Taubman Centers Announces Second Quarter Results

- Managing through Challenging Retail Environment - Results Consistent with Prior Guidance - Cost Saving Initiatives Contribute to Results - Strong Balance Sheet


BLOOMFIELD HILLS, Mich., July 23  /PRNewswire-FirstCall/ -- Taubman Centers, Inc. (NYSE:TCO) today announced its financial results for the second quarter of 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080428/CLM116LOGO )

Net income allocable to common shareholders per diluted share (EPS) was $0.17 for the quarter ended June 30, 2009, up from $0.01 for the quarter ended June 30, 2008.  EPS for the six months ended June 30, 2009 was $0.38, up from $0.09 for the first six months of 2008.

Taubman Centers' Funds from Operations (FFO) per diluted share was $0.65 for the quarter ended June 30, 2009 versus $0.66 for the quarter ended June 30, 2008.

For the six months ended June 30, 2009, Taubman Centers' FFO per diluted share was $1.35 versus $1.34 for the first six months of 2008.  Excluding the restructuring charge incurred in 2009, the company's Adjusted FFO per diluted share for the six months ended June 30, 2009 was $1.38, an increase of 3.0 percent from the first six months of 2008.

"The environment for retail real estate continues to be challenging," said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.  "Lease cancellation income from our tenants offset a decline in rents. In addition, we are very focused on costs throughout our organization, which contributed to our results during the quarter."  The company reported a four cent favorable variance in expenses for the quarter.

Operating Statistics

Ending occupancy for Taubman's portfolio was 88.6 percent on June 30, 2009 versus 90.1 percent on June 30, 2008, a decline primarily due to the closing in late 2008 of three big box store locations at the company's value centers, which were part of national bankruptcies.  Average rent per square foot in the company's 16 consolidated properties for the second quarter of 2009 was $43.00, versus $44.40 for the second quarter of 2008.    For the six months ended June 30, 2009, average rent per square foot in the consolidated properties was $44.02 versus $44.06 in the six months ended June 30, 2008.

Mall tenant sales per square foot declined 11.2 percent from the second quarter of 2008.  For the twelve months ended June 30, 2009, mall tenant sales per square foot were down 9.8 percent to $508 per square foot.

"Weakness in the U.S. economy continues to impact retailers," said Mr. Taubman.  "As expected, this was reflected in our operating results.  Nonetheless, leasing continues to be active with retailers planning openings in 2010 and 2011, when they expect conditions to improve."

Strong Balance Sheet

"Our strong balance sheet is providing the operating flexibility to weather these tough conditions," said Lisa A. Payne, vice chairman and chief financial officer of Taubman Centers.  "We have no debt maturities until the fall of 2010 and collectively through 2011, only about 13 percent of our share of total debt matures."  The company's secured credit lines total $590 million and mature in 2011 with a one year extension option to 2012 on $550 million of the lines.  As of June 30, $382 million was available for use.

Guidance

The company is modestly narrowing its guidance on 2009 FFO per diluted share from the previously announced $2.69 to $2.94 to $2.70 to $2.90.  Excluding the restructuring charge that was recognized in 2009, the company expects 2009 Adjusted FFO per diluted share to be in the range of $2.73 to $2.93.  The company also is modestly narrowing its guidance for 2009 EPS to $0.71 to $0.96.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online at http://www.taubman.com/ under "Investor Relations."  This includes the following:

  --  Income Statement
  --  Earnings Reconciliations
  --  Changes in Funds from Operations and Earnings Per Share
  --  Components of Other Income, Other Operating Expense, and Gains on Land
      Sales and Other Nonoperating Income
  --  Recoveries Ratio Analysis
  --  Balance Sheets
  --  Debt Summary
  --  Other Debt, Equity and Certain Balance Sheet Information
  --  Construction
  --  Capital Spending
  --  Operational Statistics
  --  Owned Centers
  --  Major Tenants in Owned Portfolio

  --  Anchors in Owned Portfolio

  Investor Conference Call


The company will host a conference call at 11:00 a.m. (EDT) on July 24 to discuss these results, business conditions and the company's outlook for the remainder of 2009. The conference call will be simulcast at http://www.taubman.com/ under "Investor Relations" as well as http://www.earnings.com/ and http://www.streetevents.com/.  An online replay will follow shortly after the call and continue for 90 days.

