UNITED STATES	
SECURITIES AND EXCHANGE COMMISSION	
Washington, D.C. 20549	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	FORM	8-K	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Current Report Pursuant	
to Section 13 or 15(d) of the	
Securities Exchange Act of 1934	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Date of report (date of earliest event reported):	 	November 9, 2020	 	 	
 	
TAUBMAN CENTERS, INC.	
(Exact Name of Registrant as Specified in its Charter)	
 	 	 	 	 	 	 	 	 	 	 	 	
Michigan	
(State of Other Jurisdiction of Incorporation)	
 	 	
 	1-11530	 	 	 	 	38-2033632	
 	(Commission File Number)	 	 	 	 	(I.R.S. Employer Identification No.)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	200 East Long Lake Road	 	 	 	 	 	 	 	 	
 	Suite 300	 	 	 	 	 	 	 	 	
 	Bloomfield Hills,	Michigan	 	 	 	 	48304-2324	
 	(Address of Principal Executive Office)	 	 	 	 	(Zip Code)	
 	 	
 	Registrant’s Telephone Number, Including Area Code:	 	(248)	 258-6800	 	
 	 	
 	None	
 	(Former Name or Former Address, if Changed Since Last Report)	
 	 	
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):	
 	 	
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Securities registered pursuant to Section 12(b) of the Act:

			
 	Trading	Name of each exchange	
Title of each class	Symbol	on which registered	
Common Stock,
$0.01 Par Value	TCO	New York Stock Exchange	

6.5% Series J Cumulative
Redeemable Preferred Stock,
No Par Value	TCO PR J	New York Stock Exchange	

 	 	 	
6.25% Series K Cumulative
Redeemable Preferred Stock,
No Par Value	TCO PR K	New York Stock Exchange	

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company     ☐

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. ☐

Item 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The information under this caption is furnished by Taubman Centers, Inc. (the "Company") in accordance with Securities and Exchange Commission Release No. 33-8216. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On November 9, 2020, the Company issued a press release announcing its results of operations for the quarter ended September 30, 2020. A copy of the press release is attached as Exhibit 99 to this report.

Item 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits

	
		
Exhibit	Description	
 	 	
99	Press Release, dated November 9, 2020, entitled “Taubman Centers, Inc. Issues Third Quarter Results”	
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
				
Date:	November 9, 2020	TAUBMAN CENTERS, INC.	
 	 	 	 	
 	 	By:	/s/ Simon J. Leopold	
 	 	 	Simon J. Leopold	
 	 	 	Executive Vice President, Chief Financial Officer (Principal Financial Officer)	

Exhibit 99

					
Taubman Centers, Inc.	T 248.258.6800	 	 	 	
		 	 		
200 East Long Lake Road	www.taubman.com	 	 		
Suite 300	 	 	 		
Bloomfield Hills, Michigan	 	 	 		
48304-2324	 	 	 		
 
TAUBMAN CENTERS, INC. ISSUES THIRD QUARTER RESULTS

–	Earnings Impacted by COVID-19 Pandemic	
		
–	All U.S. Properties and Nearly 94 Percent of Tenants Have Reopened	
		
–	U.S. Total Mall Tenant Sales, Traffic and Tenant Revenue Collections Have Improved Each Month Since May	
		
–	Asia Mall Tenant Sales per Square Foot Up	
		
–	Starfield Anseong, Taubman Asia’s Fourth Investment, Opened on October 7 Nearly 100 Percent Leased and Over 90 Percent Occupied	

BLOOMFIELD HILLS, Mich., November 9, 2020 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the third quarter of 2020.

	
					
 	September 30, 2020
Three Months Ended	September 30, 2019
Three Months Ended	September 30, 2020
Nine Months Ended	September 30, 2019
Nine Months Ended	
Net income (loss) attributable to common shareowners, diluted (in thousands)	($30,072)(1)	$216,873	($44,269)(1)	$239,223	
Net income (loss) attributable to common shareowners (EPS) per diluted common share	($0.49)(1)	$3.48	($0.72)(1)	$3.84	
Funds from Operations (FFO) per diluted common share
Growth rate	$0.39
(55.7)%	$0.88	$1.47
(43.2)%	$2.59	
Adjusted FFO (AFFO) per diluted common share
Growth rate	$0.60(2)
(30.2)%	
$0.86(3)	$1.90(2)
(30.7)%	$2.74(3)	
(1) Net income (loss) and EPS for the three and nine-month periods ended September 30, 2020 were lower primarily due to the sale of 50 percent of our interest in Starfield Hanam (Hanam, South Korea) and a litigation settlement related to The Mall of San Juan that resulted in the recognition of gains totaling approximately $3.30 per diluted common share in the third quarter of 2019, as well as the disruption associated with the COVID-19 pandemic in 2020. EPS for the three-month period ended September 30, 2020 included an impairment charge related to Stamford Town Center of $0.23 per diluted common share, partially offset by a gain on the transfer of building and improvements of an anchor space of $0.06 per diluted common share. EPS for the nine-month period ended September 30, 2020 also included gains totaling approximately $0.28 per diluted common share related to the sale of 50 percent of our interest in CityOn.Xi’an (Xi’an, China), as well as accelerated amortization of an allowance related to the closing of an anchor space at a U.S. property.
(2) AFFO for the three and nine-month periods ended September 30, 2020 excluded costs related to the Simon Property Group, Inc. transaction, restructuring charges, fluctuations in the fair value of equity securities and adjustments to the previously recognized promote fee (net of tax) related to Starfield Hanam recorded last year. AFFO for the nine-month period ended September 30, 2020 also excluded deferred income tax expense incurred related to the sale of CityOn.Xi’an and costs associated with the Taubman Asia President transition.
(3) AFFO for the three and nine-month periods ended September 30, 2019 excluded restructuring charges, a promote fee (net of tax) related to Starfield Hanam and costs associated with shareholder activism. AFFO for the nine-month period ended September 30, 2019 also excluded pre-closing costs related to the sale of our interest in three Taubman Asia properties to Blackstone and the fluctuation in the fair value of equity securities.	

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For the quarter ended September 30, 2020, AFFO per diluted share was $0.60. Disruption related to the COVID-19 pandemic, including mall closures, tenant bankruptcies and nonpayments, significantly impacted third quarter results. Accordingly, the company recognized uncollectible tenant revenues of $28 million at our beneficial interest, or $0.32 per diluted share of AFFO during the quarter. In addition, the company received lease termination income of $19.3 million, at our beneficial interest, or $0.22 per diluted share of AFFO, in the third quarter.

“Operations across our portfolio are steadily improving, despite the continuing impact of the pandemic,” said the company’s Chairman, President and CEO Robert S. Taubman. “All of our properties are open and operating and nearly 94 percent of our U.S. tenants have reopened. Since May, traffic, sales and collections have consistently improved.”

Operating Statistics

Comparable center NOI (comp center NOI) at our beneficial interest, including lease cancellation income, was down 18.3 percent in the third quarter and 14.4 percent year-to-date, using constant currency exchange rates. Excluding lease cancellation income, comp center NOI was down 29 percent in the quarter and down 18.5 percent year-to-date, using constant currency exchange rates. Higher year-over-year uncollectible tenant revenues impacted comp center NOI excluding lease cancellation income by 16.5 percent in the quarter and 12.6 percent year-to-date.

In the U.S., total mall tenant sales have improved every month since May. In addition, tenant sales per square foot in comparable centers improved throughout the third quarter. Excluding Apple and Tesla (two tenants that create volatility in quarterly reporting) sales per square foot were down 16.4 percent in the third quarter, sequentially improving each month, with September down 5.7 percent. In Asia, sales per square foot were up modestly in the third quarter and year-to-date.

Average rent per square foot for the quarter in U.S. comparable centers was $59.28, down 6.4 percent. Year-to-date average rent per square foot in U.S. comparable centers was $60.52, down 4.7 percent. Lower sales-based rents and rent relief (including abatements) related to the COVID-19 pandemic together impacted average rent per square foot by 5.6 percent in the third quarter and 2.4 percent year-to-date.
 
Ending occupancy in U.S. comparable centers was 89.9 percent on September 30, 2020, down 2.7 percent from September 30, 2019 largely due to tenant bankruptcies related to the COVID-19 pandemic.

Leased space in U.S. comparable centers was 92.6 percent on September 30, 2020, down 3 percent from September 30, 2019.

Financing and Portfolio Activity

The joint venture that owns Starfield Hanam (17.15 percent owned by the company) has fully refinanced its two construction loans that together had a balance of approximately $319 million U.S. dollars (using September 30 exchange rates) and a weighted average effective rate of 2.67 percent.

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In September, the joint venture first repaid the $52 million U.S. dollar construction loan using the property’s available cash.

In October, the joint venture completed two new loans that replace the original construction facilities. The primary new loan is a five-year, non-recourse Korean Won denominated facility with a capacity of approximately $535 million U.S. dollars at current exchange rates. The facility is fully drawn and bears interest at fixed rate of 2.38 percent. This loan is interest-only, until the final year when principal payments are required. The additional facility is a one-year, interest-only, Korean Won denominated loan with a capacity of approximately $9 million U.S. dollars at current exchange rates. This facility is expected to be fully drawn in the fourth quarter and the interest rate will be fixed at that time. These financings have resulted in excess proceeds of approximately $34 million, at our beneficial interest. Together with additional reserves at the property this refinancing is expected to result in the repatriation of $58 million later this year.

In October, the company also completed the sale of Stamford Town Center (Stamford, Conn.), a 50 percent owned joint venture. As a result of the sale, an impairment charge of $19.8 million at our beneficial interest was recognized during the third quarter.

Starfield Anseong Grand Opening

On October 7, the company opened Starfield Anseong (Gyeonggi Province, South Korea) to tremendous enthusiasm from the local community. The one million square foot, modern shopping, entertainment and dining destination, featuring 280 tenants, opened over 90 percent occupied and nearly 100 percent leased. We expect to have 99 percent occupancy by year-end.

Starfield Anseong’s collection of prominent international brands includes Zara, Nike, Uniqlo, H&M, Vans, COS, Guess, Adidas, BMW, Patagonia, Camper, Polo Ralph Lauren, Lacoste, West Elm and Under Armour. The mall is anchored by Shinsegae Factory Store, E-Mart, Toy Kingdom and successful entertainment concepts, including Aquafield, Sports Monster and Megabox, an upscale cinema. Starfield Anseong will serve as the primary shopping destination for Anseong, Asan, Jincheon and Pyeongtaek, four high-growth cities in Greater Seoul.

Early sales and traffic results have been very strong. Starfield Anseong welcomed over one million customers and generated tenant sales of nearly $32 million U.S. dollars within the first ten days following its grand opening. Starfield Anseong is Taubman Asia’s fourth successful development project and its second joint venture with Shinsegae Property.

See Taubman Asia and Shinsegae Group Celebrate the Opening of Starfield Anseong in South Korea Today - Oct. 7, 2020.

COVID-19 Update

Most of Taubman’s U.S. operating properties closed on March 19th, in response to the COVID-19 pandemic, and have reopened gradually with enhanced safety protocols. All U.S. properties and nearly 85 percent of stores had reopened by June 30, 2020. Three of our properties were closed intermittently in the third quarter as a result of state regulations but are once again open. Nearly 94 percent of our tenants have now reopened with traffic, sales, and tenant collections improving each month since May.

