Taubman Centers Issues First Quarter Results

                 Taubman Centers Issues First Quarter Results

-- Average Rent and Leased Space Up

-- The Mall of San Juan Construction Financing Complete

-- 2014 FFO Guidance Maintained

PR Newswire

BLOOMFIELD HILLS, Mich., April 24, 2014

BLOOMFIELD HILLS, Mich., April 24, 2014 /PRNewswire/ -- Taubman Centers, Inc.
(NYSE:TCO) today reported financial results for the first quarter of 2014.

Taubman Logo.



                                      March 31, 2014       March 31, 2013

                                      Three Months Ended   Three Months Ended
Net income attributable to common     $5.74 ^(1)           $0.43
shareholders per diluted share (EPS)
Funds from Operations (FFO) per       $0.90                $0.90
diluted share
(1) Includes a net gain of $476 million ($5.30 per share) on the sale of a
49.9% interest in the entity that owns International Plaza (Tampa, Fla.), as
well as investments in Arizona Mills (Tempe, Ariz.) and land in Syosset, New
York (Oyster Bay).

"FFO was consistent with our expectations," said Robert S. Taubman, chairman,
president and chief executive officer of Taubman Centers. "It was positively
impacted by increased rents and reduced interest expense, but was offset by
the impact of our recent dispositions and various one-time items that occurred
in the prior year."

Operating Statistics

Average rent per square foot for the quarter was $50.21, up 3.6 percent from
$48.46 in the comparable period last year. Leased space in comparable centers
was 92.6 percent on March 31, 2014, up 0.4 percent from 92.2 percent on March
31, 2013. Ending occupancy in comparable centers was the same at 90.3 percent
on both March 31, 2014 and March 31, 2013.

For the quarter, comparable center NOI excluding lease cancellation income was
up 2 percent. "The extremely harsh winter in the Midwest and Northeast caused
higher than expected utilities and snow removal costs, dampening our NOI
growth," said Mr. Taubman.

The company's 12-month trailing mall tenant sales per square foot modestly
decreased to $712, a 0.7 percent decline from the 12-months ended March 31,
2013. "After 17 consecutive quarters of sales per square foot increases, a
number of factors, including weather, hurt first quarter sales," said Mr.
Taubman. "Women's ready-to-wear, junior apparel and electronics were most
impacted."

Financing Activity

In April, the company closed on the construction loan financing for The Mall
of San Juan (San Juan, Puerto Rico). The $320 million loan is interest only
for the entire term at a rate of LIBOR plus 2 percent and matures April 2017,
with two one-year extension options. U.S. Bank N.A. and J.P. Morgan Chase
Bank, N.A. led a syndicate of nine banks.

In March, the company completed an extension of its $65 million secondary line
of credit. The line now expires in April 2016. The facility will continue to
bear interest at a rate of LIBOR plus 1.4 percent.

In January, the company completed the previously announced sales of a 49.9
percent interest in International Plaza (Tampa, Fla.), land in Syosset, New
York (Oyster Bay), and the company's 50 percent interest in Arizona Mills
(Tempe, Ariz.). As a result of these transactions, the company recognized a
gain on these dispositions, net of related income taxes, of $476 million
during the quarter.

Dividend Increased

In March, the company declared a regular quarterly dividend of $0.54 per share
of common stock, an increase of 8 percent. Since the company went public in
1992 it has never reduced its common dividend and has increased its dividend
17 times, achieving a 4.4 percent compounded annual growth rate. See Taubman
Centers Increases Quarterly Common Dividend 8 Percent To $0.54 Per Share –
March 6, 2014.

2014 Guidance

The company is maintaining its guidance for 2014 FFO per diluted share of
$3.72 to $3.82. This includes the negative impact of about $0.12 per share due
to the first quarter 2014 sale of the company's 50 percent interest in Arizona
Mills and the sale of a 49.9 percent interest in International Plaza. This
guidance assumes comparable center NOI growth, excluding lease cancellation
income, of about 3 percent for the year. 2014 EPS is expected to be in the
range of $7.12 to $7.27, which now includes the gain from the first quarter
asset sales.

