{\rtf1\ansi\ansicpg1252\uc1\deff0\deflang1033 {\colortbl\red0\green0\blue0;\red128\green128\blue128;\red204\green238\blue255;\red35\green31\blue32;\red0\green0\blue255;}{\fonttbl{\f2\fswiss Arial;}{\f1\fmodern Courier New;}{\f3\fdecor Symbol;}{\f0\froman Times New Roman;}{\f4\fnil Wingdings;}} {\info{\subject EDGAR Online Pro}{\version3}{\*\company EDGAR Online, Inc.}{\author EDGAR Online HTML to RTF Converter. Version 3.0}{\*\category \0000890319-19-000030.html.ecq}{\doccomm Source: EDGAR Online, Inc. \'a9 Copyright 2019. All rights reserved.}{\title TAUBMAN CENTERS INC (Form: 10-K, Received: 02/28/2019 11:00:34)}} \paperh15840\paperw12240\margl360\margr360\margt360\margb360\headery0\footery360\sprstsp\sprsbsp\sprsspbf\sprslnsp\widowctrl\viewscale100 {\*\bkmkstart eolPage1}{\*\bkmkend eolPage1}{\*\bkmkstart FIS_TOP_OF_DOCUMENT}{\*\bkmkend FIS_TOP_OF_DOCUMENT}{\*\bkmkstart TCO_20181231X10K_HTM}{\*\bkmkend TCO_20181231X10K_HTM}{\*\bkmkstart FIS_FORM}{\*\bkmkend FIS_FORM}{\*\bkmkstart TCO_20181231X10K_HTM_SB8830DB6951A5F7BBBA65A899C536491}{\*\bkmkend TCO_20181231X10K_HTM_SB8830DB6951A5F7BBBA65A899C536491}\pard \qc {\fs18 {UNITED STATES}}\par \pard \qc {\fs18 {SECURITIES AND EXCHANGE COMMISSION}}\par \pard \qc {\fs18 {WASHINGTON, D.C. 20549}}\par \pard \qc {\fs28 {\b Form 10-K}}\par {\pard\sl-150\par} {\trowd\trleft635\clvertalc\cellx10880 \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft635\clvertalc\cellx1344 \clvertalc\cellx10880 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft635\cellx1344 \clvertalb\cellx10880 \pard \intbl\qc \li30 {\fs18 {\f4 \u253?}}\cell \pard \intbl \li30 {\fs18 {ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934}}\cell \row} \pard \qc {\fs12 {}}\par \pard \qc {\fs18 {For the fiscal year ended} {December\u160?31, 2018}}\par \pard \qc {\fs18 {OR}}\par {\pard\sl-150\par} {\trowd\trleft635\clvertalc\cellx10880 \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft635\clvertalc\cellx1344 \clvertalc\cellx10880 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft635\cellx1344 \clvertalb\cellx10880 \pard \intbl\qc \li30 {\fs18 {\f4 o}}\cell \pard \intbl \li30 {\fs18 {TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934}}\cell \row} \pard \qc {\fs12 {}}\par \pard \qc {\fs18 {For the transition period from _______________ to _______________}}\par \pard \qc {\fs18 {Commission File No. 1-11530}}\par \pard \qc {\fs10 {}}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE}{\*\bkmkend FIS_UNIDENTIFIED_TABLE}\par \pard \qc {\fs24 {\f2\b\ul TAUBMAN CENTERS, INC.}}\par \pard \qc \sb30 {\fs18 {(Exact name of registrant as specified in its charter)}}\par \pard {\fs10 {}}\par {\pard\sl-150\par} {\trowd\trleft716\clvertalc\cellx10798 \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft716\clvertalc\cellx5246 \clvertalc\cellx6268 \clvertalc\cellx10798 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft716\clbrdrb\brdrs\brdrw15\brdrcf0\cellx5246 \cellx6268 \clbrdrb\brdrs\brdrw15\brdrcf0\cellx10798 \pard \intbl\qc \li30 {\fs18 {Michigan}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {38-2033632}}\cell \row} {\trowd\trleft716\clvertalb\cellx5246 \cellx6268 \cellx10798 \pard \intbl\qc \li30 {\fs18 {(State or other jurisdiction of}}\par \pard \intbl\qc \li30 {\fs18 {incorporation or organization)}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {(I.R.S. Employer Identification No.)