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In Asia, CityOn.Xi’an, CityOn.Zhengzhou (Zhengzhou, Henan, China) and Starfield Hanam experienced varying levels of disruption from the pandemic but have largely recovered. In the third quarter NOI at our beneficial interest was essentially flat compared to last year and tenant sales per square foot were up modestly. Over 98 percent of tenants are open throughout the three properties.

The company has taken several actions to enhance liquidity due to the disruption caused by the COVID-19 pandemic. U.S. planned capital expenditures for the year have been lowered by approximately $135 million, at our beneficial interest, which represents a reduction of nearly 65 percent from the original budget. In Asia, the only material capital spending this year has been related to the completion of Starfield Anseong, which has been funded by the construction loan.

Operating expenses for the year are expected to be reduced by about $17 million at our beneficial interest. In addition, the company did not pay a dividend on its common stock in the second or third quarter, preserving approximately $120 million of cash.

These initiatives, coupled with improving operations, have significantly enhanced the company’s liquidity position. Total liquidity, which includes cash on hand and borrowing capacity under our lines of credit, was $455 million at the end of the third quarter, up about $90 million from June 30, 2020.

Investor Conference Call

Due to the pending transaction with Simon Property Group, which is currently the subject of litigation, the company will not host a conference call to review the third quarter 2020 financial results.

About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

For ease of use, references in this press release to “Taubman Centers,”, “we”, “us”, “our”, “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would,” “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements.

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Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the COVID-19 pandemic and related challenges, risks and uncertainties which have had, and may continue to have, direct and indirect adverse impacts on the general economy, mall environment, tenants, customers, and employees, as well as mall and tenant operations (including the ability to remain open) and operating procedures, occupancy, anchor and mall tenant sales, sales-based rent, rent collection, leasing and negotiated rents, mall development and redevelopment activities and the fair value of assets (increasing the likelihood of future impairment charges); future economic performance, including stabilization and recovery from the impact of the COVID-19 pandemic; savings due to cost-cutting measures; payments of dividends and the sufficiency of cash to meet operational needs; changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the mall industry; challenges with department stores; changes in consumer shopping behavior, including accelerated trends resulting from the COVID-19 pandemic; the liquidity of real estate investments; Taubman’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; competitors gaining economies of scale through M&A and consolidation activity; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact Taubman’s information technology, infrastructure or personal data; costs associated with response to technology breaches; the loss of key management personnel; shareholder activism costs and related diversion of management time; terrorist activities; maintaining Taubman’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; changes in global, national, regional and/or local economic and geopolitical climates; the outcome of any litigation between Taubman and Simon Property Group, Inc. (“Simon”) related to the proposed transactions between Taubman and Simon, including the litigation in the State of Michigan Circuit Court for the Sixth Judicial Circuit (Oakland County); the outcome of any shareholder litigation related to the proposed transactions, and insurance coverage for liabilities of Taubman or its directors, if any, thereunder; the inability to complete the proposed transactions due to the failure to satisfy any conditions to completion of the proposed transactions; the risk that a condition to closing of the transaction may not be satisfied; Simon’s and Taubman’s ability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized; the ability of Taubman to retain key personnel and maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industry in which
Taubman operates, as detailed from time to time in Taubman’s reports filed with the SEC. There can be no assurance that the transaction will in fact be consummated.

Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1.A in Taubman’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2019, as amended, and subsequent reports filed with the Securities and Exchange Commission. Taubman cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to the proposed transaction, shareholders and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Taubman or any other person acting on their behalf are expressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of this communication or the date otherwise specified herein. Taubman does not undertake any obligation to update or revise any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as may be required by law.

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CONTACTS:    
Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390
ewright@taubman.com

Maria Mainville, Taubman, Director, Strategic Communications, 248-258-7469
mmainville@taubman.com

# # #

Taubman Centers/7

	
												
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
Table 1 - Summary of Results	 	 	 	 	 	 	 	
For the Periods Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	
(in thousands of dollars, except as indicated)	Three Months Ended	 	Year to Date	
 	2020	 	2019	 	2020	 	2019	
Net income (loss)	(36,648	)	 	316,390		 	(41,959	)	 	363,005		
Noncontrolling share of income (loss) of consolidated joint ventures	308		 	(958	)	 	(1,015	)	 	(3,219	)	
Noncontrolling share of (income) loss of TRG	12,052		 	(93,690	)	 	16,653		 	(103,899	)	
Distributions to participating securities of TRG	 	 	(597	)	 	(595	)	 	(1,817	)	
Preferred stock dividends	(5,784	)	 	(5,784	)	 	(17,353	)	 	(17,353	)	
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	(30,072	)	 	215,361		 	(44,269	)	 	236,717		
Net income (loss) per common share - basic	(0.49	)	 	3.52		 	(0.72	)	 	3.87		
Net income (loss) per common share - diluted	(0.49	)	 	3.48		 	(0.72	)	 	3.84		
Funds from Operations attributable to partnership unitholders and participating securities of TRG (1)	34,458		 	78,387		 	130,379		 	228,470		
Funds from Operations attributable to TCO's common shareholders (1)	24,226		 	54,747		 	91,316		 	160,544		
Funds from Operations per common share - basic (1)	0.39		 	0.89		 	1.48		 	2.62		
Funds from Operations per common share - diluted (1)	0.39		 	0.88		 	1.47		 	2.59		
Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG (1)	53,640		 	75,977		 	168,542		 	241,489		
Adjusted Funds from Operations attributable to TCO's common shareholders (1)	37,719		 	53,064		 	118,108		 	169,648		
Adjusted Funds from Operations per common share - basic (1)	0.61		 	0.87		 	1.92		 	2.77		
Adjusted Funds from Operations per common share - diluted (1)	0.60		 	0.86		 	1.90		 	2.74		
Weighted average number of common shares outstanding - basic	61,696,565		 	61,211,249		 	61,512,816		 	61,169,279		
Weighted average number of common shares outstanding - diluted	61,696,565		 	62,245,414		 	61,512,816		 	62,232,496		
Common shares outstanding at end of period	61,723,103		 	61,213,170		 	 	 	 	
Weighted average units - Operating Partnership - basic	87,713,880		 	87,641,965		 	87,696,394		 	87,097,595		
Weighted average units - Operating Partnership - diluted	88,874,258		 	88,676,130		 	88,807,212		 	88,160,812		
Units outstanding at end of period - Operating Partnership	87,719,766		 	87,643,886		 	 	 	 	
Ownership percentage of the Operating Partnership at end of period	70.4	 %	 	69.8	 %	 	 	 	 	
Number of owned shopping centers at end of period	24		 	24		 	 	 	 	
Operating Statistics:	 	 	 	 	 	 	 	
NOI at 100% - comparable centers - growth % (1)(2)	(16.9	)%	 	(2.5	)%	 	(14.4	)%	 	(1.3	)%	
NOI at 100% - comparable centers including lease cancellation income at constant
currency - growth % (1)	(16.9	)%	 	 	 	(14.0	)%	 	 	
NOI at 100% - comparable centers excluding lease cancellation income - growth % (1)(2)	(27.2	)%	 	(1.5	)%	 	(18.3	)%	 	0.3	 %	
NOI at 100% - comparable centers excluding lease cancellation income at constant
currency - growth % (1)(2)	(27.2	)%	 	(0.9	)%	 	(17.9	)%	 	1.1	 %	
Beneficial interest in NOI - comparable centers including lease cancellation income - growth % (1)	(18.3	)%	 	 	 	(14.5	)%	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income
at constant currency - growth % (1)	(18.3	)%	 	 	 	(14.4	)%	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income - growth % (1)	(29.0	)%	 	 	 	(18.7	)%	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income
at constant currency - growth % (1)	(29.0	)%	 	 	 	(18.5	)%	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income - growth % (1)(2)	(33.9	)%	 	0.7	 %	 	(22.8	)%	 	3.6	 %	
Average rent per square foot - U.S. Consolidated Businesses (3)	65.24		 	70.52		 	68.45		 	70.97		
Average rent per square foot - U.S. UJVs (3)	53.23		 	56.03		 	52.44		 	55.91		
Average rent per square foot - Combined U.S. centers (3)	59.28		 	63.36		 	60.52		 	63.48		
Average rent per square foot growth % - U.S. comparable centers (3)	(6.4	)%	 			 	(4.7	)%	 			
Ending occupancy - all U.S. centers	88.5	 %	 	91.7	 %	 	 	 	 	
Ending occupancy - U.S. comparable centers (3)	89.9	 %	 	92.6	 %	 	 	 	 	
Leased space - all U.S. centers	91.1	 %	 	94.7	 %	 	 	 	 	
Leased space - U.S. comparable centers (3)	92.6	 %	 	95.6	 %	 	 	 	 	
Mall tenant sales - all U.S. centers (4)	938,843		 	1,570,828		 	2,690,070		 	4,776,719		
Mall tenant sales - U.S. comparable centers (3)(4)	836,342		 	1,376,324		 	2,366,916		 	4,263,932		
 		 	 	 	12-Months Trailing	
Operating Statistics:		 		 	2020	 	2019	
Mall tenant sales - all U.S. centers (4)	 	 	 	 	4,828,525		 	6,741,322		
Mall tenant sales - U.S. comparable centers (3)(4)	 	 	 	 	4,233,859		 	6,063,124		
Sales per square foot - U.S. comparable centers (3)(4)	 	 	 	 	790		 	980		
All U.S. centers (4):	 	 	 	 		 		
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. Consolidated Businesses	 	 	 	 	19.0	 %	 	13.2	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. UJVs	 	 	 	 	15.6	 %	 	11.7	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - Combined U.S. centers	 	 	 	 	17.3	 %	 	12.5	 %	
U.S. comparable centers (3)(4):	 	 	 	 		 		
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. Consolidated Businesses	 	 	 	 	18.4	 %	 	12.8	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. UJVs	 	 	 	 	15.4	 %	 	11.5	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - Combined U.S. centers	 	 	 	 	17.0	 %	 	12.2	 %	
(1) See 'Use of Non-GAAP Financial Measures' for the definition and use of EBITDA, NOI, and FFO.	
(2) Statistics exclude non-comparable centers as defined in the respective periods and have not been subsequently restated for changes in the pools of comparable centers.	
(3) Statistics exclude non-comparable centers for all periods presented. The September 30, 2019 statistics have been restated to include comparable centers to 2020.	
(4) Based on reports of sales furnished by mall tenants. Sales per square foot exclude spaces greater than or equal to 10,000 square feet.	

