Taubman Centers Issues First Quarter Results

Funds from Operations Per Share Increases 6.1 Percent



Apr 30, 2001, 01:00 ET from Taubman Centers, Inc.

    BLOOMFIELD HILLS, Mich., April 30 /PRNewswire/ -- Taubman Centers, Inc.
 (NYSE:   TCO) today issued its financial results for the quarter ended
 March 31, 2001.
     For the quarter ended March 31, 2001, diluted Funds from Operations
 (FFO) per share for Taubman Centers increased 6.1 percent to $0.35 compared to
 $0.33 per share in the first quarter of 2000.  During the quarter the company
 purchased 1.0 million common shares at an average price of $11.41 under its
 share repurchase program, resulting in 50.0 million shares outstanding at
 March 31.  Since the program's inception, $36.9 million of the $50.0 million
 share purchase authorization has been utilized to purchase stock at an average
 price of $11.23.
     "We are pleased with our results this quarter," said Robert S. Taubman,
 president and chief executive officer.  "FFO was favorably impacted by the
 good performance from the core portfolio, an increase in third party
 management profits, and the effect of our stock buyback."
 
     Sales per Square Foot, Occupancy and Rents
     During the quarter mall tenant sales per square foot increased 2.3
 percent.  On a comparable center basis, average occupancy was 88.1 percent for
 the quarter versus 89.2 percent for the first quarter of 2000.  Average
 occupancy for all centers including Dolphin for the first quarter of 2001 was
 87.0 percent versus 88.8 percent during the first quarter of 2000.  Comparable
 center leased space was 92.4 percent, up 0.7 percent from March 31, 2000.
 Leased space for all centers was 90.8 percent versus 91.4 percent at March 31,
 2000.  Average annualized rent per square foot for comparable centers was
 $40.46, up 1.3 percent from $39.93 for the first quarter of 2000.
     "Dolphin's opening on March 1 at lower occupancy and leased space levels
 compared to our other centers impacted our total portfolio statistics," said
 Mr. Taubman.  "More than 50 stores have opened at this center since its grand
 opening and it now features over 200 retail venues.  We expect to continue to
 increase the occupancy of Dolphin over the next several months."
 
     Development Update
     "Over the past few months we've announced the first 100 tenants for
 each of The Shops at Willow Bend (Plano, Texas), International Plaza (Tampa,
 Florida), and The Mall at Wellington Green (Palm Beach County, Florida).  Each
 center features an outstanding merchandise mix uniquely targeted for its trade
 area.
     "Over the next few weeks we expect to close on the construction loan
 for The Mall at Wellington Green, thus completing the financing of our five
 2001 and 2002 openings," added Mr. Taubman.  The $168 million facility, led by
 Hypo- und Vereinsbank, AG, Bank One, and Fleet National Bank bears interest at
 a rate of LIBOR plus 1.85% and has an initial term of three years with two
 1-year extension options.
 
     Investor Conference Call
     The Company will provide an online Web simulcast and rebroadcast of
 its 2001 first quarter earnings release conference call.  The live broadcast
 of the conference call will be available online at www.taubman.com under
 "Investor Relations" and www.streetfusion.com on April 30 beginning at
 4:00 p.m. EDT.  The online replay will follow shortly after the call and
 continue for 90 days.
     Taubman Centers, a real estate investment trust, owns, develops, acquires
 and operates regional shopping centers nationally.  Taubman Centers currently
 owns and/or manages 28 urban and suburban regional and super regional shopping
 centers in 12 states.  Four additional centers are under construction.  The
 Shops at Willow Bend, International Plaza and The Mall at Wellington Green
 will open in 2001.  The Mall at Millenia (Orlando, Florida) will open in 2002.
 The company is headquartered in Bloomfield Hills, Michigan.
     This press release contains forward-looking statements within the meaning
 of the Securities Act of 1933 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 changes in
 general economic and real estate conditions 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.
 
