Fourth Quarter 2018 Earnings Press Release & Supplemental Information

Q418 Supplemental

TABLE OF CONTENTS

PAGE

Earnings Press Release ER 1-4

OverviewCompany Information & Analyst Coverage 1Trading Information 2

Summary Financial Information 3

Operational Statistics 4-5

Summary of Key Guidance Measures 6

Income Statements 7-8

Changes in Funds from Operations and Earnings per Common Share 9-10

Balance Sheet InformationBalance Sheets 11Debt Summary 12-13Capital Spending & Certain Balance Sheet Information 14

Property InformationOwned Centers 15Redevelopments & New Developments 16Anchors & Major Tenants in Owned Portfolio 17

OtherComponents of Other Income, Other Operating Expense, and Nonoperating Income, Net 18-19Use of Non-GAAP Financial Measures and Reconciliations to GAAP Measures 20-25Glossary 26

This supplemental contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financialperformance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”,“plans”, “estimates”, “approximate”, “guidance” and similar expressions in this supplemental that predict or indicate future events and trends and thatdo not report historical matters. The forward-looking statements included in this supplemental are made as of the date hereof. Except as required by law,the Company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual resultsmay differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changesin market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; challenges withdepartment stores; changes in consumer shopping behavior; the liquidity of real estate investments; the Company’s ability to comply with debt covenants;the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investmentsin foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties;competitors gaining economies of scale through M&A and consolidation activity; changes in value of investments in foreign entities; risks related to jointventure properties; insurance costs and coverage; security breaches that could impact the Company’s information technology, infrastructure or personaldata; costs associated with response to technology breaches; the loss of key management personnel; shareholder activism costs and related diversion ofmanagement time; terrorist activities; maintaining the Company’s status as a real estate investment trust; changes in the laws of states, localities, andforeign jurisdictions that may increase taxes on the Company’s operations; and changes in global, national, regional and/or local economic and geopoliticalclimates. You should review the Company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Reporton Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

Q418 Supplemental

ER1

EARNINGS PRESS RELEASE

TAUBMAN CENTERS, INC. ISSUES FOURTH QUARTER AND FULL YEAR 2018 RESULTS AND INTRODUCES 2019 GUIDANCE

– 2018 Net Income Up 4.8 Percent and Earnings Per Diluted Common Share (EPS) Up 4.4 Percent– Comparable Center Net Operating Income (NOI), Including Lease Cancellation Income Up 4.4 Percent for the Year (Up 3.8 Percent

Excluding Lease Cancellation Income)– 2018 Funds from Operations (FFO) and Adjusted FFO Up 5.7 Percent and 3.5 Percent, respectively– Industry-leading Sales Per Square Foot $824, Up 8.6 Percent for the Year– Sales Per Square Foot Up 10.1 Percent for the Quarter, Tenth Consecutive Quarter of Positive Sales Growth– Average Rent Per Square Foot Up 3.9 Percent for the Year

BLOOMFIELD HILLS, Mich., Feb. 13, 2019 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the quarter and fullyear periods ended December 31, 2018.

“We delivered very good results this year in a challenging retail environment,” said Robert S. Taubman, chairman, president and chiefexecutive officer of Taubman Centers. “Our earnings growth was driven by better rents and recoveries, reduced operating expenses andpositive contributions from our newest centers.”

Operating Statistics

For the year, comparable center NOI was up 4.4 percent. “We were pleased to achieve our best annual NOI growth rate in six years, withboth our U.S. and Asia assets contributing equally,” said Mr. Taubman. Comparable center NOI excluding lease cancellation income wasup 3.8 percent.

For the fourth quarter, comparable center NOI was down 2.6 percent (down 1.3 percent excluding lease cancellation income). “As expected,NOI growth was lower this quarter, due to the timing of net recoveries and the timing of two significant retail holidays in Asia, which shiftedfrom the fourth quarter last year to the third quarter this year.”

Comparable center mall tenant sales per square foot were $824 for 2018, an increase of 8.6 percent from 2017. The fourth quarter of2018 was up 10.1 percent.

Tenant sales per square foot in the company’s U.S. comparable centers were up 10.8 percent in the quarter, bringing 12-month trailingU.S. sales per square foot to a record high of $875, an increase of 8.2 percent.

“Sales per square foot growth was broad-based with nearly all centers and categories of merchandise up this year, including apparel whichwas up 8 percent,” said Mr. Taubman.

December 31,2018

Three MonthsEnded

December 31,2017

Three MonthsEnded

December 31,2018

Year Ended

December 31,2017

Year Ended

Net income attributable to commonshareowners, diluted (in thousands)Growth rate

$3,087(84.8)%

$20,291 $58,0374.8%

$55,381

Net income attributable to common shareowners(EPS) per diluted common shareGrowth rate

$0.05(84.8)%

$0.33 $0.954.4%

$0.91

Funds from Operations (FFO) per dilutedcommon shareGrowth rate

$0.86(15.7)%

$1.02 $3.715.7%

$3.51

Adjusted Funds from Operations (Adjusted FFO)per diluted common shareGrowth rate

$0.91 (1)

(11.7)%$1.03 (2) $3.83 (1)

3.5%$3.70 (2)

(1) Adjusted FFO for the three months and year ended December 31, 2018 excludes a restructuring charge, costs associated with shareowner activism, and the fluctuation in the fair valueof equity securities (due to the adoption of new accounting in 2018). Adjusted FFO for the year ended December 31, 2018 also excludes a charge recognized in connection with thewrite-off of deferred financing costs related to the early payoff of the company’s $475 million unsecured term loan.

(2) Adjusted FFO for the three months and year ended December 31, 2017 excludes a restructuring charge, costs associated with shareowner activism, and a gain recognized upon theconversion of the company’s investment in Simon Property Group Limited Partnership units (SPG LP Units) to common shares of Simon Property Group. Adjusted FFO for the yearended December 31, 2017 also excludes a charge recognized in connection with the partial write-off of deferred financing costs related to an amendment of the company's primaryline of credit in February 2017.

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EARNINGS PRESS RELEASE

For the year, average rent per square foot in comparable centers was $57.51, up 3.9 percent from $55.36 last year. For the fourth quarter,average rent per square foot in comparable centers was $57.76, up 3.3 percent.

For the year, average rent per square foot in the company’s U.S. comparable centers reached an all-time high of $61.75, an increase of 2.4percent over 2017. For the quarter, average rent per square foot in comparable U.S. centers was $61.92, up 2.2 percent.

The trailing 12-month releasing spread per square foot for the period ended December 31, 2018 was 3.9 percent. This spread remainsimpacted by a small number of spaces that have an average lease term of less than two years. Without these leases, the spread was nearly10 percent.

Ending occupancy in comparable centers was 94.7 percent at year-end, down 1.0 percent from 95.7 percent on December 31, 2017. Endingoccupancy in all centers was 94.6 percent, down 0.2 percent from last year.

Leased space in all centers was 96.2 percent, up 0.3 percent from last year. Leased space in comparable centers was 96.3 percent at year-end, down 0.3 percent compared to December 31, 2017.

“The best retail assets continue to grow. This year we set new records for sales productivity and average rents, while growing NOI aboutfour percent,” said Mr. Taubman. “Our high-quality portfolio of assets is well-positioned, as customers are increasingly selective in wherethey shop and retailers are very selective in their real estate decisions.”

2018 Milestones

During 2018, the company:

• Announced Nordstrom, Inc., is opening a new, state-of-the-art, approximately 116,000-square-foot store at Country Club Plaza,the company’s joint venture in Kansas City, Missouri. The new store is expected to open in 2021. See Nordstrom AnnouncesRelocation of Oak Park Mall Store to Country Club Plaza - February 2, 2018.

• Increased the regular quarterly dividend by 4.8 percent to $0.655 per share of common stock. See Taubman Centers IncreasesQuarterly Common Dividend 4.8 Percent to $0.655 Per Share - March 2, 2018.

• Entered into a redevelopment agreement for Taubman Prestige Outlets Chesterfield (Chesterfield, Mo.) with The StaenbergGroup (TSG). The building and improvements on the property were transferred to TSG, as they work towards a significantredevelopment of the property. See Taubman Centers, Inc. Issues Strong First Quarter Results - April 26, 2018.

• Announced Taubman Asia’s fourth investment and its second joint venture with Shinsegae Group to build, lease and manage a1.1 million square foot shopping mall in Anseong, Gyeonggi Province, South Korea, a high growth city in the Greater SeoulMetropolitan Area. Starfield Anseong is expected to open in late 2020. Total project cost is expected to be between $570 and$600 million. See Taubman Centers, Inc. Issues Solid Second Quarter Results - July 30, 2018.

• Celebrated Beverly Center’s (Los Angeles, Calif.) Grand Reveal following the successful $500 million reimagination that hastransformed every aspect of the iconic shopping center. See Taubman Reveals $500 Million Reimagination of Iconic Beverly CenterReinventing Retail & Dining in LA; Announces Weekend of Special Events - November 2, 2018.

• Announced the appointments of Janice (Jan) Fields and Nancy Killefer to the company’s Board of Directors. See TaubmanAnnounces Two New Independent Directors, Two Director Retirements and New Committee Appointments - December 6, 2018.

Financing Activity

During 2018, the company completed over one billion dollars of financings in 2018.

• A new $300 million, 10-year, non-recourse financing on Twelve Oaks Mall (Novi, Mich.), with a fixed rate of 4.85 percent. Theasset was previously unencumbered - February 28, 2018.

• A new five-year, $250 million, unsecured term loan. The loan bears interest at a range of LIBOR plus 1.25 to 1.90 percent, basedon the company’s total leverage ratio - March 20, 2018.

• Repaid the company’s $475 million term loan that had a February 2019 maturity date - March 20, 2018.• A $260 million, 5-year, non-recourse financing on Fair Oaks Mall (Fairfax, Va.), the company’s 50 percent owned joint venture,

with the proceeds used to pay off the previous $259 million loan that was scheduled to mature in July 2018 - April 27, 2018.

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EARNINGS PRESS RELEASE

• Refinanced the construction loan on International Market Place (Waikîkî, Honolulu, Hawaii), a 93.5 percent owned joint venture.The new $250 million loan has a 3-year term with two 1-year extension options, and bears interest at a rate of LIBOR plus 2.15percent - August 9, 2018.

• Entered into forward starting swap agreements to reduce the company’s exposure to interest rate fluctuations. The swaps fix theLIBOR rate on the company’s $250 million term loan to a rate of 3.02 percent beginning March 1, 2019 through its maturity date,resulting in an effective rate of 4.27 to 4.92 percent - October 24, 2018.

• Exercised a one-year extension option for the $150 million loan at The Mall at Green Hills (Nashville, Tenn.). The loan now has amaturity date of December 1, 2019 and the company has an additional one-year extension option available - November 29, 2018.

2019 Guidance

The company is introducing guidance for 2019. Net income attributable to common shareholders (EPS) for the year is expected to be inthe range of $0.84 to $1.08.

The company expects FFO per diluted common share for the year to be in the range of $3.62 to $3.74.

This guidance assumes comparable center NOI growth, excluding lease cancellation income, of about 2 percent for the year. The rangeincludes the adoption of the new lease accounting standard, resulting in an additional $5 to $7 million of operating expenses. The company’sguidance also does not include any future costs that may be incurred related to shareowner activism.

A summary of the all the company’s key guidance assumptions is included on page six of the supplemental.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.comunder “Investors.” This includes the following:

• Earnings Press Release• Company Overview• Operational Statistics• Summary of Key Guidance Measures• Income Statements• Changes in Funds from Operations and Earnings Per Common Share• Balance Sheets• Debt Summary• Capital Spending & Certain Balance Sheet Information• Owned Centers• Redevelopments & New Developments• Anchors & Major Tenants in Owned Portfolio• Components of Other Income, Other Operating Expense, and Nonoperating Income, Net• Earnings Reconciliations• Operating Statistics Glossary

Investor Conference Call

The company will host a conference call at 10:00 a.m. EST on Thursday, February 14 to discuss these results, business conditions and thecompany’s outlook for 2019. The conference call will be simulcast at www.taubman.com. An online replay will follow shortly after the calland continue for approximately 90 days.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26 regional,super-regional and outlet shopping centers in the U.S. and Asia and one under development. Taubman’s U.S.-owned properties are themost productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich.Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.

