Taubman Centers Issues Strong First Quarter Results

             Taubman Centers Issues Strong First Quarter Results

- Funds from Operations (FFO) Up 20%

- Net Operating Income (NOI) Excluding Lease Cancellation Income Up 5%

- Mall Tenant Sales Per Square Foot Up 5.6%

- Net Income, Average Rent Per Square Foot, Occupancy, and Leased Space Up

PR Newswire

BLOOMFIELD HILLS, Mich., April 25, 2013

BLOOMFIELD HILLS, Mich., April 25, 2013 /PRNewswire/ --Taubman Centers, Inc.
(NYSE: TCO) today reported financial results for the first quarter of 2013.

                                                 March 31, 2013 March 31, 2012

                                                 Three Months   Three Months
                                                 Ended          Ended
Net income allocable to common shareholders per  $0.43          $0.30
diluted share (EPS)
Funds from Operations (FFO) per diluted share    $0.90
                                                                $0.75
Growth rate                                      20.0%

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

"We're pleased to kick off 2013 with this strong performance," said Robert S.
Taubman, chairman, president and chief executive officer of Taubman Centers.
"Our results were propelled by increased rents and recoveries. We also
received significant contributions from our newest center, City Creek Center
(Salt Lake City, Utah), and our recent acquisitions of additional interests in
International Plaza (Tampa, Fla.) and Waterside Shops (Naples, Fla.)."

NOI, Sales Per Square Foot, Rents, Occupancy, and Leased Space Up

For the quarter, NOI excluding lease cancellation income was up 5 percent.
"Our core properties continue to post outstanding results through increased
sales, rents, and occupancy," said Mr. Taubman.

Mall tenant sales per square foot were up 5.6 percent from the first quarter
of 2012. This brings the company's 12-month trailing mall tenant sales per
square foot to $698, an increase of 5.9 percent from the 12-months ended March
31, 2012.

Average rent per square foot for the quarter was $47.83, up 4.2 percent from
$45.90 in the comparable period last year. Ending occupancy in all centers was
90.3 percent on March 31, 2013, up 0.8 percent from 89.5 percent on March 31,
2012. Leased space in all centers was 92.4 percent on March 31, 2013, up 0.5
percent from 91.9 percent on March 31, 2012.

Development

The company continues to progress on its development pipeline in the U.S. and
Asia.

  oTaubman Prestige Outlets Chesterfield (Chesterfield, Mo.) – opening August
    2, 2013
  oThe Mall at University Town Center (Sarasota, Fla.) – opening October 16,
    2014
  oThe Mall of San Juan (San Juan, Puerto Rico) – opening March 26, 2015
  oSaigao City Plaza – retail component (Xi'an, China) – opening 2015
  oZhengzhou Vancouver Times Square (Zhengzhou, China) – opening 2015
  oHanam Union Square (Hanam, Gyeonggi Province, South Korea) – opening 2016

Financing Activity

In March, the company announced a new primary unsecured revolving line of
credit. The new line increases the company's borrowing capacity from $650
million to $1.1 billion and includes an accordion feature that would increase
the borrowing capacity to as much as $1.5 billion, if fully exercised. See
Taubman Centers Announces The Closing Of $1.1 Billion Line Of Credit – March
1, 2013.

Also in March, the company issued $170 million, including the exercise of the
underwriter's option, of perpetual 6.25% Series K Cumulative Preferred Stock
(NYSE: TCO PR K) at a price of $25.00 per share. Proceeds were used to reduce
outstanding borrowings under the company's revolving lines of credit.

In January, the company completed the previously announced $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, which were
used to reduce outstanding borrowings under the company's revolving lines of
credit.

Dividend Increased

In March, the company declared a regular quarterly dividend of $0.50 per share
of common stock, an increase of 8.1 percent. Since the company went public in
1992 it has never reduced its common dividend and has increased its dividend
16 times, achieving a 4.2 percent compounded annual growth rate. See Taubman
Centers Increases Quarterly Common Dividend 8.1 Percent To $0.50 Per Share –
March 8, 2013.