                                                           Three months ended
     TAUBMAN CENTERS, INC. (TCO)                                 March 31
                                                            2001        2000
                                                         (thousands of dollars
                                                          except as indicated)
 
     EBITDA (1)                                           59,497       56,158
     Funds from Operations - Operating Partnership (1)    28,696       28,007
     Funds from Operations allocable to TCO (1)           17,643       17,598
     Funds from Operations per common share -
         basic and diluted                                  0.35         0.33
     Income before extraordinary items, cumulative
         effect of change in accounting principle,
         and minority and preferred interests             13,736       16,827
     Extraordinary items (2)                                           (9,288)
     Cumulative effect of change in accounting
         principle (3)                                    (8,404)
     Minority interest in consolidated joint ventures        417
     TRG income allocable to minority partners (4)        (7,998)      (7,528)
     TRG preferred distributions                          (2,250)      (2,250)
     Net loss                                             (4,499)      (2,239)
     Preferred dividends                                  (4,150)      (4,150)
     Net loss allocable to common shareowners             (8,649)      (6,389)
     Loss before extraordinary items and
         cumulative effect of accounting change per
         common share - basic and diluted                  (0.07)       (0.01)
     Net loss per common share -
         basic and diluted                                 (0.17)       (0.12)
     Weighted average number of
          common shares outstanding                   50,402,465   53,229,918
     Common shares outstanding at end of period       50,008,272   52,675,443
     Weighted average units -
         Operating Partnership - basic                81,976,443   84,716,866
     Weighted average units -
         Operating Partnership - diluted              82,440,263   85,126,723
     Units outstanding at end of period -
         Operating Partnership                        81,843,338   84,510,509
     Ownership percentage of the Operating
         Partnership at end of period                       61.3%        62.6%
     Number of owned shopping centers at end
        of period                                             17           17
 
     Operating Statistics:
     Mall tenant sales                                   570,223      589,996
     Mall tenant sales - comparable centers (5)          561,544      556,189
     Average occupancy                                      87.0%        88.8%
     Average occupancy - comparable centers (5)             88.1%        89.2%
     Leased space at end of period (6)                      90.8%        91.4%
     Leased space at end of period -
         comparable centers (5)(6)                          92.4%        91.7%
     Mall tenant occupancy costs as a
        percentage of tenant sales (7)                      16.5%        16.4%
     Rent per square foot -
        All mall tenants (8)                               40.46        39.93
 
     Notes:
 
     (1)  The Company defines EBITDA as the Operating Partnership's share of
 both the Consolidated Businesses' and Unconsolidated Joint Ventures' earnings
 before interest and depreciation and amortization, excluding gains on
 dispositions of depreciated operating properties.
     The Company defines Funds from Operations as income before extraordinary
 items, cumulative effect of change in accounting principle, real estate
 depreciation and amortization, and the allocation to the minority interest,
 less preferred dividends and distributions.  Gains on dispositions of
 depreciated operating properties are excluded from FFO.  The Operating
 Partnership's beneficial interest in debt at March 31, 2001 was $1.6906
 billion, compared to $1.5887 billion at December 31, 2000.
     (2)  Charges related to the extinguishment of debt.
     (3)  In January 2001, the Company adopted statement of Financial
 Accounting Standard No. 133, "Accounting For Derivative Instruments and
 Hedging Activities" and its amendments and interpretations.  The Company
 recognized this loss as a transition adjustment to mark its share of interest
 rate agreements to fair value as of January 1, 2001.
     (4)  Because the Operating Partnership's net equity allocable to
 partnership unitholders is less than zero, the income allocated to minority
 partners during the three months ended March 31, 2001 and 2000 is equal to the
 minority partners' share of distributions.  The Company's net equity allocable
 to partnership unitholders is less than zero due to accumulated distributions
 in excess of net income and not as a result of operating losses.
     (5)  Includes centers that were owned and open for the entire reported
 periods, which excludes Dolphin Mall and Lakeside.
     (6)  Leased space comprises both occupied space and space that is leased
 but not yet occupied.
     (7)  Mall tenant occupancy costs are defined as the sum of minimum rents,
 percentage rents and expense recoveries, excluding utilities.
     (8)  Represents average annualized rent per square foot for centers that
 were owned and open for the entire reported periods, which excludes Dolphin
 Mall and Lakeside.
 
