Taubman Centers Announces Strong 2012 Results And Introduces 2013 Guidance

  Taubman Centers Announces Strong 2012 Results And Introduces 2013 Guidance

-- Net Operating Income (NOI) Excluding Lease Cancellation Income Up 7.2%

-- Record Tenant Sales Per Square Foot of $688, Up 7.3%

-- Leased Space, Ending Occupancy, Average Rent Up

-- Third Taubman Asia Development Announced

PR Newswire

BLOOMFIELD HILLS, Mich., Feb. 13, 2013

BLOOMFIELD HILLS, Mich., Feb. 13, 2013 /PRNewswire/ --Taubman Centers, Inc.
(NYSE: TCO) today reported financial results for the quarter and full year
periods ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )

"2012 was a very productive and successful year for our company," said Robert
S. Taubman, chairman, president and chief executive officer of Taubman
Centers. "The core produced tremendous results, and we established a
development pipeline that will fuel growth for years to come."

                          December 31, December 31,
                                                    December 31,  December 31,
                          2012         2011
                                                    2012          2011
                          Three Months Three Months
                                                    Year Ended    Year Ended
                          Ended        Ended
Net income allocable to
common                                                         

shareholders (EPS) per    $0.44        $2.50        $1.37         $3.03
diluted share
Funds from Operations                              
(FFO) per diluted share                                          
                          $0.94                     $3.21
Growth rate                            $2.95                      $4.86
                          (68.1)%                   (34.0)%
Adjusted Funds from                                            
Operations (Adjusted FFO)
per diluted share         $1.00 ^(1)   $0.93 ^(3)   $3.34 ^(1)(2) $2.84 ^(3)

Growth rate               7.5%                     17.6%         
Adjusted FFO per diluted                                       
share (excluding The Pier
Shops and Regency         $1.00 ^(1)   $0.96 ^(3)   $3.34 ^(1)(2) $3.05 ^(3)
Square)
                          4.2%                     9.5%          
Growth rate
(1) Excludes a charge related to the early extinguishment of debt at The
Mall at Millenia (Orlando, Fla.) and PRC

 taxes on sale of Taubman TCBL assets.

(2) Excludes charges related to the redemption of the Series G and H
Preferred Stock.

(3) Excludes gain on extinguishment of debt related to the dispositions of
Regency Square (Richmond, Va.) and

 The Pier Shops (Atlantic City, N.J.) and a gain on the redemption of
the Company's Series F Preferred Equity.

 Also excludes certain acquisition costs.

See notes to Table I of this press release for further information.

Sales, Leased Space, Occupancy, Rent, and NOI Up

During 2012 the company's properties achieved average tenant sales per square
foot of $688, another record for the company and the publicly held U.S.
regional mall industry. This is an increase of 7.3 percent from the comparable
portfolio in 2011. For the fourth quarter of 2012, mall tenant sales per
square foot were up 3.5 percent.

Leased space in comparable centers for Taubman's portfolio was 93.2 percent on
December 31, 2012, up 0.9 percent from 92.3 percent on December 31, 2011.
Ending occupancy in comparable centers was 91.6 percent on December 31, 2012,
up a solid 1 percent from 90.6 percent on December 31, 2011. Including tenants
with leases of one year or less (temporary in-line tenants), ending occupancy
was 96.6 percent.

Average rent per square foot for the fourth quarter of 2012 was $47.30, up 5.2
percent from $44.96 in the fourth quarter of 2011. For the year, average rent
per square foot was $46.69, up 3.3 percent from average rent per square foot
of $45.22 in 2011.

"NOI excluding lease cancellation income was up 7.2 percent in 2012. This is
the highest growth rate we've had in 10 years," added Mr. Taubman. "We've
really capitalized on our remarkable tenant sales performance over the last
several years. This result also reflects the aggressive management of our
costs."

Development and Acquisitions

The company continues to build on its successful history of growth with
acquisitions and progress on developments both in the U.S. and in Asia. During
2012 the company:

  oCelebrated the opening of City Creek Center in Salt Lake City, Utah, the
    first enclosed regional shopping center to open in the United States in
    six years. City Creek Center is the retail component of City Creek, the
    23-acre, mixed-use development on three blocks in the heart of downtown
    Salt Lake City. See Taubman's City Creek Center Opens to Thousands, Many
    From Around the World – March 22, 2012.
  oBroke ground on Taubman Prestige Outlets Chesterfield, located in the
    western St. Louis suburban city of Chesterfield, Missouri, a 49-acre
    open-air shopping center that will feature 450,000 square feet of retail
    space with more than 100 stores. See Taubman Breaks Ground on High-end
    Outlet Mall in Suburban St. Louis – April 5, 2012.
  oAnnounced a joint venture with Beijing Wangfujing Department Store (Group)
    Co., Ltd (Wangfujing), one of China's largest department store chains. The
    joint venture will own a controlling interest in and manage an
    approximately 1 million square foot shopping center to be located at Xi'an
    Saigao City Plaza. See Taubman Asia and Beijing Wangfujing Department
    Store (Group) Co., Ltd Announce Joint Venture to Invest in and Manage an
    Over One Million Square Foot Shopping Center in Xi'an, China – August 29,
    2012.
  oBroke ground on The Mall of San Juan, the island of Puerto Rico's first
    luxury development. The two-level upscale shopping center will feature the
    first Saks Fifth Avenue and Nordstrom in the Caribbean and approximately
    100 stores and restaurants, 60 percent of which are expected to be new to
    the island. See Taubman And New Century Development Break Ground On The
    Mall Of San Juan – September 20, 2012.
  oBroke ground on The Mall at University Town Center, a two-level enclosed
    mall in Sarasota, Florida anchored by Saks Fifth Avenue, Dillard's and
    Macy's. See Taubman And Benderson Development Company Begin Construction
    On The Mall At University Town Center In Sarasota, Fla. – October 15, 2012
  oInvested in a joint venture with Shinsegae Group, South Korea's largest
    retailer. The joint venture will build, lease, and manage a western-style
    1.7 million square foot shopping mall in Hanam, Gyeonggi Province, South
    Korea, an eastern suburb of Seoul. This will be the largest shopping
    center in Korea. See Taubman Centers Announces Strong Third Quarter
    Results – October 24, 2012.
  oAcquired an additional 49.9 percent interest in International Plaza
    (Tampa, Fla.) for $437 million, bringing the company's ownership in the
    center to 100%. See Taubman Announces Acquisitions Of Additional Interests
    In International Plaza And Waterside Shops – December 19, 2012.
  oAcquired an additional 25 percent interest in Waterside Shops (Naples,
    Fla.) for $78 million, bringing the company's ownership in the center to
    50 percent. See Taubman Announces Acquisitions Of Additional Interests In
    International Plaza And Waterside Shops – December 19, 2012.