Taubman Centers is a real estate investment trust engaged in the development and management of regional and super regional shopping centers.  Taubman's 24 U.S. owned and/or managed properties, the most productive in the industry, serve major markets from coast to coast.  The company's Taubman Asia subsidiary is working on retail projects in Macao, China and Incheon, South Korea.  Taubman Centers is headquartered in Bloomfield Hills, Michigan. For more information about Taubman, visit http://www.taubman.com/.

For ease of use, references in this press release to "Taubman Centers," "Taubman," or the "company" mean Taubman Centers, Inc. 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.

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. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the ongoing U.S. recession, the existing global credit and financial crisis and other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, and adverse changes in the retail industry. 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, INC.
  Table 1 - Summary of Results
  For the Periods Ended June 30, 2009 and 2008
  --------------------------------------------
  (in thousands of dollars, except as indicated)

                              Three Months Ended       Six Months Ended
                              ------------------       ----------------
                                2009   2008 (1)         2009   2008 (1)
                                ----   --------         ----   --------

  Net income (1), (2)          20,866    21,414        45,392    44,930
  Noncontrolling share of
   income of consolidated
   joint ventures (1)          (2,033)   (1,130)       (3,726)   (2,306)
  Distributions in excess of
   noncontrolling share of
   income of consolidated
   joint ventures (1)                    (4,258)                 (6,395)
  Noncontrolling share of
   income of TRG (1)           (5,290)   (4,505)      (11,876)  (10,421)
  Distributions in excess of
   noncontrolling share of
   income of TRG (1)                     (6,513)                (11,617)
  TRG preferred distributions    (615)     (615)       (1,230)   (1,230)
  Preferred stock dividends    (3,659)   (3,659)       (7,317)   (7,317)
  Distributions to
   participating
   securities of TRG             (361)     (361)         (836)     (724)
  Net income attributable to
   Taubman Centers, Inc.
   common shareowners (1)       8,908       373        20,407     4,920
  Net income per common
   share - basic and diluted
   (1)                           0.17      0.01          0.38      0.09
  Beneficial interest in
   EBITDA -Consolidated
   Businesses (2), (3)         75,087    75,360       152,776   152,577
  Beneficial interest in
   EBITDA -Unconsolidated
   Joint Ventures (3)          22,536    22,644        46,484    45,758
  Funds from Operations
   (2), (3)                    52,390    53,213       108,960   107,969
  Funds from Operations
   attributable to TCO (2),
   (3)                         34,968    35,421        72,726    71,824
  Funds from Operations per
   common share - basic (2),
   (3)                           0.66      0.67          1.37      1.36
  Funds from Operations per
   common share -diluted (2),
   (3)                           0.65      0.66          1.35      1.34
  Weighted average number
   of common shares
   outstanding -
   basic                   53,120,769 52,859,653   53,093,988 52,767,430
  Weighted average number
   of common shares
   outstanding -
   diluted                 53,666,868 53,431,974   53,466,563 53,348,232
  Common shares
   outstanding at
   end of period           53,120,769 52,892,604
  Weighted average units -
   Operating Partnership -
   basic                   79,558,454 79,411,822   79,532,928 79,322,237
  Weighted average units -
   Operating Partnership -
   diluted                 80,975,814 80,855,405   80,776,764 80,774,301
  Units outstanding at
   end of period -
   Operating Partnership   79,558,454 79,440,048
  Ownership percentage of
   the Operating
   Partnership at
   end of period                 66.8%      66.6%
  Number of owned shopping
   centers at end of period        23         23           23         23

  Operating Statistics:
  Mall tenant sales (4)       994,811  1,116,027    1,936,280  2,199,635
  Ending occupancy               88.6%      90.1%        88.6%      90.1%
  Average occupancy              88.7%      90.0%        88.8%      90.0%
  Leased space at end of
   period                        91.1%      92.7%        91.1%      92.7%
  Mall tenant occupancy
   costs as a percentage
   of tenant sales -
   Consolidated Businesses
   (4)                           16.7%      15.4%        17.5%      15.6%
  Mall tenant occupancy
   costs as a percentage
   of tenant sales -
   Unconsolidated Joint
    Ventures (4)                 15.7%      13.7%        15.9%      13.8%
  Rent per square foot -
   Consolidated Businesses      43.00      44.40        44.02      44.06
  Rent per square foot -
   Unconsolidated Joint
   Ventures                     44.24      45.40        44.56      44.84

