Third Quarter 2019 Earnings Press Release & Supplemental Information

Q319 Supplemental

TABLE OF CONTENTS

PAGE

Earnings Press Release ER 1-4

OverviewCompany Information & Analyst Coverage 1Trading Information 2

Summary Financial Information 3

Operational Statistics 4-5

Summary of Key Guidance Measures 6

Income Statements 7-8

Changes in Funds from Operations and Earnings per Common Share 9

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

Property InformationOwned Centers 14New Development, Acquisition and Partial Disposition of Interest 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 20-26Glossary 27

This supplemental contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financialperformance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”,“plans”, “estimates”, “approximate”, “guidance” and similar expressions in this supplemental that predict or indicate future events and trends and thatdo not report historical matters. The forward-looking statements included in this supplemental are made as of the date hereof. Except as required by law,we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differmaterially from those expected because of various risks and uncertainties, including that the conditions to one or more transaction closings may not besatisfied, the potential impact on us due to the announcement of the disposition of ownership interests, the occurrence of any event, change or othercircumstances that 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 in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in theretail industry; challenges with department stores; changes in consumer shopping behavior; the liquidity of real estate investments; our ability to complywith debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changesin value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasingand managing properties; competitors gaining economies of scale through M&A and consolidation activity; changes in value of investments in foreignentities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact our information technology,infrastructure or personal data; costs associated with response to technology breaches; the loss of key management personnel; shareholder activismcosts and related diversion of management time; terrorist activities; maintaining our status 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 andgeopolitical climates. You should review our filings with the Securities and Exchange Commission, including “Risk Factors” in our most recent AnnualReport on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

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Earnings Press Release

TAUBMAN CENTERS, INC. ISSUES THIRD QUARTER RESULTS

– Net Income and Earnings Per Diluted Common Share (EPS) Higher Due to Sale of Interest in Starfield Hanam – Pro Rata Total Portfolio NOI, Excluding Lease Cancellation Income, Up 0.7 Percent for the Quarter and 3.6 Percent Year-to-Date– Average Rent Per Square Foot Up 2.3 Percent– Trailing 12-Month Tenant Sales Per Square Foot $868, Up 12 Percent– Sales Per Square Foot Up 11.2 Percent, 13th Consecutive Quarter of Growth

BLOOMFIELD HILLS, Mich., October 29, 2019 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the third quarterof 2019.

“We were pleased to meet our earnings expectations this quarter,” said Robert S. Taubman, chairman, president and chief executiveofficer.

Year-over-year, this quarter’s results were lower due to higher interest expense, lower lease cancellation income and a gain on a landsale in 2018. In addition, the company’s results were impacted by the Forever 21 bankruptcy filing by about three cents. Taken together,these items affected third quarter FFO and Adjusted FFO per share by about 12 cents.

Operating Statistics

Total portfolio NOI growth at our beneficial interest, excluding lease cancellation income, was up 0.7 percent for the quarter, bringingyear-to-date growth to 3.6 percent.

Comparable center NOI, excluding lease cancellation income and using constant currency exchange rates, was down 0.9 percent in thequarter, bringing year-to-date growth to 1.1 percent. Comparable center NOI, excluding lease cancellation income, was down 1.5percent in the quarter, bringing year-to-date growth to 0.3 percent. “Foreign currency exchange rates and Forever 21’s bankruptcyreduced NOI this quarter as compared to last year,” said Simon J. Leopold, executive vice president, chief financial officer. “Putting asidethese two items, our third quarter NOI was essentially flat to last year,” said Mr. Leopold.

Tenant sales per square foot in U.S. comparable centers were up 12.3 percent in the quarter, bringing 12-month trailing U.S. sales persquare foot to $964, an increase of 13.7 percent over the 12-months ended September 30, 2018. Year-to-date, U.S. sales per squarefoot were up 15 percent.

September 30,2019

Three MonthsEnded

September 30,2018

Three MonthsEnded

September 30,2019

Nine MonthsEnded

September 30,2018

Nine MonthsEnded

Net income attributable to commonshareowners, diluted (in thousands) $216,873 $21,007 $239,223 $54,950

Net income attributable to common shareowners(EPS) per diluted common share $3.48(1) $0.34 $3.84(1) $0.90

Funds from Operations (FFO) per dilutedcommon shareGrowth rate

$0.88(16.2)%

$1.05 $2.59(9.1)%

$2.85

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

$0.86(2)

(14.9)%$1.01(2) $2.74(2)

(6.2)%$2.92(3)

(1) EPS for the three and nine-month periods ended September 30, 2019 were higher primarily due to the sale of 50 percent of ourinterest in Starfield Hanam and a litigation settlement related to The Mall of San Juan, resulting in the recognition of gains totalingapproximately $3.30 per diluted common share.(2) Adjusted FFO for the three and nine-month periods ended September 30, 2019 excludes restructuring charges, a promote fee (net oftax) related to Starfield Hanam, and costs associated with shareholder activism. Adjusted FFO for the nine-month period ended September30, 2019 also excludes costs incurred related to the pending Blackstone transactions and the fluctuation in the fair value of equity securities.(3) Adjusted FFO for the three and nine-month periods ended September 30, 2018 excludes costs associated with shareholder activismand the fluctuation in the fair value of equity securities.

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Including Asia, comparable tenant sales per square foot increased 11.2 percent from the third quarter of 2018. This brings the company’s12-month trailing sales per square foot to $868, up 12 percent over the 12-months ended September 30, 2018. Year-to-date, tenant salesper square foot were up 12.9 percent.

“While Tesla continues to positively impact our growth, sales for the quarter were otherwise solid,” said Mr. Taubman.

Average rent per square foot for the quarter was $56.03, up 2.3 percent, bringing year-to-date growth to 1.7 percent. Average rent persquare foot in U.S. comparable centers was up 0.9 percent in both the third quarter and year-to-date.

Trailing 12-month releasing spread per square foot for the period ended September 30, 2019 was negative 1 percent. The spread wasimpacted by a small number of deals that have an average lease term of less than two years. Without these leases, the spread was 3.3percent.

Ending occupancy in comparable centers was 93.4 percent on September 30, 2019, up 0.1 percent from September 30, 2018.

Leased space in comparable centers was 95.9 percent on September 30, 2019, up 0.1 percent from September 30, 2018.

“In a year when the retail landscape continues to evolve, we have maintained healthy occupancy levels, while growing rent and portfolioNOI,” said Mr. Taubman.

Financing Activity

In October, the company amended and extended its primary revolving line of credit and one of its two unsecured term loans. Therevolving line of credit, which had a maturity date of February 2021, has been extended to February 2024, with two six-month extensionoptions. It has a maximum capacity of $1.1 billion. The term loan, which had a maturity date of February 2022, has been extended toFebruary 2025, with a principal balance of $275 million.

The revolving line of credit and term loan bear interest at a range based on the company’s total leverage ratio. As of today, the leverageratio results in a rate of LIBOR plus 1.375 percent, with an annual facility fee of 0.225 percent for the revolver and a rate of LIBOR plus1.55 percent for the term loan.

“We have successfully extended the maturities of our line of credit and term loan, at slightly lower borrowing rates, which is indicative ofthe quality of our assets,” said Mr. Leopold.

In October, the company also exercised the final one-year extension option for the $150 million loan for The Mall at Green Hills (Nashville,Tenn.), extending the maturity date to December 1, 2020. Beginning December 1, 2019, the loan will bear interest at LIBOR plus 1.45percent.

Starfield Hanam

In September, the company completed the sale of 50 percent of Taubman Asia’s interest in Starfield Hanam (Hanam, South Korea) to realestate funds managed by The Blackstone Group Inc. (Blackstone) for $300 million. The company now has a 17.15 percent ownershipinterest in the center. See Taubman Completes Sale of Interest in Starfield Haman to Blackstone -September 19, 2019. The companyreceived net proceeds of about $240 million, following the allocation of property-level debt and transaction costs, which were used to paydown debt. During the quarter, the company recognized a gain on disposition of $139 million and a gain on remeasurement of $145million.

In September, Blackstone also purchased the 14.7 percent interest in Starfield Hanam that was owned by the company’s institutional jointventure partner. Taubman recognized a $4 million promote fee (net of tax), as a result of the sale. This nonrecurring item has beenexcluded from Adjusted FFO.

Litigation Resolved at The Mall of San Juan

The ongoing litigation with Hudson’s Bay Company (HBC), regarding the former Saks Fifth Avenue location at The Mall of San Juan (SanJuan, Puerto Rico) has been resolved. Accordingly, HBC agreed to pay the company $26 million as a partial reimbursement of theirpreviously received anchor allowance, in exchange for the termination of their obligations under their agreements. Taubman now has fullcontrol of the location.

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The allowance reimbursement and value of the former Saks Fifth Avenue building and improvements exceeded the write-off of thebook value of the anchor allowance and legal costs incurred in the third quarter, resulting in a $10.1 million net gain, which wasincluded in non-operating income.

2019 Guidance

Taubman is updating certain key guidance measures for 2019.

EPS is now expected to be in the range of $4.00 to $4.15 per diluted share, revised from the previous range of $0.60 to $0.80 perdiluted share, primarily due to gains recognized related to the Starfield Hanam transaction.

FFO is now expected to be in the range of $3.49 to $3.59 per diluted common share, revised from the previous range of $3.47 to $3.57per diluted share.

Adjusted FFO guidance, which excludes $0.15 per diluted common share of year-to-date adjustments, remains unchanged and isexpected to be in the range of $3.64 to $3.74 per diluted common share.