Last week, the company confirmed its third Taubman Asia investment and its
second joint venture with Wangfujing in China. The joint venture will own a
majority interest in and manage an approximately one million square foot
multi-level shopping center to be located in Zhengzhou. The center is
scheduled to open in 2015. See Taubman Asia and Beijing Wangfujing Department
Store (Group) Co., Ltd Announce Second Joint Venture to Co-Own and Manage an
Over One Million Square Foot Shopping Center in Zhengzhou, China  – February
7, 2013.

Financing Activity

"This year we issued over $400 million in attractively priced common and
preferred stock and completed a number of refinancings with very favorable
terms," said Lisa A. Payne, vice chairman and chief financial officer. "These
transactions enabled us to reduce our average interest rate and further
strengthen our balance sheet." In 2012, the company:

  oCompleted a $320 million, 10-year, non-recourse financing bearing interest
    at an all-in fixed rate of 4.53 percent on its 79 percent owned Westfarms
    mall (West Hartford, Conn.) – June 11, 2012.
  oIssued 2,875,000 common shares, including the exercise of the
    underwriter's option, in an underwritten public offering; net proceeds
    totaled $209 million – August 6, 2012.
  oIssued $192.5 million of perpetual 6.5% Series J Cumulative Redeemable
    Preferred Stock (NYSE: TCO PR J) at a price of $25.00 per share – August
    14, 2012.
  oCompleted a $190 million, 10-year, non-recourse financing bearing interest
    at an all-in fixed rate of 4.47% on the company's 50 percent owned
    Sunvalley (Concord, Calif.) shopping center – August 31, 2012.
  oRedeemed the company's $100 million 8% Series G Cumulative Redeemable
    Preferred Stock (NYSE: TCO PR G) and its $87 million 7.625% Series H
    Cumulative Redeemable Preferred Stock (NYSE: TCO PR H) – September 4,
    2012.
  oCompleted a $350 million, 12-year, non-recourse financing bearing interest
    at an all-in fixed rate of 4.05% on the company's 50 percent owned Mall at
    Millenia – October 2, 2012.

On January 11, 2013, the company completed a $225 million, 10-year,
non-recourse financing on Great Lakes Crossing Outlets (Auburn Hills, Mich.).
The loan bears interest at an all-in fixed rate of 3.63%. The company received
approximately $100 million of excess proceeds after the repayment of the
previously outstanding $126 million, 5.25% fixed rate loan. Excess proceeds
were used to reduce outstanding borrowings under the company's revolving lines
of credit.

Stock Performance

During 2012, the company enjoyed a 29.7 percent total shareholder return. This
compares to the MSCI US REIT Index of 17.7 percent and the S&P 500 Index of
15.9 percent.Over the 10 years ended December 31, 2012, the company's
compounded annual shareholder return was 21.8 percent. The company's 10 year
total return was the highest in the publicly held U.S. regional mall industry
and placed the company fourth of the 85 U.S. REIT's that have operated during
this period. This compares very favorably to the 10 year total returns of the
MSCI US REIT Index and the S&P 500 Index which were 11.6 percent and 7.1
percent, respectively.

2013 Guidance

The company is introducing guidance for 2013. The company expects FFO per
diluted share to be in the range of $3.57 to $3.70 in 2013. Net income
allocable to common shareholders for the year is expected to be in the range
of $1.67 to $1.85.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings
announcements, available online at www.taubman.com under "Investor
Relations." This includes the following:

  oIncome Statements
  oEarnings Reconciliations
  oChanges in Funds from Operations and Earnings Per Share
  oComponents of Other Income, Other Operating Expense, and Nonoperating
    Income
  oRecoveries Ratio Analysis
  oBalance Sheets
  oDebt Summary
  oOther Debt, Equity and Certain Balance Sheet Information
  oConstruction
  oAcquisitions
  oCapital Spending
  oOperational Statistics
  oOwned Centers
  oMajor Tenants in Owned Portfolio
  oAnchors in Owned Portfolio
  oOperating Statistics Glossary

Investor Conference Call

The company will host a conference call at 11:00 AM Eastern Standard Time on
Thursday, February 14 to discuss these results, business conditions and the
company's outlook for 2013. The conference call will be simulcast at
www.taubman.com under "Investor Relations" as well as www.earnings.com and
www.streetevents.com. An online replay will follow shortly after the call and
continue for approximately 90 days.

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in
the ownership, management and/or leasing of 27 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.
Taubman is currently developing Taubman Prestige Outlets Chesterfield in
Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The
Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and
Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in
Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers'
expansion into China and South Korea, is headquartered in Hong Kong. Founded
in 1950, Taubman has more than 60 years of experience in the shopping center
industry. For more information about Taubman, visit www.taubman.com.

For ease of use, references in this press release to "Taubman Centers,"
"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 may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements reflect
management's current views with respect to future events and financial
performance. The forward-looking statements included in this release are made
as of the date hereof. Except as required by law, we assume no obligation to
update these forward-looking statements, even if new information becomes
available in the future. Actual results may differ materially from those
expected because of various risks and uncertainties. You should review the
company's filings with the Securities and Exchange Commission, including "Risk
Factors" in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.



