncomeTables Accumulated Other Comprehensive Income (Tables) Tables http://taubman.com/role/AccumulatedOtherComprehensiveIncomeNotes 30 false false R31.htm 2315301 - Disclosure - Cash Flow Disclosures, Supplemental (Tables) Sheet http://taubman.com/role/CashFlowDisclosuresSupplementalTables Cash Flow Disclosures, Supplemental (Tables) Tables http://taubman.com/role/CashFlowDisclosuresSupplementalNotes 31 false false R32.htm 2401401 - Disclosure - Interim Financial Statements (Details) Sheet http://taubman.com/role/InterimFinancialStatementsDetails Interim Financial Statements (Details) Details http://taubman.com/role/InterimFinancialStatements 32 false false R33.htm 2401402 - Disclosure - Interim Financial Statements (Operating Partnership) (Details) Sheet http://taubman.com/role/InterimFinancialStatementsOperatingPartnershipDetails Interim Financial Statements (Operating Partnership) (Details) Details http://taubman.com/role/InterimFinancialStatements 33 false false R34.htm 2402401 - Disclosure - Dispositions, Acquisition, and Developments (Details) Sheet http://taubman.com/role/DispositionsAcquisitionAndDevelopmentsDetails Dispositions, Acquisition, and Developments (Details) Details http://taubman.com/role/DispositionsAcquisitionAndDevelopments 34 false false R35.htm 2403402 - Disclosure - Income Taxes (Details) Sheet http://taubman.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://taubman.com/role/IncomeTaxesTables 35 false false R36.htm 2404402 - Disclosure - Investments in Unconsolidated Joint Ventures (Details) Sheet http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesDetails Investments in Unconsolidated Joint Ventures (Details) Details http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesTables 36 false false R37.htm 2404403 - Disclosure - Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) Sheet http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesCombinedFinancialInformationBalanceSheetDetails Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) Details http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesTables 37 false false R38.htm 2404404 - Disclosure - Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) Sheet http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesCombinedFinancialInformationIncomeStatementDetails Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) Details http://taubman.com/role/InvestmentsInUnconsolidatedJointVenturesTables 38 false false R39.htm 2405402 - Disclosure - Beneficial Interest in Debt and Interest Expense (Details) Sheet http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseDetails Beneficial Interest in Debt and Interest Expense (Details) Details http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseTables 39 false false R40.htm 2405403 - Disclosure - Beneficial Interest in Debt and Interest Expense (Specific Debt Instrument Detail) (Details) Sheet http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseSpecificDebtInstrumentDetailDetails Beneficial Interest in Debt and Interest Expense (Specific Debt Instrument Detail) (Details) Details http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseTables 40 false false R41.htm 2405404 - Disclosure - Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) Sheet http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseDebtCovenantsAndGuaranteesDetails Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) Details http://taubman.com/role/BeneficialInterestInDebtAndInterestExpenseTables 41 false false R42.htm 2406402 - Disclosure - Equity Transactions (Details) Sheet http://taubman.com/role/EquityTransactionsDetails Equity Transactions (Details) Details http://taubman.com/role/EquityTransactions 42 false false R43.htm 2407402 - Disclosure - Noncontrolling Interests (Details) Sheet http://taubman.com/role/NoncontrollingInterestsDetails Noncontrolling Interests (Details) Details http://taubman.com/role/NoncontrollingInterestsTables 43 false false R44.htm 2408402 - Disclosure - Derivative and Hedging Activities (Interest Rate Derivatives) (Details) Sheet http://taubman.com/role/DerivativeAndHedgingActivitiesInterestRateDerivativesDetails Derivative and Hedging Activities (Interest Rate Derivatives) (Details) Details http://taubman.com/role/DerivativeAndHedgingActivitiesTables 44 false false R45.htm 2408403 - Disclosure - Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) Sheet http://taubman.com/role/DerivativeAndHedgingActivitiesEffectOfDerivativeInstrumentsOnConsolidatedStatementOfOperationsAndComprehensiveIncomeDetails Derivative and Hedging Activities (Effect of Derivative Instruments on the Consolidated Statement of Operations and Comprehensive Income) (Details) Details http://taubman.com/role/DerivativeAndHedgingActivitiesTables 45 false false R46.htm 2408404 - Disclosure - Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) Sheet http://taubman.com/role/DerivativeAndHedgingActivitiesLocationAndFairValueOfDerivativeInstrumentsAsReportedInConsoiidatedBalanceSheetDetails Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) Details http://taubman.com/role/DerivativeAndHedgingActivitiesTables 46 false false R47.htm 2409402 - Disclosure - Share-Based Compensation (Details) Sheet http://taubman.com/role/ShareBasedCompensationDetails Share-Based Compensation (Details) Details http://taubman.com/role/ShareBasedCompensationTables 47 false false R48.htm 2410401 - Disclosure - Commitments and Contingencies (Details) Sheet http://taubman.com/role/CommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://taubman.com/role/CommitmentsAndContingencies 48 false false R49.htm 2411403 - Disclosure - Earnings Per Share (Details) Sheet http://taubman.com/role/EarningsPerShareDetails Earnings Per Share (Details) Details http://taubman.com/role/EarningsPerShareTables 49 false false R50.htm 2413402 - Disclosure - Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) Sheet http://taubman.com/role/FairValueDisclosuresFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisDetails Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) Details http://taubman.com/role/FairValueDisclosuresTables 50 false false R51.htm 2413403 - Disclosure - Fair Value Disclosures (Details) Sheet http://taubman.com/role/FairValueDisclosuresDetails Fair Value Disclosures (Details) Details http://taubman.com/role/FairValueDisclosuresTables 51 false false R52.htm 2413404 - Disclosure - Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) Notes http://taubman.com/role/FairValueDisclosuresEstimatedFairValueOfNotesPayableDetails Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) Details http://taubman.com/role/FairValueDisclosuresTables 52 false false R53.htm 2414402 - Disclosure - Accumulated Other Comprehensive Income (Details) Sheet http://taubman.com/role/AccumulatedOtherComprehensiveIncomeDetails Accumulated Other Comprehensive Income (Details) Details http://taubman.com/role/AccumulatedOtherComprehensiveIncomeTables 53 false false R54.htm 2415402 - Disclosure - Cash Flow Disclosures, Supplemental (Details) Sheet http://taubman.com/role/CashFlowDisclosuresSupplementalDetails Cash Flow Disclosures, Supplemental (Details) Details http://taubman.com/role/CashFlowDisclosuresSupplementalTables 54 false false All Reports Book All Reports In ''Beneficial Interest in Debt and Interest Expense (Details)'', element tco:IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense with value 9955000 has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Beneficial Interest in Debt and Interest Expense (Details)'', element tco:IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense with value 19799000 has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Beneficial Interest in Debt and Interest Expense (Details)'', element tco:IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense with value 11405000 has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''Beneficial Interest in Debt and Interest Expense (Details)'', element tco:IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense with value 22768000 has label periodEndLabel, but the context is a duration, not an instant. It will be treated as if it had no label. In ''CONSOLIDATED BALANCE SHEET'', column(s) 3, 4 are contained in other reports, so were removed by flow through suppression. In ''CONSOLIDATED STATEMENT OF CASH FLOWS'', column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. tco-20150630.xml tco-20150630_cal.xml tco-20150630_def.xml tco-20150630_lab.xml tco-20150630_pre.xml tco-20150630.xsd true true XML 71 R38.htm IDEA: XBRL DOCUMENT v3.2.0.727 Investments in Unconsolidated Joint Ventures (Combined Financial Information Income Statement) (Details) - USD ($) $ in Thousands 3 Months Ended 6 Months Ended Jun. 30, 2015 Jun. 30, 2014 Jun. 30, 2015 Jun. 30, 2014 Equity method investment, summarized financial information, income statement [Abstract] Revenues $ 88,418 $ 80,294 $ 180,332 $ 157,519 Maintenance, taxes, utilities, promotion, and other operating expenses 29,286 25,448 56,281 50,446 Interest expense 21,318 18,400 42,547 36,547 Depreciation and amortization 13,654 10,338 26,406 21,196 Total operating costs 64,258 54,186 125,234 108,189 Nonoperating income (expense) (3) (5) 5 (3) Net income 24,157 26,103 55,103 49,327 Net income attributable to TRG 13,435 14,303 30,488 27,061 Realized intercompany profit, net of depreciation on TRG’s basis adjustments 1,055 859 1,563 656 Depreciation of TCO's additional basis (486) (487) (972) (974) Equity in income of Unconsolidated Joint Ventures 14,004 14,675 31,079 26,743 Beneficial interest in Unconsolidated Joint Ventures’ operations: Revenues less maintenance, taxes, utilities, promotion, and other operating expenses 33,911 31,484 70,417 60,574 Interest expense (11,405) (9,955) (22,768) (19,799) Depreciation and amortization $ (8,502) $ (6,854) $ (16,570) $ (14,032) X - ReferencesNo definition available. + Details Name: tco_BeneficialInterestInUnconsolidatedJointVenturesOperationsAbstract Namespace Prefix: tco_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThis item represents the charge in the period due to depreciation of the Company's additional basis, which is allocated to depreciable assets and recognized on a straight-line basis over 40 years. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentDifferenceBetweenNetIncomeAttributableToOperatingPartnershipAndEquityInIncomeOfUnconsolidatedJointVenturesDepreciationOfCompanysAdditionalBasis Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the difference between the amount of net income attributable to the operating partnership, and the equity in income of unconsolidated joint ventures as reported on the Consolidated Statement of Operations. The difference is due to realized intercompany profit, net of depreciation on the operating partnership's basis adjustments. The Operating Partnership's differences in bases are amortized over the useful lives of the related assets. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentDifferenceBetweenNetIncomeAttributableToOperatingPartnershipAndEquityInIncomeOfUnconsolidatedJointVenturesRealizedIntercompanyProfitNetOfDepreciation Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThis item represents the share of the investee's net income (loss) attributable to the operating partnership. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentNetIncomeAttributableToOperatingPartnership Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThis item represents the disclosure of summarized financial information of depreciation and amortization for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentSummarizedFinancialInformationDepreciationAndAmortization Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the disclosure of summarized financial information of interest expense for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentSummarizedFinancialInformationInterestExpense Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the disclosure of summarized financial information of maintenance, taxes, utilities, promotion and other operating expenses for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentSummarizedFinancialInformationMaintenanceTaxesUtilitiesAndOtherOperatingExpenses Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the disclosure of summarized financial information of nonoperating income for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentSummarizedFinancialInformationNonoperatingIncome Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThis item represents the disclosure of summarized financial information of total operating costs for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. + ReferencesNo definition available. + Details Name: tco_EquityMethodInvestmentSummarizedFinancialInformationTotalOperatingCosts Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the entity's proportionate share for the period of the depreciation and amortization of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied, adjusted to eliminate intercompany gains and losses, and includes amortization of any difference between cost and underlying equity in net assets of the investee at the date of investment. + ReferencesNo definition available. + Details Name: tco_IncomeLossFromEquityMethodInvestmentsPortionDueToDepreciationAndAmortization Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the entity's proportionate share for the period of the interest expense of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. + ReferencesNo definition available. + Details Name: tco_IncomeLossFromEquityMethodInvestmentsPortionDueToInterestExpense Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: debit Period Type: duration X - DefinitionThis item represents the entity's proportionate share for the period of the revenues less maintenance, taxes, utilities and other operating expenses of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied, and including realized intercompany gains and losses. + ReferencesNo definition available. + Details Name: tco_IncomeLossFromEquityMethodInvestmentsPortionDueToRevenuesLessMaintenanceTaxesUtilitiesAndOtherOperatingExpenses Namespace Prefix: tco_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe amount of net income (loss) reported by an equity method investment of the entity. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(g)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph bb -Article 1 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph w -Article 1 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph g -Subparagraph 1, 2 -Article 4 + Details Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThe amount of revenue from sale of goods and services reduced by sales returns, allowances, and discounts reported by an equity method investment of the entity. + ReferencesNo definition available. + Details Name: us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration X - DefinitionThis item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35755396&loc=d3e33749-111570 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.12) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 9 -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 11 -Article 7 + Details Name: us-gaap_IncomeLossFromEquityMethodInvestments Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: duration XML 72 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727 Cash Flow Disclosures, Supplemental (Notes) 6 Months Ended Jun. 30, 2015 Supplemental Cash Flow Elements [Abstract] Cash Flow, Supplemental Disclosures [Text Block] Cash Flow Disclosures and Non-Cash Investing and Financing Activities Interest paid for the six months ended June 30, 2015 and 2014, net of amounts capitalized of $16.8 million and $11.7 million, respectively, was $26.4 million and $48.5 million, respectively. Income taxes paid for the six months ended June 30, 2015 and 2014 were $0.7 million and $8.9 million, respectively. The following non-cash investing and financing activities occurred during the six months ended June 30, 2015 and June 30, 2014. Six Months Ended June 30 2015 2014 Recapitalization of The Mall of San Juan joint venture (Note 2) $ 9,296 Receipt of Simon Property Group Limited Partnership units in connection with the sale of Arizona Mills (Note 2) $ 77,711 Issuance of TRG partnership units in connection with the purchase of the U.S. headquarters building (Note 2) 91 Assumption of debt in connection with the purchase of the U.S. headquarters building (Note 2) 18,215 Other non-cash additions to properties 47,974 51,439 Other non-cash additions to properties primarily represent accrued construction and tenant allowance costs. Various assets and liabilities were also adjusted upon the disposition of interests in International Plaza and the deconsolidation of the Company's remaining interest (Note 2). X - DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586 + Details Name: us-gaap_CashFlowSupplementalDisclosuresTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_SupplementalCashFlowElementsAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration

