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Investor Presentation Taubman Centers, Inc. Investor Presentation July 2019 Taubman Centers, Inc. (NYSE: TCO) A real estate company founded in 1950, with 69 years in operation First publicly traded UPREIT – IPO 1992 Total market capitalization of about $10 billion Joined the S&P 400 MidCap Index in January 2011 We own, operate and develop the best retail assets Our portfolio of malls is the most productive in the U.S. publicly held mall sector Currently own and/or operate 26 retail assets, with 1 project under development 2 Fair Oaks, Va. The Mall at Millenia, Fla. The Mall at Short Hills, N.J. Country Club Plaza, Mo. Beverly Center, Calif. Cherry Creek Shopping Center, Colo. City Creek Center, Utah Dolphin Mall, Fla. We Own, Operate and Develop the Best Retail Assets The Gardens on El Paseo, Calif. Great Lakes Crossing Outlets, Mich. Starfield Hanam, South Korea The Mall of San Juan, Puerto Rico International Plaza, Fla. The Mall at University Town Center, Fla. Waterside Shops, Fla. Westfarms, Conn. We Have the Industry's Premier Portfolio With Five Key Success Factors that Drive Productivity We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment, Acquisitions & Dispositions While Emphasizing a Strong Balance Sheet To Create Significant Shareholder Value 4 We Operate the Best Collection of Retail Assets Industry’s Premier Portfolio South 24 China 19 Korea 11 18 4 21 3 27 17 20 5 2 8 Asia 6 Properties 1 9 12 13 26 Owned Properties 14 15 1 Beverly Center 10 The Gardens Mall 18 Stamford Town Center 10 Los Angeles, Calif. Palm Beach Gardens, Fla. Stamford, Conn. 22 7 2 Cherry Creek Shopping Center 11 Great Lakes Crossing Outlets 19 Starfield Hanam 23 Denver, Colo. Auburn Hills, Mich. Hanam, South Korea 25 3 CityOn.Xi’an 12 The Mall at Green Hills 20 Sunvalley Shopping Center 16 Xi’an, China Nashville, Tenn. Concord, Calif. Managed/Leased Centers – 4 CityOn.Zhengzhou 13 International Market Place 21 Twelve Oaks Mall No Ownership Development Properties Zhengzhou, China Waikiki, Honolulu, Hawaii Novi, Mich. 5 City Creek Center 14 International Plaza 22 The Mall at University 25 Miami Worldcenter 27 Starfield Anseong Salt Lake City, Utah Tampa, Fla. Town Center Miami, Fla. Anseong, South Korea Sarasota, Fla. 6 Country Club Plaza 15 The Mall at Millenia 26 The Shops at Belmond Kansas City, Mo. Orlando, Fla. 23 Waterside Shops Charleston Place 7 Dolphin Mall 16 The Mall of San Juan Naples, Fla. Charleston, S.C. Miami, Fla. San Juan, Puerto Rico 24 Westfarms 8 Fair Oaks Mall 17 The Mall at Short Hills West Hartford, Conn. Fairfax, Va. Short Hills, N.J. 9 The Gardens on El Paseo Palm Desert, Calif. 5 Industry’s Premier Portfolio The Best Assets Have Significantly Greater Value US Mall Distribution by Quality 150 150 119 84 95 98 83 86 60 37 49 A++ A+ A A- B+ B B- C+ C C- D Taubman’s portfolio of 21 assets(1) average between A+ and A quality. 80% of mall asset value is held in ‘A’ malls 28% 22% 18% 12% 8% 6% 3% 3% Percent of Industry Value B quality malls, which represent 36% of all malls, account for 17% of value A++ quality malls, which A B CD represent 3.7% of all malls, C quality malls, which represent 32% of account for 28% of all value all malls, account for 3% of value D quality malls, which represent 5% of malls, account for less than 0.1% of value Source: Green Street Advisors, LLC. (2019) Annual Grade Review. Grades are based on merchandise mix, productivity, location, condition/appeal and other factors. Note: (1) Excludes Taubman Asia assets, as the Green Street only includes U.S. assets in their database. 6 Industry’s Premier Portfolio The Best Assets Are the Most Productive Highest Portfolio Sales Highest Average Rent Per Square Foot(1)(3) Per Square Foot(2)(3) (March 31, 2019) (March 31, 2019) TCO $919 TCO $62.16 MAC $746 MAC $60.74 SPG $660 PEI $499 SPG $54.34 WPG $399 CBL $32.45 SKT $397 WPG $28.98 CBL $377 $0 $200 $400 $600 $800 $1,000 $0 $10 $20 $30 $40 $50 $60 $70 Source: Company Filings and Supplementals, Company Quarterly Earnings Conference Calls, Taubman Analysis. Note: (1) Typically excludes all non-comparable centers, anchors, temporary tenants and 10,000+ sf tenants. (2) PEI and SKT are excluded as they do not report Avg. Rent Per Square Foot on a comparable basis. (3) TCO amounts represent U.S. comparable centers only. Ticker Identification: TCO – Taubman Centers, Inc., MAC – The Macerich Company, SPG – Simon Property Group, Inc., PEI – Pennsylvania Real Estate Investment Trust, SKT – Tanger Factory Outlet Centers, Inc., CBL – CBL & Associates Properties, Inc., WPG –Washington Prime Group, Inc. 7 We Have the Industry's Premier Portfolio With Five Key Success