   (1) In January of 2009, the Company adopted Statement No. 160
  "Noncontrolling Interests in Consolidated Financial Statements - an
  amendment of ARB No. 51" (SFAS 160). Consequently, noncontrolling
  interests in consolidated subsidiaries with equity balances of less than
  zero are now allocated income equal to their ownership interests in the
  subsidiaries. Under previous accounting, because the net equity balances
  of the Operating Partnership and the outside partners in certain
  consolidated joint ventures were less than zero, the income attributable
  to the noncontrolling partners was equal to their share of distributions.
  The net equity of these noncontrolling partners is less than zero due
  to accumulated distributions in excess of net income and not as a result
  of operating losses. Net income attributable to Taubman Centers, Inc.
  common shareowners for the three and six months ended June 30, 2009
  would have been $1.6 and $6.1 million, respectively or $0.03 and $0.11
  per common share, respectively if accounted for under the previous method
  of accounting for noncontrolling interests prior to SFAS 160.  Certain
  2008 amounts within tables 1 to 6 of this press release have been
  reclassified to conform with 2009 classifications.

  (2) Includes $0.2 million and $2.6 million of restructuring charges for
  the three and six months ended June 30, 2009, respectively.  No similar
  charges were incurred in 2008.

  (3) 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 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 from extraordinary items and sales of properties, 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. FFO is primarily used by the Company in measuring performance
  and in formulating corporate goals and compensation.

  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 common definitions. None of these non-GAAP
  measures should be considered alternatives to net income as an indicator
  of the Company's operating performance, and they do not represent cash
  flows from operating, investing, or financing activities as defined by
  GAAP.

  (4) Based on reports of sales furnished by mall tenants.



   TAUBMAN CENTERS, INC.
   Table 2 - Income Statement
   For the Three Months Ended June 30, 2009 and 2008
  ---------------------------------------------------
   (in thousands of dollars)

                              2009                     2008 (1)
                              ----                     --------
                                     UNCONSOL-                 UNCONSOL-
                                     IDATED                    IDATED
                        CONSOLIDATED JOINT        CONSOLIDATED JOINT
                        BUSINESSES   VENTURES (2) BUSINESSES   VENTURES (2)
                        ------------ ------------ ------------ ------------

  REVENUES:
    Minimum rents            84,016   38,553           87,583   38,797
    Percentage rents            561       95            1,325      458
    Expense recoveries       58,525   23,819           60,384   21,664
    Management, leasing,
     and development
     services                 3,189                     3,891
    Other                    12,648    1,187            7,229    2,578
                             ------    -----            -----    -----
      Total
       revenues             158,939   63,654          160,412   63,497

  EXPENSES:
    Maintenance, taxes,
     and utilities           46,946   16,296           46,485   16,080
    Other operating          16,352    5,965           19,695    5,587
    Restructuring charge
    (3)                         169
    Management, leasing,
     and development
     services                 1,930                     2,421
    General and
     administrative           6,847                     7,943
    Interest expense         36,473   16,120           35,972   16,278
    Depreciation and
     amortization            36,058    9,911           36,179    9,839
                             ------    -----           ------    -----
      Total
       expenses             144,775   48,292          148,695   47,784

  Gains on land sales and
   other nonoperating
   income                       198        3            1,456      160
  Impairment loss on
   marketable securities
    (4)                      (1,666)
                             ------   ------           ------   ------
                             12,696   15,365           13,173   15,873
                                      ======                    ======
  Income tax expense           (198)                     (250)
  Equity in income of
   Unconsolidated Joint
   Ventures                   8,368                     8,491
                              -----                     -----