Derivative and Hedging Activities (Location and Fair Value of Derivative Instruments as Reported in the Consoiidated Balance Sheet) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	$ (11,139)	$ (9,198)
Derivative Asset, Fair Value, Gross Asset	127	109
Interest Rate Contracts Consolidated Subsidiaries Member \| Deferred Charges And Other Assets [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Asset, Fair Value, Gross Asset	45
Interest Rate Contracts Ujvs Member \| Equity Method Investments [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Asset, Fair Value, Gross Asset	82	109
Interest Rate Contract [Member] \| Deferred Charges And Other Assets [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Asset, Fair Value, Gross Asset
Interest Rate Contract [Member] \| Accounts Payable and Accrued Liabilities [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	(6,095)	(4,044)
Interest Rate Contract [Member] \| Equity Method Investments [Member]
Location and fair value of derivative instruments as reported in the Consolidated Balance Sheet [Abstract]
Derivative Liability, Fair Value, Gross Liability	$ (5,044)	$ (5,154)
Default Option $1M provision [Member]
Contingent features [Abstract]
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default	provisions that state if the hedged entity defaults on any of its indebtedness in excess of $1 million, then the derivative obligation could also be declared in default
Number of Interest Rate Derivatives Held Subject to Certain Contingencies	2
Default Option Entity $50M Recourse Indebtedness Provision [Member]
Contingent features [Abstract]
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default	provisions that state if the hedged entity defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default
Number of Interest Rate Derivatives Held Subject to Certain Contingencies	1
Default Option $50 million provision [Member]
Contingent features [Abstract]
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default	provisions that state if the Operating Partnership defaults on any of its recourse indebtedness in excess of $50 million, then the derivative obligation could also be declared in default
Number of Interest Rate Derivatives Held Subject to Certain Contingencies	3
Default Option $0.1M provision [member] [Member]
Contingent features [Abstract]
Maximum amount of defaults on any of the hedged entity's indebtedness before the derivative obligation could also be declared in default	provisions that state if the hedged entity defaults on any of its indebtedness in excess of $0.1 million, then the derivative obligation could also be declared in default
Number of Interest Rate Derivatives Held Subject to Certain Contingencies	1

