UNITED STATES	
SECURITIES AND EXCHANGE COMMISSION	
Washington, D.C. 20549	
 	 	
FORM 8-K	
 	 	
Current Report Pursuant	
to Section 13 or 15(d) of the	
Securities Exchange Act of 1934	
 	 	
Date of report (date of earliest event reported):         July 26, 2012	
 	 	
TAUBMAN CENTERS, INC .	
(Exact Name of Registrant as Specified in its Charter)	
 	 	
Michigan	
(State of Other Jurisdiction of Incorporation)	
 	 	
 	1-11530	38-2033632	
 	(Commission File Number)	(I.R.S. Employer Identification No.)	
 	 	
 	200 East Long Lake Road, Suite 300,
Bloomfield Hills, Michigan	
48304-2324	
 	(Address of Principal Executive Office)	(Zip Code)	
 	 	
 	Registrant’s Telephone Number, Including Area Code: (248) 258-6800	
 	 	
 	None	
 	(Former Name or Former Address, if Changed Since Last Report)	
 	 	
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):	
 	 	
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 	 	
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 	 	
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 	 	
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02.      RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The information under this caption is furnished by Taubman Centers, Inc. (the "Company") in accordance with Securities and Exchange Commission Release No. 33-8216. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On July 26, 2012, the Company issued a press release announcing its results of operations for the quarter ended June 30, 2012. A copy of the press release is attached as Exhibit 99 to this report.

Item 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits

	
		
Exhibit	Description	
 	 	
99	Press Release, dated July 26, 2012, entitled “Taubman Centers Issues Strong Second Quarter Results.”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
		
Date :July 26, 2012	TAUBMAN CENTERS, INC.	
 	 	
 	By:  /s/ Lisa A. Payne            	
 	Lisa A. Payne	
 	Vice Chairman and Chief Financial Officer	

EXHIBIT INDEX

	
		
Exhibit	Description	
 	 	
99	Press Release, dated July 26, 2012, entitled “Taubman Centers Issues Strong Second Quarter Results.”

	
					
Taubman Centers, Inc.	T 248.258.6800	 	 		
200 East Long Lake Road	www.taubman.com	 	 		
Suite 300	 	 	 		
Bloomfield Hills, Michigan	 	 	 		
48304-2324	 	 	 		
                                               
CONTACT:     
    
Barbara Baker
Taubman, Vice President, Investor Relations
248-258-7367
bbaker@taubman.com

FOR IMMEDIATE RELEASE

TAUBMAN CENTERS ISSUES STRONG SECOND QUARTER RESULTS

•	Funds from Operations (FFO) Per Share Up 19.7%	
		
•	Net Operating Income (NOI) Excluding Lease Cancellation Income Up 8.2%	
		
•	Sales Per Square Foot and Occupancy Up Substantially	
		
•	Company Increases Guidance	

BLOOMFIELD HILLS, Mich., July 26, 2012 - - Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the second quarter of 2012.

	
					
 	June 30, 2012
Three Months Ended	June 30, 2011
Three Months Ended	June 30, 2012
Six Months Ended
	June 30, 2011
Six Months Ended
	
Net income allocable to common shareholders per diluted share (EPS)	$0.27	$0.15	$0.57	$0.34	
Funds from Operations (FFO) per diluted share
Growth rate	$0.73
19.7%	$0.61	$1.47
18.5%	$1.24	
FFO per diluted share (excluding The Pier Shops and Regency Square)
Growth rate	$0.73

9.0%	$0.67	$1.47

8.9%	$1.35	

“These strong results were propelled by increases in rents and recoveries at our centers,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers. “The organic core growth we experienced was augmented by the solid performance of our newest center, City Creek Center (Salt Lake City, Utah) , which opened in March 2012.”

Healthy Sales, Leased Space, Occupancy, Rent, and NOI Increases

Mall tenant sales per square foot increased 8.4 percent for the three months ended June 30, 2012 and 10.8 percent for the six months ended June 30, 2012. The company's 12-month trailing mall tenant sales per square foot reached a record $672, up 12 percent from June 30, 2011.

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Taubman Centers/2

Leased space in comparable centers for Taubman's portfolio was 92.2 percent on June 30, 2012, up 1.3 percent from 90.9 percent on June 30, 2011. Ending occupancy in comparable centers was 90.2 percent on June 30, 2012, up 2 percent from 88.2 percent on June 30, 2011.

Average rent per square foot for the second quarter of 2012 was $47.07, up a healthy 3.8 percent from $45.36 in the second quarter of 2011. For the six months ended June 30, 2012, average rent per square foot was $46.52, up from $45.30 in the six months ended June 30, 2011.

NOI excluding lease cancellation income was up 8.2 percent for the three months ended June 30, 2012, bringing 2012 year-to-date growth to 8.8 percent. "Occupancy and rental rate increases continue to drive robust NOI growth," said Mr. Taubman. "While increases in sales per square foot moderated from the double-digit sales increases we saw for the previous nine quarters, retailer sentiment remains very positive. Leasing activity continues to be strong and retail bankruptcies remain at historic lows."

Favorable Financings

In mid-June, the company completed a $320 million, 10-year, non-recourse financing on its 79 percent owned Westfarms mall (West Hartford, Conn.) . The loan bears interest at an all-in fixed rate of 4.53 percent. The company received approximately $110 million as its share of the excess proceeds, which it used to pay down its revolving credit facilities.

The company is also finalizing attractive refinancings at The Mall at Millenia (Orlando, Fla.) and Sunvalley (Concord, Calif.) , with both refinancings anticipated to close by year end.

