UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM 8-K | ||
Current Report Pursuant | ||
to Section 13 or 15(d) of the | ||
Securities Exchange Act of 1934 | ||
Date of report (date of earliest event reported): April 30, 2019 | ||
TAUBMAN CENTERS, INC. | ||
(Exact Name of Registrant as Specified in its Charter) | ||
Michigan | ||
(State of Other Jurisdiction of Incorporation) | ||
1-11530 | 38-2033632 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
200 East Long Lake Road, Suite 300, Bloomfield Hills, Michigan | 48304-2324 | |
(Address of Principal Executive Office) | (Zip Code) | |
Registrant’s Telephone Number, Including Area Code: (248) 258-6800 | ||
None | ||
(Former Name or Former Address, if Changed Since Last Report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below): | ||
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Date: April 30, 2019 | TAUBMAN CENTERS, INC. | |
By: | /s/ Simon J. Leopold | |
Simon J. Leopold | ||
Executive Vice President, Chief Financial Officer, and Treasurer |
Taubman Centers, Inc. | T 248.258.6800 | ![]() | ||
200 East Long Lake Road | www.taubman.com | |||
Suite 300 | ||||
Bloomfield Hills, Michigan | ||||
48304-2324 |
– | Net Income Down 18.8 Percent, Primarily Due to Higher Depreciation Expense |
– | Comparable Center Net Operating Income (NOI), Excluding Lease Cancellation Income, Up 2.3 Percent |
– | Beneficial Interest in Total Portfolio NOI, Excluding Lease Cancellation Income Up 5.7 Percent |
– | Sales per Square Foot, Occupancy, Leased Space and Average Rents All Up in Comparable Centers |
– | Acquired 48.5 Percent Interest in The Gardens Mall, Palm Beach Gardens, Florida |
March 31, 2019 Three Months Ended | March 31, 2018 Three Months Ended | |
Net income attributable to common shareowners, diluted (in thousands) Growth rate | $15,118 (18.8)% | $18,618 |
Net income attributable to common shareowners (EPS) per diluted common share Growth rate | $0.25 (16.7)% | $0.3 |
Funds from Operations (FFO) per diluted common share Growth rate | $0.93 5.7% | $0.88 |
Adjusted FFO per diluted common share Growth rate | $0.95 (1) (8.7)% | $1.04 (2) |
(1) Adjusted FFO for the three months ended March 31, 2019 excludes a restructuring charge, costs associated with shareholder activism and the fluctuation in the fair value of equity securities. (2) Adjusted FFO for the three months ended March 31, 2018 excludes a reduction of a previously expensed restructuring charge, costs associated with shareholder activism, the fluctuation in the fair value of equity securities, and a charge recognized in connection with the write-off of deferred financing costs related to the early payoff of our $475 million unsecured term loan. |
• | Earnings Press Release |
• | Company Overview |
• | Operational Statistics |
• | Summary of Key Guidance Measures |
• | Income Statements |
• | Changes in Funds from Operations and Earnings Per Common Share |
• | Balance Sheets |
• | Debt Summary |
• | Capital Spending and Balance Sheet Information |
• | Owned Centers |
• | Redevelopment, New Development, & Acquisition |
• | Anchors & Major Tenants in Owned Portfolio |
• | Components of Rental Revenues |
• | Components of Other Income, Other Operating Expense, and Nonoperating Income (Expense) |
• | Earnings Reconciliations |
• | Operating Statistics Glossary |
TAUBMAN CENTERS, INC. | |||||||||||
Table 1 - Income Statement | |||||||||||
For the Three Months Ended March 31, 2019 and 2018 | |||||||||||
(in thousands of dollars) | |||||||||||
2019 | 2018 | ||||||||||
CONSOLIDATED | UNCONSOLIDATED | CONSOLIDATED | UNCONSOLIDATED | ||||||||
BUSINESSES | JOINT VENTURES (1) | BUSINESSES | JOINT VENTURES (1) | ||||||||
REVENUES: | |||||||||||
Rental revenues (2) | 144,289 | 129,556 | |||||||||
Minimum rents (2) | 86,825 | 92,041 | |||||||||
Overage rents | 3,141 | 6,379 | 2,625 | 5,881 | |||||||
Expense recoveries (2) | 51,528 | 45,870 | |||||||||
Management, leasing, and development services | 1,216 | 794 | |||||||||
Other (2) | 11,562 | 6,706 | 19,720 | 11,496 | |||||||
Total revenues | 160,208 | 142,641 | 161,492 | 155,288 | |||||||
EXPENSES: | |||||||||||