Fair Value Disclosures (Fair Value Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 127	$ 109
Fair Value, Inputs, Level 1 [Member]
Assets and liabilities measured at fair value on a recurring basis [Abstract]
Insurance deposit	14,373	13,059
Total assets	14,373	13,059
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement Captions [Line Items]
Derivative Asset, Fair Value, Gross Asset	45
Assets and liabilities measured at fair value on a recurring basis [Abstract]
Total assets	45	0
Derivative interest rate contracts	(6,095)	(4,044)
Total liabilities	$ (6,095)	$ (4,044)

Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Transactions [Line Items]
Stock Repurchase Program, Authorized Amount	$ 450.0	$ 200.0
Stock Repurchase, Additional Authorization	$ 250.0
Stock Repurchased and Retired Since Program Inception, shares	3,590,492
Stock Acquired and Retired Since Program Inception, Average Cost Per Share	$ 72.35
Stock Repurchased And Retired, Value	$ 259.8
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 190.2

Investments in Unconsolidated Joint Ventures (Combined Financial Information Balance Sheet) (Details) - Investment, Name [Domain] - Entity [Domain] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Properties	$ 1,601,636	$ 1,580,926
Accumulated depreciation and amortization	(568,755)	(548,646)
Properties, net	1,032,881	1,032,280
Cash and cash equivalents	29,252	49,765
Allowance for doubtful accounts	2,197	1,590
Accounts and notes receivable, less allowance for doubtful accounts of $2,197 and $1,590 in 2015 and 2014	35,695	38,788
Deferred charges and other assets	41,079	33,200
Total Assets	1,138,907	1,154,033
Liabilities and accumulated deficiency in assets:
Notes payable	2,006,424	1,989,546
Accounts payable and other liabilities	68,735	103,161
TRG's accumulated deficiency in assets	(523,737)	(525,759)
Unconsolidated Joint Venture Partners' accumulated deficiency in assets	(412,515)	(412,915)
Equity Method Investment, Summarized Financial Information, Liabilities and Equity	1,138,907	1,154,033
TRG's accumulated deficiency in assets (above)	(523,737)	(525,759)
TRG's investment in properties under construction (Note 2)	277,588	232,091
TRG basis adjustments, including elimination of intercompany profit	130,088	132,058
TCO's additional basis	53,989	54,963
Net investment in Unconsolidated Joint Ventures	(62,072)	(106,647)
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures	474,449	476,651
Investment in Unconsolidated Joint Ventures	$ 412,377	$ 370,004

Fair Value Disclosures (Estimated Fair Value of Notes Payable) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Notes Payable	$ 2,212,461	$ 2,025,505
Estimated fair values of notes payable [Abstract]
Additional Credit Spread Included In Discount Rate To Estimate Fair Value Of Notes Payable	0.75%	0.75%
Notes Payable Fair Values Hypothetical Percent Increase In Interest Rates	1.00%
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable	$ 22,500
Impact Of Overall One Percent Increase In Interest Rates Decrease In Fair Values Of Notes Payable Percent	1.00%
Consolidated Properties [Member]
Real Estate Properties [Line Items]
Notes Payable	$ 2,212,461	$ 2,025,505
Notes Payable, Fair Value Disclosure	$ 2,223,777	$ 2,056,474

Share-Based Compensation (Details) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) Rate $ / shares shares	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Rate $ / shares shares	Jun. 30, 2014 USD ($) shares	Dec. 31, 2014 $ / shares shares
Share-based compensation, allocation and classification in financial statements [Abstract]
Compensation cost charged to income for the Company's share-based compensation plans \| $	$ 3.5	$ 3.8	$ 7.6	$ 7.4
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount \| $	$ 0.6	$ 0.5	$ 1.4	$ 1.0
2008 Omnibus Plan [Member]
Deferred compensation arrangements [Abstract]
Aggregate number of Company common shares or Operating Partnership units approved for awards under the 2008 Omnibus Plan, amended (in shares)	8,500,000		8,500,000
The ratio at which non-option awards granted after the May 2010 amendment are deducted from the shares available for grant \| Rate	1.85		1.85
The ratio at which non-option awards granted prior to the May 2010 amendment are deducted from the shares available for grant \| Rate	2.85		2.85
The ratio at which options awards granted are deducted from the shares available for grant			one-for-one
Employee Stock Option [Member]
Summary of option activity [Roll Forward]
Outstanding at January 1, 2015			521,293
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			(228,750)	0
Outstanding at June 30, 2015	292,543		292,543		521,293
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price \| $ / shares			$ 29.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price \| $ / shares	$ 46.60		$ 46.60		$ 39.20
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term			1 year 11 months 1 day		1 year 7 months 6 days
Fully vested options at June 30, 2015	292,543		292,543
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price \| $ / shares	$ 46.60		$ 46.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			1 year 11 months 1 day
Summary of option activity, additional disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0
Aggregate intrinsic value of in-the-money options outstanding \| $	$ 6.7		$ 6.7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value \| $			10.0
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options \| $			6.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options \| $	0.0		$ 0.0
2014 Option Modification [Domain]
Summary of option activity [Roll Forward]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit \| $ / shares			$ 35.50		$ 26.56
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit \| $ / shares			$ 51.15		$ 51.15
Unissued Partnership Units Under Unit Option Deferral Election Member
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Options exercised under unit option deferral election plan (in shares)			3,000,000
The number of mature units tendered for the exercise of previously issued stock options under the unit option deferral election plan (in shares)			2,100,000
The number of units deferred under the unit option deferral election upon the exercise of previously issued stock options (in shares)			900,000
Date at which deferred partnership units begin to be issued			December 2017
Number of Annual Installments during which Deferred Partnership Units will be issued			ten
Performance Shares [Member]
Summary of non-option activity, additional disclosures [Abstract]
Awards under the 2008 Omnibus Plan			Each PSU represents the right to receive, upon vesting, shares of the Company’s common stock ranging from 0-300% of the PSU based on the Company’s market performance relative to that of a peer group, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			1.12%
Share-based Compensation Arrangement by Share-based Payment Award, Vesting Period			3 years
Weighted average grant-date fair value \| $ / shares			$ 112.30
Right to Receive Upon Vesting Shares of Common Stock as Percentage of PSU, Actual Vested During Period			0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized \| $	$ 15.0		$ 15.0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 10 months 13 days
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2015			254,651
Vested			(43,575)
Granted			50,256
Forfeited			(5,854)
Outstanding at June 30, 2015	255,478		255,478		254,651
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) \| $ / shares			$ 132.86
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares			97.44
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares			112.30
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares			174.95
Outstanding at end of period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 134.52		$ 134.52		$ 132.86
Restricted Stock Units (RSUs) [Member]
Summary of non-option activity, additional disclosures [Abstract]
Awards under the 2008 Omnibus Plan			represent the right to receive upon vesting one share of the Company’s common stock, plus a cash payment equal to the aggregate cash dividends that would have been paid on such shares of common stock from the date of grant of the award to the vesting date
Weighted average grant-date fair value \| $ / shares			$ 74.36
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized \| $	$ 10.5		$ 10.5
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			2 years 7 days
Summary of non-option activity [Roll Forward]
Outstanding at January 1, 2015			293,651
Vested			(93,331)
Granted			100,682
Forfeited			(13,884)
Outstanding at June 30, 2015	287,118		287,118		293,651
Outstanding at beginning of period, weighted average grant date fair value (in dollars per share) \| $ / shares			$ 67.00
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares			65.49
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares			74.36
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares			69.90
Outstanding at end of period, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 69.92		$ 69.92		$ 67.00

