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The Mall at Short Hills Seoul, South Korea Fairfax, Va Taubman Centers, Inc. Investor Presentation September 2016 Taubman Centers, Inc. (NYSE: TCO) A real estate investment trust (REIT) founded in 1950 First publicly traded UPREIT – IPO 1992 Total market capitalization over $10 billion Joined the S&P 400 MidCap Index in January 2011 We create extraordinary retail environments for shoppers, retailers, communities and investors 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 We Own, Operate and Develop the Best Retail Assets 3 We Have the Industry's Premier Portfolio With Five Key Success Factors that Drive Productivity We Strategically Enhance Our Portfolio through: Development, Taubman Asia, Redevelopment, Acquisitions & Dispositions While Emphasizing a Conservative Balance Sheet To Create Significant Shareholder Value 4 We Operate the Best Collection of Retail Assets Industry’s Premier Portfolio South 23 China Korea 9 16 25 17 20 3 27 15 18 4 7 Macau 2 Asia 5 26 19 Properties 1 8 10 11 24 Operating Properties 12 13 1 Beverly Center 9 Great Lakes Crossing Outlets 17 Starfield Hanam 21 6 Los Angeles, Calif. Auburn Hills, Mich. Hanam, South Korea 22 2 Cherry Creek Shopping Center 10 The Mall at Green Hills 18 Sunvalley Shopping Center Denver, Colo. Nashville, Tenn. Concord, Calif. 14 3 CityOn.Xi’an 11 International Market Place 19 Taubman Prestige Xi’an, China Waikiki, Honolulu, Hawaii Outlets Chesterfield Chesterfield, Mo. Managed/Leased Centers 4 City Creek Center 12 International Plaza Development Properties Salt Lake City, Utah Tampa, Fla. 20 Twelve Oaks Mall – No Ownership 4 5 Country Club Plaza 13 The Mall at Millenia Novi, Mich. Kansas City, Mo. Orlando, Fla. 21 The Mall at University 24 The Shops at Belmond 27 CityOn.Zhengzhou Town Center Charleston Place Zhengzhou, China 6 Dolphin Mall 14 The Mall of San Juan Charleston, S.C. Miami, Fla. San Juan, Puerto Rico Sarasota, Fla. 22 Waterside Shops 25 IFC Mall 7 Fair Oaks 15 The Mall at Short Hills Seoul, South Korea Fairfax, Va. Short Hills, N.J. Naples, Fla. 23 Westfarms 26 The Boulevard at Studio City 8 The Gardens on El Paseo 16 Stamford Town Center Cotai, Macau, China Palm Desert, Calif. Stamford, Conn. West Hartford, Conn. 5 Industry’s Premier Portfolio The Best Assets Have Significantly Greater Value As retail assets strive to differentiate themselves across the quality spectrum, we are well-positioned to benefit from retailer and investor flight to quality US Mall Distribution by Quality 156 133 94 104 100 108 92 89 67 72 37 19(1) A++ A+ TCO A A- B+ B B- C+ C C- D Avg. 2% 1% 22% 22% 19% 12% 9% 7% 3% 1% 1% Percent of Industry Value A++ quality malls, which represent 3.5% of all B quality malls, which represent 37.0% malls, account for 22% of all value A of all malls, account for 19% of value B CD C quality malls, which represent 27.5% of all malls, account for 4% of value D quality malls, which represent 6.8% of malls, account for 0.2% of value Source: Green Street Advisors. (2016) Upscale Shopping Centers Nudge Out Down-Market Malls. The Wall Street Journal Grades are based on sales per square foot. Mall value is based on sales productivity, size, quality and other factors. Note: (1) Excludes The Mall of San Juan, CityOn.Xi’an, International Market Place and Starfield Hanam, as the Green Street study included only stabilized assets in their analysis. 6 Industry’s Premier Portfolio The Best Assets Are the Most Productive Highest Portfolio Sales Highest Average Rent Per Square Foot1 Per Square Foot2 (June 30, 2016) (June 30, 2016) TCO $789 TCO $62.61 MAC $626 MAC $54.00 SPG $607 GGP $583 SPG $50.43 PEI $458 PEI $48.98 SKT $395 CBL $31.82 CBL $377 WPG $376 WPG $27.24 $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) General Growth and Tanger 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 – General Growth Properties, 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: Development, Taubman Asia, Redevelopment, Acquisitions & Dispositions While Emphasizing a Conservative Balance Sheet To Create Significant Shareholder Value 8 Productivity Five Key Success Factors 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. 