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View Annual Report Places Taubman Centers,Growing Inc. 2016 Annual Report The 160-year-old iconic banyan tree at International Market Place in Waikiki, Hawaii Growing Places “Growing places is all about rewarding investors by attracting the best retailers, delighting shoppers and continually strengthening the most productive portfolio in the U.S. publicly traded regional mall industry.” Starfield Hanam Hanam, South Korea page 1 Letter to Over the 20-year period ended December 31, 2016, Shareholders Taubman Centers’ compounded annual total shareholder return was 14.9% 1, 6 0 8 1,60 0 1,553 1,423 1,18 8 1, 0 9 5 Since our Initial Public Offering in 1992, we’ve been creating long-term value for our shareholders by continuously enhancing the quality of our industry-leading portfolio of extraordinary retail properties. In the simplest 863 848 terms, we’re in the business of growing places – attractive shopping, dining and entertainment destinations in major U.S. and Asian markets – through 782 728 726 development, redevelopment, acquisitions and improving the performance of our core properties. 620 588 During the year, we continued to deliver on this growth strategy, achieving solid operating results, while opening three new centers developed from the ground-up: International Market Place 483 in Hawaii, CityOn.Xi’an in China and Starfield Hanam in South Korea. We also began the major 439 redevelopment and reimagination of Beverly Center in Los Angeles, acquired the iconic 401 391 2016 Country Club Plaza in Kansas City and enhanced the attractiveness of our existing properties 2015 2014 through the operational, marketing and merchandising initiatives we execute every day. 265 2013 Growing places has been an excellent business for us and those who have invested in our 197 2012 169 2011 company. Over the last 10 years, Taubman Centers’ compounded annual total return to share- 2006 123 2005 2010 108 115 2004 2007 100 104 2009 holders has been 8.2 percent. Our 10-year performance compares favorably not only to the 2003 2008 2001 2002 1997 1998 2000 MSCI US REIT (5.0 percent) and FTSE NAREIT Equity Retail (3.7 percent) indexes, but also to the 1996 1999 S&P 500 Index (6.9 percent). With our 20-year return of 14.9 percent we rank among the 10 Comparison of highest-performing REITs in operation during that period. Cumulative Total Return Taubman Centers, Inc. S&P 400 MidCap Index S&P 500 Index MSCI US REIT Index FTSE NAREIT Equity Retail Index This graph sets forth the cumulative total returns on a $100 investment in each of our Common Stock, the MSCI US REIT Index, the FTSE NAREIT Equity Retail Index, the S&P 500 Index and the S&P 400 MidCap Index for the period December 31, 1996 through December 31, 2016 (assuming in all cases, reinvestment of dividends). Since our 1992 IPO, our compounded annual growth in total shareholder return through 2016 was about 14%. page 2 Taubman Centers, Inc. page 3 Looking ahead, it is our dedication to growing places that enables us to increase our revenue, 819 792 785 792 Net Operating Income (NOI) and net asset value. Having recently completed a major development 2014 Tenant Sales 708 2013 2015 2016 cycle, we believe we’re poised to deliver $150 million to $160 million of NOI growth for the (1) per Square Foot ($) 641 2012 company between 2016 and the full year 2019. Tenant sales per square foot is one of the most important measures of 555 564 2011 533 the quality of retail assets. The higher 502 This projected NOI increase will come over the next three years in three buckets: our four newest 2007 2010 the retailers’ sales, the higher the 2008 developments that opened between April 28, 2016 and March 16, 2017 are expected to rents those retailers can pay, which 2009 translates to greater rewards to the contribute approximately $80 million; redevelopments are projected to add another $20 million landlord and its shareholders. Over the last decade, the compounded annual to $30 million; and assuming a roughly 3 percent comparable growth rate, we expect about growth of our tenant sales per square foot has been 4.0%, more than twice $50 million of growth from our core. the 1.9% compounded annual growth of the core Consumer Price Index. (1) See Notes and Reconciliations page at the end of Taubman’s centers are the most productive in the U.S. publicly Solid Operating this report for properties included and excluded. traded regional mall industry Performance During 2016, Adjusted Funds from Operations (AFFO) per share was $3.58, up 4.7 percent from $3.42 in 2015. Comparable center NOI, excluding lease cancellation income, was up a solid 96.0 96.1 95.6 3.9 percent for the year, benefiting from increased minimum rent and recoveries. 