Comparable center NOI growth is now expected to be flat to 1 percent for the year, reduced from the previous guidance of about 2percent. Lower NOI growth is expected primarily due to unfavorable foreign currency exchange rates (which have negatively impactedgrowth by 0.8 percent year-to-date) and elevated tenant bankruptcies, including Forever 21.

The company’s share of consolidated and unconsolidated interest expense is now expected to be $205 to $210 million, down from theprevious range of $215 to $221 million. The company expects lower interest expense as a result of lower rates and a lower balance onits line of credit due to the paydown from the Starfield Hanam transaction proceeds.

The company’s share of lease cancellation income is now expected to be approximately $10 million, compared to our previous guidanceof approximately $12 million.

All other key guidance measures remain unchanged. This guidance does not include the impact of the remaining Blackstonetransactions. We anticipate these transactions will close around year-end 2019. The guidance also does not include an assumption forfuture costs associated with shareholder activism.

Supplemental Investor Information Available

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

• Earnings Press Release• Company Overview• Operational Statistics• Summary of Key Guidance Measures• Income Statements• Changes in Funds from Operations and Earnings Per Common Share• Balance Sheets• Debt Summary• Capital Spending and Certain Balance Sheet Information • Owned Centers• New Development, Acquisition and Partial Disposition of Interest• Components of Rental Revenues• Components of Other Income, Other Operating Expense, and Nonoperating Income, Net• Earnings Reconciliations• Glossary

Investor Conference Call

Taubman will host a conference call at 10:00 a.m. EDT on Wednesday October 30, 2019 to discuss these results, business conditions andthe outlook for the remainder of 2019. The conference call will be simulcast at www.taubman.com. An online replay will follow shortlyafter the call and continue for approximately 90 days.

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About Taubman

Taubman 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 may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current viewswith respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”,“could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions inthis press release that predict or indicate future events and trends and that do not report historical matters. The forward-lookingstatements included in this release are made as of the date hereof. Except as required by law, the company assumes no obligation toupdate these forward-looking statements, even if new information becomes available in the future. Actual results may differ materiallyfrom those expected because of various risks and uncertainties, including that the conditions to one or more transaction closings maynot be satisfied, the potential impact on the company due to the announcement of the disposition of ownership interests, the occurrenceof any event, change or other circumstances that could give rise to the delay or termination of the transactions, general economicconditions, and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings orbankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; challenges with department stores; changes inconsumer shopping behavior; the liquidity of real estate investments; the company’s ability to comply with debt covenants; theavailability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes invalue of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing,expanding, leasing and managing properties; competitors gaining economies of scale through M&A and consolidation activity; changesin value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches thatcould impact the company’s information technology, infrastructure or personal data; costs associated with response to technologybreaches; the loss of key management personnel; shareholder activism costs and related diversion of management time; terroristactivities; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreignjurisdictions that may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic andgeopolitical climates.

You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent AnnualReport on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

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 September 30, 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 thirdquarter 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 Jonathan Petersen jpetersen@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 0.675

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 September 30, 2019 and 2018

(in thousands of dollars, except as noted)

Three Months Ended Year to Date

2019 2018 2019 2018

Funds from Operations (1):

FFO:

TRG 78,387 91,102 228,470 247,966

TCO 54,747 64,774 160,544 176,072

FFO per common share:

Basic 0.89 1.06 2.62 2.89

Diluted 0.88 1.05 2.59 2.85

Growth rate-diluted (16.2)% (9.1)%

Adjusted FFO:

TRG 75,977 87,615 241,489 253,852

TCO 53,064 62,186 169,648 180,135

Adjusted FFO per common share:

Basic 0.87 1.02 2.77 2.95

Diluted 0.86 1.01 2.74 2.92

Growth rate-diluted (14.9)% (6.2)%

Earnings attributable to common shareholders:

Net income attributable to common shareholders:

Basic 215,361 20,976 236,717 54,873

Diluted 216,873 21,007 239,223 54,950

Per common share - basic 3.52 0.34 3.87 0.90

Per common share - diluted 3.48 0.34 3.84 0.90

Dividends:

Dividends paid per common share 0.675 0.655 2.025 1.965

Payout ratio of Adjusted FFO per diluted common share 78 % 65% 74 % 67%

Coverage (2):

Interest only 2.6 3.0 2.7 3.0

Fixed charges 2.0 2.4 2.1 2.4

Market Capitalization:

Closing stock price at end of period 40.83 59.83

Market equity value of share equivalents 3,578,500 5,142,138

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

Net beneficial interest in debt 4,885,300 4,944,100

Total market capitalization 8,826,300 10,448,738

Debt to total market capitalization 55.3 % 47.3%

Ownership:

TCO common shares outstanding:

End of period 61,213,170 61,012,282

Weighted average - basic 61,211,249 61,001,357 61,169,279 60,970,572

Weighted average - diluted 62,245,414 61,296,067 62,232,496 61,245,301

TRG units of partnership interest:

End of period 87,643,886 85,945,815

Weighted average - basic 87,641,965 85,945,317 87,097,595 85,920,733

Weighted average - diluted 88,676,130 87,111,289 88,160,812 87,066,724

TCO ownership of TRG:

End of period 69.8 % 71.0%

Weighted average - basic 69.8 % 71.0% 70.2 % 71.0%

Weighted average - diluted 69.0 % 70.0% 69.4 % 70.0%

(1) FFO for the three and nine months ended September 30, 2019 includes, and Adjusted FFO excludes, restructuring charges, a promote fee, net of tax recognized related to Starfield Hanam, andcosts incurred associated with shareholder activism. In addition, FFO for the nine months ended September 30, 2019 includes, and Adjusted FFO excludes the costs incurred related to the pendingBlackstone transaction and fluctuation in the fair value of equity securities. FFO for the three and nine months ended September 30, 2018 includes, and Adjusted FFO excludes costs associatedwith shareholder activism and the fluctuation in the fair value of equity securities. In addition, FFO for the nine months ended September 30, 2018 includes, and Adjusted FFO excludes, areduction of previously expensed restructuring charges and a charge recognized in connection with the write-off of deferred financing costs related to the early payoff of the Company's $475million unsecured loan.

(2) Interest coverage ratio is calculated by dividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense. Fixed charges coverage ratio is calculated bydividing beneficial interest in EBITDA or adjusted beneficial interest in EBITDA by beneficial interest expense and the sum of preferred dividends, distributions, and debt payments. For the threeand nine months ended September 30, 2019, EBITDA was adjusted to exclude restructuring charges, costs incurred associated with shareholder activism, a promote fee, net of tax recognizedrelated to Starfield Hanam, a gain on Saks settlement at The Mall of San Juan, a gain on partial disposition of ownership interest in Unconsolidated Joint Venture, and a gain on remeasurementof ownership interest in Unconsolidated Joint Venture. In addition, for the nine months ended September 30, 2019, EBITDA was adjusted to exclude disposition costs incurred related to thepending Blackstone transactions, a gain on insurance recoveries for The Mall of San Juan, and the fluctuation in the fair value of equity securities. For the three and nine months ended September30, 2018, EBITDA was adjusted to exclude costs associated with shareholder activism and the fluctuation in the fair value of equity securities. For the nine months ended September 30, 2018,EBITDA was adjusted to exclude a reduction of previously expensed restructuring charges.

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Operational StatisticsFor the Periods Ended September 30, 2019 and 2018

Three Months Ended Year to Date2019 2018 2019 2018

Occupancy and Leased Space (1):Ending occupancy - all centers 92.9% 92.9% 92.9 % 92.9%Ending occupancy - comparable (2) 93.4% 93.3% 93.4 % 93.3%Leased space - all centers 95.4% 95.5% 95.4 % 95.5%Leased space - comparable (2) 95.9% 95.8% 95.9 % 95.8%

Average Base Rents (2)(3):Average rent per square foot - all comparable centers: Consolidated Businesses 70.52 70.56 70.97 71.65 Unconsolidated Joint Ventures 47.20 45.89 47.22 46.11 Combined 56.03 54.77 56.16 55.20Average rent per square foot growth - all comparable centers 2.3% 1.7 %

Average rent per square foot - U.S. comparable centers: Consolidated Businesses 70.52 70.56 70.97 71.65 Unconsolidated Joint Ventures 54.33 53.89 54.19 53.35 Combined 62.20 61.63 62.29 61.76Average rent per square foot growth - U.S. comparable centers 0.9% 0.9 %

12-Months Trailing2019 2018

Opening/Closing Rents (2)(3):Opening base rent per square foot: Consolidated Businesses 57.66 74.71 Unconsolidated Joint Ventures 44.68 45.89 Combined 51.09 59.48Square feet of GLA opened: Consolidated Businesses 634,236 515,840 Unconsolidated Joint Ventures 649,404 577,646 Combined 1,283,640 1,093,486Closing base rent per square foot: Consolidated Businesses 56.55 70.36 Unconsolidated Joint Ventures 47.55 44.87 Combined 51.62 56.04Square feet of GLA closed: Consolidated Businesses 536,929 486,196 Unconsolidated Joint Ventures 650,258 623,731 Combined 1,187,187 1,109,927Releasing spread per square foot: Consolidated Businesses 1.11 4.35 Unconsolidated Joint Ventures (2.87) 1.02 Combined (0.53) 3.44Releasing spread per square foot growth: Consolidated Businesses 2.0 % 6.2% Unconsolidated Joint Ventures (6.0)% 2.3% Combined (1.0)% 6.1%

(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 September 30, 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 September 30, 2019 and 2018

Three Months Ended Year to Date 12-Months Trailing2019 2018 2019 2018 2019 2018

Mall Tenant Sales (in thousands of dollars) (1):Mall tenant sales - all centers 1,763,653 1,541,559 5,337,314 4,673,597 7,496,241 6,652,151Mall tenant sales - comparable (2) 1,598,148 1,453,053 4,911,054 4,412,931 6,947,359 6,294,056Sales per square foot - all comparable centers (2) 868 775Sales per square foot growth - all comparable centers (2) 11.2 % 12.9 % 12.0 %Sales per square foot - U.S. comparable centers (2) 964 848Sales per square foot growth - U.S. comparable centers (2) 12.3 % 15.0 % 13.7 %

Occupancy Costs as a Percentage of Sales (1):All centers: Consolidated Businesses 13.2 % 15.0 % Unconsolidated Joint Ventures 12.4 % 13.1 % Combined 12.8 % 14.0 %Comparable centers (2): Consolidated Businesses 12.8 % 14.6 % Unconsolidated Joint Ventures 12.3 % 13.1 % Combined 12.5 % 13.7 %

Tenant Bankruptcy Filings as a Percentage of Total Tenants 0.7 % 0.3 % 2.4 % 1.5 %

Growth in Net Operating Income at 100% (2):Including all lease cancellation income (2.5)% 10.3 % (1.3)% 7.0 %Excluding all lease cancellation income (1.5)% 9.2 % 0.3 % 5.8 %Excluding all lease cancellation income using constantcurrency exchange rates

(0.9)% 9.2 % 1.1 % 5.2 %

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 September 30, 2018 statistics have been restated to include comparable centers to 2019.

