Taubman Centers Issues Third Quarter Results

                 Taubman Centers Issues Third Quarter Results

-- Funds From Operations, Average Rents, Occupancy, and Leased Space Up

-- Net Operating Income (NOI) Excluding Lease Cancellation Income Up 3.2%

-- Share Repurchase Program Commences

PR Newswire

BLOOMFIELD HILLS, Mich., Oct. 24, 2013

BLOOMFIELD HILLS, Mich., Oct. 24, 2013 /PRNewswire/ --Taubman Centers, Inc.
(NYSE: TCO) today reported financial results for the third quarter of 2013.



                       September 30, September 30, September 30, September 30,

                       2013          2012          2013          2012

                       Three Months  Three Months  Nine Months   Nine Months

                       Ended         Ended         Ended         Ended
Net income allocable
to common                                         
                                                                
shareholders (EPS) per $0.38                       $1.09
diluted share                        $0.35                       $0.92
                       8.6%                        18.5%
Growth rate
Funds from Operations                             
(FFO) per diluted                                               
                       $0.89                       $2.53
share                                $0.79                       $2.26
                       12.7%                       11.9%
Growth rate
Adjusted Funds from
Operations (Adjusted                              
                                                                
FFO) per diluted       $0.89                       $2.53
share^(1)                            $0.86                       $2.33
                       3.5%                        8.6%
Growth rate
(1) Adjusted FFO for the three and nine months ended September 30, 2012
excludes charges related

 to the redemption of the Series G and H Preferred Stock.



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

"This quarter our results were driven by strong rents, increased occupancy,
and the late 2012 acquisitions of additional interests in International Plaza
(Tampa, Fla.) and Waterside Shops (Naples, Fla.)," said Robert S. Taubman,
chairman, president and chief executive officer of Taubman Centers. "We also
received the final installment of the incentive fee for our very successful
leasing of IFC Mall in Seoul, South Korea."

Rents, Occupancy, Leased Space, and NOI Up

Average rent per square foot for the third quarter of 2013 was $48.66, up 4.6
percent from $46.52 in the comparable period last year. Year-to-date, average
rent per square foot is up 4.7 percent.

Ending occupancy in comparable centers was 91.3 percent on September 30, 2013,
up 0.8 percent from 90.5 percent on September 30, 2012. Leased space in
comparable centers was 93.1 percent on September 30, 2013, up 0.6 percent from
92.5 percent on September 30, 2012.

For the quarter, NOI excluding lease cancellation income was up 3.2 percent,
bringing year-to-date growth to 4 percent.

Sales

Mall tenant sales per square foot at Taubman properties were up 0.4 percent
from the third quarter of 2012. This brings the company's 12-month trailing
mall tenant sales per square foot to $699, an increase of 2.6 percent from the
12-months ended September 30, 2012. Year-to-date, sales are up 2 percent.

Taubman Prestige Outlets Chesterfield Opens

In August, Taubman Prestige Outlets Chesterfield opened on schedule in
Chesterfield, Missouri. "We were very pleased with the strong attendance at
our grand opening and we look forward to building upon that momentum," said
Mr. Taubman. "There's clear synergy with existing retail on one of the most
well-known retail interchanges in the St. Louis metropolitan area". See
Taubman Prestige Outlets Chesterfield Opened Today In St. Louis – August 2,
2013.

Revitalization of International Market Place Announced

In August, Taubman announced its plans to redevelop the International Market
Place (Waikiki, Honolulu, Hawaii). This iconic project will include 360,000
square feet of retail, dining, and entertainment, and will feature
luxury-focused merchandising with the only full-line Saks Fifth Avenue in
Hawaii. Taubman will fund the total project cost, which is expected to be
approximately $400 million, and will have a 93.5% ownership interest in the
project. The center is scheduled to open in spring 2016. See Taubman Centers
And Queen Emma Land Company Announce Plans To Move Forward With The
Revitalization Of The International Market Place In Waikiki – August 9, 2013.