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EARNINGS PRESS RELEASE

For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean TaubmanCenters, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity ratherthan 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 respectto future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”,“anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press releasethat predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in thisrelease are made as of the date hereof. Except as required by law, the company assumes no obligation to update these forward-lookingstatements, even if new information becomes available in the future. Actual results may differ materially from those expected because ofvarious risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduledclosings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; challenges with department stores;changes in consumer shopping behavior; the liquidity of real estate investments; the company’s ability to comply with debt covenants; theavailability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in valueof investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding,leasing and managing properties; competitors gaining economies of scale through M&A and consolidation activity; changes in value ofinvestments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impactthe company’s information technology, infrastructure or personal data; costs associated with response to technology breaches; the loss ofkey management personnel; shareholder activism costs and related diversion of management time; terrorist activities; maintaining thecompany’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increasetaxes on the company’s operations; and changes in global, national, regional and/or local economic and geopolitical climates. You shouldreview the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report onForm 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

CONTACTS:Erik Wright, Taubman, Manager, Investor Relations, 248-258-7232ewright@taubman.com

Maria Mainville, Taubman, Director, Strategic Communications, 248-258-7469mmainville@taubman.com

# # #

Q418 Supplemental

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OVERVIEW

Company Information

Taubman Centers, Inc. (the Company or TCO) is a Michigan corporation that operates as a self-administered and self-managed real estateinvestment trust (REIT). The Taubman Realty Group Limited Partnership (Operating Partnership or TRG) is a majority-owned partnershipsubsidiary of TCO that owns direct or indirect interests in all of its real estate properties. In this report, the term “Company" refers to TCO,the Operating Partnership, and/or the Operating Partnership's subsidiaries as the context may require. The Company engages in theownership, management, leasing, acquisition, disposition, development, and expansion of retail shopping centers and interests therein.The Company’s owned portfolio as of December 31, 2018 included 23 urban and suburban shopping centers in 11 U.S. states, Puerto Rico,South Korea, and China.

This package was prepared to provide supplemental operating, financing, and development information of the Company and the OperatingPartnership for the fourth quarter of 2018. The information herein contains terms, captions, and other content for which definitions andadditional background can be found in the Company's regular filings with the Securities and Exchange Commission, including its mostrecent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Refer to www.taubman.com for the latest available version ofthis package, which will incorporate any revisions to the information.

If you have any questions, comments, or suggestions regarding the information contained in this package or would like additional informationabout TCO, please contact:

Ryan Hurren Erik WrightVice President, Investor Relations, Interim Chief Accounting Officer Manager, Investor Relations200 East Long Lake Road, Suite 300 200 East Long Lake Road, Suite 300Bloomfield Hills, Michigan 48304-2324 Bloomfield Hills, Michigan 48304-2324Telephone: (248) 258-7232 Telephone: (248) 258-7390Email: rhurren@taubman.com Email: ewright@taubman.com

The Company maintains self-service investor alerts that can be found on the Company's website, www.taubman.com, Investors - InvestorResources - Email Alerts tab.

Analyst Coverage

Taubman Centers, Inc. is followed by the analysts listed above. The Company believes the list to be complete, but can provide no assurances.Please note that any opinions, estimates, or forecasts regarding the Company's performance made by these analysts are independent ofthe Company and do not represent opinions, forecasts, or predictions of its management. The Company does not, by its reference aboveor distribution, imply its endorsement of or concurrence with such information, conclusions, or recommendations.

Company Analyst Email Address

Bank of America Securities-Merrill Lynch Craig Schmidt craig.schmidt@baml.com

BMO Capital Markets Jeremy Metz jeremy.metz@bmo.com

BTIG James Sullivan jsullivan@btig.com

Citigroup Global Markets, Inc. Christy McElroy christy.mcelroy@citi.com

Deutsche Bank Securities, Inc. Derek Johnston derek.johnston@db.com

Evercore ISI Steve Sakwa steve.sakwa@evercoreisi.com

Goldman Sachs & Co. Caitlin Burrows caitlin.burrows@gs.com

Green Street Advisors, Inc. Daniel Busch dbusch@greenstreetadvisors.com

Jefferies, LLC Omotayo Okusanya tokusanya@jefferies.com

J.P. Morgan Securities Michael Mueller michael.w.mueller@jpmorgan.com

Keybanc Capital Markets, Inc. Todd Thomas tthomas@key.com

Mizuho Securities USA Inc. Haendel St. Juste haendel.st.juste@us.mizuho-sc.com

Morgan Stanley Richard Hill Richard.Hill1@morganstanley.com

Raymond James Collin Mings collin.mings@raymondjames.com

Sandler O'Neill & Partners, L.P. Alexander Goldfarb agoldfarb@sandleroneill.com

Scotia Capital (USA) Inc. Greg McGinniss greg.mcginniss@scotiabank.com

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OVERVIEW

Trading Information

The Company's common stock and two issuances of preferred stock are traded on the New York Stock Exchange.

Ticker SymbolCommon Stock TCO6.5% Series J Cumulative Redeemable Preferred Stock TCO PR J6.25% Series K Cumulative Redeemable Preferred Stock TCO PR K

Common Stock

Market Quotation per Common Share Common StockDividends

Declared and PaidQuarters-Ended High Low

March 31, 2018 66.39 54.97 0.655June 30, 2018 60.81 51.87 0.655September 30, 2018 65.00 58.30 0.655December 31, 2018 58.71 43.72 0.655

March 31, 2017 76.17 64.08 0.625June 30, 2017 66.64 57.77 0.625September 30, 2017 61.90 49.14 0.625December 31, 2017 65.71 46.30 0.625

Preferred Equity(in millions of dollars)

Face Value Book ValueNumber of Shares

OutstandingOptional

Redemption Date6.5% Series J Cumulative Redeemable Preferred Stock 192.5 186.2 7,700,000 August 14, 20176.25% Series K Cumulative Redeemable Preferred Stock 170.0 164.4 6,800,000 March 15, 2018

362.5 350.6

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Summary Financial InformationFor the Periods Ended December 31, 2018 and 2017

(in thousands of dollars, except as noted)

Three Months Ended Year Ended2018 2017 2018 2017

Funds from Operations (1):FFO:

TRG 74,559 88,620 322,525 304,125TCO 52,974 62,840 229,046 215,786

FFO per common share:Basic 0.87 1.03 3.75 3.55Diluted 0.86 1.02 3.71 3.51Growth rate-diluted (15.7)% 5.7%

Adjusted FFO:TRG 79,350 89,292 333,202 321,273TCO 56,378 63,289 236,513 227,619

Adjusted FFO per common share:Basic 0.92 1.04 3.88 3.75Diluted 0.91 1.03 3.83 3.70Growth rate-diluted (11.7)% 3.5%

Earnings attributable to common shareowners:Net income attributable to common shareowners:

Basic 3,079 20,251 57,952 55,267Diluted 3,087 20,291 58,037 55,381Per common share - basic 0.05 0.33 0.95 0.91Per common share - diluted 0.05 0.33 0.95 0.91

Dividends:Dividends paid per common share 0.655 0.625 2.620 2.500Payout ratio of Adjusted FFO per diluted common share 72 % 61% 68% 68%

Coverage (2):Interest only 2.7 3.3 2.9 3.1Fixed charges 2.2 2.6 2.3 2.5

Market Capitalization:Closing stock price at end of period 45.49 65.43Market equity value of share equivalents 3,909,723 5,613,132Preferred equity (at face value) 362,500 362,500Net beneficial interest in debt 4,977,000 4,721,600Total market capitalization 9,249,223 10,697,232Debt to total market capitalization 53.8 % 44.1%

Ownership:TCO common shares outstanding:

End of period 61,069,108 60,832,918Weighted average - basic 61,065,282 60,737,750 60,994,444 60,675,129Weighted average - diluted 61,374,180 61,105,094 61,277,715 61,040,495

TRG units of partnership interest:End of period 85,946,862 85,788,252Weighted average - basic 85,946,845 85,693,184 85,927,314 85,640,286Weighted average - diluted 87,127,005 86,931,790 87,081,847 86,876,914

TCO ownership of TRG:End of period 71.1 % 70.9%Weighted average - basic 71.1 % 70.9% 71.0% 70.8%Weighted average - diluted 70.1 % 69.9% 70.0% 69.8%

(1) FFO for the three months and year ended December 31, 2018 includes, and Adjusted FFO excludes costs associated with shareowner activism, the fluctuation in the fair value of equity securities,and a restructuring charge. In connection with the adoption of Accounting Standards Update (ASU) No. 2016-01 on January 1, 2018, the Company now measures its equity securities at fair valuewith changes in value recorded through net income. In addition, FFO for the year ended December 31, 2018 includes, and Adjusted FFO excludes, a charge recognized in connection with thewrite-off of deferred financing costs related to the early payoff of the Company's $475 million unsecured term loan. FFO for the three months and year ended December 31, 2017 includes, andAdjusted FFO excludes, a restructuring charge, costs associated with shareowner activism, and a gain recognized upon the conversion of the Company's remaining investment in Simon PropertyGroup LP (SPG LP) Units to common shares of Simon Property Group (SPG). In addition, FFO for the year ended December 31, 2017 includes, and Adjusted FFO excludes, a charge recognized inconnection with the partial write-off of deferred financing costs related to the Company's primary unsecured revolving line of credit in February 2017.

(2) Interest coverage ratio is calculated by dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense. Fixed charges coverage ratio is calculated bydividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense and the sum of preferred dividends, distributions, and debt payments. For the threemonths and the year ended December 31, 2018, EBITDA was adjusted to exclude costs associated with shareowner activism, the fluctuation in the fair value of equity securities, and a restructuringcharge. For the three months and year ended December 31, 2017, EBITDA was adjusted to exclude a restructuring charge, costs associated with shareowner activism, and a gain recognized uponthe conversion of the Company's remaining investment in SPG LP Units to common shares of SPG. For the year ended December 31, 2017, EBITDA was also adjusted to exclude a gain recognizedin connection with the sale of the Valencia Place office tower at Country Club Plaza.

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Operational StatisticsFor the Periods Ended December 31, 2018 and 2017

Three Months Ended Year Ended2018 2017 2018 2017

Occupancy and Leased Space (1):Ending occupancy - all centers 94.6% 94.8% 94.6 % 94.8 %Ending occupancy - comparable (2) 94.7% 95.7% 94.7 % 95.7 %Leased space - all centers 96.2% 95.9% 96.2 % 95.9 %Leased space - comparable (2) 96.3% 96.6% 96.3 % 96.6 %

Average Base Rents (2)(3):Average rent per square foot - all comparable centers: Consolidated Businesses 70.50 69.55 71.24 69.25 Unconsolidated Joint Ventures 49.51 47.64 49.00 47.02 Combined 57.76 55.92 57.51 55.36Average rent per square foot growth - all comparable centers 3.3% 3.9 %

Average rent per square foot - U.S. comparable centers: Consolidated Businesses 70.50 69.55 71.24 69.25 Unconsolidated Joint Ventures 54.19 53.03 53.56 52.86 Combined 61.92 60.57 61.75 60.30Average rent per square foot growth - U.S. comparable centers 2.2% 2.4 %

Year Ended2018 2017

Opening/Closing Rents (2)(3):Opening base rent per square foot: Consolidated Businesses 70.56 72.96 Unconsolidated Joint Ventures 42.43 44.13 Combined 56.39 60.37Square feet of GLA opened: Consolidated Businesses 572,367 549,423 Unconsolidated Joint Ventures 581,477 426,413 Combined 1,153,844 975,836Closing base rent per square foot: Consolidated Businesses 67.60 64.26 Unconsolidated Joint Ventures 43.33 44.32 Combined 54.27 54.77Square feet of GLA closed: Consolidated Businesses 507,610 511,010 Unconsolidated Joint Ventures 618,815 464,293 Combined 1,126,425 975,303Releasing spread per square foot: Consolidated Businesses 2.96 8.70 Unconsolidated Joint Ventures (0.90) (0.19) Combined 2.12 5.60Releasing spread per square foot growth: Consolidated Businesses 4.4 % 13.5 % Unconsolidated Joint Ventures (2.1)% (0.4)% Combined 3.9 % 10.2 % (4)

(1) Occupancy statistics include TILs and anchor spaces at value and outlet centers (Dolphin Mall and Great Lakes Crossing Outlets).

