Taubman Centers, Inc. is a real estate investment trust (REIT) engaged in the ownership, management, leasing, acquisition, development and expansion of regional shopping centers (Centers) through its subsidiary, The Taubman Realty Group Limited Partnership (the Operating Partnership). The Company is the managing general partner in the Operating Partnership with a 62% interest. Taubman's portfolio, as of December 31, 2001, included 20 urban and suburban Centers located in nine states. Two additional Centers are under construction and will open in October 2002 and September 2003. The Operating Partnership also owns certain regional retail shopping center development projects and more than 99% of The Taubman Company LLC, which manages the shopping centers and provides other services to the Operating Partnership and the Company.