TAUBMAN CENTERS, INC.
Table 1 - Summary of Results
For the Periods Ended December 31, 2012 and 2011
(in thousands of dollars, except as
indicated)
                                Three Months Ended     Year Ended
                                2012        2011        2012        2011
Income from continuing          49,131      50,422      157,817     141,399
operations
Income from discontinued                    170,374                 145,999
operations
Net income                      49,131      220,796     157,817     287,398
Noncontrolling share of income  (5,142)     (3,855)     (11,930)    (14,352)
of consolidated joint ventures
Noncontrolling share of income  (12,608)    (14,125)    (39,713)    (36,238)
of TRG - continuing operations
Noncontrolling share of income
of TRG - discontinued                       (51,802)                (44,309)
operations
TRG series F preferred                      2,217                   372
distributions (1)
Preferred stock dividends (2)   (3,071)     (3,659)     (21,051)    (14,634)
Distributions to participating  (403)       (392)       (1,612)     (1,536)
securities of TRG
Net income attributable to
Taubman Centers, Inc. common    27,907      149,180     83,511      176,701
shareowners
Net income per common share -   0.45        2.58        1.39        3.11
basic
Net income per common share -   0.44        2.50        1.37        3.03
diluted
Beneficial interest in EBITDA - 133,108     296,590     475,214     591,780
Combined (3)
Adjusted Beneficial interest in 133,108     126,033     475,214     422,904
EBITDA - Combined (3)
Funds from Operations (3)       85,531      253,047     284,680     411,128
Funds from Operations           59,995      176,108     197,671     285,400
attributable to TCO (3)
Funds from Operations per       0.97        3.04        3.30        5.00
common share - basic (3)
Funds from Operations per       0.94        2.95        3.21        4.86
common share - diluted (3)
Adjusted Funds from Operations  90,275      80,273      295,836     240,035
(3)
Adjusted Funds from Operations  63,322      55,866      205,430     166,909
attributable to TCO (3)
Adjusted Funds from Operations  1.02        0.96        3.43        2.92
per common share - basic (3)
Adjusted Funds from Operations  1.00        0.93        3.34        2.84
per common share - diluted (3)
Weighted average number of
common shares outstanding -     61,899,628  57,925,789  59,884,455  56,899,966
basic
Weighted average number of
common shares outstanding -     63,341,516  60,564,901  61,376,444  58,529,089
diluted
Common shares outstanding at    63,310,148  58,022,475
end of period
Weighted average units -        88,245,612  83,232,879  86,306,256  82,159,601
Operating Partnership - basic
Weighted average units -        90,558,761  85,871,990  88,669,507  84,659,994
Operating Partnership - diluted
Units outstanding at end of     88,656,297  84,502,883
period - Operating Partnership
Ownership percentage of the
Operating Partnership at end of 71.4%       68.7%
period
Number of owned shopping        24          23          24          23
centers at end of period
Operating Statistics (4):
Net Operating Income excluding
lease cancellation income -     4.6%                    7.2%
growth % (5)
Mall tenant sales - all centers 1,879,341   1,670,378   6,008,265   5,164,916
(6)
Mall tenant sales - comparable  1,741,660   1,670,378   5,587,505   5,164,916
(5)(6)
Ending occupancy - all centers  91.8%       90.7%       91.8%       90.7%
Ending occupancy - comparable   91.6%       90.6%       91.6%       90.6%
(5)
Average occupancy - all         91.4%       90.1%       90.3%       88.8%
centers
Average occupancy - comparable  91.3%       90.0%       90.3%       88.8%
(5)
Leased space - all centers      93.4%       92.4%       93.4%       92.4%
Leased space - comparable (5)   93.2%       92.3%       93.2%       92.3%
All centers:
Mall tenant occupancy
costs as a percentage of tenant 11.6%       11.7%       12.8%       13.4%
sales - Consolidated Businesses
(6)
Mall tenant occupancy
costs as a percentage of tenant 11.0%       10.7%       12.2%       12.2%
sales - Unconsolidated Joint
Ventures (6)
Mall tenant occupancy
costs as a percentage of tenant 11.3%       11.4%       12.7%       13.0%
sales - Combined (6)
Comparable centers:
Mall tenant occupancy
costs as a percentage of tenant 11.6%       11.7%       13.1%       13.4%
sales - Consolidated Businesses
(5)(6)
Mall tenant occupancy
costs as a percentage of tenant 11.0%       10.7%       12.2%       12.2%
sales - Unconsolidated Joint
Ventures (6)
Mall tenant occupancy
costs as a percentage of tenant 11.3%       11.4%       12.8%       13.0%
sales - Combined (5)(6)
Average rent per square foot -  47.80       45.60       47.28       45.53
Consolidated Businesses (5)
Average rent per square foot -  46.25       43.68       45.44       44.58
Unconsolidated Joint Ventures
Average rent per square foot -  47.30       44.96       46.69       45.22
Combined (5)