(2) Statistics exclude non-comparable centers for all periods presented. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding periodpresented, excluding centers impacted by significant redevelopment activity. In addition, due to the impacts of Hurricane Maria on The Mall of San Juan, this center has also been excluded fromcomparable center statistics. The three months and the year ended December 31, 2017 statistics have been restated to include comparable centers to 2018.

(3) Opening and closing statistics exclude spaces greater than or equal to 10,000 square feet.

(4) In 2017, the releasing spread per square foot growth statistic for the year ended December 31, 2017 was reported as 5.0%. In 2018, the releasing spread per square foot growth statistic has beenrestated to include comparable centers for 2018. The new releasing spread per square foot growth reported above primarily reflects impacts of the additions of International Market Place andCountry Club Plaza.

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Operational Statistics (continued)For the Periods Ended December 31, 2018 and 2017

Three Months Ended Year Ended2018 2017 2018 2017

Mall Tenant Sales (in thousands of dollars) (1):Mall tenant sales - all centers 2,158,927 1,978,554 6,832,524 6,327,787Mall tenant sales - comparable (2) 1,997,745 1,860,261 6,289,107 5,867,140Sales per square foot - all comparable centers (2) 824 759Sales per square foot growth - all comparable centers (2) 10.1 % 8.6 %Sales per square foot - U.S. comparable centers (2) 875 808Sales per square foot growth - U.S. comparable centers (2) 10.8 % 8.2 %

Occupancy Costs as a Percentage of Sales (1):All centers: Consolidated Businesses 14.3 % 15.2 % Unconsolidated Joint Ventures 12.9 % 13.7 % Combined 13.6 % 14.4 %Comparable centers (2): Consolidated Businesses 13.9 % 14.6 % Unconsolidated Joint Ventures 12.9 % 13.8 % Combined 13.4 % 14.2 %

Tenant Bankruptcy Filings as a Percentage of Total Tenants 0.1 % 0.2 % 1.6 % 3.1 %

Growth in Net Operating Income at 100% (2)(3):Including all lease cancellation income (2.6)% 0.1 % 4.4 % 1.7 %Excluding all lease cancellation income (1.3)% 0.5 % 3.8 % 0.7 %

Number of Owned Properties at End of Period 23 24

(1) Based on reports of sales furnished by mall tenants. Sales per square foot exclude spaces greater than or equal to 10,000 square feet.

(2) Statistics exclude non-comparable centers for all periods presented. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding periodpresented, excluding centers impacted by significant redevelopment activity. In addition, due to the impacts of Hurricane Maria on The Mall of San Juan, this center has also been excludedfrom comparable center statistics. The three months and year ended December 31, 2017 statistics have been restated to include comparable centers to 2018.

(3) The Net Operating Income of the Company’s centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constantcurrency exchange rates, the growth in Net Operating Income at 100%, excluding all lease cancellation income, presented would have been (1.2)% and 3.5% for the three months and yearended December 31, 2018, respectively.

Q418 Supplemental

6

2019 Annual Guidance(may not add or recalculate due to rounding)

Range for Year EndedDecember 31, 2019 (1)

Funds from Operations per common share $3.62 $3.74

Real estate depreciation - TRG (2.64) (2.53)

Distributions to participating securities of TRG (0.03) (0.03)

Depreciation of TCO's additional basis in TRG (0.11) (0.11)

Net income attributable to common shareowners, per common share (EPS) $0.84 $1.08

Summary of Key Guidance Assumptions - 2019

Year Ended Year EndedDecember 31, 2019 December 31, 2018

Guidance (1) Actual

NOI at 100% - comparable centers - growth % Up about 2% (3) 4.4% (2)3.8% (3)

Domestic and non-U.S. general and administrative expense $8 - $9 million per quarter $37.2 million

Beneficial share of lease cancellation income Approximately $12 million $16.6 million

Ending occupancy - comparable centers About 95% 94.9% (4)

Consolidated interest expense, at 100% $161 - $165 million $133.2 million

Unconsolidated interest expense, at 100% $130 - $132 million $132.7 million

Consolidated and Unconsolidated interest expense, at 100% $291 - $297 million $265.9 million

Consolidated interest expense, at beneficial share $149 - $153 million $121.2 million

Unconsolidated interest expense, at beneficial share $66 - $68 million $68.2 million

Consolidated and Unconsolidated interest expense, at beneficial share $215 - $221 million $189.4 million

Impact of new lease accounting standard $5 - $7 million (5) N/A

(1) Guidance is current as of February 13, 2019, see "Taubman Centers, Inc. Issues Fourth Quarter and Full Year 2018 Results and Introduces 2019 Guidance." On February 14, 2019, the Companyannounced agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). The transactionsare subject to customary closing conditions and are expected to close throughout 2019. The 2019 annual guidance and related guidance assumptions exclude the impact of the Blackstone transactions.

(2) Represents NOI growth including lease cancellation income for comparable centers for the period presented.

(3) Represents NOI growth excluding lease cancellation income for comparable centers for the period presented.

(4) The statistic has been restated to include comparable centers to 2019.

(5)  Represents an estimate of leasing costs to be expensed in 2019, which are currently being capitalized, in connection with the Company's adoption of ASU No. 2016-02, "Leases."

Q418 Supplemental

7

Income StatementFor the Three Months Ended December 31, 2018 and 2017(in thousands of dollars)

2018 2017

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Minimum rents 91,515 90,185 89,980 92,794

Overage rents 9,217 10,088 9,569 8,758

Expense recoveries 51,337 44,179 57,240 48,240

Management, leasing, and development services 791 944

Other 14,629 10,212 14,451 7,028

Total revenues 167,489 154,664 172,184 156,820

EXPENSES (2):

Maintenance, taxes, utilities, and promotion 44,086 45,678 45,510 45,146

Other operating 23,155 6,708 29,157 7,837

Management, leasing, and development services 284 459

General and administrative 11,629 9,369

Restructuring charge 1,019 9,785

Costs associated with shareowner activism 2,500 2,500

Interest expense 35,955 33,353 28,498 33,141

Depreciation and amortization 54,950 33,910 44,848 33,274

Total expenses 173,578 119,649 170,126 119,398

Nonoperating income, net (3) 856 432 15,481 459

(5,233) 35,447 17,539 37,881

Income tax benefit (expense) (553) (1,450) 270 (1,338)

33,997 36,543

Equity in income of Unconsolidated Joint Ventures 18,724 20,275

Net income 12,938 38,084

Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (1,880) (2,496)

Noncontrolling share of income of TRG (1,595) (8,975)

Distributions to participating securities of TRG (599) (577)

Preferred stock dividends (5,785) (5,785)

Net income attributable to Taubman Centers, Inc. common shareowners 3,079 20,251

SUPPLEMENTAL INFORMATION:

EBITDA - 100% 85,672 102,710 90,885 104,296

EBITDA - outside partners' share (7,066) (48,711) (7,435) (49,274)

Beneficial interest in EBITDA 78,606 53,999 83,450 55,022

Beneficial interest expense (32,947) (17,118) (25,494) (17,079)

Beneficial income tax (expense) benefit - TRG and TCO (495) (513) 317 (554)

Beneficial income tax benefit - TCO (28)

Non-real estate depreciation (1,188) (1,229)

Preferred dividends and distributions (5,785) (5,785)

Funds from Operations attributable to partnership unitholders andparticipating securities of TRG 38,191 36,368 51,231 37,389

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:

Net straight-line adjustments to rental revenue, recoveries, and groundrent expense at TRG% 997 476 784 1,031

Country Club Plaza purchase accounting adjustments - minimum rentsincrease at TRG% 113 39

The Mall at Green Hills purchase accounting adjustments - minimum rentsincrease 24 44

(1) With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Venturesare presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest.(2) Certain expenses of Starfield Hanam, which were previously classified in "Other operating" expense, are now included in "Maintenance, taxes, utilities and promotion" expense. Amounts for 2017have been reclassified to conform to the 2018 classification.

(3) During the three months December 31, 2018, a net loss of $1.3 million was recognized for the fluctuation in the fair value of equity securities. In connection with the adoption of Accounting StandardsUpdate (ASU) No. 2016-01 on January 1, 2018, the Company now measures its equity securities at fair value with changes in value recorded through net income.

Q418 Supplemental

8

Income StatementFor the Year Ended December 31, 2018 and 2017(in thousands of dollars)

2018 2017

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Minimum rents 353,226 357,465 345,557 344,613Overage rents 16,670 28,844 16,923 25,393Expense recoveries 205,514 178,162 211,625 186,161Management, leasing, and development services 3,271 4,383Other 62,189 36,246 50,677 29,872

Total revenues 640,870 600,717 629,165 586,039

EXPENSES (2):Maintenance, taxes, utilities, and promotion 157,957 171,188 167,091 175,581Other operating 87,308 27,327 94,513 28,227Management, leasing, and development services 1,470 2,157General and administrative 37,174 39,018Restructuring charge 596 13,848Costs associated with shareowner activism 12,500 14,500Interest expense 133,197 132,669 108,572 130,339Depreciation and amortization 179,275 134,872 167,806 130,537

Total expenses 609,477 466,056 607,505 464,684

Nonoperating income, net (3) 14,714 1,923 23,828 3,01046,107 136,584 45,488 124,365

Income tax benefit (expense) 231 (6,924) (105) (5,837)129,660 118,528

Gain on disposition, net of tax (4) 3,713129,660 122,241

Equity in income of Unconsolidated Joint Ventures 69,404 67,374Net income 115,742 112,757Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (6,268) (6,775)Noncontrolling share of income of TRG (25,988) (25,277)

Distributions to participating securities of TRG (2,396) (2,300)Preferred stock dividends (23,138) (23,138)Net income attributable to Taubman Centers, Inc. common shareowners 57,952 55,267

SUPPLEMENTAL INFORMATION:EBITDA - 100% 358,579 404,125 321,866 389,685EBITDA - outside partners' share (26,091) (194,382) (26,315) (184,539)Beneficial interest in EBITDA 332,488 209,743 295,551 205,146

Beneficial share of gain on disposition (4) (2,814)

Beneficial interest expense (121,166) (68,225) (96,630) (67,283)

Beneficial income tax expense - TRG and TCO 423 (2,900) 29 (2,825)

Beneficial income tax benefit - TCO (110) (315)

Non-real estate depreciation (4,590) (3,596)

Preferred dividends and distributions (23,138) (23,138)

Funds from Operations attributable to partnership unitholders and participatingsecurities of TRG 183,907 138,618 171,901 132,224

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:

Net straight-line adjustments to rental revenue, recoveries, and ground rentexpense at TRG% 3,079 2,073 1,087 3,391

Country Club Plaza purchase accounting adjustments - minimum rents increase(decrease) at TRG% 1,522 34

The Mall at Green Hills purchase accounting adjustments - minimum rentsincrease 112 174

(1) With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated JointVentures are presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest.(2) Certain expenses of Starfield Hanam, which were previously classified in "Other operating" expense, are now included in "Maintenance, taxes, utilities and promotion" expense. Amounts for 2017have been reclassified to conform to the 2018 classification.(3) During the year ended December 31, 2018, a net gain of $2.8 million was recognized for the fluctuation in the fair value of equity securities. In connection with the adoption of ASU No. 2016-01on January 1, 2018, the Company now measures its equity securities at fair value with changes in value recorded through net income.(4) During the year ended December 31, 2017, the joint venture that owns the Valencia Place office tower at Country Club Plaza recognized a $4.4 million gain ($2.8 million at TRG's share) and $0.7million of income tax expense ($0.7 million at TRG's share) in connection with the sale of the office tower.