     Reconciliation of Net Income to Funds from Operations
 
                                  Three months ended     Three months ended
                                    March 31, 2001         March 31, 2000
                              (in millions of dollars) (in millions of dollars)
 
     Income before extraordinary items,
       cumulative effect of change in
       accounting principle, and
       minority interests(1)(2)          13.7                      16.8
 
     Add back:
     Depreciation and amortization       17.2                      14.2
     Share of Unconsolidated Joint
       Ventures' depreciation
       and amortization                   5.4                       5.3
 
 
     Less:
     Non real estate depreciation        (0.7)                     (0.7)
     Minority interest share of
       depreciation                      (0.5)                     (1.1)
     Preferred dividends and
       distributions                     (6.4)                     (6.4)
 
     Funds from Operations - Operating
       Partnership                       28.7                      28.0
     Funds from Operations allocable
       to TCO                            17.6                      17.6
 
 
     Notes:
     (1)  Includes gains on peripheral land sales of $1.3 million and $3.8
 million for the three months ended March 31, 2001 and 2000, respectively.
     (2)  Includes net non-cash straightline adjustments to minimum rent
 revenue and ground net expense of $0.1 million and $(0.2) million for the
 three months ended March 31, 2001 and 2000, respectively.
     (3)  Amounts in these tables may not add due to rounding.
 
 
     Comparison of the Three Months Ended March 31, 2001 to the Three
 Months Ended March 31, 2000
 
     The following table sets forth operating results for entities that the
 Company controls by ownership or contractual agreement (the "Consolidated
 Businesses") and Taubman shopping centers owned through joint ventures with
 third parties that are not controlled ("Unconsolidated Joint Ventures") for
 the three months ended March 31, 2001 and 2000.
 
                                     Three Months Ended March 31, 2001
 
                                                UNCONSOLIDATED
                              CONSOLIDATED           JOINT
                               BUSINESSES         VENTURES(1)           TOTAL
                                           (in millions of dollars)
 
     REVENUES:
         Minimum rents             40.7              32.8                73.5
         Percentage rents           1.2               0.6                 1.7
         Expense recoveries        24.2              16.3                40.5
         Management, leasing and
          development               6.4                 -                 6.4
         Other                      6.4               4.4                10.8
       Total revenues              78.8              54.1               132.9
 
     OPERATING COSTS:
         Recoverable expenses      20.5              13.8                34.2
         Other operating            8.0               3.4                11.4
         Management, leasing and
          Development               4.3                 -                 4.3
         General and administrative 4.8                 -                 4.8
         Interest expense          15.2              18.6                33.8
         Depreciation and
          amortization(3)          17.2               8.8                26.1
       Total operating costs       70.0              44.6               114.6
       Net results of Memorial
        City (2)                      -                 -                   -
                                    8.9               9.4                18.3
 
       Equity in income of
        Unconsolidated Joint
        Ventures(3)(4)              4.9                 -                   -
       Income before extraordinary
        items, cumulative effect
        of change in accounting
        principle, and minority
        and preferred interests   13.7                  -                   -
       Extraordinary items           -                  -                   -
       Cumulative effect of change in
        Accounting principle      (8.4)                 -                   -
       TRG preferred
        distributions             (2.3)                 -                   -
       Minority share of consolidated
        joint Ventures             0.4                  -                   -
       Minority share of income
        of TRG                    (0.5)                 -                   -
       Distributions in excess of
        Minority share of income  (7.5)                 -                   -
       Net income (loss)          (4.5)                 -                   -
       Series A preferred
        dividends                 (4.2)                 -                   -
       Net income (loss) allocable to
        Common shareowners        (8.6)                 -                   -
 