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2019 Annual Guidance(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)

Range for the Year EndedDecember 31, 2019 (1)

Adjusted Funds from Operations per common share $3.64 $3.74

Restructuring charges (0.020) (0.020)

Costs related to pending Blackstone transactions (2) (0.025) (0.025)

Promote fee, net of tax - Starfield Hanam (3) 0.045 0.045

Costs associated with shareholder activism (0.190) (0.190)

Fluctuation in fair value of equity securities 0.040 0.040

Funds from Operations per common share $3.49 $3.59

Gain on insurance recoveries - The Mall of San Juan 0.02 0.02

Gain on partial disposition of ownership interest in Unconsolidated Joint Venture 1.57 1.57

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture 1.64 1.64

Gain on Saks settlement - The Mall of San Juan 0.11 0.11

Real estate depreciation - TRG (2.70) (2.65)

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

Depreciation of TCO's additional basis in TRG (0.10) (0.10)

Net income attributable to common shareholders, per common share (EPS) $4.00 $4.15

Summary of Key Guidance Assumptions - 2019

Year Ended Year EndedDecember 31, 2019 December 31, 2018

Guidance (1) Actual

NOI at 100% - comparable centers excluding lease cancellation income - growth % Flat to 1% 3.8% (4)

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

Beneficial share of lease cancellation income Approximately $10 million $16.6 million

Ending occupancy - comparable centers About 95% 94.9% (5)

Consolidated interest expense, at 100% $148 - $151 million $133.2 million

Unconsolidated interest expense, at 100% $139 - $141 million $132.7 million

Consolidated and Unconsolidated interest expense, at 100% $287 - $292 million $265.9 million

Consolidated interest expense, at beneficial share $136 - $139 million $121.2 million

Unconsolidated interest expense, at beneficial share $69 - $71 million $68.2 million

Consolidated and Unconsolidated interest expense, at beneficial share $205 - $210 million $189.4 million

Impact of new lease accounting standard $5 - $7 million (6) N/A

(1) Guidance is current as of October 30, 2019, see "Taubman Centers, Inc. Issues Third Quarter Results." On February 14, 2019, we announced agreements to sell 50 percent of our ownership interestsin Starfield Hanam, CityOn.Xi’an, and CityOn.Zhengzhou to funds managed by The Blackstone Group L.P.(Blackstone). In September 2019, we completed the sale of 50% of our interest in StarfieldHanam, with the impacts of the transaction reflected in 2019 annual guidance measures above. The CityOn.Xi'an and CityOn.Zhengzhou transactions are expected to close around year-end 2019subject to customary closing conditions; but have been excluded from 2019 annual guidance measures above. The adjustments for the restructuring charges, costs incurred associated with shareholderactivism, costs related to pending Blackstone transactions, promote fee, net of tax, and the fluctuation in fair value of equity securities represent actual amounts recognized through the third quarterof 2019, but does not include future assumptions of amounts to be incurred during the remainder of 2019.

(2) Includes $0.5 million of disposition costs and $1.6 million of income tax expense related to the pending Blackstone transactions, which have been recorded within Nonoperating Income, Net andIncome Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss) during the nine months ended September 30, 2019.

(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 Unconsolidated Joint Venturesand Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

(4) Represents NOI growth for the comparable centers that were owned and open, excluding centers impacted by significant redevelopment activity, during the entire two year period ending December31, 2018. In addition, The Mall of San Juan has been excluded from comparable center statistics as a result of Hurricane Maria given that the center's performance has been and is expected to continueto be materially impacted for the foreseeable future.

(5) The year ended December 31, 2018 statistic has been restated to include comparable centers to 2019.

(6)  Represents an estimate of indirect leasing costs to be expensed in 2019, which were previously being capitalized in 2018, in connection with our adoption of Accounting Standards Codification(ASC) Topic 842, "Leases".

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Income StatementFor the Three Months Ended September 30, 2019 and 2018(in thousands of dollars)

2019 2018

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Rental revenues (2) 141,213 138,960Minimum rents (2) 87,306 87,505Overage rents 3,865 6,736 3,263 7,086Expense recoveries (2) 52,096 44,587Management, leasing, and development services 1,927 860Other (2) 15,501 7,413 15,595 7,796

Total revenues 162,506 153,109 159,120 146,974

EXPENSES:Maintenance, taxes, utilities, and promotion 40,786 45,274 38,149 41,375Other operating (2) 19,753 6,412 19,253 5,508Management, leasing, and development services 1,895 476General and administrative 9,632 8,530Restructuring charges 876Costs associated with shareholder activism 675 1,500Interest expense 37,695 35,398 33,396 33,199Depreciation and amortization 47,849 33,865 46,307 33,544

Total expenses 159,161 120,949 147,611 113,626

Nonoperating income, net 11,108 5,657 8,700 56314,453 37,817 20,209 33,911

Income tax (expense) benefit (2,021) (2,266) 996 (2,210)

Equity in income of Unconsolidated Joint Ventures 20,252 16,910Gain on partial disposition of ownership interest in Unconsolidated JointVenture 138,696

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture 145,010Net income 316,390 35,551 38,115 31,701Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (958) (1,564)Noncontrolling share of income of TRG (93,690) (9,192)

Distributions to participating securities of TRG (597) (599)Preferred stock dividends (5,784) (5,784)Net income attributable to Taubman Centers, Inc. common shareholders 215,361 20,976

SUPPLEMENTAL INFORMATION:EBITDA - 100% 383,703 107,080 99,912 100,654EBITDA - outside partners' share (5,623) (50,377) (6,510) (48,438)Beneficial interest in EBITDA 378,080 56,703 93,402 52,216Gain on Saks settlement - The Mall of San Juan (10,095)Gain on partial disposition of ownership interest in Unconsolidated JointVenture (138,696)

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010)Beneficial interest expense (34,851) (17,798) (30,412) (17,093)Beneficial income tax expense - TRG and TCO (2,021) (991) 1,047 (1,023)Beneficial income tax expense - TCO (113)Non-real estate depreciation (1,150) (1,138)Preferred dividends and distributions (5,784) (5,784)Funds from Operations attributable to partnership unitholders and participatingsecurities of TRG 40,473 37,914 57,002 34,100

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:Net straight-line adjustments to rental revenues, recoveries, and ground rentexpense at TRG% 1,712 (422) 727 445

Country Club Plaza purchase accounting adjustments - rental revenues at TRG% 61 22The Mall at Green Hills purchase accounting adjustments - rental revenues 13 30The Gardens Mall purchase accounting adjustments - rental revenues at TRG% (639)The Gardens Mall purchase accounting adjustments - interest expense at TRG% (528)

(1) With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presented at100% in order to allow for measurement of their 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 from Otherincome 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 includes certain indirectleasing costs, which were capitalizable under the previous lease accounting standard. As a result of the accounting change, an additional $1.3 million of leasing costs were expensed during the three months endedSeptember 30, 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 for comparativepurposes period over period.