Factors that Drive Productivity We Strategically Enhance Our Portfolio through: Taubman Asia Developments, Redevelopment, Acquisitions & Dispositions While Emphasizing a Strong Balance Sheet To Create Significant Shareholder Value 8 Productivity Five Key Success Factors The best retail assets have five key success factors that drive productivity, ultimately resulting in NOI and FFO growth. Omnichannel Complementary Premier In-Line Best Demographics Tenants Best Locations High Quality Anchors & Department Stores Best Retail Assets Sales Productivity & Rent Growth NOI FFO Growth Growth 9 Productivity We Have the Best Locations Highest Concentration of Asset Value in Top U.S. 50 Markets 100% 90% 80% 70% 60% 50% 93% 40% 82% 74% 30% 61% 53% 20% 10% 23% 0% TCO MAC SPG PEI WPG CBL Source: Green Street Advisors. U.S. Mall Outlook 2019, Mall REIT Asset Value Concentration by Market. Leading retailers and emerging concepts choose to showcase their brand in the best markets and highest quality assets 10 Productivity With Industry-Leading Demographics U.S. Mall REIT Demographics – 15 Mile Radius Median Household Income Average Household Income TCO $81,207 TCO 104,567 SPG $73,588 SPG 94,974 PEI $73,491 PEI 93,588 MAC $70,193 MAC 90,146 WPG $61,689 WPG 79,122 CBL $58,454 CBL 74,890 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $0 $20,000 $40,000 $60,000 $80,000 $100,000 Population % of Household Earnings > $100K MAC 2,466,756 TCO 35.0% TCO 1,869,037 SPG 32.5% PEI 1,634,899 PEI 32.2% SPG 1,483,395 MAC 30.6% WPG 795,802 WPG 26.2% CBL 513,058 CBL 25.1% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Source: Evercore ISI Research Reports dated March 11, 2019. © Copyright 2019. Evercore Group L.L.C. All rights reserved. 11 Productivity Complementing Our Retailer’s Omnichannel Strategy Successful retailers understand that a combination of both physical and digital channels best meets their customer needs Retailer’s Physical locations are an Physical omnichannel locations eCommerce important distribution strategy channel that reduce order fulfillment and customer acquisition costs, while improving website traffic and brand recognition Taubman’s “A” quality portfolio complements retailer's omnichannel Digitally native retailers are moving into physical stores in strategy by positioning high-quality malls as the omnichannel strategy grows in the their brand among high- modern retail landscape end, productive retailers in the best markets 12 Productivity Attracting Digitally Native Brands & Emerging Concepts ◼ Our high quality assets are experiencing Digitally Native Tenants with Multiple Locations in our Portfolio growing demand for space from digitally native retailers and emerging concepts ◼ Third party research(1) indicates that Taubman’s portfolio has the highest concentration of digitally native brands in the U.S. publicly traded mall sector New Digitally Native & Emerging Concept Leases Signed 60 57 Select Expanding Concepts in our Portfolio 50 40 40 # Leases of 30 20 10 0 2017 2018 (1) Source: Green Street Advisors LLC. (2018) Clicks to Bricks. Analysis excludes “stores within stores” and pop-ups. 13 Productivity Superior Collection of Brands - Drawing Both Customers & Retailers to our Centers Beverly Center Cherry Creek Shopping Center City Creek Center Country Club Plaza Dolphin Mall Fair Oaks Mall The Gardens on El Paseo The Gardens Mall Great Lakes Crossing Outlets The Mall at Green Hills International Market Place International Plaza The Mall at Millenia The Mall of San Juan The Mall at Short Hills Stamford Town Center Sunvalley Twelve Oaks Mall The Mall at University Town Center Waterside Shops Westfarms Note: Excludes Taubman Asia 14 Productivity Best-in-Class Anchor Quality Greatest Exposure to High Quality Specialty Department Stores TCO CBL MAC PEI SPG WPG Anchors are a critical 15 29 31 14 105 26 factor in assessing mall 9 2 12 1 28 0 quality 5 1 1 0 7 1 Strong anchors attract 4 0 2 0 12 0 both retailers and 3 0 2 1 11 0 customers 3 0 3 1 9 0 Taubman’s portfolio is well-positioned; Total Fashion Dept. 39 32 51 17 172 27 Total Traditional containing the largest Dept. Stores 47 147 102 44 316 109 concentration of high 83.0% 21.8% 50.0% 38.6% 54.4% 24.8% quality anchors Least Exposure to “Troubled” Department Stores TCO CBL MAC PEI SPG WPG 1 12 8 6 25 10 4 48 27 16 66 37 Total Troubled Dept. Source: BofA Merrill Lynch Global Research, “1Q19: Stores 5 60 35 22 91 47 As store closings continue, refilling vacant space remains biggest challenge”, May 17, 2019. Total Traditional Dept. Stores 47 147 102 44 316 109 Note: Analysis excludes SKT, as they operate premium outlet centers.
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