Share Repurchase Program Announced

In August, the company announced a $200 million share repurchase program.
During the third quarter, the company repurchased 313,042 shares of its common
stock at an average price of $67.68 per share. At September 30, the company
had $179 million available under its share repurchase authorization. See
Taubman Centers Announces $200 Million Share Repurchase Program – August 26,
2013.

2013 Guidance

"We are in-line with our expectations and continue to expect NOI growth of
about three percent for the year. As a result, our 2013 FFO guidance range
remains at $3.57 to $3.67 per diluted share," said Mr. Taubman. 2013 EPS is
expected to be in the range of $1.64 to $1.76.

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 (Expense)
  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 10:00 AM Eastern Daylight Time on
Friday, October 25 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 28 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 The Mall at University Town Center in
Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; International
Market Place in Waikiki, Honolulu, Hawaii 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 September 30, 2013 and 2012
(in thousands of dollars, except as indicated)
                                Three Months Ended     Year to Date
                                2013        2012        2013        2012
Net income                      43,243      45,061      123,202     108,686
Noncontrolling share of income  (2,198)     (2,079)     (6,752)     (6,788)
of consolidated joint ventures
Noncontrolling share of income  (10,338)    (10,216)    (29,915)    (27,105)
of TRG
Preferred stock dividends (1)   (5,784)     (10,663)    (15,148)    (17,980)
Distributions to participating  (435)       (403)       (1,313)     (1,209)
securities of TRG
Net income attributable to
Taubman Centers, Inc. common    24,488      21,700      70,074      55,604
shareowners
Net income per common share -   0.38        0.36        1.10        0.94
basic
Net income per common share -   0.38        0.35        1.09        0.92
diluted
Beneficial interest in EBITDA - 128,320     121,969     371,430     342,106
Combined (2)
Funds from Operations(2)        80,500      70,477      230,222     199,149
Funds from Operations           57,737      49,071      164,692     137,676
attributable to TCO (2)
Funds from Operations per       0.91        0.81        2.59        2.33
common share - basic(2)
Funds from Operations per       0.89        0.79        2.53        2.26
common share - diluted (2)
Adjusted Funds from Operations  80,500      76,889      230,222     205,561
(3)
Adjusted Funds from Operations  57,737      53,535      164,692     142,108
attributable to TCO (3)
Adjusted Funds from Operations  0.91        0.88        2.59        2.40
per common share- basic (3)
Adjusted Funds from Operations  0.89        0.86        2.53        2.33
per common share- diluted (3)
Weighted average number of
common shares outstanding -     63,753,748  60,571,612  63,653,155  59,207,828
basic
Weighted average number of
common shares outstanding -     64,690,909  62,025,322  64,702,648  60,716,518
diluted
Common shares outstanding at    63,524,788  61,698,618
end of period
Weighted average units -        88,933,226  86,994,524  88,903,234  85,655,085
Operating Partnership - basic
Weighted average units -        90,741,649  89,319,495  90,823,989  88,035,037
Operating Partnership - diluted
Units outstanding at end of     88,702,310  88,120,226
period - Operating Partnership
Ownership percentage of the
Operating Partnership at end of 71.6%       70.0%
period
Number of owned shopping        25          24          25          24
centers at end of period
Operating Statistics:
Net Operating Income excluding
lease cancellation income -     3.2%                    4.0%
growth % (4)
Mall tenant sales - all centers 1,405,246   1,378,384   4,266,230   4,128,924
(5)
Mall tenant sales - comparable  1,356,765   1,352,763   4,149,366   4,067,048
(4)(5)
Ending occupancy - all centers  90.9%       90.4%       90.9%       90.4%
Ending occupancy -              91.3%       90.5%       91.3%       90.5%
comparable(4)
Average occupancy - all         90.8%       90.1%       90.7%       89.9%
centers
Average occupancy - comparable  91.1%       90.3%       90.7%       90.1%
(4)
Leased space - all centers      92.6%       92.6%       92.6%       92.6%
Leased space - comparable(4)    93.1%       92.5%       93.1%       92.5%
All centers:
Mall tenant occupancy costs as
a percentage of tenant sales -  14.2%       14.0%       13.9%       13.4%
Consolidated Businesses (5)
Mall tenant occupancy costs as
a percentage of tenant sales -  14.1%       13.5%       13.2%       12.8%
Unconsolidated Joint Ventures
(5)
Mall tenant occupancy costs as
a percentage of tenant sales -  14.2%       13.9%       13.7%       13.2%
Combined (5)
Comparable centers:
Mall tenant occupancy costs as
a percentage of tenant sales -  14.4%       13.9%       13.9%       13.4%
Consolidated Businesses (4)(5)
Mall tenant occupancy costs as
a percentage of tenant sales -  14.1%       13.5%       13.2%       12.8%
Unconsolidated Joint Ventures
(5)
Mall tenant occupancy costs as
a percentage of tenant sales -  14.3%       13.8%       13.7%       13.2%
Combined (4)(5)
Average rent per square foot -  48.58       46.91       48.50       46.71
Consolidated Businesses (4)
Average rent per square foot -  48.85       45.61       48.30       45.27
Unconsolidated Joint Ventures
Average rent per square foot -  48.66       46.52       48.44       46.27
Combined (4)