2013 Guidance

The company is adjusting its guidance for 2013 FFO per diluted share to the
range of $3.57 to $3.67 from the previous range of $3.57 to $3.70. The change
includes the negative 6.5 cent impact of the company's March 2013 Series K
Preferred Stock offering. This guidance assumes comparable center NOI growth,
excluding lease cancellation income, of at least 3 percent for the year. 2013
EPS is expected to be in the range of $1.67 to $1.82.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings
announcements, available online at www.taubman.com under "Investing." 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 Daylight Time on
Friday, April 26 to discuss these results, business conditions and the
company's outlook for the remainder of 2013. The conference call will be
simulcast at www.taubman.com under "Investing" 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 March 31, 2013 and 2012
(in thousands of dollars, except as indicated)
                                                        Three Months Ended
                                                        2013        2012
Net income                                              46,356      32,177
Noncontrolling share of income of consolidated joint    (2,781)     (1,834)
ventures
Noncontrolling share of income of TRG                  (11,789)    (8,751)
Preferred stock dividends                              (3,600)     (3,658)
Distributions to participating securities of TRG        (442)       (403)
Net income attributable to Taubman Centers, Inc. common 27,744      17,531
shareowners
Net income per common share - basic                    0.44        0.30
Net income per common share - diluted                   0.43        0.30
Beneficial interest in EBITDA - Combined (1)            128,483     111,090
Funds from Operations (1)                               81,513      65,152
Funds from Operations attributable to TCO (1)           58,205      44,790
Funds from Operations per common share - basic (1)      0.92        0.77
Funds from Operations per common share - diluted (1)    0.90        0.75
Weighted average number of common shares outstanding -  63,415,922  58,247,148
basic
Weighted average number of common shares outstanding -  64,570,812  59,907,860
diluted
Common shares outstanding at end of period              63,677,971  58,727,927
Weighted average units - Operating Partnership - basic  88,760,871  84,726,888
Weighted average units - Operating Partnership -        90,787,023  87,258,862
diluted
Units outstanding at end of period - Operating          89,013,319  85,206,435
Partnership
Ownership percentage of the Operating Partnership at    71.5%       68.9%
end of period
Number of owned shopping centers at end of period       24          24
Operating Statistics:
Net Operating Income excluding lease cancellation       5.0%
income - growth % (2)
Mall tenant sales - all centers (3)                     1,454,788   1,354,100
Mall tenant sales - comparable (2)(3)                   1,421,045   1,347,913
Ending occupancy - all centers                          90.3%       89.5%
Ending occupancy - comparable (2)                       90.2%       89.7%
Average occupancy - all centers                        90.4%       89.7%
Average occupancy - comparable (2)                      90.4%       89.8%
Leased space - all centers                              92.4%       91.9%
Leased space - comparable (2)                           92.3%       92.2%
All centers:
Mall tenant occupancy costs as a percentage of tenant   13.7%       13.2%
sales - Consolidated Businesses (3)
Mall tenant occupancy costs as a percentage of tenant   12.0%       12.0%
sales - Unconsolidated Joint Ventures (3)
Mall tenant occupancy costs as a percentage of tenant   13.2%       12.9%
sales - Combined (3)
Comparable centers:
Mall tenant occupancy costs as a percentage of tenant   13.7%       13.3%
sales - Consolidated Businesses (2)(3)
Mall tenant occupancy costs as a percentage of tenant   12.0%       12.0%
sales - Unconsolidated Joint Ventures (3)
Mall tenant occupancy costs as a percentage of tenant   13.1%       12.9%
sales - Combined (2)(3)
Average rent per square foot - Consolidated Businesses  48.13       46.56
(2)
Average rent per square foot - Unconsolidated Joint     47.11       44.41
Ventures
Average rent per square foot - Combined (2)             47.83       45.90



    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
    Company believes Beneficial Interest in EBITDA provides a useful indicator
(1) 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 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. 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.

    
    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.
    Statistics exclude non-comparable centers. The 2012 statistics, other
(2) than sales per square foot growth, have been restated to include
    comparable centers to 2013.
(3) Based on reports of sales furnished by mall tenants.



TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended March 31, 2013 and
2012
(in thousands of dollars)
                   2013                           2012
                   CONSOLIDATED  UNCONSOLIDATED  CONSOLIDATED  UNCONSOLIDATED
                   BUSINESSES    JOINT VENTURES   BUSINESSES    JOINT VENTURES
                                 (1)                           (1)
REVENUES:
    Minimum rents  102,309       40,071           93,744        38,627
    Percentage     5,628         2,197            4,403         2,203
    rents
    Expense        64,037        23,584           56,477        22,764
    recoveries
    Management,
    leasing, and   3,382                          8,648
    development
    services
    Other          7,901         1,699            5,992         1,716
       Total       183,257       67,551           169,264       65,310
       revenues
EXPENSES:
    Maintenance,
    taxes,         46,557        17,211           41,698        16,109
    utilities, and
    promotion
    Other          16,163        4,103            16,310        3,622
    operating
    Management,
    leasing, and   2,026                          8,522
    development
    services
    General and    12,236                         8,407
    administrative
    Interest       34,452        16,934           37,527        15,667
    expense
    Depreciation
    and            37,022        10,071           36,434        8,576
    amortization
       Total       148,456       48,319           148,898       43,974
       expenses
Nonoperating       2,237         8                124           8
income
                   37,038        19,240           20,490        21,344
Income tax expense (1,028)                        (214)
Equity in income
of Unconsolidated  10,346                         11,901
Joint Ventures
Net income        46,356                         32,177
Net income
attributable to
noncontrolling
interests:
    Noncontrolling
    share of
    income of      (2,781)                        (1,834)
    consolidated
    joint
    ventures
    Noncontrolling
    share of       (11,789)                       (8,751)
    income of TRG
Distributions to
participating      (442)                          (403)
securities of TRG
Preferred stock    (3,600)                        (3,658)
dividends
Net income
attributable to
Taubman Centers,   27,744                         17,531
Inc. common
shareowners
SUPPLEMENTAL
INFORMATION:
    EBITDA - 100% 108,512       46,245           94,451        45,587
    EBITDA -
    outside        (6,060)       (20,214)         (8,467)       (20,481)
    partners'
    share
    Beneficial
    interest in    102,452       26,031           85,984        25,106
    EBITDA
    Beneficial
    interest       (32,289)      (9,376)          (33,321)      (8,094)
    expense
    Beneficial
    income tax     (1,028)                        (211)
    expense - TRG
    and TCO
    Beneficial
    income tax     33
    expense - TCO
    Non-real
    estate         (710)                          (654)
    depreciation
    Preferred
    dividends and  (3,600)                        (3,658)
    distributions
    Funds from
    Operations     64,858        16,655           48,140        17,012
    contribution
    Net
    straight-line
    adjustments to
    rental
    revenue,
    recoveries,
     and ground
    rent expense   1,023         103              572           58
    at TRG %
    Green Hills
    purchase
    accounting     204                            213
    adjustments -
    minimum rents
    increase
    Green Hills,
    El Paseo
    Village, and
    Gardens on El
    Paseo purchase
    accounting
       adjustments
       - interest  858                            858
       expense
       reduction
    Waterside
    Shops purchase
    accounting
    adjustments -                263
    interest
    expense
    reduction
    With the exception of the Supplemental Information, amounts include 100% of
    the Unconsolidated Joint Ventures. Amounts are net of intercompany
    transactions. The Unconsolidated Joint Ventures are presented at 100% in
(1) 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.