    In October 2011, the Company redeemed the Operating Partnership's 8.2%
(1) Series F Preferred Equity for $27 million, which represented a $2.2
    million discount from the book value.
    In September 2012, the Company redeemed the Series G and H Preferred Stock
    with the proceeds from the issuance of the Series J Preferred Stock. The
(2) Company redeemed the 8.0% Series G Preferred Stock for $100 million and
    the 7.625% Series H Preferred Stock for $87 million, which represented a
    $3.3 million and $3.1 million premium, respectively, above the book value.
    Beneficial Interest in EBITDA represents the Operating Partnership's share
    of the earnings before interest, income taxes, and depreciation and
    amortization of its consolidated and unconsolidated businesses. The
(3) Company believes Beneficial Interest in EBITDA provides a useful indicator
    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.
    The Company uses Net Operating Income (NOI) as an alternative measure to
    evaluate the operating performance of centers, both on individual and
    stabilized portfolio bases. The Company defines NOI as property-level
    operating revenues (includes rental income excluding straight-line
    adjustments of minimum rent) less maintenance, taxes, utilities,
    promotion, ground rent (including straight-line adjustments), and other
    property operating expenses. Since NOI excludes general and administrative
    expenses, pre-development charges, interest income and expense,
    depreciation and amortization, impairment charges, restructuring charges
    and gains from 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. The Company
    also uses 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. The Company generally
    provides 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.
    The National Association of Real Estate Investment Trusts (NAREIT) defines
    Funds from Operations (FFO) as net income (computed in accordance with
    Generally Accepted Accounting Principles (GAAP)), excluding gains (or
    losses) from extraordinary items and sales of properties and impairment
    write-downs of depreciable real estate, plus real estate related
    depreciation and after adjustments for unconsolidated partnerships and
    joint ventures. The Company believes 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, the Company 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.
    The Company primarily uses FFO in measuring performance and in formulating
    corporate goals and compensation. The Company 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. The Company believes
    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. For the three month period and year ended December 31,
    2012, FFO was adjusted for a charge related to the early extinguishment of
    debt at The Mall at Millenia and PRC taxes on sale of Taubman TCBL
    assets. In addition, for the year ended December 31, 2012, FFO was also
    adjusted for charges related to the redemption of the Series G and H
    Preferred Stock. For the three month period and year ended December 31,
    2011, FFO was adjusted for the gains on extinguishment of debt related to
    the dispositions of Regency Square and The Pier Shops, acquisition costs
    related to The Mall at Green Hills, The Gardens on El Paseo and El Paseo
    Village, and Taubman TCBL, and the redemption of the Company's Series F
    Preferred Equity. In the reconciliations in Tables 4 and 5 of this Press
    Release, the Company has separately presented the prior year impacts of
    The Pier Shops and Regency Square, as the titles for these centers were
    transferred to the lenders and operations of these centers have been
    reclassified to discontinued operations. For the three month period and
    year ended December 31, 2011, EBITDA was adjusted for the gains on
    extinguishment of debt related to the dispositions of Regency Square and
    The Pier Shops and acquisition costs related to The Mall at Green Hills,
    The Gardens on El Paseo and El Paseo Village, and Taubman TCBL. 
    These non-GAAP measures as presented by the Company 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 or as an indicator of the
    Company's operating performance. Additionally, these measures do not
    represent cash flows from operating, investing or financing activities as
    defined by GAAP.
(4) Statistics exclude The Pier Shops and Regency Square.
(5) Statistics exclude non-comparable centers.
(6) Based on reports of sales furnished by mall tenants.



TAUBMAN CENTERS,
INC.
Table 2 - Income
Statement
For the Three
Months Ended
December 31, 2012
and 2011
(in thousands of
dollars)
                   2012                           2011
                                 UNCONSOLIDATED                UNCONSOLIDATED
                   CONSOLIDATED                   CONSOLIDATED
                   BUSINESSES    JOINT VENTURES   BUSINESSES    JOINT VENTURES
                                 (1)                           (1)
REVENUES:
    Minimum rents  106,058       42,611           91,043        40,145
    Percentage     15,259        4,897            10,767        4,893
    rents
    Expense        72,927        29,945           66,377        28,318
    recoveries
    Management,
    leasing, and   4,370                          10,128
    development
    services
    Other          11,092        2,167            9,007         1,936
        Total      209,706       79,620           187,322       75,292
        revenues
EXPENSES:
    Maintenance,
    taxes,         57,698        20,802           49,380        18,993
    utilities, and
    promotion
    Other          20,843        3,429            19,163        3,272
    operating
    Management,
    leasing, and   5,743                          4,463
    development
    services
    General and    11,638                         8,600
    administrative
    Acquisition                                   3,614
    costs
    Interest       33,470        20,653           32,748        15,870
    expense(2)
    Depreciation
    and            40,434        11,643           33,204        11,406
    amortization
        Total      169,826       56,527           151,172       49,541
        expenses
Nonoperating       26            (1)              395           41
income
                   39,906        23,092           36,545        25,792
Income tax expense (3,526)                        (197)
(3)
Equity in income
of Unconsolidated  12,751                         14,074
Joint Ventures
Income from
continuing         49,131                         50,422
operations
Discontinued
operations (4):
    Gains on
    extinguishment                                174,171
    of debt
    EBITDA                                        1,535
    Interest                                      (4,053)
    expense
    Depreciation
    and                                           (1,279)
    amortization
Income from
discontinued                                      170,374
operations
Net income        49,131                         220,796
Net income
attributable to
noncontrolling
interests:
    Noncontrolling
    share of
    income of      (5,142)                        (3,855)
    consolidated
    joint
    ventures
    TRG series F
    preferred                                     2,217
    distributions
    (5)
    Noncontrolling
    share of
    income of TRG  (12,608)                       (14,125)
    - continuing
    operations
    Noncontrolling
    share of
    income of TRG                                 (51,802)
    - discontinued
    operations
Distributions to
participating      (403)                          (392)
securities of TRG
Preferred stock    (3,071)                        (3,659)
dividends
Net income
attributable to
Taubman Centers,   27,907                         149,180
Inc. common
shareowners
SUPPLEMENTAL
INFORMATION:
    EBITDA - 100% 113,810       55,388           278,203       53,068
    EBITDA -
    outside        (11,133)      (24,957)         (10,640)      (24,041)
    partners'
    share
    Beneficial
    interest in    102,677       30,431           267,563       29,027
    EBITDA
    Beneficial
    interest       (29,519)      (10,778)         (33,081)      (8,201)
    expense (2)
    Beneficial
    income tax     (3,526)                        (173)
    expense
    Non-real
    estate         (683)                          (646)
    depreciation
    Preferred
    dividends and  (3,071)                        (1,442)
    distributions
    Funds from
    Operations     65,878        19,653           232,221       20,826
    contribution
    Net
    straight-line
    adjustments to
    rental
    revenue,
    recoveries,
     and ground
    rent expense   983           201              822           7
    at TRG %
    Purchase
    accounting     212
    adjustments -
    minimum rents
    Purchase
    accounting
    adjustments -  (858)
    interest
    expense
    reduction
    With the exception of the Supplemental Information, amounts include 100% of
(1) the Unconsolidated Joint Ventures. Amounts are net of intercompany
    transactions. The Unconsolidated Joint Ventures are presented at 100% in
    order to allow for measurement of their performance as a whole, without
    regard to the Company's ownership interest. In its consolidated financial
    statements, the Company accounts for its investments in the Unconsolidated
    Joint Ventures under the equity method.
    Includes a charge related to the early extinguishment of debt at The Mall
(2) of Millenia in October 2012 of $3.2 million, of which TRG's share is $1.6
    million.
(3) Includes PRC taxes of $3.2 million on the sale of Taubman TCBL assets.
(4) Includes the operations of Regency Square and The Pier Shops.
    In October 2011, the Company redeemed the Operating Partnership's 8.2%
(5) Series F Preferred Equity for $27 million, which represented a $2.2 million
    discount from the book value.