Maintenance, taxes, utilities, and promotion | 38,538 | 40,960 | 37,637 | 40,378 | |||||||
Other operating (2) | 19,225 | 5,521 | 23,866 | 9,986 | |||||||
Management, leasing, and development services | 531 | 302 | |||||||||
General and administrative | 8,576 | 8,493 | |||||||||
Restructuring charge | 625 | (346 | ) | ||||||||
Costs associated with shareholder activism | 4,000 | 3,500 | |||||||||
Interest expense | 36,885 | 32,498 | 30,823 | 32,467 | |||||||
Depreciation and amortization | 44,956 | 33,690 | 35,022 | 33,469 | |||||||
Total expenses | 153,336 | 112,669 | 139,297 | 116,300 | |||||||
Nonoperating income (expense) | 8,733 | 401 | (7,143 | ) | 347 | ||||||
15,605 | 30,373 | 15,052 | 39,335 | ||||||||
Income tax expense | (539 | ) | (1,908 | ) | (184 | ) | (1,737 | ) | |||
28,465 | 37,598 | ||||||||||
Equity in income of Unconsolidated Joint Ventures | 14,672 | 19,728 | |||||||||
Net income | 29,738 | 34,596 | |||||||||
Net income attributable to noncontrolling interests: | |||||||||||
Noncontrolling share of income of consolidated joint ventures | (1,429 | ) | (1,344 | ) | |||||||
Noncontrolling share of income of TRG | (6,801 | ) | (8,279 | ) | |||||||
Distributions to participating securities of TRG | (627 | ) | (599 | ) | |||||||
Preferred stock dividends | (5,784 | ) | (5,784 | ) | |||||||
Net income attributable to Taubman Centers, Inc. common shareholders | 15,097 | 18,590 | |||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||
EBITDA - 100% | 97,446 | 96,561 | 80,897 | 105,271 | |||||||
EBITDA - outside partners' share | (6,739 | ) | (47,144 | ) | (6,257 | ) | (51,027 | ) | |||
Beneficial interest in EBITDA | 90,707 | 49,417 | 74,640 | 54,244 | |||||||
Beneficial interest expense | (33,860 | ) | (16,776 | ) | (27,812 | ) | (16,751 | ) | |||
Beneficial income tax expense - TRG and TCO | (489 | ) | (777 | ) | (134 | ) | (710 | ) | |||
Beneficial income tax expense - TCO | 3 | ||||||||||
Non-real estate depreciation | (1,145 | ) | (1,136 | ) | |||||||
Preferred dividends and distributions | (5,784 | ) | (5,784 | ) | |||||||
Funds from Operations attributable to partnership unitholders and participating securities of TRG | 49,429 | 31,864 | 39,777 | 36,783 | |||||||
STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS: | |||||||||||
Net straight-line adjustments to rental revenues, recoveries, and ground rent expense at TRG% | 1,798 | 166 | 656 | 711 | |||||||
Country Club Plaza purchase accounting adjustments - rental revenues increase at TRG% | 112 | 1,487 | |||||||||
The Mall at Green Hills purchase accounting adjustments - rental revenues increase | 35 | 31 | |||||||||
(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. | |||||||||||
(2) Upon adoption of ASC Topic 842, minimum rents and expense recoveries are now presented within a single revenue line item, Rental Revenues; the presentation of lease cancellation income has changed from Other income to Rental Revenues; the presentation of uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue; and Other Operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $1.4 million of leasing costs were expensed during the three months ended March 31, 2019. Comparative periods presented were not adjusted to reflect the change in accounting. |
TAUBMAN CENTERS, INC. | |||||||||||||||||
Table 2 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operations and Adjusted Funds From Operations | |||||||||||||||||
For the Three Months Ended March 31, 2019 and 2018 | |||||||||||||||||
(in thousands of dollars except as noted; may not add or recalculate due to rounding) | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Shares | Per Share | Shares | Per Share | ||||||||||||||
Dollars | /Units | /Unit | Dollars | /Units | /Unit | ||||||||||||
Net income attributable to TCO common shareholders - basic | 15,097 | 61,124,016 | 0.25 | 18,590 | 60,917,235 | 0.31 | |||||||||||
Add impact of share-based compensation | 21 | 275,092 | 28 | 289,142 | |||||||||||||
Net income attributable to TCO common shareholders - diluted | 15,118 | 61,399,108 | 0.25 | 18,618 | 61,206,377 | 0.30 | |||||||||||
