Fourth Quarter 2019 Earnings Press Release & Supplemental Information

Q419 Supplemental

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PAGE

Earnings Press Release ER 1-5

OverviewCompany Information & Analyst Coverage 1Trading Information 2

Summary Financial Information 3

Operational Statistics 4-5

Income Statements 6-7

Changes in Funds from Operations and Earnings per Common Share 8-9

Balance Sheet InformationBalance Sheets 10Debt Summary 11-12Capital Spending & Certain Balance Sheet Information 13

Property InformationOwned Centers 14New Development, Acquisition, and Partial Dispositions of Ownership Interests 15Anchors & Major Tenants in Owned Portfolio 16

OtherComponents of Rental Revenues 17Components 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 certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words suchas “believes”, “anticipates”, “expects”, “may”, “will”, “would,” “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements.Forward-looking statements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differ materially from thoseprojected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the conditions to one or more transaction closings maynot be satisfied, the potential impact on us due to the announcement of the disposition of ownership interests, the occurrence of any event, change or other circumstancesthat could give rise to the delay or termination of the transactions, general economic conditions, and other factors. Such factors include, but are not limited to: changes inmarket rental rates; unscheduled closings 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; our ability to comply with debt covenants; the availability and terms of financings; changesin market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currencyrisk; risks related to acquiring, developing, expanding, leasing and managing properties; changes in value of investments in foreign entities; risks related to joint ventureproperties; insurance costs and coverage; security breaches that could impact our information technology, infrastructure or personal data; costs associated with responseto technology breaches; the loss of key management personnel; shareholder activism costs and related diversion of management time; terrorist activities; maintaining ourstatus as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on our operations; and changes in global,national, regional and/or local economic and geopolitical climates. You should review our filings with the Securities and Exchange Commission, including “Risk Factors” inour most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties. In addition, the failure to receive, on a timelybasis or otherwise, the required approvals by Taubman’s shareholders; the risk that a condition to closing of the transaction may not be satisfied; Simon’s and Taubman’sability to consummate the transaction; the possibility that the anticipated benefits from the transaction will not be fully realized; the ability of Taubman to retain key personneland maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes andother risk factors relating to the industries in which Simon and Taubman operate, as detailed from time to time in each of Simon’s and Taubman’s reports filed with the SEC.There can be no assurance that the transaction will in fact be consummated. Additional information about these factors and about the material factors or assumptionsunderlying such forward-looking statements may be found under Item 1.A in Taubman’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Taubmancautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions withrespect to the proposed transaction, shareholders and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequentwritten and oral forward-looking statements concerning the proposed transaction or other matters attributable to Taubman or any other person acting on their behalf areexpressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of thiscommunication. Taubman does not undertake any obligation to update or revise any forward-looking statements for any reason, even if new information becomes availableor other events occur in the future, except as may be required by law.

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Earnings Press Release

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

– Full Year 2019 Net Income and Earnings Per Diluted Common Share (EPS) Up Primarily Due to Gains on Sales of Interests inStarfield Hanam and CityOn.Zhengzhou

– Pro Rata Total Portfolio NOI, Excluding Lease Cancellation Income, Up 4.6 Percent for the Quarter and 3.9 Percent for the Year– Industry-leading Sales Per Square Foot $876, Up 3.1 Percent for the Quarter and 9.8 Percent for the Year– U.S. Comp Center Sales Per Square Foot $972, Up 11 Percent for the Year– Average Rent Per Square Foot Up 1.6 Percent for the Year

BLOOMFIELD HILLS, Mich., Feb. 10, 2020 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the quarter and fullyear periods ended December 31, 2019.

“We produced solid results in the fourth quarter concluding what was a very productive year for the company,” said Robert S. Taubman,chairman, president and chief executive officer of Taubman Centers.

“In 2019 we enhanced our portfolio through our partnership with Blackstone in Asia, the acquisition of a 48.5 percent interest in TheGardens Mall in Palm Beach and by executing on our vision for The Mall at Green Hills in Nashville, all while navigating a challengingretail environment.”

Operating Statistics

Total portfolio NOI growth at our beneficial interest, excluding lease cancellation income, was up 3.9 percent for the year and up 4.6percent for the fourth quarter.

For the year, comparable center NOI, excluding lease cancellation income was up 0.2 percent, and was up 1.4 percent at our share.Fourth quarter, comparable center NOI, excluding lease cancellation income was down 0.1 percent, and was up 1.7 percent at ourshare.

December 31,2019

Three MonthsEnded

December 31,2018

Three MonthsEnded

December 31,2019

Year Ended

December 31,2018

Year Ended

Net income attributable to commonshareowners, diluted (in thousands) ($32,792) $3,087 $206,753 $58,037

Net income attributable to common shareowners(EPS) per diluted common share ($0.54)(1) $0.05 $3.32(2) $0.95

Funds from Operations (FFO) per dilutedcommon shareGrowth rate

$0.915.8%

$0.86 $3.50(5.7)%

$3.71

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

$0.97(3)

6.6%$0.91(4) $3.71(3)

(3.1)%$3.83(4)

(1) EPS for the three-month period ended December 31, 2019 includes two impairment charges related to Taubman Prestige Outlets Chesterfield andStamford Town Center totaling $1.09 per diluted common share, partially offset by gains related to the sale of 50 percent of our interest inCityOn.Zhengzhou, of $0.37 per diluted common share.(2) EPS for the year ended December 31, 2019 was higher primarily due to the sales of 50 percent of our interests in Starfield Hanam and CityOn.Zhengzhouand a litigation settlement related to The Mall of San Juan, resulting in the recognition of gains totaling $3.73 per diluted common share, partially offsetby impairment charges of $1.08 per diluted common share.(3) Adjusted FFO for the three months and year ended December 31, 2019 excludes restructuring charges, deferred income tax expense and other costsincurred related to the Blackstone transactions, costs associated with the Taubman Asia President transition, costs associated with shareholder activism,a charge recognized in connection with the write-off of deferred financings costs and the fluctuation in the fair value of equity securities. Adjusted FFOfor the year ended December 31, 2019 also excludes a promote fee (net of tax) related to Starfield Hanam.(4) Adjusted FFO for the three months and year ended December 31, 2018 excludes restructuring charges, costs associated with shareholder activism,and the fluctuation in the fair value of equity securities. Adjusted FFO for the year ended December 31, 2018 also excludes a charge recognized inconnection with the write-off of deferred financing costs.

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“We were pleased with our NOI growth in a year where we experienced elevated tenant bankruptcies and unfavorable foreign currencyexchange rates,” said Mr. Taubman. “Our high-quality portfolio of assets continues to grow, notwithstanding a volatile retail environment.”

Tenant sales per square foot in U.S. comparable centers reached a record high of $972 for 2019, an increase of 11 percent. U.S.comparable center tenant sales per square foot were up 2.7 percent in the fourth quarter.

Including Asia, comparable center tenant sales per square foot were $876 for 2019, up 9.8 percent over 2018. Fourth quarter comparablecenter tenant sales per square foot were up 3.1 percent.

“Sales growth was well-distributed across centers and categories,” said Mr. Taubman. “Apparel, shoes, electronics, food and jewelry allposted increases, building upon strong growth last year.”

For the year, average rent per square foot in comparable centers was $56.12, up 1.6 percent from last year. For the fourth quarter,average rent per square foot was $55.98, up 0.8 percent.

Average rent per square foot in U.S. comparable centers increased to $62.11 in 2019. In the fourth quarter average rent per square foot inU.S. comparable centers was $61.79, essentially flat compared to last year.

The trailing 12-month releasing spread per square foot for the period ended December 31, 2019 was negative 1.1 percent. This spreadremains impacted by a small number of deals, concentrated within a few centers, which have an average lease term of less than twoyears. Without these leases, the releasing spread was 3.2 percent.

Ending occupancy in comparable centers was 94.3 percent at year-end, down 0.6 percent from December 31, 2018. Leased space incomparable centers was 95.7 percent at year-end, down 0.7 percent from December 31, 2018. Both occupancy and leased space wereimpacted by Stamford Town Center, which is currently being marketed for sale, as well as the Forever 21 store at The Mall at Short Hills(Short Hills, NJ) which closed in late December.

“Although tenant turnover remains elevated, demand for space in our portfolio remains high,” said Mr. Taubman.

Blackstone Transactions

In December, the company completed the sale of 50 percent of Taubman Asia’s interest in CityOn.Zhengzhou (Zhengzhou, China) to realestate funds managed by the Blackstone Group Inc. (Blackstone) for $89 million, retaining a 24.5 percent ownership interest in the center.The company received net proceeds of $47.5 million, following the allocation of property-level debt, taxes and transaction costs, whichwere used to pay down debt. The company recognized a gain on disposition of $14.3 million and a gain on remeasurement of $17.8million related to the sale.

The company expects to complete the sale of Taubman Asia’s 50 percent interest in CityOn.Xi’an (Xi’an, China) to Blackstone in the firstquarter of 2020. The sale price is $91 million and net proceeds are expected to be about $50 million, following the allocation of property-level debt, taxes and transaction costs. This represents the third and final asset sale associated with the Blackstone transactionsannounced last year.

The sales are consistent with Taubman’s announcement to sell 50 percent of its three Asia-based shopping centers toBlackstone. See Taubman to Sell 50 Percent of its Interests in its Three Asia Shopping Centers to Blackstone - February 14, 2019.

Portfolio Activity

In May 2018, the operations, buildings, and improvements of Taubman Prestige Outlets Chesterfield (Chesterfield, Mo.) were transferredto The Staenberg Group (TSG), as part of a redevelopment agreement. See Taubman Centers, Inc. Issues Strong First Quarter Results - April26, 2018. The company has deferred recognition of a sale until the company’s termination right is no longer available, with the rightceasing upon TSG commencing construction of a redevelopment. TSG has made significant progress on their redevelopment plans andthe commencement of construction is probable within the year, leading to an expected sale of the property in 2020. Accordingly, thecenter was classified as held for sale as of December 31, 2019 and an impairment charge of $72.2 million was recognized in the fourthquarter. The company has no future capital obligation related to the redevelopment and remains entitled to ground lease payments and ashare of the property’s future revenues above a specified level.

The company also recognized an impairment charge of $18.0 million related to its equity investment in its 50 percent owned StamfordTown Center (Stamford, Conn.). The shopping center is currently being marketed for sale.

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Earnings Press Release (continued)

2019 Milestones, Events and Financings

During 2019, the company:

• Announced agreements to sell 50 percent of Taubman Asia’s interests in three Asia-based shopping centers to funds managedBlackstone. See Taubman to Sell 50 Percent of its Interests in its Three Asia Shopping Centers to Blackstone - February 14, 2019.

• Increased the regular quarterly dividend by 3.1 percent to $0.675 per share of common stock. See Taubman Centers IncreasesQuarterly Common Dividend 3.1 Percent to $0.675 Per Share - March 4, 2019.

• Completed a new 1.2 billion Chinese Yuan Renminbi (RMB) (approximately $156 million using December 31, 2019 exchangerate), 10-year, fully-amortizing, non-recourse financing at CityOn.Xi’an (Xi’an, China), with an all-in fixed rate of 6 percent. -March 14, 2019.

• Announced the nomination of Michelle Goldberg to the company’s Board of Directors, who was appointed to the Board onMay 30, 2019. Ms. Goldberg, along with Janice (Jan) Fields and Nancy Killefer, was one of three new independent directorswho joined the Taubman Board in 2019. See Taubman Nominates Michelle J. Goldberg to Board of Directors - April 22, 2019.