Taubman Centers/8

	
													
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	
Table 2 - Income Statement	 	 	 	 	 	 	 	 	
For the Three Months Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	 	
(in thousands of dollars)	 	 	 	 	 	 	 	 	
 	 	2020	 	2019	
 	 	CONSOLIDATED	 	UNCONSOLIDATED	 	CONSOLIDATED	 	UNCONSOLIDATED	
 	 	BUSINESSES	 	JOINT VENTURES (1)	 	BUSINESSES	 	JOINT VENTURES (1)	
REVENUES:	 	 	 	 	 	 	 	 	
Rental revenues	 	122,817		 	125,744		 	141,213		 	138,960		
Overage rents	 	540		 	3,219		 	3,865		 	6,736		
Management, leasing, and development services	 	440		 	 	 	1,927		 	 	
Other	 	7,201		 	4,334		 	15,501		 	7,413		
Total revenues	 	130,998		 	133,297		 	162,506		 	153,109		
 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	 	
Maintenance, taxes, utilities, and promotion	 	37,053		 	44,558		 	40,786		 	45,274		
Other operating	 	13,289		 	5,147		 	19,753		 	6,412		
Management, leasing, and development services	 	435		 	 	 	1,895		 	 	
General and administrative	 	7,048		 	 	 	9,632		 	 	
Restructuring charges	 	2,395		 	 	 	876		 	 	
Simon Property Group, Inc. transaction costs	 	17,060		 	 	 	 	 	 	
Impairment charge	 	 	 	39,668		 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	675		 	 	
Interest expense	 	33,052		 	34,927		 	37,695		 	35,398		
Depreciation and amortization	 	49,235		 	34,983		 	47,849		 	33,865		
Total expenses	 	159,567		 	159,283		 	159,161		 	120,949		
 	 	 	 	 	 	 	 	 	
Nonoperating income, net	 	1,694		 	11,804		 	11,108		 	5,657		
 	 	(26,875	)	 	(14,182	)	 	14,453		 	37,817		
Income tax expense	 	(37	)	 	(3,425	)	 	(2,021	)	 	(2,266	)	
Equity in income (loss) of UJVs	 	(9,736	)	 	 	 	20,252		 	 	
Gains on partial dispositions of ownership interests in UJVs, net of tax	 	 	 	 	 	138,696		 	 	
Gains on remeasurements of ownership interests in UJVs	 	 	 	 	 	145,010		 	 	
Net income (loss)	 	(36,648	)	 	(17,607	)	 	316,390		 	35,551		
Net income/loss attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling share of income (loss) of consolidated joint ventures	 	308		 	 	 	(958	)	 	 	
Noncontrolling share of (income) loss of TRG	 	12,052		 	 	 	(93,690	)	 	 	
Distributions to participating securities of TRG	 	 	 	 	 	(597	)	 	 	
Preferred stock dividends	 	(5,784	)	 	 	 	(5,784	)	 	 	
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	 	(30,072	)	 	 	 	215,361		 	 	
 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	 	
EBITDA - 100%	 	55,412		 	55,728		 	383,703		 	107,080		
EBITDA - outside partners' share	 	(4,404	)	 	(32,180	)	 	(5,623	)	 	(50,377	)	
Beneficial interest in EBITDA	 	51,008		 	23,548		 	378,080		 	56,703		
Gain on transfer of building and improvements	 	 	 	(5,600	)	 	(10,095	)	 	 	
Beneficial share of impairment charge	 	 	 	19,834		 	 	 	 	
Gains on partial dispositions of ownership interests in UJVs	 	 	 	 	 	(138,696	)	 	 	
Gains on remeasurements of ownership interests in UJVs	 	 	 	 	 	(145,010	)	 	 	
Beneficial interest expense	 	(30,319	)	 	(16,127	)	 	(34,851	)	 	(17,798	)	
Beneficial income tax expense - TRG and TCO	 	(37	)	 	(933	)	 	(2,021	)	 	(991	)	
Beneficial income tax expense - TCO	 	11		 	 	 	 	 	 	
Non-real estate depreciation	 	(1,143	)	 	 	 	(1,150	)	 	 	
Preferred dividends and distributions	 	(5,784	)	 	 	 	(5,784	)	 	 	
Funds from Operations attributable to partnership unitholders and participating securities of TRG	 	13,736		 	20,722		 	40,473		 	37,914		
 	 	 	 	 	 	 	 	 	
STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:	 	 	 	 	 	 	 	
Net straight-line adjustments to rental revenues, recoveries, and ground rent expense at TRG%	 	441		 	(1,543	)	 	1,712		 	(422	)	
The Mall at Green Hills purchase accounting adjustments - rental revenues	 	24		 	 	 	13		 	 	
Country Club Plaza purchase accounting adjustments - rental revenues at TRG%	 	 	 	235		 	 	 	61		
The Gardens Mall purchase accounting adjustments - rental revenues at TRG%	 	 	 	(377	)	 	 	 	(639	)	
The Gardens Mall purchase accounting adjustments - interest expense at TRG%	 	 	 	(528	)	 	 	 	(528	)	
 	 	 	
(1) With the exception of the Supplemental Information, amounts include 100% of the UJVs. Amounts are net of intercompany transactions. The UJVs are presented at 100% in order to allow for measurement of their performance as a whole, without regard to our ownership interest.	

Taubman Centers/9

	
													
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	
Table 3 - Income Statement	 	 	 	 	 	 	 	 	
For the Nine Months Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	 	
(in thousands of dollars)	 	 	 	 	 	 	 	 	
 	 	2020	 	2019	
 	 	CONSOLIDATED	 	UNCONSOLIDATED	 	CONSOLIDATED	 	UNCONSOLIDATED	
 	 	BUSINESSES	 	JOINT VENTURES (1)	 	BUSINESSES	 	JOINT VENTURES (1)	
REVENUES:	 	 	 	 	 	 	 	 	
Rental revenues	 	377,693		 	371,282		 	432,508		 	410,613		
Overage rents	 	5,506		 	11,965		 	8,719		 	18,279		
Management, leasing, and development services	 	1,830		 	 	 	4,035		 	 	
Other	 	23,963		 	17,697		 	39,056		 	20,779		
Total revenues	 	408,992		 	400,944		 	484,318		 	449,671		
 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	 	
Maintenance, taxes, utilities, and promotion	 	110,315		 	133,524		 	118,506		 	132,413		
Other operating	 	44,223		 	18,448		 	60,210		 	18,786		
Management, leasing, and development services	 	1,587		 			 	2,917		 	 	
General and administrative	 	22,587		 	 	 	26,762		 	 	
Restructuring charges	 	2,757		 	 	 	1,585		 	 	
Simon Property Group, Inc. transaction costs	 	32,505		 	 	 	 	 	 	
Impairment charge	 	 	 	39,668		 	 	 	 	
Costs associated with shareholder activism	 			 	 	 	16,675		 	 	
Interest expense	 	101,254		 	104,101		 	112,590		 	103,581		
Depreciation and amortization	 	162,769		 	102,846		 	137,064		 	103,177		
Total expenses	 	477,997		 	398,587		 	476,309		 	357,957		
 	 	 	 	 	 	 	 	 	
Nonoperating income, net	 	1,332		 	12,628		 	26,468		 	6,981		
 	 	(67,673	)	 	14,985		 	34,477		 	98,695		
Income tax expense	 	(545	)	 	(6,653	)	 	(4,924	)	 	(6,635	)	
Equity in income of UJVs	 	836		 	 	 	49,746		 	 	
Gains on partial dispositions of ownership interests in UJVs, net of tax	 	11,277		 	 	 	138,696		 	 	
Gains on remeasurements of ownership interests in UJVs	 	14,146		 	 	 	145,010		 	 	
Net income (loss)	 	(41,959	)	 	8,332		 	363,005		 	92,060		
Net income/loss attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling share of income of consolidated joint ventures	 	(1,015	)	 	 	 	(3,219	)	 	 	
Noncontrolling share of (income) loss of TRG	 	16,653		 	 	 	(103,899	)	 	 	
Distributions to participating securities of TRG	 	(595	)	 	 	 	(1,817	)	 	 	
Preferred stock dividends	 	(17,353	)	 	 	 	(17,353	)	 	 	
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	 	(44,269	)	 	 	 	236,717		 	 	
 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	 	
EBITDA - 100%	 	223,255		 	221,932		 	567,837		 	305,453		
EBITDA - outside partners' share	 	(15,126	)	 	(122,990	)	 	(18,475	)	 	(146,640	)	
Beneficial interest in EBITDA	 	208,129		 	98,942		 	549,362		 	158,813		
Gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	(1,418	)	 	 	
Gain on transfer of building and improvements	 	 	 	(5,600	)	 	(10,095	)	 	 	
Beneficial share of impairment charge	 	 	 	19,834		 	 	 	 	
Gains on partial dispositions of ownership interests in UJVs	 	(12,759	)	 	 	 	(138,696	)	 	 	
Gains on remeasurements of ownership interests in UJVs	 	(14,146	)	 	 	 	(145,010	)	 	 	
Beneficial interest expense	 	(92,977	)	 	(48,487	)	 	(103,692	)	 	(52,579	)	
Beneficial income tax expense - TRG and TCO	 	(545	)	 	(1,362	)	 	(4,735	)	 	(2,680	)	
Beneficial income tax expense - TCO	 	30		 	 	 	 	 	 	
Non-real estate depreciation	 	(3,327	)	 	 	 	(3,447	)	 	 	
Preferred dividends and distributions	 	(17,353	)	 	 	 	(17,353	)	 	 	
Funds from Operations attributable to partnership unitholders and participating securities of TRG	 	67,052		 	63,327		 	124,916		 	103,554		
 	 	 	 	 	 	 	 	 	
STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:	 	 	 	 	 	 	 	
Net straight-line adjustments to rental revenues, recoveries, and ground rent expense at TRG%	 	(2,487	)	 	(2,097	)	 	4,427		 	181		
The Mall at Green Hills purchase accounting adjustments - rental revenues	 	43		 	 	 	61		 	 	
Country Club Plaza purchase accounting adjustments - rental revenues at TRG%	 	 	 	346		 	 	 	257		
The Gardens Mall purchase accounting adjustments - rental revenues at TRG%	 	 	 	(1,018	)	 	 	 	(816	)	
The Gardens Mall purchase accounting adjustments - interest expense at TRG%	 	 	 	(1,584	)	 	 	 	(1,056	)	
 	 	 	
(1) With the exception of the Supplemental Information, amounts include 100% of the UJVs. Amounts are net of intercompany transactions. The UJVs are presented at 100% in order to allow for measurement of their performance as a whole, without regard to our ownership interest.	

Taubman Centers/10

	
	
TAUBMAN CENTERS, INC.	
Use of Non-GAAP Financial Measures	

In this press release, the terms "we", "us", and "our" refer to Taubman Centers, Inc. (TCO), The Taubman Realty Group Limited Partnership (TRG), and/or TRG's subsidiaries as the context may require.

We use certain non-GAAP operating measures, including EBITDA, beneficial interest in EBITDA, Net Operating Income (NOI), beneficial interest in NOI, and Funds from Operations (FFO). These measures are reconciled to the most comparable GAAP measures. Additional information as to the use of these measures are as follows.

EBITDA represents earnings (loss) before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. Beneficial interest in EBITDA represents our share of the earnings (loss) before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. We believe EBITDA and beneficial interest in EBITDA provide useful indicators of operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

We use NOI as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases, and in formulating corporate goals and compensation. We define NOI as property-level operating revenues (includes rental income excluding straight-line adjustments of minimum rent) less maintenance, property taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Beneficial interest in NOI represents our share of NOI (as previously defined) of our consolidated and unconsolidated businesses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from peripheral land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. We also use NOI excluding lease cancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trend analysis. We generally provide separate projections for expected comparable center NOI growth and lease cancellation income. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding period presented, excluding centers impacted by significant redevelopment activity. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria given that the center's performance has been and is expected to continue to be materially impacted for the foreseeable future. Stamford Town Center has also been excluded from comparable center statistics as the center was being marketed for sale until it was ultimately sold in October 2020. We also use NOI excluding lease cancellation income using constant currency exchange rates as an alternative measure because exchange rates may vary significantly from period to period, which can affect comparability and trend analysis.

The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (loss) (calculated in accordance with Generally Accepted Accounting Principles (GAAP)), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We believe that FFO is a useful supplemental measure of operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, we and most industry investors and analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarily use FFO in measuring performance and in formulating corporate goals and compensation.