Add depreciation of TCO's additional basis | 1,617 | 0.03 | 1,617 | 0.03 | |||||||||||||
Add TCO's additional income tax expense | 3 | 0.00 | |||||||||||||||
Net income attributable to TCO common shareholders, excluding step-up depreciation and additional income tax expense | 16,735 | 61,399,108 | 0.27 | 20,238 | 61,206,377 | 0.33 | |||||||||||
Add noncontrolling share of income of TRG | 6,801 | 24,875,564 | 8,279 | 24,954,658 | |||||||||||||
Add distributions to participating securities of TRG | 627 | 871,262 | 599 | 871,262 | |||||||||||||
Net income attributable to partnership unitholders and participating securities of TRG | 24,163 | 87,145,934 | 0.28 | 29,116 | 87,032,297 | 0.33 | |||||||||||
Add (less) depreciation and amortization: | |||||||||||||||||
Consolidated businesses at 100% | 44,956 | 0.52 | 35,022 | 0.40 | |||||||||||||
Depreciation of TCO's additional basis | (1,617 | ) | (0.02 | ) | (1,617 | ) | (0.02 | ) | |||||||||
Noncontrolling partners in consolidated joint ventures | (2,235 | ) | (0.03 | ) | (1,852 | ) | (0.02 | ) | |||||||||
Share of Unconsolidated Joint Ventures | 17,192 | 0.20 | 17,055 | 0.20 | |||||||||||||
Non-real estate depreciation | (1,145 | ) | (0.01 | ) | (1,136 | ) | (0.01 | ) | |||||||||
Less impact of share-based compensation | (21 | ) | (0.00 | ) | (28 | ) | (0.00 | ) | |||||||||
Funds from Operations attributable to partnership unitholders and participating securities of TRG | 81,293 | 87,145,934 | 0.93 | 76,560 | 87,032,297 | 0.88 | |||||||||||
TCO's average ownership percentage of TRG - basic (1) | 71.1 | % | 70.9 | % | |||||||||||||
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense (1) | 57,779 | 0.93 | 54,311 | 0.88 | |||||||||||||
Less TCO's additional income tax expense | (3 | ) | (0.00 | ) | |||||||||||||
Funds from Operations attributable to TCO's common shareholders (1) | 57,779 | 0.93 | 54,308 | 0.88 | |||||||||||||
Funds from Operations attributable to partnership unitholders and participating securities of TRG | 81,293 | 87,145,934 | 0.93 | 76,560 | 87,032,297 | 0.88 | |||||||||||
Restructuring charge | 625 | 0.01 | (346 | ) | (0.00 | ) | |||||||||||
Costs associated with shareholder activism | 4,000 | 0.05 | 3,500 | 0.04 | |||||||||||||
Fluctuation in fair value of equity securities | (3,346 | ) | (0.04 | ) | 10,262 | 0.12 | |||||||||||
Write-off of deferred financing costs | 382 | 0.00 | |||||||||||||||
Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG | 82,572 | 87,145,934 | 0.95 | 90,358 | 87,032,297 | 1.04 | |||||||||||
TCO's average ownership percentage of TRG - basic (2) | 71.1 | % | 70.9 | % | |||||||||||||
Adjusted Funds from Operations attributable to TCO's common shareholders (2) | 58,688 | 0.95 | 64,100 | 1.04 | |||||||||||||
(1) For the three months ended March 31, 2019, Funds from Operations attributable to TCO's common shareholders was $57,019 using TCO's diluted average ownership percentage of TRG of 70.1%. For the three months ended March 31, 2018, Funds from Operations attributable to TCO's common shareholders was $53,585 using TCO's diluted average ownership percentage of TRG of 70.0%. | |||||||||||||||||
(2) For the three months ended March 31, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $57,916 using TCO's diluted average ownership percentage of TRG of 70.1%. For the three months ended March 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was $63,245 using TCO's diluted average ownership percentage of TRG of 70.0%. |
TAUBMAN CENTERS, INC. | ||||||||
Table 3 - Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDA | ||||||||
For the Periods Ended March 31, 2019 and 2018 | ||||||||
(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding) | ||||||||
Three Months Ended | ||||||||
2019 | 2018 | |||||||
Net income | 29,738 | 34,596 | ||||||
Add (less) depreciation and amortization: | ||||||||
Consolidated businesses at 100% | 44,956 | 35,022 | ||||||
Noncontrolling partners in consolidated joint ventures | (2,235 | ) | (1,852 | ) | ||||
Share of Unconsolidated Joint Ventures | 17,192 | 17,055 | ||||||
Add (less) interest expense and income tax expense: | ||||||||