Noncontrolling Interests (Details) - USD ($)	3 Months Ended		6 Months Ended
Noncontrolling Interests (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Ownership percentage in consolidated subsidiary (in hundredths)	71.00%		71.00%
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable	$ 2,672,000	$ 2,252,000	$ 5,263,000	$ 5,370,000
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	10,153,000	9,203,000	22,664,000	156,865,000
Net Income (Loss) Attributable to Noncontrolling Interest	12,825,000	11,455,000	27,927,000	162,235,000
Non-redeemable noncontrolling interests:
Noncontrolling interests in consolidated joint ventures	(22,912,000)		(22,912,000)		$ (14,796,000)
Noncontrolling interests in partnership equity of TRG	51,512,000		51,512,000		116,376,000
Noncontrolling interests (Note 7)	28,600,000		28,600,000		101,580,000
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]
Net income attributable to Taubman Centers, Inc. common shareowners	$ 23,230,000	$ 21,344,000	52,852,000	390,469,000
Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1)			(9,296,000)	(1,000)
Change from net income attributable to Taubman Centers, Inc. and transfers (to) from noncontrolling interests			$ 109,462,000	390,464,000
Taubman Asia [Member]
Noncontrolling Interest [Line Items]
Percentage of dividends to which the President is entitled (in hundredths)			10.00%
Percentage of President's dividends withheld as contributions to capital (in hundredths)			85.00%
Percentage of noncontrolling interests (in hundredths)	10.00%		10.00%
Temporary Equity, Redemption Percentage	40.00%		40.00%
Temporary Equity, Redemption Percentage 2014 - June 2017			50.00%
Temporary Equity, Redemption Percentage beginning June 2017			100.00%
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest	$ 0		$ 0		0
International Market Place [Member]
Noncontrolling Interest [Line Items]
Percentage of noncontrolling interests (in hundredths)	6.50%		6.50%
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest	$ 0		$ 0		$ 0
Ownership percentage in consolidated subsidiary (in hundredths)	93.50%		93.50%
Finite Life Entities [Member]
Non-redeemable noncontrolling interests:
Noncontrolling interests (Note 7)	$ (22,900,000)		$ (22,900,000)
Finite Life Entities [Abstract]
Terminaton date of partnership agreement			Jan. 01, 2083
Estimated Fair Value Of Noncontrolling Interests	$ 430,000,000		$ 430,000,000
Additional Paid-in Capital [Member]
Effects of changes in ownership interest in consolidated subsidiaries on equity [Abstract]
Increase (decrease) in Taubman Centers, Inc.’s paid-in capital for adjustments of noncontrolling interest (1)			56,610,000	(5,000)
Net transfers (to) from noncontrolling interests			$ 56,610,000	$ (5,000)

Derivative and Hedging Activities (Interest Rate Derivatives) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	71.00%
Unsecured Debt [Member]
Cash flow hedges of interest rate risk [Abstract]
Unsecured Debt	$ 475,000
Derivative, Lower Range of Basis Spread on Variable Rate	1.35%
Derivative, Higher Range of Basis Spread on Variable Rate	1.90%
London Interbank Offered Rate (LIBOR) [Member]
Cash flow hedges of interest rate risk [Abstract]
Debt Instrument, Description of Variable Rate Basis	one-month LIBOR
Consolidated Subsidiaries Interest Rate Swap 2 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Derivative, Notional Amount	$ 200,000
Derivative, Fixed Interest Rate	1.64%
Derivative, Basis Spread on Variable Rate	1.35%
Total Swapped Rate On Loan	2.99%
Derivative, Maturity Date	Feb. 01, 2019
Consolidated Subsidiaries Interest Rate Swap 3 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Derivative, Notional Amount	$ 175,000
Derivative, Fixed Interest Rate	1.65%
Derivative, Basis Spread on Variable Rate	1.35%
Total Swapped Rate On Loan	3.00%
Derivative, Maturity Date	Feb. 01, 2019
Consolidated Subsidiaries Interest Rate Swap 4 [Domain]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Derivative, Notional Amount	$ 100,000
Derivative, Fixed Interest Rate	1.64%
Derivative, Basis Spread on Variable Rate	1.35%
Total Swapped Rate On Loan	2.99%
Derivative, Maturity Date	Feb. 01, 2019
Consolidated Subsidiaries Interest Rate Swap1 Member
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Derivative, Notional Amount	$ 12,000
Derivative, Fixed Interest Rate	2.09%
Derivative, Basis Spread on Variable Rate	1.40%
Total Swapped Rate On Loan	3.49%
Derivative, Maturity Date	Mar. 01, 2024
Unconsolidated Joint Ventures Interest Rate Swap 1 [Member]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
Derivative, Notional Amount	$ 135,721
Derivative, Fixed Interest Rate	2.40%
Derivative, Basis Spread on Variable Rate	1.70%
Total Swapped Rate On Loan	4.10%
Derivative, Maturity Date	Apr. 01, 2018
Unconsolidated Joint Ventures Interest Rate Swap 2 (Member)
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	50.00%
Derivative, Notional Amount	$ 135,721
Derivative, Fixed Interest Rate	2.40%
Derivative, Basis Spread on Variable Rate	1.70%
Total Swapped Rate On Loan	4.10%
Derivative, Maturity Date	Apr. 01, 2018
Unconsolidated Joint Ventures Interest Rate Swap3 [Member]
Cash flow hedges of interest rate risk [Abstract]
Noncontrolling Interest, Ownership Percentage by Parent	50.10%
Derivative, Notional Amount	$ 173,731
Derivative, Fixed Interest Rate	1.83%
Derivative, Basis Spread on Variable Rate	1.75%
Total Swapped Rate On Loan	3.58%
Derivative, Maturity Date	Dec. 01, 2021