We may also present adjusted versions of NOI, beneficial interest in EBITDA, and FFO when used by management to evaluate operating performance when certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items. We believe the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of such measures between periods. The following table summarizes adjustments to FFO and EBITDA for the three and nine months ended September 30, 2020 and 2019: 

																
 	FFO	 	EBITDA	
 	Three Months Ended	 	Year to Date	 	Three Months Ended	 	Year to Date	
 	2020	 	2019	 	2020	 	2019	 	2020	 	2019	 	2020	 	2019	
Simon Property Group, Inc. transaction costs	Ÿ	 	 	 	Ÿ	 	 	 	Ÿ	 	 	 	Ÿ	 	 	
Costs associated with shareholder activism	 	 	Ÿ	 	 	 	Ÿ	 	 	 	Ÿ	 	 	 	Ÿ	
Restructuring charges	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	
Costs related to Blackstone transactions	 	 	 	 	Ÿ	 	Ÿ	 	 	 	 	 	 	 	Ÿ	
Taubman Asia President transition costs	 	 	 	 	Ÿ	 	 	 	 	 	 	 	Ÿ	 	 	
Promote fee - Starfield Hanam	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	
Fluctuation in fair value of equity securities	Ÿ	 	 	 	Ÿ	 	Ÿ	 	Ÿ	 	 	 	Ÿ	 	Ÿ	
Gains on partial dispositions of ownership interests in UJVs	 	 	 	 	 	 	 	 	 	 	Ÿ	 	Ÿ	 	Ÿ	
Gains on remeasurements of ownership interests in UJVs	 	 	 	 	 	 	 	 	 	 	Ÿ	 	Ÿ	 	Ÿ	
Gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Ÿ	
Gain on transfer of building and improvements	 	 	 	 	 	 	 	 	Ÿ	 	Ÿ	 	Ÿ	 	Ÿ	
Beneficial share of impairment charge	 	 	 	 	 	 	 	 	Ÿ	 	 	 	Ÿ	 	 	
These non-GAAP measures as presented by us are not necessarily comparable to similarly titled measures used by other REITs due to the fact that not all REITs use the same definitions. These measures should not be considered alternatives to net income (loss) or as an indicator of our operating performance. Additionally, these measures do not represent cash flows from operating, investing, or financing activities as defined by GAAP.

We also provide our beneficial interest in certain financial information of our UJVs. This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in the investee.

Taubman Centers/11

	
																		
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 4 - Reconciliation of Net Income (Loss) Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operations and Adjusted Funds From Operations	
For the Three Months Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars except as noted; may not add or recalculate due to rounding)	 	 	 	 	 	 	 	 	 	 	 	
 	2020	 	2019	
 	 	 	Shares	 	Per Share	 	 	 	Shares	 	Per Share	
 	Dollars	 	/Units	 	/Unit	 	Dollars	 	/Units	 	/Unit	
Net income (loss) attributable to TCO common shareholders - basic	(30,072	)	 	61,696,565		 	(0.49	)	 	215,361		 	61,211,249		 	3.52		
Add distributions to participating securities of TRG	 	 	 	 	 	 	597		 	871,262		 	 	
Add impact of share-based compensation	 	 	 	 	 	 	915		 	162,903		 	 	
Net income (loss) attributable to TCO common shareholders - diluted	(30,072	)	 	61,696,565		 	(0.49	)	 	216,873		 	62,245,414		 	3.48		
Add TCO's additional income tax expense	11		 	 	 	—		 	 	 	 	 	 	
Add depreciation of TCO's additional basis	1,482		 	 	 	0.02		 	1,617		 	 	 	0.03		
Net income (loss) attributable to TCO common shareholders,
excluding step-up depreciation and additional income tax expense	(28,579	)	 	61,696,565		 	(0.46	)	 	218,490		 	62,245,414		 	3.51		
Add noncontrolling share of income (loss) of TRG	(12,052	)	 	26,306,431		 	 	 	93,690		 	26,430,716		 	 	
Add distributions to participating securities of TRG	 	 	871,262		 	 	 		 		 	 	
Net income (loss) attributable to partnership unitholders and
participating securities of TRG	(40,631	)	 	88,874,258		 	(0.46	)	 	312,180		 	88,676,130		 	3.52		
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	49,235		 	 	 	0.55		 	47,849		 	 	 	0.54		
Depreciation of TCO's additional basis	(1,482	)	 	 	 	(0.02	)	 	(1,617	)	 	 	 	(0.02	)	
Noncontrolling partners in consolidated joint ventures	(1,979	)	 	 	 	(0.02	)	 	(1,821	)	 	 	 	(0.02	)	
Share of UJVs	16,224		 	 	 	0.18		 	17,662		 	 	 	0.20		
Non-real estate depreciation	(1,143	)	 	 	 	(0.01	)	 	(1,150	)	 	 	 	(0.01	)	
Less gain on transfer of building and improvements	(5,600	)	 	 	 	(0.06	)	 	(10,095	)	 	 	 	(0.11	)	
Add beneficial share of impairment charge	19,834		 	 	 	0.22		 	 	 	 	 	 	
Less gain on partial disposition of ownership interest in UJV	 	 	 	 	 	 	(138,696	)	 	 	 	(1.56	)	
Less gain on remeasurement of ownership interest in UJV	 	 	 	 	 	 	(145,010	)	 	 	 	(1.64	)	
Less impact of share-based compensation	 	 	 	 	 	 	(915	)	 	 	 	(0.01	)	
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	34,458		 	88,874,258		 	0.39		 	78,387		 	88,676,130		 	0.88		
TCO's average ownership percentage of TRG - basic (1)	70.3	%	 	 	 	 	 	69.8	%	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	24,237		 	 	 	0.39		 	54,747		 	 	 	0.88		
Less TCO's additional income tax expense	(11	)	 	 	 	—		 	 	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders (1)	24,226		 	 	 	0.39		 	54,747		 	 	 	0.88		
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	34,458		 	88,874,258		 	0.39		 	78,387		 	88,676,130		 	0.88		
Simon Property Group, Inc. transaction costs	17,060		 	 	 	0.19		 	 	 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	 	675		 	 	 	0.01		
Restructuring charges	2,395		 	 	 	0.03		 	876		 	 	 	0.01		
Promote fee, net of tax - Starfield Hanam (2)	329		 	 	 	—		 	(3,961	)	 	 	 	(0.04	)	
Fluctuation in fair value of equity securities	(602	)	 	 	 	(0.01	)	 	 	 	 	 	 	
Adjusted Funds from Operations attributable to partnership unitholders
and participating securities of TRG	53,640		 	88,874,258		 	0.60		 	75,977		 	88,676,130		 	0.86		
TCO's average ownership percentage of TRG - basic (3)	70.3	%	 	 	 	 	 	69.8	%	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	37,730		 	 	 	0.60		 	53,064		 	 	 	0.86		
Less TCO's additional income tax expense	(11	)	 	 	 	—		 	 	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareholders (3)	37,719		 	 	 	0.60		 	53,064		 	 	 	0.86		
 	 	 	 	 	 	 	 	 	 	 	 	
(1) For the three months ended September 30, 2020, Funds from Operations attributable to TCO's common shareholders was $23,910 using TCO's diluted average ownership percentage of TRG of 69.4%. For the three months ended September 30, 2019, Funds from Operations attributable to TCO's common shareholders was $54,109 using TCO's diluted average ownership percentage of TRG of 69.0%.	
(2) For the nine months ended September 30, 2020, includes a reduction of $0.3 million of promote fee income related to the previously recognized promote fee, net of tax, for Starfield Hanam, which was recorded within Equity in Income (Loss) of UJVs in our Statement of Operations and Comprehensive Income (Loss). For the three months ended September 30, 2019, includes $4.8 million of promote fee income related to Starfield Hanam less $0.9 million of income tax expense, which have been recorded within Equity in Income (Loss) of UJVs and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).	
(3) For the three months ended September 30, 2020, Adjusted Funds from Operations attributable to TCO's common shareholders was $37,226 using TCO's diluted average ownership percentage of TRG of 69.4%. For the three months ended September 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $52,445 using TCO's diluted average ownership percentage of TRG of 69.0%.	

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 5 - Reconciliation of Net Income (Loss) Attributable to Taubman Centers, Inc. Common Shareholders to Funds from Operations and Adjusted Funds from Operations	
For the Nine Months Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars except as noted; may not add or recalculate due to rounding)	2020	 	2019	
 	 	 	Shares	 	Per Share	 	 	 	Shares	 	Per Share	
 	Dollars	 	/Units	 	/Unit	 	Dollars	 	/Units	 	/Unit	
Net income (loss) attributable to TCO common shareholders - basic	(44,269	)	 	61,512,816		 	(0.72	)	 	236,717		 	61,169,279		 	3.87		
Add distributions to participating securities of TRG		 		 	 	 	1,817		 	871,262		 	 	
Add impact of share-based compensation	 	 	 	 	 	 	689		 	191,955		 	 	
Net income (loss) attributable to TCO common shareholders - diluted	(44,269	)	 	61,512,816		 	(0.72	)	 	239,223		 	62,232,496		 	3.84		
Add TCO's additional income tax expense	30		 	 	 	—		 	 	 	 	 	 	
Add depreciation of TCO's additional basis	4,444		 	 	 	0.07		 	4,851		 	 	 	0.08		
Net income (loss) attributable to TCO common shareholders,
excluding step-up depreciation and additional income tax expense	(39,795	)	 	61,512,816		 	(0.65	)	 	244,074		 	62,232,496		 	3.92		
Add noncontrolling share of income (loss) of TRG	(16,653	)	 	26,423,134		 	 	 	103,899		 	25,928,316		 	 	
Add distributions to participating securities of TRG	595		 	871,262		 	 	 		 		 	 	
Net income (loss) attributable to partnership unitholders and
participating securities of TRG	(55,853	)	 	88,807,212		 	(0.63	)	 	347,973		 	88,160,812		 	3.95		
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	162,769		 	 	 	1.83		 	137,064		 	 	 	1.55		
Depreciation of TCO's additional basis	(4,444	)	 	 	 	(0.05	)	 	(4,851	)	 	 	 	(0.06	)	
Noncontrolling partners in consolidated joint ventures	(5,834	)	 	 	 	(0.07	)	 	(6,169	)	 	 	 	(0.07	)	
Share of UJVs	48,257		 	 	 	0.54		 	53,808		 	 	 	0.61		
Non-real estate depreciation	(3,327	)	 	 	 	(0.03	)	 	(3,447	)	 	 	 	(0.04	)	
Less gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	 	(1,418	)	 	 	 	(0.02	)	
Less gain on transfer of building and improvements	(5,600	)	 	 	 	(0.06	)	 	(10,095	)	 	 	 	(0.11	)	
Add beneficial share of impairment charge	19,834		 	 	 	0.22		 	 	 	 	 	 	
Less gains on partial dispositions of ownership interests in UJVs, net of tax	(11,277	)	 	 	 	(0.13	)	 	(138,696	)	 	 	 	(1.57	)	
Less gains on remeasurements of ownership interests in UJVs	(14,146	)	 	 	 	(0.16	)	 	(145,010	)	 	 	 	(1.64	)	
Less impact of share-based compensation	 	 	 	 	 	 	(689	)	 	 	 	(0.01	)	
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	130,379		 	88,807,212		 	1.47		 	228,470		 	88,160,812		 	2.59		
TCO's average ownership percentage of TRG - basic (1)	70.1	%	 	 	 	 	 	70.2	%	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	91,346		 	 	 	1.47		 	160,544		 	 	 	2.59		
Less TCO's additional income tax expense	(30	)	 	 	 	—		 	 	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders (1)	91,316		 	 	 	1.47		 	160,544		 	 	 	2.59		
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to partnership unitholders and
participating securities of TRG	130,379		 	88,807,212		 	1.47		 	228,470		 	88,160,812		 	2.59		
Simon Property Group, Inc. transaction costs	32,505		 	 	 	0.37		 	 	 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	 	16,675		 	 	 	0.19		
Restructuring charges	2,757		 	 	 	0.03		 	1,585		 	 	 	0.02		
Costs related to Blackstone transactions (2)	1,113		 	 	 	0.01		 	2,066		 	 	 	0.02		
Taubman Asia President transition costs	244		 	 	 	—		 	 	 	 	 	 	
Promote fee, net of tax - Starfield Hanam (3)	611		 	 	 	0.01		 	(3,961	)	 	 	 	(0.04	)	
Fluctuation in fair value of equity securities	933		 	 	 	0.01		 	(3,346	)	 	 	 	(0.04	)	
Adjusted Funds from Operations attributable to partnership unitholders
and participating securities of TRG	168,542		 	88,807,212		 	1.90		 	241,489		 	88,160,812		 	2.74		
TCO's average ownership percentage of TRG - basic (4)	70.1	%	 	 	 	 	 	70.2	%	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	118,138		 	 	 	1.90		 	169,648		 	 	 	2.74		
Less TCO's additional income tax expense	(30	)	 	 	 	—		 	 	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareholders (1)	118,108		 	 	 	1.90		 	169,648		 	 	 	2.74		
 	 	 	 	 	 	 	 	 	 	 	 	