Q418 Supplemental

9

Changes in Funds from Operations and Earnings per Common ShareFor the Three Months Ended December 31, 2018(all per share amounts on a diluted basis unless otherwise noted; rounded to nearest half penny; amounts may not add due to rounding)

2017 Fourth Quarter Funds from Operations per Common Share $ 1.02

Restructuring charge 0.110

Costs associated with shareowner activism 0.030

Gain on SPG common stock conversion (0.135)

2017 Fourth Quarter Funds from Operations per Common Share - Adjusted $ 1.03

Changes - 2018 vs. 2017

Minimum rents 0.010

Net recoveries from tenants (0.035)

Lease cancellation income (0.035)

Other operating expense 0.015

General and administrative (0.025)

Interest expense (0.085)

Non-comparable centers 0.035

2018 Fourth Quarter Funds from Operations per Common Share - Adjusted $ 0.91

Restructuring charge (0.010)

Costs associated with shareowner activism (0.030)

Fluctuation in fair value of equity securities (0.015)

2018 Fourth Quarter Funds from Operations per Common Share $ 0.86

2017 Fourth Quarter Earnings per Common Share $ 0.33

Changes - 2018 vs. 2017

Change in FFO per common share (0.160)

Depreciation and other (0.120)

2018 Fourth Quarter Earnings per Common Share $ 0.05

Q418 Supplemental

10

Changes in Funds from Operations and Earnings per Common ShareFor the Year Ended December 31, 2018(all per share amounts on a diluted basis unless otherwise noted; rounded to nearest half penny; amounts may not add due to rounding)

2017 Funds from Operations per Common Share $ 3.51

Restructuring charge 0.160

Costs associated with shareowner activism 0.170

Gain on SPG common stock conversion (0.135)

Partial write-off of deferred financing costs 0.005

2017 Funds from Operations per Common Share - Adjusted $ 3.70

Changes - 2018 vs. 2017

Minimum rents 0.160

Net recoveries from tenants 0.045

Lease cancellation income 0.055

Other revenue 0.030

Other operating expense 0.075

General and administrative 0.020

Interest expense (0.260)

Non-comparable centers 0.050

Other (0.045)

2018 Funds from Operations per Common Share - Adjusted $ 3.83

Restructuring charge (0.005)

Costs associated with shareowner activism (0.145)

Fluctuation in fair value of equity securities 0.030

Write-off of deferred financing costs (0.005)

2018 Funds from Operations per Common Share $ 3.71

2017 Earnings per Common Share $ 0.91

Changes - 2018 vs. 2017

Change in FFO per common share 0.200

Depreciation and other (0.160)

2018 Earnings per Common Share $ 0.95

Q418 Supplemental

11

Balance Sheet(in thousands of dollars)

As of

Consolidated Balance Sheet of Taubman Centers, Inc.: December 31, 2018 December 31, 2017 (1)

Assets:Properties 4,717,569 4,461,045

Accumulated depreciation and amortization (1,404,692) (1,276,916)

3,312,877 3,184,129

Investment in Unconsolidated Joint Ventures 673,616 605,629

Cash and cash equivalents 48,372 42,499

Restricted cash 94,557 121,905

Accounts and notes receivable, net 77,730 78,566

Accounts receivable from related parties 1,818 1,365

Deferred charges and other assets 135,136 180,499

4,344,106 4,214,592

Liabilities:Notes payable, net 3,830,195 3,555,228

Accounts payable and accrued liabilities 336,208 307,041

Distributions in excess of investments in and net income of Unconsolidated Joint Ventures 477,800 494,851

4,644,203 4,357,120

Redeemable noncontrolling interests 7,800 7,500

Equity (Deficit):Taubman Centers, Inc. Shareowners' Equity:

Series B Non-Participating Convertible Preferred Stock 25 25

Series J Cumulative Redeemable Preferred Stock

Series K Cumulative Redeemable Preferred Stock

Common Stock 611 608

Additional paid-in capital 676,097 675,333

Accumulated other comprehensive income (loss) (25,376) (6,919)

Dividends in excess of net income (744,230) (646,807)

(92,873) 22,240

Noncontrolling interests:Noncontrolling interests in consolidated joint ventures (156,470) (160,359)

Noncontrolling interests in partnership equity of TRG (58,554) (11,909)

(215,024) (172,268)

(307,897) (150,028)

4,344,106 4,214,592(1) In connection with the adoption of Accounting Standards Update No. 2016-18, "Statement of Cash Flows - Restricted Cash", the Company revisited its presentation of cash, deposits, and other

investments subject to restrictions. In doing so, the Company reclassified $119.2 million from Deferred Charges and Other Assets to Restricted Cash on the Consolidated Balance Sheet as ofDecember 31, 2017, to conform to current year classifications.

Combined Balance Sheet of Unconsolidated Joint Ventures (1):

Assets:Properties 3,728,846 3,756,890

Accumulated depreciation and amortization (869,375) (767,678)

2,859,471 2,989,212

Cash and cash equivalents 161,311 147,102

Accounts and notes receivable, net 131,767 121,173

Deferred charges and other assets 140,444 136,837

3,292,993 3,394,324

Liabilities:Notes payable, net 2,815,617 2,860,384

Accounts payable and other liabilities 426,358 471,948

3,241,975 3,332,332

Accumulated deficiency in assets:Accumulated deficiency in assets - TRG (35,585) (47,660)

Accumulated deficiency in assets - Joint Venture Partners 119,764 108,250

Accumulated other comprehensive loss - TRG (13,880) (678)

Accumulated other comprehensive loss - Joint Venture Partners (19,281) 2,080

51,018 61,992

3,292,993 3,394,324(1) Unconsolidated Joint Venture amounts exclude the balances of Starfield Anseong as of December 31, 2018.

Q418 Supplemental

12

Debt SummaryAs of December 31, 2018(in millions of dollars, amounts may not add due to rounding)

Ownership % Amortizing (A)/ Maturity 100% Beneficial Interest Effective Rate LIBOR RateConsolidated Fixed Rate Debt: (if not 100%) Interest Only (I) Date 12/31/2018 12/31/2018 (a) 12/31/2018 (b) SpreadCherry Creek Shopping Center 50.00% I 6/1/2028 550.0 275.0 3.85%City Creek Center A 8/1/2023 77.1 77.1 4.37%Great Lakes Crossing Outlets A 1/6/2023 198.6 198.6 3.60%The Mall at Short Hills I 10/1/2027 1,000.0 1,000.0 3.48%Twelve Oaks Mall A 3/6/2028 296.8 296.8 4.85%

2,122.5 1,847.53.81% 3.81%

Consolidated Floating Rate Debt:The Mall at Green Hills I 12/1/2019 (c) 150.0 150.0 3.95% (c) 1.60%International Market Place 93.50% I 8/9/2021 (d) 250.0 233.8 4.50% 2.15% (d)TRG $65M Revolving Credit Facility I 4/27/2019 34.7 (e) 34.7 3.90% (e) 1.40%TRG $1.1B Revolving Credit Facility I 2/1/2021 (f) 500.0 500.0 3.80% (f) 1.45% (f)

934.7 918.44.01% 4.01%

Consolidated Floating Rate Debt Swapped to Fixed:TRG $300M Term Loan I 2/1/2022 300.0 300.0 3.74% (g) 1.60% (g)TRG $250M Term Loan I 3/31/2023 250.0 250.0 3.24% (h) 1.60% (h)TRG $1.1B Revolving Credit Facility (portion swapped) I 2/1/2021 (f) 225.0 225.0 3.10% (f) 1.45% (f)U.S. Headquarters I 3/1/2024 12.0 12.0 3.49% (i)

787.0 787.03.39% 3.39%

Total Consolidated Deferred Financing Costs, Net (14.0) (13.3)

Total Consolidated 3,830.2 3,539.6Weighted Rate (excluding deferred financing costs) 3.77% 3.77%

Joint Ventures Fixed Rate Debt:Country Club Plaza 50.00% I - until

5/1/20194/1/2026 320.0 160.0 3.85%

Fair Oaks Mall 50.00% A 5/10/2023 258.1 129.0 5.32%International Plaza 50.10% A 12/1/2021 303.8 152.2 4.85%The Mall at Millenia 50.00% I 10/15/2024 350.0 175.0 4.00%The Mall at Millenia 50.00% I 10/15/2024 100.0 50.0 3.75%Starfield Hanam 34.30% (j) I 11/25/2020 280.0 (j) 96.0 2.58% (j)Sunvalley 50.00% A 9/1/2022 169.0 84.5 4.44%Taubman Land Associates 50.00% A 11/1/2022 21.2 10.6 3.84%The Mall at University Town Center 50.00% I - until

12/1/202211/1/2026 280.0 140.0 3.40%

Waterside Shops 50.00% I (k) 4/15/2026 165.0 82.5 3.86%Westfarms 78.94% A 7/1/2022 282.5 223.0 4.50%

2,529.5 1,302.84.06% 4.14%

Joint Ventures Floating Rate Debt:CityOn.Zhengzhou 49.00% (l) A 12/1/2026 81.1 (l) 39.7 6.37% (l)

81.1 39.76.37% 6.37%

Joint Venture Floating Rate Debt Swapped to Fixed:International Plaza 50.10% A 12/1/2021 162.2 81.3 3.58% (m)Starfield Hanam 34.30% (n) I 11/8/2020 52.1 (n) 17.9 3.12% (n)

214.3 99.13.47% 3.50%

Total Joint Venture Deferred Financing Costs, Net (9.2) (4.2)

Total Joint Venture 2,815.6 1,437.4Weighted Rate (excluding deferred financing costs) 4.08% 4.15%

TRG Beneficial Interest Totals:Fixed Rate Debt 4,652.0 3,150.3

3.95% 3.94%Floating Rate Debt 1,015.7 958.1

4.20% 4.10%Floating Rate Swapped to Fixed 1,001.3 886.1

3.41% 3.40%

Total Deferred Financing Costs, Net (23.2) (17.6)

Total 6,645.8 4,977.0Weighted Rate (excluding deferred financing costs) 3.90% 3.88%

Weighted Average Maturity Fixed Debt 7.2

Weighted Average Maturity Total Debt 5.7

Q418 Supplemental

13

Debt Summary (continued)As of December 31, 2018

(in millions of dollars, amounts may not add due to rounding)

Beneficial Share of Principal Amortization and Debt Maturities

YearFixed Rate

DebtWeighted

RateFloating Rate

DebtWeighted

Rate

FloatingSwapped to

Fixed (o)Weighted Rate (o)

Total DeferredFinancingCosts, Net Total Debt

Weighted Rate

2019 25.7 4.41% 190.0 4.01% 1.8 3.58% (3.9) 213.5 4.05%

2020 123.8 2.99% 6.4 6.37% 19.7 3.16% (3.5) 146.4 3.15%

2021 171.8 4.77% 740.1 4.04% 302.6 3.22% (2.8) 1,211.7 3.94%

2022 312.4 4.45% 6.4 6.37% 300.0 3.74% (1.9) 616.8 4.12%

2023 379.7 4.31% 5.3 6.37% 250.0 3.24% (1.4) 633.6 3.91%

2024 237.0 3.96% 5.3 6.37% 12.0 3.49% (1.2) 253.1 3.99%

2025 12.6 4.22% 3.2 6.37% (1.1) 14.7 4.66%

2026 358.5 3.71% 1.6 6.37% (1.0) 359.0 3.72%

2027 1,006.7 3.49% (0.7) 1,006.0 3.49%

2028 522.2 4.32% — 522.2 4.32%

3,150.3 3.94% 958.1 4.10% 886.1 3.40% (17.6) 4,977.0 3.88%

Unencumbered Assets

Center Location Ownership %

Consolidated Businesses:

Beverly Center Los Angeles, CA 100%

Dolphin Mall Miami, FL 100%

The Gardens on El Paseo Palm Desert, CA 100%

The Mall of San Juan San Juan, PR 95%

Unconsolidated Joint Ventures:

Stamford Town Center Stamford, CT 50%

(a) All debt is secured and non-recourse to TRG unless otherwise indicated.