     SUPPLEMENTAL INFORMATION
       EBITDA - 100%              41.3               36.9                78.1
       EBITDA - outside partners'
        share                     (1.8)             (16.8)              (18.6)
       EBITDA contribution        39.4               20.1                59.5
       Beneficial Interest
        Expense                  (13.9)              (9.8)              (23.7)
       Non-real estate
        depreciation              (0.7)                 -                (0.7)
       Preferred dividends and
        distributions             (6.4)                 -                (6.4)
       Funds from Operations
         contribution             18.5               10.2                28.7
 
 
                                       Three Months Ended March 31, 2000
 
                                                UNCONSOLIDATED
                              CONSOLIDATED          JOINT
                               BUSINESSES(2)      VENTURES(1)           TOTAL
                                            (in millions of dollars)
 
     REVENUES:
         Minimum rents             35.1              39.3                74.4
         Percentage rents           1.0               0.9                 1.8
         Expense recoveries        20.2              20.7                40.9
         Management, leasing and
          development               6.2                 -                 6.2
         Other                      7.7               1.3                 9.0
       Total revenues              70.2              62.2               132.3
 
     OPERATING COSTS:
         Recoverable expenses      17.2              16.7                33.9
         Other operating            6.9               3.9                10.8
         Management, leasing and
          Development               5.2                 -                 5.2
         General and administrative 4.9                 -                 4.9
         Interest expense          13.2              16.9                30.1
         Depreciation and
          amortization(3)          13.5               7.8                21.3
       Total operating costs       60.9              45.3               106.2
       Net results of Memorial
        City (2)                   (1.1)                -                (1.1)
                                    8.2              16.9                25.1
 
       Equity in income of
        Unconsolidated Joint
        Ventures(3)(4)              8.6                 -                   -
       Income before extraordinary
        items, cumulative effect of
        change in accounting principle,
        and minority and preferred
        interests                  16.8                 -                   -
       Extraordinary items         (9.3)                -                   -
       Cumulative effect of change in
        Accounting principle          -                 -                   -
       TRG preferred distributions (2.3)                -                   -
       Minority share of consolidated joint
        Ventures                      -                 -                   -
       Minority share of income
        of TRG                     (1.2)                -                   -
       Distributions in excess of
        Minority share of income   (6.3)                -                   -
       Net income (loss)           (2.2)                -                   -
       Series A preferred
        dividends                  (4.2)                -                   -
       Net income (loss) allocable to
        Common shareowners         (6.4)                -                   -
 
     SUPPLEMENTAL INFORMATION
       EBITDA - 100%               35.6              41.6                77.1
       EBITDA - outside partners'
        share                      (2.3)            (18.7)              (21.0)
       EBITDA contribution         33.3              22.9                56.2
       Beneficial Interest
        Expense                   (12.0)             (9.0)              (21.0)
       Non-real estate
        depreciation               (0.7)                -                (0.7)
       Preferred dividends and
        distributions              (6.4)                -                (6.4)
       Funds from Operations
        contribution                14.2             13.9                28.0
 
 
     Footnotes for preceding table:
 
     (1)  With the exception of the Supplemental Information, amounts represent
 100% of the Unconsolidated Joint Ventures.  Amounts are net of intercompany
 profits.
     (2)  The results of operations of Memorial City are presented net in this
 table.  The Operating Partnership terminated its Memorial City lease on
 April 30, 2000.
     (3)  Amortization of the Company's additional basis in the Operating
 Partnership included in equity in income of Unconsolidated Joint Ventures was
 $0.8 million and $1.1 million in 2001 and 2000, respectively.  Also,
 amortization of the additional basis included in depreciation and amortization
 was $1.1 million and $0.9 million in 2001 and 2000, respectively.
     (4)  Equity in income of Unconsolidated Joint Ventures is before the
 cumulative effect of the change in accounting principle incurred in connection
 with the Company's adoption of SFAS 133.  The Company's share of the
 Unconsolidated Joint Ventures' cumulative effect was approximately $1.6
 million.
     (5)  Amounts in the table may not add due to rounding.  Certain prior year
 amounts have been reclassified to conform to 2001 classifications.
 