TAUBMAN CENTERS,
INC.
Table 3 - Income
Statement
For the Year
Ended December 31,
2012 and 2011
(in thousands of
dollars)
                   2012                           2011
                                 UNCONSOLIDATED                UNCONSOLIDATED
                   CONSOLIDATED                   CONSOLIDATED
                   BUSINESSES    JOINT VENTURES   BUSINESSES    JOINT VENTURES
                                 (1)                           (1)
REVENUES:
    Minimum rents  398,306       161,824          342,612       155,711
    Percentage     28,026        10,694           20,358        9,001
    rents
    Expense        258,252       102,506          229,313       95,901
    recoveries
    Management,
    leasing, and   31,811                         25,551
    development
    services
    Other          31,579        7,112            27,084        5,842
        Total      747,974       282,136          644,918       266,455
        revenues
EXPENSES:
    Maintenance,
    taxes,         201,552       73,004           179,092       67,914
    utilities, and
    promotion
    Other          73,203        14,890           67,301        14,365
    operating
    Management,
    leasing, and   27,417                         11,955
    development
    services
    General and    39,659                         31,598
    administrative
    Acquisition                                   5,295
    costs
    Interest       142,616       68,760           122,277       61,034
    expense(2)
    Depreciation
    and            149,517       38,333           132,707       39,265
    amortization
        Total      633,964       194,987          550,225       182,578
        expenses
Nonoperating       277           18               1,252         162
Income
                   114,287       87,167           95,945        84,039
Income tax expense (4,964)                        (610)
(3)
Equity in income
of Unconsolidated  48,494                         46,064
Joint Ventures
Income from
continuing         157,817                        141,399
operations
Discontinued
operations (4):
    Gains on
    extinguishment                                174,171
    of debt
    EBITDA                                        3,564
    Interest                                      (21,427)
    expense
    Depreciation
    and                                           (10,309)
    amortization
Income from
discontinued                                      145,999
operations
Net income         157,817                        287,398
Net income
attributable to
noncontrolling
interests:
    Noncontrolling
    share of
    income of      (11,930)                       (14,352)
    consolidated
    joint
    ventures
    TRG series F
    preferred                                     372
    distributions
    (5)
    Noncontrolling
    share of
    income of TRG  (39,713)                       (36,238)
    - continuing
    operations
    Noncontrolling
    share of
    income of TRG                                 (44,309)
    - discontinued
    operations
Distributions to
participating      (1,612)                        (1,536)
securities of TRG
Preferred stock    (21,051)                       (14,634)
dividends(6)
Net income
attributable to
Taubman Centers,   83,511                         176,701
Inc. common
shareowners
SUPPLEMENTAL
INFORMATION:
    EBITDA - 100% 406,420       194,260          528,664       184,338
    EBITDA -
    outside        (38,250)      (87,216)         (37,657)      (83,565)
    partners'
    share
    Beneficial
    interest in    368,170       107,044          491,007       100,773
    EBITDA
    Beneficial
    interest       (126,031)     (35,862)         (131,575)     (31,607)
    expense (2)
    Beneficial
    income tax     (4,919)                        (586)
    expense
    Non-real
    estate         (2,671)                        (2,622)
    depreciation
    Preferred
    dividends and  (21,051)                       (14,262)
    distributions
    Funds from
    Operations     213,498       71,182           341,962       69,166
    contribution
    Net
    straight-line
    adjustments to
    rental
    revenue,
    recoveries,
     and ground
    rent expense   3,527         561              994           149
    at TRG %
    Purchase
    accounting     822
    adjustments -
    minimum rents
    Purchase
    accounting
    adjustments -  (3,431)
    interest
    expense
    reduction
    With the exception of the Supplemental Information, amounts include 100% of
(1) the Unconsolidated Joint Ventures. Amounts are net of intercompany
    transactions. The Unconsolidated Joint Ventures are presented at 100% in
    order to allow for measurement of their performance as a whole, without
    regard to the Company's ownership interest. In its consolidated financial
    statements, the Company accounts for its investments in the Unconsolidated
    Joint Ventures under the equity method.
    Includes a charge related to the early extinguishment of debt at The Mall
(2) of Millenia in October 2012 of $3.2 million, of which TRG's share is $1.6
    million.
(3) Includes PRC taxes of $3.2 million on the sale of Taubman TCBL assets.
(4) Includes the operations of Regency Square and The Pier Shops.
    In October 2011, the Company redeemed the Operating Partnership's 8.2%
(5) Series F Preferred Equity for $27 million, which represented a $2.2 million
    discount from the book value.
    In September 2012, the Company redeemed the Series G and H Preferred Stock
(6) with the proceeds from the issuance of the 6.5% Series J Preferred Stock
    (par value $192.5 million). The Company redeemed the 8.0% Series G
    Preferred Stock for $100 million and the 7.625% Series H Preferred Stock
    for $87 million, which represented a $3.3 million and $3.1 million premium,
    respectively, above the book value.