(b) Includes the impact of interest rate swaps that qualify for hedge accounting, if any, but does not include effect of amortization of debt issuance costs, losses on settlement of derivativesused to hedge the refinancing of certain fixed rate debt or interest rate cap premiums, if any.

(c) A one-year extension option is available. The LIBOR rate is capped at 4.25% until maturity, resulting in a maximum interest rate of 5.85%.

(d) The $250 million loan bears interest at LIBOR + 2.15% and decreases to LIBOR + 1.85% upon achieving certain performance measures. Two, one-year extension options are available.TRG has provided an unconditional guarantee of 100% of the principal balance and all accrued but unpaid interest during the term of the loan.

(e) Rate floats daily at LIBOR plus spread. Letters of credit totaling $4.6 million are also outstanding on facility. The facility is recourse to TRG and secured by an indirect interest in 40%of The Mall at Short Hills.

(f) The unsecured facility bears interest at a range of LIBOR + 1.15% to 1.70% with a facility fee ranging from 0.20% to 0.25% based on the Company's total leverage ratio. Two, six-monthextension options are available. The LIBOR rate is swapped to 1.65% through February 2019 on $225 million of the $1.1B TRG revolving credit facility. This results in an effective interestrate in the range of 2.80% to 3.35% through February 2019 on $225 million of the credit facility balance.

(g) The $300 million unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on the Company's total leverage ratio. Through the term of the loan, the LIBOR rateis swapped to a fixed rate of 2.14%, which results in an effective interest rate in the range of 3.39% to 4.04%.

(h) The $250M unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on the Company's total leverage ratio. The LIBOR rate is swapped through February 2019to a fixed rate of 1.64%, which results in an effective interest rate in the range of 2.89% to 3.54%. Beginning in March 2019 through the term of the loan, the LIBOR rate is swappedto a fixed rate of 3.02%, which will result in an effective interest rate in the range of 4.27% to 4.92%.

(i) Debt is swapped to an effective rate of 3.49% until maturity.

(j) 520 billion Korean Won (KRW) ($466.7 million USD equivalent at December 31, 2018) non-recourse construction facility which bears interest at the Korea Development Bank Five-Year Bond Yield plus 1.06% and is fixed upon each draw. A letter of credit totaling $53.2 million USD is outstanding on this facility as security for the Starfield Hanam USD loan. Nodraws were allowed after December 31, 2016. On February 14, 2019, the Company announced agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an,and CityOn.Zhengzhou to funds managed by Blackstone. Upon closing, the Company will retain a 17.15 percent ownership interest in Starfield Hanam.

(k) The Waterside Shops loan is interest-only for the term of the loan. However, if net operating income available for debt service as defined in the loan agreement is less than a certainamount for calendar year 2020, the lender may require the loan to amortize based on a 30-year amortization period beginning May 2021.

(l) 834.2 million Renminbi (RMB) ($121.3 million USD equivalent at December 31, 2018) non-recourse construction facility which bears interest at 130% of the RMB People's Bank ofChina base lending rate for a loan term greater than five years. Rate resets in January each year. In January 2019, the rate was reset and continued at 6.37%. No draws were allowedafter December 31, 2017. On February 14, 2019, the Company announced agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an, andCityOn.Zhengzhou to funds managed by Blackstone. Upon closing, the Company will retain a 24.5 percent ownership interest in CityOn.Zhengzhou.

(m) Debt is swapped to an effective rate of 3.58% until maturity. TRG has provided a several guarantee of 50.1% of the swap obligations.

(n) $52.1 million USD construction loan which bears interest at three-month LIBOR + 1.60%. The joint venture has entered into a cross-currency interest rate swap to hedge the foreignexchange and interest rate risk associated with this debt since the entity's functional currency is KRW and the loan is in USD. The LIBOR rate plus spread have been swapped untiltwo months prior to maturity to a fixed rate of 3.12%. The foreign exchange rate for the initial exchange, periodic interest payments and final exchange of proceeds has been fixed at1162 USD-KRW. The loan is secured by a $53.2 million standby letter of credit drawn off the Starfield Hanam KRW construction facility (see footnote (j) above). On February 14, 2019,the Company announced agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by Blackstone. Uponclosing, the Company will retain a 17.15 percent ownership interest in Starfield Hanam.

(o) Represents principal amortization of floating rate debt swapped to fixed rate debt as of December 31, 2018. Note that not all of this debt is swapped to maturity or swapped at theserates through maturity. See footnote (f), (g), and (h) above.

Q418 Supplemental

14

Capital Spending(in thousands of dollars) Three Months Ended December 31, 2018

ConsolidatedBusinesses

at 100%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at 100%

UnconsolidatedJoint Ventures

at TRG%Total at TRG%

Capital Additions to Properties (1):

New development projects

Asia (2) 996 1,142

Existing Centers:

Projects with incremental GLA or anchor replacement 6,785 6,785 1,450 725

Projects with no incremental GLA and other 14,203 12,811 10,309 4,173

Mall tenant allowances 27,996 22,226 4,786 2,534

Asset replacement costs recoverable from tenants 34,593 33,905 4,413 2,638

Corporate office improvements and equipment and other 101 101

83,678 75,828 21,954 11,212

Capitalized Leasing and Tenant Coordination Costs (1) 11,365 11,164 1,364 733 11,897

Year Ended December 31, 2018

ConsolidatedBusinesses

at 100%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at 100%

UnconsolidatedJoint Ventures

at TRG%Total at TRG%

Capital Additions to Properties (1):

New development projects:

Asia (2) 89,828 93,722

Existing Centers:

Projects with incremental GLA or anchor replacement 48,877 48,877 1,638 819

Projects with no incremental GLA and other 158,337 152,498 23,168 11,093

Mall tenant allowances 46,698 39,393 20,240 10,492

Asset replacement costs recoverable from tenants 42,386 41,333 10,881 6,122

Corporate office improvements and equipment and other 2,094 2,094

298,392 284,195 145,755 122,248

Capitalized Leasing and Tenant Coordination Costs (1) 17,716 16,902 5,121 2,704 19,606

Construction Work in Process (3) 147,987 146,192 110,181 104,128 250,320

Capitalized Interest - Capital Additions Classification (Balance Sheet) 13,343 13,255 1,908 (4) 1,896 (4) 15,151

Capitalized Interest - Expense Reduction (Income Statement) (5) 15,221 15,133 30 18 15,151

(1) Costs are net of intercompany profits and are computed on an accrual basis.

(2) Includes costs related to Starfield Anseong. The amounts at TRG% exceed those at 100% for the three months and year ended due to the true-up of accruals for previously estimated capital spending at CityOn.Xi'an and CityOn.Zhengzhou.Asia spending for Starfield Anseong is included at the Company's beneficial interest in both the Unconsolidated Joint Ventures at 100% and Unconsolidated Joint Ventures at TRG% columns.

(3) Interest is being capitalized on $218 million of construction work in process.

(4) The Company capitalizes interest costs incurred in funding its equity contributions to development projects accounted for as Unconsolidated Joint Ventures. The capitalized interest cost is included in the Company's basis inits investment in Unconsolidated Joint Ventures.

(5) Interest costs incurred by the Company's Consolidated Businesses in funding equity contributions to Unconsolidated Joint Venture development projects reduce consolidated interest expense in the Company's Statement of Operationsand Comprehensive Income.

Certain Balance Sheet InformationConsolidated Amounts as of December 31, 2018 (in millions of dollars)

Properties:

Peripheral land 17.0 (1)

Accounts and notes receivable, net:

Straight-line rents and recoveries 38.6

Deferred charges and other assets:

Prepaids and deposits 7.6

290,124 SPG common shares 48.7 (2)

Accounts payable and accrued liabilities

Straight-line ground rent 64.6

Community Development District obligation 43.8 (3)

(1) Valued at historical cost. Peripheral land excludes land associated with construction in process.

(2) Recorded at fair value. In 2018, the Company sold 300,000 SPG common shares at an average price of $182.37 per share. In January 2019, the Company sold its remaining 290,124 SPG common shares at an average price of $179.52per share. Proceeds from the sales were used to pay down the Company's revolving lines of credit.

(3) The expense portion of the related payments, which are generally recoverable from tenants, are included in the line item maintenance, taxes, utilities, and promotion in the Company's Consolidated Statement of Operations andComprehensive Income.

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15

Owned CentersAs of December 31, 2018

Sq. Ft. of GLA/ Year Opened/ YearCenter Anchors Mall GLA Expanded Acquired Ownership %Consolidated Businesses: Beverly Center Bloomingdale's, Macy's 828,000 1982 100% Los Angeles, CA 504,000 Cherry Creek Shopping Center Macy's, Neiman Marcus, Nordstrom 1,031,000 1990/1998/ 50% Denver, CO 628,000 2015 City Creek Center Macy's, Nordstrom 621,000 2012 100% Salt Lake City, UT 340,000 Dolphin Mall Bass Pro Shops Outdoor World, Bloomingdale's Outlet, Burlington 1,431,000 2001/2007/ 100% Miami, FL Coat Factory, Cobb Theatres, Dave & Buster's, Marshalls, Neiman 702,000 2015

Marcus-Last Call, Polo Ralph Lauren Factory Store. Saks Off 5th The Gardens on El Paseo Saks Fifth Avenue 236,000 1998/2010 2011 100% Palm Desert, CA 186,000 Great Lakes Crossing Outlets AMC Theatres, Bass Pro Shops Outdoor World, Burlington Coat Factory, 1,355,000 1998 100% Auburn Hills, MI Legoland, Lord & Taylor Outlet, Planet Fitness, Round 1 Bowling and 533,000 (Detroit Metropolitan Area) Amusement, Sea Life The Mall at Green Hills Dillard's, Macy's, Nordstrom 864,000 (1) 1955/2011 2011 100% Nashville, TN 359,000 International Market Place Saks Fifth Avenue 342,000 2016 93.5% Waikiki, Honolulu, HI 262,000 The Mall of San Juan Nordstrom, Saks Fifth Avenue 626,000 2015 95% San Juan, PR 388,000 The Mall at Short Hills Bloomingdale's, Macy's, 1,455,000 (2) 1980/1994/ 100% Short Hills, NJ Neiman Marcus, Nordstrom 607,000 1995 /2011 Twelve Oaks Mall JCPenney, Lord & Taylor, Macy's, 1,520,000 (3) 1977/1978/ 100% Novi, MI Nordstrom, Sears 551,000 2007/2008 (Detroit Metropolitan Area)

Total GLA 10,309,000 Total Mall GLA 5,060,000 TRG % of Total GLA 9,740,000 TRG % of Total Mall GLA 4,710,000

Unconsolidated Joint Ventures: CityOn.Xi'an Wangfujing 998,000 2016 50% (4)

Xi'an, China 696,000 CityOn.Zhengzhou G-Super, Wangfujing 919,000 2017 49% (4)