• Acquired a 48.5 percent interest in The Gardens Mall (Palm Beach Gardens, Fla.) in an off-market, non-cash transaction for 1.5million Taubman Realty Group Limited Partnership (TRG) units and the assumption of its pro rata share of debt. See TaubmanCenters, Inc. Issues Solid First Quarter Results - April 30, 2019.

• Completed the sale of 50 percent of Taubman Asia’s interest in Starfield Hanam (Hanam, South Korea) to funds managed byBlackstone. See Taubman Completes Sales of Interest in Starfield Hanam to Blackstone - September 19, 2019.

• Announced Paul Wright’s promotion to president, Taubman Asia, effective January 1, 2020. See Peter Sharp Resigns asPresident of Taubman Asia; Paul Wright to be Promoted into Role - October 11, 2019.

• Amended and extended the company’s primary revolving line of credit and one of two unsecured term loans. The $1.1 billionrevolving line of credit was extended to February 2024, with two six-month extension options. The term loan, which has aprincipal balance of $275 million, was extended to February 2025. - October 28, 2019.

• Resolved the litigation with Hudson’s Bay Company regarding the former Saks Fifth Avenue location at The Mall of San Juan(San Juan, Puerto Rico), which resulted in a $10.1 million net gain. See Taubman Centers, Inc. Issues Third Quarter Results -October 29, 2019.

Simon Property Group to Acquire Taubman

Earlier today the company announced a definitive agreement for Simon Property Group, Inc. (NYSE: SPG) (Simon) to acquire an 80%ownership interest in The Taubman Realty Group Limited Partnership (TRG). Simon, through its operating partnership, Simon PropertyGroup, L.P., will acquire all of Taubman’s common stock for $52.50 per share in cash and the Taubman family will sell approximatelyone-third of its ownership interest at the transaction price and remain a 20% partner in TRG. See the press release issued separatelytoday by Simon Property Group, Inc. and Taubman Centers, Inc.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online atwww.taubman.com under “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• New Development, Acquisition and Partial Dispositions of Ownership Interests• Anchors & Major Tenants in Owned Portfolio• Components of Rental Revenues• Components of Other Income, Other Operating Expense, and Nonoperating Income, Net• Earnings Reconciliations• Glossary

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Investor Conference Call

The company, along with Simon, will conduct a live conference call and webcast to discuss Simon’s agreement to acquire Taubmantoday, February 10, 2020 at 8:30 a.m. EST. The live webcast will be available at investors.simon.com. Within the United States, the callmay be accessed by dialing 1-888-528-4228. Callers outside the U.S. can dial 1-704-935-3408. The conference ID for the call is"9456226."

An audio replay will be available from approximately 11:30 a.m. EST on February 10, 2020 until 11:00 a.m. Eastern Time on February 17,2020. The replay can be accessed within the U.S. by dialing 1-855-859-2056. Callers outside the U.S. can access the replay at404-537-3406. The replay passcode is "9456226." The call will also be archived on investors.simon.com for approximately 90 days.

The company is cancelling its conference call that was scheduled for 10:00 a.m. EST on Thursday, February 13.

About TaubmanTaubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 26regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive inthe 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.

For ease of use, references in this press release to “Taubman Centers,”, “we”, “us”, “our”, “company,” “Taubman” or an operatingplatform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted byan affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend onor relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would,”“should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements. Forward-lookingstatements involve significant known and unknown risks and uncertainties that may cause actual results in future periods to differmaterially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the followingfactors: the failure to receive, on a timely basis or otherwise, the required approvals by Taubman’s shareholders; the risk that acondition to closing of the transaction may not be satisfied; Simon’s and Taubman’s ability to consummate the transaction; thepossibility that the anticipated benefits from the transaction will not be fully realized ; the ability of Taubman to retain key personneland maintain relationships with business partners pending the consummation of the transaction; and the impact of legislative,regulatory and competitive changes and other risk factors relating to the industries in which Simon and Taubman operate, as detailedfrom time to time in each of Simon’s and Taubman’s reports filed with the SEC. There can be no assurance that the transaction will infact be consummated.

Additional information about these factors and about the material factors or assumptions underlying such forward-looking statementsmay be found under Item 1.A in Taubman’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. Taubman cautionsthat the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statementsto make decisions with respect to the proposed transaction, shareholders and others should carefully consider the foregoing factors andother uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the proposedtransaction or other matters attributable to Taubman or any other person acting on their behalf are expressly qualified in their entiretyby the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of thiscommunication. Taubman does not undertake any obligation to update or revise any forward-looking statements for any reason, even ifnew information becomes available or other events occur in the future, except as may be required by law.

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Additional Information and Where to Find It

This communication is being made in respect of the proposed transaction involving Taubman and Simon. In connection with theproposed transaction, Taubman intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including apreliminary proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Taubman will mail thedefinitive proxy statement and a proxy card to each shareholder of Taubman entitled to vote at the special meeting relating to theproposed transaction. This communication is not a substitute for the proxy statement or any other document that Taubman may filewith the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION,SHAREHOLDERS OF TAUBMAN ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT TAUBMAN WILL FILE WITH THESEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TAUBMAN AND THE PROPOSEDTRANSACTION. The definitive proxy statement, the preliminary proxy statement and other relevant materials in connection with theproposed transaction (when they become available), and any other documents filed by TAUBMAN with the SEC, may be obtained free ofcharge at the SEC’s website (http://www.sec.gov) or at Taubman’s website (www.taubman.com).

Participants in the Solicitation

Taubman and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies inconnection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemedparticipants in the solicitation of the shareholders of Taubman in connection with the transaction, including a description of theirrespective direct or indirect interests, by security holdings or otherwise, is included in the Proxy Statement described above filed with theSEC. Additional information regarding Taubman’s directors and executive officers is also included in the Taubman’s proxy statement onSchedule 14A for its 2019 Annual Meeting of Shareholders, which was filed with the SEC on April 30, 2019, or its Annual Report on Form10-K for the year ended December 31, 2018, which was filed with the SEC on February 28, 2019. These documents are available free ofcharge as described above.

CONTACTS:Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390ewright@taubman.com

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

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Company Information

Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a self-administered and self-managed real estate investment trust(REIT). The Taubman Realty Group Limited Partnership (TRG) is a majority-owned partnership subsidiary of TCO that owns direct or indirectinterests in all of our real estate properties. In this report, the terms "we", "us", and "our" refer to TCO, TRG, and/or TRG's subsidiaries asthe context may require. We engage in the ownership, management, leasing, acquisition, disposition, development, and expansion of retailshopping centers and interests therein. Our owned portfolio as of December 31, 2019 included 24 urban and suburban shopping centersin 11 U.S. states, Puerto Rico, South Korea, and China.

This package was prepared to provide supplemental operating, financing, and development information of TCO and TRG for the fourthquarter of 2019. The information herein contains terms, captions, and other content for which definitions and additional background canbe found in our regular filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K andQuarterly Report on Form 10-Q. Refer to www.taubman.com for the latest available version of this package, which will incorporate anyrevisions 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

We maintain self-service investor alerts that can be found on our website, www.taubman.com, Investors - Investor Resources - Email Alertstab.

Analyst Coverage

TCO is followed by the analysts listed above. We believe the list to be complete, but can provide no assurances. Please note that anyopinions, estimates, or forecasts made by these analysts regarding our performance are independent of TCO and do not represent opinions,forecasts, or predictions of our management. TCO does not, by our reference above or distribution, imply our endorsement of or concurrencewith 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. Vince Tibone vtibone@greenstreetadvisors.com

Jefferies, LLC Linda Tsai ltsai@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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Trading Information

TCO'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, 2019 53.45 44.85 0.675June 30, 2019 54.30 40.13 0.675September 30, 2019 43.83 37.88 0.675December 31, 2019 39.58 29.59 0.675

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

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, 2019 and 2018

(in thousands of dollars, except as noted)

Three Months Ended Year Ended

2019 2018 2019 2018

Funds from Operations (1):

FFO:

TRG 80,557 74,559 309,027 322,525

TCO 56,269 52,974 216,813 229,046

FFO per common share:

Basic 0.92 0.87 3.54 3.75

Diluted 0.91 0.86 3.50 3.71

Growth rate-diluted 5.8% (5.7)%

Adjusted FFO:

TRG 85,629 79,350 327,118 333,202

TCO 59,812 56,378 229,460 236,513

Adjusted FFO per common share:

Basic 0.98 0.92 3.75 3.88

Diluted 0.97 0.91 3.71 3.83

Growth rate-diluted 6.6% (3.1)%

Earnings attributable to common shareholders:

Net income attributable to common shareholders:

Basic (32,792) 3,079 203,925 57,952

Diluted (32,792) 3,087 206,753 58,037

Per common share - basic (0.54) 0.05 3.33 0.95

Per common share - diluted (0.54) 0.05 3.32 0.95

Dividends:

Dividends paid per common share 0.675 0.655 2.700 2.620

Payout ratio of Adjusted FFO per diluted common share 70% 72% 73 % 68%

Coverage (2):

Interest only 2.9 2.7 2.7 2.9

Fixed charges 2.3 2.2 2.2 2.3

Market Capitalization:

Closing stock price at end of period 31.09 45.49

Market equity value of share equivalents 2,724,872 3,909,723

Preferred equity (at face value) 362,500 362,500

Net beneficial interest in debt 4,928,100 4,977,000

Total market capitalization 8,015,472 9,249,223

Debt to total market capitalization 61.5% 53.8%

Ownership:

TCO common shares outstanding:

End of period 61,228,579 61,069,108

Weighted average - basic 61,219,679 61,065,282 61,181,983 60,994,444

Weighted average - diluted 61,219,679 61,374,180 62,238,439 61,277,715

TRG units of partnership interest:

End of period 87,644,651 85,946,862

Weighted average - basic 87,644,643 85,946,845 87,235,481 85,927,314

Weighted average - diluted 88,680,817 87,127,005 88,291,937 87,081,847

TCO ownership of TRG:

End of period 69.9% 71.1%

Weighted average - basic 69.8% 71.1% 70.1 % 71.0%

Weighted average - diluted 69.0% 70.1% 69.3 % 70.0%

(1) See page 20 of this Supplemental for list of FFO adjustments for the three months and years ended December 31, 2019 and 2018.

(2) Interest coverage ratio is calculated by dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense. Fixed charges coverageratio is calculated by dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense and the sum of preferred dividends,distributions, and debt payments. See page 20 of this Supplemental for list of EBITDA adjustments for the three months and years ended December 31, 2019 and 2018.