Dispositions, Acquisition, and Developments	6 Months Ended
Dispositions, Acquisition, and Developments	Jun. 30, 2015
Dispositions, Acquisition, and Development [Abstract]
Acquisitions Dispositions and Development [Text Block]	Dispositions, Acquisition, and Developments Dispositions Sale of Centers to Starwood In October 2014, the Company completed the disposition of a portfolio of seven centers to an affiliate of the Starwood Capital Group (Starwood). The following centers were sold: MacArthur Center in Norfolk, Virginia, Stony Point Fashion Park in Richmond, Virginia, Northlake Mall in Charlotte, North Carolina, The Mall at Wellington Green in Wellington, Florida, The Shops at Willow Bend in Plano, Texas, The Mall at Partridge Creek in Clinton Township, Michigan, and Fairlane Town Center in Dearborn, Michigan. The results of the seven centers are in the Company's continuing operations for all periods prior to the October 2014 sale, pursuant to the Company's previous adoption of ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" beginning January 1, 2014. In June 2014, in connection with the discontinuation of hedge accounting on the MacArthur Center swap, the Company accelerated the reclassification of amounts in AOCI to earnings as a result of it becoming probable that the center's debt would be early extinguished and the hedged interest payments would not occur. For the three and six months ended June 30, 2014, the accelerated amount was a loss of $4.9 million. The Company also recorded a loss of $0.8 million for changes in the fair value of this swap subsequent to the June 2014 discontinuation of hedge accounting. For the three and six months ended June 30, 2014, the Company incurred total expenses of $5.7 million, $5.4 million at TRG's beneficial share, related to the discontinuation of hedge accounting on the swap previously designated to hedge the MacArthur Center note payable, as well as disposition costs of $0.4 million related to the sale of the centers to Starwood. These expenses are classified as Nonoperating Income (Expense) on the Consolidated Statement of Operations and Comprehensive Income. As a result of the sale, the Company underwent a restructuring plan in 2014 to reduce its workforce across various areas of the organization. As of June 30, 2015, substantially all of the restructuring costs were paid. International Plaza In January 2014, the Company sold a total of 49.9% of the Company's interests in the entity that owns International Plaza, including certain governance rights, for $499 million (excluding transaction costs), which consisted of $337 million of cash and approximately $162 million of beneficial interest in debt. A gain of $368 million (net of tax of $9.7 million) was recognized as a result of the transaction. The Company's ownership in the center decreased to a noncontrolling 50.1% interest, which is accounted for under the equity method subsequent to the disposition. Arizona Mills/Oyster Bay In January 2014, the Company completed the sale of its 50% interest in Arizona Mills, an Unconsolidated Joint Venture, and land in Syosset, New York related to the former Oyster Bay project, to Simon Property Group (SPG). The consideration, excluding transaction costs, consisted of $60 million of cash and 555,150 partnership units in Simon Property Group Limited Partnership. The number of partnership units received was determined based on a value of $154.91 per unit. The fair value of the partnership units recognized for accounting purposes was $77.7 million, after considering the one-year restriction on the sale of these partnership units (Note 12). The number of partnership units subsequently increased to 590,124, in lieu of the Company's participation in a distribution of certain partnership units of another entity by SPG and Simon Property Group Limited Partnership. The increase in the number of partnership units was neutral to the market value of the Company's holdings as of the transaction date. The Company's investment in the partnership units is classified within Deferred Charges and Other Assets on the Consolidated Balance Sheet. As a result of the sale, the Company was relieved of its $84 million share of the $167 million mortgage loan outstanding on Arizona Mills at the time of the sale. A gain of $109 million was recognized as a result of the transaction. Acquisition Purchase of U.S. Headquarters Building In February 2014, the Company purchased the U.S. headquarters building located in Bloomfield Hills, Michigan for approximately $16.1 million from an affiliate of the Taubman family. In exchange for the building, the Company assumed the $17.4 million, 5.90% fixed rate loan on the building, issued 1,431 Operating Partnership units (and a corresponding number of shares of Series B Preferred Stock), and received $1.4 million in escrowed and other cash from the affiliate. In March 2015, the Company refinanced the loan on the building (Note 5). U.S. Development International Market Place International Market Place, a 0.4 million square foot center, is under construction in Waikiki, Honolulu, Hawaii. The center will be anchored by Saks Fifth Avenue and is expected to open in August 2016. The Company owns a 93.5% interest in the project, which is subject to a participating ground lease. As of June 30, 2015, the Company's capitalized costs for the project were $176.0 million ($164.9 million at TRG's share). The Mall of San Juan The Mall of San Juan, a 0.6 million square foot center in San Juan, Puerto Rico, opened in March 2015. The center is anchored by Nordstrom and Saks Fifth Avenue. As of June 30, 2015, the Company owned a 95% interest in the center subsequent to the acquisition of an additional 15% interest in April 2015. The additional interest was acquired at cost. In connection with the acquisition, the noncontrolling owner used $9.3 million of previously contributed capital to fund its obligation to reimburse the Company for certain shared infrastructure costs, which was classified as a reduction of the Noncontrolling interests and an offsetting reduction of Properties (Note 14). Asia Development CityOn.Xi'an The Company has a joint venture with Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains, which will own a 60% controlling interest in and manage an approximately 1.0 million square foot shopping center, CityOn.Xi'an, to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development under construction in Xi'an, China. Through this joint venture, the Company will beneficially own a 30% interest in the shopping center, which is scheduled to open in spring 2016. As of June 30, 2015, the Company's share of total project costs were $88.2 million, as increased by $0.5 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. CityOn.Zhengzhou The Company also has a second joint venture with Wangfujing which owns a majority interest in and will manage an approximately 1.0 million square foot multi-level shopping center, CityOn.Zhengzhou, under construction in Zhengzhou, China. Through this joint venture, the Company beneficially owns a 32% interest in the shopping center, which is scheduled to open in fall 2016. As of June 30, 2015, the Company's share of total project costs were $58.5 million, as decreased by immaterial cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet. Hanam Union Square The Company's joint venture with Shinsegae Group, South Korea's largest retailer, is developing an approximately 1.7 million square foot shopping center, Hanam Union Square, under construction in Hanam, Gyeonggi Province, South Korea, which is scheduled to open in early fall 2016. The Company has partnered with a major institution in Asia for a 49% ownership interest in Hanam Union Square. The institutional partner owns 14.7% of the project, bringing the Company's effective ownership to 34.3%. As of June 30, 2015, the Company's share of total project costs were $173.5 million, as decreased by $5.0 million of cumulative currency translation adjustments. This investment is classified within Investment in Unconsolidated Joint Ventures on the Consolidated Balance Sheet.

Interim Financial Statements (Details)	Jun. 30, 2015	Dec. 31, 2014
Westfarms [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in hundredths)	79.00%	79.00%
International Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (in hundredths)	50.10%	50.10%

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Properties	$ 3,467,620	$ 3,262,505
Accumulated depreciation and amortization	(1,010,571)	(970,045)
Real Estate Investment Property, Net	2,457,049	2,292,460
Investment in Unconsolidated Joint Ventures (Notes 2 and 4)	412,377	370,004
Cash and cash equivalents	42,328	276,423
Restricted cash (Note 5)	16,917	37,502
Accounts and notes receivable, less allowance for doubtful accounts of $3,949 and $2,927 in 2015 and 2014	41,190	49,245
Accounts receivable from related parties	2,754	832
Deferred charges and other assets	206,662	188,435
Total Assets	3,179,277	3,214,901
Liabilities:
Notes payable (Note 5)	2,212,461	2,025,505
Accounts payable and accrued liabilities	303,878	292,802
Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (Notes 2 and 4)	474,449	476,651
Total Liabilities	$ 2,990,788	$ 2,794,958
Commitments and contingencies (Notes 5, 7, 8, 9, and 10)
Equity:
Series B Non-Participating Convertible Preferred Stock, $0.001 par and liquidation value, 40,000,000 shares authorized, 25,044,939 and 25,117,000 shares issued and outstanding at June 30, 2015 and December 31, 2014	$ 25	$ 25
Common Stock, $0.01 par value, 250,000,000 shares authorized, 60,886,865 and 63,324,409 shares issued and outstanding at June 30, 2015 and December 31, 2014	609	633
Additional paid-in capital	678,883	815,961
Accumulated other comprehensive income (loss) (Note 13)	(19,284)	(15,068)
Dividends in excess of net income	(500,344)	(483,188)
Stockholders' Equity Attributable to Parent	159,889	318,363
Noncontrolling interests (Note 7)	28,600	101,580
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	188,489	419,943
Total Liabilities and Equity	$ 3,179,277	$ 3,214,901