    Preferred dividends for the three and nine months ended September 30, 2012
(1) include charges of $3.3 million and $3.1 million incurred in connection
    with the $100 million redemption of the Series G Preferred Stock and the
    $87 million redemption of the Series H Preferred Stock, respectively.
    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
(2) 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 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.
    FFO for the three and nine months ended September 30, 2012 includes, and
(3) Adjusted FFO excludes, charges related to the redemption of Series G and H
    Preferred Stock.
    Statistics exclude non-comparable centers. The 2012 statistics, other
(4) than sales per square foot growth, have been restated to include
    comparable centers to 2013.
(5) Based on reports of sales furnished by mall tenants.





TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended September 30, 2013 and 2012
(in thousands of dollars)
                   2013                           2012
                   CONSOLIDATED  UNCONSOLIDATED  CONSOLIDATED  UNCONSOLIDATED
                                 JOINT VENTURES                 JOINT VENTURES
                   BUSINESSES    (1)             BUSINESSES   (1)
REVENUES:
    Minimum rents  103,501       42,532           99,564        40,016
    Percentage     7,021         2,137            6,315         2,366
    rents
    Expense        67,943        25,738           66,633        26,224
    recoveries
    Management,
    leasing, and   8,753                          10,234
    development
    services
    Other          6,720         1,452            6,793         1,829
        Total      193,938       71,859           189,539       70,435
        revenues
EXPENSES:
    Maintenance,
    taxes,         55,375        18,807           53,253        18,588
    utilities, and
    promotion
    Other          19,295        3,372            16,128        3,581
    operating
    Management,
    leasing, and   1,027                          6,165
    development
    services
    General and    11,812                         9,571
    administrative
    Interest       32,515        17,048           34,943        16,617
    expense
    Depreciation
    and            40,982        10,068           36,414        9,095
    amortization
        Total      161,006       49,295           156,474       47,881
        expenses
Nonoperating       (456)         (1)              56            18
income (expense)
                   32,476        22,563           33,121        22,572
Income tax expense (1,453)                        (732)
Equity in income
of Unconsolidated  12,220                         12,672
Joint Ventures
Net income        43,243                         45,061
Net income
attributable to
noncontrolling
interests:
    Noncontrolling
    share of
    income of      (2,198)                        (2,079)
    consolidated
    joint
    ventures
    Noncontrolling
    share of       (10,338)                       (10,216)
    income of TRG
Distributions to
participating      (435)                          (403)
securities of TRG
Preferred stock    (5,784)                        (10,663)
dividends (2)
Net income
attributable to
Taubman Centers,   24,488                         21,700
Inc. common
shareowners
SUPPLEMENTAL
INFORMATION:
    EBITDA - 100% 105,973       49,679           104,478       48,284
    EBITDA -
    outside        (5,653)       (21,679)         (9,257)       (21,536)
    partners'
    share
    Beneficial
    interest in    100,320       28,000           95,221        26,748
    EBITDA
    Beneficial
    interest       (30,352)      (9,415)          (30,718)      (8,765)
    expense
    Beneficial
    income tax     (1,453)                        (667)
    expense - TRG
    and TCO
    Beneficial
    income tax     (29)
    benefit - TCO
    Non-real
    estate         (787)                          (679)
    depreciation
    Preferred
    dividends and  (5,784)                        (10,663)
    distributions
    Funds from
    Operations     61,915        18,585           52,494        17,983
    contribution
STRAIGHTLINE AND
PURCHASE
ACCOUNTING
ADJUSTMENTS:
    Net
    straight-line
    adjustments to
    rental
    revenue,
    recoveries,
    and ground     1,081         226              1,194         187
    rent expense
    at TRG %
    Green Hills
    purchase
    accounting     186                            212
    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.
    Preferred dividends for the three months ended September 30, 2012 include
(2) charges of $3.3 million and $3.1 million incurred in connection with the
    $100 million redemption of the Series G Preferred Stock and the $87 million
    redemption of the Series H Preferred Stock, respectively.