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Income StatementFor the Nine Months Ended September 30, 2019 and 2018(in thousands of dollars)

2019 2018

CONSOLIDATEDBUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)CONSOLIDATED

BUSINESSES

UNCONSOLIDATEDJOINT

VENTURES (1)REVENUES:

Rental revenues (2) 432,508 410,613Minimum rents (2) 261,711 267,280Overage rents 8,719 18,279 7,453 18,756Expense recoveries (2) 154,177 133,983Management, leasing, and development services 4,035 2,480Other (2) 39,056 20,779 47,560 26,034

Total revenues 484,318 449,671 473,381 446,053

EXPENSES:Maintenance, taxes, utilities, and promotion 118,506 132,413 113,871 125,510Other operating (2) 60,210 18,786 64,153 20,619Management, leasing, and development services 2,917 1,186General and administrative 26,762 25,545Restructuring charges 1,585 (423)Costs associated with shareholder activism 16,675 10,000Interest expense 112,590 103,581 97,242 99,316Depreciation and amortization 137,064 103,177 124,325 100,962

Total expenses 476,309 357,957 435,899 346,407

Nonoperating income, net 26,468 6,981 13,858 1,49134,477 98,695 51,340 101,137

Income tax (expense) benefit (4,924) (6,635) 784 (5,474)

Equity in income of Unconsolidated Joint Ventures 49,746 50,680Gain on partial disposition of ownership interest in Unconsolidated JointVenture 138,696

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture 145,010Net income 363,005 92,060 102,804 95,663Net income attributable to noncontrolling interests:

Noncontrolling share of income of consolidated joint ventures (3,219) (4,388)Noncontrolling share of income of TRG (103,899) (24,393)

Distributions to participating securities of TRG (1,817) (1,797)Preferred stock dividends (17,353) (17,353)Net income attributable to Taubman Centers, Inc. common shareholders 236,717 54,873

SUPPLEMENTAL INFORMATION:EBITDA - 100% 567,837 305,453 272,907 301,415EBITDA - outside partners' share (18,475) (146,640) (19,025) (145,671)Beneficial interest in EBITDA 549,362 158,813 253,882 155,744Gain on insurance recoveries - The Mall of San Juan (1,418)Gain on Saks settlement - The Mall of San Juan (10,095)Gain on partial disposition of ownership interest in Unconsolidated JointVenture (138,696)

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010)Beneficial interest expense (103,692) (52,579) (88,219) (51,107)Beneficial income tax expense - TRG and TCO (4,735) (2,680) 918 (2,387)Beneficial income tax expense - TCO (110)Non-real estate depreciation (3,447) (3,402)Preferred dividends and distributions (17,353) (17,353)Funds from Operations attributable to partnership unitholders andparticipating securities of TRG 124,916 103,554 145,716 102,250

STRAIGHTLINE AND PURCHASE ACCOUNTING ADJUSTMENTS:

Net straight-line adjustments to rental revenues, recoveries, and ground rentexpense at TRG% 4,427 181 2,082 1,597

Country Club Plaza purchase accounting adjustments - rental revenues at TRG% 257 1,409The Mall at Green Hills purchase accounting adjustments - rental revenues 61 88The Gardens Mall purchase accounting adjustments - rental revenues at TRG% (816)The Gardens Mall purchase accounting adjustments - interest expense at TRG% (1,056)

(1) With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presentedat 100% in order to allow for measurement of their 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 $4.2 million of leasing costs were expensed during the ninemonths ended September 30, 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.

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Changes in Funds from Operations and Earnings per Common ShareFor the Three Months Ended September 30, 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 Third Quarter Funds from Operations per Common Share $ 1.05

Costs associated with shareholder activism 0.015

Fluctuation in fair value of equity securities (0.055)

2018 Third Quarter Funds from Operations per Common Share - Adjusted $ 1.01

Changes - 2019 vs. 2018

Minimum rents 0.040

Uncollectible tenant revenues (0.020)

Net recoveries from tenants (0.025)

Lease cancellation income (0.025)

General and administrative (0.015)

Interest expense (0.050)

Non-comparable centers (0.010)

Nonoperating income, net (0.025)

Other (0.020)

2019 Third Quarter Funds from Operations per Common Share - Adjusted $ 0.86

Restructuring charges (0.010)

Costs associated with shareholder activism (0.010)

Promote fee, net of tax - Starfield Hanam (1) 0.045

2019 Third Quarter Funds from Operations per Common Share $ 0.88

2018 Third Quarter Earnings per Common Share $ 0.34

Changes - 2019 vs. 2018

Change in FFO per common share (0.170)

Gain on partial disposition of ownership interest in Unconsolidated Joint Venture 1.565

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture 1.635

Gain on Saks settlement - The Mall of San Juan 0.115

Depreciation and other (0.005)

2019 Third Quarter Earnings per Common Share $ 3.48

(1) 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 ofUnconsolidated Joint Ventures and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

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Balance Sheets(in thousands of dollars)

As ofConsolidated Balance Sheet of Taubman Centers, Inc.: September 30, 2019 December 31, 2018Assets:

Properties 4,805,995 4,717,569Accumulated depreciation and amortization (1,510,185) (1,404,692)

3,295,810 3,312,877Investment in Unconsolidated Joint Ventures (1) 825,138 673,616Cash and cash equivalents 62,572 48,372Restricted cash 662 94,557Accounts and notes receivable (1) 84,446 77,730Accounts receivable from related parties 5,680 1,818Operating lease right-of-use assets (1) 174,633Deferred charges and other assets 87,911 135,136

4,536,852 4,344,106

Liabilities:Notes payable, net 3,634,165 3,830,195Accounts payable and accrued liabilities 269,295 336,208Operating lease liabilities (1) 241,066Distributions in excess of investments in and net income of Unconsolidated Joint Ventures (1) 481,315 477,800

4,625,841 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 740,314 676,097Accumulated other comprehensive income (loss) (46,967) (25,376)Dividends in excess of net income (1) (637,055) (744,230)

56,930 (92,873)Noncontrolling interests:

Noncontrolling interests in consolidated joint ventures (1) (154,488) (156,470)Noncontrolling interests in partnership equity of TRG (1) 8,569 (58,554)

(145,919) (215,024)(88,989) (307,897)

4,536,852 4,344,106

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

Properties 3,811,327 3,728,846Accumulated depreciation and amortization (991,445) (869,375)

2,819,882 2,859,471Cash and cash equivalents 150,638 161,311Accounts and notes receivable (1) 140,347 131,767Operating lease right-of-use assets (1) 11,525Deferred charges and other assets 132,844 140,444

3,255,236 3,292,993

Liabilities:Notes payable, net 3,109,843 2,815,617Accounts payable and other liabilities 248,440 426,358Operating lease liabilities (1) 13,280

3,371,563 3,241,975Accumulated deficiency in assets:

Accumulated deficiency in assets - TRG (1) (197,403) (35,585)Accumulated deficiency in assets - Joint Venture Partners (1) 152,173 119,764Accumulated other comprehensive loss - TRG (20,461) (13,880)Accumulated other comprehensive loss - Joint Venture Partners (50,636) (19,281)

(116,327) 51,0183,255,236 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) Unconsolidated Joint Venture amounts exclude the balances of Starfield Anseong as of September 30, 2019 and December 31, 2018.

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Debt SummaryAs of September 30, 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 9/30/2019 9/30/2019 (a) 9/30/2019 (b) SpreadCherry Creek Shopping Center 50.00% I 6/1/2028 550.0 275.0 3.85%City Creek Center A 8/1/2023 75.8 75.8 4.37%Great Lakes Crossing Outlets A 1/6/2023 194.8 194.8 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 293.5 293.5 4.85%

2,114.1 1,839.13.81% 3.80%

Consolidated Floating Rate Debt:The Mall at Green Hills I 12/1/2020 (c) 150.0 150.0 3.70% (c) 1.60% (c)International Market Place 93.50% I 8/9/2021 (d) 250.0 233.8 4.25% 2.15% (d)TRG $65M Revolving Credit Facility I 4/25/2020 20.0 (e) 20.0 3.42% (e) 1.40%TRG $1.1B Revolving Credit Facility I 2/1/2021 (f) 550.0 550.0 3.55% (f) 1.45% (f)

970.0 953.73.75% 3.74%

Consolidated Floating Rate Debt Swapped to Fixed:TRG $300M Term Loan I 2/1/2022 300.0 300.0 3.74% (g) 1.60% (g)TRG $250M Term Loan I 3/31/2023 250.0 250.0 4.62% (h) 1.60% (h)U.S. Headquarters I 3/1/2024 12.0 12.0 3.49% (i)

562.0 562.04.12% 4.12%

Total Consolidated Deferred Financing Costs, Net (11.9) (11.3)

Total Consolidated 3,634.2 3,343.5Weighted Rate (excluding deferred financing costs) 3.84% 3.84%

Joint Ventures Fixed Rate Debt:CityOn.Xi'an 50.00% (j) A 3/14/2029 146.6 (k) 73.3 6.00%Country Club Plaza 50.00% A 4/1/2026 317.6 158.8 3.85%Fair Oaks Mall 50.00% A 5/10/2023 255.4 127.7 5.32%The Gardens Mall 48.50% I - until

8/15/20207/15/2025 195.0 106.9 (l) 4.06% (l)

International Plaza 50.10% A 12/1/2021 299.3 150.0 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 261.3 (m) 44.8 2.58% (m)Sunvalley 50.00% A 9/1/2022 166.1 83.0 4.44%Taubman Land Associates 50.00% A 11/1/2022 20.8 10.4 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 277.3 218.9 4.50%

2,834.4 1,421.34.17% 4.28%

Joint Ventures Floating Rate Debt:CityOn.Zhengzhou 49.00% (j) A 12/1/2026 70.8 (o) 34.7 6.37% (o)

70.8 34.76.37% 6.37%

Joint Venture Floating Rate Debt Swapped to Fixed:International Plaza 50.10% A 12/1/2021 159.5 79.9 3.58% (p)Starfield Hanam 17.15% (j) I 11/8/2020 52.1 (q) 8.9 3.12% (q)

211.6 88.83.47% 3.53%

Total Joint Venture Deferred Financing Costs, Net (6.9) (3.0)

Total Joint Venture 3,109.8 1,541.8Weighted Rate (excluding deferred financing costs) 4.17% 4.28%

TRG Beneficial Interest Totals:Fixed Rate Debt 4,948.5 3,260.4

4.01% 4.01%Floating Rate Debt 1,040.7 988.4

3.93% 3.83%Floating Rate Debt Swapped to Fixed 773.6 650.8

3.94% 4.04%

Total Deferred Financing Costs, Net (18.8) (14.3)

Total 6,744.0 4,885.3Weighted Rate (excluding deferred financing costs) 3.99% 3.98%

Weighted Average Maturity Fixed Debt 6.5Weighted Average Maturity Total Debt 5.2

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Debt Summary (continued)As of September 30, 2019