Zhengzhou, China 621,000 Country Club Plaza (5) 1,003,000 (6) 1922/1977/ 2016 50% Kansas City, MO 784,000 2000/2015 Fair Oaks Mall JCPenney, Lord & Taylor, 1,557,000 (7) 1980/1987/ 50% Fairfax, VA Macy's (two locations) 561,000 1988/2000 (Washington, DC Metropolitan Area)

International Plaza Dillard's, Life Time Athletic, Neiman Marcus, Nordstrom 1,253,000 2001/2015 50.1% Tampa, FL 617,000 The Mall at Millenia Bloomingdale’s, Macy's, Neiman Marcus 1,114,000 2002 50% Orlando, FL 514,000 Stamford Town Center Macy's, Saks Off 5th 761,000 1982/2007 50% Stamford, CT 438,000 Starfield Hanam PK Market, Shinsegae, Traders 1,701,000 2016 34.3% (4)

Hanam, South Korea 971,000 Sunvalley JCPenney, Macy's (two locations), Sears 1,321,000 1967/1981 2002 50% Concord, CA 481,000 (San Francisco Metropolitan Area)

The Mall at University Town Center Dillard's, Macy's, Saks Fifth Avenue 860,000 2014 50% Sarasota, FL 438,000 Waterside Shops Nordstrom, Saks Fifth Avenue 341,000 1992/2006/ 2003 50% Naples, FL 201,000 2008 Westfarms JCPenney, Lord & Taylor, Macy's (two locations), Nordstrom 1,267,000 1974/1983/ 79% West Hartford, CT 497,000 1997 Total GLA 13,095,000 Total Mall GLA 6,819,000 TRG % of Total GLA 6,640,000 TRG % of Total Mall GLA 3,396,000 Grand Total GLA 23,404,000 Grand Total Mall GLA 11,879,000 TRG % of Total GLA 16,380,000 TRG % of Total Mall GLA 8,106,000

(1) GLA does not reflect the total incremental GLA to be added in connection with the redevelopment project currently ongoing at the center.

(2) GLA includes the former Saks Fifth Avenue store, which closed in September 2016. This space is currently under redevelopment.

(3) In December 2018, Sears announced that it plans to close its store at Twelve Oaks Mall in March 2019.

(4) On February 14, 2019, the Company announced agreements to sell 50 percent of its ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by Blackstone.Upon closing, the Company will retain a 17.15 percent, 25 percent, and 24.5 percent ownership interest in Starfield Hanam, CityOn.Xi'an, and CityOn.Zhengzhou, respectively. The transactionsare subject to customary closing conditions and are expected to close throughout 2019.

(5) In 2018, Nordstrom announced plans to open a store at Country Club Plaza, which is expected to open in 2021.

(6) GLA includes 220,000 square feet of office property.

(7) GLA includes approximately 210,000 square feet of GLA related to the former Sears space, which is now closed.

Q418 Supplemental

16

RedevelopmentAs of December 31, 2018

Center NameIncremental

GLA (1)Completion

Date (1)Anticipated

Investment (1)Capitalized

Cost-To-Date

ExpectedAfter-TaxReturn at

Stabilization(1)

Project with Incremental GLA

The Mall at Green Hills - Nashville, TN 170,000 sq. ft. 2019 $200 million $144.5 million 6.5%-7.5%

Renovation and expansion

(1) Anticipated completion date, incremental GLA, anticipated investment, and stabilized returns for redevelopments are subject to adjustment as a result of factors inherentin the redevelopment process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commissionon Form 10-K and Form 10-Q for other risk factors.

New DevelopmentsAs of December 31, 2018

Asia New Center DevelopmentsStarfield Anseong -

Anseong, South Korea

Partner Shinsegae Group

Size (1) 1.1 million sq. ft.

Opening (1) late 2020

Total Project Cost (1) $570 - $600 million

Ownership % (2)

Project Cost at TRG% (1) (2)(3)

Capitalized Balance on TCO Balance Sheet (4)

Capitalized Costs-To-Date $97.1 million

Expected After-tax Return at Stabilization (1) 6.25% - 6.75% (3)

(1) Anticipated opening date, size, estimated project costs, and stabilized returns for centers under development are subject to adjustment as a result of factors inherent inthe development process, some of which may not be under the direct control of the Company. Refer to the Company's filings with the Securities and Exchange Commissionon Form 10-K and Form 10-Q for other risk factors.

(2) The Company expects to beneficially own a 24.5% interest in the project, however the Company currently owns 49% of the project and is currently funding 49% of the costsuntil an additional capital partner is admitted.

(3) Expected project costs and after tax returns for centers under development exclude the potential impact of foreign currency fluctuations.

(4) The center is owned by an Unconsolidated Joint Venture. "Capitalized Costs-To-Date" generally approximates the Company's investment in the Unconsolidated Joint Ventureas of December 31, 2018.

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17

Anchors in Owned PortfolioAs of December 31, 2018

(Excludes Value and Outlet Centers; GLA in thousands of square feet)

Number

Name of Stores GLA % of GLA

Macy's

Bloomingdale's (1) 3 641

Macy's 12 2,539

Macy's Men's Store/Furniture Gallery 3 489

18 3,669 17.8%

Nordstrom 9 1,302 6.3%

Hudson's Bay Company

Lord & Taylor (2) 3 392

Saks Fifth Avenue 5 375

Saks Off 5th (3) 1 78

9 845 4.1%

JCPenney 4 745 3.6%

Dillard's 3 600 (4) 2.9%

Wangfujing 2 565 2.7%

Shinsegae

PK Market 1 63

Shinsegae 1 484

2 547 2.7%

Sears (5) 2 469 2.3%

Neiman Marcus (6) 4 402 1.9%

Traders 1 183 0.9%

Life Time Athletic 1 56 0.3%

G-Super 1 36 0.2%

Total 56 9,419 45.7% (7)

Major Tenants in Owned PortfolioAs of December 31, 2018

TenantNumberof Stores

SquareFootage

% MallGLA

Forever 21 (Forever 21, XXI Forever) 17 513,277 4.3%

H&M 20 414,527 3.5%

The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Old Navy, Athleta, and others) 47 399,419 3.4%

Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret, and others) 40 274,217 2.3%

Inditex (Zara, Zara Home, Massimo Dutti, Bershka, and others) 20 235,063 2.0%

Urban Outfitters (Anthropologie, Free People, Urban Outfitters) 28 219,985 1.9%

Williams-Sonoma (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and others) 27 217,493 1.8%

Ascena Retail Group (Ann Taylor, Ann Taylor Loft, Justice, and others) 41 205,557 1.7%

Restoration Hardware 5 180,227 1.5%

Abercrombie & Fitch (Abercrombie & Fitch, Hollister, and others) 25 177,556 1.5%

(1) Excludes one Bloomingdale's Outlet store at a value center.

(2) Excludes one Lord & Taylor Outlet store at an outlet center.

(3) Excludes one Saks Off 5th store at a value and outlet center.

(4) GLA reflects the opening of the new Dillard's store at The Mall at Green Hills in March 2017 in connection with the redevelopment project currently ongoing at the center.

(5) In December 2018, Sears announced that it plans to close its store at Twelve Oaks Mall in March 2019.

(6) Excludes one Neiman Marcus-Last Call store at a value and outlet center.

(7) Percentages may not add due to rounding.

Q418 Supplemental

18

Components of Other Income, Other Operating Expense, and Nonoperating Income, NetFor the Three Months Ended December 31, 2018 and 2017(in thousands of dollars)

Three Months Ended December 31, 2018 Three Months Ended December 31, 2017

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other Income

Shopping center and other operational revenues 14,494 9,948 11,450 6,261

Lease cancellation income 135 264 3,001 767

14,629 10,212 14,451 7,028

Other Operating Expense

Shopping center and other operational expenses (1) 18,918 6,417 19,916 7,094

Provision for tenant bad debts (631) 72 3,413 497

Domestic and non-U.S. pre-development costs 846 2,247

Ground rent 4,022 219 3,581 246

23,155 6,708 29,157 7,837

Nonoperating Income, Net

Insurance recoveries - The Mall of San Juan 108 1,101

Fluctuation in fair value of equity securities (1,272)

Gain on SPG common stock conversion 11,613

Dividend income 580 1,091

Interest income 1,441 746 1,722 480

Other nonoperating expense (1) (314) (46) (21)

856 432 15,481 459

Three Months Ended December 31, 2018 Three Months Ended December 31, 2017

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other Income

Shopping center and other operational revenues 11,002 4,452 8,793 3,161

Lease cancellation income 130 132 2,766 384

11,132 4,584 11,559 3,545

Other Operating Expense

Shopping center and other operational expenses (1) 16,072 3,220 17,201 3,490

Provision for tenant bad debts (521) 27 3,225 226

Domestic and non-U.S. pre-development costs 846 2,247

Ground rent 3,700 110 3,278 123

20,097 3,357 25,951 3,839

Nonoperating Income, Net

Insurance recoveries - The Mall of San Juan 103 1,046

Fluctuation in fair value of equity securities (1,272)

Gain on SPG common stock conversion 11,613

Dividend income 580 1,091

Interest income 1,397 338 1,694 217

Other nonoperating (expense) income (1) (107) (42) 2

807 231 15,402 219

(1) Certain expenses of Starfield Hanam, an Unconsolidated Joint Venture, which were previously classified in "Other operating" expense, are now included in "Maintenance,taxes, utilities and promotion" expense. Amounts for 2017 have been reclassified to conform to the 2018 classification.

Q418 Supplemental

19

Components of Other Income, Other Operating Expense, and Nonoperating Income, NetFor the Year Ended December 31, 2018 and 2017

(in thousands of dollars)

Year Ended December 31, 2018 Year Ended December 31, 2017

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other Income

Shopping center and other operational revenues 48,434 29,935 40,902 24,046

Lease cancellation income 13,755 6,311 9,775 5,826

62,189 36,246 50,677 29,872

Other Operating Expense

Shopping center and other operational expenses (1) 64,796 22,747 64,499 23,591

Provision for tenant bad debts 3,728 3,772 11,025 3,643

Domestic and non-U.S. pre-development costs 3,823 5,629

Ground rent 14,961 808 13,360 993

87,308 27,327 94,513 28,227

Nonoperating Income, Net

Insurance recoveries - The Mall of San Juan 1,234 1,101

Fluctuation in fair value of equity securities 2,801

Gain on SPG common stock conversion 11,613

Gains on sales of peripheral land 1,034 945 1,668

Dividend income 4,062 4,219

Interest income 5,560 2,237 5,888 1,363

Other nonoperating income (expense) 23 (314) 62 (21)

14,714 1,923 23,828 3,010

Year Ended December 31, 2018 Year Ended December 31, 2017

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other Income

Shopping center and other operational revenues 35,708 13,499 30,453 11,166

Lease cancellation income 13,479 3,162 9,051 3,009

49,187 16,661 39,504 14,175

Other Operating Expense

Shopping center and other operational expenses (1) 53,069 11,187 54,269 11,518

Provision for tenant bad debts 3,573 2,091 10,510 1,859

Domestic and non-U.S. pre-development costs 3,823 5,629

Ground rent 13,673 405 12,152 497

74,138 13,683 82,560 13,874

Nonoperating Income, Net

Insurance recoveries - The Mall of San Juan 1,173 1,046

Fluctuation in fair value of equity securities 2,801

Gain on SPG common stock conversion 11,613

Gains on sales of peripheral land 1,034 945 1,008

Dividend income 4,062 4,219

Interest income 5,406 994 5,789 649

Other nonoperating income (expense) 22 (107) 62 2

14,498 887 23,674 1,659

(1) Certain expenses of Starfield Hanam, an Unconsolidated Joint Venture, which were previously classified in "Other operating" expense, are now included in "Maintenance,taxes, utilities and promotion" expense. Amounts for 2017 have been reclassified to conform to the 2018 classification.