2012 Guidance Increased

The company is increasing its guidance on 2012 FFO per diluted share to $3.22 to $3.27 and 2012 Adjusted FFO per share to the range of $3.24 to $3.29. 2012 Adjusted FFO guidance excludes a charge relating to the early refinancing of the loan on The Mall at Millenia. The company is also increasing its guidance on 2012 EPS to $1.27 to $1.37. This guidance now assumes comparable center NOI growth, excluding lease cancellation income, in the range of 5 to 6 percent for the year, up from about 4 percent previously.

The company's previous guidance on 2012 FFO per diluted share was a range of $3.18 to $3.25 and its previous guidance on 2012 EPS was a range of $1.20 to $1.32.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.com under “Investor Relations.” This includes the following:
		
•	Income Statements	
		
•	Earnings Reconciliations	
		
•	Changes in Funds from Operations and Earnings Per Share	
		
•	Components of Other Income, Other Operating Expense, and Nonoperating Income	

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Taubman Centers/3

•	Recoveries Ratio Analysis	
		
•	Balance Sheets	
		
•	Debt Summary	
		
•	Other Debt, Equity and Certain Balance Sheet Information	
		
•	Construction	
		
•	Acquisitions	
		
•	Capital Spending	
		
•	Operational Statistics	
		
•	Owned Centers	
		
•	Major Tenants in Owned Portfolio	
		
•	Anchors in Owned Portfolio	
		
•	Operating Statistics Glossary	

Investor Conference Call

The company will host a conference call at 10:00 AM Eastern Daylight Time on Friday, July 27 to discuss these results, business conditions and the company's outlook for the remainder of 2012. The conference call will be simulcast at www.taubman.com under “Investor Relations” as well as www.earnings.com and www.streetevents.com . An online replay will follow shortly after the call and continue for approximately 90 days.

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 27 U.S. owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan, and its Taubman Asia subsidiary is headquartered in Hong Kong. For more information about Taubman, visit www.taubman.com .

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

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, general development risks, and integration and other acquisition risks. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

# # #

Taubman Centers/ 4

	
												
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
Table 1 - Summary of Results	 	 	 	 	 	 	 	
For the Periods Ended June 30, 2012 and 2011	 	 	 	 	
(in thousands of dollars, except as indicated)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	
 	Three Months Ended	 	Year to Date	
 	2012	 	2011	 	2012	 	2011	
 	 	 	 	 	 	 	 	
Income from continuing operations	31,448		 	26,859		 	63,625		 	57,428		
Income (loss) from discontinued operations			 	(6,569)		 			 	(12,694)		
Net income	31,448		 	20,290		 	63,625		 	44,734		
Noncontrolling share of income of consolidated joint ventures	(2,875)		 	(2,785)		 	(4,709)		 	(6,170)		
Noncontrolling share of income of TRG - continuing operations	(8,138)		 	(6,538)		 	(16,889)		 	(14,149)		
Noncontrolling share of loss of TRG - discontinued operations			 	2,032		 			 	3,954		
TRG series F preferred distributions			 	(615)		 			 	(1,230)		
Preferred stock dividends	(3,659)		 	(3,659)		 	(7,317)		 	(7,317)		
Distributions to participating securities of TRG	(403)		 	(381)		 	(806)		 	(762)		
Net income attributable to Taubman Centers, Inc. common shareowners	16,373		 	8,344		 	33,904		 	19,060		
Net income per common share - basic	0.28		 	0.15		 	0.58		 	0.34		
Net income per common share - diluted	0.27		 	0.15		 	0.57		 	0.34		
Beneficial interest in EBITDA - Consolidated Businesses (1)	84,288		 	72,528		 	170,272		 	146,991		
Beneficial interest in EBITDA - Unconsolidated Joint Ventures (1)	24,759		 	23,511		 	49,865		 	47,220		
Funds from Operations (1)	63,520		 	51,226		 	128,672		 	103,955		
Funds from Operations attributable to TCO (1)	43,815		 	35,383		 	88,605		 	71,563		
Funds from Operations per common share - basic (1)	0.75		 	0.63		 	1.51		 	1.28		
Funds from Operations per common share - diluted (1)	0.73		 	0.61		 	1.47		 	1.24		
Weighted average number of common shares outstanding - basic	58,789,737		 	56,186,216		 	58,518,442		 	55,875,329		
Weighted average number of common shares outstanding - diluted	60,201,385		 	57,769,465		 	60,054,622		 	57,376,876		
Common shares outstanding at end of period	58,812,588		 	57,889,530		 	 	 	 	
Weighted average units - Operating Partnership - basic	85,229,124		 	81,345,102		 	84,978,006		 	81,162,051		
Weighted average units - Operating Partnership - diluted	87,512,034		 	83,799,613		 	87,385,448		 	83,534,859		
Units outstanding at end of period - Operating Partnership	85,244,196		 	83,048,416		 	 	 	 	
Ownership percentage of the Operating Partnership at end of period	69.0	%	 	69.7	%	 	 	 	 	
Number of owned shopping centers at end of period	24		 	23		 	24		 	23		
 	 	 	 	 	 	 	 	