TAUBMAN CENTERS,
INC.
Table 4 - Reconciliation of Net Income Attributable to Taubman Centers, Inc.
Common Shareowners to Funds from Operations
 and Adjusted Funds from Operations
For the Three Months Ended December 31, 2012 and 2011
(in thousands of dollars except as noted; may not add or recalculate
due to rounding)
                             2012                           2011
                             Shares     Per                Shares     Per
                                         Share                          Share
                    Dollars  /Units      /Unit   Dollars    /Units      /Unit
Net income
attributable to
TCO common          27,907   61,899,628  0.45    149,180    57,925,789  2.58
shareowners -
Basic
Distributions of
participating                                    392        871,262
securities
Add impact of
share-based         202      1,441,888           1,911      1,767,850
compensation
Net income
attributable to
TCO common          28,109   63,341,516  0.44    151,483    60,564,901  2.50
shareowners -
Diluted
Add depreciation
of TCO's            1,717                0.03    1,720                  0.03
additional basis
Net income
attributable to
TCO common
shareowners,
 excluding step-up  29,826   63,341,516  0.47    153,203    60,564,901  2.53
 depreciation
Add:
 Noncontrolling
 share of income
 of TRG -           12,608   26,345,983          14,125     25,307,089
 continuing
 operations
 Noncontrolling
 share of income
 of TRG -                                        51,802
 discontinued
 operations
 Distributions to
 participating      403      871,262
 securities of TRG
Net income
attributable to
partnership
unitholders
 and participating  42,837   90,558,761  0.47    219,130    85,871,990  2.55
 securities
Add (less)
depreciation and
amortization:
 Consolidated
 businesses at      40,434               0.45    33,204                 0.39
 100% - continuing
 operations
 Consolidated
 businesses at
 100% -                                          1,279                  0.01
 discontinued
 operations
 Depreciation of
 TCO's additional   (1,717)              (0.02)  (1,720)                (0.02)
 basis
 Noncontrolling
 partners in        (2,040)              (0.02)  (3,041)                (0.04)
 consolidated
 joint ventures
 Share of
 Unconsolidated     6,902                0.08    6,752                  0.08
 Joint Ventures
 Non-real estate    (683)                (0.01)  (646)                  (0.01)
 depreciation
Less impact of
share-based         (202)                (0.00)  (1,911)                (0.02)
compensation
Funds from          85,531   90,558,761  0.94    253,047    85,871,990  2.95
Operations
TCO's average
ownership           70.1%                        69.6%
percentage of TRG
Funds from
Operations          59,995               0.94    176,108                2.95
attributable to
TCO
Funds from          85,531   90,558,761  0.94    253,047    85,871,990  2.95
Operations
Early
extinguishment of   1,586                0.02
debt on The Mall
at Millenia
PRC taxes on sale
of Taubman TCBL     3,158                0.03
assets
Acquisition costs                                3,614                  0.04
Series F Preferred                               (2,217)                (0.03)
Equity redemption
Gains on
extinguishment of                                (174,171)              (2.03)
debt
Adjusted Funds      90,275   90,558,761  1.00    80,273     85,871,990  0.93
from Operations
TCO's average
ownership           70.1%                        69.6%
percentage of TRG
Adjusted Funds
from Operations     63,322               1.00    55,866                 0.93
attributable to
TCO
Adjusted Funds                                   80,273     85,871,990  0.93
from Operations
The Pier Shops'
and Regency                                      2,518                  0.03
Square's negative
FFO
Adjusted Funds
from Operations,
 excluding The
 Pier Shops and                                  82,791     85,871,990  0.96
 Regency Square
TCO's average
ownership                                        69.6%
percentage of TRG
Adjusted Funds
from Operations
attributable to
TCO,
 excluding The
 Pier Shops and                                  57,618                 0.96
 Regency Square



TAUBMAN CENTERS,
INC.
Table 5 - Reconciliation of Net Income Attributable to Taubman Centers, Inc.
Common Shareowners to Funds from Operations
 and Adjusted Funds from Operations
For the Year Ended December 31, 2012 and 2011
(in thousands of dollars except as noted; may not add or recalculate due to
rounding)
                            2012                           2011
                            Shares     Per                Shares     Per
                                        Share                          Share
                   Dollars  /Units      /Unit   Dollars    /Units     /Unit
Net income
attributable to
TCO common         83,511   59,884,455  1.39    176,701    56,899,966  3.11
shareowners -
Basic
Add impact of
share-based        672      1,491,989           921        1,629,123
compensation
Net income
attributable to
TCO common         84,183   61,376,444  1.37    177,622    58,529,089  3.03
shareowners -
Diluted
Add depreciation
of TCO's           6,876                0.11    6,880                  0.12
additional basis
Net income
attributable to
TCO common
shareowners,
 excluding
 step-up           91,059   61,376,444  1.48    184,502    58,529,089  3.15
 depreciation
Add:
 Noncontrolling
 share of income
 of TRG -          39,713   26,421,801          36,238     25,259,643
 continuing
 operations
 Noncontrolling
 share of income
 of TRG -                                       44,309
 discontinued
 operations
 Distributions to
 participating     1,612    871,262             1,536      871,262
 securities of
 TRG
Net income
attributable to
partnership
unitholders
 and
 participating     132,384  88,669,507  1.49    266,585    84,659,994  3.15
 securities
Add (less)
depreciation and
amortization:
 Consolidated
 businesses at
 100% -            149,517              1.69    132,707                1.57
 continuing
 operations
 Consolidated
 businesses at
 100% -                                         10,309                 0.12
 discontinued
 operations
 Depreciation of
 TCO's additional  (6,876)              (0.08)  (6,880)                (0.08)
 basis
 Noncontrolling
 partners in       (9,690)              (0.11)  (11,152)               (0.13)
 consolidated
 joint ventures
 Share of
 Unconsolidated    22,688               0.26    23,102                 0.27
 Joint Ventures
 Non-real estate   (2,671)              (0.03)  (2,622)                (0.03)
 depreciation
Less impact of
share-based        (672)                (0.01)  (921)                  (0.01)
compensation
Funds from         284,680  88,669,507  3.21    411,128    84,659,994  4.86
Operations
TCO's average
ownership          69.4%                        69.3%
percentage of TRG
Funds from
Operations         197,671              3.21    285,400                4.86
attributable to
TCO
Funds from         284,680  88,669,507  3.21    411,128    84,659,994  4.86
Operations
Series G and H
Preferred Stock    6,412                0.07
redemption
charges
Early
extinguishment of  1,586                0.02
debt on The Mall
at Millenia
PRC taxes on sale
of Taubman TCBL    3,158                0.04
assets
Acquisition costs                               5,295                  0.06
Series F
Preferred Equity                                (2,217)                (0.03)
redemption
Gains on
extinguishment of                               (174,171)              (2.06)
debt
Adjusted Funds     295,836  88,669,507  3.34    240,035    84,659,994  2.84
from Operations
TCO's average
ownership          69.4%                        69.3%
percentage of TRG
Adjusted Funds
from Operations    205,430              3.34    166,909                2.84
attributable to
TCO
Adjusted Funds                                  240,035    84,659,994  2.84
from Operations
The Pier Shops'
and Regency                                     17,863                 0.21
Square's negative
FFO
Adjusted Funds
from Operations,
 excluding The
 Pier Shops and                                 257,898    84,659,994  3.05
 Regency Square
TCO's average
ownership                                       69.3%
percentage of TRG
Adjusted Funds
from Operations
attributable to
TCO,
 excluding The
 Pier Shops and                                 178,608                3.05
 Regency Square