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:

  oCompany Information
  oIncome Statement
  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 and Redevelopment
  oDispositions
  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 a.m. EDT on Friday, April 25
to discuss these results, business conditions and the company's outlook for
the remainder of 2014. The conference call will be simulcast at
www.taubman.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 six properties in the U.S. and Asia totaling
5.6 million square feet. Taubman Centers is headquartered in Bloomfield Hills,
Mich.and Taubman Asia is headquartered in Hong Kong.Founded in 1950, Taubman
has more than 60 years of experience in the shopping center industry.
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, 2014 and 2013
(in thousands of dollars, except as indicated)
                                                        Three Months Ended
                                                        2014        2013
Net income                                              526,157     46,356
Noncontrolling share of income of consolidated joint    (3,118)     (2,781)
ventures
Noncontrolling share of income of TRG                  (147,662)   (11,789)
Preferred stock dividends                              (5,784)     (3,600)
Distributions to participating securities of TRG        (468)       (442)
Net income attributable to Taubman Centers, Inc. common 369,125     27,744
shareowners
Net income per common share - basic                    5.84        0.44
Net income per common share - diluted                   5.74        0.43
Beneficial interest in EBITDA - Combined (1)            608,989     128,483
Adjusted Beneficial interest in EBITDA- Combined (1)    122,369     128,483
Funds from Operations(1)                                81,223      81,513
Funds from Operations attributable to TCO (1)           58,036      58,205
Funds from Operations per common share - basic(1)       0.92        0.92
Funds from Operations per common share - diluted (1)    0.90        0.90
Weighted average number of common shares outstanding -  63,165,611  63,415,922
basic
Weighted average number of common shares outstanding -  64,821,603  64,570,812
diluted
Common shares outstanding at end of period              63,262,045  63,677,971
Weighted average units - Operating Partnership - basic  88,312,842  88,760,871
Weighted average units - Operating Partnership -        89,968,834  90,787,023
diluted
Units outstanding at end of period - Operating          88,407,745  89,013,319
Partnership
Ownership percentage of the Operating Partnership at    71.6%       71.5%
end of period
Number of owned shopping centers at end of period       24          24
Operating Statistics:
Net Operating Income excluding lease cancellation       2.0%
income - growth % (1)(2)
Mall tenant sales - all centers (3)                     1,335,294   1,454,788
Mall tenant sales - comparable (2)(3)                   1,329,450   1,412,398
Ending occupancy - all centers                          89.6%       90.3%
Ending occupancy - comparable(2)                        90.3%       90.3%
Average occupancy - all centers                        90.2%       90.4%
Average occupancy - comparable (2)                      90.8%       90.5%
Leased space - all centers                              92.1%       92.4%
Leased space - comparable(2)                            92.6%       92.2%
All centers:
Mall tenant occupancy costs as a percentage of tenant   14.9%       13.7%
sales - Consolidated Businesses (3)
Mall tenant occupancy costs as a percentage of tenant   13.6%       12.0%
sales - Unconsolidated Joint Ventures (3)
Mall tenant occupancy costs as a percentage of tenant   14.5%       13.2%
sales - Combined (3)
Comparable centers:
Mall tenant occupancy costs as a percentage of tenant   14.9%       13.7%
sales - Consolidated Businesses (2)(3)
Mall tenant occupancy costs as a percentage of tenant   13.6%       11.8%
sales - Unconsolidated Joint Ventures (2)(3)
Mall tenant occupancy costs as a percentage of tenant   14.5%       13.2%
sales - Combined (2)(3)
Average rent per square foot - Consolidated Businesses  47.93       47.68
(2)
Average rent per square foot - Unconsolidated Joint     55.81       50.78
Ventures (2)
Average rent per square foot - Combined (2)             50.21       48.46



    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
(1) 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. For
    the three month period ended March 31, 2014, EBITDA was adjusted for the
    gain on dispositions of interests in International Plaza, Arizona Mills,
    and land in Syosset, New York related to the former Oyster Bay project.
    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. In 2014 and 2013,
(2) non-comparable centers are Taubman Prestige Outlets Chesterfield and
    Arizona Mills.
(3) Based on reports of sales furnished by mall tenants.



TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended March 31, 2014 and 2013
(in thousands of dollars)
                   2014                           2013
                   CONSOLIDATED  UNCONSOLIDATED  CONSOLIDATED  UNCONSOLIDATED
                                 JOINT                          JOINT
                   BUSINESSES                     BUSINESSES
                                 VENTURES (1)                  VENTURES (1)
REVENUES:
    Minimum rents  97,890        46,508           102,309       40,071
    Percentage     4,662         2,054            5,628         2,197
    rents
    Expense        62,709        27,036           64,037        23,584
    recoveries
    Management,
    leasing, and   2,505                          3,382
    development
    services
    Other          7,012         1,627            7,901         1,699
      Total        174,778       77,225           183,257       67,551
      revenues
EXPENSES:
    Maintenance,
    taxes,         47,941        20,003           46,557        17,211
    utilities, and
    promotion
    Other          15,496        4,927            16,163        4,103
    operating
    Management,
    leasing, and   1,285                          2,026
    development
    services
    General and    11,537                         12,236
    administrative
    Interest       26,130        17,892           34,452        16,934
    expense
    Depreciation
    and            35,118        11,700           37,022        10,071
    amortization
      Total        137,507       54,522           148,456       48,319
      expenses
Nonoperating       1,103         2                2,237         8
income
                   38,374        22,705           37,038        19,240
Income tax         (699)                          (1,028)
expense
Equity in income
of Unconsolidated  12,068                         10,346
Joint Ventures
                   49,743                         46,356
Gain on
dispositions, net  476,414
of tax (2)
Net income        526,157                        46,356
Net income
attributable to
noncontrolling
interests:
    Noncontrolling
    share of
    income of      (3,118)                        (2,781)
    consolidated
    joint
    ventures
    Noncontrolling
    share of       (147,662)                      (11,789)
    income of TRG
Distributions to
participating      (468)                          (442)
securities of TRG
Preferred stock    (5,784)                        (3,600)
dividends
Net income
attributable to
Taubman Centers,   369,125                        27,744
Inc. common
shareowners
SUPPLEMENTAL
INFORMATION:
    EBITDA - 100%  586,242       52,297           108,512       46,245
    (3)
    EBITDA -
    outside        (6,343)       (23,207)         (6,060)       (20,214)
    partners'
    share
    Beneficial
    interest in    579,899       29,090           102,452       26,031
    EBITDA
    Gain on        (486,620)
    dispositions
    Beneficial
    interest       (24,066)      (9,844)          (32,289)      (9,376)
    expense
    Beneficial
    income tax     (699)                          (1,028)
    expense - TRG
    and TCO
    Beneficial
    income tax     59                             33
    expense - TCO
    Non-real
    estate         (812)                          (710)
    depreciation
    Preferred
    dividends and  (5,784)                        (3,600)
    distributions
    Funds from
    Operations     61,977        19,246           64,858        16,655
    contribution
STRAIGHTLINE AND
PURCHASE
ACCOUNTING
ADJUSTMENTS:
    Net
    straight-line
    adjustments to
    rental
    revenue,
    recoveries,
      and ground
      rent expense 421           146              1,023         103
      at TRG %
    Green Hills
    purchase
    accounting     192                            204
    adjustments -
    minimum rents
    increase
    Green Hills,
    El Paseo
    Village, and
    Gardens on El
    Paseo purchase
    accounting
      adjustments
      - interest   306                            858
      expense
      reduction
    Waterside
    Shops purchase
    accounting
    adjustments -                263                            263
    interest
    expense
    reduction
    Taubman BHO
    headquarters
    purchase
    accounting
    adjustment -
      interest
      expense      61
      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. International Plaza's operations
    were consolidated through the disposition date. Subsequent to the
    disposition, the Company's remaining 50.1% interest is accounted for under
    the equity method of accounting within Unconsolidated Joint Ventures. In
    addition, Arizona Mills' operations were accounted for under equity method
    accounting through the disposition in January 2014.
    During the three months ended March 31, 2014, the gain on dispositions of
(2) interests in International Plaza, Arizona Mills, and land in Syosset, New
    York related to the former Oyster Bay project is net of income tax expense
    of $10.2 million recognized.
    For the three months ended March 31, 2014, EBITDA includes the Company's
(3) $486.6 million (before tax) gain from the dispositions of interests in
    International Plaza, Arizona Mills, and land in Syosset, New York related
    to the former Oyster Bay project.