93.8 93.4 93.1 92.0 92.4 Leased Space / 91.6 92.0 94.1 94.2 93.9 Our comparable mall tenant sales per square foot for the year of $792, up about 1 percent (1) 91.2 91.8 91.7 2015 Ending Occupancy (%) 90.5 89.8 90.1 90.7 2014 2016 2012 2013 The world’s best retailers want to do 2007 2011 over 2015, continued to lead all others in the U.S. publicly traded regional mall industry by a 2008 2010 business in the highest quality centers. 2009 wide margin. As I point out every year, we believe the sales productivity of the retailers doing Our current leased space and ending occupancy percentages reflect strong business in our centers is a key measure of our portfolio’s strength and our company’s tenant demand to operate in our centers, while providing investors an success. It’s one of the major factors that make our properties so coveted by retailers, shoppers indication of future cash flows. We have created an attractive environment for and investors. our tenants to thrive, as evidenced by these two key metrics. (1) Beginning in 2014, leased space and ending occupancy statistics were updated to include temporary in-line tenants to be consistent with our peer reporting group. Values prior to 2014 Leased space and ending occupancy percentages reflect strong have not been restated. tenant demand page 4 Taubman Centers, Inc. page 5 Given the forces at work in the retailing industry – including the continued growth in e-commerce, Adjusted Funds from 3.67(1) 3.65 3.58 retailers’ embrace of omni-channel marketing strategies, the general over-supply of built Operations per Share / 3.42 Dividends per Share (4) ($) 3.34 retail space, the growing popularity of experiential retail, and the changing preferences of Taubman Centers has regularly rewarded 3.08 3.06 2.88 shareholders with a growing dividend. 2.86 2.84 consumers – the consistent quality of our assets positions us well for today’s and tomorrow’s Over the last 10 years, dividends per share dynamic environment. have grown 55%. In March 2017 we 2.38 again increased our regular quarterly (3) 2.26 dividend by 5.0%. We have increased 2.16 2016 2.00 2015 Demand among retailers for space in our centers remains strong. For the year, average rent per our dividend 20 times in the last 21 years 1.85 2014 (2) 1.76 and have never lowered it. 1.66 1.66 1.68 2013 1.54 2012 square foot in comparable centers was $61.07, up 2.8 percent. Trailing 12-month releasing (1) Includes the seven centers sold to Starwood 2011 2009 2010 Capital Group in October 2014, which contributed 2008 2007 $0.48 to Adjusted Funds from Operations per spreads per square foot, the difference in rent between terminating and new leases, for the share in 2014. (2) Excludes special dividend of $0.1834 per share paid in December 2010. period ended December 31, 2016, grew a healthy 18.8 percent. (3) Excludes special dividend of $4.75 per share paid in December 2014. (4) See Notes and Over the last 10 years, the company’s Adjusted Funds from Reconciliations page at the end of this report for Ending occupancy (93.9 percent) and leased space (95.6 percent) both experienced modest a reconciliation of net income to Adjusted Funds Operations per share has grown 24%, and Dividends per share from Operations. grew at a compounded annual growth rate of 5.0% declines during the year, down 0.3 percent and 0.5 percent respectively, due to our decision to proactively acquire three large Sports Authority spaces totaling 130,000-square-feet, or about 1.1 percent of center space. Very accretive redevelopment efforts are underway for all 11.06 three spaces. 10.80 10.49 9.77 10.06 2016 2015 2012 2014 Our 2013 Balance Sheet 8.83 During 2016, we completed major financings on five joint-venture properties – Country Club 7.05 7.18 2011 Plaza, Waterside Shops, Cherry Creek Shopping Center, The Mall at University Town Center 6.01 2010 2007 5.24 and The Mall at Millenia – totaling approximately $1.4 billion (our share was approximately 2009 2008 $700 million). In February 2017, we amended and restated our primary revolving line of credit, Total Market ($ billions) which includes a new, $300 million unsecured, five-year, interest-only term loan and an extension Capitalization Since 2006, the company has of our $1.1 billion revolving credit facility to February 2021, with two six-month extension options. significantly increased its market Over the 10-year period ended December 31, 2016, the capitalization – from $7.1 billion to compounded annual growth of our total market capitalization $11.1 billion.
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