TAUBMAN CENTERS, INC.
Table 6 - Reconciliation of Net Income to Beneficial Interest in EBITDA
 and Adjusted Beneficial Interest in EBITDA
For the Periods Ended December 31, 2012 and 2011
(in thousands of dollars; amounts attributable to TCO may not recalculate due
to rounding)
                                       Three Months Ended  Year Ended
                                       2012     2011       2012      2011
Net income                             49,131   220,796    157,817   287,398
Add (less) depreciation and
amortization:
   Consolidated businesses at 100% -   40,434   33,204     149,517   132,707
   continuing operations
   Consolidated businesses at 100% -            1,279                10,309
   discontinued operations
   Noncontrolling partners in          (2,040)  (3,041)    (9,690)   (11,152)
   consolidated joint ventures
   Share of Unconsolidated Joint       6,902    6,752      22,688    23,102
   Ventures
Add (less) interest expense and
income tax expense:
   Interest expense:
      Consolidated businesses at 100%  33,470   32,748     142,616   122,277
      - continuing operations
      Consolidated businesses at 100%           4,053                21,427
      - discontinued operations
      Noncontrolling partners in       (3,951)  (3,744)    (16,585)  (12,153)
      consolidated joint ventures
      Share of Unconsolidated Joint    10,778   8,201      35,862    31,607
      Ventures
   Share of income tax expense         3,526    197        4,919     610
Less noncontrolling share of income    (5,142)  (3,855)    (11,930)  (14,352)
of consolidated joint ventures
Beneficial Interest in EBITDA          133,108  296,590    475,214   591,780
TCO's average ownership percentage of  70.1%    69.6%      69.4%     69.3%
TRG
Beneficial Interest in EBITDA          93,368   206,411    329,884   410,493
attributable to TCO
Beneficial Interest in EBITDA         133,108  296,590    475,214   591,780
   Acquisition costs                            3,614                5,295
   Gains on extinguishment of debt              (174,171)            (174,171)
Adjusted Beneficial Interest in        133,108  126,033    475,214   422,904
EBITDA
TCO's average ownership percentage of  70.1%    69.6%      69.4%     69.3%
TRG
Adjusted Beneficial Interest in        93,368   87,712     329,884   292,966
EBITDA attributable to TCO



TAUBMAN CENTERS, INC.
Table 7 - Reconciliation of Net Income to Net Operating Income (NOI)
For the Periods Ended December 31, 2012, 2011, and 2010
(in thousands of dollars)
                             Three Months Ended        Three Months Ended         Year Ended                 Year Ended
                             2012        2011          2011          2010         2012         2011          2011          2010
Net income                   49,131      220,796       220,796       58,572       157,817      287,398       287,398       102,327
Add (less) depreciation and
amortization:
     Consolidated businesses
     at 100% - continuing    40,434      33,204        33,204        34,641       149,517      132,707       132,707       145,271
     operations
     Consolidated businesses at 100% -   1,279         1,279         1,733                     10,309        10,309        8,605
     discontinued operations
     Noncontrolling partners
     in consolidated joint   (2,040)     (3,041)       (3,041)       (3,007)      (9,690)      (11,152)      (11,152)      (10,526)
     ventures
     Share of Unconsolidated 6,902       6,752         6,752         5,662        22,688       23,102        23,102        22,194
     Joint Ventures
Add (less) interest expense and
income tax expense:
     Interest expense:
              Consolidated
              businesses at
              100% -         33,470      32,748        32,748        33,205       142,616      122,277       122,277       132,362
              continuing
              operations
              Consolidated businesses at
              100% - discontinued        4,053         4,053         5,257                     21,427        21,427        20,346
              operations
              Noncontrolling
              partners in    (3,951)     (3,744)       (3,744)       (5,355)      (16,585)     (12,153)      (12,153)      (21,224)
              consolidated
              joint ventures
              Share of
              Unconsolidated 10,778      8,201         8,201         8,266        35,862       31,607        31,607        33,076
              Joint Ventures
     Share of income tax     3,526       197           197           186          4,919        610           610           734
     expense
Less noncontrolling share of
income of consolidated joint (5,142)     (3,855)       (3,855)       (3,879)      (11,930)     (14,352)      (14,352)      (9,780)
ventures
Add EBITDA attributable to outside
partners:
     EBITDA attributable to
     noncontrolling partners 11,133      10,640        10,640        12,241       38,250       37,657        37,657        41,530
     in consolidated joint
     ventures
     EBITDA attributable to
     outside partners in     24,957      24,041        24,041        24,152       87,216       83,565        83,565        82,054
     Unconsolidated Joint
     Ventures
EBITDA at 100%               169,198     331,271       331,271       171,674      600,680      713,002       713,002       546,969
Add (less) items excluded from
shopping center NOI:
     General and             11,638      8,600         8,600         8,641        39,659       31,598        31,598        30,234
     administrative expenses
     Management, leasing,
     and development         1,373       (5,665)       (5,665)       (2,411)      (4,394)      (13,596)      (13,596)      (7,851)
     services, net
     Gains on extinguishment             (174,171)     (174,171)                               (174,171)     (174,171)
     of debt
     Acquisition costs                   3,614         3,614                                   5,295         5,295
     Gains on sales of peripheral                                    (1,178)                   (519)         (519)         (2,218)
     land
     Interest income         (25)        (436)         (436)         (133)        (295)        (960)         (960)         (586)
     Straight-line of        (1,981)     (1,152)       (1,152)       (1,131)      (6,516)      (2,531)       (2,531)       (2,701)
     rents
     Non-center specific
     operating expenses and  9,640       11,026        11,026        7,726        31,413       33,069        33,069        24,337
     other
NOI - all centers at 100%    189,843     173,087       173,087       183,188      660,547      591,187       591,187       588,184
Less - NOI of non-comparable (9,475) (1) (2,209)   (2) (2,209)   (2) (2,735)  (3) (29,705) (1) (4,120)   (2) (4,120)   (2) (8,396)  (3)
centers
NOI at 100% - comparable     180,368     170,878       170,878       180,453      630,842      587,067       587,067       579,788
centers
NOI - growth %              5.6%                      -5.3%                      7.5%                       1.3%
NOI at 100% - comparable     180,368     170,878       170,878       180,453      630,842      587,067       587,067       579,788
centers
Lease cancellation income    (1,913)     (244)         (244)         (13,335)     (4,928)      (3,230)       (3,230)       (23,464)
NOI at 100% - comparable
centers excluding lease      178,455     170,634       170,634       167,118      625,914      583,837       583,837       556,324
cancellation income
NOI excluding lease
cancellation income - growth 4.6%                      2.1%                       7.2%                       4.9%
%
(1)  Includes City Creek Center, The Mall at Green Hills, The Gardens on El Paseo and El
     Paseo Village.
(2)  Includes The Pier Shops, Regency Square, The Mall at Green Hills, The Gardens on El
     Paseo and El Paseo Village.
(3)  Includes The Pier Shops and Regency Square.