(1) For the nine months ended September 30, 2020, Funds from Operations attributable to TCO's common shareholders was $90,175 using TCO's diluted average ownership percentage of TRG of 69.3%. For the nine months ended September 30, 2019, Funds from Operations attributable to TCO's common shareholders was $158,583 using TCO's diluted average ownership percentage of TRG of 69.4%.	
(2) For the nine months ended September 30, 2020, includes $1.1 million of deferred income tax expense related to the Blackstone transactions, which has been recorded within Income Tax Expense in our Statement of Operations and Comprehensive Income (Loss). For the nine months ended September 30, 2019, includes $0.5 million of disposition costs and $1.6 million of deferred income tax expense related to the Blackstone transactions, which have been recorded within Nonoperating Income (Expense) and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).	
(3) For the nine months ended September 30, 2020, includes a reduction of $0.6 million of promote fee income related to the previously recognized promote fee, net of tax, for Starfield Hanam, which have been recorded within Equity in Income (Loss) of UJVs in our Statement of Operations and Comprehensive Income (Loss). For the nine months ended September 30, 2019, includes $4.8 million of promote fee income related to Starfield Hanam less $0.9 million of income tax expense, which have been recorded within Equity in Income (Loss) of UJVs and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).	
(4) For the nine months ended September 30, 2020, Adjusted Funds from Operations attributable to TCO's common shareholders was $116,628 using TCO's diluted average ownership percentage of TRG of 69.3%. For the nine months ended September 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $167,578 using TCO's diluted average ownership percentage of TRG of 69.4%.	

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
Table 6 - Reconciliation of Net Income (Loss) to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDA	
For the Periods Ended September 30, 2020 and 2019	 	 	 	 	 	 	 	
(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)	 	 	 	 	 	 	
 	Three Months Ended	 	Year to Date	
 	2020	 	2019	 	2020	 	2019	
Net income (loss)	(36,648	)	 	316,390		 	(41,959	)	 	363,005		
 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	
Consolidated businesses at 100%	49,235		 	47,849		 	162,769		 	137,064		
Noncontrolling partners in consolidated joint ventures	(1,979	)	 	(1,821	)	 	(5,834	)	 	(6,169	)	
Share of UJVs	16,224		 	17,662		 	48,257		 	53,808		
 	 	 	 	 	 	 	 	
Add (less) interest expense and income tax expense:	 	 	 	 	 	 	 	
Interest expense:	 	 	 	 	 	 	 	
Consolidated businesses at 100%	33,052		 	37,695		 	101,254		 	112,590		
Noncontrolling partners in consolidated joint ventures	(2,733	)	 	(2,844	)	 	(8,277	)	 	(8,898	)	
Share of UJVs	16,127		 	17,798		 	48,487		 	52,579		
Income tax expense:	 	 	 	 	 	 	 	
Consolidated businesses at 100%	37		 	2,021		 	545		 	4,924		
Noncontrolling partners in consolidated joint ventures	 	 	 	 			 	(189	)	
Share of UJVs	933		 	991		 	1,362		 	2,680		
Share of income tax expense on dispositions of ownership
interests	 	 	 	 	1,482		 	 	
 	 	 	 	 	 	 	 	
Less noncontrolling share of (income) loss of consolidated joint ventures	308		 	(958	)	 	(1,015	)	 	(3,219	)	
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA	74,556		 	434,783		 	307,071		 	708,175		
 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG - basic	70.3	%	 	69.8	%	 	70.1	%	 	70.2	%	
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA attributable to TCO	52,472		 	303,663		 	215,257		 	496,283		
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA	74,556		 	434,783		 	307,071		 	708,175		
 	 	 	 	 	 	 	 	
Add (less):	 	 	 	 	 	 	 	
Simon Property Group, Inc. transaction costs	17,060		 	 	 	32,505		 	 	
Costs associated with shareholder activism	 	 	675		 			 	16,675		
Restructuring charges	2,395		 	876		 	2,757		 	1,585		
Disposition costs related to Blackstone transactions	 	 	 	 			 	487		
Taubman Asia President transition costs	 	 	 	 	244		 	 	
Promote fee - Starfield Hanam	329		 	(4,820	)	 	638		 	(4,820	)	
Fluctuation in fair value of equity securities	(602	)	 	 	 	933		 	(3,346	)	
Gains on partial dispositions of ownership interests in UJVs	 	 	(138,696	)	 	(12,759	)	 	(138,696	)	
Gains on remeasurements of ownership interests in UJVs	 	 	(145,010	)	 	(14,146	)	 	(145,010	)	
Gain on insurance recoveries - The Mall of San Juan	 	 	 	 			 	(1,418	)	
Gain on transfer of building and improvements	(5,600)	 	(10,095)	 	(5,600)	 	(10,095)	
Beneficial share of impairment charge	19,834	 	 	 	19,834	 	 	
 	 	 	 	 	 	 	 	
Adjusted Beneficial interest in EBITDA	107,972		 	137,713		 	331,477		 	423,537		
 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG - basic	70.3	%	 	69.8	%	 	70.1	%	 	70.2	%	
 	 	 	 	 	 	 	 	
Adjusted Beneficial interest in EBITDA attributable to TCO	75,846		 	96,182		 	232,365		 	297,496		

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 7 - Reconciliation of Net Income (Loss) to Net Operating Income (NOI)	 	 	 	 	 	 	 	 	 	 	 	
For the Periods Ended September 30, 2020, 2019, and 2018	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars)	Three Months Ended	 	Three Months Ended	
 	2020	 	2019	 	Growth %	 	2019	 	2018	 	Growth %	
Net income (loss)	(36,648	)	 	316,390		 	 	 	316,390		 	38,115		 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	49,235		 	47,849		 	 	 	47,849		 	46,307		 	 	
Noncontrolling partners in consolidated joint ventures	(1,979	)	 	(1,821	)	 	 	 	(1,821	)	 	(1,911	)	 	 	
Share of UJVs	16,224		 	17,662		 	 	 	17,662		 	17,190		 	 	
Add (less) interest expense and income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
Interest expense:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	33,052		 	37,695		 	 	 	37,695		 	33,396		 	 	
Noncontrolling partners in consolidated joint ventures	(2,733	)	 	(2,844	)	 	 	 	(2,844	)	 	(2,984	)	 	 	
Share of UJVs	16,127		 	17,798		 	 	 	17,798		 	17,093		 	 	
Income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	37		 	2,021		 	 	 	2,021		 	(996	)	 	 	
Noncontrolling partners in consolidated joint ventures	 	 	 	 	 	 	 	 	(51	)	 	 	
Share of UJVs	933		 	991		 	 	 	991		 	1,023		 	 	
Less noncontrolling share of loss (income) of consolidated joint ventures	308		 	(958	)	 	 	 	(958	)	 	(1,564	)	 	 	
Add EBITDA attributable to outside partners:	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to noncontrolling partners in consolidated joint ventures	4,404		 	5,623		 	 	 	5,623		 	6,510		 	 	
EBITDA attributable to outside partners in UJVs	32,180		 	50,377		 	 	 	50,377		 	48,438		 	 	
EBITDA at 100%	111,140		 	490,783		 	 	 	490,783		 	200,566		 	 	
Add (less) items excluded from shopping center NOI:	 	 	 	 	 	 	 	 	 	 	 	
General and administrative expenses	7,048		 	9,632		 	 	 	9,632		 	8,530		 	 	
Management, leasing, and development services, net	(5	)	 	(32	)	 	 	 	(32	)	 	(384	)	 	 	
Simon Property Group, Inc. transaction costs	17,060		 	 	 	 	 	 	 	 	 	 	
Restructuring charges	2,395		 	876		 	 	 	876		 	 	 	 	
Costs associated with shareholder activism	 	 	675		 	 	 	675		 	1,500		 	 	
Straight-line of rents	1,661		 	(809	)	 	 	 	(809	)	 	(2,292	)	 	 	
Nonoperating income, net	(13,498	)	 	(16,765	)	 	 	 	(16,765	)	 	(9,263	)	 	 	
Gain on partial disposition of ownership interest in UJV	 	 	(138,696	)	 	 	 	(138,696	)	 	 	 	 	
Gain on remeasurement of ownership interest in UJV	 	 	(145,010	)	 	 	 	(145,010	)	 	 	 	 	
Impairment charge	39,668		 	 	 	 	 	 	 	 	 	 	
Unallocated operating expenses and other	3,850		 	6,749		 	 	 	6,749		 	8,131		 	 	
NOI at 100% - total portfolio	169,319		 	207,403		 	 	 	207,403		 	206,788		 	 	
Less - NOI of non-comparable centers	(14,677	)	(1) 	(21,295	)	(1) 	 	 	(18,731	)	(2) 	(13,187	)	(3) 	 	
NOI at 100% - comparable centers	154,642		 	186,108		 	(16.9)%	 	188,672		 	193,601		 	(2.5)%	
Foreign currency exchange rate fluctuation adjustment	(77	)	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers including lease cancellation income at constant currency	154,565		 	186,108		 	(16.9)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	154,642		 	186,108		 	 	 	188,672		 	193,601		 	 	
Less lease cancellation income - comparable centers	(19,843	)	 	(1,045	)	 	 	 	(1,045	)	 	(3,041	)	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	134,799		 	185,063		 	(27.2)%	 	187,627		 	190,560		 	(1.5)%	
Foreign currency exchange rate fluctuation adjustment	(77	)	 	 	 	 	 	1,202		 			 	 	
NOI at 100% - comparable centers excluding lease cancellation income at constant currency	134,722		 	185,063		 	(27.2)%	 	188,829		 	190,560		 	(0.9)%	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	154,642		 	186,108		 	 	 	 	 	 	 	 	
Less NOI of comparable centers attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(48,832	)	 	(56,577	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income	105,810		 	129,531		 	(18.3)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	(15	)	 	 	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income at constant currency	105,795		 	129,531		 	(18.3)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	134,799		 	185,063		 	 	 	 	 	 	 	 	
Less NOI of comparable centers excluding lease cancellation income attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(43,401	)	 	(56,271	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income	91,398		 	128,792		 	(29.0)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	(15	)	 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income at constant currency	91,383		 	128,792		 	(29.0)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - total portfolio	169,319		 	207,403		 	 	 	207,403		 	206,788		 	 	
Less lease cancellation income - total portfolio	(25,953	)	 	(2,407	)	 	 	 	(2,407	)	 	(3,822	)	 	 	
Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs excluding lease cancellation income - total portfolio	(45,202	)	 	(56,393	)	 	 	 	(56,393	)	 	(55,345	)	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income	98,164		 	148,603		 	(33.9)%	 	148,603		 	147,621		 	0.7%	
 	 	
(1) Includes Beverly Center, The Gardens Mall, The Mall of San Juan, Stamford Town Center, and Taubman Prestige Outlets Chesterfield.	
(2) Includes Beverly Center, The Gardens Mall, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.	
(3) Includes Beverly Center, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.	