Operating Statistics (2):	 	 	 	 	 	 	 	
Net Operating Income excluding lease cancellation income - growth % (3)	8.2	%	 	 	 	8.8	%	 	 	
Mall tenant sales - all centers (4)	1,396,440		 	1,182,236		 	2,750,258		 	2,297,187	
Mall tenant sales - comparable (3)(4)	1,291,277		 	1,182,236		 	2,556,334		 	2,297,187		
Ending occupancy - all centers	90.1	%	 	88.2	%	 	90.1	%	 	88.2	%	
Ending occupancy - comparable (3)	90.2	%	 	88.2	%	 	90.2	%	 	88.2	%	
Average occupancy - all centers	89.9	%	 	88.2	%	 	89.8	%	 	88.2	%	
Average occupancy - comparable (3)	90.0	%	 	88.2	%	 	89.8	%	 	88.2	%	
Leased space - all centers	92.3	%	 	90.9	%	 	92.3	%	 	90.9	%	
Leased space - comparable (3)	92.2	%	 	90.9	%	 	92.2	%	 	90.9	%	
All centers:	 	 	 	 	 	 	 	
Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (4)	13.1	%	 	13.8	%	 	13.2	%	 	14.3	%	
Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (4)	12.8	%	 	12.6	%	 	12.4	%	 	12.9	%	
Mall tenant occupancy costs as a percentage of tenant sales - Combined (4)	13.0	%	 	13.4	%	 	12.9	%	 	13.8	%	
Comparable centers:	 	 	 	 	 	 	 	
Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (3)(4)	13.4	%	 	13.8	%	 	13.5	%	 	14.3	%	
Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (4)	12.8	%	 	12.6	%	 	12.4	%	 	12.9	%	
Mall tenant occupancy costs as a percentage of tenant sales - Combined (3)(4)	13.2	%	 	13.4	%	 	13.2	%	 	13.8	%	
Average rent per square foot - Consolidated Businesses (3)	47.60		 	45.44		 	47.18		 	45.36		
Average rent per square foot - Unconsolidated Joint Ventures	45.94		 	45.20		 	45.13		 	45.14		
Average rent per square foot - Combined (3)	47.07		 	45.36		 	46.52		 	45.30		

Taubman Centers/ 5

	
				
(1)	Beneficial Interest in EBITDA represents the Operating Partnership’s share of the earnings before interest, income taxes, and depreciation and amortization of its consolidated and unconsolidated businesses. The Company believes Beneficial Interest in EBITDA provides a useful indicator of operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.	
 	The Company uses Net Operating Income (NOI), as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases. The Company defines NOI as property-level operating revenues (includes rental income excluding straight-line adjustments of minimum rent) less maintenance, taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. The Company also uses NOI excluding lease cancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trend analysis. The Company generally provides separate projections for expected comparable center NOI growth and lease cancellation income. Comparable centers are generally defined as centers that were owned and open for the entire current and preceding period presented.	
 	The National Association of Real Estate Investment Trusts (NAREIT) defines Funds from Operations (FFO) as net income (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains (or losses) from extraordinary items and sales of properties and impairment write-downs of depreciable real estate, plus real estate related depreciation and after adjustments for unconsolidated partnerships and joint ventures. The Company believes that FFO is a useful supplemental measure of operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, the Company and most industry investors and analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs.	
 	The Company primarily uses FFO in measuring operating performance and in formulating corporate goals and compensation. The Company may also present adjusted versions of NOI, Beneficial Interest in EBITDA, and FFO when used by management to evaluate operating performance when certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items. In the reconciliations in Tables 4 and 5 of this Press Release, the Company has separately presented the prior year impacts of The Pier Shops and Regency Square, as the titles for these centers were transferred to the lenders and operations of these centers have been reclassified to discontinued operations.	
 	These non-GAAP measures as presented by the Company are not necessarily comparable to similarly titled measures used by other REITs due to the fact that not all REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of the Company's operating performance. Additionally, these measures do not represent cash flows from operating, investing or financing activities as defined by GAAP.	
 	 	 	 	
(2)	Statistics exclude The Pier Shops and Regency Square.	
 	 	 	 	
(3)	Statistics exclude non-comparable centers.	
 	 	 	 	
(4)	Based on reports of sales furnished by mall tenants.	

Taubman Centers/ 6

	
															
 TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
 Table 2 - Income Statement	 	 	 	 	 	 	
 For the Three Months Ended June 30, 2012 and 2011	 	 	 	 	 	 	
 (in thousands of dollars)	 	 	 	 	 	 	
 	 	 	2012	 	2011	
 	 	 	CONSOLIDATED BUSINESSES	 	 UNCONSOLIDATED JOINT VENTURES (1)	 	CONSOLIDATED BUSINESSES	 	 UNCONSOLIDATED JOINT VENTURES (1)	
REVENUES:	 	 	 	 	 	 	 	
 	Minimum rents	98,940		 	40,570		 	83,759		 	38,564		
 	Percentage rents	2,049		 	1,228		 	1,550		 	936		
 	Expense recoveries	62,215		 	23,573		 	54,268		 	21,966		
 	Management, leasing, and development services	8,559		 	 	 	4,480		 	 	
 	Other	7,702		 	1,400		 	5,350		 	1,452		
 	 	Total revenues	179,465		 	66,771		 	149,407		 	62,918		
 	 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	
 	Maintenance, taxes, utilities, and promotion	48,903		 	17,505		 	43,848		 	16,293		
 	Other operating	19,922		 	4,258		 	15,804		 	3,632		
 	Management, leasing, and development services	6,987		 	 	 	2,323		 	 	
 	General and administrative	10,043		 	 	 	8,005		 	 	
 	Interest expense	36,676		 	15,823		 	29,691		 	13,949		
 	Depreciation and amortization	36,235		 	9,019		 	34,424		 	9,203		
 	 	Total expenses	158,766		 	46,605		 	134,095		 	43,077		
 	 	 	 	 	 	 	 	 	 	
Nonoperating income	71		 	(7	)	 	656		 	5		
 	 	 	20,770		 	20,159		 	15,968		 	19,846		
Income tax (expense) benefit	(492	)	 	 	 	5		 	 	
Equity in income of Unconsolidated Joint Ventures	11,170		 	 	 	10,886		 	 	
 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	31,448		 	 	 	26,859		 	 	
Discontinued operations (2):	 	 	 	 	 	 	 	
 	EBITDA			 	 	 	1,115		 	 	
 	Interest expense			 	 	 	(5,779	)	 	 	
 	Depreciation and amortization			 	 	 	(1,905	)	 	 	
Income (loss) from discontinued operations			 	 	 	(6,569	)	 	 	
 	 	 	 	 	 	 	 	 	 	