TAUBMAN CENTERS, INC.
Table 8 - Balance Sheets
As of December 31, 2012 and December 31, 2011
(in thousands of dollars)
                                                 As of
                                                 December 31,    December 31,
                                                 2012            2011
Consolidated Balance Sheet of Taubman Centers,
Inc. :
Assets:
     Properties                                  4,246,000       4,020,954
     Accumulated depreciation and amortization   (1,395,876)     (1,271,943)
                                                 2,850,124       2,749,011
     Investment in Unconsolidated Joint          214,152         75,582
     Ventures
     Cash and cash equivalents                   32,057          24,033
     Restricted cash (1)                         6,138           295,318
     Accounts and notes receivable, net          69,033          59,990
     Accounts receivable from related parties    2,009           1,418
     Deferred charges and other assets           94,982          131,440
                                                 3,268,495       3,336,792
Liabilities:
     Mortgage notes payable                      2,952,030       2,864,135
     Installment notes (1)                                       281,467
     Accounts payable and accrued liabilities    278,098         255,146
     Distributions in excess of investments in
     and net income of
           Unconsolidated Joint Ventures         383,293         192,257
                                                 3,613,421       3,593,005
Redeemable noncontrolling interests                              84,235
Equity:
     Taubman Centers, Inc. Shareowners'
     Equity:
           Series B Non-Participating            25              26
           Convertible Preferred Stock
           Series G Cumulative Redeemable
           Preferred Stock
           Series H Cumulative Redeemable
           Preferred Stock
           Series J Cumulative Redeemable
           Preferred Stock
           Common stock                          633             580
           Additional paid-in capital            657,071         673,923
           Accumulated other comprehensive       (22,064)        (27,613)
           loss
           Dividends in excess of net income     (891,283)       (863,040)
                                                 (255,618)       (216,124)
     Noncontrolling interests:
           Noncontrolling interests in           (45,066)        (101,872)
           consolidated joint ventures
           Noncontrolling interests in           (44,242)        (22,452)
           partnership equity of TRG
                                                 (89,308)        (124,324)
                                                 (344,926)       (340,448)
                                                 3,268,495       3,336,792
Combined Balance Sheet of Unconsolidated Joint Ventures (2):
Assets:
     Properties                                  1,129,647       1,107,314
     Accumulated depreciation and amortization   (473,101)       (446,059)
                                                 656,546         661,255
     Cash and cash equivalents                   30,070          22,042
     Accounts and notes receivable, net          26,032          24,628
     Deferred charges and other assets         31,282          21,289
                                                 743,930         729,214
Liabilities:
     Mortgage notes payable                      1,490,857       1,138,808
     Accounts payable and other liabilities,     68,282          55,737
     net
                                                 1,559,139       1,194,545
Accumulated Deficiency in Assets:
     Accumulated deficiency in assets - TRG      (459,390)       (235,525)
     Accumulated deficiency in assets - Joint    (333,752)       (211,478)
     Venture Partners
     Accumulated other comprehensive income      (11,021)        (9,233)
     (loss) - TRG
     Accumulated other comprehensive income      (11,046)        (9,095)
     (loss) - Joint Venture Partners
                                                 (815,209)       (465,331)
                                                 743,930         729,214
(1)  Installment notes were paid in full in February 2012 with restricted cash
     drawn on the Company's revolving lines of credit as of December 31, 2011.
(2)  The December 31, 2012 Unconsolidated Joint Venture amounts exclude the
     balances of entities that own interests in projects that are currently
     under development.



TAUBMAN CENTERS, INC.
Table 9 - Annual Guidance
(all dollar amounts per common share on a diluted basis; amounts may not add
due to rounding)
                                                     Range for Year Ended
                                                     December 31, 2013
Funds from Operations per common share               3.57        3.70
Real estate depreciation - TRG                       (1.79)      (1.73)
Distributions on participating securities of TRG     (0.02)      (0.02)
Depreciation of TCO's additional basis in TRG        (0.11)      (0.11)
Net income attributable to common shareowners, per   1.67        1.85
common share (EPS)





SOURCE Taubman Centers, Inc.

Website: http://www.taubman.com
Contact: Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor
Relations, +1-248-258-7367, bbaker@taubman.com