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 8 - Reconciliation of Net Income (Loss) to Net Operating Income (NOI)	 	 	 	 	 	 	 	 	 	 	 	
For the Periods Ended September 30, 2020, 2019, and 2018	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars)	Year to Date	 	Year to Date	
 	2020	 	2019	 	Growth %	 	2019	 	2018	 	Growth %	
Net income (loss)	(41,959	)	 	363,005		 	 	 	363,005		 	102,804		 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	162,769		 	137,064		 	 	 	137,064		 	124,325		 	 	
Noncontrolling partners in consolidated joint ventures	(5,834	)	 	(6,169	)	 	 	 	(6,169	)	 	(5,480	)	 	 	
Share of UJVs	48,257		 	53,808		 	 	 	53,808		 	51,570		 	 	
Add (less) interest expense and income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
Interest expense:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	101,254		 	112,590		 	 	 	112,590		 	97,242		 	 	
Noncontrolling partners in consolidated joint ventures	(8,277	)	 	(8,898	)	 	 	 	(8,898	)	 	(9,023	)	 	 	
Share of UJVs	48,487		 	52,579		 	 	 	52,579		 	51,107		 	 	
Income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	545		 	4,924		 	 	 	4,924		 	(784	)	 	 	
Noncontrolling partners in consolidated joint ventures	 	 	(189	)	 	 	 	(189	)	 	(134	)	 	 	
Share of UJVs	1,362		 	2,680		 	 	 	2,680		 	2,387		 	 	
Share of income tax expense on disposition of ownership interests	1,482		 	 	 	 	 	 	 	 	 	 	
Less noncontrolling share of income of consolidated joint ventures	(1,015	)	 	(3,219	)	 	 	 	(3,219	)	 	(4,388	)	 	 	
Add EBITDA attributable to outside partners:	 	 	 	 	 	 	 	 	 	 	 	
EBITDA attributable to noncontrolling partners in consolidated joint ventures	15,126		 	18,475		 	 	 	18,475		 	19,025		 	 	
EBITDA attributable to outside partners in UJVs	122,990		 	146,640		 	 	 	146,640		 	145,671		 	 	
EBITDA at 100%	445,187		 	873,290		 	 	 	873,290		 	574,322		 	 	
Add (less) items excluded from shopping center NOI:	 	 	 	 	 	 	 	 	 	 	 	
General and administrative expenses	22,587		 	26,762		 	 	 	26,762		 	25,545		 	 	
Management, leasing, and development services, net	(243	)	 	(1,118	)	 	 	 	(1,118	)	 	(1,294	)	 	 	
Simon Property Group, Inc. transaction costs	32,505		 	 	 	 	 	 	 	 	 	 	
Restructuring charges	2,757		 	1,585		 	 	 	1,585		 	(423	)	 	 	
Costs associated with shareholder activism			 	16,675		 	 	 	16,675		 	10,000		 	 	
Straight-line of rents	4,729		 	(5,993	)	 	 	 	(5,993	)	 	(9,706	)	 	 	
Nonoperating income, net	(13,960	)	 	(33,449	)	 	 	 	(33,449	)	 	(15,349	)	 	 	
Gains on partial dispositions of ownership interests in UJVs	(12,759	)	 	(138,696	)	 	 	 	(138,696	)	 	 	 	 	
Gains on remeasurements of ownership interests in UJVs	(14,146	)	 	(145,010	)	 	 	 	(145,010	)	 	 	 	 	
Impairment charge	39,668		 	 	 	 	 	 	 	 	 	 	
Unallocated operating expenses and other	13,826		 	22,871		 	 	 	22,871		 	24,654		 	 	
NOI at 100% - total portfolio	520,151		 	616,917		 	 	 	616,917		 	607,749		 	 	
Less - NOI of non-comparable centers	(41,434	)	(1) 	(57,636	)	(1) 	 	 	(48,662	)	(2) 	(32,015	)	(3) 	 	
NOI at 100% - comparable centers	478,717		 	559,281		 	(14.4)%	 	568,255		 	575,734		 	(1.3)%	
Foreign currency exchange rate fluctuation adjustment	2,075		 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers including lease cancellation income at constant currency	480,792		 	559,281		 	(14.0)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	478,717		 	559,281		 	 	 	568,255		 	575,734		 	 	
Less lease cancellation income - comparable centers	(26,938	)	 	(6,488	)	 	 	 	(7,480	)	 	(16,785	)	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	451,779		 	552,793		 	(18.3)%	 	560,775		 	558,949		 	0.3%	
Foreign currency exchange rate fluctuation adjustment	2,075		 	 	 	 	 	4,572		 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income at constant currency	453,854		 	552,793		 	(17.9)%	 	565,347		 	558,949		 	1.1%	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	478,717		 	559,281		 	 	 	 	 	 	 	 	
Less NOI of comparable centers attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(145,357	)	 	(169,181	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income	333,360		 	390,100		 	(14.5)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	436		 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income at constant currency	333,796		 	390,100		 	(14.4)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	451,779		(1) 	552,793		(1) 	 	 	 	 	 	 	 	
Less NOI of comparable centers excluding lease cancellation income attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(138,580	)	 	(167,770	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income	313,199		 	385,023		 	(18.7)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	436		 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income at constant currency	313,635		 	385,023		 	(18.5)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - total portfolio	520,151		 	616,917		 	 	 	616,917		 	607,749		 	 	
Less lease cancellation income - total portfolio	(33,695	)	 	(10,407	)	 	 	 	(10,407	)	 	(19,667	)	 	 	
Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs excluding lease cancellation income - total portfolio	(145,973	)	 	(165,307	)	 	 	 	(165,307	)	 	(162,184	)	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income	340,483		 	441,203		 	(22.8)%	 	441,203		 	425,898		 	3.6%	
 	 	
(1) Includes Beverly Center, The Gardens Mall, The Mall of San Juan, Stamford Town Center, and Taubman Prestige Outlets Chesterfield.	
(2) Includes Beverly Center, The Gardens Mall, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.	
(3) Includes Beverly Center, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.	

Taubman Centers/16

	
																				
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Table 9 - Debt Summary	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
As of September 30, 2020	 	 	 	 	 	 	 	 	 	 	 	
(in millions of dollars, amounts may not add due to rounding)	 	 	 	 	 	 	 	 	 	 	 	
 	Ownership %	 	Amortizing (A)/	 	Maturity	 	100%	 	Beneficial Interest	 	Effective Rate	 	LIBOR Rate	 	
Consolidated Fixed Rate Debt:	(if not 100%)	 	Interest Only (I)	 	Date	 	9/30/2020	 	9/30/2020	(a)	9/30/2020	(b)	Spread	 	
Cherry Creek Shopping Center	50.00	%	 	I	 	6/1/2028	 	550.0		 	275.0		 	3.85	%	 	 	 	
City Creek Center	 	 	A	 	8/1/2023	 	74.0		 	74.0		 	4.37	%	 	 	 	
Great Lakes Crossing Outlets	 	 	A	 	1/6/2023	 	189.6		 	189.6		 	3.60	%	 	 	 	
The Mall at Short Hills	 	 	I	 	10/1/2027	 	1,000.0		 	1,000.0		 	3.48	%	 	 	 	
Twelve Oaks Mall	 	 	A	 	3/6/2028	 	288.8		 	288.8		 	4.85	%	 	 	 	
 	 	 	 	 	 	 	2,102.5		 	1,827.5		 	 	 	 	 	
 	 	 	 	 	 	 	3.81	%	 	3.80	%	 	 	 	 	 	
Consolidated Floating Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The Mall at Green Hills	 	 	I	 	12/1/2021	 	150.0		 	150.0		 	1.61	%	(c)	1.45%	(c)	
International Market Place	93.50	%	 	I	 	8/9/2021	(d)	250.0		 	233.8		 	2.31	%	 	2.15%	(d)	
TRG $65M Revolving Credit Facility	 	 	I	 	4/24/2021	 	0.0		(e)	0.0		 	1.55	%	(e)	1.40%	 	
TRG $1.1B Revolving Credit Facility	 	 	I	 	2/1/2024	(f)	845.0		 	845.0		 	2.10	%	(f)(i)	1.60%	(f)(i)	
 	 	 	 	 	 	 	1,245.0		 	1,228.8		 	 	 	 	 	
 	 	 	 	 	 	 	2.08	%	 	2.08	%	 	 	 	 	 	
Consolidated Floating Rate Debt Swapped to Fixed:	 	 	 	 	 	 	 	 	 	 	 	 	 	
TRG $275M Term Loan	 	 	I	 	2/1/2025	 	275.0		 	275.0		 	3.94	%	(g)	1.80%	(g)(i)	
TRG $250M Term Loan	 	 	I	 	3/31/2023	 	250.0		 	250.0		 	4.92	%	(h)	1.90%	(h)(i)	
TRG $1.1B Revolving Credit Facility (portion swapped)	 	I	 	2/1/2024	(f)	25.0		 	25.0		 	3.74	%	(f)	1.60%	(f)(i)	
U.S. Headquarters	 	 	I	 	3/1/2024	 	12.0		 	12.0		 	3.49	%	(j)	 	 	
 	 	 	 	 	 	 	562.0		 	562.0		 	 	 	 	 	
 	 	 	 	 	 	 	4.35	%	 	4.35	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Consolidated Deferred Financing Costs, Net	 	 	 	 	 	(11.9	)	 	(11.5	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Consolidated	 	 	 	 	 	 	3,897.5		 	3,606.7		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	3.34	%	 	3.30	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Joint Ventures Fixed Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CityOn.Xi'an	25.00	%		A	 	3/14/2029	 	156.1		(k)	39.0		 	6.00	%	 	 	 	
CityOn.Zhengzhou	24.50	%		A	 	3/22/2032	 	76.9		(l)	18.8		 	5.60	%	(l)	 	 	
Country Club Plaza	50.00	%	 	A	(m)	4/1/2026	 	312.9		 	156.5		 	3.85	%	 	 	 	
Fair Oaks Mall	50.00	%	 	A	 	5/10/2023	 	251.8		 	125.9		 	5.32	%	 	 	 	
The Gardens Mall	48.50	%	 	I - until 8/15/2021	(n)	7/15/2025	(n)	195.0		 	104.8		(n)	4.13	%	(n)	 	 	
International Plaza	50.10	%	 	A	 	12/1/2021	 	293.1		 	146.9		 	4.85	%	 	 	 	
The Mall at Millenia	50.00	%	 	I	 	10/15/2024	 	350.0		 	175.0		 	4.00	%	 	 	 	
The Mall at Millenia	50.00	%	 	I	 	10/15/2024	 	100.0		 	50.0		 	3.75	%	 	 	 	
Starfield Anseong	49.00	%	 	I	 	2/28/2025	 	239.7		(o)	117.5		 	2.16	%	(o)	 	 	
Starfield Hanam	17.15	%		I	 	11/25/2020	 	266.6		(p)	45.7		 	2.58	%	(p)	 	 	
Sunvalley	50.00	%	 	A	 	9/1/2022	 	162.0		 	81.0		 	4.44	%	 	 	 	
Taubman Land Associates	50.00	%	 	A	 	11/1/2022	 	20.2		 	10.1		 	3.84	%	 	 	 	
The Mall at University Town Center	50.00	%	 	I - until 12/1/2022	 	11/1/2026	 	280.0		 	140.0		 	3.40	%	 	 	 	
Waterside Shops	50.00	%	 	I	(q)	4/15/2026	 	165.0		 	82.5		 	3.86	%	 	 	 	
Westfarms	78.94	%	 	A	 	7/1/2022	 	270.2		 	213.3		 	4.50	%	 	 	 	
 	 	 	 	 	 	 	3,139.7		 	1,507.0		 	 	 	 	 	
 	 	 	 	 	 	 	4.05	%	 	4.09	%	 	 	 	 	 	
Joint Venture Floating Rate Debt Swapped to Fixed:	 	 	 	 	 	 	 	 	 	 	 	 	 	
International Plaza	50.10	%	 	A	 	12/1/2021	 	155.8		 	78.1		 	3.58	%	(r)	 	 	
 	 	 	 	 	 	 	155.8		 	78.1		 	 	 	 	 	
 	 	 	 	 	 	 	3.58	%	 	3.58	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Joint Venture Deferred Financing Costs, Net	 	 	 	 	 	(7.0	)	 	(3.4	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Joint Venture	 	 	 	 	 	 	3,288.4		 	1,581.6		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	4.03	%	 	4.07	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TRG Beneficial Interest Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Debt	 	 	 	 	 	 	5,242.1		 	3,334.4		 	 	 	 	 	
 	 	 	 	 	 	 	3.95	%	 	3.93	%	 	 	 	 	 	
Floating Rate Debt	 	 	 	 	 	 	1,245.0		 	1,228.8		 	 	 	 	 	
 	 	 	 	 	 	 	2.08	%	 	2.08	%	 	 	 	 	 	
Floating Rate Debt Swapped to Fixed	 	 	 	 	 	 	717.8		 	640.1		 	 	 	 	 	
 	 	 	 	 	 	 	4.19	%	 	4.26	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Deferred Financing Costs, Net	 	 	 	 	 	 	(19.0	)	 	(14.9	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	 	 	 	7,185.9		 	5,188.3		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	3.65	%	 	3.54	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted Average Maturity Fixed Debt	 	 	 	 	5.6		 	 	 	 	 	 	 	 	 	
Weighted Average Maturity Total Debt	 	 	 	 	4.8		 	 	 	 	 	 	 	 	 	