TAUBMAN CENTERS, INC.
Table 3 - Income Statement
For the Nine Months Ended September 30, 2013 and 2012
(in thousands of dollars)
                           2013                           2012
                           CONSOLIDATED  UNCONSOLIDATED  CONSOLIDATED  UNCONSOLIDATED
                                         JOINT VENTURES                 JOINT VENTURES
                           BUSINESSES   (1)             BUSINESSES   (1)
REVENUES:
    Minimum rents          309,043       124,679          292,248       119,213
    Percentage rents       13,732        5,763            12,767        5,797
    Expense recoveries     197,549       73,922           185,325       72,561
    Management, leasing,
    and development        13,954                         27,441
    services
    Other                  21,104        4,820            20,487        4,945
            Total revenues 555,382       209,184          538,268       202,516
EXPENSES:
    Maintenance, taxes,
    utilities, and         154,694       53,993           143,854       52,202
    promotion
    Other operating        53,950        11,643           52,360        11,461
    Management, leasing,
    and development        4,172                          21,674
    services
    General and            36,676                         28,021
    administrative
    Interest expense      99,589        50,976           109,146       48,107
    Depreciation and       116,262       29,326           109,083       26,690
    amortization
            Total expenses 465,343       145,938          464,138       138,460
Nonoperating income        1,831         (1)              251           19
(expense)
                           91,870        63,245           74,381        64,075
Income tax expense        (2,715)                        (1,438)
Equity in income of
Unconsolidated Joint       34,047                         35,743
Ventures
Net income                 123,202                        108,686
Net income attributable to
noncontrolling interests:
    Noncontrolling share
    of income of           (6,752)                        (6,788)
    consolidated joint
    ventures
    Noncontrolling share   (29,915)                       (27,105)
    of income of TRG
Distributions to
participating securities   (1,313)                        (1,209)
of TRG
Preferred stock dividends  (15,148)                       (17,980)
(2)
Net income attributable to
Taubman Centers, Inc.      70,074                         55,604
common shareowners
SUPPLEMENTAL INFORMATION:
    EBITDA - 100%         307,721       143,547          292,610       138,872
    EBITDA - outside       (17,068)      (62,770)         (27,117)      (62,259)
    partners' share
    Beneficial interest in 290,653       80,777           265,493       76,613
    EBITDA
    Beneficial interest    (93,049)      (28,192)         (96,512)      (25,084)
    expense
    Beneficial income tax  (2,715)                        (1,393)
    expense - TRG and TCO
    Beneficial income tax  132
    expense - TCO
    Non-real estate        (2,236)                        (1,988)
    depreciation
    Preferred dividends    (15,148)                       (17,980)
    and distributions
    Funds from Operations  177,637       52,585           147,620       51,529
    contribution
STRAIGHTLINE AND PURCHASE
ACCOUNTING ADJUSTMENTS:
    Net straight-line
    adjustments to rental
    revenue, recoveries,
    and ground rent        2,881         451              2,544         360
    expense at TRG %
    Green Hills purchase
    accounting adjustments 590                            610
    - minimum rents
    increase
    Green Hills, El Paseo
    Village, and Gardens
    on El Paseo purchase
    accountingadjustments
    - interest expense     2,573                          2,573
    reduction
    Waterside Shops purchase accounting
    adjustments - interest expense       788
    reduction
    With the exception of the Supplemental Information, amounts include 100% of the
    Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The
(1) 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.
    Preferred dividends for the nine months ended September 30, 2012 include charges of
(2) $3.3 million and $3.1 million incurred in connection with the $100 million
    redemption of the Series G Preferred Stock and the $87 million redemption of the
    Series H Preferred Stock, respectively.