  Net income                 20,866                    21,414
  Net income attributable
   to noncontrolling
   interests:
    Noncontrolling share
     of income of
     consolidated
     joint ventures          (2,033)                   (1,130)
    Distributions in excess
     of noncontrolling share
     of income of
     consolidated
     joint ventures                                    (4,258)
    TRG series F preferred
     distributions             (615)                     (615)
    Noncontrolling share of
     income of TRG           (5,290)                   (4,505)
    Distributions in excess
     of noncontrolling
     share of income of TRG                            (6,513)
  Distributions to
   participating
   securities of TRG           (361)                     (361)
  Preferred stock dividends  (3,659)                   (3,659)
                             ------                    ------
  Net income attributable
   to Taubman Centers,
   Inc. common shareowners    8,908                       373
                              =====                       ===



  SUPPLEMENTAL INFORMATION:
    EBITDA - 100% (3)        85,227   41,396           85,324   41,990
    EBITDA - outside
     partners' share (3)    (10,140) (18,860)          (9,964) (19,346)
                            -------  -------            ------  -------
    Beneficial interest in
     EBITDA (3)              75,087   22,536           75,360   22,644
    Beneficial interest
     expense                (31,538)  (8,369)         (31,065)  (8,457)
    Beneficial income tax
     expense                   (198)                     (250)
    Non-real estate
     depreciation              (854)                     (745)
    Preferred dividends and
     distributions           (4,274)                   (4,274)
                             ------   ------           ------   ------
    Funds from Operations
     contribution (3)        38,223   14,167           39,026   14,187
                             ======   ======           ======   ======

    Net straightline
     adjustments to
     rental revenue,
     recoveries,
     and ground rent
     expense at TRG %            80      104              475       52
                                 ==      ===              ===       ==

    (1)   Certain amounts have been reclassified to conform to 2009
  classifications.
    (2)   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. The
  Company accounts for its investments in the Unconsolidated Joint
  Ventures under the equity method.
    (3)   In 2009, the Company recognized a restructuring charge which
  primarily represents the costs of termination of personnel.
    (4)   The marketable securities represent shares in a Vanguard REIT
  fund that were purchased to facilitate a tax efficient structure for the
  2005 disposition of Woodland mall. Until now, the Company marked to
  market this investment through other comprehensive income on the
  balance sheet. The Company concluded this quarter that the impairment is
  no longer temporary, and therefore recognized a loss through its income
  statement. The balance of the securities was $1.2 million as of June 30,
  2009, and is included in Deferred Charges and Other Assets. To preserve
  the original tax planning it continues to be necessary to carry this
  investment. There are no other assets of this type on the Company's
  balance sheet.



   TAUBMAN CENTERS, INC.
   Table 3 - Income Statement
   For the Six Months Ended June 30, 2009 and 2008
  -------------------------------------------------
   (in thousands of dollars)

                              2009                     2008 (1)
                              ----                     --------
                                     UNCONSOL-                 UNCONSOL-
                                     IDATED                    IDATED
                        CONSOLIDATED JOINT        CONSOLIDATED JOINT
                        BUSINESSES   VENTURES (2) BUSINESSES   VENTURES (2)
                        ------------ ------------ ------------ ------------

  REVENUES:
    Minimum rents          171,452     77,520        174,153     77,208
    Percentage rents         2,721      1,203          3,900      1,919
    Expense recoveries     115,283     47,645        117,848     44,078
    Management,
     leasing, and
     development
     services                6,745                     7,585
    Other                   20,428      3,376         14,343      4,366
                            ------      -----         ------      -----
      Total revenues       316,629    129,744        317,829    127,571

  EXPENSES:
    Maintenance,
     taxes, and
     utilities              91,487     32,333         90,025     31,428
    Other operating         31,317     12,353         37,996     12,134
    Restructuring
     charge (3)              2,630
    Management,
     leasing, and
     development
     services                3,836                     4,678
    General and
     administrative         13,735                    16,276
    Interest expense        72,706     32,070         72,954     32,153
    Depreciation and
     amortization           72,351     19,348         71,514     19,462
                            ------     ------         ------     ------
      Total expenses       288,062     96,104        293,443     95,177

  Gains on land sales
   and other
   nonoperating income         433         57          3,259        479
  Impairment loss on
   marketable
   securities (4)           (1,666)
                            ------     ------         ------     ------
                            27,334     33,697         27,645     32,873
                                       ======                    ======
  Income tax expense          (468)                     (440)
  Equity in income of
   Unconsolidated Joint
   Ventures                 18,526                    17,725
                            ------                    ------