30 Markets 100% 90% 80% 70% 60% 50% 40% 83% 72% 69% 30% 52% 51% 20% 34% 10% 8% 0% TCO MAC SPG PEI GGP WPG CBL Source: Green Street Advisors. U.S. Mall Outlook 2016, Mall REIT Asset Value Concentration by Market. The best retailers and emerging concepts are selective in the market and asset quality to showcase their brand 10 Productivity With Industry-Leading Demographics U.S. Mall REIT Demographics – 15 Mile Radius Median Household Income Average Household Income TCO $62,408 TCO 86,901 SPG $61,023 SPG 82,738 MAC $59,706 MAC 80,605 PEI $57,555 GGP 77,050 GGP $57,149 PEI 76,060 WPG $52,332 WPG 69,963 CBL $51,560 CBL 68,485 $40,000 $60,000 $80,000 $0 $20,000 $40,000 $60,000 $80,000 $100,000 Population % of Household Earnings > $100K MAC 1,989,191 TCO 28.2% TCO 1,650,897 SPG 27.1% SPG 1,432,391 MAC 25.9% GGP 1,173,290 GGP 24.2% PEI 1,002,676 PEI 24.0% WPG 802,629 WPG 20.4% CBL 470,403 CBL 19.9% 0 500,000 1,000,000 1,500,000 2,000,000 15.0% 20.0% 25.0% 30.0% Source: Evercore ISI Research Reports dated March 16, 2016. © Copyright 2016. Evercore Group L.L.C. All rights reserved. 11 Productivity Complementing Our Retailer’s Omnichannel Strategy Successful retailers High-End understand that a Apparel combination of both High-End physical and digital Services channels best meets their A++ customer needs TCO Experiential Physical locations are an A “A” Quality Retail important distribution Portfolio channel that reduce order fulfillment and customer B Dynamic acquisition costs, while Restaurants improving website traffic C and brand recognition Mall Quality Spectrum Quality Mall Taubman’s “A” quality portfolio complements retailer's omnichannel eCommerce Complement 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 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 & International Market Place 14 Productivity Unparalleled Anchor Quality Greatest Exposure to Superior-Drawing Fashion Anchors TCO CBL GGP MAC PEI SPG WPG Total 15 41 101 41 22 111 34 365 9 2 25 13 3 28 4 84 4 0 10 2 0 10 0 26 5 3 4 1 0 6 1 20 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 39 46 154 62 27 177 39 544 Total Traditional Dept. Stores 49 259 386 138 83 387 176 1478 79.6% 17.8% 39.9% 44.9% 32.5% 45.7% 22.2% 36.8% Anchors are a critical factor in assessing mall quality Strong anchors attract both retailers and customers Taubman’s portfolio is well-positioned; containing the largest concentration of high quality anchors. Source: BofA Merrill Lynch Global Research, “Assessing the Mall Industry VI”, May 19, 2016. Analysis excludes SKT, as they operate premium outlet centers. Note: Analysis excludes SKT, as they operate premium outlet centers. Analysis also excludes Macy’s Men’s Store and Macy’s Furniture Gallery. 15 Productivity The Best Assets Deliver Superior Performance Core NOI Growth(1) Adjusted Funds from Operations Per Diluted Share(1) 8% $4.00 $3.65 $3.67 7% $3.42(5) Taubman $3.50 $3.34 6% Peer Average $3.00 $2.84 5% $2.50 Taubman 5-Yr. Avg. = 4.3%(2) 4% $2.00 (3) 3% Peer 5-Yr. Avg. = 2.7% $1.50 2% $1.00 1% $0.50 0% $0.00 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2016 NOI Growth Guidance(4): About 5.0% 2016 AFFO Guidance(6): $3.50 - $3.65 Note: (1) See appendix regarding reconciliations to the most comparable GAAP measures. (2) Excludes lease cancellation income and non-comparable centers. (3) Simple average calculated using NOI’s of Taubman Peers (SPG, PEI, MAC, WPG, GGP, RSE and CBL).
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