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 September 30, 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   24,488   63,753,748  0.38    21,700   60,571,612  0.36
common shareowners -
Basic
Add impact of
share-based           107      937,161             168      1,453,710
compensation
Net income
attributable to TCO   24,595   64,690,909  0.38    21,868   62,025,322  0.35
common shareowners -
Diluted
Add depreciation of
TCO's additional      1,720                0.03    1,720                0.03
basis
Less TCO's additional (29)                 (0.00)
income tax benefit
Net income
attributable to TCO
common shareowners,
excluding step-up
depreciation and      26,286   64,690,909  0.41    23,588   62,025,322  0.38
additional income tax
benefit
Add:
   Noncontrolling
   share of income of 10,338   25,179,478          10,216   26,422,911
   TRG
   Distributions to
   participating      435      871,262             403      871,262
   securities of TRG
Net income
attributable to
partnership
unitholders
   and participating  37,059   90,741,649  0.41    34,207   89,319,495  0.38
   securities
Add (less)
depreciation and
amortization:
   Consolidated       40,982               0.45    36,414               0.41
   businesses at 100%
   Depreciation of
   TCO's additional   (1,720)              (0.02)  (1,720)              (0.02)
   basis
   Noncontrolling
   partners in        (1,292)              (0.01)  (2,888)              (0.03)
   consolidated joint
   ventures
   Share of
   Unconsolidated     6,365                0.07    5,311                0.06
   Joint Ventures
   Non-real estate    (787)                (0.01)  (679)                (0.01)
   depreciation
Less impact of
share-based           (107)                (0.00)  (168)                (0.00)
compensation
Funds from Operations 80,500   90,741,649  0.89    70,477   89,319,495  0.79
TCO's average
ownership percentage  71.7%                        69.6%
of TRG
Funds from Operations
attributable to TCO,
excluding additional  57,708               0.89    49,071               0.79
income tax benefit
Add TCO's additional  29                   0.00
income tax benefit
Funds from Operations 57,737               0.89    49,071               0.79
attributable to TCO
Funds from Operations 80,500   90,741,649  0.89    70,477   89,319,495  0.79
Charge upon
redemption of Series                               6,412                0.07
G and H Preferred
Stock
Adjusted Funds from   80,500   90,741,649  0.89    76,889   89,319,495  0.86
Operations
TCO's average
ownership percentage  71.7%                        69.6%
of TRG
Adjusted Funds from
Operations
attributable to TCO,
excluding additional  57,708               0.89    53,535               0.86
income tax benefit
Add TCO's additional  29                   0.00
income tax benefit
Adjusted Funds from
Operations            57,737               0.89    53,535               0.86
attributable to TCO





