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BLOOMFIELD HILLS, MI-Taubman Centers Inc. reports third-quarter diluted funds from operations per share increased 9.7% to $0.34. During the third quarter of 2000, Taubman Centers recorded a gain in the amount of $0.79 per share for the disposition of interests in Lakeside Mall in Sterling Heights, MI.

Average annualized rent per square foot for comparable centers was $40.92, up 3.4%. “Given that our traffic counts have generally returned to pre-Sept. 11 levels, we are hopeful that fourth quarter sales per square foot will show positive growth,” says Chairman and CEO Robert Taubman. “Nonetheless, our average rents per square foot continued to rise during the quarter.”

“During the past few months, we have positioned our balance sheet to takeadvantage of the lowest interest rates in decades,” says Chief Financial Officer Lisa Payne. “We recently placed a 10-year fixed rate mortgage on Regency Square (Richmond, VA). We’ve also entered into a new three-year revolving credit facility, and extended the LIBOR rate maturities for $490 million of floating rate debt until the fourthquarter of 2002, thereby locking into attractive financing rates of about 4.8%.”

The $82.5-million mortgage on Regency Square carries a rate of 7.2% and matures in November 2011. Bank of America, N.A. provided this financing. Previously, Regency was collateral for the company’s line of credit. The new $275-million revolving credit facility, includes 12 banks.

This new facility, which carries an interest rate of LIBOR plus 90 basis points, is secured by Twelve Oaks Mall in Novi and Fairlane Town Center in Dearborn. Proceeds from both financings were used to pay off $150 million outstanding under loans previously secured by Twelve Oaks as well as the balance under the expiring revolving credit facility. Additional financing flexibility will continue to be available under a second secured bank line totaling $40 million. Presently $95 million is available under bothfacilities.

The company currently owns and/or manages 31 urban and suburban regional and super regional shopping centers in 13 states. In addition, The Mall at Millenia in Orlando, FL is under construction and will open in October 2002.

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