  Net income                45,392                    44,930
  Net income attributable
   to noncontrolling
   interests:
    Noncontrolling
     share of income of
     consolidated joint
     ventures               (3,726)                   (2,306)
    Distributions in excess
     of noncontrolling share
     of income of
     consolidated joint
     ventures                                         (6,395)
    TRG series F
     preferred
     distributions          (1,230)                   (1,230)
    Noncontrolling
     share of income of
     TRG                   (11,876)                  (10,421)
    Distributions in
     excess of
     noncontrolling share
     of income of TRG                                (11,617)
  Distributions to
   participating
   securities of TRG          (836)                     (724)
  Preferred stock
   dividends                (7,317)                   (7,317)
                            ------                    ------
  Net income attributable
   to Taubman Centers,
   Inc. common
   shareowners              20,407                     4,920
                            ======                     =====


  SUPPLEMENTAL INFORMATION:
    EBITDA - 100% (3)      172,391     85,115        172,113     84,488
    EBITDA - outside
     partners' share
     (3)                   (19,615)   (38,631)       (19,536)   (38,730)
                           -------    -------        -------    -------
    Beneficial
     interest in EBITDA
     (3)                   152,776     46,484        152,577     45,758
    Beneficial
     interest expense      (62,898)   (16,653)       (63,219)   (16,719)
    Beneficial income
     tax expense              (468)                     (440)
    Non-real estate
     depreciation           (1,734)                   (1,441)
    Preferred
     dividends and
     distributions          (8,547)                   (8,547)
                            ------     ------         ------     ------
    Funds from
     Operations
     contribution (3)       79,129     29,831         78,930     29,039
                            ======     ======         ======     ======

    Net straightline
     adjustments to
     rental revenue,
     recoveries,
     and ground rent
      expense at TRG %         159        159          1,068        113
                               ===        ===          =====        ===

    (1)   Certain amounts have been reclassified to conform to 2009
  classifications.
    (2)   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.
    (3)  In 2009, the Company recognized restructuring charges, which
  primarily represent the costs of termination of personnel.
    (4)  The marketable securities represent shares in a Vanguard REIT fund
  that were purchased to facilitate a tax efficient structure for the 2005
  disposition of Woodland mall. Until now, the Company marked to market
  this investment through other comprehensive income on the balance sheet.
  The Company concluded this quarter that the impairment is no longer
  temporary, and therefore recognized a loss through its income statement.
  The balance of the securities was $1.2 million as of June 30, 2009, and
  is included in Deferred Charges and Other Assets. To preserve the
  original tax planning it continues to be necessary to carry this
  investment. There are no other assets of this type on the Company's
  balance sheet.



  TAUBMAN CENTERS, INC.
  Table 4 - Reconciliation of Net
   Income Attributable to Taubman
   Centers, Inc. Common Shareowners
    to Funds from Operations and Adjusted
    Funds from Operations
  For the Periods Ended June 30, 2009 and 2008
  --------------------------------------------
  (in thousands of dollars; amounts attributable to TCO
   may not recalculate due to rounding)

                                 Three Months
                                     Ended          Year to Date
                                 ------------       ------------
                                 2009  2008 (1)     2009  2008 (1)
                                 ----  --------     ----  --------

  Net income
   attributable to TCO
   common shareowners           8,908       373   20,407     4,920

  Add (less) depreciation
   and amortization:
     Consolidated businesses
      at 100%                  36,058    36,179   72,351    71,514
     Noncontrolling
      partners in
      consolidated
      joint ventures           (3,172)   (3,927)  (6,081)   (7,495)
     Share of
      Unconsolidated
      Joint Ventures            5,799     5,696   11,305    11,314
     Non-real estate
      depreciation               (854)     (745)  (1,734)   (1,441)

  Add noncontrolling
   interests:
     Noncontrolling
      share of income
      of TRG                    5,290     4,505   11,876    10,421
     Distributions in
      excess of
      noncontrolling
      share of income
      of TRG                              6,513             11,618
     Distributions in
      excess of
      noncontrolling
      share of income of
      consolidated joint
       ventures                           4,258              6,395