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SOURCE Taubman Centers, Inc.
    BLOOMFIELD HILLS, Mich., April 30 /PRNewswire/ -- Taubman Centers, Inc.
 (NYSE:   TCO) today issued its financial results for the quarter ended
 March 31, 2001.
     For the quarter ended March 31, 2001, diluted Funds from Operations
 (FFO) per share for Taubman Centers increased 6.1 percent to $0.35 compared to
 $0.33 per share in the first quarter of 2000.  During the quarter the company
 purchased 1.0 million common shares at an average price of $11.41 under its
 share repurchase program, resulting in 50.0 million shares outstanding at
 March 31.  Since the program's inception, $36.9 million of the $50.0 million
 share purchase authorization has been utilized to purchase stock at an average
 price of $11.23.
     "We are pleased with our results this quarter," said Robert S. Taubman,
 president and chief executive officer.  "FFO was favorably impacted by the
 good performance from the core portfolio, an increase in third party
 management profits, and the effect of our stock buyback."
 
     Sales per Square Foot, Occupancy and Rents
     During the quarter mall tenant sales per square foot increased 2.3
 percent.  On a comparable center basis, average occupancy was 88.1 percent for
 the quarter versus 89.2 percent for the first quarter of 2000.  Average
 occupancy for all centers including Dolphin for the first quarter of 2001 was
 87.0 percent versus 88.8 percent during the first quarter of 2000.  Comparable
 center leased space was 92.4 percent, up 0.7 percent from March 31, 2000.
 Leased space for all centers was 90.8 percent versus 91.4 percent at March 31,
 2000.  Average annualized rent per square foot for comparable centers was
 $40.46, up 1.3 percent from $39.93 for the first quarter of 2000.
     "Dolphin's opening on March 1 at lower occupancy and leased space levels
 compared to our other centers impacted our total portfolio statistics," said
 Mr. Taubman.  "More than 50 stores have opened at this center since its grand
 opening and it now features over 200 retail venues.  We expect to continue to
 increase the occupancy of Dolphin over the next several months."
 
     Development Update
     "Over the past few months we've announced the first 100 tenants for
 each of The Shops at Willow Bend (Plano, Texas), International Plaza (Tampa,
 Florida), and The Mall at Wellington Green (Palm Beach County, Florida).  Each
 center features an outstanding merchandise mix uniquely targeted for its trade
 area.
     "Over the next few weeks we expect to close on the construction loan
 for The Mall at Wellington Green, thus completing the financing of our five
 2001 and 2002 openings," added Mr. Taubman.  The $168 million facility, led by
 Hypo- und Vereinsbank, AG, Bank One, and Fleet National Bank bears interest at
 a rate of LIBOR plus 1.85% and has an initial term of three years with two
 1-year extension options.
 
     Investor Conference Call
     The Company will provide an online Web simulcast and rebroadcast of
 its 2001 first quarter earnings release conference call.  The live broadcast
 of the conference call will be available online at www.taubman.com under
 "Investor Relations" and www.streetfusion.com on April 30 beginning at
 4:00 p.m. EDT.  The online replay will follow shortly after the call and
 continue for 90 days.
     Taubman Centers, a real estate investment trust, owns, develops, acquires
 and operates regional shopping centers nationally.  Taubman Centers currently
 owns and/or manages 28 urban and suburban regional and super regional shopping
 centers in 12 states.  Four additional centers are under construction.  The
 Shops at Willow Bend, International Plaza and The Mall at Wellington Green
 will open in 2001.  The Mall at Millenia (Orlando, Florida) will open in 2002.
 The company is headquartered in Bloomfield Hills, Michigan.
     This press release contains forward-looking statements within the meaning
 of the Securities Act of 1933 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 changes in
 general economic and real estate conditions 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.
 
