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):	 	August 10, 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 August 10, 2020, the Company issued a press release announcing its results of operations for the quarter ended June 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 August 10, 2020, entitled “Taubman Centers, Inc. Issues Second 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:	August 10, 2020	TAUBMAN CENTERS, INC.	
 	 	 	 	
 	 	By:	/s/ Simon J. Leopold	
 	 	 	Simon J. Leopold	
 	 	 	Executive Vice President, Chief Financial Officer, and Treasurer	

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 SECOND QUARTER RESULTS

–	Earnings Lower Due to Impact of COVID-19 Pandemic	
		
–	Amended $1.1 Billion Revolving Line of Credit Facility and Unsecured Term Loans to Provide Financial Flexibility Through the Pandemic	
		
–	Starfield Anseong, Taubman Asia’s Fourth Investment, to Open on September 25th nearly 100 Percent Leased	
		
–	Asia Sales Rebound Following COVID-19 Closures	

BLOOMFIELD HILLS, Mich., August 10, 2020 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the second quarter of 2020.

	
					
 	June 30, 2020
Three Months Ended	June 30, 2019
Three Months Ended	June 30, 2020
Six Months Ended	June 30, 2019
Six Months Ended	
Net income (loss) attributable to common shareowners, diluted (in thousands)	($34,069)(1)	$6,266	($14,197)(1)	$21,384	
Net income (loss) attributable to common shareowners (EPS) per diluted common share	($0.55)(1)	$0.10	($0.23)(1)	$0.35	
Funds from Operations (FFO) per diluted common share
Growth rate	$0.29
(62.8)%	$0.78	$1.08
(36.8)%	$1.71	
Adjusted FFO (AFFO) per diluted common share
Growth rate	$0.41(2)
(56.4)%	$0.94(3)	$1.29(2)
(31.4)%	$1.88(3)	
(1) Net income (loss) and EPS for the three and six-month periods ended June 30, 2020 were lower primarily due to disruption associated with the COVID-19 pandemic, including significant uncollectible tenant revenues. In addition, depreciation expense was higher due to the accelerated amortization of an allowance in connection with the upcoming closing of an anchor store. EPS for the six-month period ended June 30, 2020 included gains totaling approximately $0.28 per diluted common share related to the sale of 50 percent of our interest in CityOn.Xi’an.
(2) AFFO for the three and six-month periods ended June 30, 2020 excludes costs related to the Simon Property Group, Inc. transaction and the fluctuation in the fair value of equity securities. AFFO for the six-month period ended June 30, 2020 also excludes restructuring charges, deferred income tax expense incurred related to the sale of CityOn.Xi’an, an adjustment of the promote fee (net of tax) related to Starfield Hanam recorded last year and costs associated with the Taubman Asia President transition.
(3) AFFO for the three and six-month periods ended June 30, 2019 excludes restructuring charges, costs incurred related to the Blackstone transactions and costs associated with shareholder activism. AFFO for the six-month period ended June 30, 2019 also excludes the fluctuation in the fair value of equity securities.	

For the quarter ended June 30, 2020, AFFO per diluted share was $0.41. Disruption related to the COVID-19 pandemic, including widespread center closures for most of the quarter, significantly impacted results.

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The company recognized uncollectible tenant revenues of $32.6 million at our beneficial interest, or $0.37 per diluted share of AFFO, in the second quarter, primarily due to elevated tenant bankruptcies and nonpayments during the center closures. These closures negatively impacted sales-based rent and lease cancellation income and resulted in the write-off of straight-line receivables. Together these items reduced AFFO by an additional $0.13 per diluted share. The company’s second quarter 2019 AFFO also included $0.05 per diluted share of insurance proceeds related to the business interruption claim at The Mall of San Juan (San Juan, Puerto Rico).

In aggregate, the above items account for a $0.55 year-over-year variance in second quarter AFFO.

“As we’ve reopened centers, rent collections have steadily improved. We’re optimistic this trend will continue as tenants focus their operations on the best retail assets in each market,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.

Operating Statistics

Comparable center NOI (comp center NOI) at our beneficial interest, excluding lease cancellation income, was down 25.3 percent in the quarter and down 13.3 percent year-to-date, using constant currency exchange rates. Higher year-over-year uncollectible rental revenues impacted comp center NOI by about 20 percent in the quarter and about 10 percent for the year.

In light of the U.S. center closures, mall tenant sales per square foot, normally a key metric, is not meaningful in the quarter. Trailing 12-month U.S. sales per square foot were $866. In Asia, sales per square foot were up 4.3 percent in the second quarter and were flat year-to-date.

Average rent per square foot for the quarter in U.S. comparable centers was $60.35, down 5.9 percent. Year-to-date average rent per square foot in U.S. comparable centers was $61.14, down 4 percent. Lower sales-based rent, a result of center closures and the overall effects of the pandemic, as well as lower year-over-year rents from Forever 21, collectively impacted average rent per square foot by 4.7 percent in the second quarter and 3.8 percent year-to-date.

Ending occupancy in U.S. comparable centers was 91.5 percent on June 30, 2020, down 0.3 percent compared from June 30, 2019.

Leased space in U.S. comparable centers was 93.8 percent on June 30, 2020, down 1.1 percent from June 30, 2019.

Financing Activity

In late March, the company borrowed $350 million on its $1.1 billion primary revolving line of credit, as a precautionary measure to increase liquidity and financial flexibility due to the uncertainty caused by the COVID-19 pandemic. In late June, the company repaid $100 million, which reduced the outstanding balance on the line of credit to $870 million as of June 30, 2020.

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As of June 30, 2020, the company had a consolidated cash balance of $241 million and $119 million available on its lines of credit.

In early August, the company amended its primary $1.1 billion revolving line of credit and unsecured term loan agreements. To ensure appropriate financial flexibility through the pandemic, the amended loan agreement waives compliance with quarterly financial covenants beginning in the third quarter of 2020 through the second quarter of 2021 and replaces them with a minimum liquidity requirement. The company was in full compliance with respect to all covenants as of the second quarter.

Other key features of the amended agreements during the waiver period include:

•	Flexibility to complete planned capital spending, including tenant allowances;	
		
•	Continued ability to distribute taxable income in accordance with our partnership agreement and REIT qualification requirements;	
		
•	Ability to continue dividend payments on Series J Cumulative Preferred Shares (NYSE: TCO PR J) and Series K Cumulative Preferred Shares (NYSE: TCO PR K);	

“We’re pleased to have completed this amendment, which provides financial flexibility while our portfolio continues to rebound from the pandemic,” said Simon J. Leopold, executive vice president and chief financial officer. “We greatly appreciate the strong support we have received from our banking partners over the years and particularly during this unprecedented time.”

In August, the company extended the maturity date on the $150 million loan for The Mall at Green Hills (Nashville, Tenn.) for one year to December 1, 2021. On December 1, 2020, the loan will bear interest at a variable rate equal to the greater of LIBOR plus 2.75% or 3.25%.

The construction facilities at Starfield Hanam (Hanam, South Korea) mature in November 2020. The company expects to complete the refinancing at a lower interest rate in the third quarter of 2020. This financing is expected to provide excess proceeds of approximately $35 million at our beneficial interest and combined with the release of additional reserves will allow us to repatriate $58 million at our beneficial interest in the third quarter.

These activities address all the company’s debt maturities occurring in 2020.

Starfield Anseong

On September 25th, Starfield Anseong (Gyeonggi Province, South Korea) will celebrate its grand opening, marking Taubman Asia’s fourth investment and second joint venture with Shinsegae Group. This new one million square foot shopping mall will be the first modern shopping, dining and entertainment destination to serve Anseong, a high-growth city in Greater Seoul.

Starfield Anseong will feature about 280 tenants, including prominent international brands like Zara, Nike, Uniqlo, H&M, Vans, COS, Guess, Adidas, BMW and many others. The center will be anchored by E-Mart Traders, ElectroMart, Toy Kingdom and Hanssem, as well as several successful entertainment concepts, including Aquafield, Sports Monster and Megabox, an upscale cinema.

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The center is opening ahead of schedule and in advance of Chuseok, an important shopping period in South Korea. We expect to be over 90 percent occupied and nearly 100 percent leased at opening.