}}\cell \row} {\trowd\trleft716\clvertalb\cellx5246 \clvertalb\cellx6268 \clvertalb\cellx10798 \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \row} {\trowd\trleft716\clbrdrb\brdrs\brdrw15\brdrcf0\cellx5246 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\cellx6268 \clbrdrb\brdrs\brdrw15\brdrcf0\clvertalb\cellx10798 \pard \intbl\qc \li30 {\fs18 {200 East Long Lake Road, Suite 300,}}\par \pard \intbl\qc \li30 {\fs18 {Bloomfield Hills, Michigan}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {48304-2324}}\cell \row} {\trowd\trleft716\cellx5246 \clvertalb\cellx6268 \clvertalb\cellx10798 \pard \intbl\qc \li30 {\fs10 {(Address of principal executive offices)}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {(Zip code)}}\cell \row} {\trowd\trleft0\clvertalc\cellx8300 \clvertalc\cellx10955 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft0\cellx8300 \cellx10955 \pard \intbl \ri16 {\fs18 {Registrant's telephone number, including area code:}}\cell \pard \intbl \ri16 {\fs18 {(248) 258-6800\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?}}\cell \row} \pard \fi720 \li8280 {\fs18 {\u160?\u160?\u160?\u160?}}{\*\bkmkstart FIS_UNIDENTIFIED_TABLE_2}{\*\bkmkend FIS_UNIDENTIFIED_TABLE_2}\par \pard {\fs18 {\b Securities registered pursuant to Section 12(b) of the Act:}}\par {\pard\sl-150\par} {\trowd\trleft716\clvertalc\cellx10798 \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft716\clvertalc\cellx5246 \clvertalc\cellx6268 \clvertalc\cellx10798 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft716\clvertalb\cellx5246 \clvertalb\cellx6268 \clvertalb\cellx10798 \pard \intbl \li30 {\fs18 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {Name of each exchange}}\cell \row \pard \intbl\qc \li30 {\fs18 {\ul Title of each class}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\ul on which registered}}\cell \row \pard \intbl\qc \li30 {\fs18 {Common Stock,}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {New York Stock Exchange}}\cell \row \pard \intbl\qc \li30 {\fs18 {$0.01 Par Value}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \row \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \row \pard \intbl\qc \li30 {\fs18 {6.5% Series J Cumulative}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {New York Stock Exchange}}\cell \row \pard \intbl\qc \li30 {\fs18 {Redeemable Preferred Stock,}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \row \pard \intbl\qc \li30 {\fs18 {No Par Value}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \row \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \row \pard \intbl\qc \li30 {\fs18 {6.25% Series K Cumulative}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {New York Stock Exchange}}\cell \row \pard \intbl\qc \li30 {\fs18 {Redeemable Preferred Stock,}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \row \pard \intbl\qc \li30 {\fs18 {No Par Value}}\cell \pard \intbl \li30 {\fs20 {\u160?}}\cell \pard \intbl\qc \li30 {\fs18 {\u160?}}\cell \row} \pard {\fs10 {}}\par \pard {\fs18 {\b Securities registered pursuant to Section 12(g) of the Act:\u160?\u160?None}}\par \pard {\fs12 {}}\par \pard \qj {\fs18 {Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. \u160?} {\f4 x} {\u160?Yes\u160?\u160?\u160?\u160?} {\f4 o} {\u160?No}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\u160?} {\f4 o} {\u160?Yes\u160?\u160?\u160?} {\f4 x} {\u160?No}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {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.