                                                           Three months ended
     TAUBMAN CENTERS, INC. (TCO)                                 March 31
                                                            2001        2000
                                                         (thousands of dollars
                                                          except as indicated)
 
     EBITDA (1)                                           59,497       56,158
     Funds from Operations - Operating Partnership (1)    28,696       28,007
     Funds from Operations allocable to TCO (1)           17,643       17,598
     Funds from Operations per common share -
         basic and diluted                                  0.35         0.33
     Income before extraordinary items, cumulative
         effect of change in accounting principle,
         and minority and preferred interests             13,736       16,827
     Extraordinary items (2)                                           (9,288)
     Cumulative effect of change in accounting
         principle (3)                                    (8,404)
     Minority interest in consolidated joint ventures        417
     TRG income allocable to minority partners (4)        (7,998)      (7,528)
     TRG preferred distributions                          (2,250)      (2,250)
     Net loss                                             (4,499)      (2,239)
     Preferred dividends                                  (4,150)      (4,150)
     Net loss allocable to common shareowners             (8,649)      (6,389)
     Loss before extraordinary items and
         cumulative effect of accounting change per
         common share - basic and diluted                  (0.07)       (0.01)
     Net loss per common share -
         basic and diluted                                 (0.17)       (0.12)
     Weighted average number of
          common shares outstanding                   50,402,465   53,229,918
     Common shares outstanding at end of period       50,008,272   52,675,443
     Weighted average units -
         Operating Partnership - basic                81,976,443   84,716,866
     Weighted average units -
         Operating Partnership - diluted              82,440,263   85,126,723
     Units outstanding at end of period -
         Operating Partnership                        81,843,338   84,510,509
     Ownership percentage of the Operating
         Partnership at end of period                       61.3%        62.6%
     Number of owned shopping centers at end
        of period                                             17           17
 
     Operating Statistics:
     Mall tenant sales                                   570,223      589,996
     Mall tenant sales - comparable centers (5)          561,544      556,189
     Average occupancy                                      87.0%        88.8%
     Average occupancy - comparable centers (5)             88.1%        89.2%
     Leased space at end of period (6)                      90.8%        91.4%
     Leased space at end of period -
         comparable centers (5)(6)                          92.4%        91.7%
     Mall tenant occupancy costs as a
        percentage of tenant sales (7)                      16.5%        16.4%
     Rent per square foot -
        All mall tenants (8)                               40.46        39.93
 
     Notes:
 
     (1)  The Company defines EBITDA as the Operating Partnership's share of
 both the Consolidated Businesses' and Unconsolidated Joint Ventures' earnings
 before interest and depreciation and amortization, excluding gains on
 dispositions of depreciated operating properties.
     The Company defines Funds from Operations as income before extraordinary
 items, cumulative effect of change in accounting principle, real estate
 depreciation and amortization, and the allocation to the minority interest,
 less preferred dividends and distributions.  Gains on dispositions of
 depreciated operating properties are excluded from FFO.  The Operating
 Partnership's beneficial interest in debt at March 31, 2001 was $1.6906
 billion, compared to $1.5887 billion at December 31, 2000.
     (2)  Charges related to the extinguishment of debt.
     (3)  In January 2001, the Company adopted statement of Financial
 Accounting Standard No. 133, "Accounting For Derivative Instruments and
 Hedging Activities" and its amendments and interpretations.  The Company
 recognized this loss as a transition adjustment to mark its share of interest
 rate agreements to fair value as of January 1, 2001.
     (4)  Because the Operating Partnership's net equity allocable to
 partnership unitholders is less than zero, the income allocated to minority
 partners during the three months ended March 31, 2001 and 2000 is equal to the
 minority partners' share of distributions.  The Company's net equity allocable
 to partnership unitholders is less than zero due to accumulated distributions
 in excess of net income and not as a result of operating losses.
     (5)  Includes centers that were owned and open for the entire reported
 periods, which excludes Dolphin Mall and Lakeside.
     (6)  Leased space comprises both occupied space and space that is leased
 but not yet occupied.
     (7)  Mall tenant occupancy costs are defined as the sum of minimum rents,
 percentage rents and expense recoveries, excluding utilities.
     (8)  Represents average annualized rent per square foot for centers that
 were owned and open for the entire reported periods, which excludes Dolphin
 Mall and Lakeside.
 