Net income	31,448		 	 	 	20,290		 	 	
Net income attributable to noncontrolling interests:	 	 	 	 	 	 	 	
 	Noncontrolling share of income of consolidated joint ventures	(2,875	)	 	 	 	(2,785	)	 	 	
 	TRG series F preferred distributions			 	 	 	(615	)	 	 	
 	Noncontrolling share of income of TRG - continuing operations	(8,138	)	 	 	 	(6,538	)	 	 	
 	Noncontrolling share of loss of TRG - discontinued operations			 	 	 	2,032		 	 	
Distributions to participating securities of TRG	(403	)	 	 	 	(381	)	 	 	
Preferred stock dividends	(3,659	)	 	 	 	(3,659	)	 	 	
Net income attributable to Taubman Centers, Inc. common shareowners	16,373		 	 	 	8,344		 	 	
 	 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	
 	EBITDA - 100%	93,681		 	45,001		 	81,198		 	42,998		
 	EBITDA - outside partners' share	(9,393	)	 	(20,242	)	 	(8,670	)	 	(19,487	)	
 	Beneficial interest in EBITDA	84,288		 	24,759		 	72,528		 	23,511		
 	Beneficial interest expense	(32,473	)	 	(8,225	)	 	(32,727	)	 	(7,247	)	
 	Beneficial income tax (expense) benefit	(515	)	 	 	 	5		 	 	
 	Non-real estate depreciation	(655	)	 	 	 	(570	)	 	 	
 	Preferred dividends and distributions	(3,659	)	 	 	 	(4,274	)	 	 	
 	Funds from Operations contribution	46,986		 	16,534		 	34,962		 	16,264		
 	 	 	 	 	 	 	 	 	 	
 	Net straight-line adjustments to rental revenue, recoveries,	 	 	 	 	 	 	 	
 	 	  and ground rent expense at TRG %	1,014		 	115		 	38		 	28		
 	 	 	 	 	 	 	 	 	 	
 	Purchase accounting adjustments - minimum rents	186		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
 	Purchase accounting adjustments - interest expense reduction	(858	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
(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 at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.	
(2	)	Includes the operations of Regency Square and The Pier Shops.	 	 	 	 	 	 	 	

Taubman Centers/ 7

	
															
 TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	
 Table 3 - Income Statement	 	 	 	 	 	 	 	
 For the Six Months Ended June 30, 2012 and 2011	 	 	 	 	 	 	 	
(in thousands of dollars)	 	 	 	 	 	 	
 	 	 	2012	 	2011	
 	 	 	CONSOLIDATED BUSINESSES	 	 UNCONSOLIDATED JOINT VENTURES (1)	 	CONSOLIDATED BUSINESSES	 	 UNCONSOLIDATED JOINT VENTURES (1)	
REVENUES:	 	 	 	 	 	 	 	
 	Minimum rents	192,684		 	79,197		 	166,640		 	77,355		
 	Percentage rents	6,452		 	3,431		 	4,854		 	2,293		
 	Expense recoveries	118,692		 	46,337		 	105,705		 	44,196		
 	Management, leasing, and development services	17,207		 	 	 	10,340		 	 	
 	Other	13,694		 	3,116		 	11,502		 	2,433		
 	 	Total revenues	348,729		 	132,081		 	299,041		 	126,277		
 	 	 	 	 	 	 	 	 	 	
EXPENSES:	 	 	 	 	 	 	 	
 	Maintenance, taxes, utilities, and promotion	90,601		 	33,614		 	84,512		 	32,473		
 	Other operating	36,232		 	7,880		 	32,883		 	7,396		
 	Management, leasing, and development services	15,509		 	 	 	4,603		 	 	
 	General and administrative	18,450		 	 	 	15,289		 	 	
 	Interest expense	74,203		 	31,490		 	59,465		 	29,545		
 	Depreciation and amortization	72,669		 	17,595		 	66,449		 	18,578		
 	 	Total expenses	307,664		 	90,579		 	263,201		 	87,992		
 	 	 	 	 	 	 	 	 	 	
Nonoperating income	195		 	1		 	761		 	10		
 	 	 	41,260		 	41,503		 	36,601		 	38,295		
Income tax expense	(706	)	 	 	 	(205	)	 	 	
Equity in income of Unconsolidated Joint Ventures	23,071		 	 	 	21,032		 	 	
 	 	 	 	 	 	 	 	 	 	
Income from continuing operations	63,625		 	 	 	57,428		 	 	
Discontinued operations (2):	 	 	 	 	 	 	 	
 	EBITDA	 	 	 	 	1,995		 	 	
 	Interest expense	 	 	 	 	(11,020	)	 	 	
 	Depreciation and amortization	 	 	 	 	(3,669	)	 	 	
Income (loss) from discontinued operations	 	 	 	 	(12,694	)	 	 	
 	 	 	 	 	 	 	 	 	 	