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Use of Non-GAAP Financial Measures

Within this supplemental information package, the Company uses certain non-GAAP operating measures, including EBITDA, beneficial interest in EBITDA,EBITDA for real estate (EBITDAre), Net Operating Income, and Funds from Operations. These measures are reconciled to the most comparable GAAPmeasures. Additional information as to the use of these measures are as follows.

EBITDA represents earnings before interest, income taxes, and depreciation and amortization of the Operating Partnership's consolidated andunconsolidated businesses. Beneficial interest in EBITDA represents the Operating Partnership’s share of the earnings before interest, income taxes, anddepreciation and amortization of its consolidated and unconsolidated businesses. The National Association of Real Estate Investment Trusts (NAREIT)defines EBITDAre as earnings before interest, income taxes, depreciation and amortization, plus or minus losses and gains on disposition of depreciatedproperty, including losses/gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated affiliatescaused by a decrease in value of depreciated property in the affiliate, of the Operating Partnership's consolidated businesses plus the OperatingPartnership’s share of its unconsolidated businesses. The Company believes EBITDA, beneficial interest in EBITDA, and EBITDAre provide useful indicatorsof operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffectedby capital structure.

The Company uses Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual andstabilized portfolio bases, and in formulating corporate goals and compensation. The Company defines NOI as property-level operating revenues (includesrental income excluding straight-line adjustments of minimum rent) less maintenance, property taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interestincome 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 owningand 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 toperiod, which can affect comparability and trend analysis. The Company generally provides separate projections for expected comparable center NOIgrowth and lease cancellation income. Comparable centers are generally defined as centers that were owned and open for the entire current and precedingperiod presented, excluding centers impacted by significant redevelopment activity. In addition, The Mall of San Juan has been excluded from comparablecenter statistics as a result of Hurricane Maria and the expectation that the center’s performance will be materially impacted for the foreseeable future.

NAREIT defines Funds from Operations (FFO) as net income (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excludinggains (or losses) from extraordinary items and sales of properties and impairment write-downs of depreciable real estate, plus real estate relateddepreciation and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that FFO is a useful supplemental measureof operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishespredictably over time. Since real estate values instead have historically risen or fallen with market conditions, the Company and most industry investorsand analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operatingperformance 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 operatingperformance when certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts ofthese items. The Company believes the disclosure of the adjusted items is similarly useful to investors and others to understand management's view oncomparability of such measures between periods. For the three months and year ended December 31, 2018, FFO and EBITDA were adjusted to excludecosts associated with shareowner activism, the fluctuation in the fair value of equity securities, and a restructuring charge. For the year ended December31, 2018, FFO was also adjusted for a charge recognized in connection with the write-off of deferred financing costs related to the early payoff of theCompany's $475 million unsecured term loan. For the three months and year ended December 31, 2017, FFO and EBITDA were adjusted to exclude arestructuring charge, costs associated with shareowner activism, and a gain recognized upon the conversion of the Company's remaining investment inSPG LP Units to common shares of SPG. For the year ended December 31, 2017, FFO was also adjusted for a charge recognized in connection with thepartial write-off of deferred financing costs related to an amendment of the Company's primary unsecured revolving line of credit in February 2017. Forthe year ended December 31, 2017, EBITDA was also adjusted to exclude a gain recognized in connection with the sale of the Valencia Place office towerat Country Club Plaza.

These non-GAAP measures as presented by the Company are not necessarily comparable to similarly titled measures used by other REITs due to the factthat not all REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of the Company'soperating performance. Additionally, these measures do not represent cash flows from operating, investing, or financing activities as defined by GAAP.

Also within this supplemental information package, the Company provides its beneficial interest in certain financial information of its UnconsolidatedJoint Ventures. This beneficial information is derived as the Company’s ownership interest in the investee multiplied by the specific financial statementitem being presented. Investors are cautioned that deriving the Company’s beneficial interest in this manner may not accurately depict the legal andeconomic implications of holding a non-controlling interest in the investee.

Q418 Supplemental

21

Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds From Operationsand Adjusted Funds From OperationsFor the Three Months Ended December 31, 2018 and 2017

(in thousands of dollars except as noted; may not add or recalculate due to rounding)

2018 2017

DollarsShares/Units

Per Share/Unit Dollars

Shares/Units

Per Share/Unit

Net income attributable to TCO common shareowners - basic 3,079 61,065,282 0.05 20,251 60,737,750 0.33

Add impact of share-based compensation 8 308,898 40 367,344

Net income attributable to TCO common shareowners - diluted 3,087 61,374,180 0.05 20,291 61,105,094 0.33

Add depreciation of TCO's additional basis 1,617 0.03 1,617 0.03

Less TCO's additional income tax benefit — 0.00 (28) (0.00)

Net income attributable to TCO common shareowners, excluding step-up depreciation and additional income tax benefit 4,704 61,374,180 0.08 21,880 61,105,094 0.36

Add noncontrolling share of income of TRG and other 1,915 24,881,563 8,975 24,955,434

Add distributions to participating securities of TRG 599 871,262 577 871,262

Net income attributable to partnership unitholders and participating securities of TRG 7,218 87,127,005 0.08 31,432 86,931,790 0.36

Add (less) depreciation and amortization:

Consolidated businesses at 100% 54,950 0.63 44,848 0.52

Depreciation of TCO's additional basis (1,617) (0.02) (1,617) (0.02)

Noncontrolling partners in consolidated joint ventures (2,120) (0.02) (1,888) (0.02)

Share of Unconsolidated Joint Ventures 17,324 0.20 17,114 0.20

Non-real estate depreciation (1,188) (0.01) (1,229) (0.01)

Less impact of share-based compensation (8) (0.00) (40) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 74,559 87,127,005 0.86 88,620 86,931,790 1.02

TCO's average ownership percentage of TRG - basic (1) 71.1% 70.9%

Funds from Operations attributable to TCO's common shareowners, excluding additional income tax benefit (1) 52,974 0.86 62,812 1.02

Add TCO's additional income tax benefit — 0.00 28 0.00

Funds from Operations attributable to TCO's common shareowners (1) 52,974 0.86 62,840 1.02

Funds from Operations attributable to partnership unitholders and participating securities of TRG 74,559 87,127,005 0.86 88,620 86,931,790 1.02

Restructuring charge 1,019 0.01 9,785 0.10

Costs associated with shareowner activism 2,500 0.03 2,500 0.03

Fluctuation in fair value of equity securities 1,272 0.01

Gain on SPG common stock conversion (11,613) (0.13)

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 79,350 87,127,005 0.91 89,292 86,931,790 1.03

TCO's average ownership percentage of TRG - basic (2) 71.1% 70.9%

Adjusted Funds from Operations attributable to TCO's common shareowners (2) 56,378 0.91 63,289 1.03

(1) For the three months ended December 31, 2018, Funds from Operations attributable to TCO's common shareowners was $52,257 using TCO's diluted average ownershippercentage of TRG of 70.1%. For the three months ended December 31, 2017, Funds from Operations attributable to TCO's common shareowners was $61,946 using TCO'sdiluted average ownership percentage of TRG of 69.9%.

(2) For the three months ended December 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareowners was $55,615 using TCO's diluted averageownership percentage of TRG of 70.1%. For the three months ended December 31, 2017, Adjusted Funds from Operations attributable to TCO's common shareowners was$62,387 using TCO's diluted average ownership percentage of TRG of 69.9%.

Q418 Supplemental

22

Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds From Operationsand Adjusted Funds From OperationsFor the Year Ended December 31, 2018 and 2017

(in thousands of dollars except as noted; may not add or recalculate due to rounding)

2018 2017

DollarsShares/Units

PerShare/Unit Dollars

Shares/Units

PerShare/Unit

Net income attributable to TCO common shareowners - basic 57,952 60,994,444 0.95 55,267 60,675,129 0.91

Add impact of share-based compensation 85 283,271 114 365,366

Net income attributable to TCO common shareowners - diluted 58,037 61,277,715 0.95 55,381 61,040,495 0.91

Add depreciation of TCO's additional basis 6,468 0.11 6,468 0.11

Less TCO's additional income tax benefit (110) (0.00) (315) (0.01)

Net income attributable to TCO common shareowners, excluding step-up depreciation and additional income tax benefit 64,395 61,277,715 1.05 61,534 61,040,495 1.02

Add noncontrolling share of income of TRG and other 26,308 24,932,870 25,277 24,965,157

Add distributions to participating securities of TRG 2,396 871,262 2,300 871,262

Net income attributable to partnership unitholders and participating securities of TRG 93,099 87,081,847 1.07 89,111 86,876,914 1.03

Add (less) depreciation and amortization:

Consolidated businesses at 100% 179,275 2.06 167,806 1.93

Depreciation of TCO's additional basis (6,468) (0.07) (6,468) (0.07)

Noncontrolling partners in consolidated joint ventures (7,600) (0.09) (7,464) (0.09)

Share of Unconsolidated Joint Ventures 68,894 0.79 66,933 0.77

Non-real estate depreciation (4,590) (0.05) (3,596) (0.04)

Less beneficial share of gain on disposition, net of tax (2,083) (0.02)

Less impact of share-based compensation (85) (0.00) (114) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 322,525 87,081,847 3.70 304,125 86,876,914 3.50

TCO's average ownership percentage of TRG - basic (1) 71.0% 70.8%

Funds from Operations attributable to TCO's common shareowners, excluding additional income tax benefit (1) 228,936 3.70 215,471 3.50

Add TCO's additional income tax benefit 110 0.00 315 0.00

Funds from Operations attributable to TCO's common shareowners (1) 229,046 3.71 215,786 3.51

Funds from Operations attributable to partnership unitholders and participating securities of TRG 322,525 87,081,847 3.70 304,125 86,876,914 3.50

Restructuring charge 596 0.01 13,848 0.16

Costs associated with shareowner activism 12,500 0.14 14,500 0.17

Fluctuation in fair value of equity securities (2,801) (0.03)

Gain on SPG common stock conversion (11,613) (0.13)

Partial write-off of deferred financing costs 382 0.00 413 0.00

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 333,202 87,081,847 3.83 321,273 86,876,914 3.70

TCO's average ownership percentage of TRG - basic (2) 71.0% 70.8%

Adjusted Funds from Operations attributable to TCO's common shareowners (2) 236,513 3.83 227,619 3.70

(1) For the year ended December 31, 2018, Funds from Operations attributable to TCO's common shareowners was $226,013 using TCO's diluted average ownership percentageof TRG of 70.0%. For the year ended December 31, 2017, Funds from Operations attributable to TCO's common shareowners was $212,715 using TCO's diluted average ownershippercentage of TRG of 69.8%.

(2) For the year ended December 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareowners was $233,376 using TCO's diluted average ownershippercentage of TRG of 70.0%. For the year ended December 31, 2017, Adjusted Funds from Operations attributable to TCO's common shareowners was $224,374 using TCO'sdiluted average ownership percentage of TRG of 69.8%.