  Add distributions
   to participating
   securities of TRG              361       361      836       723
                                  ---       ---      ---       ---

  Funds from Operations        52,390    53,213  108,960   107,969

  TCO's average
   ownership
   percentage of TRG             66.8%     66.6%    66.8%     66.5%
                                 ----      ----     ----      ----

  Funds from
   Operations
   attributable to TCO         34,968    35,421   72,726    71,824
                               ======    ======   ======    ======


  Funds from Operations        52,390    53,213  108,960   107,969

  Restructuring charge            169              2,630
                                  ---      ---     -----       ---

  Adjusted Funds from
   Operations  (2)             52,559    53,213  111,590   107,969

  TCO's average
   ownership
   percentage of TRG             66.8%     66.6%    66.8%     66.5%
                                 ----      ----     ----      ----

  Adjusted Funds from
   Operations
   attributable to TCO
    (2)                        35,081    35,421   74,482    71,824
                               ======    ======   ======    ======


   (1)  Certain amounts have been reclassified to conform to
  2009 classifications.

   (2) FFO for the three and six months ended June 30, 2009 includes,
  and Adjusted FFO excludes, the restructuring charges which primarily
  represent the costs of termination of personnel. The Company
  discloses this Adjusted FFO due to the significance and infrequent
  nature of the charges. Given the significance of the charges, the
  Company believes it is essential to a reader's understanding of the
  Company's results of operations to emphasize the impact on the Company's
  earnings measures. The adjusted measures are not and should not be
  considered alternatives to net income or cash flows from operating,
  investing, or financing activities as defined by GAAP.



  TAUBMAN CENTERS, INC.
  Table 5 - Reconciliation of Net Income to Beneficial
   Interest in EBITDA
  For the Periods Ended June 30, 2009 and 2008
  --------------------------------------------
  (in thousands of dollars; amounts attributable to TCO may
   not recalculate due to rounding)

                                 Three Months
                                     Ended          Year to Date
                                 ------------       ------------
                                 2009  2008 (1)     2009  2008 (1)
                                 ----  --------     ----  --------

  Net income                   20,866    21,414   45,392    44,930

  Add (less) depreciation and
   amortization:
     Consolidated
      businesses at 100%       36,058    36,179   72,351    71,514
     Noncontrolling
      partners in
      consolidated joint
      ventures                 (3,172)   (3,927)  (6,081)   (7,495)
     Share of
      Unconsolidated
      Joint Ventures            5,799     5,696   11,305    11,314

  Add (less) interest expense
   and income tax expense:
     Interest expense:
       Consolidated
        businesses at
        100%                   36,473    35,972   72,706    72,954
       Noncontrolling
        partners in
        consolidated
        joint ventures         (4,935)   (4,907)  (9,808)   (9,735)
       Share of
        Unconsolidated
        Joint Ventures          8,369     8,457   16,653    16,719
     Income tax expense           198       250      468       440

  Less noncontrolling
   share of income of
   consolidated joint
   ventures                    (2,033)   (1,130)  (3,726)   (2,306)
                               ------    ------   ------    ------


  Beneficial Interest
   in EBITDA                   97,623    98,004  199,260   198,335

  TCO's average
   ownership percentage
   of TRG                        66.8%     66.6%    66.8%     66.5%
                                 ----      ----     ----      ----

  Beneficial Interest
   in EBITDA
   attributable to TCO         65,212    65,235  133,004   131,937
                               ======    ======  =======   =======


   (1)  Certain amounts have been reclassified to conform to 2009
  classifications.



  TAUBMAN CENTERS, INC.
  Table 6 - Balance Sheets
  As of June 30, 2009 and December 31, 2008
  -----------------------------------------
   (in thousands of dollars)

                                                       As of
                                                      --------
                                          June 30, 2009  December 31, 2008
                                          -------------  -----------------
  Consolidated Balance Sheet of
   Taubman Centers, Inc. (1):