Interest expense: | ||||||||
Consolidated businesses at 100% | 36,885 | 30,823 | ||||||
Noncontrolling partners in consolidated joint ventures | (3,025 | ) | (3,011 | ) | ||||
Share of Unconsolidated Joint Ventures | 16,776 | 16,751 | ||||||
Income tax expense: | ||||||||
Consolidated businesses at 100% | 539 | 184 | ||||||
Noncontrolling partners in consolidated joint ventures | (50 | ) | (50 | ) | ||||
Share of Unconsolidated Joint Ventures | 777 | 710 | ||||||
Less noncontrolling share of income of consolidated joint ventures | (1,429 | ) | (1,344 | ) | ||||
Beneficial interest in EBITDA | 140,124 | 128,884 | ||||||
TCO's average ownership percentage of TRG - basic | 71.1 | % | 70.9 | % | ||||
Beneficial interest in EBITDA attributable to TCO | 99,593 | 91,430 | ||||||
Beneficial interest in EBITDA | 140,124 | 128,884 | ||||||
Add (less): | ||||||||
Restructuring charge | 625 | (346 | ) | |||||
Costs associated with shareholder activism | 4,000 | 3,500 | ||||||
Fluctuation in fair value of equity securities | (3,346 | ) | 10,262 | |||||
Adjusted Beneficial interest in EBITDA | 141,403 | 142,300 | ||||||
TCO's average ownership percentage of TRG - basic | 71.1 | % | 70.9 | % | ||||
Adjusted Beneficial interest in EBITDA attributable to TCO | 100,502 | 100,947 |
TAUBMAN CENTERS, INC. | |||||||||||||||
Table 4 - Reconciliation of Net Income to Net Operating Income (NOI) | |||||||||||||||
For the Three Months Ended March 31, 2019, 2018, and 2017 | |||||||||||||||
(in thousands of dollars) | |||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||
2019 | 2018 | 2018 | 2017 | ||||||||||||
Net income | 29,738 | 34,596 | 34,596 | 32,759 | |||||||||||
Add (less) depreciation and amortization: | |||||||||||||||
Consolidated businesses at 100% | 44,956 | 35,022 | 35,022 | 37,711 | |||||||||||
Noncontrolling partners in consolidated joint ventures | (2,235 | ) | (1,852 | ) | (1,852 | ) | (1,796 | ) | |||||||
Share of Unconsolidated Joint Ventures | 17,192 | 17,055 | 17,055 | 15,652 | |||||||||||
Add (less) interest expense and income tax expense: | |||||||||||||||
Interest expense: | |||||||||||||||
Consolidated businesses at 100% | 36,885 | 30,823 | 30,823 | 25,546 | |||||||||||
Noncontrolling partners in consolidated joint ventures | (3,025 | ) | (3,011 | ) | (3,011 | ) | (2,975 | ) | |||||||
Share of Unconsolidated Joint Ventures | 16,776 | 16,751 | 16,751 | 15,781 | |||||||||||
Income tax expense: | |||||||||||||||
Consolidated businesses at 100% | 539 | 184 | 184 | 208 | |||||||||||
Noncontrolling partners in consolidated joint ventures | (50 | ) | (50 | ) | (50 | ) | (31 | ) | |||||||
Share of Unconsolidated Joint Ventures | 777 | 710 | 710 | 1,633 | |||||||||||
Share of income tax expense on disposition | 731 | ||||||||||||||
Less noncontrolling share of income of consolidated joint ventures | (1,429 | ) | (1,344 | ) | (1,344 | ) | (1,444 | ) | |||||||
Add EBITDA attributable to outside partners: | |||||||||||||||
EBITDA attributable to noncontrolling partners in consolidated joint ventures | 6,739 | 6,257 | 6,257 | 6,246 | |||||||||||
EBITDA attributable to outside partners in Unconsolidated Joint Ventures | 47,144 | 51,027 | 51,027 | 47,863 | |||||||||||
EBITDA at 100% | 194,007 | 186,168 | 186,168 | 177,884 | |||||||||||
Add (less) items excluded from shopping center NOI: | |||||||||||||||
General and administrative expenses | 8,576 | 8,493 | 8,493 | 10,751 | |||||||||||
Management, leasing, and development services, net | (685 | ) | (492 | ) | (492 | ) | (338 | ) | |||||||
Restructuring charge | 625 | (346 | ) | (346 | ) | 1,896 | |||||||||
Costs associated with shareholder activism | 4,000 | 3,500 | 3,500 | 3,500 | |||||||||||
Straight-line of rents | (2,907 | ) | (5,487 | ) | (5,487 | ) | (1,855 | ) | |||||||
Fluctuation in fair value of equity securities | (3,346 | ) | 10,262 | 10,262 | |||||||||||
Insurance recoveries - The Mall of San Juan | (4,046 | ) | (670 | ) | (670 | ) | |||||||||
Gain on disposition | (4,445 | ) | |||||||||||||
Gain on sale of peripheral land | (1,668 | ) | |||||||||||||
Dividend income | (1,151 | ) | (1,151 | ) | (1,033 | ) | |||||||||