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Operational StatisticsFor the Periods Ended December 31, 2019 and 2018

Three Months Ended Year Ended2019 2018 2019 2018

Occupancy and Leased Space (1):Ending occupancy - all centers 93.9 % 94.6% 93.9 % 94.6 %Ending occupancy - comparable (2) 94.3 % 94.9% 94.3 % 94.9 %Leased space - all centers 95.2 % 96.2% 95.2 % 96.2 %Leased space - comparable (2) 95.7 % 96.4% 95.7 % 96.4 %

Average Base Rents (2)(3):Average rent per square foot - all comparable centers: Consolidated Businesses 70.13 70.50 70.69 71.24 Unconsolidated Joint Ventures 47.31 46.74 47.29 46.27 Combined 55.98 55.51 56.12 55.24Average rent per square foot growth - all comparable centers 0.8 % 1.6 %

Average rent per square foot - U.S. comparable centers: Consolidated Businesses 70.13 70.50 70.69 71.24 Unconsolidated Joint Ventures 53.85 54.19 54.06 53.56 Combined 61.79 61.92 62.11 61.75Average rent per square foot growth - U.S. comparable centers (0.2)% 0.6 %

Year Ended2019 2018

Opening/Closing Rents (2)(3):Opening base rent per square foot: Consolidated Businesses 55.47 70.56 Unconsolidated Joint Ventures 46.90 42.03 Combined 50.97 56.11Square feet of GLA opened: Consolidated Businesses 606,630 572,367 Unconsolidated Joint Ventures 671,657 587,370 Combined 1,278,287 1,159,737Closing base rent per square foot: Consolidated Businesses 55.97 67.60 Unconsolidated Joint Ventures 47.74 42.95 Combined 51.56 54.00Square feet of GLA closed: Consolidated Businesses 561,386 507,610 Unconsolidated Joint Ventures 647,783 624,708 Combined 1,209,169 1,132,318Releasing spread per square foot: Consolidated Businesses (0.50) 2.96 Unconsolidated Joint Ventures (0.84) (0.92) Combined (0.59) 2.11Releasing spread per square foot growth: Consolidated Businesses (0.9)% 4.4 % Unconsolidated Joint Ventures (1.8)% (2.1)% Combined (1.1)% 3.9 %

(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 precedingperiod presented, 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 beenexcluded from comparable center statistics. The periods ended December 31, 2018 statistics have been restated to include comparable centers to 2019.

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

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Operational Statistics (continued)For the Periods Ended December 31, 2019 and 2018

Three Months Ended Year Ended2019 2018 2019 2018

Mall Tenant Sales (in thousands of dollars) (1):Mall tenant sales - all centers 2,348,869 2,158,927 7,686,183 6,832,524Mall tenant sales - comparable (2) 2,113,319 2,036,305 7,024,373 6,449,236Sales per square foot - all comparable centers (2) 876 798Sales per square foot growth - all comparable centers (2) 3.1 % 9.8 %Sales per square foot - U.S. comparable centers (2) 972 876Sales per square foot growth - U.S. comparable centers (2) 2.7 % 11.0 %

Occupancy Costs as a Percentage of Sales (1):All centers: Consolidated Businesses 13.3 % 14.3 % Unconsolidated Joint Ventures 12.1 % 12.9 % Combined 12.7 % 13.6 %Comparable centers (2): Consolidated Businesses 12.9 % 13.9 % Unconsolidated Joint Ventures 12.1 % 12.9 % Combined 12.5 % 13.4 %

Tenant Bankruptcy Filings as a Percentage of Total Tenants 0.3 % 0.1 % 2.7 % 1.6 %

Growth in Net Operating Income at 100% (2):Including all lease cancellation income 0.7 % (2.6)% (0.8)% 4.4 %Excluding all lease cancellation income (0.1)% (1.3)% 0.2 % 3.8 %Excluding all lease cancellation income using constant currency exchange rates 0.3 % (1.2)% 0.9 % 3.5 %

Number of Owned Properties at End of Period 24 23

(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 excluded fromcomparable center statistics. The periods ended December 31, 2018 statistics have been restated to include comparable centers to 2019.

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Income StatementFor the Three Months Ended December 31, 2019 and 2018(in thousands of dollars) 2019 2018

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Rental revenues (2) 149,247 146,397Minimum rents (2) 91,515 90,185Overage rents 10,491 10,955 9,217 10,088Expense recoveries (2) 51,337 44,179Management, leasing, and development services 811 791Other (2) 16,187 12,216 14,629 10,212

Total revenues 176,736 169,568 167,489 154,664

EXPENSES:Maintenance, taxes, utilities, and promotion 45,032 56,285 44,086 45,678Other operating (2) 22,278 7,124 23,155 6,708Management, leasing, and development services 665 284General and administrative 13,804 11,629Impairment charges (3) 72,232 20,600Restructuring charges 1,958 1,019Costs associated with shareholder activism 630 2,500Interest expense 35,817 34,597 35,955 33,353Depreciation and amortization 51,343 35,430 54,950 33,910

Total expenses 243,759 154,036 173,578 119,649

Nonoperating income, net 981 710 856 432(66,042) 16,242 (5,233) 35,447

Income tax expense (1,408) (4,102) (553) (1,450)

Equity in income of UJVs (580) 18,724Gains on partial dispositions of ownership interests in UJVs, net of tax 15,770

Gains on remeasurements of ownership interests in UJVs 19,629

Net income (32,631) 12,140 12,938 33,997Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (1,795) (1,880)Noncontrolling share of income of TRG 8,015 (1,595)

Distributions to participating securities of TRG (596) (599)Preferred stock dividends (5,785) (5,785)Net income attributable to Taubman Centers, Inc. common shareholders (32,792) 3,079

SUPPLEMENTAL INFORMATION:EBITDA - 100% 58,926 86,269 85,672 102,710EBITDA - outside partners' share (6,589) (50,976) (7,066) (48,711)Beneficial interest in EBITDA 52,337 35,293 78,606 53,999Gains on partial dispositions of ownership interests in UJVs (18,179)

Gains on remeasurements of ownership interests in UJVs (19,629)Beneficial share of impairment charges 72,232 17,951Beneficial interest expense (33,002) (17,170) (32,947) (17,118)Beneficial income tax expense - TRG and TCO (1,408) (928) (495) (513)Non-real estate depreciation (1,155) (1,188)Preferred dividends and distributions (5,785) (5,785)Funds from Operations attributable to partnership unitholders and participatingsecurities of TRG 45,411 35,146 38,191 36,368

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:Net straight-line adjustments to rental revenues, recoveries, and ground rentexpense at TRG% 1,245 295 997 476

Country Club Plaza purchase accounting adjustments - rental revenues at TRG% 118 113

The Mall at Green Hills purchase accounting adjustments - rental revenues 16 24The Gardens Mall purchase accounting adjustments - rental revenues at TRG% (170)The Gardens Mall purchase accounting adjustments - interest expense at TRG% (528)

(1) With the exception of the Supplemental Information, amounts include 100% of the UJVs. Amounts are net of intercompany transactions. The UJVs are presented at 100% in order to allow for measurement oftheir performance as a whole, without regard to our ownership interest.

(2) Upon adoption of ASC Topic 842, minimum rents and expense recoveries are now presented within a single revenue line item, Rental Revenues; the presentation of lease cancellation income has changed fromOther income to Rental Revenues; the presentation of uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue; and Other Operating expense includescertain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $1.0 million of leasing costs were expensed during the threemonths ended December 31, 2019. Comparative periods presented were not adjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenuesfor comparative purposes period over period.

(3) During the three months ended December 31, 2019, impairment charges of $72.2 million and $20.6 million were recognized related to Taubman Prestige Outlets Chesterfield and Stamford Town Center,respectively.

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Income StatementFor the Year Ended December 31, 2019 and 2018 2019 2018(in thousands of dollars)

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Rental revenues (2) 581,755 557,010Minimum rents (2) 353,226 357,465Overage rents 19,210 29,234 16,670 28,844Expense recoveries (2) 205,514 178,162Management, leasing, and development services 4,846 3,271Other (2) 55,243 32,995 62,189 36,246

Total revenues 661,054 619,239 640,870 600,717

EXPENSES:Maintenance, taxes, utilities, and promotion 163,538 188,698 157,957 171,188Other operating (2) 82,488 25,910 87,308 27,327Management, leasing, and development services 3,582 1,470General and administrative 40,566 37,174Impairment charges (3) 72,232 20,600Restructuring charges 3,543 596Costs associated with shareholder activism 17,305 12,500Interest expense 148,407 138,178 133,197 132,669Depreciation and amortization 188,407 138,607 179,275 134,872

Total expenses 720,068 511,993 609,477 466,056

Nonoperating income, net 27,449 7,691 14,714 1,923(31,565) 114,937 46,107 136,584

Income tax (expense) benefit (6,332) (10,737) 231 (6,924)

Equity in income of UJVs 49,166 69,404Gains on partial dispositions of ownership interests in UJVs, net of tax 154,466

Gains on remeasurements of ownership interests in UJVs 164,639

Net income 330,374 104,200 115,742 129,660Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (5,014) (6,268)Noncontrolling share of income of TRG (95,884) (25,988)

Distributions to participating securities of TRG (2,413) (2,396)Preferred stock dividends (23,138) (23,138)Net income attributable to Taubman Centers, Inc. common shareholders 203,925 57,952

SUPPLEMENTAL INFORMATION:EBITDA - 100% 626,763 391,722 358,579 404,125EBITDA - outside partners' share (25,064) (197,616) (26,091) (194,382)Beneficial interest in EBITDA 601,699 194,106 332,488 209,743Gain on insurance recoveries - The Mall of San Juan (1,418)Gain on Saks settlement - The Mall of San Juan (10,095)Gains on partial dispositions of ownership interests in UJVs (156,875)

Gains on remeasurements of ownership interests in UJVs (164,639)Beneficial share of impairment charges 72,232 17,951Beneficial interest expense (136,694) (69,749) (121,166) (68,225)Beneficial income tax expense - TRG and TCO (6,143) (3,608) 423 (2,900)Beneficial income tax benefit - TCO (110)Non-real estate depreciation (4,602) (4,590)Preferred dividends and distributions (23,138) (23,138)Funds from Operations attributable to partnership unitholders andparticipating securities of TRG 170,327 138,700 183,907 138,618

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:Net straight-line adjustments to rental revenues, recoveries, and ground rentexpense at TRG% 5,672 476 3,079 2,073

Country Club Plaza purchase accounting adjustments - rental revenues at TRG% 375 1,522The Mall at Green Hills purchase accounting adjustments - rental revenues 77 112The Gardens Mall purchase accounting adjustments - rental revenues at TRG% (986)The Gardens Mall purchase accounting adjustments - interest expense at TRG% (1,584)

(1) With the exception of the Supplemental Information, amounts include 100% of the UJVs. Amounts are net of intercompany transactions. The UJVs are presented at 100% in order to allow for measurement oftheir performance as a whole, without regard to our ownership interest.(2) Upon adoption of ASC Topic 842, minimum rents and expense recoveries are now presented within a single revenue line item, Rental Revenues; the presentation of lease cancellation income has changed fromOther income to Rental Revenues; the presentation of uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue; and Other Operating expense includescertain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $4.4 million of leasing costs were expensed during the yearended December 31, 2019. Comparative periods presented were not adjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenues forcomparative purposes period over period.(3) During the year ended December 31, 2019, impairment charges of $72.2 million and $20.6 million were recognized related to Taubman Prestige Outlets Chesterfield and Stamford Town Center, respectively.

