Taubman owns or manages 31 mostly urban and suburban regional and super regional shopping centers in 13 states. It also has a mall under construction in North Carolina due to open in September.
Taubman has managed the properties in question since September 1998, when GMPT exchanged its equity holdings in Taubman for interests in the centers.
Taubman says any transaction that might result--including a cancellation of any or all eight of the mall management contracts--would not have a material effect on its earnings for 2004.
The company reaffirmed its 2004 outlook on funds from operations, excluding possible charges, of $1.88 per share to $1.92 per share.
"We continue to focus on our core business strategies of managing, leasing and developing the 21 high-performing centers we currently own," chief executive officer Robert S. Taubman says. "We will make every effort to minimize the impact of this announcement on our talented associates."
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