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

Beneficial Share of Principal Amortization and Debt Maturities

YearFixed Rate

Debt (r)Weighted

RateFloating Rate

DebtWeighted

Rate

FloatingSwapped to

Fixed (s)Weighted Rate (s)

Total DeferredFinancingCosts, Net Total Debt

Weighted Rate

2019 7.3 4.37% 1.3 6.37% 0.5 3.58% (0.9) 8.2 4.61%2020 77.4 3.38% 176.1 3.76% 10.8 3.20% (3.2) 261.1 3.63%2021 177.8 4.78% 789.9 3.78% 77.6 3.58% (2.8) 1,042.5 3.93%2022 319.0 4.46% 6.2 6.37% 300.0 3.74% (1.9) 623.2 4.13%2023 388.0 4.33% 5.1 6.37% 250.0 4.62% (1.4) 641.7 4.46%2024 248.1 4.02% 5.1 6.37% 12.0 3.49% (1.2) 264.1 4.05%2025 113.2 4.24% 3.1 6.37% (1.1) 115.2 4.30%2026 369.9 3.78% 1.5 6.37% (1.0) 370.4 3.79%2027 1,019.1 3.52% (0.7) 1,018.4 3.52%2028 534.6 4.36% 534.6 4.36%2029 6.0 6.00% 6.0 6.00%

3,260.4 4.01% 988.4 3.83% 650.8 4.04% (14.3) 4,885.3 3.98%

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) In October 2019, the one-year extension option was exercised to extend the maturity date to December 2020. From December 2019 to December 2020, the credit spread will be1.45%. The LIBOR rate is capped at 4.25% until November 2019 and 3.00% from November 2019 to maturity.

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

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

(f) The unsecured facility bears interest at a range of LIBOR + 1.15% to 1.70% with a facility fee ranging from 0.20% to 0.25% based on our total leverage ratio. Two, six-month extensionoptions are available.

(g) The $300 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 2.14%, which results in an effective interest rate in the range of 3.39% to 4.04%.

(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 closing, we will retain ownership interests of 17.15% in Starfield Hanam, 25% in CityOn.Xi'an, and 24.5% in CityOn.Zhengzhou. The closing of Starfield Hanam occurred inSeptember 2019.

(k) 1.2 billion Renminbi (RMB) ($167.9 million USD equivalent at September 30, 2019) non-recourse facility.

(l) Beneficial interest in debt includes $12.3 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.

(m) 520 billion Korean Won (KRW) ($433.7 million USD equivalent at September 30, 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) 834.2 million Renminbi (RMB) ($116.7 million USD equivalent at September 30, 2019) non-recourse construction facility which bears interest at 130% of the RMB People's Bank ofChina base lending rate for a loan term greater than five years. Rate resets in January each year. No draws were allowed after December 31, 2017.

(p) 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.

(q) $52.1 million USD construction loan which bears interest at three-month LIBOR + 1.60%. The joint venture has entered into a cross-currency interest rate swap to hedge the foreignexchange and interest rate risk associated with this debt since the entity's functional currency is KRW and the loan is in USD. The LIBOR rate plus spread have been swapped untiltwo months prior to maturity to a fixed rate of 3.12%. The foreign exchange rate for the initial exchange, periodic interest payments and final exchange of proceeds has been fixed at1162 USD-KRW. The loan is secured by a $53.2 million standby letter of credit drawn off the Starfield Hanam KRW construction facility (see footnote (m) above).

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

(s) Represents principal amortization of floating rate debt swapped to fixed rate debt as of September 30, 2019. Note that not all of this debt may be swapped at these rates throughmaturity. See footnote (g) and (h) above.

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Capital Spending(in thousands of dollars) Three Months Ended September 30, 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) 20,653

Existing Centers:

Projects with incremental GLA or anchor replacement (4) (3,458) (3,458) 8,120 4,059

Projects with no incremental GLA and other (5) 43,522 42,331 6,911 4,263

Mall tenant allowances 6,361 5,137 3,824 1,893

Asset replacement costs recoverable from tenants 7,148 6,373 4,099 2,636

Corporate office improvements, technology, equipment and other 70 70

53,643 50,453 22,954 33,504

Capitalized Leasing and Tenant Coordination Costs (1) 757 651 716 382 1,033

Nine Months Ended September 30, 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) 49,009

Existing Centers:

Projects with incremental GLA or anchor replacement (4) 26,555 26,555 9,983 4,991

Projects with no incremental GLA and other (5) 64,352 60,930 12,521 6,820

Mall tenant allowances 25,200 21,771 16,161 9,260

Asset replacement costs recoverable from tenants 12,615 11,696 7,251 4,577

Corporate office improvements, technology, equipment and other 739 739

129,461 121,691 45,916 74,657

Capitalized Leasing and Tenant Coordination Costs (1) 5,241 4,864 2,502 1,296 6,160

Construction Work in Process (6) 104,610 99,505 170,476 159,130 258,635

Capitalized Interest - Capital Additions Classification (Balance Sheet) 2,565 2,547 3,761 (7) 3,685 (7) 6,232

Capitalized Interest - Expense Reduction (Income Statement) (8) 6,138 6,120 189 112 6,232

(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 Unconsolidated Joint Ventures 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 $200 million of construction work in process.

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

(8) Interest costs incurred by our Consolidated Businesses in funding equity contributions to Unconsolidated Joint Venture development projects reduce consolidated interest expense in our Statement of Operations and ComprehensiveIncome (Loss).

Certain Balance Sheet InformationConsolidated Amounts as of September 30, 2019 (in millions of dollars)

Properties:

Peripheral land 17.0 (1)

Accounts and notes receivable, net:

Straight-line rental revenues 51.6

Deferred charges and other assets:

Prepaids and deposits 12.8

Accounts payable and accrued liabilities

Community Development District obligation 43.8 (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 September 30, 2019

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

Marcus-Last Call, Polo Ralph Lauren Factory Store. Saks Off 5th The Gardens on El Paseo Saks Fifth Avenue 236,000 1998/2010 2011 100% Palm Desert, CA 186,000 Great Lakes Crossing Outlets AMC Theatres, Bass Pro Shops Outdoor World, Burlington Coat Factory, 1,355,000 1998 100% Auburn Hills, MI Legoland, Lord & Taylor Outlet, Planet Fitness, Round 1 Bowling and 533,000 (Detroit Metropolitan Area) Amusement, Sea Life The Mall at Green Hills Dillard's, Macy's, Nordstrom 933,000 (1) 1955/2011 2011 100% Nashville, TN 428,000 International Market Place Saks Fifth Avenue 342,000 2016 93.5% Waikiki, Honolulu, HI 262,000 The Mall of San Juan Nordstrom 626,000 (2) 2015 95% San Juan, PR 388,000 The Mall at Short Hills Bloomingdale's, Macy's, 1,393,000 (3) 1980/1994/ 100% Short Hills, NJ Neiman Marcus, Nordstrom 654,000 1995 /2011 Twelve Oaks Mall JCPenney, Lord & Taylor, Macy's, 1,520,000 (4) 1977/1978/ 100% Novi, MI (Detroit Metropolitan Area) Nordstrom 551,000 2007/2008 Total GLA 10,316,000 Total Mall GLA 5,176,000 TRG % of Total GLA 9,747,000 TRG % of Total Mall GLA 4,826,000

Unconsolidated Joint Ventures: CityOn.Xi'an Wangfujing 998,000 2016 50% (5)

Xi'an, China 696,000 CityOn.Zhengzhou G-Super, Wangfujing 919,000 2017 49% (5)

Zhengzhou, China 621,000 Country Club Plaza (6) 1,003,000 (7) 1922/1977/ 2016 50% Kansas City, MO 784,000 2000/2015 Fair Oaks Mall Dave & Buster's, JCPenney, Lord & Taylor, 1,557,000 (8) 1980/1987/ 50% Fairfax, VA (Washington, DC Metropolitan Area) Macy's (two locations) 561,000 1988/2000 The Gardens Mall Bloomingdale's, Macy's, Nordstrom, 1,398,000 1988 / 2005 2019 48.5% Palm Beach Gardens, FL Saks Fifth Avenue, Sears 463,000 International Plaza Dillard's, Life Time Athletic, Neiman Marcus, Nordstrom 1,253,000 2001/2015 50.1% Tampa, FL 617,000 The Mall at Millenia Bloomingdale’s, Macy's, Neiman Marcus 1,114,000 2002 50% Orlando, FL 514,000 Stamford Town Center Macy's, Saks Off 5th 761,000 1982/2007 50% Stamford, CT 438,000 Starfield Hanam PK Market, Shinsegae, Traders 1,701,000 2016 17.15% (5)

Hanam, South Korea 971,000 Sunvalley JCPenney, Macy's (two locations), Sears 1,321,000 1967/1981 2002 50% Concord, CA (San Francisco Metropolitan Area) 481,000 The Mall at University Town Center Dillard's, Macy's, Saks Fifth Avenue 860,000 2014 50% Sarasota, FL 438,000 Waterside Shops Nordstrom, Saks Fifth Avenue 341,000 1992/2006/ 2003 50% Naples, FL 201,000 2008 Westfarms JCPenney, Lord & Taylor, Macy's (two locations), Nordstrom 1,267,000 1974/1983/ 79% West Hartford, CT 497,000 1997 Total GLA 14,493,000 Total Mall GLA 7,282,000 TRG % of Total GLA 7,026,000 TRG % of Total Mall GLA 3,454,000 Grand Total GLA 24,809,000 Grand Total Mall GLA 12,458,000 TRG % of Total GLA 16,773,000 TRG % of Total Mall GLA 8,280,000

(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.