“In our second partnership with Shinsegae we have successfully created an impressive, modern retail and entertainment experience that will serve Anseong’s rapidly growing population,” said Paul Wright, president, Taubman Asia. “We’re delighted with the collection of brands we’ve assembled and the very high-quality nature of the project we’re delivering to this community. It will be a unique experience for our customers to enjoy.”

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 using enhanced safety protocols designed to ensure the health and safety of both our tenants and the communities we serve. Traffic, tenant sales and rent collections have improved each month as mandates were eased or lifted and in-store shopping has resumed. All centers are fully operating, with the exception of Beverly Center (Los Angeles, Calif.) and Sunvalley Shopping Center (Concord, Calif.), where retail offerings are limited to “curbside pickup” and tenants with exterior access. After an initial reopening, both centers were mandated to close. Excluding those two centers, 90 percent of our U.S. stores have reopened.

The company’s three Asia shopping centers - CityOn.Xi’an (Xi’an, China), CityOn.Zhengzhou (Zhengzhou, Henan, China) and Starfield Hanam (Hanam, South Korea) - have rebounded quickly after experiencing varying levels of disruption. CityOn.Xi’an was closed for about a month and reopened on February 29. CityOn.Zhengzhou was closed for 10 days and reopened on February 27. Starfield Hanam never closed. About 90 percent of tenants had reopened by the end of April. Today nearly all tenants are open following approval for cinemas to reopen in China on July 20th. Total mall tenant sales for the portfolio have recovered, as May and June sales volumes were near 2019 levels.

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 $100 million to $110 million, at our beneficial interest, which represents an approximately 50 percent reduction from the original budgeted amount. In Asia, the only material capital spending is related to the completion of Starfield Anseong, which is being funded by a construction loan.

Operating expenses for the year are expected to be reduced by about $10 million, at our beneficial interest. In addition, the company did not declare a second quarter dividend on its common stock, preserving approximately $60 million of additional cash.

These cash preservation initiatives, together with the cash on hand, borrowing capacity under our lines of credit, and proceeds from the Starfield Hanam refinancing are expected to provide sufficient liquidity for the company’s near-term operations.

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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 second 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 shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional 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.

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, retail environment, tenants, customers, and employees, as well as center 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, center 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 retail 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 in foreign entities; 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;

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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.

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 June 30, 2020 and 2019	 	 	 	 	 	 	 	
(in thousands of dollars, except as indicated)	Three Months Ended	 	Year to Date	
 	2020	 	2019	 	2020	 	2019	
Net income (loss)	(41,795	)	 	16,877		 	(5,311	)	 	46,615		
Noncontrolling share of income of consolidated joint ventures	(300	)	 	(832	)	 	(1,323	)	 	(2,261	)	
Noncontrolling share of (income) loss of TRG	13,811		 	(3,408	)	 	4,601		 	(10,209	)	
Distributions to participating securities of TRG	 	 	(593	)	 	(595	)	 	(1,220	)	
Preferred stock dividends	(5,785	)	 	(5,785	)	 	(11,569	)	 	(11,569	)	
Net income (loss) attributable to Taubman Centers, Inc. common shareowners	(34,069	)	 	6,259		 	(14,197	)	 	21,356		
Net income (loss) per common share - basic	(0.55	)	 	0.10		 	(0.23	)	 	0.35		
Net income (loss) per common share - diluted	(0.55	)	 	0.10		 	(0.23	)	 	0.35		
Funds from Operations attributable to partnership unitholders and participating securities of TRG (1)	25,963		 	68,790		 	95,921		 	150,083		
Funds from Operations attributable to TCO's common shareowners (1)	18,213		 	48,018		 	67,090		 	105,797		
Funds from Operations per common share - basic (1)	0.30		 	0.78		 	1.09		 	1.73		
Funds from Operations per common share - diluted (1)	0.29		 	0.78		 	1.08		 	1.71		
Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG (1)	36,558		 	82,940		 	114,902		 	165,512		
Adjusted Funds from Operations attributable to TCO's common shareowners (1)	25,653		 	57,896		 	80,389		 	116,584		
Adjusted Funds from Operations per common share - basic (1)	0.42		 	0.95		 	1.31		 	1.91		
Adjusted Funds from Operations per common share - diluted (1)	0.41		 	0.94		 	1.29		 	1.88		
Weighted average number of common shares outstanding - basic	61,590,226		 	61,171,614		 	61,419,931		 	61,147,947		
Weighted average number of common shares outstanding - diluted	61,590,226		 	61,339,925		 	61,419,931		 	61,354,428		
Common shares outstanding at end of period	61,615,362		 	61,208,580		 	 	 	 	
Weighted average units - Operating Partnership - basic	87,707,362		 	87,633,194		 	87,687,555		 	86,820,900		
Weighted average units - Operating Partnership - diluted	88,783,724		 	88,672,767		 	88,773,594		 	87,898,643		
Units outstanding at end of period - Operating Partnership	87,712,025		 	87,639,296		 	 	 	 	
Ownership percentage of the Operating Partnership at end of period	70.2	 %	 	69.8	%	 	70.0	 %	 	70.4	 %	
Number of owned shopping centers at end of period	24		 	24		 	 	 	 	
Operating Statistics:	 	 	 	 	 	 	 	
NOI at 100% - comparable centers - growth % (1)(2)	(24.0	)%	 	2.4	%	 	(13.2	)%	 	(0.7	)%	
NOI at 100% - comparable centers including lease cancellation income at constant
currency - growth % (1)	(23.4	)%	 	 	 	(12.6	)%	 	 	
NOI at 100% - comparable centers excluding lease cancellation income - growth % (1)(2)	(24.7	)%	 	0.3	%	 	(13.8	)%	 	1.3	 %	
NOI at 100% - comparable centers excluding lease cancellation income at constant
currency - growth % (1)(2)	(24.1	)%	 	1.4	%	 	(13.2	)%	 	2.2	 %	
Beneficial interest in NOI - comparable centers including lease cancellation income - growth % (1)	(24.8	)%	 	 	 	(12.7	)%	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income
at constant currency - growth % (1)	(24.6	)%	 	 	 	(12.5	)%	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income - growth % (1)	(25.5	)%	 	 	 	(13.4	)%	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income
at constant currency - growth % (1)	(25.3	)%	 	 	 	(13.3	)%	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income - growth % (1)(2)	(30.8	)%	 	4.6	%	 	(17.2	)%	 	5.1	 %	
Average rent per square foot - U.S. Consolidated Businesses (3)	69.77		 	71.75		 	70.03		 	71.31		
Average rent per square foot - U.S. UJVs (3)	50.75		 	56.41		 	52.08		 	55.97		
Average rent per square foot - Combined U.S. centers (3)	60.35		 	64.13		 	61.14		 	63.67		
Average rent per square foot growth % - U.S. comparable centers (3)	(5.9	)%	 			 	(4.0	)%	 			
Ending occupancy - all U.S. centers	89.8	 %	 	91.0	%	 	 	 	 	
Ending occupancy - U.S. comparable centers (3)	91.5	 %	 	91.8	%	 	 	 	 	
Leased space - all U.S. centers	91.9	 %	 	94.0	%	 	 	 	 	
Leased space - U.S. comparable centers (3)	93.8	 %	 	94.9	%	 	 	 	 	
Mall tenant sales - all U.S. centers (4)	415,944		 	1,574,512		 	1,751,227		 	3,205,891		
Mall tenant sales - U.S. comparable centers (3)(4)	357,246		 	1,374,140		 	1,530,574		 	2,887,608		
 		 	 	 	12-Months Trailing	
Operating Statistics:		 		 	2020	 	2019	
Mall tenant sales - all U.S. centers (4)	 	 	 	 	5,460,510		 	6,519,819		
Mall tenant sales - U.S. comparable centers (3)(4)	 	 	 	 	4,773,841		 	5,914,845		
Sales per square foot - U.S. comparable centers (3)(4)	 	 	 	 	866		 	956		
All U.S. centers (4):	 	 	 	 	 	 	 	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. Consolidated Businesses	 	 	 	 	17.2	 %	 	13.5	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. UJVs	 	 	 	 	14.0	 %	 	11.9	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - Combined U.S. centers	 	 	 	 	15.7	 %	 	12.7	 %	
U.S. comparable centers (3)(4):	 	 	 	 	 	 	 	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. Consolidated Businesses	 	 	 	 	16.7	 %	 	13.1	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - U.S. UJVs	 	 	 	 	13.9	 %	 	11.8	 %	
    Mall tenant occupancy costs as a percentage of tenant sales - Combined U.S. centers	 	 	 	 	15.4	 %	 	12.5	 %	
(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 June 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 June 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	 	112,218		 	110,596		 	147,006		 	142,097		
Overage rents	 	749		 	3,120		 	1,713		 	5,164		
Management, leasing, and development services	 	824		 	 	 	892		 	 	
Other	 	4,744		 	6,234		 	11,993		 	6,660		
Total revenues	 	118,535		 	119,950		 	161,604		 	153,921		
 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	 	
Maintenance, taxes, utilities, and promotion	 	34,511		 	44,133		 	39,182		 	46,179		
Other operating	 	12,792		 	5,800		 	21,232		 	6,853		
Management, leasing, and development services	 	659		 	 	 	491		 	 	
General and administrative	 	7,523		 	 	 	8,554		 	 	
Restructuring charges	 	 	 	 	 	84		 	 	
Simon Property Group, Inc. transaction costs	 	9,060		 	 	 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	12,000		 	 	
Interest expense	 	33,353		 	34,517		 	38,010		 	35,685		
Depreciation and amortization	 	61,838		 	33,601		 	44,259		 	35,622		
Total expenses	 	159,736		 	118,051		 	163,812		 	124,339		
 	 	 	 	 	 	 	 	 	
