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Taubman Centers, Inc. Investor Presentation Taubman Centers, Inc. Investor Presentation Spring 2018 Taubman Centers, Inc. (NYSE: TCO) A real estate company founded in 1950, with 68 years in operation First publicly traded UPREIT – IPO 1992 Total market capitalization of $10.7 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 27 retail assets 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: U.S. Development, Taubman Asia, 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 Korea 10 17 4 18 21 3 16 19 5 8 Macau 2 Asia 6 25 20 Properties 1 9 11 12 27 Owned Properties 13 14 1 Beverly Center 10 Great Lakes Crossing Outlets 18 Starfield Hanam Los Angeles, Calif. Auburn Hills, Mich. Hanam, South Korea 22 7 2 Cherry Creek Shopping Center 11 The Mall at Green Hills 19 Sunvalley Shopping Center 23 Denver, Colo. Nashville, Tenn. Concord, Calif. 26 3 CityOn.Xi’an 12 International Market Place 20 Taubman Prestige 15 Xi’an, China Waikiki, Honolulu, Hawaii Outlets Chesterfield Managed/Leased Centers – Chesterfield, Mo. 4 CityOn.Zhengzhou 13 International Plaza No Ownership Zhengzhou, China Tampa, Fla. 21 Twelve Oaks Mall Novi, Mich. 5 City Creek Center 14 The Mall at Millenia 25 The Boulevard at Studio City Salt Lake City, Utah Orlando, Fla. 22 The Mall at University Macau, China 6 Country Club Plaza 15 The Mall of San Juan Town Center Sarasota, Fla. 26 Miami Worldcenter Kansas City, Mo. San Juan, Puerto Rico Miami, Fla. 7 Dolphin Mall 16 The Mall at Short Hills 23 Waterside Shops Naples, Fla. 27 The Shops at Belmond Miami, Fla. Short Hills, N.J. Charleston Place 8 Fair Oaks 17 Stamford Town Center 24 Westfarms Charleston, S.C. Fairfax, Va. Stamford, Conn. West Hartford, Conn. 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 169 140 111 117 119 116 94 99 58 37 44 A++ A+ A A- B+ B B- C+ C C- D Taubman’s portfolio of 21 assets(1) average between A+ and A quality. Roughly 78% of mall asset value is held in ‘A’ malls 23% 20% 21% 14% 10% 7% 3%3% Percent of Industry Value B quality malls, which represent 39% of all malls, account for 20% of value A++ quality malls, which A B CD represent 3.4% of all malls, C quality malls, which represent 30% of account for 23% of all value all malls, account for 3% of value D quality malls, which represent 4% of malls, account for less than 0.1% of value Source: Green Street Advisors. (2018) 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) Per Square Foot(2) (December 31, 2017) (December 31, 2017) TCO $810 TCO $61.66 MAC $660 SPG $628 MAC $56.97 GGP $587 SPG $53.11 PEI $475 SKT $387 CBL $32.42 CBL $372 WPG $27.83 WPG $365 $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) GGP, PEI and SKT are excluded as they do not report Avg. Rent Per Square Foot on a comparable basis. Ticker Identification: TCO – Taubman Centers, Inc., MAC – The Macerich Company, SPG – Simon Property Group, Inc., GGP – GGP Inc., PEI – Pennsylvania Real Estate Investment Trust, SKT – Tanger Factory Outlet Centers, Inc., CBL – CBL & Associates Properties, Inc., WPG – WP Glimcher Inc. 7 We Have the Industry's Premier Portfolio With Five Key Success Factors that Drive Productivity We Strategically Enhance Our Portfolio through: U.S. Development, Taubman Asia, 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% 89% 40% 82% 80% 30% 63% 60% 47% 20% 10% 25% 0% TCO MAC SPG GGP PEI WPG CBL Source: Green Street Advisors. U.S. Mall Outlook 2018, 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 $62,349 TCO 87,236 SPG $62,218 SPG 84,226 PEI $60,510 MAC 82,144 MAC $60,016 PEI 80,972 GGP $57,878 GGP 78,890 WPG $55,739 WPG 74,708 CBL $52,517 CBL 70,451 $45,000 $50,000 $55,000 $60,000 $65,000 $0 $20,000 $40,000 $60,000 $80,000 $100,000 Population % of Household Earnings > $100K MAC 2,346,319 TCO 28.4% TCO 1,580,160 SPG 27.9% PEI 1,363,384 MAC 26.6% SPG 1,286,477 PEI 26.4% GGP 1,228,302 GGP 25.1% WPG 859,917 WPG 23.1% CBL 490,878 CBL 21.1% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 15.0% 20.0% 25.0% 30.0% Source: Evercore ISI Research Reports dated April 11, 2017. © Copyright 2017. 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 Physical locations are an Physical important distribution channel that reduce order Locations Retailer’s fulfillment and customer Omnichannel acquisition costs, while Strategy improving website traffic eCommerce and brand recognition Taubman’s “A” quality portfolio complements retailer's omnichannel strategy by positioning their brand among high- end, productive retailers in the best markets 12 Productivity Attracting the Premier Brands Brands that have chosen a Taubman “Online” retailers that Center as their first U.S. Mall location are now tenants in Taubman Centers 13 Productivity Superior Collection of Brands - Attracting Both Customers & Retailers to our Centers Beverly Center Cherry Creek Shopping Center City Creek Center Country Club Plaza Dolphin Mall Fair Oaks The Gardens on El Paseo 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 Taubman Prestige Outlets Chesterfield Twelve Oaks Mall The Mall at University Town Center Waterside Shops Westfarms Note: Excludes Taubman Asia 14 Productivity Evolution of Taubman’s Retailer Mix ◼ New high-productivity retailers have naturally taken greater space throughout our portfolio, while formerly prominent tenants have decreased their footprint over the last 10 years ◼ The evolution of Taubman’s tenant mix has contributed to our sales growth over the last decade ◼ The below table highlights a sample of significant changes within our tenant base over the last 10 years Change in GLA (Sqft.) Change in GLA (Sqft.) Tenant Tenant 2017 vs. 2007 2017 vs. 2007 -165,000 +298,000 -131,000 +134,000 -86,000 +57,000 -63,000 +56,000 -48,000 +34,000 Tenant Sales per Square Foot (2007 through 2017) 800 3.9% CAGR 700 600 Foot ($) Foot 500 Tenant per Sales Square 400 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 15 Productivity Strong Tenant Demand for Space Recent Store Closures New Concepts Recently Added to TCO’s Portfolio Food • We received approximately 360,000 sqft. back from tenants through bankruptcies or store closures between October 2016 and October Emerging Brands 2017 • Of that, about 300,000 square feet has been backfilled(1)(2) • Leased space in our comparable centers is 96.0%(3) • Expect occupancy in our comparable centers to be around 95% at year-end (1) As of January 30, 2018 (2) Includes spaces that have be re-leased or original tenant has retained occupancy (3) As of December 31, 2017 16 Productivity Unparalleled Anchor Quality Greatest Exposure to Superior-Drawing Fashion Anchors TCO CBL GGP MAC PEI SPG WPG Total 15 34 88 39 19 110 32 337 9 2 25 13 1 28 4 82 4 0 10 2 0 11 0 27 4 0 4 1 0 6 1 16 3 0 4 2 1 11 0 21 3 0 9 3 1 9 0 25 0 0 1 0 0 2 0 3 Better Fashion Anchors 38 36 141 60 22 177 37 511 Total Traditional Dept.
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