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, 2014 and 2013
(in thousands of dollars except as noted; may not add or recalculate due to
rounding)
                               2014                         2013
                               Shares     Per              Shares     Per
                                           Share                        Share
                    Dollars    /Units      /Unit   Dollars  /Units      /Unit
Net income
attributable to
TCO common          369,125    63,165,611  5.84    27,744   63,415,922  0.44
shareowners -
Basic
Add distributions
of participating    468        871,262
securities of TRG
Add impact of
share-based         2,587      784,730             152      1,154,890
compensation
Net income
attributable to
TCO common          372,180    64,821,603  5.74    27,896   64,570,812  0.43
shareowners -
Diluted
Add depreciation
of TCO's            1,720                  0.03    1,720                0.03
additional basis
Add TCO's
additional income   59                     0.00    33                   0.00
tax expense
Net income
attributable to
TCO common
shareowners,
  excluding step-up
  depreciation and  373,959    64,821,603  5.77    29,649   64,570,812  0.46
  additional income
  tax expense
Add:
  Noncontrolling
  share of income   147,662    25,147,231          11,789   25,344,949
  of TRG
  Distributions to
  participating                                    442      871,262
  securities of
  TRG
Net income
attributable to
partnership
unitholders
  and
  participating     521,621    89,968,834  5.80    41,880   90,787,023  0.46
  securities
Add (less)
depreciation and
amortization:
  Consolidated
  businesses at     35,118                 0.39    37,022               0.41
  100%
  Depreciation of
  TCO's additional  (1,720)                (0.02)  (1,720)              (0.02)
  basis
  Noncontrolling
  partners in       (1,161)                (0.01)  (1,116)              (0.01)
  consolidated
  joint ventures
  Share of
  Unconsolidated    7,178                  0.08    6,309                0.07
  Joint Ventures
  Non-real estate   (812)                  (0.01)  (710)                (0.01)
  depreciation
Less gain on
dispositions, net   (476,414)              (5.30)
of tax
Less impact of
share-based         (2,587)                (0.03)  (152)                (0.00)
compensation
Funds from          81,223     89,968,834  0.90    81,513   90,787,023  0.90
Operations
TCO's average
ownership           71.5%                          71.4%
percentage of TRG
Funds from
Operations
attributable to
TCO,
  excluding
  additional        58,095                 0.90    58,238               0.90
  income tax
  expense
Less TCO's
additional income   (59)                   (0.00)  (33)                 (0.00)
tax expense
Funds from
Operations          58,036                 0.90    58,205               0.90
attributable to
TCO



TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net Income to Beneficial Interest in EBITDA and
Adjusted Beneficial Interest in EBITDA
For the Periods Ended March 31, 2014 and 2013
(in thousands of dollars; amounts attributable to TCO may not recalculate due
to rounding)
                                                       Three Months Ended
                                                       2014           2013
Net income                                             526,157        46,356
Add (less) depreciation and amortization:
         Consolidated businesses at 100%               35,118         37,022
         Noncontrolling partners in consolidated       (1,161)        (1,116)
         joint ventures
         Share of Unconsolidated Joint Ventures        7,178          6,309
Add (less) interest expense and income tax expense:
         Interest expense:
                 Consolidated businesses at 100%      26,130         34,452
                 Noncontrolling partners in            (2,064)        (2,163)
                 consolidated joint ventures
                 Share of Unconsolidated Joint         9,844          9,376
                 Ventures
         Income tax expense:
                 Income tax expense on dispositions    10,206
                 Other income tax expense              699            1,028
Less noncontrolling share of income of consolidated    (3,118)        (2,781)
joint ventures
Beneficial Interest in EBITDA                          608,989        128,483
TCO's average ownership percentage of TRG              71.5%          71.4%
Beneficial Interest in EBITDA attributable to TCO      435,578        91,796
Beneficial Interest in EBITDA                         608,989        128,483
         Gain on dispositions                          (486,620)
Adjusted Beneficial Interest in EBITDA                 122,369        128,483
TCO's average ownership percentage of TRG              71.5%          71.4%
Adjusted Beneficial Interest in EBITDA attributable    87,524         91,796
to TCO



TAUBMAN CENTERS, INC.
Table 5 - Reconciliation of Net Income to Net Operating Income (NOI)
For the Periods Ended March 31, 2014, 2013, and 2012
(in thousands of dollars)
                             Three Months Ended        Three Months Ended
                             2014          2013        2013        2012
Net                          526,157       46,356      46,356      32,177
income
Add (less) depreciation and
amortization:
      Consolidated           35,118        37,022      37,022      36,434
      businesses at 100%
      Noncontrolling
      partners in            (1,161)       (1,116)     (1,116)     (2,424)
      consolidated joint
      ventures
      Share of
      Unconsolidated Joint   7,178         6,309       6,309       5,111
      Ventures
Add (less) interest expense
and income tax expense:
      Interest expense:
          Consolidated       26,130        34,452      34,452      37,527
          businesses at 100%
          Noncontrolling
          partners in        (2,064)       (2,163)     (2,163)     (4,206)
          consolidated joint
          ventures
          Share of
          Unconsolidated     9,844         9,376       9,376       8,094
          Joint Ventures
      Share of income tax
      expense:
          Income tax expense 10,206
          on dispositions
          Other income tax   699           1,028       1,028       211
          expense
Less noncontrolling share of
income of consolidated joint (3,118)       (2,781)     (2,781)     (1,834)
ventures
Add EBITDA attributable to
outside partners:
      EBITDA attributable to
      noncontrolling
      partners in            6,343         6,060       6,060       8,467
      consolidated joint
      ventures
      EBITDA attributable to
      outside partners in    23,207        20,214      20,214      20,481
      Unconsolidated Joint
      Ventures
EBITDA at 100%               638,539       154,757     154,757     140,038
Add (less) items excluded
from shopping center NOI:
      General and
      administrative         11,537        12,236      12,236      8,407
      expenses
      Management, leasing,
      and development        (1,220)       (1,356)     (1,356)     (126)
      services, net
      Gain on dispositions   (486,620)
      Straight-line of rents (1,044)       (1,456)     (1,456)     (649)
      Gain on sale of                      (863)       (863)
      peripheral land
      Gain on sale of                      (1,323)     (1,323)
      marketable securities
      Dividend income        (224)
      Interest income        (127)         (59)        (59)        (132)
      Other nonoperating     (754)
      income
      Non-center specific
      operating expenses and 3,748         3,592       3,851       6,896
      other
NOI - all centers at 100%    163,835       165,528     165,787     154,434
Less - NOI of non-comparable (1,432)   (1) (6,332) (2) (3,126) (3) (349)   (3)
centers
NOI at 100% - comparable     162,403       159,196     162,661     154,085
centers
NOI - growth %               2.0%                      5.6%
NOI at 100% - comparable     162,403       159,196     162,661     154,085
centers
Lease cancellation income    (1,958)       (1,836)     (1,836)     (989)
NOI at 100% - comparable
centers excluding lease      160,445       157,360     160,825     153,096
cancellation income
NOI at 100% excluding lease
cancellation income - growth 2.0%                      5.0%
%
      Includes Taubman Prestige Outlets Chesterfield and Arizona
(1)   Mills for the approximately one-month period prior to its
      disposition.
(2)   Includes Arizona Mills.
(3)   Includes City Creek Center.