Taubman Centers/17

	
																								
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 9 - Debt Summary (continued)	 	 	 	 	 	 	 	 	 	 	 	
As of September 30, 2020	 	 	 	 	 	 	 	 	 	 	 	
(in millions of dollars, amounts may not add due to rounding)	 	 	 	 	 	 	 	 	
Beneficial Share of Principal Amortization and Debt Maturities	
Year	 	Fixed Rate Debt (s)	Weighted
Rate	 	Floating Rate Debt	Weighted
Rate	 	Floating Swapped to Fixed (t)	Weighted
Rate (t)	 	Total Deferred Financing Costs, Net	 	Total Debt	Weighted
Rate	
2020	 	54.3		2.86	%	 	 	 	 	0.5		3.58	%	 	(1.1	)	 	53.7		2.87	%	
2021	 	176.6		4.78	%	 	383.8		2.03	%	 	77.6		3.58	%	 	(3.8	)	 	634.1		2.98	%	
2022	 	318.2		4.46	%	 	 	 	 	 	 	 	(2.9	)	 	315.3		4.46	%	
2023	 	386.7		4.32	%	 	 	 	 	250.0		4.92	%	 	(2.2	)	 	634.5		4.56	%	
2024	 	245.7		4.00	%	 	845.0		2.10	%	 	37.0		3.66	%	 	(2.0	)	 	1,125.7		2.57	%	
2025	 	228.9		3.18	%	 	 	 	 	275.0		3.94	%	 	(1.2	)	 	502.8		3.59	%	
2026	 	366.4		3.75	%	 	 	 	 	 	 	 	(1.0	)	 	365.4		3.75	%	
2027	 	1,015.3		3.51	%	 	 	 	 	 	 	 	(0.7	)	 	1,014.6		3.51	%	
2028	 	531.0		4.35	%	 	 	 	 	 	 	 	 	 	531.0		4.35	%	
2029	 	5.4		5.84	%	 	 	 	 	 	 	 	 	 	5.4		5.84	%	
2030	 	2.3		5.60	%	 	 	 	 	 	 	 	 	 	2.3		5.60	%	
2031	 	2.4		5.60	%	 	 	 	 	 	 	 	 	 	2.4		5.60	%	
2032	 	1.2		5.60	%	 	 	 	 	 	 	 	 	 	1.2		5.60	%	
 	 	3,334.4		3.93	%	 	1,228.8		2.08	%	 	640.1		4.26	%	 	(14.9	)	 	5,188.3		3.54	%	

Unencumbered Assets	 	 	 	 	 	 	
Center	 	Location	 	Ownership %	 	 	 	 	 	 	
Consolidated Businesses:	 	 	 	 	 	 	 	 	 	 	 	
Beverly Center	 	 	Los Angeles, CA	 	100%	 	 	 	 	 	 	
Dolphin Mall	 	 	Miami, FL	 	100%	 	 	 	 	 	 	
The Gardens on El Paseo	 	Palm Desert, CA	 	100%	 	 	 	 	 	 	
The Mall of San Juan	 	 	San Juan, PR	 	95%	 	 	 	 	 	 	
Unconsolidated Joint Ventures:	 	 	 	 	 	 	 	 	 	 	 	
Stamford Town Center	 	 	Stamford, CT	50%	(u)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(a)	 	All debt is secured and non-recourse to TRG unless otherwise indicated.	
(b)	 	Includes the impact of interest rate swaps that qualify for hedge accounting, if any, but does not include effect of amortization of debt issuance costs, losses on settlement of derivatives used to hedge the refinancing of certain fixed rate debt or interest rate cap premiums, if any.	
(c)	 	Through November 2020, the LIBOR rate is capped at 3.00%, resulting in a maximum interest rate of 4.45%. In August 2020, we extended the loan to December 2021 and commencing in December 2020, the interest rate will be a variable rate equal to the greater of LIBOR + 2.75% or 3.25%. From December 2020 to December 2021, the LIBOR rate is capped at 2.00%, resulting in a maximum interest rate of 4.75%.	
(d)	 	The $250 million loan bears interest at LIBOR + 2.15% and decreases to LIBOR + 1.85% upon achieving certain performance measures. Two, one-year extension options are available. TRG has provided an unconditional guarantee of 100% of the principal balance and all accrued but unpaid interest during the term of the loan.	
(e)	 	Rate floats daily at LIBOR plus spread. Letters of credit totaling $9.8 million are also outstanding on facility. The facility is recourse to TRG and secured by an indirect interest in 40% of The Mall at Short Hills.	
(f)	 	The unsecured facility bears interest at a range of LIBOR + 1.05% to 1.60% with a facility fee ranging from 0.20% to 0.25% based on our total leverage ratio. Two, six-month extension options are available. The LIBOR rate is swapped to a fixed rate of 2.14% until February 2022 on $25 million of the $1.1 billion TRG revolving credit facility. This results in an effective interest rate in the range of 3.19% to 3.74% until February 2022 on $25 million of the credit facility balance.	
(g)	 	The $275 million unsecured term loan bears interest at a range of LIBOR + 1.15% to 1.80% based on our total leverage ratio. The LIBOR rate is swapped to a fixed rate of 2.14% until February 2022, which results in an effective interest rate in the range of 3.29% to 3.94% until February 2022.	
(h)	 	The $250 million unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on our total leverage ratio. Through the term of the loan, the LIBOR rate is swapped to a fixed rate of 3.02% which results in an effective interest rate in the range of 4.27% to 4.92%.	
(i)	 	In August 2020, we entered into amendments to waive all of our existing financial covenants related to our primary unsecured revolving line of credit, $275 million unsecured term loan, and $250 million unsecured term loan for the quarter ending September 30, 2020 through and including the quarter ending June 30, 2021. Through the covenant compliance date, our primary unsecured revolving line of credit will bear interest at the maximum total leverage ratio level of LIBOR, subject to a 0.5% floor on the unhedged balance, plus 1.60% with a 0.25% facility fee; our $275 million unsecured term loan will bear interest at the maximum total leverage ratio level of LIBOR plus 1.80%; and our $250 million unsecured term loan will bear interest at the maximum total leverage ratio level of LIBOR plus 1.90%.	
(j)	 	Debt is swapped to an effective rate of 3.49% until maturity.	
(k)	 	1.2 billion Renminbi (RMB) ($176.7 million USD equivalent at September 30, 2020) non-recourse facility. Scheduled principal payments have been paid on the facility since September 2019. Approximately $1.5 million USD remains available for future borrowings using the September 30, 2020 exchange rate.	
(l)	 	1.2 billion RMB ($176.7 million USD equivalent at September 30, 2020) non-recourse facility. The loan bears interest at the 5 year China RMB Loan Prime Rate plus 0.85% and is fixed upon each draw.	
(m)	 	In May 2020, Country Club Plaza entered into a forbearance agreement which deferred principal amortization for the period June through August 2020. This deferred amortization will be repaid September through December 2020.	
(n)	 	Beneficial interest in debt includes $10.2 million of purchase accounting premium from acquisition of The Gardens Mall which reduces the stated rate on the debt of 6.8% to an average effective rate of 4.2% on total beneficial interest in debt over the remaining term of the loan. The effective rate for the current quarter differs from the average over the remaining term of the loan due to differences in amortization methods. The lender has the option to declare the loan due and payable if the net income available for debt service as defined in the loan agreement is less than a certain amount for calendar years 2020 through 2022. In June 2020, The Gardens Mall entered into a loan modification agreement which deferred interest payments for the period June through September 2020. This deferred interest will be repaid October 2020 through May 2021. In addition, the principal amortization that was originally scheduled to begin in August 2020 has been deferred to August 2021.	
(o)	 	300 billion Korean Won (KRW) ($257.6 million USD equivalent at September 30, 2020) non-recourse construction facility which bears interest at the Korea Financial Investment Association (KOFIA) Five Year AAA Financial (Bank) Yield plus 0.76% and is fixed upon each draw. No draws are allowed after February 26, 2021.	
(p)	 	520 billion KRW ($446.4 million USD equivalent at September 30, 2020) non-recourse construction facility which bears interest at the KOFIA Five Year Industrial Financial Debentures Yield plus 1.06% and was fixed upon each draw. In October 2020, this loan was refinanced with a 600 billion KRW (approximately $530 million USD equivalent using current exchange rates), non-recourse five-year, 2.38% fixed rate loan.	
(q)	 	The Waterside Shops loan is interest-only for the term of the loan. However, if net operating income available for debt service as defined in the loan agreement is less than a certain amount for calendar year 2020, the lender may require the loan to amortize based on a 30-year amortization period beginning May 2021. In May 2020, Waterside Shops entered into a loan modification agreement which deferred interest payments for the period May through September 2020. This deferred interest will be repaid October 2020 through May 2021.	
(r)	 	Debt is swapped to an effective rate of 3.58% until maturity. TRG has provided a several guarantee of 50.1% of the swap obligations.	
(s)	 	Principal amortization includes amortization of purchase accounting adjustments.	
(t)	 	Represents principal amortization of floating rate debt swapped to fixed rate debt as of September 30, 2020. Note that not all of this debt may be swapped at these rates through maturity. See footnote (f), (g) and (h) above.	
(u)	 	Stamford Town Center was sold in October 2020.	