Nonoperating income (expense)	 	(910	)	 	487		 	6,627		 	923		
 	 	(42,111	)	 	2,386		 	4,419		 	30,505		
Income tax benefit (expense)	 	248		 	(1,289	)	 	(2,364	)	 	(2,461	)	
Equity in income (loss) of UJVs	 	(712	)	 	 	 	14,822		 	 	
Gains on partial dispositions of ownership interests in UJVs, net of tax	 	363		 	 	 	 	 	 	
Gains on remeasurements of ownership interests in UJVs	 	417		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net income (loss)	 	(41,795	)	 	1,097		 	16,877		 	28,044		
Net income/loss attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling share of income of consolidated joint ventures	 	(300	)	 	 	 	(832	)	 	 	
Noncontrolling share of (income) loss of TRG	 	13,811		 	 	 	(3,408	)	 	 	
Distributions to participating securities of TRG	 	 	 	 	 	(593	)	 	 	
Preferred stock dividends	 	(5,785	)	 	 	 	(5,785	)	 	 	
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	 	(34,069	)	 	 	 	6,259		 	 	
 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	 	
EBITDA - 100%	 	53,860		 	70,504		 	86,688		 	101,812		
EBITDA - outside partners' share	 	(4,931	)	 	(39,531	)	 	(6,113	)	 	(49,119	)	
Beneficial interest in EBITDA	 	48,929		 	30,973		 	80,575		 	52,693		
Gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	(1,418	)	 	 	
Gains on partial dispositions of ownership interests in UJVs	 	(363	)	 	 	 	 	 	 	
Gains on remeasurements of ownership interests in UJVs	 	(417	)	 	 	 	 	 	 	
Beneficial interest expense	 	(30,605	)	 	(15,945	)	 	(34,981	)	 	(18,005	)	
Beneficial income tax benefit (expense) - TRG and TCO	 	248		 	(104	)	 	(2,225	)	 	(912	)	
Beneficial income tax expense - TCO	 	19		 	 	 	 	 	 	
Non-real estate depreciation	 	(987	)	 	 	 	(1,152	)	 	 	
Preferred dividends and distributions	 	(5,785	)	 	 	 	(5,785	)	 	 	
Funds from Operations attributable to partnership unitholders and participating securities of TRG	 	11,039		 	14,924		 	35,014		 	33,776		
 	 	 	 	 	 	 	 	 	
STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:	 	 	 	 	 	 	 	
Net straight-line adjustments to rental revenues, recoveries, and ground rent expense at TRG%	 	(3,668	)	 	(441	)	 	917		 	437		
Country Club Plaza purchase accounting adjustments - rental revenues at TRG%	 	 	 	32		 	 	 	84		
The Mall at Green Hills purchase accounting adjustments - rental revenues	 	8		 	 	 	13		 	 	
The Gardens Mall purchase accounting adjustments - rental revenues at TRG%	 	 	 	(355	)	 	 	 	(177	)	
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 Six Months Ended June 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	 	254,876		 	245,538		 	291,295		 	271,653		
Overage rents	 	4,966		 	8,746		 	4,854		 	11,543		
Management, leasing, and development services	 	1,390		 	 	 	2,108		 	 	
Other	 	16,762		 	13,363		 	23,555		 	13,366		
Total revenues	 	277,994		 	267,647		 	321,812		 	296,562		
 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	 	
Maintenance, taxes, utilities, and promotion	 	73,262		 	88,966		 	77,720		 	87,139		
Other operating	 	30,934		 	13,301		 	40,457		 	12,374		
Management, leasing, and development services	 	1,152		 			 	1,022		 	 	
General and administrative	 	15,539		 	 	 	17,130		 	 	
Restructuring charges	 	362		 	 	 	709		 	 	
Simon Property Group, Inc. transaction costs	 	15,445		 	 	 	 	 	 	
Costs associated with shareholder activism	 			 	 	 	16,000		 	 	
Interest expense	 	68,202		 	69,174		 	74,895		 	68,183		
Depreciation and amortization	 	113,534		 	67,863		 	89,215		 	69,312		
Total expenses	 	318,430		 	239,304		 	317,148		 	237,008		
 	 	 	 	 	 	 	 	 	
Nonoperating income (expense)	 	(362	)	 	824		 	15,360		 	1,324		
 	 	(40,798	)	 	29,167		 	20,024		 	60,878		
Income tax expense	 	(508	)	 	(3,228	)	 	(2,903	)	 	(4,369	)	
Equity in income of UJVs	 	10,572		 	 	 	29,494		 	 	
Gains on partial dispositions of ownership interests in UJVs, net of tax	 	11,277		 	 	 	 	 	 	
Gains on remeasurements of ownership interests in UJVs	 	14,146		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Net income (loss)	 	(5,311	)	 	25,939		 	46,615		 	56,509		
Net income/loss attributable to noncontrolling interests:	 	 	 	 	 	 	 	 	
Noncontrolling share of income of consolidated joint ventures	 	(1,323	)	 	 	 	(2,261	)	 	 	
Noncontrolling share of (income) loss of TRG	 	4,601		 	 	 	(10,209	)	 	 	
Distributions to participating securities of TRG	 	(595	)	 	 	 	(1,220	)	 	 	
Preferred stock dividends	 	(11,569	)	 	 	 	(11,569	)	 	 	
Net income (loss) attributable to Taubman Centers, Inc. common shareholders	 	(14,197	)	 	 	 	21,356		 	 	
 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	 	
EBITDA - 100%	 	167,843		 	166,204		 	184,134		 	198,373		
EBITDA - outside partners' share	 	(10,722	)	 	(90,810	)	 	(12,852	)	 	(96,263	)	
Beneficial interest in EBITDA	 	157,121		 	75,394		 	171,282		 	102,110		
Gain on insurance recoveries - The Mall of San Juan	 			 	 	 	(1,418	)	 	 	
Gains on partial dispositions of ownership interests in UJVs	 	(12,759	)	 	 	 	 	 	 	
Gains on remeasurements of ownership interests in UJVs	 	(14,146	)	 	 	 	 	 	 	
Beneficial interest expense	 	(62,658	)	 	(32,360	)	 	(68,841	)	 	(34,781	)	
Beneficial income tax expense - TRG and TCO	 	(508	)	 	(429	)	 	(2,714	)	 	(1,689	)	
Beneficial income tax expense - TCO	 	19		 	 	 	 	 	 	
Non-real estate depreciation	 	(2,184	)	 	 	 	(2,297	)	 	 	
Preferred dividends and distributions	 	(11,569	)	 	 	 	(11,569	)	 	 	
Funds from Operations attributable to partnership unitholders and participating securities of TRG	 	53,316		 	42,605		 	84,443		 	65,640		
 	 	 	 	 	 	 	 	 	
STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:	 	 	 	 	 	 	 	
Net straight-line adjustments to rental revenues, recoveries, and ground rent expense at TRG%	 	(2,928	)	 	(554	)	 	2,715		 	603		
Country Club Plaza purchase accounting adjustments - rental revenues at TRG%	 	 	 	111		 	 	 	196		
The Mall at Green Hills purchase accounting adjustments - rental revenues	 	19		 	 	 	48		 	 	
The Gardens Mall purchase accounting adjustments - rental revenues at TRG%	 	 	 	(641	)	 	 	 	(177	)	
The Gardens Mall purchase accounting adjustments - interest expense at TRG%	 	 	 	(1,056	)	 	 	 	(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/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 is currently being marketed for sale.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 six months ended June 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	
Costs related to Blackstone transactions	 	 	Ÿ	 	Ÿ	 	Ÿ	 	 	 	Ÿ	 	 	 	Ÿ	
Taubman Asia President transition costs	 	 	 	 	Ÿ	 	 	 	 	 	 	 	Ÿ	 	 	
Promote fee adjustment - Starfield Hanam	 	 	 	 	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	 	 	
Gains on remeasurements of ownership interests in UJVs	 	 	 	 	 	 	 	 	Ÿ	 	 	 	Ÿ	 	 	
Gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	 	 	 	 	 	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 June 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	(34,069	)	 	61,590,226		 	(0.55	)	 	6,259		 	61,171,614		 	0.10		
Add impact of share-based compensation		 	 	 	 	 	7		 	168,311		 	 	
Net income (loss) attributable to TCO common shareholders - diluted	(34,069	)	 	61,590,226		 	(0.55	)	 	6,266		 	61,339,925		 	0.10		
Add TCO's additional income tax expense	19		 	 	 	—		 	 	 	 	 	 	
Add depreciation of TCO's additional basis	1,481		 	 	 	0.02		 	1,617		 	 	 	0.03		
Net income (loss) attributable to TCO common shareholders,
excluding step-up depreciation and additional income tax expense	(32,569	)	 	61,590,226		 	(0.53	)	 	7,883		 	61,339,925		 	0.13		
Add noncontrolling share of income (loss) of TRG	(13,811	)	 	26,322,236		 	 	 	3,408		 	26,461,580		 	 	
Add distributions to participating securities of TRG	 	 	871,262		 	 	 	593		 	871,262		 	 	
Net income (loss) attributable to partnership unitholders and
participating securities of TRG	(46,380	)	 	88,783,724		 	(0.52	)	 	11,884		 	88,672,767		 	0.13		
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	61,838		 	 	 	0.70		 	44,259		 	 	 	0.50		
Depreciation of TCO's additional basis	(1,481	)	 	 	 	(0.02	)	 	(1,617	)	 	 	 	(0.02	)	
Noncontrolling partners in consolidated joint ventures	(1,883	)	 	 	 	(0.02	)	 	(2,113	)	 	 	 	(0.02	)	
Share of UJVs	15,636		 	 	 	0.18		 	18,954		 	 	 	0.21		
Non-real estate depreciation	(987	)	 	 	 	(0.01	)	 	(1,152	)	 	 	 	(0.01	)	
Less gain on insurance recoveries - The Mall of San Juan	 	 	 	 	 	 	(1,418	)	 	 	 	(0.02	)	
Less gains on partial dispositions of ownership interests in UJVs	(363	)	 	 	 	—		 	 	 	 	 	 	
Less gains on remeasurements of ownership interests in UJVs	(417	)	 	 	 	—		 	 	 	 	 	 	
Less impact of share-based compensation	 	 		 	 	 	(7	)	 	 	 	—		
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	25,963		 	88,783,724		 	0.29		 	68,790		 	88,672,767		 	0.78		
TCO's average ownership percentage of TRG - basic (1)	70.2	%	 	 	 	 	 	69.8	%	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	18,232		 	 	 	0.29		 	48,018		 	 	 	0.78		
Less TCO's additional income tax expense	(19	)	 	 	 	—		 	 	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders (1)	18,213		 	 	 	0.29		 	48,018		 	 	 	0.78		
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	25,963		 	88,783,724		 	0.29		 	68,790		 	88,672,767		 	0.78		
Simon Property Group, Inc. transaction costs	9,060		 	 	 	0.10		 	 	 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	 	12,000		 	 	 	0.14		
Restructuring charges	 	 	 	 	 	 	84		 	 	 	—		
Costs related to Blackstone transactions (2)	 	 	 	 	 	 	2,066		 	 	 	0.02		
Fluctuation in fair value of equity securities	1,535		 	 	 	0.02		 	 	 	 	 	 	
Adjusted Funds from Operations attributable to partnership unitholders
and participating securities of TRG	36,558		 	88,783,724		 	0.41		 	82,940		 	88,672,767		 	0.94		
TCO's average ownership percentage of TRG - basic (3)	70.2	%	 	 	 	 	 	69.8	%	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareowners, excluding additional income tax expense	25,672		 	 	 	0.41		 	57,896		 	 	 	0.94		
Less TCO's additional income tax expense	(19	)	 	 	 	—		 	 	 	 	 	 	
Adjusted Funds from Operations attributable to TCO's common shareowners (3)	25,653		 	 	 	0.41		 	57,896		 	 	 	0.94		
 	 	 	 	 	 	 	 	 	 	 	 	
(1) For the three months ended June 30, 2020, Funds from Operations attributable to TCO's common shareholders was $17,992 using TCO's diluted average ownership percentage of TRG of 69.4%. For the three months ended June 30, 2019, Funds from Operations attributable to TCO's common shareholders was $47,455 using TCO's diluted average ownership percentage of TRG of 69.0%.	
(2) For the three months ended June 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 Benefit (Expense), respectively, in our Statement of Operations and Comprehensive Income (Loss).	
(3) For the three months ended June 30, 2020, Adjusted Funds from Operations attributable to TCO's common shareholders was $25,342 using TCO's diluted average ownership percentage of TRG of 69.4%. For the three months ended June 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $57,217 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 Shareowners to Funds from Operations and Adjusted Funds from Operations	
For the Six Months Ended June 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	(14,197	)	 	61,419,931		 	(0.23	)	 	21,356		 	61,147,947		 	0.35		
Add impact of share-based compensation	 	 	 	 	 	 	28		 	206,481		 	 	
Net income (loss) attributable to TCO common shareholders - diluted	(14,197	)	 	61,419,931		 	(0.23	)	 	21,384		 	61,354,428		 	0.35		
Add TCO's additional income tax expense	19		 	 	 	—		 	 	 	 	 	 	
Add depreciation of TCO's additional basis	2,962		 	 	 	0.05		 	3,234		 	 	 	0.05		
Net income (loss) attributable to TCO common shareholders,
excluding step-up depreciation and additional income tax expense	(11,216	)	 	61,419,931		 	(0.18	)	 	24,618		 	61,354,428		 	0.40		
Add noncontrolling share of income (loss) of TRG	(4,601	)	 	26,482,401		 	 	 	10,209		 	25,672,953		 	 	
Add distributions to participating securities of TRG	595		 	871,262		 	 	 	1,220		 	871,262		 	 	
Net income (loss) attributable to partnership unitholders and
participating securities of TRG	(15,222	)	 	88,773,594		 	(0.17	)	 	36,047		 	87,898,643		 	0.41		
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
Consolidated businesses at 100%	113,534		 	 	 	1.28		 	89,215		 	 	 	1.01		
Depreciation of TCO's additional basis	(2,962	)	 	 	 	(0.03	)	 	(3,234	)	 	 	 	(0.04	)	
Noncontrolling partners in consolidated joint ventures	(3,855	)	 	 	 	(0.04	)	 	(4,348	)	 	 	 	(0.05	)	
Share of UJVs	32,033		 	 	 	0.36		 	36,146		 	 	 	0.41		
Non-real estate depreciation	(2,184	)	 	 	 	(0.01	)	 	(2,297	)	 	 	 	(0.03	)	
Less gain on insurance recoveries - The Mall of San Juan		 	 	 	 	 	(1,418	)	 	 	 	(0.02	)	
Less gains on partial dispositions of ownership interests in UJVs, net of tax	(11,277	)	 	 	 	(0.13	)	 	 	 	 	 	 	
Less gains on remeasurements of ownership interests in UJVs	(14,146	)	 	 	 	(0.16	)	 	 	 	 	 	 	
Less impact of share-based compensation	 	 	 	 	 	 	(28	)	 	 	 	—		
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	95,921		 	88,773,594		 	1.08		 	150,083		 	87,898,643		 	1.71		
TCO's average ownership percentage of TRG - basic (1)	70.0	%	 	 	 	 	 	70.4	%	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	67,109		 	 	 	1.08		 	105,797		 	 	 	1.71		
Less TCO's additional income tax expense	(19	)	 	 	 	—		 	 	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders (1)	67,090		 	 	 	1.08		 	105,797		 	 	 	1.71		
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to partnership unitholders
and participating securities of TRG	95,921		 	88,773,594		 	1.08		 	150,083		 	87,898,643		 	1.71		
Simon Property Group, Inc. transaction costs	15,445		 	 	 	0.17		 	 	 	 	 	 	
Costs associated with shareholder activism	 	 	 	 	 	 	16,000		 	 	 	0.18		
Restructuring charges	362		 	 	 	—		 	709		 	 	 	0.01		
Costs related to Blackstone transactions (2)	1,113		 	 	 	0.01		 	2,066		 	 	 	0.02		
Taubman Asia President transition costs	244		 	 	 	—		 	 	 	 	 	 	
Promote fee adjustment, net of tax - Starfield Hanam (3)	282		 	 	 	—		 	 	 	 	 	 	
Fluctuation in fair value of equity securities	1,535		 	 	 	0.02		 	(3,346	)	 	 	 	(0.04	)	
Adjusted Funds from Operations attributable to partnership unitholders
and participating securities of TRG	114,902		 	88,773,594		 	1.29		 	165,512		 	87,898,643		 	1.88		
TCO's average ownership percentage of TRG - basic (4)	70.0	%	 	 	 	 	 	70.4	%	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders, excluding additional income tax expense	80,408		 	 	 	1.29		 	116,584		 	 	 	1.88		
Less TCO's additional income tax expense	(19	)	 	 	 	—		 	 	 	 	 	 	
Funds from Operations attributable to TCO's common shareholders (1)	80,389		 	 	 	1.29		 	116,584		 	 	 	1.88		
 	 	 	 	 	 	 	 	 	 	 	 	