(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 2019, wecompleted the sale of 50% of our interest in Starfield Hanam. The CityOn.Xi'an and CityOn.Zhengzhou transactions are expected to close around year-end 2019 subject to customary closing 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 220,000 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. Dave & Buster's currently occupies 39,000 square feet of this space.

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New DevelopmentAs of September 30, 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 % (2) 49%

Project Cost at TRG% (1) (3) $280 - $300 million

Capitalized Balance on TCO Balance Sheet (4)

Capitalized Costs-To-Date $142.8 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) We no longer expect to admit an additional capital partner during the development period. We have been and will continue to fund 49% of the project.

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

(4) The center is owned by an Unconsolidated Joint Venture. "Capitalized Costs-To-Date" generally approximates our investment in the Unconsolidated Joint Venture as ofSeptember 30, 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 Unconsolidated Joint Venture under the equity method.

Partial Disposition of Interest

Center Name Size Net ProceedsFormer

Ownership %Retained

Ownership % Closing Date

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

1 million sq. ft.Mall GLA

235.7 millionUSD

34.3% 17.15% September 17,2019

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Anchors in Owned PortfolioAs of September 30, 2019

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

Number

Name of Stores GLA % of GLA

Macy's

Bloomingdale's (1) 4 851

Macy's 13 2,804

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

20 4,144 18.8%

Nordstrom 10 1,446 6.6%

Hudson's Bay Company

Lord & Taylor (2) 3 392

Saks Fifth Avenue 5 382

Saks Off 5th (3) 1 78

9 852 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 (4) 4 402 1.8%

Sears 2 390 1.8%

Traders 1 183 0.8%

Life Time Athletic 1 56 0.3%

Dave & Buster's (5) 1 39 0.2%

G-Super 1 36 0.2%

Total 60 10,005 45.4% (6)

Major Tenants in Owned PortfolioAs of September 30, 2019

TenantNumberof Stores

SquareFootage

% MallGLA

Forever 21 (Forever 21, XXI Forever) 17 490,048 3.9%

H&M 22 466,549 3.7%

The Gap (Gap, Gap Kids, Baby Gap, Banana Republic, Janie and Jack, Old Navy, Athleta, and others) 62 453,418 3.6%

Limited Brands (Bath & Body Works/White Barn Candle, Pink, Victoria's Secret, and others) 39 284,344 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) 29 230,851 1.9%

Ascena Retail Group (Ann Taylor, Ann Taylor Loft, Justice, and others) 41 205,678 1.7%

Abercrombie & Fitch (Abercrombie & Fitch, Hollister, and others) 30 204,829 1.6%

Restoration Hardware 6 197,754 1.6%

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

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

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

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

(5) Dave & Buster's is operating in GLA related to the former Sears space.

(6) Percentages may not add due to rounding.

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Components of Rental RevenuesFor the Periods Ended September 30, 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 cancellationpayments from our tenants are now considered a modification of a lease and presented within Rental Revenues on the Consolidated Statement ofOperations and Comprehensive Income (Loss). Lease cancellation income was previously presented within Other income. Further, the presentation ofuncollectible tenant revenues has changed from Other Operating expense to Rental Revenues as a contra-revenue. We elected the optional transitionmethod to apply the provisions of ASC Topic 842 as of the adoption date, rather than the earliest period presented. As such, the requirements of ASC Topic842 were not applied in the comparative periods presented in our financial statements. Refer to the tables below for detail related to the components ofRental Revenues.

Three Months Ended September 30, 2019 Three Months Ended September 30, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Minimum rents 89,886 91,714 87,306 87,505

Billed and accrued recoveries 52,437 46,263 52,096 44,587

Lease cancellation income 432 1,974 3,292 530

Uncollectible tenant revenues (1,542) (991) 466 (865)

Total Rental Revenues 141,213 138,960

Three Months Ended September 30, 2019 Three Months Ended September 30, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Lease cancellation income 432 967 3,214 266

Uncollectible tenant revenues (1,511) (509) 574 (500)

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Minimum rents 270,215 272,123 261,711 267,280

Billed and accrued recoveries 159,929 136,915 154,177 133,983

Lease cancellation income 5,240 5,167 13,620 6,047

Uncollectible tenant revenues (2,876) (3,592) (4,359) (3,700)

Total Rental Revenues 432,508 410,613

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Lease cancellation income 5,206 2,586 13,349 3,030

Uncollectible tenant revenues (2,819) (1,885) (4,094) (2,064)

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Components of Other Income, Other Operating Expense, and Nonoperating Income, NetFor the Three Months Ended September 30, 2019 and 2018(in thousands of dollars)

Three Months Ended September 30, 2019 Three Months Ended September 30, 2018

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%

Other IncomeShopping center and other operational revenues 15,501 7,413 12,303 7,266Lease cancellation income (1) 3,292 530

15,501 7,413 15,595 7,796

Other Operating ExpenseShopping center and other operational expenses (2) 15,785 6,180 15,355 4,422Provision for tenant bad debts (3) (466) 865Domestic and non-U.S. pre-development costs 307 719Ground rent 3,661 232 3,645 221

19,753 6,412 19,253 5,508

Nonoperating Income, NetExpense reimbursement insurance recoveries 96Fluctuation in fair value of equity securities 4,987Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 10,095Promote fee - Starfield Hanam 4,820Dividend income 1,181Interest income 933 729 1,403 563Other nonoperating income 80 108 (1)

11,108 5,657 8,700 563

Three Months Ended September 30, 2019 Three Months Ended September 30, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other IncomeShopping center and other operational revenues 11,424 3,350 9,022 3,364Lease cancellation income (1) 3,214 266

11,424 3,350 12,236 3,630

Other Operating ExpenseShopping center and other operational expenses (2) 11,311 3,091 12,262 2,195Provision for tenant bad debts (3) (574) 500Domestic and non-U.S. pre-development costs 307 719Ground rent 3,338 116 3,323 111

14,956 3,207 15,730 2,806

Nonoperating Income, NetExpense reimbursement insurance recoveries 92Fluctuation in fair value of equity securities 4,987Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 9,590Promote fee - Starfield Hanam 4,820Dividend income 1,181Interest income 860 327 1,359 255Other nonoperating income 82 36

10,532 5,183 8,653 255

(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 $1.3 million of leasing costs were expensed during the three months ended September 30, 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 Nine Months Ended September 30, 2019 and 2018(in thousands of dollars)

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018Consolidated

Businessesat 100%

UnconsolidatedJoint Ventures

at 100%

ConsolidatedBusinesses

at 100%

UnconsolidatedJoint Ventures

at 100%Other IncomeShopping center and other operational revenues 39,056 20,779 33,940 19,987Lease cancellation income (1) 13,620 6,047

39,056 20,779 47,560 26,034

Other Operating ExpenseShopping center and other operational expenses (2) 47,697 18,062 45,878 16,330Provision for tenant bad debts (3) 4,359 3,700Domestic and non-U.S. pre-development costs 1,550 2,977Ground rent 10,963 724 10,939 589

60,210 18,786 64,153 20,619

Nonoperating Income, NetBusiness interruption insurance recoveries - The Mall of San Juan (4) 8,574Gain on insurance recoveries - The Mall of San Juan 1,418 1,126Expense reimbursement insurance recoveries 185 210Disposition costs related to pending Blackstone transactions (487)Fluctuation in fair value of equity securities 3,346 4,073Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 10,095Promote fee - Starfield Hanam 4,820Dividend income 3,482Interest income 3,208 1,694 4,119 1,491Other nonoperating income 129 257 24

26,468 6,981 13,858 1,491

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

ConsolidatedBusinesses

at TRG%

UnconsolidatedJoint Ventures

at TRG%

Other IncomeShopping center and other operational revenues 28,632 9,377 24,706 9,047Lease cancellation income (1) 13,349 3,030

28,632 9,377 38,055 12,077

Other Operating ExpenseShopping center and other operational expenses (2) 37,385 9,035 36,997 7,967Provision for tenant bad debts (3) 4,094 2,064Domestic and non-U.S. pre-development costs 1,550 2,977Ground rent 9,996 363 9,973 295

48,931 9,398 54,041 10,326

Nonoperating Income, NetBusiness interruption insurance recoveries - The Mall of San Juan (4) 8,146Gain on insurance recoveries - The Mall of San Juan 1,347 1,070Expense reimbursement insurance recoveries 176 105Disposition costs related to pending Blackstone transactions (487)Fluctuation in fair value of equity securities 3,346 4,073Gain on sale of peripheral land 1,034Gain on Saks settlement - The Mall of San Juan 9,590Promote fee - Starfield Hanam 4,820Dividend income 3,482Interest income 3,037 740 4,009 656Other nonoperating income 131 87 23

25,286 5,752 13,691 656

(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 $4.2 million of leasing costs were expensed during the nine months ended September 30, 2019. Comparative periods presented werenot 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. 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. These measures are reconciled to the most comparable GAAP measures.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.