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Changes in Funds from Operations and Earnings per Common ShareFor the Three Months Ended December 31, 2019(all per share amounts on a diluted basis unless otherwise noted; rounded to nearest half penny; amounts may not add due to rounding)

2018 Fourth Quarter Funds from Operations per Common Share $ 0.86

Restructuring charges 0.010

Costs associated with shareholder activism 0.030

Fluctuation in fair value of equity securities 0.015

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

Changes - 2019 vs. 2018

Minimum rents 0.020

Uncollectible tenant revenues (0.015)

Lease cancellation income 0.015

Other operating expense 0.030

General and administrative expense (0.010)

Interest expense (0.020)

Non-comparable centers 0.040

2019 Fourth Quarter Funds from Operations per Common Share - Adjusted $ 0.97

Restructuring charges (0.020)

Costs related to Blackstone transactions (1) (0.015)

Costs associated with shareholder activism (0.005)

Taubman Asia President transition costs (2) (0.015)

Write-off of deferred financing costs 0.005

2019 Fourth Quarter Funds from Operations per Common Share $ 0.91

2018 Fourth Quarter Earnings per Common Share $ 0.05

Changes - 2019 vs. 2018

Change in FFO per common share 0.050

Gains on partial dispositions of ownership interests in UJVs, net of tax 0.180

Gains on remeasurements of ownership interests in UJVs 0.225

Beneficial share of impairment charges (1.090)

Depreciation and other 0.045

2019 Fourth Quarter Earnings per Common Share $ (0.54)

(1) Includes $1.2 million of deferred income tax expense related to the Blackstone transactions, which has been recorded within Income Tax Expense in our Statement ofOperations and Comprehensive Income (Loss).

(2) Includes $1.2 million of costs incurred related to the Taubman Asia President transition, which have been recorded within General and Administrative expense in ourStatement of Operations and Comprehensive Income (Loss).

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Changes in Funds from Operations and Earnings per Common ShareFor the Year Ended December 31, 2019(all per share amounts on a diluted basis unless otherwise noted; rounded to nearest half penny; amounts may not add due to rounding)

2018 Funds from Operations per Common Share $ 3.71

Restructuring charges 0.005

Costs associated with shareholder 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 - Adjusted $ 3.83

Changes - 2019 vs. 2018

Minimum rents 0.100

Overage rents 0.015

Uncollectible tenant revenues (0.035)

Lease cancellation income (0.085)

General and administrative expense (0.025)

Interest expense (0.210)

Non-comparable centers 0.190

Nonoperating income, net (0.050)

Other (0.020)

2019 Funds from Operations per Common Share - Adjusted $ 3.71

Restructuring charges (0.040)

Costs related to Blackstone transactions (1) (0.035)

Costs associated with shareholder activism (0.195)

Promote fee, net of tax - Starfield Hanam (2) 0.045

Fluctuation in fair value of equity securities 0.040

Taubman Asia President transition costs (3) (0.015)

Write-off of deferred financing costs (0.005)

2019 Funds from Operations per Common Share $ 3.50

2018 Earnings per Common Share $ 0.95

Changes - 2019 vs. 2018

Change in FFO per common share (0.210)

Gains on partial dispositions of ownership interests in UJVs, net of tax 1.750

Gains on remeasurements of ownership interests in UJVs 1.865

Gain on insurance recoveries - The Mall of San Juan 0.015

Gain on Saks settlement - The Mall of San Juan 0.115

Beneficial share of impairment charges (1.080)

Depreciation and other (0.085)

2019 Earnings per Common Share $ 3.32

(1) Includes $0.5 million of disposition costs incurred prior to the completion of the sales of our ownership interests and $2.7 million of deferred income tax expense bothrelated to the Blackstone transactions, which have been recorded within Nonoperating Income, Net and Income Tax Expense, respectively, in our Statement of Operationsand Comprehensive Income (Loss).

(2) Includes $4.8 million of promote fee income related to Starfield Hanam less $0.9 million of income tax expense, which have been recorded within Equity in Income ofUJVs and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

(3) Includes $1.2 million of costs incurred related to the Taubman Asia President transition, which have been recorded within General and Administrative expense in ourStatement of Operations and Comprehensive Income (Loss).

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Balance Sheets(in thousands of dollars)

As ofConsolidated Balance Sheet of Taubman Centers, Inc.: December 31, 2019 December 31, 2018Assets:

Properties 4,731,061 4,717,569Accumulated depreciation and amortization (1,514,992) (1,404,692)

3,216,069 3,312,877Investment in UJVs (1) 831,995 673,616Cash and cash equivalents 102,762 48,372Restricted cash 656 94,557Accounts and notes receivable (1) 95,416 77,730Accounts receivable from related parties 2,112 1,818Operating lease right-of-use assets (1) 173,796Deferred charges and other assets 92,659 135,136

4,515,465 4,344,106

Liabilities:Notes payable, net 3,710,327 3,830,195Accounts payable and accrued liabilities 268,714 336,208Operating lease liabilities (1) 240,777Distributions in excess of investments in and net income of UJVs (1) 473,053 477,800

4,692,871 4,644,203

Redeemable noncontrolling interests — 7,800

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

Series B Non-Participating Convertible Preferred Stock 26 25Series J Cumulative Redeemable Preferred StockSeries K Cumulative Redeemable Preferred StockCommon Stock 612 611Additional paid-in capital 741,026 676,097Accumulated other comprehensive income (loss) (39,003) (25,376)Dividends in excess of net income (1) (712,884) (744,230)

(10,223) (92,873)Noncontrolling interests:

Noncontrolling interests in consolidated joint ventures (1) (153,343) (156,470)Noncontrolling interests in partnership equity of TRG (1) (13,840) (58,554)

(167,183) (215,024)(177,406) (307,897)

4,515,465 4,344,106

Combined Balance Sheet of Unconsolidated Joint Ventures (2):Assets:

Properties 3,816,923 3,728,846Accumulated depreciation and amortization (942,840) (869,375)

2,874,083 2,859,471Cash and cash equivalents 201,501 161,311Accounts and notes receivable (1) 122,569 131,767Operating lease right-of-use assets (1) 11,521Deferred charges and other assets 178,708 140,444

3,388,382 3,292,993

Liabilities:Notes payable, net 3,049,737 2,815,617Accounts payable and other liabilities 341,263 426,358Operating lease liabilities (1) 13,274

3,404,274 3,241,975Accumulated deficiency in assets:

Accumulated deficiency in assets - TRG (1) (197,629) (35,585)Accumulated deficiency in assets - Joint Venture Partners (1) 235,697 119,764Accumulated other comprehensive loss - TRG (14,751) (13,880)Accumulated other comprehensive loss - Joint Venture Partners (39,209) (19,281)

(15,892) 51,0183,388,382 3,292,993

(1) Upon adoption of ASC Topic 842 on January 1, 2019, we valued our operating lease obligations and recorded operating lease liabilities and related right-of-use assets.These lease liabilities and related right-of-use assets will amortize over the remaining life of the respective leases. The difference between lease liability and related right-of-use assets relates to straight-line ground rent payables that were previously included in accounts payable and accrued liabilities. In addition, we recorded a cumulativeeffect adjustment to retained earnings for the adjustment in the calculation of uncollectible tenant revenues.

(2) UJV amounts exclude the balances of Starfield Anseong as of December 31, 2019 and December 31, 2018.

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Debt SummaryAs of December 31, 2019(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 12/31/2019 12/31/2019 (a) 12/31/2019 (b) SpreadCherry Creek Shopping Center 50.00% I 6/1/2028 550.0 275.0 3.85%City Creek Center A 8/1/2023 75.4 75.4 4.37%Great Lakes Crossing Outlets A 1/6/2023 193.5 193.5 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 292.3 292.3 4.85%

2,111.2 1,836.23.81% 3.80%

Consolidated Floating Rate Debt:The Mall at Green Hills I 12/1/2020 150.0 150.0 3.14% (c) 1.45%International Market Place 93.50% I 8/9/2021 (d) 250.0 233.8 3.84% 2.15% (d)TRG $65M Revolving Credit Facility I 4/25/2020 0.0 (e) 0.0 3.16% (e) 1.40%TRG $1.1B Revolving Credit Facility I 2/1/2024 (f) 650.0 650.0 3.07% (f) 1.38% (f)

1,050.0 1,033.83.26% 3.25%

Consolidated Floating Rate Debt Swapped to Fixed:TRG $275M Term Loan I 2/1/2025 275.0 275.0 3.69% (g) 1.55% (g)TRG $250M Term Loan I 3/31/2023 250.0 250.0 4.62% (h) 1.60% (h)TRG $1.1B Revolving Credit Facility(portion swapped)

I 2/1/2024 (f) 25.0 25.0 3.51% (f) 1.38% (f)

U.S. Headquarters I 3/1/2024 12.0 12.0 3.49% (i)562.0 562.0

4.09% 4.09%

Total Consolidated Deferred Financing Costs, Net (12.9) (12.3)

Total Consolidated 3,710.3 3,419.6Weighted Rate (excluding deferred financing costs) 3.70% 3.68%

Joint Ventures Fixed Rate Debt:CityOn.Xi'an 50.00% (j) A 3/14/2029 155.6 (k) 77.8 6.00%Country Club Plaza 50.00% A 4/1/2026 316.2 158.1 3.85%Fair Oaks Mall 50.00% A 5/10/2023 254.5 127.3 5.32%The Gardens Mall 48.50% I - until

8/15/20207/15/2025 (l) 195.0 106.4 (l) 4.08% (l)

International Plaza 50.10% A 12/1/2021 297.8 149.2 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 17.15% (j) I 11/25/2020 269.9 (m) 46.3 2.58% (m)Sunvalley 50.00% A 9/1/2022 165.1 82.5 4.44%Taubman Land Associates 50.00% A 11/1/2022 20.6 10.3 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 (n) 4/15/2026 165.0 82.5 3.86%Westfarms 78.94% A 7/1/2022 275.6 217.5 4.50%

2,845.2 1,422.94.17% 4.28%

Joint Venture Floating Rate Debt Swapped to Fixed:International Plaza 50.10% A 12/1/2021 158.6 79.5 3.58% (o)Starfield Hanam 17.15% (j) I 11/8/2020 52.1 (p) 8.9 3.12% (p)

210.7 88.43.47% 3.53%

Total Joint Venture Deferred Financing Costs, Net (6.1) (2.7)

Total Joint Venture 3,049.7 1,508.5Weighted Rate (excluding deferred financing costs) 4.12% 4.24%

TRG Beneficial Interest Totals:Fixed Rate Debt 4,956.4 3,259.1

4.01% 4.01%Floating Rate Debt 1,050.0 1,033.8

3.26% 3.25%Floating Rate Debt Swapped to Fixed 772.7 650.4

3.92% 4.01%

Total Deferred Financing Costs, Net (19.0) (15.1)

Total 6,760.1 4,928.1Weighted Rate (excluding deferred financing costs) 3.89% 3.85%

Weighted Average Maturity Fixed Debt 6.3Weighted Average Maturity Total Debt 5.5

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Debt Summary (continued)As of December 31, 2019

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

Beneficial Share of Principal Amortization and Debt Maturities

YearFixed RateDebt (q)

Weighted Rate

Floating RateDebt

Weighted Rate

FloatingSwapped to

Fixed (r)Weighted

Rate (r)

Total DeferredFinancingCosts, Net Total Debt

Weighted Rate

2020 79.0 3.37% 150.0 3.14% 10.8 3.20% (3.6) 236.2 3.22%2021 177.9 4.78% 233.8 3.84% 77.6 3.58% (2.9) 486.4 4.14%2022 319.2 4.46% (2.3) 316.9 4.46%2023 388.3 4.33% 250.0 4.62% (1.8) 636.5 4.44%2024 248.6 4.03% 650.0 3.07% 37.0 3.50% (1.6) 934.0 3.34%2025 113.8 4.27% 275.0 3.69% (1.1) 387.7 3.86%2026 370.6 3.78% (1.0) 369.6 3.78%2027 1,019.8 3.52% (0.7) 1,019.1 3.52%2028 535.4 4.36% — 535.3 4.36%2029 6.4 6.00% 6.4 6.00%

3,259.1 4.01% 1,033.8 3.25% 650.4 4.01% (15.1) 4,928.1 3.85%

Unencumbered AssetsCenter 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) The LIBOR rate is capped at 3.00% until maturity, resulting in a maximum interest rate of 4.45%.

