MAC Macerich Co

Taubman Completes Biltmore Sale Macerich Units Exchanged for Taubman Units BLOOMFIELD HILLS, Mich., Dec. 19 /PRNewswire-FirstCall/ -- Taubman Centers, Inc. today announced the completion of the sale of the Biltmore Fashion Park (Phoenix, Ariz.) to The Macerich Company . The sale price was $158.5 million, comprised of $51.0 million of cash, 705,636 Macerich partnership units, and the assumption of $77.4 million of property level fixed rate debt. Immediately following the transaction, Taubman transferred the Macerich units to several Operating Partnership unit holders in redemption and retirement of 1,629,817 Taubman Operating Partnership units. These unit holders were the original owners of Biltmore Fashion Park. "We are pleased to have completed the sale of the Biltmore Fashion Park as announced, thereby recycling our capital to reinvest in our business," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. "The exchange of the Macerich units for our partners' Taubman units provided an effective means to quickly monetize the Macerich units." Located at Camelback and 24th Street in Phoenix, the Biltmore Fashion Park opened in 1963 and was purchased by Taubman for $115 million in 1994. Taubman Centers, Inc., a real estate investment trust, currently owns and/or manages 31 urban and suburban regional and super regional shopping centers in 13 states. Northlake Mall (Charlotte, N.C.) is under construction and will open September 15, 2005. Taubman Centers is headquartered in Bloomfield Hills, Mich. Additional information about Taubman Centers can be obtained from the company's website at http://www.taubman.com/ . This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K. DATASOURCE: Taubman Centers, Inc. CONTACT: Barbara Baker, Vice President, Investor Relations, +1-248-258-7367, or Karen MacDonald, Director, Communications, +1-248-258-7469, both of Taubman Centers, Inc. Web site: http://www.taubman.com/

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