\u160?\u160?\u160?} {\f4 x} {\u160?Yes\u160?\u160?\u160?\u160?} {\f4 o} {\u160?No}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).\u160?} {\f4 x} {Yes\u160?} {\f4 o} {\u160?No}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. \u160?} {\f4 x}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.\u160?\u160?See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.}}\par \pard {\fs20 {\fs18 Large Accelerated Filer\u160?\u160?\u160?\u160?} {\f4\fs18 x} {\fs18 \u160?\u160?\u160?\u160?\u160?\u160? Accelerated Filer\u160?\u160?\u160?} {\f4\fs18 o} {\fs18 \u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160?\u160? Non-Accelerated Filer\u160?\u160?\u160?} {\f4\fs18 o} {\fs18 \u160?\u160?\u160?\u160?\u160?\u160?\u160? Smaller reporting company\u160?\u160?} {\f4\fs18 o} {\fs18 Emerging Growth Company} {\f4\fs18 o}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.} {\f4 o}}\par \pard {\fs12 {}}\par \pard \qj {\fs18 {Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\u160?\u160?\u160?} {\f4 o} {\u160?Yes\u160?\u160?\u160?\u160?} {\f4 x} {\u160?No}}\par \pard {\fs10 {}}\par \pard \qj {\fs18 {The aggregate market value of the} {58,042,052} {shares of Common Stock held by non-affiliates of the registrant as of} {June\u160?30, 2018} {was} {$3.4 billion} {, based upon the closing price of} {$58.76} {per share on the New York Stock Exchange composite tape on June\u160?29, 2018. (For this computation, the registrant has excluded the market value of all shares of its Common Stock held by directors of the registrant and certain other shareholders; such exclusion shall not be deemed to constitute an admission that any such person is an "affiliate" of the registrant.)\u160?\u160?As of} {February\u160?27, 2019} {, there were outstanding} {61,122,292} {shares of Common Stock.}}\par \pard {\fs10 {}}\par \pard \qc {\fs18 {\b DOCUMENTS INCORPORATED BY REFERENCE}}\par \pard \qc {\fs10 {}}\par \pard \qj {\fs18 {Portions of the proxy statement for the annual shareholders meeting to be held in} {2019} {are incorporated by reference into Part III.}}\par \pard {\fs20 }\par \pard \li15\ri15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage2}{\*\bkmkend eolPage2}\par {\*\bkmkstart TCO_20181231X10K_HTM_SA90904D0C608574CA23CF5B2A25195D9}{\*\bkmkend TCO_20181231X10K_HTM_SA90904D0C608574CA23CF5B2A25195D9}\pard \pagebb {\fs20 }\par \pard \qc {\fs20 {TAUBMAN CENTERS, INC.}}\par \pard \qc {\fs20 {CONTENTS}}\par \pard \qc {\fs20 {}}\par \pard \qc {\fs20 {}}\par {\pard\sl-150\par} {\trowd\trleft0\clvertalc\cellx11520 \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft0\clvertalc\cellx1052 \clvertalc\cellx10354 \clvertalc\cellx11520 \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \pard \intbl\sl-1\vertalc \cell \row} {\trowd\trleft0\cellx11520 {\*\bkmkstart FIS_PART_I}{\*\bkmkend FIS_PART_I}\pard \intbl\qc \ri56 {\fs20 {\b PART I}}\cell \row} {\trowd\trleft0\cellx1052 \cellx10354 \cellx11520 \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SF88CE144D80F51E7BD28AE9724BEFB60"}}{\fldrslt\ul {{Item\u160?1.}}}}}\cell \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SF88CE144D80F51E7BD28AE9724BEFB60"}}{\fldrslt\ul {{Business}}}}}\cell \pard \intbl\qc \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SF88CE144D80F51E7BD28AE9724BEFB60"}}{\fldrslt\ul {2}}}}\cell \row \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_S913497C969A35AF486D3D062B37B4FFD"}}{\fldrslt\ul {{Item\u160?1A.