Net income	63,625		 	 	 	44,734		 	 	
Net income attributable to noncontrolling interests:	 	 	 	 	 	 	 	
 	Noncontrolling share of income of consolidated joint ventures	(4,709	)	 	 	 	(6,170	)	 	 	
 	TRG series F preferred distributions	 	 	 	 	(1,230	)	 	 	
 	Noncontrolling share of income of TRG - continuing operations	(16,889	)	 	 	 	(14,149	)	 	 	
 	Noncontrolling share of loss of TRG - discontinued operations	 	 	 	 	3,954		 	 	
Distributions to participating securities of TRG	(806	)	 	 	 	(762	)	 	 	
Preferred stock dividends	(7,317	)	 	 	 	(7,317	)	 	 	
Net income attributable to Taubman Centers, Inc. common shareowners	33,904		 	 	 	19,060		 	 	
 	 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	 	 	 	 	 	 	 	
 	EBITDA - 100%	188,132		 	90,588		 	164,510		 	86,418		
 	EBITDA - outside partners' share	(17,860	)	 	(40,723	)	 	(17,519	)	 	(39,198	)	
 	Beneficial interest in EBITDA	170,272		 	49,865		 	146,991		 	47,220		
 	Beneficial interest expense	(65,794	)	 	(16,319	)	 	(64,843	)	 	(15,324	)	
 	Beneficial income tax expense	(726	)	 	 	 	(205	)	 	 	
 	Non-real estate depreciation	(1,309	)	 	 	 	(1,337	)	 	 	
 	Preferred dividends and distributions	(7,317	)	 	 	 	(8,547	)	 	 	
 	Funds from Operations contribution	95,126		 	33,546		 	72,059		 	31,896		
 	 	 	 	 	 	 	 	 	 	
 	Net straight-line adjustments to rental revenue, recoveries,	 	 	 	 	 	 	 	
 	 	  and ground rent expense at TRG %	1,266		 	173		 	(157	)	 	56		
 	 	 	 	 	 	 	 	 	 	
 	Purchase accounting adjustments - minimum rents	399		 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
 	Purchase accounting adjustments - interest expense reduction	(1,715	)	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
(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 at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.	
(2	)	Includes the operations of Regency Square and The Pier Shops.	 	 	 	 	 	 	 	

Taubman Centers/ 8

	
																			
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 4 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations	
 For the Three Months Ended June 30, 2012 and 2011	 	 	 	 	 	 	 	 	 	
(in thousands of dollars except as noted; may not add or recalculate due to rounding)	 	 	 	 	 	 	 	 	

 	 	2012	 	2011	
 	 	 	 	Shares	 	Per Share	 	 	 	Shares	 	Per Share	
 	 	Dollars	 	/Units	 	/Unit	 	Dollars	 	/Units	 	/Unit	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners - Basic	16,373		 	58,789,737		 	0.28		 	8,344		 	56,186,216		 	0.15		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add impact of share-based compensation	134		 	1,411,648		 	 	 	86		 	1,583,249		 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners - Diluted	16,507		 	60,201,385		 	0.27		 	8,430		 	57,769,465		 	0.15		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add depreciation of TCO's additional basis	1,721		 	 	 	0.03		 	1,720		 	 	 	0.03		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding step-up depreciation	18,228		 	60,201,385		 	0.30		 	10,150		 	57,769,465		 	0.18		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	
 	Noncontrolling share of income of TRG - continuing operations	8,138		 	26,439,387		 	 	 	6,538		 	25,158,886		 	 	
 	Noncontrolling share of loss of TRG - discontinued operations		 	 	 	 	 	(2,032	)	 	 	 	 	
 	Distributions to participating securities	403		 	871,262		 	 	 	381		 	871,262		 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to partnership unitholders	 	 	 	 	 	 	 	 	 	 	 	
 	and participating securities	26,769		 	87,512,034		 	0.31		 	15,037		 	83,799,613		 	0.18		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100% - continuing operations	36,235		 	 	 	0.41		 	34,424		 	 	 	0.41		
 	Consolidated businesses at 100% - discontinued operations		 	 	 		 	1,905		 	 	 	0.02		
 	Depreciation of TCO's additional basis	(1,721	)	 	 	 	(0.02	)	 	(1,720	)	 	 	 	(0.02	)	
 	Noncontrolling partners in consolidated joint ventures	(2,338	)	 	 	 	(0.03	)	 	(3,142	)	 	 	 	(0.04	)	
 	Share of Unconsolidated Joint Ventures	5,364		 	 	 	0.06		 	5,378		 	 	 	0.06		
 	Non-real estate depreciation	(655	)	 	 	 	(0.01	)	 	(570	)	 	 	 	(0.01	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Less impact of share-based compensation	(134	)	 	 	 	(0.00)		 	(86	)	 	 	 	(0.00)		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations	63,520		 	87,512,034		 	0.73		 	51,226		 	83,799,613		 	0.61		
 	 	 	 	 	 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG	69.0	%	 	 	 	 	 	69.1	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to TCO	43,815		 	 	 	0.73		 	35,383		 	 	 	0.61		

 	 	 	 	 	 	 	 	 	 	 	 	 	
	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations	 	 	 	 	 	 	51,226		 	83,799,613		 	0.61		
 	 	 	 	 	 	 	 	 	 	 	 	 	
The Pier Shops' and Regency Square's negative FFO	 	 	 	 	 	 	4,664		 	 	 	0.06	
	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding The Pier Shops and Regency Square	 	 	 	 	 	 	55,890		 	83,799,613		 	0.67		
 	 	 	 	 	 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG	 	 	 	 	 	 	69.1	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to TCO,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding The Pier Shops and Regency Square	 	 	 	 	 	 	38,604		 	 	 	0.67		

Taubman Centers/ 9

	
																			
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	 	 	
Table 5 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations	
 For the Six Months Ended June 30, 2012 and 2011	
(in thousands of dollars except as noted; may not add or recalculate due to rounding)	 	 	 	 	 	 	 	 	