NAREIT defines Funds from Operations (FFO) as net income (calculated in accordance with Generally Accepted Accounting Principles (GAAP)), excludingdepreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control,and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in thevalue of depreciable real estate held by the entity. We believe that FFO is a useful supplemental measure of operating performance for REITs. Historicalcost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate valuesinstead have historically risen or fallen with market conditions, we and most industry investors and analysts have considered presentations of operatingresults that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarily use FFO in measuringperformance 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. For the three and nine months ended September 30, 2019 FFO and EBITDA were adjusted to exclude restructuring charges,a promote fee, net of tax recognized related to Starfield Hanam, and costs incurred associated with shareholder activism. For the three and nine monthsended September 30, 2019, EBITDA was also adjusted to exclude a gain on Saks settlement at The Mall of San Juan, gain on partial disposition of ownershipinterest in Unconsolidated Joint Venture, and a gain on remeasurement of ownership interest in Unconsolidated Joint Venture. In addition, for the ninemonths ended September 30, 2019, FFO and EBITDA were adjusted to exclude the fluctuation in the fair value of equity securities and costs incurredrelated to the pending Blackstone transactions, and EBITDA was adjusted to exclude a gain on insurance recoveries for The Mall of San Juan. For the threeand nine months ended September 30, 2018, FFO and EBITDA were adjusted to exclude costs incurred associated with shareholder activism and thefluctuation in the fair value of equity securities. For the nine months ended September 30, 2018, FFO and EBITDA were also adjusted to exclude a reductionof previously expensed restructuring charges and FFO was adjusted to exclude a charge recognized in connection with the write-off of deferred financingcosts related to the early payoff of our $475 million unsecured term loan.

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 Unconsolidated Joint Ventures.This beneficial information is derived as our ownership interest in the investee multiplied by the specific financial statement item being presented. Investorsare cautioned that deriving our beneficial interest in this manner may not accurately depict the legal and economic implications of holding a noncontrollinginterest in the investee.

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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 September 30, 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 215,361 61,211,249 3.52 20,976 61,001,357 0.34

Add distributions to participating securities of TRG 597 871,262

Add impact of share-based compensation 915 162,903 31 294,710

Net income attributable to TCO common shareholders - diluted 216,873 62,245,414 3.48 21,007 61,296,067 0.34

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

Less TCO's additional income tax benefit (113) (0.00)

Net income attributable to TCO common shareholders, excluding step-up depreciation and additional income tax benefit 218,490 62,245,414 3.51 22,511 61,296,067 0.37

Add noncontrolling share of income of TRG 93,690 26,430,716 9,192 24,943,960

Add distributions to participating securities of TRG 599 871,262

Net income attributable to partnership unitholders and participating securities of TRG 312,180 88,676,130 3.52 32,302 87,111,289 0.37

Add (less) depreciation and amortization:

Consolidated businesses at 100% 47,849 0.54 46,307 0.53

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

Noncontrolling partners in consolidated joint ventures (1,821) (0.02) (1,911) (0.02)

Share of Unconsolidated Joint Ventures 17,662 0.20 17,190 0.20

Non-real estate depreciation (1,150) (0.01) (1,138) (0.01)

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

Less gain on partial disposition of ownership interest in Unconsolidated JointVenture (138,696) (1.56)

Less gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010) (1.64)

Less impact of share-based compensation (915) (0.01) (31) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 78,387 88,676,130 0.88 91,102 87,111,289 1.05

TCO's average ownership percentage of TRG - basic (1) 69.8% 71.0%

Funds from Operations attributable to TCO's common shareholders, excluding additional income tax benefit (1) 54,747 0.88 64,661 1.05

Add TCO's additional income tax benefit 113 0.00

Funds from Operations attributable to TCO's common shareholders (1) 54,747 0.88 64,774 1.05

Funds from Operations attributable to partnership unitholders and participating securities of TRG 78,387 88,676,130 0.88 91,102 87,111,289 1.05

Restructuring charges 876 0.01

Promote fee, net of tax - Starfield Hanam (2) (3,961) (0.04)

Costs associated with shareholder activism 675 0.01 1,500 0.02

Fluctuation in fair value of equity securities (4,987) (0.06)

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 75,977 88,676,130 0.86 87,615 87,111,289 1.01

TCO's average ownership percentage of TRG - basic (3) 69.8% 71.0%

Adjusted Funds from Operations attributable to TCO's common shareholders (3) 53,064 0.86 62,186 1.01

(1) For the three months ended September 30, 2019, Funds from Operations attributable to TCO's common shareholders was $54,109 using TCO's diluted average ownershippercentage of TRG of 69.0%. For the three months ended September 30, 2018, Funds from Operations attributable to TCO's common shareholders was $63,909 using TCO'sdiluted average ownership percentage of TRG of 70.0%.

(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 ofUnconsolidated Joint Ventures and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

(3) For the three months ended September 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $52,445 using TCO's diluted averageownership percentage of TRG of 69.0%. For the three months ended September 30, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was$61,354 using TCO's diluted average ownership percentage of TRG of 70.0%.

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Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareholders to Funds From Operationsand Adjusted Funds From OperationsFor the Nine Months Ended September 30, 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 236,717 61,169,279 3.87 54,873 60,970,572 0.90

Add distributions to participating securities of TRG 1,817 871,262

Add impact of share-based compensation 689 191,955 77 274,729

Net income attributable to TCO common shareholders - diluted 239,223 62,232,496 3.84 54,950 61,245,301 0.90

Add depreciation of TCO's additional basis 4,851 0.08 4,851 0.08

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

Net income attributable to TCO common shareholders, excluding step-up depreciation and additional income tax benefit 244,074 62,232,496 3.92 59,691 61,245,301 0.97

Add noncontrolling share of income of TRG 103,899 25,928,316 24,393 24,950,161

Add distributions to participating securities of TRG 1,797 871,262

Net income attributable to partnership unitholders and participating securities of TRG 347,973 88,160,812 3.95 85,881 87,066,724 0.98

Add (less) depreciation and amortization:

Consolidated businesses at 100% 137,064 1.55 124,325 1.43

Depreciation of TCO's additional basis (4,851) (0.06) (4,851) (0.06)

Noncontrolling partners in consolidated joint ventures (6,169) (0.07) (5,480) (0.06)

Share of Unconsolidated Joint Ventures 53,808 0.61 51,570 0.59

Non-real estate depreciation (3,447) (0.04) (3,402) (0.04)

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 gain on partial disposition of ownership interest in Unconsolidated Joint Venture (138,696) (1.57)

Less gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010) (1.64)

Less impact of share-based compensation (689) (0.01) (77) (0.00)

Funds from Operations attributable to partnership unitholders and participating securities of TRG 228,470 88,160,812 2.59 247,966 87,066,724 2.85

TCO's average ownership percentage of TRG - basic (1) 70.2% 71.0%

Funds from Operations attributable to TCO's common shareholders, excluding additional income tax benefit (1) 160,544 2.59 175,960 2.85

Add TCO's additional income tax benefit 110 0.00

Funds from Operations attributable to TCO's common shareholders (1) 160,544 2.59 176,072 2.85

Funds from Operations attributable to partnership unitholders and participating securities of TRG 228,470 88,160,812 2.59 247,966 87,066,724 2.85

Restructuring charges 1,585 0.02 (423) (0.00)

Costs related to pending Blackstone transactions (2) 2,066 0.02

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

Costs associated with shareholder activism 16,675 0.19 10,000 0.11

Fluctuation in fair value of equity securities (3,346) (0.04) (4,073) (0.05)

Write-off of deferred financing costs 382 0.00

Adjusted Funds from Operations attributable to partnership unitholders and participating securities of TRG 241,489 88,160,812 2.74 253,852 87,066,724 2.92

TCO's average ownership percentage of TRG - basic (4) 70.2% 71.0%

Adjusted Funds from Operations attributable to TCO's common shareholders (4) 169,648 2.74 180,135 2.92

(1) For the nine months ended September 30, 2019, Funds from Operations attributable to TCO's common shareholders was $158,583 using TCO's diluted average ownershippercentage of TRG of 69.4%. For the nine months ended September 30, 2018, Funds from Operations attributable to TCO's common shareholders was $173,756 using TCO'sdiluted average ownership percentage of TRG of 70.0%.

(2) Includes $0.5 million of disposition costs and $1.6 million of income tax expense related to the pending Blackstone transactions, which have been recorded within NonoperatingIncome, Net and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (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 ofUnconsolidated Joint Ventures and Income Tax Expense, respectively, in our Statement of Operations and Comprehensive Income (Loss).

(4) For the nine months ended September 30, 2019, Adjusted Funds from Operations attributable to TCO's common shareholders was $167,578 using TCO's diluted averageownership percentage of TRG of 69.4%. For the nine months ended September 30, 2018, Adjusted Funds from Operations attributable to TCO's common shareholders was$177,761 using TCO's diluted 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 September 30, 2019 and 2018(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)

Three Months Ended Year to Date

2019 2018 2019 2018

Net income 316,390 38,115 363,005 102,804

Add (less) depreciation and amortization:

Consolidated businesses at 100% 47,849 46,307 137,064 124,325

Noncontrolling partners in consolidated joint ventures (1,821) (1,911) (6,169) (5,480)

Share of Unconsolidated Joint Ventures 17,662 17,190 53,808 51,570

Add (less) interest expense and income tax expense:

Interest expense:

Consolidated businesses at 100% 37,695 33,396 112,590 97,242

Noncontrolling partners in consolidated joint ventures (2,844) (2,984) (8,898) (9,023)

Share of Unconsolidated Joint Ventures 17,798 17,093 52,579 51,107

Income tax expense:

Consolidated businesses at 100% 2,021 (996) 4,924 (784)

Noncontrolling partners in consolidated joint ventures — (51) (189) (134)

Share of Unconsolidated Joint Ventures 991 1,023 2,680 2,387

Less noncontrolling share of income of consolidated joint ventures (958) (1,564) (3,219) (4,388)

Beneficial interest in EBITDA 434,783 145,618 708,175 409,626

TCO's average ownership percentage of TRG - basic 69.8% 71.0% 70.2% 71.0%

Beneficial interest in EBITDA attributable to TCO 303,663 103,355 496,283 290,679

Beneficial interest in EBITDA 434,783 145,618 708,175 409,626

Add (less):

Restructuring charges 876 1,585 (423)