  Assets:
    Properties                                3,708,342          3,699,480
    Accumulated depreciation and
     amortization                            (1,106,675)        (1,049,626)
                                             ----------         ----------
                                              2,601,667          2,649,854
    Investment in Unconsolidated Joint
     Ventures                                    88,636             89,933
    Cash and cash equivalents                    11,772             62,126
    Accounts and notes receivable, net           32,761             46,732
    Accounts receivable from related
     parties                                      1,686              1,850
    Deferred charges and other assets           121,722            124,487
                                                -------            -------
                                              2,858,244          2,974,982
                                              =========          =========

  Liabilities:
    Notes payable                             2,758,938          2,796,821
    Accounts payable and accrued
     liabilities                                234,068            262,226
    Dividends and distributions payable                             22,002
    Distributions in excess of investments
     in and net income of
     Unconsolidated Joint Ventures              155,141            154,141
                                                -------            -------
                                              3,148,147          3,235,190

  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                                  531                530
      Additional paid-in capital                559,240            556,145
      Accumulated other comprehensive income
       (loss)                                   (26,498)           (29,778)
      Dividends in excess of net income        (749,965)          (726,097)
                                               --------           --------
                                               (216,666)          (199,174)
    Noncontrolling interests:
      Noncontrolling interests in
       consolidated joint ventures              (90,579)           (90,251)
      Noncontrolling interests in TRG           (11,875)
      Preferred Equity of TRG                    29,217             29,217
                                                 ------             ------
                                                (73,237)           (61,034)
                                                -------            -------
                                               (289,903)          (260,208)
                                               --------           --------
                                              2,858,244          2,974,982
                                              =========          =========

  (1)  Certain 2008 amounts have been
  reclassified to conform to 2009
  classifications.



  Combined Balance Sheet of Unconsolidated
   Joint Ventures:

  Assets:
    Properties                                1,090,505          1,087,341
    Accumulated depreciation and
     amortization                              (381,331)          (366,168)
                                               --------           --------
                                                709,174            721,173
    Cash and cash equivalents                    19,196             28,946
    Accounts and notes receivable                18,560             26,603
    Deferred charges and other assets            19,904             20,098
                                                 ------             ------
                                                766,834            796,820
                                                =======            =======

  Liabilities:
    Notes payable                             1,098,370          1,103,903
    Accounts payable and other liabilities,
     net                                         42,235             61,570
                                                 ------             ------
                                              1,140,605          1,165,473

  Accumulated Deficiency in Assets:
    Accumulated deficiency in assets - TRG     (197,205)          (194,178)
    Accumulated deficiency in assets -
     Joint Venture Partners                    (165,452)          (160,862)
    Accumulated other comprehensive income
     (loss) - TRG                                (5,970)            (7,288)
    Accumulated other comprehensive income
     (loss) - Joint Venture Partners             (5,144)            (6,325)
                                                 ------             ------
                                               (373,771)          (368,653)
                                               --------           --------
                                                766,834            796,820
                                                =======            =======



  TAUBMAN CENTERS, INC.
  Table 7 -  Annual Outlook
  -------------------------
  (all dollar amounts per common share on a diluted basis;
   amounts may not add due to rounding)

                   Range for Year
                        Ended
                    December 31,                      Range for
                     2009 Before    Restructuring     Year Ended
                    Restructuring                     December
                        Charge        Charge (1)       31, 2009
                    -------------     ----------      ---------

  Funds from
   Operations
   per common
   share             2.73     2.93        (0.03)     2.70   2.90

  Real estate
   depreciation -
    TRG             (1.84)   (1.79)                 (1.84) (1.79)

  Distributions
   on
   participating
   securities of
   TRG              (0.02)   (0.02)                 (0.02) (0.02)

  Depreciation
   of TCO's
   additional
   basis in TRG     (0.13)   (0.13)                 (0.13) (0.13)
                    -----    -----          ---      -----  -----

  Net income
   attributable
   to common
   shareowners,
   per common
   share             0.74     0.99        (0.03)     0.71   0.96
                     ====     ====        =====      ====   ====


  (1) In 2009, the Company recognized a restructuring charge of $2.6
  million, which represents primarily the cost of terminations
  of personnel.


http://www.newscom.com/cgi-bin/prnh/20080428/CLM116LOGODATASOURCE: Taubman Centers, Inc.



CONTACT:  Barbara Baker, Vice President, Investor Relations of Taubman,

[phone], 



Web Site:  http://www.taubman.com/ 

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