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 Nine Months Ended September 30, 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   70,074   63,653,155  1.10    55,604   59,207,828  0.94
common shareowners -
Basic
Add impact of
share-based           352      1,049,493           470      1,508,690
compensation
Net income
attributable to TCO   70,426   64,702,648  1.09    56,074   60,716,518  0.92
common shareowners -
Diluted
Add depreciation of
TCO's additional      5,160                0.08    5,159                0.08
basis
Add TCO's additional  132                  0.00
income tax expense
Net income
attributable to TCO
common shareowners,
excluding step-up
depreciation and      75,718   64,702,648  1.17    61,233   60,716,518  1.01
additional income tax
expense
Add:
   Noncontrolling
   share of income of 29,915   25,250,079          27,105   26,447,257
   TRG
   Distributions to
   participating      1,313    871,262             1,209    871,262
   securities of TRG
Net income
attributable to
partnership
unitholders
   and participating  106,946  90,823,989  1.18    89,547   88,035,037  1.02
   securities
Add (less)
depreciation and
amortization:
   Consolidated
   businesses at      116,262              1.28    109,083              1.24
   100%
   Depreciation of
   TCO's additional   (5,160)              (0.06)  (5,159)              (0.06)
   basis
   Noncontrolling
   partners in        (3,776)              (0.04)  (7,650)              (0.09)
   consolidated joint
   ventures
   Share of
   Unconsolidated     18,538               0.20    15,786               0.18
   Joint Ventures
   Non-real estate    (2,236)              (0.02)  (1,988)              (0.02)
   depreciation
Less impact of
share-based           (352)                (0.00)  (470)                (0.01)
compensation
Funds from Operations 230,222  90,823,989  2.53    199,149  88,035,037  2.26
TCO's average
ownership percentage  71.6%                        69.1%
of TRG
Funds from Operations
attributable to TCO,
excluding additional  164,824              2.53    137,676              2.26
income tax expense
Less TCO's additional (132)                (0.00)
income tax expense
Funds from Operations 164,692              2.53    137,676              2.26
attributable to TCO
Funds from Operations 230,222  90,823,989  2.53    199,149  88,035,037  2.26
Charge upon
redemption of Series                               6,412                0.07
G and H Preferred
Stock
Adjusted Funds from   230,222  90,823,989  2.53    205,561  88,035,037  2.33
Operations
TCO's average
ownership percentage  71.6%                        69.1%
of TRG
Adjusted Funds from
Operations
attributable to TCO,
excluding additional  164,824              2.53    142,108              2.33
income tax expense
Less TCO's additional (132)                (0.00)
income tax expense
Adjusted Funds from
Operations            164,692              2.53    142,108              2.33
attributable to TCO





TAUBMAN CENTERS, INC.
Table 6 - Reconciliation of Net Income to Beneficial Interest in EBITDA
For the Periods Ended September 30, 2013 and 2012
(in thousands of dollars; amounts attributable to TCO may not recalculate due
to rounding)
                                         Three Months Ended  Year to Date
                                         2013       2012     2013     2012
Net income                               43,243     45,061   123,202  108,686
Add (less) depreciation and
amortization:
    Consolidated businesses at 100%      40,982     36,414   116,262  109,083
    Noncontrolling partners in           (1,292)    (2,888)  (3,776)  (7,650)
    consolidated joint ventures
    Share of Unconsolidated Joint        6,365      5,311    18,538   15,786
    Ventures
Add (less) interest expense and income
tax expense:
    Interest expense:
        Consolidated businesses at 100% 32,515     34,943   99,589   109,146
        Noncontrolling partners in       (2,163)    (4,225)  (6,540)  (12,634)
        consolidated joint ventures
        Share of Unconsolidated Joint    9,415      8,765    28,192   25,084
        Ventures
    Share of income tax expense          1,453      667      2,715    1,393
Less noncontrolling share of income of   (2,198)    (2,079)  (6,752)  (6,788)
consolidated joint ventures
Beneficial Interest in EBITDA            128,320    121,969  371,430  342,106
TCO's average ownership percentage of    71.7%      69.6%    71.6%    69.1%
TRG
Beneficial Interest in EBITDA            91,989     84,923   265,925  236,516
attributable to TCO