TAUBMAN CENTERS, INC.
Table 3 - Reconciliation of Net Income Attributable to Taubman Centers, Inc.
Common Shareowners to Funds from Operations
For the Three Months Ended March 31, 2013 and 2012
(in thousands of dollars except as noted; may not add or recalculate
due to rounding)
                               2013                         2012
                               Shares     Per              Shares     Per
                                           Share                        Share
                      Dollars  /Units      /Unit   Dollars  /Units      /Unit
Net income
attributable to TCO   27,744   63,415,922  0.44    17,531   58,247,148  0.30
common shareowners -
Basic
Add impact of
share-based           152      1,154,890           168      1,660,712
compensation
Net income
attributable to TCO   27,896   64,570,812  0.43    17,699   59,907,860  0.30
common shareowners -
Diluted
Add depreciation of
TCO's additional      1,720                0.03    1,719                0.03
basis
Add TCO's additional  33                   0.00
income tax expense
Net income
attributable to TCO
common shareowners,
  excluding step-up
  depreciation and    29,649   64,570,812  0.46    19,418   59,907,860  0.32
  additional income
  tax expense
Add:
  Noncontrolling
  share of income of  11,789   25,344,949          8,751    26,479,740
  TRG
  Distributions to
  participating       442      871,262             403      871,262
  securities of TRG
Net income
attributable to
partnership
unitholders
  and participating   41,880   90,787,023  0.46    28,572   87,258,862  0.33
  securities
Add (less)
depreciation and
amortization:
  Consolidated        37,022               0.41    36,434               0.42
  businesses at 100%
  Depreciation of
  TCO's additional    (1,720)              (0.02)  (1,719)              (0.02)
  basis
  Noncontrolling
  partners in         (1,116)              (0.01)  (2,424)              (0.03)
  consolidated joint
  ventures
  Share of
  Unconsolidated      6,309                0.07    5,111                0.06
  Joint Ventures
  Non-real estate     (710)                (0.01)  (654)                (0.01)
  depreciation
Less impact of
share-based           (152)                (0.00)  (168)                (0.00)
compensation
Funds from            81,513   90,787,023  0.90    65,152   87,258,862  0.75
Operations
TCO's average
ownership percentage  71.4%                        68.7%
of TRG
Funds from
Operations
attributable to TCO
  excluding
  additional income   58,238               0.90    44,790               0.75
  tax expense
Less TCO's
additional income     (33)                 (0.00)
tax expense
Funds from
Operations            58,205               0.90    44,790               0.75
attributable to TCO



TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net Income to Beneficial Interest in
EBITDA
For the Periods Ended March 31, 2013 and 2012
(in thousands of dollars; amounts attributable to TCO may not recalculate due
to rounding)
                                                            Three Months Ended
                                                            2013       2012
Net income                                                  46,356     32,177
Add (less) depreciation and amortization:
     Consolidated businesses at 100%                        37,022     36,434
     Noncontrolling partners in consolidated joint          (1,116)    (2,424)
     ventures
     Share of Unconsolidated Joint Ventures                 6,309      5,111
Add (less) interest expense and income tax expense:
     Interest expense:
         Consolidated businesses at 100%                   34,452     37,527
         Noncontrolling partners in consolidated joint      (2,163)    (4,206)
         ventures
         Share of Unconsolidated Joint Ventures             9,376      8,094
     Share of income tax expense                            1,028      211
Less noncontrolling share of income of consolidated joint   (2,781)    (1,834)
ventures
Beneficial Interest in EBITDA                               128,483    111,090
TCO's average ownership percentage of TRG                   71.4%      68.7%
Beneficial Interest in EBITDA attributable to TCO           91,796     76,371



TAUBMAN CENTERS, INC.
Table 5 - Reconciliation of Net Income to Net Operating
Income (NOI)
For the Three Months Ended March 31, 2013 and 2012
(in thousands of dollars)
                                                            Three Months Ended
                                                            2013       2012
Net income                                                  46,356     32,177
Add (less) depreciation and amortization:
 Consolidated businesses at 100%                            37,022     36,434
 Noncontrolling partners in consolidated joint ventures     (1,116)    (2,424)
 Share of Unconsolidated Joint Ventures                     6,309      5,111
Add (less) interest expense and income tax expense:
 Interest expense:
        Consolidated businesses at 100%                     34,452     37,527
        Noncontrolling partners in consolidated joint       (2,163)    (4,206)
        ventures
        Share of Unconsolidated Joint Ventures              9,376      8,094
 Share of income tax expense                               1,028      211
Less noncontrolling share of income of consolidated joint   (2,781)    (1,834)
ventures
Add EBITDA attributable to outside partners:
 EBITDA attributable to noncontrolling partners in          6,060      8,467
 consolidated joint ventures
 EBITDA attributable to outside partners in Unconsolidated  20,214     20,481
 Joint Ventures
EBITDA at 100%                                              154,757    140,038
Add (less) items excluded from shopping center NOI:
 General and administrative expenses                        12,236     8,407
 Management, leasing, and development services, net         (1,356)    (126)
 Gain on sale of peripheral land                            (863)
 Interest income                                            (59)       (132)
 Gain on sale of marketable securities                      (1,323)
 Straight-line of rents                                     (1,456)    (649)
 Non-center specific operating expenses and other           3,851      6,896
NOI - all centers at 100%                                   165,787    154,434
Less - NOI of non-comparable center (1)                     (3,126)    (349)
NOI at 100% - comparable centers                            162,661    154,085
NOI - growth %                                             5.6%
NOI at 100% - comparable centers                           162,661    154,085
Lease cancellation income                                   (1,836)    (989)
NOI at 100% - comparable centers excluding lease            160,825    153,096
cancellation income
NOI excluding lease cancellation income - growth %          5.0%
(1) Includes City Creek Center.