Interest income | (1,742 | ) | (1,620 | ) | (1,620 | ) | (2,032 | ) | |||||||
Other nonoperating expense (income) | (25 | ) | (25 | ) | 103 | ||||||||||
Unallocated operating expenses and other (1) | 7,740 | 8,121 | 8,121 | 7,322 | |||||||||||
NOI at 100% - total portfolio | 202,222 | 206,753 | 206,753 | 190,085 | |||||||||||
Less NOI of non-comparable centers | (11,738 | ) | (2) | (9,261 | ) | (2) | (12,800 | ) | (3) | (12,411 | ) | (3) | |||
NOI at 100% - comparable centers | 190,484 | 197,492 | 193,953 | 177,674 | |||||||||||
NOI at 100% - comparable centers growth % | (3.5 | )% | 9.2 | % | |||||||||||
NOI at 100% - comparable centers | 190,484 | 197,492 | 193,953 | 177,674 | |||||||||||
Less lease cancellation income - comparable centers | (489 | ) | (11,687 | ) | (11,687 | ) | (3,608 | ) | |||||||
NOI at 100% - comparable centers excluding lease cancellation income | 189,995 | 185,805 | 182,266 | 174,066 | |||||||||||
NOI at 100% - comparable centers excluding lease cancellation income growth % | 2.3 | % | (4) | 4.7 | % | ||||||||||
NOI at 100% - total portfolio | 202,222 | 206,753 | 206,753 | 190,085 | |||||||||||
Less lease cancellation income - total portfolio | (569 | ) | (13,785 | ) | (13,785 | ) | (3,706 | ) | |||||||
Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in Unconsolidated Joint Ventures excluding lease cancellation income - total portfolio | (54,573 | ) | (53,877 | ) | (53,877 | ) | (51,230 | ) | |||||||
Beneficial interest in NOI - total portfolio excluding lease cancellation income | 147,080 | 139,091 | 139,091 | 135,149 | |||||||||||
Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % | 5.7 | % | 2.9 | % | |||||||||||
(1 | ) | Upon adoption of ASC Topic 842, Other Operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $1.4 million of leasing costs were expensed during the three months ended March 31, 2019. Comparative periods presented were not adjusted to reflect the change in accounting. | |||||||||||||
(2 | ) | Includes Beverly Center, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield. | |||||||||||||
(3 | ) | Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield. | |||||||||||||
(4 | ) | The NOI of our centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constant currency exchange rates, the growth in NOI at 100%, excluding lease cancellation income, presented would have been 3.0% for the three months ended March 31, 2019. |
TAUBMAN CENTERS, INC. | ||||||||
Table 5 - 2019 Annual Guidance | ||||||||
(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding) | ||||||||
Range for the Year Ended | ||||||||
December 31, 2019 (1) | ||||||||
Adjusted Funds from Operations per common share | 3.62 | 3.74 | ||||||
Restructuring charge (2) | (0.005 | ) | (0.005 | ) | ||||
Costs associated with shareholder activism (2) | (0.045 | ) | (0.045 | ) | ||||
Fluctuation in fair value of equity securities (2) | 0.040 | 0.040 | ||||||
Funds from Operations per common share | $ | 3.60 | $ | 3.72 | ||||
Real estate depreciation - TRG | (2.78 | ) | (2.67 | ) | ||||
Distributions to participating securities of TRG | (0.03 | ) | (0.03 | ) | ||||
Depreciation of TCO's additional basis in TRG | (0.11 | ) | (0.11 | ) | ||||
Net income attributable to common shareholders, per common share (EPS) | $ | 0.68 | $ | 0.92 | ||||
(1) Guidance is current as of April 30, 2019, see "Taubman Centers, Inc. Issues Solid First Quarter Results." On February 14, 2019, we announced agreements to sell 50 percent of our ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). The transactions are subject to customary closing conditions and are expected to close throughout 2019. The 2019 annual guidance and related guidance assumptions exclude the impact of the Blackstone transactions. In April 2019, we acquired a 48.5% interest in The Gardens Mall. The 2019 annual guidance and related guidance assumptions now include the impact of The Gardens Mall acquisition. | ||||||||
(2) Amount represents actual amounts recognized through the first quarter of 2019. Amount does not include future assumptions of amounts to be incurred during 2019. |