 	 	2012	 	2011	
 	 	 	 	Shares	 	Per Share	 	 	 	Shares	 	Per Share	
 	 	Dollars	 	/Units	 	/Unit	 	Dollars	 	/Units	 	/Unit	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners - Basic	33,904		 	58,518,442		 	0.58		 	19,060		 	55,875,329		 	0.34		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add impact of share-based compensation	302		 	1,536,180		 	 	 	184		 	1,501,547		 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners - Diluted	34,206		 	60,054,622		 	0.57		 	19,244		 	57,376,876		 	0.34		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add depreciation of TCO's additional basis	3,440		 	 	 	0.06		 	3,440		 	 	 	0.06		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to TCO common shareowners,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding step-up depreciation	37,646		 	60,054,622		 	0.63		 	22,684		 	57,376,876		 	0.40		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add:	 	 	 	 	 	 	 	 	 	 	 	
 	Noncontrolling share of income of TRG - continuing operations	16,889		 	26,459,564		 	 	 	14,149		 	25,286,721		 	 	
 	Noncontrolling share of loss of TRG - discontinued operations	 	 	 	 	 	 	(3,954	)	 	 	 	 	
 	Distributions to participating securities	806		 	871,262		 	 	 	762		 	871,262		 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to partnership unitholders	 	 	 	 	 	 	 	 	 	 	 	
 	and participating securities	55,341		 	87,385,448		 	0.63		 	33,641		 	83,534,859		 	0.40		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100% - continuing operations	72,669		 	 	 	0.83		 	66,449		 	 	 	0.80		
 	Consolidated businesses at 100% - discontinued operations	 	 	 	 	 	 	3,669		 	 	 	0.04		
 	Depreciation of TCO's additional basis	(3,440	)	 	 	 	(0.04	)	 	(3,440	)	 	 	 	(0.04	)	
 	Noncontrolling partners in consolidated joint ventures	(4,762	)	 	 	 	(0.05	)	 	(5,707	)	 	 	 	(0.07	)	
 	Share of Unconsolidated Joint Ventures	10,475		 	 	 	0.12		 	10,864		 	 	 	0.13		
 	Non-real estate depreciation	(1,309	)	 	 	 	(0.01	)	 	(1,337	)	 	 	 	(0.02	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Less impact of share-based compensation	(302	)	 	 	 	(0.00)		 	(184	)	 	 	 	(0.00)		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations	128,672		 	87,385,448		 	1.47		 	103,955		 	83,534,859		 	1.24		
 	 	 	 	 	 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG	68.9	%	 	 	 	 	 	68.8	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to TCO	88,605		 	 	 	1.47		 	71,563		 	 	 	1.24		

 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations	 	 	 	 	 	 	103,955		 	83,534,859		 	1.24		
 	 	 	 	 	 	 	 	 	 	 	 	 	
The Pier Shops' and Regency Square's negative FFO	 	 	 	 	 	 	9,024		 	 	 	0.11		
 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding The Pier Shops and Regency Square	 	 	 	 	 	 	112,979		 	83,534,859		 	1.35		
 	 	 	 	 	 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG	 	 	 	 	 	 	68.8	%	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Funds from Operations attributable to TCO,	 	 	 	 	 	 	 	 	 	 	 	
 	excluding The Pier Shops and Regency Square	 	 	 	 	 	 	77,779		 	 	 	1.35		

Taubman Centers/ 10

	
															
TAUBMAN CENTERS, INC.	
Table 6 - Reconciliation of Net Income to Beneficial Interest in EBITDA	
For the Periods Ended June 30, 2012 and 2011	
(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)	
 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Three Months Ended	 	Year to Date	
 	 	 	 	2012	 	2011	 	2012	 	2011	
 	 	 	 	 	 	 	 	 	 	 	
Net income	 	31,448		 	20,290		 	63,625		 	44,734		
 	 	 	 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100% - continuing operations	 	36,235		 	34,424		 	72,669		 	66,449		
 	Consolidated businesses at 100% - discontinued operations	 		 	1,905		 		 	3,669		
 	Noncontrolling partners in consolidated joint ventures	 	(2,338	)	 	(3,142	)	 	(4,762	)	 	(5,707	)	
 	Share of Unconsolidated Joint Ventures	 	5,364		 	5,378		 	10,475		 	10,864		
 	 	 	 	 	 	 	 	 	 	 	
Add (less) interest expense and income tax expense (benefit):	 	 	 	 	 	 	 	 	
 	Interest expense:	 	 	 	 	 	 	 	 	
 	 	Consolidated businesses at 100% - continuing operations	 	36,676		 	29,691		 	74,203		 	59,465		
 	 	Consolidated businesses at 100% - discontinued operations	 		 	5,779		 		 	11,020		
 	 	Noncontrolling partners in consolidated joint ventures	 	(4,203	)	 	(2,743	)	 	(8,409	)	 	(5,642	)	
 	 	Share of Unconsolidated Joint Ventures	 	8,225		 	7,247		 	16,319		 	15,324		
 	Share of income tax expense (benefit)	 	515		 	(5	)	 	726		 	205		
 	 	 	 	 	 	 	 	 	 	 	
Less noncontrolling share of income of consolidated joint ventures	 	(2,875	)	 	(2,785	)	 	(4,709	)	 	(6,170	)	
 	 	 	 	 	 	 	 	 	 	 	
Beneficial Interest in EBITDA	 	109,047		 	96,039		 	220,137		 	194,211		
 	 	 	 	 	 	 	 	 	 	 	
TCO's average ownership percentage of TRG	 	69.0	%	 	69.1	%	 	68.9	%	 	68.8	%	
 	 	 	 	 	 	 	 	 	 	 	
Beneficial Interest in EBITDA attributable to TCO	 	75,219		 	66,335		 	151,593		 	133,694		

Taubman Centers/ 11

	
																											