}}}}}\cell \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_S913497C969A35AF486D3D062B37B4FFD"}}{\fldrslt\ul {{Risk Factors}}}}}\cell \pard \intbl\qc \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_S913497C969A35AF486D3D062B37B4FFD"}}{\fldrslt\ul {14}}}}\cell \row \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SBAA85C089DB35E119EE4CD5350727F7D"}}{\fldrslt\ul {{Item\u160?1B.}}}}}\cell \pard \intbl \li30 {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SBAA85C089DB35E119EE4CD5350727F7D"}}{\fldrslt\ul {{Unresolved Staff 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\row} \pard {\fs20 {}}\par \pard {\fs20 }\par \pard \qc {\fs20 {1}}\par \pard \li15\ri15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage3}{\*\bkmkend eolPage3}\par {\*\bkmkstart TCO_20181231X10K_HTM_S74DF78C177C25D9F840385CE804828F5}{\*\bkmkend TCO_20181231X10K_HTM_S74DF78C177C25D9F840385CE804828F5}\pard \pagebb {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SA90904D0C608574CA23CF5B2A25195D9"}}{\fldrslt\ul {{Table of Contents}}}}}\par \pard {\fs20 {}}\par \pard {\fs20 }\par \pard \qc {\fs20 {\b PART\u160?I}}\par \pard {\fs20 {}}\par {\*\bkmkstart TCO_20181231X10K_HTM_SF88CE144D80F51E7BD28AE9724BEFB60}{\*\bkmkend TCO_20181231X10K_HTM_SF88CE144D80F51E7BD28AE9724BEFB60}{\*\bkmkstart FIS_PART_I_2}{\*\bkmkend FIS_PART_I_2}{\*\bkmkstart FIS_BUSINESS}{\*\bkmkend FIS_BUSINESS}\pard \qj {\fs20 {\b Item\u160?1. BUSINESS.}}\par \pard {\fs20 {}}\par \pard \qj\fi180 {\fs20 {The following discussion of our business contains various "forward-looking" statements within the meaning of Section\u160?27A of the Securities Act of 1933, as amended, and Section\u160?21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our expectations or beliefs concerning future events and performance. We caution that although forward-looking statements reflect our good faith beliefs and reasonable judgment based upon current information, these statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including those risks, uncertainties, and factors detailed from time to time in reports filed with the Securities and Exchange Commission (SEC), and in particular those set forth under Risk Factors in this Annual Report on Form 10-K. The forward-looking statements included in this report are made as of the date hereof or the date specified herein. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.}}\par \pard {\fs20 {}}\par \pard \qj {\fs20 {\b The Company}}\par \pard {\fs20 {}}\par \pard \qj\fi180 {\fs20 {Taubman Centers, Inc. (} {TCO} {) is a Michigan corporation (incorporated in 1973) that operates as a self-administered and self-managed real estate investment trust (REIT).} {TCO's} {sole asset is an approximate 71% general partnership interest in The Taubman Realty Group Limited Partnership (} {TRG} {), which owns direct or indirect interests in all of our real estate properties. In this report, the terms "we", "us", and "our" refer to} {TCO} {,} {TRG} {, and/or} {TRG's} {subsidiaries as the context may require. See "Our UPREIT Structure" for additional information about our structure.}}\par \pard {\fs20 {}}\par \pard \qj\fi180 {\fs20 {We own, lease, acquire, dispose of, develop, expand, and manage shopping centers and interests therein. Our owned portfolio of operating centers as of} {December\u160?31, 2018} {\u160?consisted of} {23} {\u160?urban and suburban shopping centers operating in} {11} {U.S. states, Puerto Rico, South Korea, and China. The Taubman Company LLC (the Manager) provides certain management and administrative services for us and for our U.S. properties. See "Personnel" below for more information about the Manager.