Taubman Centers/18

	
									
TAUBMAN CENTERS, INC.	
Table 10 - Owned Centers	
As of September 30, 2020	 	
 	 	 	Sq. Ft. of GLA/	 	Year Opened/	Year	Ownership	
Center	Anchors	Mall GLA	 	Expanded	Acquired	%	
Consolidated Businesses:	 	 	 	 	 	 	
   Beverly Center	Bloomingdale's, Macy's	846,000		 	1982	 	100%	
   Los Angeles, CA	 	522,000		 	 	 	 	
   Cherry Creek Shopping Center	Macy's, Neiman Marcus, Nordstrom	1,037,000		 	1990/1998/	 	50%	
   Denver, CO	 	634,000		 	2015	 	 	
   City Creek Center	Macy's, Nordstrom	623,000		 	2012	 	100%	
   Salt Lake City, UT	 	342,000		 	 	 	 	
   Dolphin Mall	Bass Pro Shops Outdoor World, Bloomingdale's Outlet, Burlington	1,434,000		 	2001/2007/	 	100%	
   Miami, FL	Coat Factory, Cobb Theatres, Dave & Buster's, Marshalls, Polo Ralph	707,000		 	2015	 	 	
 	 	Lauren Factory Store, Saks Off 5th	 	 	 	 	 	
   The Gardens on El Paseo	Saks Fifth Avenue	238,000		 	1998/2010	2011	100%	
   Palm Desert, CA	 	187,000		 	 	 	 	
   Great Lakes Crossing Outlets	AMC Theatres, Bass Pro Shops Outdoor World, Burlington Coat Factory,	1,355,000		 	1998	 	100%	
   Auburn Hills, MI	Legoland, Nordstrom Rack, Planet Fitness,	533,000		 	 	 	 	
   (Detroit Metropolitan Area)	Round 1 Bowling and Amusement, Sea Life	 	 	 	 	 	
   The Mall at Green Hills	Dillard's, Macy's, Nordstrom	998,000		(1)	1955/2011/	2011	100%	
   Nashville, TN	 	493,000		 	2019	 	 	
   International Market Place	Saks Fifth Avenue	340,000		 	2016	 	93.5%	
   Waikiki, Honolulu, HI	 	261,000		 	 	 	 	
   The Mall of San Juan		627,000		(2)	2015	 	95%	
   San Juan, PR	 	389,000		 	 	 	 	
   The Mall at Short Hills	Bloomingdale's, Macy's,	1,344,000			1980/1994/	 	100%	
   Short Hills, NJ	Neiman Marcus, Nordstrom	605,000		 	1995 /2011	 	 	
   Twelve Oaks Mall	JCPenney, Lord & Taylor (3), Macy's,	1,520,000		(4)	1977/1978/	 	100%	
   Novi, MI   (Detroit Metropolitan Area)	Nordstrom	550,000		 	2007/2008	 	 	
   Total GLA	 	10,362,000		 	 	 	 	
   Total Mall GLA	 	5,223,000		 	 	 	 	
   TRG % of Total GLA	 	9,790,000		 	 	 	 	
   TRG % of Total Mall GLA	 	4,870,000		 	 	 	 	
Unconsolidated Joint Ventures:	 	 	 	 	 	 	
   CityOn.Xi'an	Wangfujing	995,000		 	2016	 	25%	
   Xi'an, China	 	693,000		 	 	 	 	
   CityOn.Zhengzhou	G-Super, Wangfujing	919,000		 	2017	 	24.5%	
   Zhengzhou, China	 	621,000		 	 	 	 	
   Country Club Plaza	(5)	947,000		(6)	1922/1977/	2016	50%	
   Kansas City, MO	 	729,000		 	2000/2015	 	 	
   Fair Oaks Mall	JCPenney, Lord & Taylor (3), Macy's (two locations)	1,558,000		(7)	1980/1987/	 	50%	
   Fairfax, VA (Washington, DC Metropolitan Area)	 	562,000		 	1988/2000	 	 	
   The Gardens Mall	Bloomingdale's, Macy's, Nordstrom,	1,385,000		 	1988 / 2005	2019	48.5%	
   Palm Beach Gardens, FL	Saks Fifth Avenue, Sears	450,000		 	 	 	 	
   International Plaza	Dillard's, Life Time Athletic, Neiman Marcus, Nordstrom	1,252,000		 	2001/2015	 	50.1%	
   Tampa, FL	 	615,000		 	 	 	 	
   The Mall at Millenia	Bloomingdale’s, Macy's, Neiman Marcus	1,114,000		 	2002	 	50%	
   Orlando, FL	 	514,000		 	 	 	 	
   Stamford Town Center	Macy's, Saks Off 5th	761,000		 	1982/2007	 	50%	
   Stamford, CT	 	438,000		 	 	 	 	
   Starfield Hanam	PK Market, Shinsegae, Traders	1,709,000		 	2016	 	17.15%	
   Hanam, South Korea	 	978,000		 	 	 	 	
   Sunvalley	JCPenney, Macy's (two locations), Sears	1,324,000		 	1967/1981	2002	50%	
   Concord, CA (San Francisco Metropolitan Area)	 	485,000		 	 	 	 	
   The Mall at University Town Center	Dillard's, Macy's, Saks Fifth Avenue	863,000		 	2014	 	50%	
   Sarasota, FL	 	441,000		 	 	 	 	
   Waterside Shops	Saks Fifth Avenue	342,000		 	1992/2006/	2003	50%	
   Naples, FL	 	202,000		 	2008	 	 	
   Westfarms	JCPenney, Lord & Taylor (3), Macy's (two locations), Nordstrom	1,266,000		 	1974/1983/	 	79%	
   West Hartford, CT	 	497,000		 	1997	 	 	
   Total GLA	 	14,435,000		 	 	 	 	
   Total Mall GLA	 	7,225,000		 	 	 	 	
   TRG % of Total GLA	 	6,521,000		 	 	 	 	
   TRG % of Total Mall GLA	 	3,098,000		 	 	 	 	
   Grand Total GLA	 	24,797,000		 	 	 	 	
   Grand Total Mall GLA	 	12,448,000		 	 	 	 	
   TRG % of Total GLA	 	16,311,000		 	 	 	 	
   TRG % of Total Mall GLA	 	7,968,000		 	 	 	 	
 	 	
(1)	GLA does not reflect the full total incremental GLA to be added in connection with the redevelopment project at the center.	
(2)	GLA includes approximately 100,000 square feet of GLA related to the former Saks Fifth Avenue space, which closed in September 2017 and terminated its lease in August 2019.	
(3)	GLA includes the former Saks Fifth Avenue store, which closed in September 2016. A portion of this space opened as Mall GLA in 2018, while the remaining 31,000 square feet of GLA of the space is currently under redevelopment as coworking office space.	
(4)	GLA includes approximately 228,000 square feet of GLA related to the former Sears space, which closed in March 2019.	
(5)	In 2018, Nordstrom announced plans to relocate a store to the center. The new, approximately 116,000-square-foot store is expected to open in Fall 2022.	
(6)	GLA includes 218,000 square feet of office property.	
(7)	GLA includes approximately 210,000 square feet of GLA related to the former Sears space, which closed in November 2018 and is now partially occupied.	

Taubman Centers/19

	
														
TAUBMAN CENTERS, INC.	
Table 11 - Anchors in Owned Portfolio	
As of September 30, 2020	
 	 	 	Number	 	 	 	 	 	
     Name	 	of Stores	 	GLA	 	% of GLA	 	
Macy's	 	 	 	 	 	 	 	 	
 	Bloomingdale's (1)	 	4		 	 	850		 	 	 	
 	Macy's	 	13		 	 	2,803		 	 	 	
 	Macy's Men's Store/Furniture Gallery	 	3		 	 	489		 	 	 	
 	 	 	 	20		 	4,142		 	18.8	%	 	
Nordstrom (2)	 	 	8		 	1,233		 	5.6	%	 	
Hudson's Bay Company	 	 	 	 	 	 	 	 	
 	Lord & Taylor (3)	 	3		 	 	392		 	 	 	
 	Saks Fifth Avenue	 	5		 	 	381		 	 	 	
 	Saks Off 5th (4)	 	1		 	 	78		 	 	 	
 	 	 	 	9		 	851		 	3.9	%	 	
JCPenney	 	 	4		 	745		 	3.4	%	 	
Dillard's	 	 	3		 	596		 	2.7	%	 	
Wangfujing	 	 	2		 	565		 	2.6	%	 	
Shinsegae	 	 	 	 	 	 	 	 	
 	PK Market	 	1		 	 	63		 	 	 	
 	Shinsegae	 	1		 	 	484		 	 	 	
 	 	 	 	2		 	547		 	2.5	%	 	
Neiman Marcus	 	 	4		 	402		 	1.8	%	 	
Sears	 	 	2		 	390		 	1.8	%	 	
Traders	 	 	1		 	183		 	0.8	%	 	
Life Time Athletic	 	 	1		 	56		 	0.3	%	 	
G-Super	 	 	1		 	36		 	0.2	%	 	
Total	 	 	57		 	9,746		 	44.3	%	(5)	
 	 	 	 	 	 	 	 	 	 	
(1)	Excludes one Bloomingdale's Outlet store at a value center.	
(2)	Excludes one Nordstrom Rack at an outlet center.	
(3)	In August 2020, Lord & Taylor filed for bankruptcy and announced plans to close its three stores in our portfolio at Twelve Oaks Mall, Fair Oaks Mall, and Westfarms following liquidation sales.	
(4)	Excludes one Saks Off 5th store at a value center.	
(5)	Percentages may not add due to rounding.	

Taubman Centers/20

	
											
TAUBMAN CENTERS, INC.	
Table 12 - Major Tenants in Owned Portfolio	
As of September 30, 2020	
Tenant	 	Number
of Stores	 	Square
Footage	 	% Mall
GLA	
Forever 21 (Forever 21, XXI Forever)	 	16	 	448,690		 	3.6	%	
H&M	 	19	 	416,991		 	3.3	%	
The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Janie and Jack, Old Navy, Athleta, and others)	 	56	 	413,155		 	3.3	%	
Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret, and others)	 	39	 	277,348		 	2.2	%	
Inditex (Zara, Zara Home, Massimo Dutti, Bershka, and others)	 	20	 	235,063		 	1.9	%	
Urban Outfitters (Anthropologie, Free People, Urban Outfitters)	 	29	 	230,486		 	1.9	%	
Williams-Sonoma (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and others)	 	27	 	222,918		 	1.8	%	
Abercrombie & Fitch (Abercrombie & Fitch, Hollister, and others)	 	30	 	199,372		 	1.6	%	
LVMH (Sephora, Louis Vuitton, Dior, Fendi, Loro Piana, Bvlgari, Kenzo, and others)	 	43	 	184,815		 	1.5	%	
Restoration Hardware	 	5	 	179,954		 	1.4	%