     Reconciliation of Net Income to Funds from Operations
 
                                  Three months ended     Three months ended
                                    March 31, 2001         March 31, 2000
                              (in millions of dollars) (in millions of dollars)
 
     Income before extraordinary items,
       cumulative effect of change in
       accounting principle, and
       minority interests(1)(2)          13.7                      16.8
 
     Add back:
     Depreciation and amortization       17.2                      14.2
     Share of Unconsolidated Joint
       Ventures' depreciation
       and amortization                   5.4                       5.3
 
 
     Less:
     Non real estate depreciation        (0.7)                     (0.7)
     Minority interest share of
       depreciation                      (0.5)                     (1.1)
     Preferred dividends and
       distributions                     (6.4)                     (6.4)
 
     Funds from Operations - Operating
       Partnership                       28.7                      28.0
     Funds from Operations allocable
       to TCO                            17.6                      17.6
 
 
     Notes:
     (1)  Includes gains on peripheral land sales of $1.3 million and $3.8
 million for the three months ended March 31, 2001 and 2000, respectively.
     (2)  Includes net non-cash straightline adjustments to minimum rent
 revenue and ground net expense of $0.1 million and $(0.2) million for the
 three months ended March 31, 2001 and 2000, respectively.
     (3)  Amounts in these tables may not add due to rounding.
 
 
     Comparison of the Three Months Ended March 31, 2001 to the Three
 Months Ended March 31, 2000
 
     The following table sets forth operating results for entities that the
 Company controls by ownership or contractual agreement (the "Consolidated
 Businesses") and Taubman shopping centers owned through joint ventures with
 third parties that are not controlled ("Unconsolidated Joint Ventures") for
 the three months ended March 31, 2001 and 2000.
 
                                     Three Months Ended March 31, 2001
 
                                                UNCONSOLIDATED
                              CONSOLIDATED           JOINT
                               BUSINESSES         VENTURES(1)           TOTAL
                                           (in millions of dollars)
 
     REVENUES:
         Minimum rents             40.7              32.8                73.5
         Percentage rents           1.2               0.6                 1.7
         Expense recoveries        24.2              16.3                40.5
         Management, leasing and
          development               6.4                 -                 6.4
         Other                      6.4               4.4                10.8
       Total revenues              78.8              54.1               132.9
 
     OPERATING COSTS:
         Recoverable expenses      20.5              13.8                34.2
         Other operating            8.0               3.4                11.4
         Management, leasing and
          Development               4.3                 -                 4.3
         General and administrative 4.8                 -                 4.8
         Interest expense          15.2              18.6                33.8
         Depreciation and
          amortization(3)          17.2               8.8                26.1
       Total operating costs       70.0              44.6               114.6
       Net results of Memorial
        City (2)                      -                 -                   -
                                    8.9               9.4                18.3
 