TAUBMAN CENTERS, INC.
Table 7 - Reconciliation of Net Income to Net Operating Income (NOI)
For the Periods Ended September 30, 2013 and 2012
(in thousands of dollars)
                      Three Months Ended      Three Months Ended      Year to Date             Year to Date
                      2013        2012        2012        2011        2013        2012         2012         2011
Net                   43,243      45,061      45,061      21,868      123,202     108,686      108,686      66,602
income
Add (less)
depreciation and
amortization:
     Consolidated
     businesses at
     100% -           40,982      36,414      36,414      33,054      116,262     109,083      109,083      99,503
     continuing
     operations
     Consolidated
     businesses at
     100% -                                               5,361                                             9,030
     discontinued
     operations
     Noncontrolling
     partners in      (1,292)     (2,888)     (2,888)     (2,404)     (3,776)     (7,650)      (7,650)      (8,111)
     consolidated
     joint ventures
     Share of
     Unconsolidated   6,365       5,311       5,311       5,486       18,538      15,786       15,786       16,350
     Joint Ventures
Add (less) interest
expense and income
tax expense:
     Interest
     expense:
       Consolidated
       businesses at
       100% -         32,515      34,943      34,943      30,064      99,589      109,146      109,146      89,529
       continuing
       operations
       Consolidated
       businesses at
       100% -                                             6,354                                             17,374
       discontinued
       operations
       Noncontrolling
       partners in    (2,163)     (4,225)     (4,225)     (2,767)     (6,540)     (12,634)     (12,634)     (8,409)
       consolidated
       joint ventures
       Share of
       Unconsolidated 9,415       8,765       8,765       8,082       28,192      25,084       25,084       23,406
       Joint Ventures
     Share of income  1,453       667         667         208         2,715       1,393        1,393        413
     tax expense
Less noncontrolling
share of income of    (2,198)     (2,079)     (2,079)     (4,327)     (6,752)     (6,788)      (6,788)      (10,497)
consolidated joint
ventures
Add EBITDA
attributable to
outside partners:
     EBITDA
     attributable to
     noncontrolling   5,653       9,257       9,257       9,498       17,068      27,117       27,117       27,017
     partners in
     consolidated
     joint ventures
     EBITDA
     attributable to
     outside partners 21,679      21,536      21,536      20,326      62,770      62,259       62,259       59,524
     in
     Unconsolidated
     Joint Ventures
EBITDA at 100%        155,652     152,762     152,762     130,803     451,268     431,482      431,482      381,731
Add (less) items
excluded from
shopping center NOI:
     General and
     administrative   11,812      9,571       9,571       7,709       36,676      28,021       28,021       22,998
     expenses
     Management,
     leasing, and     (7,726)     (4,069)     (4,069)     (2,194)     (9,782)     (5,767)      (5,767)      (7,931)
     development
     services, net
     Gains on sales
     of peripheral                                                    (863)                                 (519)
     land
     Interest income  (43)        (74)        (74)        (225)       (144)       (270)        (270)        (528)
     Nonoperating     500                                             500
     expense
     Gain on sale of
     marketable                                                       (1,323)
     securities
     Straight-line of (1,706)     (2,055)     (2,055)     (836)       (4,320)     (4,535)      (4,535)      (1,379)
     rents
     Acquisition                                          1,681                                             1,681
     costs
     Non-center
     specific
     operating        7,995       6,357       6,357       7,244       18,781      21,773       21,773       22,057
     expenses and
     other
NOI - all centers at  166,484     162,492     162,492     144,182     490,793     470,704      470,704      418,110
100%
Less - NOI of
non-comparable        (1,781) (1) (2,487) (1) (7,459) (2) (33)    (3) (7,306) (1) (5,842)  (1) (20,230) (2) (1,909)  (3)
centers
NOI at 100% -         164,703     160,005     155,033     144,149     483,487     464,862      450,474      416,201
comparable centers
NOI - growth %        2.9%                    7.6%                    4.0%                     8.2%
NOI at 100% -         164,703     160,005     155,033     144,149     483,487     464,862      450,474      416,201
comparable centers
Lease cancellation    (741)       (1,076)     (1,076)     (787)       (3,007)     (3,015)      (3,015)      (2,987)