(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 $9.7 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 + 1.05% to 1.60% with a facility fee ranging from 0.20% to 0.25% based on our total leverage ratio. Two, six-month extensionoptions are available. The LIBOR rate is swapped to a fixed rate of 2.14% until February 2022 on $25 million of the $1.1 billion TRG revolving credit facility. This results in an effectiveinterest rate in the range of 3.19% to 3.74% until February 2022 on $25 million of the credit facility balance.

(g) The $275 million unsecured term loan bears interest at a range of LIBOR + 1.15% to 1.80% based on our total leverage ratio. The LIBOR rate is swapped to a fixed rate of 2.14% untilFebruary 2022, which results in an effective interest rate in the range of 3.29% to 3.94% until February 2022.

(h) The $250 million unsecured term loan bears interest at a range of LIBOR + 1.25% to 1.90% based on our total leverage ratio. Through the term of the loan, the LIBOR rate is swappedto a fixed rate of 3.02% which results 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) On February 14, 2019, we announced agreements to sell 50% of our ownership interests in Starfield Hanam, CityOn.Xi'an, and CityOn.Zhengzhou to funds managed by Blackstone.Upon completion of the sales, we will retain ownership interests of 17.15% in Starfield Hanam, 25% in CityOn.Xi'an, and 24.5% in CityOn.Zhengzhou. The completion of the sales ofStarfield Hanam and CityOn.Zhengzhou occurred in September 2019 and December 2019, respectively.

(k) 1.2 billion Renminbi (RMB) ($172.3 million USD equivalent at December 31, 2019) non-recourse facility.

(l) Beneficial interest in debt includes $11.8 million of purchase accounting premium from acquisition of The Gardens Mall which reduces the stated rate on the debt of 6.8% to anaverage effective rate of 4.2% on total beneficial interest in debt over the remaining term of the loan. The effective rate for the current quarter differs from the average over theremaining term of the loan due to differences in amortization methods. The lender has the option to declare the loan due and payable if the net income available for debt service asdefined in the loan agreement is less than a certain amount for calendar years 2019 through 2022.

(m) 520 billion Korean Won (KRW) ($449.8 million USD equivalent at December 31, 2019) 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.

(n) 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.

(o) 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.

(p) $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 untilSeptember 2020 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 at 1162 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 (m) above).

(q) Principal amortization includes amortization of purchase accounting adjustments.

(r) Represents principal amortization of floating rate debt swapped to fixed rate debt as of December 31, 2019. Note that not all of this debt may be swapped at these rates throughmaturity. See footnote (f), (g) and (h) above.

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Capital Spending(in thousands of dollars) Three Months Ended December 31, 2019

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) (3) 22,393

Existing Centers:

Projects with incremental GLA or anchor replacement (4) 1,712 1,712 9,887 4,944

Projects with no incremental GLA and other (5) 13,690 13,197 14,035 7,532

Mall tenant allowances 18,005 17,675 7,085 3,618

Asset replacement costs recoverable from tenants 7,183 6,964 10,717 5,420

Corporate office improvements, technology, equipment and other 1,482 1,482 — —

42,072 41,030 41,724 43,907

Capitalized Leasing and Tenant Coordination Costs (1) 6,461 6,376 1,785 931 7,307

Year Ended December 31, 2019

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) (3) 71,402

Existing Centers:

Projects with incremental GLA or anchor replacement (4) 28,267 28,267 19,870 9,935

Projects with no incremental GLA and other (5) 78,042 74,127 26,556 14,352

Mall tenant allowances 43,205 39,446 23,246 12,878

Asset replacement costs recoverable from tenants 19,798 18,660 17,968 9,997

Corporate office improvements, technology, equipment and other 2,221 2,221

171,533 162,721 87,640 118,564

Capitalized Leasing and Tenant Coordination Costs (1) 11,702 11,240 4,287 2,227 13,467

Construction Work in Process (6) 102,454 97,435 201,710 186,789 284,224

Capitalized Interest - Capital Additions Classification (Balance Sheet) 2,735 2,695 5,402 (7) 5,268 (7) 7,963

Capitalized Interest - Expense Reduction (Income Statement) (8) 7,807 7,767 330 196 7,963

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

(2) Asia balance excludes net fluctuations of total project costs due to changes in exchange rates during the period.

(3) Asia spending for Starfield Anseong is only included at our beneficial interest in the UJVs at TRG% column until development is completed.

(4) Includes costs related to The Mall at Green Hills redevelopment.

(5) Includes costs related to the Beverly Center redevelopment related to certain costs to be incurred to the project's completion, including construction on certain tenant spaces.

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

(7) We capitalize interest costs incurred in funding our equity contributions to development projects accounted for as UJVs. The capitalized interest cost is included in our basis in our investment in UJVs.

(8) Interest costs incurred by our Consolidated Businesses in funding equity contributions to UJV development projects reduce consolidated interest expense in our Statement of Operations and Comprehensive Income (Loss).

Certain Balance Sheet InformationConsolidated Amounts as of December 31, 2019 (in millions of dollars)

Properties:

Peripheral land 17.0 (1)

Accounts and notes receivable, net:

Straight-line rental revenues 53.5

Deferred charges and other assets:

Prepaids and deposits 7.0

Accounts payable and accrued liabilities

Community Development District obligation 40.1 (2)

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

(2) 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 our Consolidated Statement of Operations and ComprehensiveIncome (Loss).

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Owned CentersAs of December 31, 2019

Sq. Ft. of GLA/ Year Opened/ YearCenter Anchors Mall GLA Expanded Acquired Ownership %Consolidated Businesses: Beverly Center Bloomingdale's, Macy's 834,000 1982 100% Los Angeles, CA 510,000 Cherry Creek Shopping Center Macy's, Neiman Marcus, Nordstrom 1,037,000 1990/1998/ 50% Denver, CO 634,000 2015 City Creek Center Macy's, Nordstrom 623,000 2012 100% Salt Lake City, UT 342,000 Dolphin Mall Bass Pro Shops Outdoor World, Bloomingdale's Outlet, Burlington 1,434,000 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 238,000 1998/2010 2011 100% Palm Desert, CA 187,000 Great Lakes Crossing Outlets AMC Theatres, Bass Pro Shops Outdoor World, Burlington Coat Factory, 1,355,000 1998 100% Auburn Hills, MI Legoland, Planet Fitness, Round 1 Bowling and 533,000 (Detroit Metropolitan Area) Amusement, Sea Life The Mall at Green Hills Dillard's, Macy's, Nordstrom 969,000 (1) 1955/2011/ 2011 100% Nashville, TN 464,000 2019 International Market Place Saks Fifth Avenue 340,000 2016 93.5% Waikiki, Honolulu, HI 261,000 The Mall of San Juan Nordstrom 627,000 (2) 2015 95% San Juan, PR 389,000 The Mall at Short Hills Bloomingdale's, Macy's, 1,443,000 (3) 1980/1994/ 100% Short Hills, NJ Neiman Marcus, Nordstrom 607,000 1995 /2011 Twelve Oaks Mall JCPenney, Lord & Taylor, Macy's, 1,519,000 (4) 1977/1978/ 100% Novi, MI (Detroit Metropolitan Area) Nordstrom 550,000 2007/2008 Total GLA 10,419,000 Total Mall GLA 5,179,000 TRG % of Total GLA 9,847,000 TRG % of Total Mall GLA 4,826,000

Unconsolidated Joint Ventures: CityOn.Xi'an Wangfujing 994,000 2016 50% (5)

Xi'an, China 692,000 CityOn.Zhengzhou G-Super, Wangfujing 919,000 2017 24.5% (5)

Zhengzhou, China 621,000 Country Club Plaza (6) 947,000 (7) 1922/1977/ 2016 50% Kansas City, MO 729,000 2000/2015 Fair Oaks Mall JCPenney, Lord & Taylor, Macy's (two locations) 1,557,000 (8) 1980/1987/ 50% Fairfax, VA (Washington, DC Metropolitan Area) 561,000 1988/2000 The Gardens Mall Bloomingdale's, Macy's, Nordstrom, 1,406,000 1988 / 2005 2019 48.5% Palm Beach Gardens, FL Saks Fifth Avenue, Sears 449,000 International Plaza Dillard's, Life Time Athletic, Neiman Marcus, Nordstrom 1,252,000 2001/2015 50.1% Tampa, FL 616,000 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 1,709,000 2016 17.15% (5)

Hanam, South Korea 978,000 Sunvalley JCPenney, Macy's (two locations), Sears 1,324,000 1967/1981 2002 50% Concord, CA (San Francisco Metropolitan Area) 485,000 The Mall at University Town Center Dillard's, Macy's, Saks Fifth Avenue 863,000 2014 50% Sarasota, FL 441,000 Waterside Shops Nordstrom, Saks Fifth Avenue 342,000 1992/2006/ 2003 50% Naples, FL 202,000 2008 Westfarms JCPenney, Lord & Taylor, Macy's (two locations), Nordstrom 1,266,000 1974/1983/ 79% West Hartford, CT 497,000 1997 Total GLA 14,454,000 Total Mall GLA 7,223,000 TRG % of Total GLA 6,779,000 TRG % of Total Mall GLA 3,270,000 Grand Total GLA 24,873,000 Grand Total Mall GLA 12,402,000 TRG % of Total GLA 16,626,000 TRG % of Total Mall GLA 8,096,000

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

(2) GLA includes approximately 100,000 square feet of GLA related to the former Saks Fifth Avenue space, which closed in September 2017 and terminated its lease in August 2019.

(3) GLA includes the former Saks Fifth Avenue store, which closed in September 2016. A portion of this space opened as Mall GLA in 2018, while the remaining 31,000 square feet of GLA of the space is currentlyunder redevelopment as coworking office space.

(4) GLA includes approximately 228,000 square feet of GLA related to the former Sears space, which closed in March 2019.

(5) On February 14, 2019, we announced agreements to sell 50 % of our ownership interests in Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by Blackstone. In September and December2019, we completed the sale of 50% of our interests in Starfield Hanam and CityOn.Zhengzhou, respectively. The CityOn.Xi'an transaction is expected to close in the first quarter of 2020, subject to customaryclosing conditions.

(6) In 2018, Nordstrom announced plans to relocate a store to the center. The new, approximately 116,000-square-foot store is expected to open in 2021.

(7) GLA includes 218,000 square feet of office property.

(8) GLA includes approximately 210,000 square feet of GLA related to the former Sears space, which closed in November 2018 and is now partially occupied.

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New DevelopmentAs of December 31, 2019

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 % 49%

Project Cost at TRG% (1) (2) $280 - $300 million

Capitalized Balance on TCO Balance Sheet (3)

Capitalized Costs-To-Date $165.9 million

Expected After-tax Return at Stabilization (1) 6.25% - 6.75% (2)

(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 our direct control. Refer to our filings with the Securities and Exchange Commission on Form 10-K and Form10-Q for other risk factors.

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

(3) The center is owned by an UJV. "Capitalized Costs-To-Date" generally approximates our investment in the UJV as of December 31, 2019.