TAUBMAN CENTERS, INC.
Table 6 - Balance Sheets
As of March 31, 2014 and December 31, 2013
(in thousands of dollars)
                                             As of
                                             March 31, 2014      December 31,
                                                                 2013
Consolidated Balance Sheet of Taubman
Centers, Inc. (1):
Assets:
    Properties                               4,191,823           4,485,090
    Accumulated depreciation and             (1,420,745)         (1,516,982)
    amortization
                                             2,771,078           2,968,108
    Investment in Unconsolidated Joint       326,905             327,692
    Ventures
    Cash and cash equivalents                178,138             40,993
    Restricted cash                          48,083              5,046
    Accounts and notes receivable, net       57,064              73,193
    Accounts receivable from related         2,967               1,804
    parties
    Deferred charges and other assets        161,865             89,386
                                             3,546,100           3,506,222
Liabilities:
    Notes payable                            2,580,033           3,058,053
    Accounts payable and accrued             283,718             292,280
    liabilities
    Distributions in excess of
    investments in and net income of
           Unconsolidated Joint Ventures     408,602             371,549
                                             3,272,353           3,721,882
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                      633                 631
           Additional paid-in capital        798,705             796,787
           Accumulated other                 (12,719)            (8,914)
           comprehensive income (loss)
           Dividends in excess of net        (573,755)           (908,656)
           income
                                             212,889             (120,127)
    Noncontrolling interests:
           Noncontrolling interests in       (13,424)            (37,191)
           consolidated joint ventures
           Noncontrolling interests in       74,282              (58,342)
           partnership equity of TRG
                                             60,858              (95,533)
                                             273,747             (215,660)
                                             3,546,100           3,506,222
Combined Balance Sheet of Unconsolidated
Joint Ventures (1)(2):
Assets:
    Properties                               1,435,623           1,305,658
    Accumulated depreciation and             (525,829)           (478,820)
    amortization
                                             909,794             826,838
    Cash and cash equivalents                17,297              28,782
    Accounts and notes receivable, net       33,770              33,626
    Deferred charges and other assets       32,102              28,095
                                             992,963             917,341
Liabilities:
    Notes payable                            1,732,021           1,551,161
    Accounts payable and other               65,022              70,226
    liabilities
                                             1,797,043           1,621,387
Accumulated Deficiency in Assets:
    Accumulated deficiency in assets -       (455,581)           (406,266)
    TRG
    Accumulated deficiency in assets -       (337,109)           (285,904)
    Joint Venture Partners
    Accumulated other comprehensive          (5,695)             (5,938)
    income (loss) - TRG
    Accumulated other comprehensive
    income (loss) - Joint Venture            (5,695)             (5,938)
    Partners
                                             (804,080)           (704,046)
                                             992,963             917,341
    International Plaza was consolidated in the Company's balance sheet as of
(1) December 31, 2013 but is an Unconsolidated Joint Venture as of March 31,
    2014 as a result of the disposition.
(2) Unconsolidated Joint Venture amounts exclude the balances of entities that
    own interests in Asia 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, 2014
Funds from Operations per common share                    3.72        3.82
Gain on dispositions, net of tax                          5.30        5.30
Real estate depreciation - TRG                            (1.77)      (1.72)
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        7.12        7.27
common share (EPS)





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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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