TAUBMAN CENTERS, INC.	 	 	 	 	 	 	 	 	 	
Table 7 - Reconciliation of Net Income to Net Operating Income (NOI)	 	 	 	 	 	 	 	 	 	
For the Periods Ended June 30, 2012 and 2011	 	 	 	 	 	 	 	 	 	
(in thousands of dollars)	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Three Months Ended	 	Three Months Ended	 	Year to Date	 	Year to Date	 	
 	 	 	2012	 	2011	 	2011	 	2010	 	2012	 	2011	 	2011	 	2010	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	31,448		 	20,290		 	20,290		 	18,484		 	63,625		 	44,734		 	44,734		 	35,297		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add (less) depreciation and amortization:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100% - continuing operations	36,235		 	34,424		 	34,424		 	33,976		 	72,669		 	66,449		 	66,449		 	69,044		 	
 	Consolidated businesses at 100% - discontinued operations	 	 	1,905		 	1,905		 	1,942		 	 	 	3,669		 	3,669		 	3,958		 	
 	Noncontrolling partners in consolidated joint ventures	(2,338	)	 	(3,142	)	 	(3,142	)	 	(2,503	)	 	(4,762	)	 	(5,707	)	 	(5,707	)	 	(5,018	)	 	
 	Share of Unconsolidated Joint Ventures	5,364		 	5,378		 	5,378		 	5,323		 	10,475		 	10,864		 	10,864		 	10,801		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add (less) interest expense and income tax expense:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest expense:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Consolidated businesses at 100% - continuing operations	36,676		 	29,691		 	29,691		 	32,904		 	74,203		 	59,465		 	59,465		 	65,414		 	
 	Consolidated businesses at 100% - discontinued operations	 	 	5,779		 	5,779		 	5,019		 	 	 	11,020		 	11,020		 	9,926		 	
 	Noncontrolling partners in consolidated joint ventures	(4,203	)	 	(2,743	)	 	(2,743	)	 	(5,293	)	 	(8,409	)	 	(5,642	)	 	(5,642	)	 	(10,513	)	 	
 	Share of Unconsolidated Joint Ventures	8,225		 	7,247		 	7,247		 	8,248		 	16,319		 	15,324		 	15,324		 	16,450		 	
 	Share of income tax expense (benefit)	515		 	(5	)	 	(5	)	 	114		 	726		 	205		 	205		 	310		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less noncontrolling share of income of consolidated joint ventures	(2,875	)	 	(2,785	)	 	(2,785	)	 	(1,968	)	 	(4,709	)	 	(6,170	)	 	(6,170	)	 	(3,981	)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add EBITDA attributable to outside partners:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	EBITDA attributable to noncontrolling partners in consolidated joint ventures	9,393		 	8,670		 	8,670		 	9,764		 	17,860		 	17,519		 	17,519		 	19,512		 	
 	EBITDA attributable to outside partners in Unconsolidated Joint Ventures	20,242		 	19,487		 	19,487		 	18,656		 	40,723		 	39,198		 	39,198		 	38,138		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
EBITDA at 100%	138,682		 	124,196		 	124,196		 	124,666		 	278,720		 	250,928		 	250,928		 	249,338		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Add (less) items excluded from shopping center NOI:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	General and administrative expenses	10,043		 	8,005		 	8,005		 	7,036		 	18,450		 	15,289		 	15,289		 	14,425		 	
 	Management, leasing, and development services, net	(1,572	)	 	(2,157	)	 	(2,157	)	 	(1,822	)	 	(1,698	)	 	(5,737	)	 	(5,737	)	 	(3,285	)	 	
 	Gains on sales of peripheral land	 	 	(519	)	 	(519	)	 	(1,040	)	 	 	 	(519	)	 	(519	)	 	(1,040	)	 	
 	Interest income	(64	)	 	(170	)	 	(170	)	 	(99	)	 	(196	)	 	(303	)	 	(303	)	 	(260	)	 	
 	Straight-line of rents	(1,831	)	 	(334	)	 	(334	)	 	(552	)	 	(2,480	)	 	(543	)	 	(543	)	 	(524	)	 	
 	Non-center specific operating expenses and other	8,520		 	7,547		 	7,547		 	5,633		 	15,416		 	14,812		 	14,812		 	11,815		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI - all centers at 100%	153,778		 	136,568		 	136,568		 	133,822		 	308,212		 	273,927		 	273,927		 	270,469		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Less - NOI of non-comparable centers	(7,032	)	(1)	(1,057	)	(2)	(1,057	)	(2)	(2,093	)	(2)	(12,771	)	(1)	(1,876	)	(2)	(1,876	)	(2)	(4,137	)	(2)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	146,746		 	135,511		 	135,511		 	131,729		 	295,441		 	272,051		 	272,051		 	266,332		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI - growth %	8.3	%	 	 	 	2.9	%	 	 	 	8.6	%	 	 	 	2.1	%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers	146,746		 	135,511		 	135,511		 	131,729		 	295,441		 	272,051		 	272,051		 	266,332		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Lease cancellation income	(950	)	 	(816	)	 	(816	)	 	(3,235	)	 	(1,939	)	 	(2,199	)	 	(2,199	)	 	(9,182	)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI at 100% - comparable centers excluding lease cancellation income	145,796		 	134,695		 	134,695		 	128,494		 	293,502		 	269,852		 	269,852		 	257,150		 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
NOI excluding lease cancellation income - growth %	8.2	%	 	 	 	4.8	%	 	 	 	8.8	%	 	 	 	4.9	%	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)	Includes City Creek Center, The Mall at Green Hills, The Gardens on El Paseo and El Paseo Village.	 	 	 	 	 	 	 	 	 	 	 	 	
(2)	Includes The Pier Shops and Regency Square.	 	 	 	 	 	 	 	 	 	 	 	 	