Acquisition

Center Name SizePurchase

ConsiderationOwnership %

Acquired Closing Date

The Gardens Mall - Palm Beach Gardens, FL 1.4 million sq. ft.Total GLA /

0.5 million sq. ft.Mall GLA

(1) 1.5 million TRGpartnership units

(2) 48.5% (3) April 1, 2019

(1) The 1,400,000 square foot property is anchored by Bloomingdale’s, Macy’s, Nordstrom, Saks Fifth Avenue, and Sears.

(2) To acquire the 48.5% interest, TRG issued 1.5 million TRG partnership units and assumed our beneficial share of $195 million of property-level debt. The debt assumed willbe adjusted for our beneficial share of $27.6 million of purchase accounting adjustments, which will have the effect of reducing the stated rate on the debt of 6.8% to anaverage effective rate of 4.2% over the remaining term of the loan.

(3) Our ownership interest in the center is accounted for as an UJV under the equity method.

Partial Dispositions of Ownership Interests

Center Name Size Net ProceedsFormer

Ownership %Retained

Ownership % Closing Date

Starfield Hanam - Hanam, South Korea 1.7 million sq. ft.Total GLA /

1.0 million sq. ft.Mall GLA

237.6 millionUSD

34.3% 17.15% September 17,2019

CityOn.Zhengzhou - Zhengzhou, China 0.9 million sq. ftTotal GLA /

0.6 million sq. ft.Mall GLA

47.5 million USD 49% 24.5% December 31,2019

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Anchors in Owned PortfolioAs of December 31, 2019

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

Number

Name of Stores GLA % of GLA

Macy's

Bloomingdale's (1) 4 871

Macy's 13 2,844

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

20 4,204 18.8%

Nordstrom 10 1,446 6.5%

Hudson's Bay Company

Lord & Taylor 3 392

Saks Fifth Avenue 5 381

Saks Off 5th (2) 1 78

9 851 3.9%

JCPenney 4 745 3.4%

Dillard's 3 600 2.7%

Wangfujing 2 565 2.6%

Shinsegae

PK Market 1 63

Shinsegae 1 484

2 547 2.5%

Neiman Marcus (3) 4 402 1.8%

Sears 2 390 1.8%

Traders 1 183 0.8%

Life Time Athletic 1 56 0.3%

G-Super 1 36 0.2%

Total 59 10,025 45.1% (4)

Major Tenants in Owned PortfolioAs of December 31, 2019

TenantNumberof Stores

SquareFootage

% MallGLA

H&M 22 466,549 3.8%

The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Janie and Jack, Old Navy, Athleta, andothers) 61 450,693 3.6%

Forever 21 (Forever 21, XXI Forever) 16 448,690 3.6%

Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret, and others) 41 290,131 2.3%

Inditex (Zara, Zara Home, Massimo Dutti, Bershka, and others) 20 235,063 1.9%

Williams-Sonoma (Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and others) 28 230,966 1.9%

Urban Outfitters (Anthropologie, Free People, Urban Outfitters) 29 230,863 1.9%

Abercrombie & Fitch (Abercrombie & Fitch, Hollister, and others) 32 214,876 1.7%

Ascena Retail Group (Ann Taylor, Ann Taylor Loft, Justice, and others) 40 198,245 1.6%

Restoration Hardware 6 197,754 1.6%

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

(2) Excludes one Saks Off 5th store at a value center.

(3) Excludes one Neiman Marcus-Last Call store at a value center.

(4) Percentages may not add due to rounding.

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Components of Rental RevenuesFor the Periods Ended December 31, 2019 and 2018(in thousands of dollars)

Upon adoption of ASC Topic 842 on January 1, 2019, minimum rents and expense recoveries are now presented within a single revenue line item, RentalRevenues on the Consolidated Statement of Operations and Comprehensive Income (Loss). Also, upon adoption of ASC Topic 842, lease cancellation paymentsfrom our tenants are now considered a modification of a lease and presented within Rental Revenues on the Consolidated Statement of Operations andComprehensive Income (Loss). Lease cancellation income was previously presented within Other income. Further, the presentation of uncollectible tenantrevenues has changed from Other Operating expense to Rental Revenues as a contra-revenue. We elected the optional transition method to apply theprovisions of ASC Topic 842 as of the adoption date, rather than the earliest period presented. As such, the requirements of ASC Topic 842 were not appliedin the comparative periods presented in our financial statements. Refer to the tables below for detail related to the components of Rental Revenues.

Three Months Ended December 31, 2019 Three Months Ended December 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Minimum rents 93,038 95,239 91,515 90,185

Billed and accrued recoveries 56,751 49,123 51,337 44,179

Lease cancellation income 725 1,729 135 264

Uncollectible tenant revenues (1,267) 306 631 (72)

Total Rental Revenues 149,247 146,397

Three Months Ended December 31, 2019 Three Months Ended December 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Lease cancellation income 684 857 130 132

Uncollectible tenant revenues (1,349) 183 521 (27)

Year Ended December 31, 2019 Year Ended December 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Minimum rents 363,253 367,362 353,226 357,465

Billed and accrued recoveries 216,680 186,038 205,514 178,162

Lease cancellation income 5,965 6,896 13,755 6,311

Uncollectible tenant revenues (4,143) (3,286) (3,728) (3,772)

Total Rental Revenues 581,755 557,010

Year Ended December 31, 2019 Year Ended December 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Lease cancellation income 5,890 3,443 13,479 3,162

Uncollectible tenant revenues (4,168) (1,702) (3,573) (2,091)

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Components of Other Income, Other Operating Expense, and Nonoperating Income, NetFor the Three Months Ended December 31, 2019 and 2018(in thousands of dollars)

Three Months Ended December 31, 2019 Three Months Ended December 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other IncomeShopping center and other operational revenues 16,187 12,216 14,494 9,948Lease cancellation income (1) 135 264

16,187 12,216 14,629 10,212

Other Operating ExpenseShopping center and other operational expenses (2) 17,952 6,896 18,918 6,417Provision for tenant bad debts (3) (631) 72Domestic and non-U.S. pre-development costs 308 846Ground rent 4,018 228 4,022 219

22,278 7,124 23,155 6,708

Nonoperating Income, NetExpense reimbursement insurance recoveries 108Fluctuation in fair value of equity securities 146 (1,272)Dividend income 580Interest income 845 750 1,441 746Other nonoperating expense (10) (40) (1) (314)

981 710 856 432

Three Months Ended December 31, 2019 Three Months Ended December 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other IncomeShopping center and other operational revenues 12,489 4,333 11,002 4,452Lease cancellation income (1) 130 132

12,489 4,333 11,132 4,584

Other Operating ExpenseShopping center and other operational expenses (2) 14,603 3,297 16,072 3,220Provision for tenant bad debts (3) (521) 27Domestic and non-U.S. pre-development costs 308 846Ground rent 3,696 114 3,700 110

18,607 3,411 20,097 3,357

Nonoperating Income, NetExpense reimbursement insurance recoveries 103Fluctuation in fair value of equity securities 146 (1,272)Dividend income 580Interest income 787 292 1,397 338Other nonoperating expense (12) (12) (1) (107)

921 280 807 231

(1) Upon adoption of ASC Topic 842, the presentation of lease cancellation income has changed from Other income to Rental Revenues. Comparative periods presented werenot adjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenues for comparative purposes period overperiod.

(2) Upon adoption of ASC Topic 842, Other operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. Asa result of the accounting change, an additional $1.0 million of leasing costs were expensed during the three months ended December 31, 2019. Comparative periods presentedwere not adjusted to reflect the change in accounting.

(3) Upon adoption of ASC Topic 842, the presentation for uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue.Comparative periods presented were not adjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenuesfor comparative purposes period over period.

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Components of Other Income, Other Operating Expense, and Nonoperating Income, NetFor the Year Ended December 31, 2019 and 2018(in thousands of dollars) Year Ended December 31, 2019 Year Ended December 31, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other IncomeShopping center and other operational revenues 55,243 32,995 48,434 29,935Lease cancellation income (1) 13,755 6,311

55,243 32,995 62,189 36,246

Other Operating ExpenseShopping center and other operational expenses (2) 65,649 24,958 64,796 22,747Provision for tenant bad debts (3) 3,728 3,772Domestic and non-U.S. pre-development costs 1,858 3,823Ground rent 14,981 952 14,961 808

82,488 25,910 87,308 27,327

Nonoperating Income, NetBusiness interruption insurance recoveries - The Mall of San Juan (4) 8,574Gain on insurance recoveries - The Mall of San Juan 1,418 1,234Expense reimbursement insurance recoveries 185 210Disposition costs related to Blackstone transactions (487)Fluctuation in fair value of equity securities 3,492 2,801Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 10,095Promote fee - Starfield Hanam 4,820Dividend income 4,062Interest income 4,053 2,444 5,560 2,237Other nonoperating income (expense) 119 217 23 (314)

27,449 7,691 14,714 1,923

Year Ended December 31, 2019 Year Ended December 31, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other IncomeShopping center and other operational revenues 41,121 13,710 35,708 13,499Lease cancellation income (1) 13,479 3,162

41,121 13,710 49,187 16,661

Other Operating ExpenseShopping center and other operational expenses (2) 53,180 12,332 53,069 11,187Provision for tenant bad debts (3) 3,573 2,091Domestic and non-U.S. pre-development costs 1,858 3,823Ground rent 13,692 477 13,673 405

68,730 12,809 74,138 13,683

Nonoperating Income, NetBusiness interruption insurance recoveries - The Mall of San Juan (4) 8,146Gain on insurance recoveries - The Mall of San Juan 1,347 1,173Expense reimbursement insurance recoveries 176 105Disposition costs related to Blackstone transactions (487)Fluctuation in fair value of equity securities 3,492 2,801Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 9,590Promote fee - Starfield Hanam 4,820Dividend income 4,062Interest income 3,824 1,032 5,406 994Other nonoperating income (expense) 119 75 22 (107)

26,207 6,032 14,498 887

(1) Upon adoption of ASC Topic 842, the presentation of lease cancellation income has changed from Other income to Rental Revenues. Comparative periods presented were notadjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenues for comparative purposes period over period.

(2) Upon adoption of ASC Topic 842, Other operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As aresult of the accounting change, an additional $4.3 million of leasing costs were expensed during the year ended December 31, 2019. Comparative periods presented were not adjustedto reflect the change in accounting.

(3) Upon adoption of ASC Topic 842, the presentation for uncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue. Comparativeperiods presented were not adjusted to reflect the change in accounting. See Page 17 of this Supplemental for further details for Components of Rental Revenues for comparativepurposes period over period.

(4) Includes $1.2 million (at 100%) of proceeds received for reimbursement of amounts recognized in prior periods that were credited back to tenants in the current period uponreceipt of business interruption claim proceeds.

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Use of Non-GAAP Financial Measures

Within this supplemental information package, we use certain non-GAAP operating measures, including EBITDA, beneficial interest in EBITDA, NetOperating Income (NOI), beneficial interest in NOI, and Funds from Operations (FFO). 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 our consolidated and unconsolidated businesses. Beneficialinterest in EBITDA represents our share of the earnings before interest, income taxes, and depreciation and amortization of our consolidated andunconsolidated businesses. We believe EBITDA and beneficial interest in EBITDA provide useful indicators of operating performance, as it is customaryin the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

We use Net Operating Income as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfoliobases, and in formulating corporate goals and compensation. We define NOI as property-level operating revenues (includes rental income excludingstraight-line adjustments of minimum rent) less maintenance, property taxes, utilities, promotion, ground rent (including straight-line adjustments), andother property operating expenses. Beneficial interest in NOI represents our share of NOI (as previously defined) of our consolidated and unconsolidatedbusinesses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation andamortization, impairment charges, restructuring charges, and gains from peripheral land and property dispositions, it provides a performance measurethat, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, aswell as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. We also use NOI excluding leasecancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trendanalysis. We generally provide separate projections for expected comparable center NOI growth and lease cancellation income. Comparable centers aregenerally defined as centers that were owned and open for the entire current and preceding period presented, excluding centers impacted by significantredevelopment activity. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria given thatthe center's performance has been and is expected to continue to be materially impacted for the foreseeable future. We also use NOI excluding leasecancellation income using constant currency exchange rates as an alternative measure because exchange rates may vary significantly from period toperiod, which can affect comparability and trend analysis.