(1) For the six months ended June 30, 2020, Funds from Operations attributable to TCO's common shareholders was $66,265 using TCO's diluted average ownership percentage of TRG of 69.2%. For the six months ended June 30, 2019, Funds from Operations attributable to TCO's common shareholders was $104,474 using TCO's diluted average ownership percentage of TRG of 69.6%.	
(2) For the six months ended June 30, 2020, includes $1.1 million of deferred income tax expense related to the Blackstone transactions, which has been recorded within Income Tax Benefit (Expense) in our Statement of Operations and Comprehensive Income (Loss). For the six months ended June 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 Benefit (Expense), respectively, in our Statement of Operations and Comprehensive Income (Loss).	
(3) 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 have been recorded within Equity in Income of UJVs in our Statement of Operations and Comprehensive Income (Loss).	
(4) For the six months ended June 30, 2020, Adjusted Funds from Operations attributable to TCO's common shareholders was $79,402 using TCO's diluted average ownership percentage of TRG of 69.2%. For the six months ended June 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $115,133 using TCO's diluted average ownership percentage of TRG of 69.6%.	

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
Table 6 - Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDA	 	 	 	 	
For the Periods Ended June 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)	(41,795	)	 	16,877		 	(5,311	)	 	46,615		
 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	
Consolidated businesses at 100%	61,838		 	44,259		 	113,534		 	89,215		
Noncontrolling partners in consolidated joint ventures	(1,883	)	 	(2,113	)	 	(3,855	)	 	(4,348	)	
Share of UJVs	15,636		 	18,954		 	32,033		 	36,146		
 	 	 	 	 	 	 	 	
Add (less) interest expense and income tax expense (benefit):	 	 	 	 	 	 	 	
Interest expense:	 	 	 	 	 	 	 	
Consolidated businesses at 100%	33,353		 	38,010		 	68,202		 	74,895		
Noncontrolling partners in consolidated joint ventures	(2,748	)	 	(3,029	)	 	(5,544	)	 	(6,054	)	
Share of UJVs	15,945		 	18,005		 	32,360		 	34,781		
Income tax expense (benefit):	 	 	 	 	 	 	 	
Consolidated businesses at 100%	(248	)	 	2,364		 	508		 	2,903		
Noncontrolling partners in consolidated joint ventures	 	 	(139	)	 			 	(189	)	
Share of UJVs	104		 	912		 	429		 	1,689		
Share of income tax expense on dispositions of ownership interests	 	 	 	 	1,482		 	 	
 	 	 	 	 	 	 	 	
Less noncontrolling share of income of consolidated joint ventures	(300	)	 	(832	)	 	(1,323	)	 	(2,261	)	
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA	79,902		 	133,268		 	232,515		 	273,392		
 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG - basic	70.2	%	 	69.8	%	 	70.0	%	 	70.4	%	
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA attributable to TCO	56,109		 	93,027		 	162,785		 	192,620		
 	 	 	 	 	 	 	 	
Beneficial interest in EBITDA	79,902		 	133,268		 	232,515		 	273,392		
 	 	 	 	 	 	 	 	
Add (less):	 	 	 	 	 	 	 	
Simon Property Group, Inc. transaction costs	9,060		 	 	 	15,445		 	 	
Costs associated with shareowner activism	 	 	12,000		 			 	16,000		
Restructuring charges	 	 	84		 	362		 	709		
Disposition costs related to Blackstone transactions	 	 	487		 			 	487		
Taubman Asia President transition costs	 	 	 	 	244		 	 	
Promote fee adjustment - Starfield Hanam	 	 	 	 	309		 	 	
Fluctuation in fair value of equity securities	1,535		 	 	 	1,535		 	(3,346	)	
Gains on partial dispositions of ownership interests in UJVs	(363	)	 	 	 	(12,759	)	 	 	
Gains on remeasurments of ownership interests in UJVs	(417	)	 	 	 	(14,146	)	 	 	
Gain on insurance recoveries - The Mall of San Juan	 	 	(1,418	)	 			 	(1,418	)	
 	 	 	 	 	 	 	 	
Adjusted Beneficial interest in EBITDA	89,717		 	144,421		 	223,505		 	285,824		
 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG - basic	70.2	%	 	69.8	%	 	70.0	%	 	70.4	%	
 	 	 	 	 	 	 	 	
Adjusted Beneficial interest in EBITDA attributable to TCO	63,001		 	100,812		 	156,519		 	201,314		