Taubman Centers/ 12

	
										
TAUBMAN CENTERS, INC.	 	 	
Table 8 - Balance Sheets	 	
As of June 30, 2012 and December 31, 2011	
 (in thousands of dollars)	 	 	
 	 	 	 	 	 	 	 	
 	 	 	 	 	As of	
 	 	 	 	 	June 30, 2012	 	December 31, 2011		
Consolidated Balance Sheet of Taubman Centers, Inc. :	 	 	 	 	
 	 	 	 	 	 	 	 	
Assets:	 	 	 	 	
 	Properties	 	4,125,093		 	4,020,954		
 	Accumulated depreciation and amortization	 	(1,330,341	)	 	(1,271,943	)	
 	 	 	 	 	2,794,752		 	2,749,011		
 	Investment in Unconsolidated Joint Ventures	 	76,303		 	75,582		
 	Cash and cash equivalents	 	45,227		 	24,033		
 	Restricted cash (1)	 	4,485		 	295,318		
 	Accounts and notes receivable, net	 	39,964		 	59,990		
 	Accounts receivable from related parties	 	2,282		 	1,418		
 	Deferred charges and other assets	 	133,059		 	131,440		
 	 	 	 	 	3,096,072		 	3,336,792		
Liabilities:	 	 	 	 	
 	Mortgage notes payable	 	2,836,148		 	2,864,135		
 	Installment notes (1)	 			 	281,467		
 	Accounts payable and accrued liabilities	 	248,642		 	255,146		
 	Distributions in excess of investments in and net income of	 	 	 	 	
 	 	Unconsolidated Joint Ventures	 	306,599		 	192,257		
 	 	 	 	 	3,391,389		 	3,593,005		
 	 	 	 	 	 	 	 	
Redeemable noncontrolling interests	 	82,337		 	84,235		
 	 	 	 	 	 	 	 	
Equity:	 	 	 	 	
 	Taubman Centers, Inc. Shareowners' Equity:	 	 	 	 	
 	 	Series B Non-Participating Convertible Preferred Stock	 	26		 	26		
 	 	Series G Cumulative Redeemable Preferred Stock	 	 	 	 	
 	 	Series H Cumulative Redeemable Preferred Stock	 	 	 	 	
 	 	Common stock	 	588		 	580		
 	 	Additional paid-in capital	 	670,662		 	673,923		
 	 	Accumulated other comprehensive loss	 	(30,231	)	 	(27,613	)	
 	 	Dividends in excess of net income	 	(883,591	)	 	(863,040	)	
 	 	 	 	 	(242,546	)	 	(216,124	)	
 	Noncontrolling interests:	 	 	 	 	
 	 	Noncontrolling interests in consolidated joint ventures	 	(104,374	)	 	(101,872	)	
 	 	Noncontrolling interests in partnership equity of TRG	 	(30,734	)	 	(22,452	)	
 	 	 	 	 	(135,108	)	 	(124,324	)	
 	 	 	 	 	(377,654	)	 	(340,448	)	
 	 	 	 	 	3,096,072		 	3,336,792		
 	 	 	 	 	 	 	 	
Combined Balance Sheet of Unconsolidated Joint Ventures :	 	 	 	 	
 	 	 	 	 	 	 	 	
Assets:	 	 	 	 	
 	Properties	 	1,109,732		 	1,107,314		
 	Accumulated depreciation and amortization	 	(459,040	)	 	(446,059	)	
 	 	 	 	 	650,692		 	661,255		
 	Cash and cash equivalents	 	27,022		 	22,042		
 	Accounts and notes receivable, net	 	15,914		 	24,628		
 	Deferred charges and other assets	 	26,144		 	21,289		
 	 	 	 	 	719,772		 	729,214		
Liabilities:	 	 	 	 	
 	Mortgage notes payable	 	1,273,666		 	1,138,808		
 	Accounts payable and other liabilities, net	 	55,639		 	55,737		
 	 	 	 	 	1,329,305		 	1,194,545		
 	 	 	 	 	 	 	 	
Accumulated Deficiency in Assets:	 	 	 	 	
 	Accumulated deficiency in assets - TRG	 	(345,311	)	 	(235,525	)	
 	Accumulated deficiency in assets - Joint Venture Partners	 	(242,314	)	 	(211,478	)	
 	Accumulated other comprehensive income (loss) - TRG	 	(10,954	)	 	(9,233	)	
 	Accumulated other comprehensive income (loss) - Joint Venture Partners	 	(10,954	)	 	(9,095	)	
 	 	 	 	 	(609,533	)	 	(465,331	)	
 	 	 	 	 	719,772		 	729,214		
 	 	 	 	 	 	 	 	
(1)	Installment notes were paid in full in February 2012 with restricted cash drawn on the Company's line of credit as of December 31, 2011.	

Taubman Centers/ 13

	
								
TAUBMAN CENTERS, INC.	
Table 9 - Annual Guidance	
(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)	

 	 	Range for Year Ended	
 	 	December 31, 2012	
 	 	 	 	 	
Adjusted Funds from Operations per common share	3.24		 	3.29		
 	 	 	 	 	
 	Early extinguishment of debt charge (1)	(0.02	)	 	(0.02	)	
 	 	 	 	 	
Funds from Operations per common share	3.22		 	3.27		
 	 	 	 	 	
Real estate depreciation - TRG	(1.82	)	 	(1.78	)	
 	 	 	 	 	
Distributions on participating securities of TRG	(0.02	)	 	(0.02	)	
 	 	 	 	 	
Depreciation of TCO's additional basis in TRG	(0.11	)	 	(0.11	)	
 	 	 	 	 	
Net income attributable to common shareowners, per common share (EPS)	1.27		 	1.37		

(1	)	In October 2012, we expect to refinance the existing $197.8 million, 5.46% loan on The Mall at Millenia, a 50 percent owned joint venture. Since this is earlier than allowed under the current loan, the partnership is expected to incur approximately $3.2 million in defeasance charges, of which $1.6 million is our share. The new 12 year, non-recourse $350 million loan will bear interest at a fixed rate of 4%.