}}\par \pard \qj\fi180 {\fs20 {}}\par \pard \qj\fi180 {\fs20 {The Consolidated Businesses consist of shopping centers and entities that are controlled, by ownership or contractual agreements, by} {TRG} {, the Manager, or 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. See "Item 2. Properties" for information regarding the shopping centers.}}\par \pard \qj {\fs20 {}}\par \pard \qj\fi180 {\fs20 {In 2017, the U.S. Congress passed the Tax Cuts and Jobs Act of 2017, which made significant changes to both corporate and individual tax rates and the resulting calculation of taxes, as well as international tax rules for U.S. domestic corporations. As a REIT, this legislation minimally changed the taxes we pay. However, it could impact the way in which our dividends are taxed on the holders of our stock.}}\par \pard \qj\fi180 {\fs20 {}}\par \pard \qj {\fs20 {\b Our UPREIT Structure}}\par \pard \qj\fi180 \sb240 {\fs20 {We are structured as an umbrella partnership real estate investment trust, referred to as an UPREIT. In our UPREIT structure,} {TCO} {, which is a publicly-traded REIT, is the sole managing general partner of} {TRG} {.} {TCO's} {sole asset is its ownership of partnership interests in} {TRG} {(} {TRG} {units), which constitute an approximate 71% economic interest in} {TRG} {as of} {December\u160?31, 2018} {. The remaining approximate 29% of the} {TRG} {units are owned by} {TRG's} {partners other than} {TCO} {(Other Partners), including Robert S. Taubman, William S. Taubman, Gayle Taubman Kalisman, and the A. Alfred Taubman Restated Revocable Trust (Taubman Family).} {TRG} {owns direct or indirect interests in our real estate properties and in the companies that provide management services to us and our real estate properties, including in our Unconsolidated Joint Ventures and the Manager.}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \qj\fi180 \sb195 {\fs20 {}}\par \pard \sb195 {\fs20 }\par \pard \qc {\fs20 {2}}\par \pard \li15\ri15\sb185 \brdrt\brdrs\brdrw15\brdrcf1\brdrr\brdrs\brdrw15\brdrcf1\brdrb\brdrs\brdrw15\brdrcf1\brdrl\brdrs\brdrw15\brdrcf1\sl-15\qc {\*\bkmkstart eolPage4}{\*\bkmkend eolPage4}\par \pard \pagebb {\fs20 {\field\fldedit{\*\fldinst { HYPERLINK "" \\l "TCO_20181231X10K_HTM_SA90904D0C608574CA23CF5B2A25195D9"}}{\fldrslt\ul {{Table of Contents}}}}}\par \pard {\fs20 {}}\par \pard {\fs20 }\par \pard \qj\fi180 {\fs20 {The following chart illustrates} {TCO's} {and} {TRG's} {structure:}}\par \pard \qj\fi180 \sb195 {\fs20 {\pict\jpegblip\pichgoal6870\picwgoal9615\bin62398 JFIF ` ` Exif MM * ; 2i @ Gilin, Daniel v 30 30 2019:02:19 16:53:34 2019:02:19 16:53:34 G i l i n , D a n i e l C '!%"."%()+,+ /3/*2'*+* C *************************************************** rk" } !1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w !1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ? ߈^1<' jwva\g.Ϟ ~ SOӯ,1eI䏻r-l'R ͝ .Ϟ ~ ԟ]pW_O+ > O.\> =7I E_;G ߩ??p|' \}?_ .Ϟ ~ ԟ]pQWϴw |A >zo ?M RuQG_+ > O.\> =7I E_;G ߩ??p|' \}?_ .Ϟ ~ ԟ]pQWϴw |A >zo ?M RuQG_+ > O.\> =7I E_;G ߩ??p|' \}?_ .Ϟ ~ ԟ]pQWϴw |A >zo ?M RuQG_+ > O.\> =7I E_;G ߩ??p|' \}?_ .Ϟ ~ ԟ]pQWϴw |A >zo ?M RuQG_+ > O.\> =7I E_;G ߩ??p|' \}?_ .Ϟ ~ ԟ]pQWϴw |A >zo ?M RuT$