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 7 - Reconciliation of Net Income (Loss) to Net Operating Income (NOI)	 	 	 	 	 	 	 	 	 	 	 	
For the Three Months Ended June 30, 2020, 2019, and 2018	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars)	Three Months Ended	 	Three Months Ended	
 	 	2020	 	2019	 	Growth %	 	2019	 	2018	 	Growth %	
Net income (loss)	(41,795	)	 	16,877		 	 	 	16,877		 	30,093		 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	61,838		 	44,259		 	 	 	44,259		 	42,996		 	 	
 	Noncontrolling partners in consolidated joint ventures	(1,883	)	 	(2,113	)	 	 	 	(2,113	)	 	(1,717	)	 	 	
 	Share of UJVs	15,636		 	18,954		 	 	 	18,954		 	17,325		 	 	
Add (less) interest expense and income tax expense (benefit):	 	 	 	 	 	 	 	 	 	 	 	
 	Interest expense:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	33,353		 	38,010		 	 	 	38,010		 	33,023		 	 	
 	Noncontrolling partners in consolidated joint ventures	(2,748	)	 	(3,029	)	 	 	 	(3,029	)	 	(3,028	)	 	 	
 	Share of UJVs	15,945		 	18,005		 	 	 	18,005		 	17,263		 	 	
 	Income tax expense (benefit):	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	(248	)	 	2,364		 	 	 	2,364		 	28		 	 	
 	Noncontrolling partners in consolidated joint ventures	 	 	(139	)	 	 	 	(139	)	 	(33	)	 	 	
 	Share of UJVs	104		 	912		 	 	 	912		 	654		 	 	
Less noncontrolling share of income of consolidated joint ventures	(300	)	 	(832	)	 	 	 	(832	)	 	(1,480	)	 	 	
Add EBITDA attributable to outside partners:	 	 	 	 	 	 	 	 	 	 	 	
 	EBITDA attributable to noncontrolling partners in consolidated joint ventures	4,931		 	6,113		 	 	 	6,113		 	6,258		 	 	
 	EBITDA attributable to outside partners in UJVs	39,531		 	49,119		 	 	 	49,119		 	46,206		 	 	
EBITDA at 100%	124,364		 	188,500		 	 	 	188,500		 	187,588		 	 	
Add (less) items excluded from shopping center NOI:	 	 	 	 	 	 	 	 	 	 	 	
 	General and administrative expenses	7,523		 	8,554		 	 	 	8,554		 	8,522		 	 	
 	Management, leasing, and development services, net	(165	)	 	(401	)	 	 	 	(401	)	 	(418	)	 	 	
 	Simon Property Group, Inc. transaction costs	9,060		 	 	 	 	 	 	 	 	 	 	
 	Restructuring charges	 	 	84		 	 	 	84		 	(77	)	 	 	
 	Costs associated with shareholder activism	 	 	12,000		 	 	 	12,000		 	5,000		 	 	
 	Straight-line of rents	4,097		 	(2,277	)	 	 	 	(2,277	)	 	(1,927	)	 	 	
 	Nonoperating (income) expense	423		 	(7,550	)	 	 	 	(7,550	)	 	(12,882	)	 	 	
 	Gain on partial disposition of ownership interest in UJV	(363	)	 	 	 	 	 	 	 	 	 	 	
 	Gain on remeasurement of ownership interest in UJV	(417	)	 	 	 	 	 	 	 	 	 	 	
 	Unallocated operating expenses and other	4,969		 	8,382		 	 	 	8,382		 	8,402		 	 	
NOI at 100% - total portfolio	149,491		 	207,292		 	 	 	207,292		 	194,208		 	 	
Less - NOI of non-comparable centers	(8,655	)	(1) 	(22,075	)	(1) 	 	 	(18,193	)	(2) 	(9,567	)	(2) 	 	
NOI at 100% - comparable centers	140,836		 	185,217		 	(24.0)%	 	189,099		 	184,641		 	2.4%	
Foreign currency exchange rate fluctuation adjustment	1,023		 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers including lease cancellation income at constant currency	141,859		 	185,217		 	(23.4)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	140,836		 	185,217		 	 	 	189,099		 	184,641		 	 	
Less lease cancellation income - comparable centers	(5,041	)	 	(4,954	)	 	 	 	(5,946	)	 	(2,060	)	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	135,795		 	180,263		 	(24.7)%	 	183,153		 	182,581		 	0.3%	
Foreign currency exchange rate fluctuation adjustment	1,023		 	 	 	 	 	2,017		 			 	 	
NOI at 100% - comparable centers excluding lease cancellation income at constant currency	136,818		 	180,263		 	(24.1)%	 	185,170		 	182,581		 	1.4%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	140,836		 	185,217		 	 	 	 	 	 	 	 	
Less NOI of comparable centers attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(42,659	)	 	(54,713	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income	98,177		 	130,504		 	(24.8)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	219		 	 	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income at constant currency	98,396		 	130,504		 	(24.6)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	135,795		 	180,263		 	 	 	 	 	 	 	 	
Less NOI of comparable centers excluding lease cancellation income attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(41,511	)	 	(53,693	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income	94,284		 	126,570		 	(25.5)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	219		 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income at constant currency	94,503		 	126,570		 	(25.3)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - total portfolio	149,491		 	207,292		 	 	 	207,292		 	194,208		 	 	
Less lease cancellation income - total portfolio	(5,290	)	 	(7,431	)	 	 	 	(7,431	)	 	(2,060	)	 	 	
Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs excluding lease cancellation income - total portfolio	(43,441	)	 	(54,341	)	 	 	 	(54,341	)	 	(52,962	)	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income	100,760		 	145,520		 	(30.8)%	 	145,520		 	139,186		 	4.6%	
 	 	
(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.	 	

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TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 8 - Reconciliation of Net Income (Loss) to Net Operating Income (NOI)	 	 	 	 	 	 	 	 	 	 	 	
For the Six Months Ended June 30, 2020, 2019, and 2018	 	 	 	 	 	 	 	 	 	 	 	
(in thousands of dollars)	Year to Date	 	Year to Date	
 	 	2020	 	2019	 	Growth %	 	2019	 	2018	 	Growth %	
Net income (loss)	(5,311	)	 	46,615		 	 	 	46,615		 	64,689		 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	113,534		 	89,215		 	 	 	89,215		 	78,018		 	 	
 	Noncontrolling partners in consolidated joint ventures	(3,855	)	 	(4,348	)	 	 	 	(4,348	)	 	(3,569	)	 	 	
 	Share of UJVs	32,033		 	36,146		 	 	 	36,146		 	34,380		 	 	
Add (less) interest expense and income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
 	Interest expense:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	68,202		 	74,895		 	 	 	74,895		 	63,846		 	 	
 	Noncontrolling partners in consolidated joint ventures	(5,544	)	 	(6,054	)	 	 	 	(6,054	)	 	(6,039	)	 	 	
 	Share of UJVs	32,360		 	34,781		 	 	 	34,781		 	34,014		 	 	
 	Income tax expense:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100%	508		 	2,903		 	 	 	2,903		 	212		 	 	
 	Noncontrolling partners in consolidated joint ventures	 	 	(189	)	 	 	 	(189	)	 	(83	)	 	 	
 	Share of UJVs	429		 	1,689		 	 	 	1,689		 	1,364		 	 	
 	Share of income tax expense on disposition of ownership interests	1,482		 	 	 	 	 	 	 	 	 	 	
Less noncontrolling share of income of consolidated joint ventures	(1,323	)	 	(2,261	)	 	 	 	(2,261	)	 	(2,824	)	 	 	
Add EBITDA attributable to outside partners:	 	 	 	 	 	 	 	 	 	 	 	
 	EBITDA attributable to noncontrolling partners in consolidated joint ventures	10,722		 	12,852		 	 	 	12,852		 	12,515		 	 	
 	EBITDA attributable to outside partners in UJVs	90,810		 	96,263		 	 	 	96,263		 	97,233		 	 	
EBITDA at 100%	334,047		 	382,507		 	 	 	382,507		 	373,756		 	 	
Add (less) items excluded from shopping center NOI:	 	 	 	 	 	 	 	 	 	 	 	
 	General and administrative expenses	15,539		 	17,130		 	 	 	17,130		 	17,015		 	 	
 	Management, leasing, and development services, net	(238	)	 	(1,086	)	 	 	 	(1,086	)	 	(910	)	 	 	
 	Simon Property Group, Inc. transaction costs	15,445		 	 	 	 	 	 	 	 	 	 	
 	Restructuring charges	362		 	709		 	 	 	709		 	(423	)	 	 	
 	Costs associated with shareholder activism			 	16,000		 	 	 	16,000		 	8,500		 	 	
 	Straight-line of rents	3,068		 	(5,184	)	 	 	 	(5,184	)	 	(7,414	)	 	 	
 	Nonoperating income, net	(462	)	 	(16,684	)	 	 	 	(16,684	)	 	(6,086	)	 	 	
 	Gains on partial dispositions of ownership interests in UJVs	(12,759	)	 	 	 	 	 	 	 	 	 	 	
 	Gains on remeasurements of ownership interests in UJVs	(14,146	)	 	 	 	 	 	 	 	 	 	 	
 	Unallocated operating expenses and other	9,976		 	16,122		 	 	 	16,122		 	16,523		 	 	
NOI at 100% - total portfolio	350,832		 	409,514		 	 	 	409,514		 	400,961		 	 	
Less - NOI of non-comparable centers	(26,757	)	(1) 	(36,341	)	(1) 	 	 	(29,931	)	(2) 	(18,828	)	(2) 	 	
NOI at 100% - comparable centers	324,075		 	373,173		 	(13.2)%	 	379,583		 	382,133		 	(0.7)%	
Foreign currency exchange rate fluctuation adjustment	2,152		 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers including lease cancellation income at constant currency	326,227		 	373,173		 	(12.6)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	324,075		 	373,173		 	 	 	379,583		 	382,133		 	 	
Less lease cancellation income - comparable centers	(7,095	)	 	(5,443	)	 	 	 	(6,435	)	 	(13,744	)	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	316,980		 	367,730		 	(13.8)%	 	373,148		 	368,389		 	1.3%	
Foreign currency exchange rate fluctuation adjustment	2,152		 	 	 	 	 	3,370		 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income at constant currency	319,132		 	367,730		 	(13.2)%	 	376,518		 	368,389		 	2.2%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	324,075		 	373,173		 	 	 	 	 	 	 	 	
Less NOI of comparable centers attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(96,525	)	 	(112,604	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income	227,550		 	260,569		 	(12.7)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	451		 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers including lease cancellation income at constant currency	228,001		 	260,569		 	(12.5)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	316,980		(1) 	367,730		(1) 	 	 	 	 	 	 	 	
Less NOI of comparable centers excluding lease cancellation income attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs	(95,179	)	 	(111,499	)	 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income	221,801		 	256,231		 	(13.4)%	 	 	 	 	 	 	
Beneficial interest in foreign currency exchange rate fluctuation adjustment	451		 			 	 	 	 	 	 	 	 	
Beneficial interest in NOI - comparable centers excluding lease cancellation income at constant currency	222,252		 	256,231		 	(13.3)%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - total portfolio	350,832		 	409,514		 	 	 	409,514		 	400,961		 	 	
Less lease cancellation income - total portfolio	(7,742	)	 	(8,000	)	 	 	 	(8,000	)	 	(15,845	)	 	 	
Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVs excluding lease cancellation income - total portfolio	(100,771	)	 	(108,914	)	 	 	 	(108,914	)	 	(106,839	)	 	 	
Beneficial interest in NOI - total portfolio excluding lease cancellation income	242,319		 	292,600		 	(17.2)%	 	292,600		 	278,277		 	5.1%	
 	 	