Disposition costs related to pending Blackstone transactions 487

Costs associated with shareholder activism 675 1,500 16,675 10,000

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

Promote fee - Starfield Hanam (4,820) (4,820)

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

Gain on partial disposition of ownership interest in Unconsolidated JointVenture (138,696) (138,696)

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010) (145,010)

Fluctuation in fair value of equity securities (4,987) (3,346) (4,073)

Adjusted Beneficial interest in EBITDA 137,713 142,131 423,537 415,130

TCO's average ownership percentage of TRG - basic 69.8% 71.0% 70.2% 71.0%

Adjusted Beneficial interest in EBITDA attributable to TCO 96,182 100,880 297,496 294,580

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Reconciliation of Net Income to Net Operating Income (NOI)For the Three Months Ended September 30, 2019, 2018, and 2017

(in thousands of dollars)

Three Months Ended Three Months Ended

2019 2018 2018 2017

Net income 316,390 38,115 38,115 14,251

Add (less) depreciation and amortization:

Consolidated businesses at 100% 47,849 46,307 46,307 45,805

Noncontrolling partners in consolidated joint ventures (1,821) (1,911) (1,911) (1,969)

Share of Unconsolidated Joint Ventures 17,662 17,190 17,190 16,646

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

Interest expense:

Consolidated businesses at 100% 37,695 33,396 33,396 27,782

Noncontrolling partners in consolidated joint ventures (2,844) (2,984) (2,984) (2,966)

Share of Unconsolidated Joint Ventures 17,798 17,093 17,093 16,574

Income tax expense (benefit):

Consolidated businesses at 100% 2,021 (996) (996) 54

Noncontrolling partners in consolidated joint ventures — (51) (51) (13)

Share of Unconsolidated Joint Ventures 991 1,023 1,023 120

Less noncontrolling share of income of consolidated joint ventures (958) (1,564) (1,564) (1,230)

Add EBITDA attributable to outside partners:

EBITDA attributable to noncontrolling partners in consolidated joint ventures 5,623 6,510 6,510 6,178

EBITDA attributable to outside partners in Unconsolidated Joint Ventures 50,377 48,438 48,438 42,361

EBITDA at 100% 490,783 200,566 200,566 163,593

Add (less) items excluded from shopping center NOI:

General and administrative expenses 9,632 8,530 8,530 9,482

Management, leasing, and development services, net (32) (384) (384) (623)

Restructuring charges 876 1,751

Costs associated with shareholder activism 675 1,500 1,500 3,500

Straight-line of rents (809) (2,292) (2,292) (2,393)

Nonoperating income, net (16,765) (9,263) (9,263) (2,834)

Gain on partial disposition of ownership interest in Unconsolidated Joint Venture (138,696)

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010)

Unallocated operating expenses and other (1) 6,749 8,131 8,131 10,437

NOI at 100% - total portfolio 207,403 206,788 206,788 182,913

Less NOI of non-comparable centers (18,731) (2) (13,187) (3) (17,661) (4) (11,376) (4)

NOI at 100% - comparable centers 188,672 193,601 189,127 171,537

NOI at 100% - comparable centers growth % (2.5)% 10.3%

NOI at 100% - comparable centers 188,672 193,601 189,127 171,537

Less lease cancellation income - comparable centers (1,045) (3,041) (3,041) (1,202)

NOI at 100% - comparable centers excluding lease cancellation income 187,627 190,560 186,086 170,335

NOI at 100% - comparable centers excluding lease cancellation income growth % (1.5)% 9.2%

NOI at 100% - comparable centers excluding lease cancellation income 187,627 190,560 186,086 170,335

Foreign currency exchange rate fluctuation adjustment 1,202 (72)

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchange rates 188,829 190,560 186,014 170,335

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

(0.9)% 9.2%

NOI at 100% - total portfolio 207,403 206,788 206,788 182,913

Less lease cancellation income - total portfolio (2,407) (3,822) (3,822) (1,234)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners inUnconsolidated Joint Ventures excluding lease cancellation income - total portfolio

(56,393) (55,345) (55,345) (48,999)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 148,603 147,621 147,621 132,680

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 0.7 % 11.3%

(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 $1.3 million of leasing costs were expensed during the three months ended September 30, 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, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(4) 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 Nine Months Ended September 30, 2019, 2018, and 2017(in thousands of dollars) Year to Date Year to Date

2019 2018 2018 2017

Net income 363,005 102,804 102,804 74,673

Add (less) depreciation and amortization:

Consolidated businesses at 100% 137,064 124,325 124,325 122,958

Noncontrolling partners in consolidated joint ventures (6,169) (5,480) (5,480) (5,576)

Share of Unconsolidated Joint Ventures 53,808 51,570 51,570 49,819

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

Interest expense:

Consolidated businesses at 100% 112,590 97,242 97,242 80,074

Noncontrolling partners in consolidated joint ventures (8,898) (9,023) (9,023) (8,938)

Share of Unconsolidated Joint Ventures 52,579 51,107 51,107 50,204

Income tax expense (benefit):

Consolidated businesses at 100% 4,924 (784) (784) 375

Noncontrolling partners in consolidated joint ventures (189) (134) (134) (87)

Share of Unconsolidated Joint Ventures 2,680 2,387 2,387 2,271

Share of income tax expense on disposition 731

Less noncontrolling share of income of consolidated joint ventures (3,219) (4,388) (4,388) (4,279)

Add EBITDA attributable to outside partners:

EBITDA attributable to noncontrolling partners in consolidated joint ventures 18,475 19,025 19,025 18,880

EBITDA attributable to outside partners in Unconsolidated Joint Ventures 146,640 145,671 145,671 135,265

EBITDA at 100% 873,290 574,322 574,322 516,370

Add (less) items excluded from shopping center NOI:

General and administrative expenses 26,762 25,545 25,545 29,649

Management, leasing, and development services, net (1,118) (1,294) (1,294) (1,741)

Restructuring charges 1,585 (423) (423) 4,063

Costs associated with shareholder activism 16,675 10,000 10,000 12,000

Straight-line of rents (5,993) (9,706) (9,706) (7,118)

Nonoperating income, net (33,449) (15,349) (15,349) (10,898)

Gain on partial disposition of ownership interest in Unconsolidated Joint Venture (138,696)

Gain on remeasurement of ownership interest in Unconsolidated Joint Venture (145,010)

Gain on disposition (4,445)

Unallocated operating expenses and other (1) 22,871 24,654 24,654 26,813

NOI at 100% - total portfolio 616,917 607,749 607,749 564,693

Less NOI of non-comparable centers (48,662) (2) (32,015) (3) (44,263) (4) (38,101) (4)

NOI at 100% - comparable centers 568,255 575,734 563,486 526,592

NOI at 100% - comparable centers growth % (1.3)% 7.0%

NOI at 100% - comparable centers 568,255 575,734 563,486 526,592

Less lease cancellation income - comparable centers (7,480) (16,785) (16,785) (9,948)

NOI at 100% - comparable centers excluding lease cancellation income 560,775 558,949 546,701 516,644

NOI at 100% - comparable centers excluding lease cancellation income growth % 0.3 % 5.8%

NOI at 100% - comparable centers excluding lease cancellation income 560,775 558,949 546,701 516,644

Foreign currency exchange rate fluctuation adjustment 4,572 (2,972)

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchange rates 565,347 558,949 543,729 516,644

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

1.1 % 5.2%

NOI at 100% - total portfolio 616,917 607,749 607,749 564,693

Less lease cancellation income - total portfolio (10,407) (19,667) (19,667) (11,833)

Less NOI attributable to noncontrolling partners in consolidated joint ventures and outside partners inUnconsolidated Joint Ventures excluding lease cancellation income - total portfolio (165,307) (162,184) (162,184) (150,804)

Beneficial interest in NOI - total portfolio excluding lease cancellation income 441,203 425,898 425,898 402,056

Beneficial interest in NOI - total portfolio excluding lease cancellation income growth % 3.6 % 5.9%

(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 result ofthe accounting change, an additional $4.2 million of leasing costs were expensed during the nine months ended September 30, 2019. Comparative periods presented were not adjustedto 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, The Mall of San Juan, and Taubman Prestige Outlets Chesterfield.

(4) 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, 2018 and 2017

(in thousands of dollars)

Year Ended

2018 2017

Net income 115,742 112,757

Add (less) depreciation and amortization:

Consolidated businesses at 100% 179,275 167,806

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

Share of Unconsolidated Joint Ventures 68,894 66,933

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

Interest expense:

Consolidated businesses at 100% 133,197 108,572

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

Share of Unconsolidated Joint Ventures 68,225 67,283

Income tax expense (benefit):

Consolidated businesses at 100% (231) 105

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

Share of Unconsolidated Joint Ventures 3,220 2,825

Share of income tax expense on disposition 731

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

Add EBITDA attributable to outside partners:

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

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

EBITDA at 100% 762,704 711,551

Add (less) items excluded from shopping center NOI:

General and administrative expenses 37,174 39,018

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

Restructuring charges 596 13,848

Costs associated with shareholder activism 12,500 14,500

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

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

Gain on disposition (4,445)

Unallocated operating expenses and other 33,463 39,256

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

Less NOI of non-comparable centers (57,786) (1) (47,878) (1)

NOI at 100% - comparable centers 757,785 726,068

NOI at 100% - comparable centers growth % 4.4%

NOI at 100% - comparable centers 757,785 726,068

Lease cancellation income - comparable centers (17,122) (12,838)

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

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

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

Foreign currency exchange rate fluctuation adjustment (2,666)

NOI at 100% - comparable centers excluding lease cancellation income using constant currency exchange rates 737,997 713,230

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

3.5%

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

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

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

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

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

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

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GlossaryAs of September 30, 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.