The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as net income (calculated in accordance with Generally Accepted AccountingPrinciples (GAAP)), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains andlosses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directlyattributable to decreases in the value of depreciable real estate held by the entity. We believe that FFO is a useful supplemental measure of operatingperformance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably overtime. Since real estate values instead have historically risen or fallen with market conditions, we and most industry investors and analysts have consideredpresentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarilyuse FFO in measuring performance and in formulating corporate goals and compensation.

We may also present adjusted versions of NOI, beneficial interest in EBITDA, and FFO when used by management to evaluate operating performancewhen certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items.We believe the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of suchmeasures between periods. The following table summarizes adjustments to FFO and EBITDA for the three months and years ended December 31, 2019and 2018:

These non-GAAP measures as presented by us are not necessarily comparable to similarly titled measures used by other REITs due to the fact that notall REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of our operating 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, we provide our beneficial interest in certain financial information of our UJVs. This beneficial informationis derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investors are cautioned thatderiving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrolling interest in theinvestee.

FFO EBITDAThree Months

EndedYear Ended Three Months

EndedYear Ended

2019 2018 2019 2018 2019 2018 2019 2018

Costs associated with shareholder activism ü ü ü ü ü ü ü üRestructuring charges ü ü ü ü ü ü ü üCosts related to Blackstone transactions ü ü üTaubman Asia President transition costs ü ü ü üWrite-off of deferred financing costs ü ü ü üPromote fee - Starfield Hanam ü üFluctuation in fair value of equity securities ü ü ü ü ü ü ü üGains on partial dispositions of ownership interests in UJVs ü üGains on remeasurements of ownership interests in UJVs ü üBeneficial share of impairment charges ü üGain on Saks settlement - The Mall of San Juan üGain on insurance recoveries - The Mall of San Juan ü

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Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operationsand Adjusted Funds From OperationsFor the Three Months Ended December 31, 2019 and 2018

(in thousands of dollars except as noted; may not add or recalculate due to rounding) 2019 2018

DollarsShares/Units

Per Share/Unit Dollars

Shares/Units

Per Share/Unit

Net income attributable to TCO common shareholders - basic (32,792) 61,219,679 (0.54) 3,079 61,065,282 0.05

Add impact of share-based compensation 8 308,898

Net income attributable to TCO common shareholders - diluted (32,792) 61,219,679 (0.54) 3,087 61,374,180 0.05

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

Add impairment of TCO's additional basis 12,606 0.21

Net income attributable to TCO common shareholders, excluding step-up depreciation and impairment of additional basis (18,569) 61,219,679 (0.30) 4,704 61,374,180 0.08

Add (less) noncontrolling share of income of TRG (8,015) 26,424,964 1,915 24,881,563

Add distributions to participating securities of TRG 596 871,262 599 871,262

Net income attributable to partnership unitholders and participating securities of TRG (25,988) 88,515,905 (0.29) 7,218 87,127,005 0.08

Add (less) depreciation and amortization:

Consolidated businesses at 100% 51,343 0.58 54,950 0.63

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

Noncontrolling partners in consolidated joint ventures (1,979) (0.02) (2,120) (0.02)

Share of UJVs 17,775 0.20 17,324 0.20

Non-real estate depreciation (1,155) (0.01) (1,188) (0.01)

Less gains on partial dispositions of ownership interests in UJVs, net of tax (15,770) (0.18)

Less gains on remeasurements of ownership interests in UJVs (19,629) (0.22)

Add beneficial share of impairment charges 90,183 1.02

Less impairment of TCO's additional basis (12,606) (0.14)

Add (less) impact of share-based compensation 164,912 (8) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 80,557 88,680,817 0.91 74,559 87,127,005 0.86

TCO's average ownership percentage of TRG - basic (1) 69.8% 71.1%

Funds from Operations attributable to TCO's common shareholders (1) 56,269 0.91 52,974 0.86

Funds from Operations attributable to partnership unitholders and participating securities of TRG 80,557 88,680,817 0.91 74,559 87,127,005 0.86

Costs associated with shareholder activism 630 0.01 2,500 0.03

Restructuring charges 1,958 0.02 1,019 0.01

Costs related to Blackstone transactions (2) 1,160 0.01

Taubman Asia President transition costs 1,211 0.01

Write-off of deferred financing costs 259 —

Fluctuation in fair value of equity securities (146) (0.00) 1,272 0.01

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 85,629 88,680,817 0.97 79,350 87,127,005 0.91

TCO's average ownership percentage of TRG - basic (3) 69.8% 71.1%

Adjusted Funds from Operations attributable to TCO's common shareholders (3) 59,812 0.97 56,378 0.91

(1) For the three months ended December 31, 2019, Funds from Operations attributable to TCO's common shareholders was $55,612 using TCO's diluted average ownershippercentage of TRG of 69.0%. For the three months ended December 31, 2018, Funds from Operations attributable to TCO's common shareholders was $52,257 using TCO'sdiluted average ownership percentage of TRG of 70.1%.

(2) Includes $1.2 million of deferred income tax expense related to the Blackstone transactions, which has been recorded within Income Tax Expense in our Statement ofOperations and Comprehensive Income (Loss).

(3) For the three months ended December 31, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $59,113 using TCO's diluted averageownership percentage of TRG of 69.0%. For the three months ended December 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was$55,615 using TCO's diluted average ownership percentage of TRG of 70.1%.

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Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operationsand Adjusted Funds From OperationsFor the Year Ended December 31, 2019 and 2018

(in thousands of dollars except as noted; may not add or recalculate due to rounding) 2019 2018

DollarsShares/Units

PerShare/Unit Dollars

Shares/Units

PerShare/Unit

Net income attributable to TCO common shareholders - basic 203,925 61,181,983 3.33 57,952 60,994,444 0.95

Add distributions to participating securities of TRG 2,413 871,262

Add impact of share-based compensation 415 185,194 85 283,271

Net income attributable to TCO common shareholders - diluted 206,753 62,238,439 3.32 58,037 61,277,715 0.95

Add depreciation of TCO's additional basis 6,468 0.10 6,468 0.11

Add impairment of TCO's additional basis 12,606 0.20

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

Net income attributable to TCO common shareholders, excluding step-up depreciation, impairment of additional basis, and additional income tax benefit 225,827 62,238,439 3.63 64,395 61,277,715 1.05

Add noncontrolling share of income of TRG 95,884 26,053,498 26,308 24,932,870

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

Net income attributable to partnership unitholders and participating securities of TRG 321,711 88,291,937 3.64 93,099 87,081,847 1.07

Add (less) depreciation and amortization:

Consolidated businesses at 100% 188,407 2.13 179,275 2.06

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

Noncontrolling partners in consolidated joint ventures (8,148) (0.09) (7,600) (0.09)

Share of UJVs 71,583 0.81 68,894 0.79

Non-real estate depreciation (4,602) (0.05) (4,590) (0.05)

Less gain on insurance recoveries - The Mall of San Juan (1,418) (0.02)

Less gain on Saks settlement - The Mall of San Juan (10,095) (0.11)

Less gains on partial dispositions of ownership interests in UJVs, net of tax (154,466) (1.75)

Less gains on remeasurements of ownership interests in UJVs (164,639) (1.86)

Add beneficial share of impairment charges 90,183 1.02

Less impairment of TCO's additional basis (12,606) (0.14)

Less impact of share-based compensation (415) (0.00) (85) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 309,027 88,291,937 3.50 322,525 87,081,847 3.70

TCO's average ownership percentage of TRG - basic (1) 70.1% 71.0%

Funds from Operations attributable to TCO's common shareholders, excluding additional income tax benefit (1) 216,813 3.50 228,936 3.70

Add TCO's additional income tax benefit 110 0.00

Funds from Operations attributable to TCO's common shareholders (1) 216,813 3.50 229,046 3.71

Funds from Operations attributable to partnership unitholders and participating securities of TRG 309,027 88,291,937 3.50 322,525 87,081,847 3.70

Costs associated with shareholder activism 17,305 0.20 12,500 0.14

Restructuring charges 3,543 0.04 596 0.01

Costs related to Blackstone transactions (2) 3,226 0.04

Taubman Asia President transition costs 1,211 0.01

Write-off of deferred financing costs 259 0.00 382 0.00

Promote fee, net of tax - Starfield Hanam (3) (3,961) (0.04)

Fluctuation in fair value of equity securities (3,492) (0.04) (2,801) (0.03)

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 327,118 88,291,937 3.70 333,202 87,081,847 3.83

TCO's average ownership percentage of TRG - basic (4) 70.1% 71.0%

Adjusted Funds from Operations attributable to TCO's common shareholders (4) 229,460 3.71 236,513 3.83

(1) For the year ended December 31, 2019, Funds from Operations attributable to TCO's common shareholders was $214,195 using TCO's diluted average ownership percentageof TRG of 69.3%. For the year ended December 31, 2018, Funds from Operations attributable to TCO's common shareholders was $226,013 using TCO's diluted average ownershippercentage of TRG of 70.0%.

(2) Includes $0.5 million of disposition costs incurred prior to the completion of the sales of our ownership interests and $2.7 million of income tax expense related to the pendingBlackstone transactions, which have been recorded within Nonoperating Income, Net and Income Tax Expense, respectively, in our Statement of Operations and ComprehensiveIncome (Loss).

(3) Includes $4.8 million of promote fee income related to Starfield Hanam less $0.9 million of income tax expense, which have been recorded within Equity in Income of UJVsand Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

(4) For the year ended December 31, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $226,691 using TCO's diluted average ownershippercentage of TRG of 69.3%. For the year ended December 31, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was $233,376 using TCO'sdiluted average ownership percentage of TRG of 70.0%.