(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.	 	

Taubman Centers/16

	
																				
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Table 9 - Debt Summary	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
As of June 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	 	6/30/2020	 	6/30/2020	(a)	6/30/2020	(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	 	74.5		 	74.5		 	4.37	%	 	 	 	
Great Lakes Crossing Outlets	 	 	A	 	1/6/2023	 	190.9		 	190.9		 	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	 	290.0		 	290.0		 	4.85	%	 	 	 	
 	 	 	 	 	 	 	2,105.4		 	1,830.4		 	 	 	 	 	
 	 	 	 	 	 	 	3.81	%	 	3.80	%	 	 	 	 	 	
Consolidated Floating Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
The Mall at Green Hills	 	 	I	 	12/1/2020	(c)	150.0		 	150.0		 	1.62	%	(c)	1.45%	(c)	
International Market Place	93.50	%	 	I	 	8/9/2021	(d)	250.0		 	233.8		 	2.32	%	 	2.15%	(d)	
TRG $65M Revolving Credit Facility	 	 	I	 	4/24/2021	 	0.0		(e)	0.0		 	1.56	%	(e)	1.40%	 	
TRG $1.1B Revolving Credit Facility	 	 	I	 	2/1/2024	(f)	845.0		 	845.0		 	1.55	%	(f)	1.38%	(f)	
 	 	 	 	 	 	 	1,245.0		 	1,228.8		 	 	 	 	 	
 	 	 	 	 	 	 	1.71	%	 	1.70	%	 	 	 	 	 	
Consolidated Floating Rate Debt Swapped to Fixed:	 	 	 	 	 	 	 	 	 	 	 	 	 	
TRG $275M Term Loan	 	 	I	 	2/1/2025	 	275.0		 	275.0		 	3.69	%	(g)	1.55%	(g)	
TRG $250M Term Loan	 	 	I	 	3/31/2023	 	250.0		 	250.0		 	4.62	%	(h)	1.60%	(h)	
TRG $1.1B Revolving Credit Facility (portion swapped)	 	I	 	2/1/2024	(f)	25.0		 	25.0		 	3.51	%	(f)	1.38%	(f)	
U.S. Headquarters	 	 	I	 	3/1/2024	 	12.0		 	12.0		 	3.49	%	(i)	 	 	
 	 	 	 	 	 	 	562.0		 	562.0		 	 	 	 	 	
 	 	 	 	 	 	 	4.09	%	 	4.09	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Consolidated Deferred Financing Costs, Net	 	 	 	 	 	(11.4	)	 	(10.9	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Consolidated	 	 	 	 	 	 	3,900.9		 	3,610.2		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	3.18	%	 	3.13	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Joint Ventures Fixed Rate Debt:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
CityOn.Xi'an	25.00	%		A	 	3/14/2029	 	152.0		(j)	38.0		 	6.00	%	 	 	 	
CityOn.Zhengzhou	24.50	%		A	 	3/22/2032		73.5		(k)	18.0		 	5.60	%	(k)	 	 	
Country Club Plaza	50.00	%	 	A	(l)	4/1/2026	 	313.7		 	156.9		 	3.85	%	 	 	 	
Fair Oaks Mall	50.00	%	 	A	 	5/10/2023	 	252.7		 	126.4		 	5.32	%	 	 	 	
The Gardens Mall	48.50	%	 	I - until 8/15/2021	(m)	7/15/2025	(m)	195.0		 	105.3		(m)	4.09	%	(m)	 	 	
International Plaza	50.10	%	 	A	 	12/1/2021	 	294.7		 	147.6		 	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	 	129.9		(n)	63.7		 	2.22	%	(n)	 	 	
Starfield Hanam	17.15	%		I	 	11/25/2020	 	257.4		(o)	44.1		 	2.58	%	(o)	 	 	
Sunvalley	50.00	%	 	A	 	9/1/2022	 	163.0		 	81.5		 	4.44	%	 	 	 	
Taubman Land Associates	50.00	%	 	A	 	11/1/2022	 	20.4		 	10.2		 	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	(p)	4/15/2026	 	165.0		 	82.5		 	3.86	%	 	 	 	
Westfarms	78.94	%	 	A	 	7/1/2022	 	272.0		 	214.7		 	4.50	%	 	 	 	
 	 	 	 	 	 	 	3,019.4		 	1,453.9		 	 	 	 	 	
 	 	 	 	 	 	 	4.12	%	 	4.17	%	 	 	 	 	 	
Joint Venture Floating Rate Debt Swapped to Fixed:	 	 	 	 	 	 	 	 	 	 	 	 	 	
International Plaza	50.10	%	 	A	 	12/1/2021	 	156.7		 	78.5		 	3.58	%	(q)	 	 	
Starfield Hanam	17.15	%		I	 	11/8/2020	 	52.1		(r)	8.9		 	3.12	%	(r)	 	 	
 	 	 	 	 	 	 	208.8		 	87.5		 	 	 	 	 	
 	 	 	 	 	 	 	3.46	%	 	3.53	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Joint Venture Deferred Financing Costs, Net	 	 	 	 	 	(7.7	)	 	(3.7	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Joint Venture	 	 	 	 	 	 	3,220.5		 	1,537.7		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	4.08	%	 	4.13	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
TRG Beneficial Interest Totals:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fixed Rate Debt	 	 	 	 	 	 	5,124.8		 	3,284.3		 	 	 	 	 	
 	 	 	 	 	 	 	3.99	%	 	3.96	%	 	 	 	 	 	
Floating Rate Debt	 	 	 	 	 	 	1,245.0		 	1,228.8		 	 	 	 	 	
 	 	 	 	 	 	 	1.71	%	 	1.70	%	 	 	 	 	 	
Floating Rate Debt Swapped to Fixed	 	 	 	 	 	 	770.8		 	649.5		 	 	 	 	 	
 	 	 	 	 	 	 	3.92	%	 	4.01	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Deferred Financing Costs, Net	 	 	 	 	 	 	(19.1	)	 	(14.6	)	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	 	 	 	7,121.5		 	5,147.9		 	 	 	 	 	
Weighted Rate (excluding deferred financing costs)	 	 	 	 	 	3.59	%	 	3.43	%	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted Average Maturity Fixed Debt	 	 	 	 	5.8		 	 	 	 	 	 	 	 	 	
Weighted Average Maturity Total Debt	 	 	 	 	5.0		 	 	 	 	 	 	 	 	 	