income
NOI at 100% -
comparable centers    163,962     158,929     153,957     143,362     480,480     461,847      447,459      413,214
excluding lease
cancellation income
NOI excluding lease
cancellation income - 3.2%                    7.4%                    4.0%                     8.3%
growth %
(1)  Includes City Creek Center and Taubman Prestige Outlets Chesterfield.
(2)  Includes City Creek Center, 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 September 30, 2013 and December 31, 2012
(in thousands of dollars)
                                             As of
                                             September 30,      December 31,
                                             2013               2012
Consolidated Balance Sheet of Taubman
Centers, Inc. :
Assets:
    Properties                               4,397,434          4,246,000
    Accumulated depreciation and             (1,484,052)        (1,395,876)
    amortization
                                             2,913,382          2,850,124
    Investment in Unconsolidated Joint       335,393            214,152
    Ventures
    Cash and cash equivalents                32,377             32,057
    Restricted cash                         7,164              6,138
    Accounts and notes receivable, net       61,103             69,033
    Accounts receivable from related parties 1,900              2,009
    Deferred charges and other assets        87,520             94,982
                                             3,438,839          3,268,495
Liabilities:
    Notes payable                            2,985,952          2,952,030
    Accounts payable and accrued liabilities 285,763            278,098
    Distributions in excess of investments
    in and net income of
            Unconsolidated Joint Ventures    378,650            383,293
                                             3,650,365          3,613,421
Equity:
    Taubman Centers, Inc. Shareowners'
    Equity:
            Series B Non-Participating       25                 25
            Convertible Preferred Stock
            Series J Cumulative Redeemable
            Preferred Stock
            Series K Cumulative Redeemable
            Preferred Stock
            Common stock                     635                633
            Additional paid-in capital       813,139            657,071
            Accumulated other comprehensive  (14,274)           (22,064)
            income (loss)
            Dividends in excess of net       (916,977)          (891,283)
            income
                                             (117,452)          (255,618)
    Noncontrolling interests:
            Noncontrolling interests in      (38,757)           (45,066)
            consolidated joint ventures
            Noncontrolling interests in      (55,317)           (44,242)
            partnership equity of TRG
                                             (94,074)           (89,308)
                                             (211,526)          (344,926)
                                             3,438,839          3,268,495
Combined Balance Sheet of Unconsolidated Joint Ventures (1):
Assets:
    Properties                               1,142,770          1,129,647
    Accumulated depreciation and             (489,626)          (473,101)
    amortization
                                             653,144            656,546
    Cash and cash equivalents                22,954             30,070
    Accounts and notes receivable, net       24,067             26,032
    Deferred charges and other assets      26,039             31,282
                                             726,204            743,930
Liabilities:
    Mortgage notes payable                   1,482,584          1,490,857
    Accounts payable and other liabilities   53,629             68,282
                                             1,536,213          1,559,139
Accumulated Deficiency in Assets:
    Accumulated deficiency in assets - TRG   (459,409)          (459,390)
    Accumulated deficiency in assets - Joint (336,636)          (333,752)
    Venture Partners
    Accumulated other comprehensive income   (6,982)            (11,021)
    (loss) - TRG
    Accumulated other comprehensive income   (6,982)            (11,046)
    (loss) - Joint Venture Partners
                                             (810,009)          (815,209)
                                             726,204            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 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        3.67
Real estate depreciation - TRG                        (1.81)      (1.79)
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    1.64        1.76
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