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Reconciliation of Net Income to Beneficial Interest in EBITDA and Adjusted Beneficial Interest in EBITDAFor the Periods Ended December 31, 2019 and 2018(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding) Three Months Ended Year Ended

2019 2018 2019 2018

Net income (32,631) 12,938 330,374 115,742

Add (less) depreciation and amortization:

Consolidated businesses at 100% 51,343 54,950 188,407 179,275

Noncontrolling partners in consolidated joint ventures (1,979) (2,120) (8,148) (7,600)

Share of UJVs 17,775 17,324 71,583 68,894

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

Interest expense:

Consolidated businesses at 100% 35,817 35,955 148,407 133,197

Noncontrolling partners in consolidated joint ventures (2,815) (3,008) (11,713) (12,031)

Share of UJVs 17,170 17,118 69,749 68,225

Income tax expense (benefit):

Consolidated businesses at 100% 1,408 553 6,332 (231)

Noncontrolling partners in consolidated joint ventures (58) (189) (192)

Share of UJVs 928 833 3,608 3,220

Share of income tax expense on dispositions of ownership interests 2,409 2,409

Less noncontrolling share of income of consolidated joint ventures (1,795) (1,880) (5,014) (6,268)

Beneficial interest in EBITDA 87,630 132,605 795,805 542,231

Add impairment of TCO's additional basis 12,606 12,606

Beneficial interest in EBITDA, before impairment of TCO's additional basis 100,236 808,411

TCO's average ownership percentage of TRG - basic 69.8% 71.1% 70.1% 71.0%

Beneficial interest in EBITDA attributable to TCO, before impairment of TCO'sadditional basis 70,015 566,298

Less impairment of TCO's additional basis (12,606) (12,606)

Beneficial interest in EBITDA attributable to TCO 57,409 94,216 553,692 384,895

Beneficial interest in EBITDA 87,630 132,605 795,805 542,231

Add (less):

Restructuring charges 1,958 1,019 3,543 596

Costs associated with shareowner activism 630 2,500 17,305 12,500

Fluctuation in fair value of equity securities (146) 1,272 (3,492) (2,801)

Disposition costs related to Blackstone transactions 487

Promote fee - Starfield Hanam (4,820)

Taubman Asia President transition costs 1,211 1,211

Gain on insurance recoveries - The Mall of San Juan (1,418)

Gain on Saks settlement - The Mall of San Juan (10,095)

Gains on partial dispositions of ownership interests in UJVs (18,179) (156,875)

Gains on remeasurments of ownership interests in UJVs (19,629) (164,639)

Beneficial share of impairment charges 90,183 90,183

Adjusted Beneficial interest in EBITDA 143,658 137,396 567,195 552,526

TCO's average ownership percentage of TRG - basic 69.8% 71.1% 70.1% 71.0%

Adjusted Beneficial interest in EBITDA attributable to TCO 100,345 97,620 397,841 392,200

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Reconciliation of Net Income to Net Operating Income (NOI)For the Three Months Ended December 31, 2019, 2018, and 2017

(in thousands of dollars) Three Months Ended Three Months Ended

2019 2018 2018 2017

Net income (32,631) 12,938 12,938 38,084

Add (less) depreciation and amortization:

Consolidated businesses at 100% 51,343 54,950 54,950 44,848

Noncontrolling partners in consolidated joint ventures (1,979) (2,120) (2,120) (1,888)

Share of UJVs 17,775 17,324 17,324 17,114

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

Interest expense:

Consolidated businesses at 100% 35,817 35,955 35,955 28,498

Noncontrolling partners in consolidated joint ventures (2,815) (3,008) (3,008) (3,004)

Share of UJVs 17,170 17,118 17,118 17,079

Income tax expense (benefit):

Consolidated businesses at 100% 1,408 553 553 (270)

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

Share of UJVs 928 833 833 554

Share of income tax expense on disposition 2,409

Less noncontrolling share of income of consolidated joint ventures (1,795) (1,880) (1,880) (2,496)

Add EBITDA attributable to outside partners:

EBITDA attributable to noncontrolling partners in consolidated joint ventures 6,589 7,066 7,066 7,435

EBITDA attributable to outside partners in UJVs 50,976 48,711 48,711 49,274

EBITDA at 100% 145,195 188,382 188,382 195,181

Add (less) items excluded from shopping center NOI:

General and administrative expenses 13,804 11,629 11,629 9,369

Management, leasing, and development services, net (146) (507) (507) (485)

Restructuring charges 1,958 1,019 1,019 9,785

Costs associated with shareholder activism 630 2,500 2,500 2,500

Straight-line of rents (2,461) (2,722) (2,722) (3,600)

Nonoperating income, net (1,691) (1,288) (1,288) (15,940)

Impairment charges 92,832

Gains on partial dispositions of ownership interests in UJVs (18,179)

Gains on remeasurements of ownership interests in UJVs (19,629)

Unallocated operating expenses and other (1) 7,636 8,809 8,809 12,443

NOI at 100% - total portfolio 219,949 207,822 207,822 209,253

Less NOI of non-comparable centers (19,955) (2) (9,302) (2) (13,523) (3) (9,777) (3)

NOI at 100% - comparable centers 199,994 198,520 194,299 199,476

NOI at 100% - comparable centers growth % 0.7 % (2.6)%

NOI at 100% - comparable centers 199,994 198,520 194,299 199,476

Less lease cancellation income - comparable centers (1,973) (337) (337) (2,890)

NOI at 100% - comparable centers excluding lease cancellation income 198,021 198,183 193,962 196,586

NOI at 100% - comparable centers excluding lease cancellation income growth % (0.1)% (1.3)%

NOI at 100% - comparable centers excluding lease cancellation income 198,021 198,183 193,962 196,586

Foreign currency exchange rate fluctuation adjustment 684 306

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchange rates 198,705 198,183 194,268 196,586

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchange ratesgrowth % 0.3 % (1.2)%

NOI at 100% - total portfolio 219,949 207,822 207,822 209,253

Less lease cancellation income - total portfolio (2,454) (399) (399) (3,768)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVsexcluding lease cancellation income - total portfolio (60,160) (57,044) (57,044) (57,164)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 157,335 150,379 150,379 148,321

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 4.6 % 1.4 %

Beneficial interest in NOI - total portfolio excluding lease cancellation income 157,335 150,379

Less beneficial interest in NOI of non-comparable centers (15,719) (11,193)

Beneficial interest in NOI - comparable centers excluding lease cancellation income 141,616 139,186

Beneficial interest in NOI - comparable centers excluding lease cancellation income growth % 1.7 %

(1) Upon adoption of ASC Topic 842, Other Operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. As a resultof the accounting change, an additional $1.0 million of leasing costs were expensed during the three months ended December 31, 2019. Comparative periods presented were notadjusted to reflect the change in accounting.

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

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

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Reconciliation of Net Income to Net Operating Income (NOI)For the Year Ended December 31, 2019, 2018, and 2017 Year Ended Year Ended

(in thousands of dollars) 2019 2018 2018 2017

Net income 330,374 115,742 115,742 112,757

Add (less) depreciation and amortization:

Consolidated businesses at 100% 188,407 179,275 179,275 167,806

Noncontrolling partners in consolidated joint ventures (8,148) (7,600) (7,600) (7,464)

Share of UJVs 71,583 68,894 68,894 66,933

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

Interest expense:

Consolidated businesses at 100% 148,407 133,197 133,197 108,572

Noncontrolling partners in consolidated joint ventures (11,713) (12,031) (12,031) (11,942)

Share of UJVs 69,749 68,225 68,225 67,283

Income tax expense (benefit):

Consolidated businesses at 100% 6,332 (231) (231) 105

Noncontrolling partners in consolidated joint ventures (189) (192) (192) (134)

Share of UJVs 3,608 3,220 3,220 2,825

Share of income tax expense on disposition 2,409 731

Less noncontrolling share of income of consolidated joint ventures (5,014) (6,268) (6,268) (6,775)

Add EBITDA attributable to outside partners:

EBITDA attributable to noncontrolling partners in consolidated joint ventures 25,064 26,091 26,091 26,315

EBITDA attributable to outside partners in UJVs 197,616 194,382 194,382 184,539

EBITDA at 100% 1,018,485 762,704 762,704 711,551

Add (less) items excluded from shopping center NOI:

General and administrative expenses 40,566 37,174 37,174 39,018

Management, leasing, and development services, net (1,264) (1,801) (1,801) (2,226)

Restructuring charges 3,543 596 596 13,848

Costs associated with shareholder activism 17,305 12,500 12,500 14,500

Straight-line of rents (8,454) (12,428) (12,428) (10,718)

Nonoperating income, net (35,140) (16,637) (16,637) (26,838)

Impairment charges 92,832

Gains on partial dispositions of ownership interests in UJVs (156,875)

Gains on remeasurements of ownership interests in UJVs (164,639)

Gain on disposition (4,445)

Unallocated operating expenses and other (1) 30,507 33,463 33,463 39,256

NOI at 100% - total portfolio 836,866 815,571 815,571 773,946

Less NOI of non-comparable centers (68,617) (2) (41,316) (2) (57,786) (3) (47,878) (3)

NOI at 100% - comparable centers 768,249 774,255 757,785 726,068

NOI at 100% - comparable centers growth % (0.8)% 4.4%

NOI at 100% - comparable centers 768,249 774,255 757,785 726,068

Less lease cancellation income - comparable centers (9,453) (17,122) (17,122) (12,838)

NOI at 100% - comparable centers excluding lease cancellation income 758,796 757,133 740,663 713,230

NOI at 100% - comparable centers excluding lease cancellation income growth % 0.2 % 3.8%

NOI at 100% - comparable centers excluding lease cancellation income 758,796 757,133 740,663 713,230

Foreign currency exchange rate fluctuation adjustment 5,256 (2,666)

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchangerates 764,052 757,133 737,997 713,230

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchangerates growth % 0.9 % 3.5%

NOI at 100% - total portfolio 836,866 815,571 815,571 773,946

Less lease cancellation income - total portfolio (12,861) (20,066) (20,066) (15,601)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners in UJVsexcluding lease cancellation income - total portfolio (225,467) (219,228) (219,228) (207,968)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 598,538 576,277 576,277 550,377

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 3.9 % 4.7%

Beneficial interest in NOI - total portfolio excluding lease cancellation income 598,538 576,277

Less beneficial interest in NOI of non-comparable centers (61,100) (46,436)

Beneficial interest in NOI - comparable centers excluding lease cancellation income 537,438 529,841

Beneficial interest in NOI - comparable centers excluding lease cancellation income growth % 1.4 %

(1) Upon adoption of ASC Topic 842, Other Operating expense includes certain indirect leasing costs, which were capitalizable under the previous lease accounting standard. Asa result of the accounting change, an additional $4.4 million of leasing costs were expensed during the year ended December 31, 2019. Comparative periods presented werenot adjusted to reflect the change in accounting.

(2) Includes Beverly Center, The Gardens Mall, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.(3) Includes Beverly Center, CityOn.Zhengzhou, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

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GlossaryAs of December 31, 2019

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

Terms:

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

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

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.

Rental Revenues - the sum of minimum rents, expense recoveries, and lease cancellation income, partially offset by uncollectible tenant revenues.

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

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 the reportingperiod divided by GLA of all centers as of the lastday 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 for spacesopening in the period (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

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

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

Tenant renewals, relocations,expansions/downsizings

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

Sq Ft of GLA Closed Total sq ft of centers’ spaces closing in the reportingperiod (12-months trailing)

Tenant renewals, relocations,expansions/downsizings

All anchors (value and outlet center andregional mall),TILs and spaces greater thanor 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 greater thanor 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 period dividedby 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 Costs asa % of Sales

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

All anchors (value and outlet center andregional mall) and most peripheral tenants

Growth in NOI Percentage change in Net Operating Income (NOI)for the period over the same period from the prioryear. The NOI of our centers in China and SouthKorea have been translated using their respectiveaverage exchange rates for the periods presented

Growth in NOIusing constantcurrency exchangerates

Percentage change in NOI for the period over thesame period from the prior year using constantcurrency exchange rates for our centers in China andSouth Korea

ComparableCenters

Centers that were owned and open for the entirecurrent and preceding period presented, excludingcenters impacted by significant redevelopmentactivity. In addition, The Mall of San Juan has beenexcluded from comparable center statistics as aresult of Hurricane Maria given that the center'sperformance has been and is expected to continueto be materially impacted for the foreseeablefuture. Certain statistics are also presentedrepresenting all comparable centers as well as U.S.only comparable centers.