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net income	$ 93,333	$ 565,211
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,419	71,968
Provision for bad debts	$ 1,432	1,217
Gain on dispositions		(486,620)
Discontinuation of hedge accounting (Note 2)		5,678
Other	$ 8,287	4,990
Increase (decrease) in cash attributable to changes in assets and liabilities:
Receivables, restricted cash, deferred charges, and other assets	1,481	1,523
Accounts payable and accrued liabilities	(396)	(21,081)
Net Cash Provided By Operating Activities	154,556	142,886
Cash Flows From Investing Activities:
Additions to properties	(210,959)	(163,624)
Cash drawn from (provided to) escrow related to center construction projects (Note 5)	18,625	(42,873)
Proceeds from dispositions, net of transaction costs (Note 2)		385,598
Contributions to Unconsolidated Joint Ventures	(50,260)	(20,884)
Distributions from Unconsolidated Joint Ventures in excess of income	1,715	6,946
Other	662	7,287
Net Cash Provided by (Used in) Investing Activities	(240,217)	172,450
Cash Flows From Financing Activities:
Proceeds from (payments to) revolving lines of credit, net	124,910	(87,710)
Debt proceeds	82,994	61,752
Debt payments	(20,155)	$ (103,168)
Debt issuance costs	(7,554)
Increase in deposits	(10,000)
Repurchase of common stock	(207,480)	$ (17)
Issuance of common stock and/or partnership units in connection with incentive plans	4,629	(2,381)
Distributions to noncontrolling interests	(33,482)	(33,752)
Distributions to participating securities of TRG	(985)	(938)
Contributions from noncontrolling interests		22,345
Cash dividends to preferred shareowners	(11,569)	(11,569)
Cash dividends to common shareowners	(69,742)	(68,487)
Net Cash Used In Financing Activities	(148,434)	(223,925)
Net Increase (Decrease) In Cash and Cash Equivalents	(234,095)	91,411
Cash and Cash Equivalents at Beginning of Period	276,423	40,993
Cash and Cash Equivalents at End of Period	$ 42,328	$ 132,404

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income tax expense (benefit) [Abstract]
Federal current	$ 260	$ (1,366)	$ 756	$ 7,538
Federal deferred	(20)	972	(105)	1,165
Foreign current	492	364	766	581
Foreign deferred	(185)	(45)	(156)	(48)
State current	135	(75)	255	1,519
State deferred	6	(12)	10	(12)
Income Tax Expense (Benefit), Gross of Tax on Gain	$ 688	(162)	1,526	10,743
Less income tax (expense) benefit allocated to Gain on Dispositions (1)		473		(9,733)
Total income tax expense	$ 688	$ 311	1,526	$ 1,010
Deferred tax assets:
Deferred tax assets	4,686		4,686		$ 3,659
Valuation allowances	(2,424)		(2,424)		(1,703)
Net deferred tax assets	2,262		2,262		1,956
Deferred tax liabilities:
Deferred tax liabilities	1,229		1,229		1,154
Domestic Country [Member]
Deferred tax assets:
Deferred tax assets	1,521		1,521		1,382
Deferred tax liabilities:
Deferred tax liabilities	626		626		592
Foreign Country [Member]
Deferred tax assets:
Deferred tax assets	2,035		2,035		1,806
Deferred tax liabilities:
Deferred tax liabilities	475		475		473
State and Local Jurisdiction [Member]
Deferred tax assets:
Deferred tax assets	1,130		1,130		471
Deferred tax liabilities:
Deferred tax liabilities	$ 128		$ 128		$ 89

Interim Financial Statements	6 Months Ended
Interim Financial Statements	Jun. 30, 2015
Notes to Financial Statements [Abstract]
Interim Financial Statements	Interim Financial Statements General Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust (REIT). The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirect interests in all of the Company’s real estate properties. In this report, the term “Company" refers to TCO, the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in the ownership, management, leasing, acquisition, disposition, development, and expansion of regional and super-regional retail shopping centers and interests therein. The Company’s owned portfolio as of June 30, 2015 included 19 urban and suburban shopping centers operating in 10 states and Puerto Rico. Taubman Properties Asia LLC and its subsidiaries (Taubman Asia), which is the platform for the Company’s operations and developments in China and South Korea, is headquartered in Hong Kong. The unaudited interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial statements for the interim periods have been made. The results of interim periods are not necessarily indicative of the results for a full year. Dollar amounts presented in tables within the notes to the financial statements are stated in thousands, except share data or as otherwise noted. Consolidation The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries, including The Taubman Company LLC (the Manager) and Taubman Asia. All intercompany transactions have been eliminated. The entities included in these consolidated financial statements are separate legal entities and maintain records and books of account separate from any other entity. However, inclusion of these separate entities in the consolidated financial statements does not mean that the assets and credit of each of these legal entities are available to satisfy the debts or other obligations of any other such legal entity included in the consolidated financial statements. Investments in entities not controlled but over which the Company may exercise significant influence (Unconsolidated Joint Ventures or UJVs) are accounted for under the equity method. The Company has evaluated its investments in the Unconsolidated Joint Ventures under guidance for determining whether an entity is a variable interest entity and has concluded that the ventures are not variable interest entities. Accordingly, the Company accounts for its interests in these entities under general accounting standards for investments in real estate ventures (including guidance for determining effective control of a limited partnership or similar entity). The Company’s partners or other owners in these Unconsolidated Joint Ventures have substantive participating rights including approval rights over annual operating budgets, capital spending, financing, admission of new partners/members, or sale of the properties and the Company has concluded that the equity method of accounting is appropriate for these interests. Specifically, the Company’s 79% and 50.1% investments in Westfarms and International Plaza, respectively, are through general partnerships in which the other general partners have participating rights over annual operating budgets, capital spending, refinancing, or sale of the property. Ownership In addition to the Company’s common stock, there were three classes of preferred stock outstanding (Series B, J, and K) as of June 30, 2015. Dividends on the 6.5% Series J Cumulative Redeemable Preferred Stock (Series J Preferred Stock) and the 6.25% Series K Cumulative Redeemable Preferred Stock (Series K Preferred Stock) are cumulative and are paid on the last day of each calendar quarter. The Company owns corresponding Series J and Series K Preferred Equity interests in the Operating Partnership that entitle the Company to income and distributions (in the form of guaranteed payments) in amounts equal to the dividends payable on the Company’s Series J and Series K Preferred Stock. The Company also is obligated to issue to partners in the Operating Partnership other than the Company, upon subscription, one share of nonparticipating Series B Preferred Stock per each Operating Partnership unit. The Series B Preferred Stock entitles its holders to one vote per share on all matters submitted to the Company’s shareowners and votes together with the common stock on all matters as a single class. The holders of Series B Preferred Stock are not entitled to dividends or earnings. The Series B Preferred Stock is convertible into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. Outstanding voting securities of the Company at June 30, 2015 consisted of 25,044,939 shares of Series B Preferred Stock and 60,886,865 shares of common stock. The Operating Partnership At June 30, 2015, the Operating Partnership’s equity included two classes of preferred equity (Series J and K) and the net equity of the partnership unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and Series K Preferred Equity are owned by the Company and are eliminated in consolidation. The Company's ownership in the Operating Partnership at June 30, 2015 consisted of a 71% managing general partnership interest, as well as the Series J and Series K Preferred Equity interests. The Company's average ownership percentage in the Operating Partnership for the six months ended June 30, 2015 and 2014 was 71% and 72%, respectively. At June 30, 2015, the Operating Partnership had 85,950,254 partnership units outstanding, of which the Company owned 60,886,865 units.