Taubman Centers/17

	
																								
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 9 - Debt Summary (continued)	 	 	 	 	 	 	 	 	 	 	 	
As of June 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	 	60.4		3.09	%	 	150.0		1.62	%	 	9.9		3.16	%	 	(1.9	)	 	218.4		2.09	%	
2021	 	176.5		4.78	%	 	233.8		2.32	%	 	77.6		3.58	%	 	(3.1	)	 	484.7		3.41	%	
2022	 	318.1		4.46	%	 	 	 	 	 	 	 	(2.6	)	 	315.5		4.46	%	
2023	 	386.5		4.32	%	 	 	 	 	250.0		4.62	%	 	(2.1	)	 	634.4		4.44	%	
2024	 	245.5		4.00	%	 	845.0		1.55	%	 	37.0		3.50	%	 	(1.9	)	 	1,125.6		2.15	%	
2025	 	174.9		3.49	%	 	 	 	 	275.0		3.69	%	 	(1.2	)	 	448.7		3.61	%	
2026	 	366.1		3.75	%	 	 	 	 	 	 	 	(1.0	)	 	365.1		3.75	%	
2027	 	1,014.9		3.51	%	 	 	 	 	 	 	 	(0.7	)	 	1,014.2		3.51	%	
2028	 	530.6		4.35	%	 	 	 	 	 	 	 	 	 	530.6		4.35	%	
2029	 	5.2		5.84	%	 	 	 	 	 	 	 	 	 	5.2		5.84	%	
2030	 	2.2		5.60	%	 	 	 	 	 	 	 	 	 	2.2		5.60	%	
2031	 	2.3		5.60	%	 	 	 	 	 	 	 	 	 	2.3		5.60	%	
2032	 	1.1		5.60	%	 	 	 	 	 	 	 	 	 	1.1		5.60	%	
 	 	3,284.3		3.96	%	 	1,228.8		1.70	%	 	649.5		4.01	%	 	(14.6	)	 	5,147.9		3.43	%	

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%	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(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 December 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%.	
(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. 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.	
(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. 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 $275 million unsecured term loan will bear interest at the maximum total leverage ratio level of LIBOR plus 1.80%.	
(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%. 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 $250 million unsecured term loan will bear interest at the maximum total leverage ratio level of LIBOR plus 1.90%.	
(i)	 	Debt is swapped to an effective rate of 3.49% until maturity.	
(j)	 	1.2 billion Renminbi (RMB) ($169.8 million USD equivalent at June 30, 2020) non-recourse facility.	
(k)	 	1.2 billion RMB ($169.8 million USD equivalent at June 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. No draws are allowed after October 16, 2020.	
(l)	 	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.	
(m)	 	Beneficial interest in debt includes $10.7 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.	
(n)	 	300 billion Korean Won (KRW) ($250.1 million USD equivalent at June 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.	
(o)	 	520 billion KRW ($433.5 million USD equivalent at June 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. A letter of credit totaling $53.2 million USD is outstanding on this facility as security for the Starfield Hanam USD loan. No draws were allowed after December 31, 2016.	
(p)	 	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.	
(q)	 	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.	
(r)	 	$52.1 million USD construction loan which bears interest at three-month LIBOR + 1.60%. The joint venture has entered into a cross-currency interest rate swap to hedge the foreign exchange and interest rate risk associated with this debt since the entity's functional currency is KRW and the loan is in USD. The LIBOR rate plus spread have been swapped until September 2020 to a fixed rate of 3.12%. The foreign exchange rate for the initial exchange, periodic interest payments and final exchange of proceeds has been fixed at 1162 USD-KRW. The loan is secured by a $53.2 million standby letter of credit drawn off the Starfield Hanam KRW construction facility. See footnote (o) above.	
(s)	 	Principal amortization includes amortization of purchase accounting adjustments.	
(t)	 	Represents principal amortization of floating rate debt swapped to fixed rate debt as of June 30, 2020. Note that not all of this debt may be swapped at these rates through maturity. See footnote (f), (g) and (h) above.	

Taubman Centers/18

	
									
TAUBMAN CENTERS, INC.	
Table 10 - Owned Centers	
As of June 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, Neiman	707,000		 	2015	 	 	
 	 	Marcus-Last Call, Polo Ralph 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, Planet Fitness, Round 1 Bowling and Amusement,	533,000		 	 	 	 	
   (Detroit Metropolitan Area)	Sea Life, Nordstrom Rack	 	 	 	 	 	
   The Mall at Green Hills	Dillard's, Macy's, Nordstrom	984,000		(1)	1955/2011/	2011	100%	
   Nashville, TN	 	483,000		 	2019	 	 	
   International Market Place	Saks Fifth Avenue	340,000		 	2016	 	93.5%	
   Waikiki, Honolulu, HI	 	261,000		 	 	 	 	
   The Mall of San Juan	Nordstrom (2)	627,000		(3)	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 (4), Macy's,	1,520,000		(5)	1977/1978/	 	100%	
   Novi, MI   (Detroit Metropolitan Area)	Nordstrom	550,000		 	2007/2008	 	 	
   Total GLA	 	10,348,000		 	 	 	 	
   Total Mall GLA	 	5,213,000		 	 	 	 	
   TRG % of Total GLA	 	9,776,000		 	 	 	 	
   TRG % of Total Mall GLA	 	4,860,000		 	 	 	 	
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	(6)	947,000		(7)	1922/1977/	2016	50%	
   Kansas City, MO	 	729,000		 	2000/2015	 	 	
   Fair Oaks Mall	JCPenney, Lord & Taylor (4), Macy's (two locations)	1,558,000		(8)	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	Nordstrom (2), Saks Fifth Avenue	342,000		 	1992/2006/	2003	50%	
   Naples, FL	 	202,000		 	2008	 	 	
   Westfarms	JCPenney, Lord & Taylor (4), 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	 	24,783,000		 	 	 	 	
   Grand Total Mall GLA	 	12,438,000		 	 	 	 	
   TRG % of Total GLA	 	16,297,000		 	 	 	 	
   TRG % of Total Mall GLA	 	7,958,000		 	 	 	 	
(1)	GLA does not reflect the full total incremental GLA to be added in connection with the redevelopment project at the center.	
(2)	In March 2020, Nordstrom closed as a result of the COVID-19 pandemic. Subsequently, Nordstrom reached an agreement to terminate its lease in September 2020.	
(3)	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.	
(4)	In August 2020, Lord & Taylor filed for bankruptcy and announced plans to close stores at Twelve Oaks Mall, Fair Oaks Mall, and Westfarms following liquidation sales.	
(5)	GLA includes approximately 228,000 square feet of GLA related to the former Sears space, which closed in March 2019.	
(6)	In 2018, Nordstrom announced plans to relocate to a 116,000-square-foot store at the center opening in 2021.	
(7)	GLA includes 218,000 square feet of office property.	
(8)	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 June 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)	 	 	10		 	1,446		 	6.6	%	 	
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 (5)	 	 	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	 	 	59		 	9,959		 	45.3	%	(6)	
 	 	 	 	 	 	 	 	 	 	
(1)	Excludes one Bloomingdale's Outlet store at a value center.	
(2)	In March 2020, Nordstrom closed their stores at The Mall of San Juan and Waterside Shops as a result of the COVID-19 pandemic. Subsequently, Nordstrom reached an agreement to terminate its leases at these two centers in September 2020.	
(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)	Excludes one Neiman Marcus-Last Call store at a value center.	
(6)	Percentages may not add due to rounding.	

Taubman Centers/20

	
											
TAUBMAN CENTERS, INC.	
Table 12 - Major Tenants in Owned Portfolio	
As of June 30, 2020	
Tenant	 	Number
of Stores	 	Square
Footage	 	% Mall
GLA	
Forever 21 (Forever 21, XXI Forever)	 	16	 	448,690		 	3.6	%	
H&M	 	20	 	422,991		 	3.4	%	
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)	 	40	 	286,865		 	2.3	%	
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	%	
Ascena Retail Group (Ann Taylor, Ann Taylor Loft, Justice, and others)	 	39	 	193,240		 	1.6	%	
Restoration Hardware	 	5	 	179,954		 	1.4	%