Q418 Supplemental

23

Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDAFor the Periods Ended December 31, 2018 and 2017(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)

Three Months Ended Year Ended2018 2017 2018 2017

Net income 12,938 38,084 115,742 112,757

Add (less) depreciation and amortization:

Consolidated businesses at 100% 54,950 44,848 179,275 167,806

Noncontrolling partners in consolidated joint ventures (2,120) (1,888) (7,600) (7,464)

Share of Unconsolidated Joint Ventures 17,324 17,114 68,894 66,933

Add (less) interest expense and income tax (benefit) expense:

Interest expense:

Consolidated businesses at 100% 35,955 28,498 133,197 108,572

Noncontrolling partners in consolidated joint ventures (3,008) (3,004) (12,031) (11,942)

Share of Unconsolidated Joint Ventures 17,118 17,079 68,225 67,283

Income tax (benefit) expense:

Consolidated businesses at 100% 553 (270) (231) 105

Noncontrolling partners in consolidated joint ventures (58) (47) (192) (134)

Share of Unconsolidated Joint Ventures 833 554 3,220 2,825

Share of income tax expense on disposition 731

Less noncontrolling share of income of consolidated joint ventures (1,880) (2,496) (6,268) (6,775)

Beneficial interest in EBITDA 132,605 138,472 542,231 500,697

TCO's average ownership percentage of TRG - basic 71.1% 70.9% 71.0% 70.8%

Beneficial interest in EBITDA attributable to TCO 94,216 98,146 384,895 354,740

Beneficial interest in EBITDA 132,605 138,472 542,231 500,697

Add (less):

Restructuring charge 1,019 9,785 596 13,848

Costs associated with shareowner activism 2,500 2,500 12,500 14,500

Fluctuation in fair value of equity securities 1,272 (2,801)

Gain on SPG common stock conversion (11,613) (11,613)

Beneficial share of gain on disposition (2,814)

Adjusted Beneficial interest in EBITDA 137,396 139,144 552,526 514,618

TCO's average ownership percentage of TRG - basic 71.1% 70.9% 71.0% 70.8%

Adjusted Beneficial interest in EBITDA attributable to TCO 97,620 98,623 392,200 364,603

Q418 Supplemental

24

Reconciliation of Net Income to Net Operating Income (NOI)For the Three Months Ended December 31, 2018, 2017, and 2016

(in thousands of dollars)

Three Months Ended Three Months Ended

2018 2017 2017 2016

Net income 12,938 38,084 38,084 50,894

Add (less) depreciation and amortization:

Consolidated businesses at 100% 54,950 44,848 44,848 38,040

Noncontrolling partners in consolidated joint ventures (2,120) (1,888) (1,888) (1,826)

Share of Unconsolidated Joint Ventures 17,324 17,114 17,114 17,013

Add (less) interest expense and income tax expense (benefit):

Interest expense:

Consolidated businesses at 100% 35,955 28,498 28,498 24,440

Noncontrolling partners in consolidated joint ventures (3,008) (3,004) (3,004) (2,945)

Share of Unconsolidated Joint Ventures 17,118 17,079 17,079 15,665

Income tax expense (benefit):

Consolidated businesses at 100% 553 (270) (270) 1,462

Noncontrolling partners in consolidated joint ventures (58) (47) (47) (30)

Share of Unconsolidated Joint Ventures 833 554 554 307

Income tax expense on SPG common stock conversion 466

Less noncontrolling share of income of consolidated joint ventures (1,880) (2,496) (2,496) (2,292)

Add EBITDA attributable to noncontrolling partners in consolidated joint ventures 7,066 7,435 7,435 7,093

EBITDAre 139,671 145,907 145,907 148,287

Add EBITDA attributable to outside partners in Unconsolidated Joint Ventures 48,711 49,274 49,274 47,138

EBITDA at 100% 188,382 195,181 195,181 195,425

Add (less) items excluded from shopping center NOI:

General and administrative expenses 11,629 9,369 9,369 13,405

Management, leasing, and development services, net (507) (485) (485) (728)

Restructuring charge 1,019 9,785 9,785

Costs associated with shareowner activism 2,500 2,500 2,500 3,000

Straight-line of rents (2,722) (3,600) (3,600) (1,908)

Fluctuation in fair value of equity securities 1,272

Gains on SPG common stock conversions (11,613) (11,613) (11,069)

Insurance recoveries - The Mall of San Juan (108) (1,101) (1,101)

Dividend income (580) (1,091) (1,091) (974)

Interest income (2,187) (2,202) (2,202) (2,309)

Other nonoperating expense (income) 315 67 67 (4)

Unallocated operating expenses and other 8,809 12,443 12,443 12,574

NOI at 100% - total portfolio 207,822 209,253 209,253 207,412

Less NOI of non-comparable centers (13,523) (1) (9,777) (1) (39,669) (2) (37,984) (3)

NOI at 100% - comparable centers 194,299 199,476 169,584 169,428

NOI - growth % (2.6)% 0.1%

NOI at 100% - comparable centers 194,299 199,476 169,584 169,428

Lease cancellation income (337) (2,890) (2,699) (3,325)

NOI at 100% - comparable centers excluding lease cancellation income 193,962 196,586 166,885 166,103

NOI at 100% excluding lease cancellation income - growth % (1.3)% (4) 0.5%

(1) Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(2) Includes Beverly Center, CityOn.Xi'an, CityOn.Zhengzhou, Country Club Plaza, International Market Place, The Mall of San Juan, and Starfield Hanam.

(3) Includes Beverly Center, CityOn.Xi'an, Country Club Plaza, International Market Place, The Mall of San Juan, Starfield Hanam, and certain post-closing adjustmentsrelating to the portfolio of centers sold to Starwood.

(4) The NOI of the Company’s centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Usingconstant currency exchange rates, the growth in NOI at 100%, excluding lease cancellation income, presented would have been (1.2%) for the three months endedDecember 31, 2018.

Q418 Supplemental

25

Reconciliation of Net Income to Net Operating Income (NOI)For the Year Ended December 31, 2018, 2017, and 2016(in thousands of dollars) Year Ended Year Ended

2018 2017 2017 2016

Net income 115,742 112,757 112,757 188,151

Add (less) depreciation and amortization:

Consolidated businesses at 100% 179,275 167,806 167,806 138,139

Noncontrolling partners in consolidated joint ventures (7,600) (7,464) (7,464) (5,844)

Share of Unconsolidated Joint Ventures 68,894 66,933 66,933 53,012

Add (less) interest expense and income tax expense (benefit):

Interest expense:

Consolidated businesses at 100% 133,197 108,572 108,572 86,285

Noncontrolling partners in consolidated joint ventures (12,031) (11,942) (11,942) (10,331)

Share of Unconsolidated Joint Ventures 68,225 67,283 67,283 54,674

Income tax expense (benefit):

Consolidated businesses at 100% (231) 105 105 1,746

Noncontrolling partners in consolidated joint ventures (192) (134) (134) (49)

Share of Unconsolidated Joint Ventures 3,220 2,825 2,825 622

Share of income tax expense on disposition 731 731

Income tax expense on SPG common stock conversion 466

Less noncontrolling share of income of consolidated joint ventures (6,268) (6,775) (6,775) (8,105)

Add EBITDA attributable to noncontrolling partners in consolidated joint ventures 26,091 26,315 26,315 24,329

EBITDAre 568,322 527,012 527,012 523,095

Add EBITDA attributable to outside partners in Unconsolidated Joint Ventures 194,382 184,539 184,539 140,208

EBITDA at 100% 762,704 711,551 711,551 663,303

Add (less) items excluded from shopping center NOI:

General and administrative expenses 37,174 39,018 39,018 48,056

Management, leasing, and development services, net (1,801) (2,226) (2,226) (24,017) (1)

Restructuring charge 596 13,848 13,848

Costs associated with shareowner activism 12,500 14,500 14,500 3,000

Straight-line of rents (12,428) (10,718) (10,718) (7,620)

Fluctuation in fair value of equity securities (2,801)

Gains on SPG common stock conversions (11,613) (11,613) (11,069)

Insurance recoveries - The Mall of San Juan (1,234) (1,101) (1,101)

Gain on disposition (4,445) (4,445)

Gains on sales of peripheral land (1,034) (2,613) (2,613) (1,828)

Dividend income (4,062) (4,219) (4,219) (3,836)

Interest income (7,797) (7,251) (7,251) (6,488)

Other nonoperating expense (income) 291 (41) (41) (362)

Unallocated operating expenses and other 33,463 39,256 39,256 44,576

NOI at 100% - total portfolio 815,571 773,946 773,946 703,715

Less NOI of non-comparable centers (57,786) (2) (47,878) (2) (149,950) (3) (90,229) (4)

NOI at 100% - comparable centers 757,785 726,068 623,996 613,486

NOI - growth % 4.4% 1.7%

NOI at 100% - comparable centers 757,785 726,068 623,996 613,486

Lease cancellation income (17,122) (12,838) (12,669) (6,200)

NOI at 100% - comparable centers excluding lease cancellation income 740,663 713,230 611,327 607,286

NOI at 100% excluding lease cancellation income - growth % 3.8% (5) 0.7%

(1) Amount includes the lump sum payment of $21.7 million received in May 2016 in connection with the termination of the Company's third party leasing agreement forCrystals due to a change in ownership of the center.

(2) Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(3) Includes Beverly Center, CityOn.Xi'an, CityOn.Zhengzhou, Country Club Plaza, International Market Place, The Mall of San Juan, and Starfield Hanam.

(4) Includes Beverly Center, CityOn.Xi'an, Country Club Plaza, International Market Place, The Mall of San Juan, Starfield Hanam, and certain post-closing adjustments relatingto the portfolio of centers sold to Starwood.

(5) The NOI of the Company’s centers in China and South Korea have been translated using their respective average exchange rates for the periods presented. Using constantcurrency exchange rates, the growth in NOI at 100%, excluding lease cancellation income, presented would have been 3.5% for the year ended December 31, 2018.

Q418 Supplemental

26

Operating Statistics GlossaryAs of December 31, 2018

Statistics are presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest.Peripheral tenants are excluded from all statistics unless otherwise noted.

Terms:

Gross Leasable Area (GLA) - total gross retail space.

Gross Leasable Occupied Area (GLOA) - total gross occupied retail space.

Net Operating Income (NOI) - property level operating revenues (rental income excluding straight-line adjustments of minimum rent) less maintenance,taxes, utilities, ground rent (including straight-line adjustments), and other property operating expenses for comparable centers.

Retail Merchandising Units (RMUs) - special purpose retail sales units located in common areas leased on a temporary basis by tenants and owned bythe Company.

Temporary In-Line Tenants (TILs) - tenants leasing mall retail space for a period of less than or equal to one year.

Value and Outlet Center Anchors - tenants greater than 20,000 square feet at value and outlet centers.

Statistic Description Includes Excludes

Ending Occupancy GLOA of all centers as of the last day of thereporting period divided by GLA of all centers asof the last day of the reporting period

Value and Outlet CenterAnchors, theaters, and TILs

Regional mall anchors

Leased Space Total percentage of leased GLA of all centers withexecuted leases as of the last day of the reportingperiod

Value and Outlet CenterAnchors, theaters, and TILs

Regional mall anchors

Average Rent psf Annualized minimum rents for the periodassociated with the mall tenants divided by theaverage GLOA for the period associated with themall tenants

All anchors (value and outlet center andregional mall), TILs and RMUs

Opening Rent psf Weighted average of the annual rents psf forspaces opening in the period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Sq Ft of GLAOpened

Total sq ft of centers’ spaces opening in thereporting period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Closing Rent psf Weighted average of the annual rents psf forspaces closing in the period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Sq Ft of GLAClosed

Total sq ft of centers’ spaces closing in thereporting period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Releasing Spreadpsf

Opening rent psf less closing rent psf (12-monthstrailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greaterthan or equal to 10,000 sf

Mall Tenant Sales Total sales of centers in the reporting period TILs and RMUs All anchors (value and outlet center andregional mall)

Sales psf Total sales of centers in the reporting perioddivided by the associated GLOA

RMUs All anchors (value and outlet center andregional mall),TILs, non-comparablecenters and spaces greater than or equalto 10,000 sf

Occupancy Costsas a % of Sales

The sum of minimum rents, overage rents, CAMrecovery and tax recovery for the period dividedby the reported sales for the same tenant spaces

All anchors (value and outlet center andregional mall) and most peripheraltenants

Growth in NOI Percentage change in Net Operating Income(NOI) for the period over the same period fromthe prior year

ComparableCenters

Centers that were owned and open for the entirecurrent and preceding period presented,excluding centers impacted by significantredevelopment activity. In addition, The Mall ofSan Juan has been excluded from comparablecenter statistics as a result of Hurricane Mariaand the expectation that the center’sperformance will be impacted for theforeseeable future. Certain statistics are alsopresented representing all comparable centersas well as U.S. only comparable centers.