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 3,949,000	$ 2,927,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	60,886,865	63,324,409
Common stock, shares outstanding	60,886,865	63,324,409
Series B Preferred Stock [Member]
Preferred Stock, par or value	$ 0.001	$ 0.001
Preferred Stock, liquidation preference per share	$ 0.001	$ 0.001
Preferred Stock, shares authorized	40,000,000	40,000,000
Preferred Stock, shares issued	25,044,939	25,117,000
Preferred Stock, shares outstanding	25,044,939	25,117,000
Series J Preferred Stock [Member]
Preferred Stock, par or value	$ 0	$ 0
Preferred Stock, liquidation preference	$ 192,500,000	$ 192,500,000
Preferred Stock, shares authorized	7,700,000	7,700,000
Preferred Stock, shares issued	7,700,000	7,700,000
Preferred Stock, shares outstanding	7,700,000	7,700,000
Series K Preferred Stock [Member]
Preferred Stock, par or value	$ 0	$ 0
Preferred Stock, liquidation preference	$ 170,000,000	$ 170,000,000
Preferred Stock, shares authorized	6,800,000	6,800,000
Preferred Stock, shares issued	6,800,000	6,800,000
Preferred Stock, shares outstanding	6,800,000	6,800,000

Document and Entity Information Document - shares	6 Months Ended
Document and Entity Information Document - shares	Jun. 30, 2015	Aug. 04, 2015
Entity Information [Line Items]
Entity Registrant Name	TAUBMAN CENTERS INC.
Entity Central Index Key	0000890319
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		60,857,520
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Equity Transactions	6 Months Ended
Equity Transactions	Jun. 30, 2015
Equity Transactions [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Equity Transactions In August 2013, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to $200 million of its outstanding common stock. In March 2015, the Company's Board of Directors increased the authorization by $250 million, bringing the total authorization to $450 million. The Company plans to repurchase shares from time to time on the open market or in privately negotiated transactions or otherwise, depending on market prices and other conditions. As of June 30, 2015, the Company repurchased 3,590,492 shares of its common stock at an average price of $72.35 per share for a total of $259.8 million under the authorization. As of June 30, 2015, $190.2 million remained available under the repurchase program. All shares repurchased have been cancelled. For each share of the Company’s stock repurchased, one of the Company’s Operating Partnership units was redeemed. Repurchases of common stock were financed through general corporate funds, including borrowings under existing revolving lines of credit.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cash Tender At the time of the Company's initial public offering and acquisition of its partnership interest in the Operating Partnership in 1992, the Company entered into an agreement (as later amended and restated, the Cash Tender Agreement) with A. Alfred Taubman, as trustee of the A. Alfred Taubman Restated Revocable Trust (the Revocable Trust) and TRA Partners (now Taubman Ventures Group LLC or TVG), each of whom owned an interest in the Operating Partnership, whereby each of the revocable trust and TVG has the right to tender to the Company partnership units in the Operating Partnership (provided that the aggregate value is at least $50 million) and cause the Company to purchase the tendered interests at a purchase price based on a market valuation of the Company on the trading date immediately preceding the date of the tender. Control of TVG is shared by the Revocable Trust and entities affiliated with the children of A. Alfred Taubman (Robert S. Taubman, William S. Taubman, and Gayle Taubman Kalisman). At the election of the person making a tender, partnership units in the Operating Partnership held by members of A. Alfred Taubman’s family and partnership units held by entities in which his family members hold interests may be included in such a tender. Upon the death of A. Alfred Taubman in April 2015, the successor trustees of the trust (Robert S. Taubman, William S. Taubman and Gayle Taubman Kalisman) act on behalf of the trust. The Company will have the option to pay for these interests from available cash, borrowed funds, or from the proceeds of an offering of the Company's common stock. Generally, the Company expects to finance these purchases through the sale of new shares of its stock. The tendering partner will bear all market risk if the market price at closing is less than the purchase price and will bear the costs of sale. Any proceeds of the offering in excess of the purchase price will be for the sole benefit of the Company. The Company accounts for the Cash Tender Agreement as a freestanding written put option. As the option put price is defined by the current market price of the Company's stock at the time of tender, the fair value of the written option defined by the Cash Tender Agreement is considered to be zero. Based on a market value at June 30, 2015 of $69.50 per share for the Company's common stock, the aggregate value of interests in the Operating Partnership that may be tendered under the Cash Tender Agreement was $1.7 billion. The purchase of these interests at June 30, 2015 would have resulted in the Company owning an additional 28% interest in the Operating Partnership. Continuing Offer The Company has made a continuing, irrevocable offer to all present holders (other than certain excluded holders, currently TVG and the Revocable Trust), permitted assignees of all present holders, those future holders of partnership interests in the Operating Partnership as the Company may, in its sole discretion, agree to include in the continuing offer, all existing optionees under the previous option plan, and all existing and future optionees under the 2008 Omnibus Plan to exchange shares of common stock for partnership interests in the Operating Partnership (the Continuing Offer). Under the Continuing Offer agreement, one unit of the Operating Partnership interest is exchangeable for one share of the Company's common stock. Upon a tender of Operating Partnership units, the corresponding shares of Series B Preferred Stock, if any, will automatically be converted into the Company’s common stock at a ratio of 14,000 shares of Series B Preferred Stock for one share of common stock. Litigation The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to personal injury claims. We believe the Company's insurance policy terms and conditions and limits are appropriate and adequate given the relative risk of loss and industry practice. However, there are certain types of losses, such as punitive damage awards, that may not be covered by insurance, and not all potential losses are insured against. Other See Note 5 for the Operating Partnership's guarantees of certain notes payable, including guarantees relating to Unconsolidated Joint Ventures, Note 7 for contingent features relating to certain joint venture agreements, Note 8 for contingent features relating to derivative instruments, and Note 9 for obligations under existing share-based compensation plans.

Dispositions, Acquisition, and Developments (Details) - Equity Component [Domain] - Equity Method Investee, Name [Domain] $ / shares in Units, $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($) ft²	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) ft² shares	Jun. 30, 2014 USD ($) $ / shares shares	Dec. 31, 2014 USD ($)
Dispositions, Acquisitions, and Development [Line items]
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value				$ (5,678)
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes		$ 473		476,887
Gain (Loss) on Sale of Properties, Applicable Income Taxes		473		(9,733)
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date		77,711		77,711
Notes Payable	$ 2,212,461		$ 2,212,461		$ 2,025,505
Noncontrolling Interest, Ownership Percentage by Parent	71.00%		71.00%
Starwood Transaction [Member]
Dispositions, Acquisitions, and Development [Line items]
Number of centers disposed					seven
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net				(4,900)
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of the Adjustment to Fair Value				(5,700)
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Inclusive of Adjustments to Fair Value, At Beneficial Interest				(5,400)
Derivative, Loss on Derivative				800
Disposition Costs Incurred				$ 400
International Plaza [Member]
Dispositions, Acquisitions, and Development [Line items]
Noncash Or Part Noncash, Acquisition Interest Sold				49.90%
Noncash or Part Noncash Divestiture, Total Consideration Received				$ 499,000
Proceeds from dispositions, net of transaction costs (Note 2)				337,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received				162,000
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				368,000
Gain (Loss) on Sale of Properties, Applicable Income Taxes				$ (9,700)
Equity Method Investment, Ownership Percentage	50.10%		50.10%
Notes Payable	$ 175,000		$ 175,000
Arizona Mills [Member]
Dispositions, Acquisitions, and Development [Line items]
Noncash Or Part Noncash, Acquisition Interest Sold				50.00%
Noncash or Part Noncash Divestiture, Amount of Consideration Received				$ 84,000
Notes Payable		167,000		167,000
Arizona Mills and Oyster Bay [Domain]
Dispositions, Acquisitions, and Development [Line items]
Noncash or Part Noncash Divestiture, Total Consideration Received				60,000
Gain (Loss) on Sale of Properties, Net of Applicable Income Taxes				$ 109,000
Value of Partnership Unit Received in Connection with Disposition \| $ / shares				$ 154.91
SPG Units [Member]
Dispositions, Acquisitions, and Development [Line items]
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Original Number of Units Received, Prior to Equity Transaction \| shares				555,150
Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, Fair Value at Acquisition Date		$ 77,700		$ 77,700
Restriction Period on Sale of Partnership Units Received, years				one
Number of Partnership Units Received as Part of Consideration in Connection with Sale of Equity Method Investment and Other Assets, total units after equity transaction \| shares			590,124
International Market Place [Member]
Dispositions, Acquisitions, and Development [Line items]
Area of Real Estate Property \| ft²	0.4		0.4
Noncontrolling Interest, Ownership Percentage by Parent	93.50%		93.50%
Construction in Progress, Gross	$ 176,000		$ 176,000
Construction in Progress, Gross, Company's Share	$ 164,900		$ 164,900
The Mall of San Juan [Member]
Dispositions, Acquisitions, and Development [Line items]
Area of Real Estate Property \| ft²	0.6		0.6
Noncontrolling Interest, Ownership Percentage by Parent	95.00%		95.00%
Joint Venture Acquisition, Interest Acquired	15.00%		15.00%
Recapitalization of The Mall of San Juan Joint Venture			$ 9,296
CityOn.Xi'an [Member]
Dispositions, Acquisitions, and Development [Line items]
Equity Method Investment, Ownership Percentage	30.00%		30.00%
Company’s Share of Project Costs in Equity Method Investments	$ 88,200		$ 88,200
Area of Real Estate Property \| ft²	1.0		1.0
Cumulative translation adjustment	$ 500		$ 500
Joint Venture, Ownership Percentage	60.00%		60.00%
CityOn.Zhengzhou [Member]
Dispositions, Acquisitions, and Development [Line items]
Equity Method Investment, Ownership Percentage	32.00%		32.00%
Company’s Share of Project Costs in Equity Method Investments	$ 58,500		$ 58,500
Area of Real Estate Property \| ft²	1.0		1.0
Hanam Union Square [Member]
Dispositions, Acquisitions, and Development [Line items]
Equity Method Investment, Ownership Percentage	34.30%		34.30%
Company’s Share of Project Costs in Equity Method Investments	$ 173,500		$ 173,500
Area of Real Estate Property \| ft²	1.7		1.7
Cumulative translation adjustment	$ (5,000)		$ (5,000)
Joint Venture, Ownership Percentage	49.00%		49.00%
Outside Partner, Ownership Percentage	14.70%		14.70%
Office Building [Member]
Dispositions, Acquisitions, and Development [Line items]
Net Consideration Paid to Acquire U.S. Headquarters Building				$ 16,100
Noncash or Part Noncash Acquisition, Debt Assumed				$ 17,400
Debt Instrument, Interest Rate, Stated Percentage		5.90%		5.90%
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares				1,431
Restricted and Other Cash Proceeds Received as Part of the Acquisition of the U.S. Headquarters Building		$ 1,400		$ 1,400
Long-term Debt [Member] \| Office Building [Member]
Dispositions, Acquisitions, and Development [Line items]
Notes Payable	$ 12,000		$ 12,000		$ 17,000
Debt Instrument, Interest Rate, Stated Percentage					5.90%