TAUBMAN CENTERS, INC.
Table 6 - Balance Sheets
As of March 31, 2013 and December 31, 2012
(in thousands of dollars)
                                                 As of
                                                 March 31, 2013  December 31,
                                                                 2012
Consolidated Balance Sheet of Taubman Centers,
Inc. :
Assets:
 Properties                                    4,282,213       4,246,000
 Accumulated depreciation and amortization     (1,422,799)     (1,395,876)
                                                 2,859,414       2,850,124
 Investment in Unconsolidated Joint Ventures   212,875         214,152
 Cash and cash equivalents                     73,730          32,057
 Restricted cash                              5,185           6,138
 Accounts and notes receivable, net            62,130          69,033
 Accounts receivable from related parties      1,850           2,009
 Deferred charges and other assets             87,328          94,982
                                                 3,302,512       3,268,495
Liabilities:
 Notes payable                                 2,832,385       2,952,030
 Accounts payable and accrued liabilities      270,350         278,098
 Distributions in excess of investments in
and net income of
 Unconsolidated Joint Ventures              384,223         383,293
                                                 3,486,958       3,613,421
Equity:
 Taubman Centers, Inc. Shareowners' Equity:
 Series B Non-Participating Convertible     25              25
Preferred Stock
 Series J Cumulative Redeemable Preferred
Stock
 Series K Cumulative Redeemable Preferred
Stock
 Common stock                               637             633
 Additional paid-in capital                 822,088         657,071
 Accumulated other comprehensive income     (23,572)        (22,064)
(loss)
 Dividends in excess of net income          (895,446)       (891,283)
                                                 (96,268)        (255,618)
 Noncontrolling interests:
  Noncontrolling interests in consolidated   (42,308)        (45,066)
joint ventures
  Noncontrolling interests in partnership    (45,870)        (44,242)
equity of TRG
                                                 (88,178)        (89,308)
                                                 (184,446)       (344,926)
                                                 3,302,512       3,268,495
Combined Balance Sheet of Unconsolidated Joint Ventures (1):
Assets:
 Properties                                    1,126,845       1,129,647
 Accumulated depreciation and amortization     (475,936)       (473,101)
                                                 650,909         656,546
 Cash and cash equivalents                     20,597          30,070
 Accounts and notes receivable, net            24,702          26,032
 Deferred charges and other assets           32,715          31,282
                                                 728,923         743,930
Liabilities:
 Mortgage notes payable                        1,488,062       1,490,857
 Accounts payable and other liabilities, net   58,227          68,282
                                                 1,546,289       1,559,139
Accumulated Deficiency in Assets:
 Accumulated deficiency in assets - TRG        (460,851)       (459,390)
 Accumulated deficiency in assets - Joint      (335,752)       (333,752)
Venture Partners
 Accumulated other comprehensive income        (10,369)        (11,021)
(loss) - TRG
 Accumulated other comprehensive income        (10,394)        (11,046)
(loss) - Joint Venture Partners
                                                 (817,366)       (815,209)
                                                 728,923         743,930

(1) Unconsolidated Joint Venture amounts exclude the balances of entities that
    own interests in projects that are currently under development.



TAUBMAN CENTERS, INC.
Table 7 - 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        3.67
Real estate depreciation - TRG                            (1.78)      (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        1.82
common share (EPS)

SOURCE Taubman Centers, Inc.

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