New Accounting Pronouncement (Notes)	6 Months Ended
New Accounting Pronouncement (Notes)	Jun. 30, 2015
New Accounting Pronouncement [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncement In February 2015, the Financial Accounting Standards Board (FASB) issued ASU No. 2015-02, “Amendments to the Consolidation Analysis”. This standard amends certain guidance applicable to the consolidation of various legal entities, including variable interest entities. The Company is currently evaluating the application of this ASU, however the effect of the ASU on the Company's consolidated financial statements is not expected to be material. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers". This standard provides a single comprehensive model to use in accounting for revenue arising from contracts with customers and gains and losses arising from transfers of non-financial assets including sales of property, plant, and equipment, real estate, and intangible assets. ASU No. 2014-09 supersedes most current revenue recognition guidance, including industry-specific guidance. In July 2015, the FASB approved a proposal to amend ASU No. 2014-09, deferring the effective date one year to annual reporting periods beginning after December 15, 2017 for public entities. The amended proposal would permit public entities to adopt ASU No. 2014-09 early but not before the original effective date of annual periods beginning after December 15, 2016. ASU No. 2014-09 may be applied either retrospectively or as a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating the application of this ASU and its effect on the Company's financial position and results of operations.

Beneficial Interest in Debt and Interest Expense (Debt Covenants and Guarantees) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Guarantor Obligations [Line Items]
Other Restrictions on Payment of Dividends	0.95
Notes Payable	$ 2,212,461	$ 2,025,505
Derivative Asset, Fair Value, Gross Asset	127	109
Restricted cash	16,917	$ 37,502
Cash in escrow related to construction projects	$ 15,000
The Mall at University Town Center [Member]
Guarantor Obligations [Line Items]
Unconditional Guaranty Liability, Principal Balance, Percent	25.00%
Unconditional Guaranty Liability, Interest, Percent	50.00%
Construction Facility, Maximum Borrowing Capacity	$ 225,000
Construction Loan	215,100
Interest Payable	$ 300
Unconditional Guaranty Liability Upon Achievement of Performance Inventives, Principal Balance, Percent,	12.50%
The Mall of San Juan [Member]
Guarantor Obligations [Line Items]
Construction Facility, Maximum Borrowing Capacity	$ 320,000
Construction Loan	234,800
Interest Payable	$ 200
International Plaza [Member]
Guarantor Obligations [Line Items]
Unconditional Guaranty Liability, Principal Balance, Percent	50.10%
Interest Payable	$ 200
Notes Payable	175,000
Derivative Asset, Fair Value, Gross Asset	$ 200

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Distributions in Excess of Net Income [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2013	$ (215,660)	$ 25	$ 631	$ 796,787	$ (8,914)	$ (908,656)	$ (95,533)
Balance (in shares) at Dec. 31, 2013		39,651,069	63,101,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 9 and 10), shares		(25,500)	25,500
Repurchase of common stock (Note 6), Shares			(266)
Repurchase of common stock (Note 6)	(17)			(17)
Share-based compensation under employee and director benefit plans (Note 9)	6,090		$ 2	6,088
Share-based compensation under employee and director benefit plans (Note 9), shares			136,622
Adjustments of noncontrolling interests (Notes 2 and 7)	(1)			(5)	21		(17)
Contributions from noncontrolling interests	22,345						22,345
Dividends and distributions	(114,628)					(80,876)
Distributions to noncontrolling interests							(33,752)
Other, Shares		1,431
Other	(81)			133		(224)	10
Net income	565,211					402,976	162,235
Unrealized loss on interest rate instruments and other	(14,587)				(10,321)		(4,266)
Cumulative translation adjustment	1,850				1,324		526
Reclassification adjustment for amounts recognized in net income	11,474				7,982		3,492
Balance at Jun. 30, 2014	261,996	$ 25	$ 633	802,986	(9,908)	(586,780)	55,040
Balance (in shares) at Jun. 30, 2014		39,627,000	63,263,470
Balance at Dec. 31, 2014	419,943	$ 25	$ 633	815,961	(15,068)	(483,188)	101,580
Balance (in shares) at Dec. 31, 2014		39,617,000	63,324,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock pursuant to Continuing Offer (Notes 9 and 10), shares		(72,061)	72,065
Issuance of stock pursuant to Continuing Offer (Notes 9 and 10)			$ 1	(1)
Repurchase of common stock (Note 6), Shares			(2,803,421)
Repurchase of common stock (Note 6)	(207,480)		$ (28)	(207,452)
Share-based compensation under employee and director benefit plans (Note 9)	13,761		$ 3	13,758
Share-based compensation under employee and director benefit plans (Note 9), shares			293,812
Adjustments of noncontrolling interests (Notes 2 and 7)	(9,296)			56,610	(153)		(65,753)
Dividends and distributions	(115,778)					(82,296)
Distributions to noncontrolling interests							(33,482)
Other	(259)			7		(266)
Net income	93,333					65,406	27,927
Unrealized loss on interest rate instruments and other	(7,545)				(5,345)		(2,200)
Cumulative translation adjustment	(4,025)				(2,851)		(1,174)
Reclassification adjustment for amounts recognized in net income	5,835				4,133		1,702
Balance at Jun. 30, 2015	$ 188,489	$ 25	$ 609	$ 678,883	$ (19,284)	$ (500,344)	$ 28,600
Balance (in shares) at Jun. 30, 2015		39,544,939	60,886,865