       Equity in income of
        Unconsolidated Joint
        Ventures(3)(4)              4.9                 -                   -
       Income before extraordinary
        items, cumulative effect
        of change in accounting
        principle, and minority
        and preferred interests   13.7                  -                   -
       Extraordinary items           -                  -                   -
       Cumulative effect of change in
        Accounting principle      (8.4)                 -                   -
       TRG preferred
        distributions             (2.3)                 -                   -
       Minority share of consolidated
        joint Ventures             0.4                  -                   -
       Minority share of income
        of TRG                    (0.5)                 -                   -
       Distributions in excess of
        Minority share of income  (7.5)                 -                   -
       Net income (loss)          (4.5)                 -                   -
       Series A preferred
        dividends                 (4.2)                 -                   -
       Net income (loss) allocable to
        Common shareowners        (8.6)                 -                   -
 
     SUPPLEMENTAL INFORMATION
       EBITDA - 100%              41.3               36.9                78.1
       EBITDA - outside partners'
        share                     (1.8)             (16.8)              (18.6)
       EBITDA contribution        39.4               20.1                59.5
       Beneficial Interest
        Expense                  (13.9)              (9.8)              (23.7)
       Non-real estate
        depreciation              (0.7)                 -                (0.7)
       Preferred dividends and
        distributions             (6.4)                 -                (6.4)
       Funds from Operations
         contribution             18.5               10.2                28.7
 
 
                                       Three Months Ended March 31, 2000
 
                                                UNCONSOLIDATED
                              CONSOLIDATED          JOINT
                               BUSINESSES(2)      VENTURES(1)           TOTAL
                                            (in millions of dollars)
 
     REVENUES:
         Minimum rents             35.1              39.3                74.4
         Percentage rents           1.0               0.9                 1.8
         Expense recoveries        20.2              20.7                40.9
         Management, leasing and
          development               6.2                 -                 6.2
         Other                      7.7               1.3                 9.0
       Total revenues              70.2              62.2               132.3
 
     OPERATING COSTS:
         Recoverable expenses      17.2              16.7                33.9
         Other operating            6.9               3.9                10.8
         Management, leasing and
          Development               5.2                 -                 5.2
         General and administrative 4.9                 -                 4.9
         Interest expense          13.2              16.9                30.1
         Depreciation and
          amortization(3)          13.5               7.8                21.3
       Total operating costs       60.9              45.3               106.2
       Net results of Memorial
        City (2)                   (1.1)                -                (1.1)
                                    8.2              16.9                25.1
 
       Equity in income of
        Unconsolidated Joint
        Ventures(3)(4)              8.6                 -                   -
       Income before extraordinary
        items, cumulative effect of
        change in accounting principle,
        and minority and preferred
        interests                  16.8                 -                   -
       Extraordinary items         (9.3)                -                   -
       Cumulative effect of change in
        Accounting principle          -                 -                   -
       TRG preferred distributions (2.3)                -                   -
       Minority share of consolidated joint
        Ventures                      -                 -                   -
       Minority share of income
        of TRG                     (1.2)                -                   -
       Distributions in excess of
        Minority share of income   (6.3)                -                   -
       Net income (loss)           (2.2)                -                   -
       Series A preferred
        dividends                  (4.2)                -                   -
       Net income (loss) allocable to
        Common shareowners         (6.4)                -                   -
 
     SUPPLEMENTAL INFORMATION
       EBITDA - 100%               35.6              41.6                77.1
       EBITDA - outside partners'
        share                      (2.3)            (18.7)              (21.0)
       EBITDA contribution         33.3              22.9                56.2
       Beneficial Interest
        Expense                   (12.0)             (9.0)              (21.0)
       Non-real estate
        depreciation               (0.7)                -                (0.7)
       Preferred dividends and
        distributions              (6.4)                -                (6.4)
       Funds from Operations
        contribution                14.2             13.9                28.0
 
 
     Footnotes for preceding table:
 
     (1)  With the exception of the Supplemental Information, amounts represent
 100% of the Unconsolidated Joint Ventures.  Amounts are net of intercompany
 profits.
     (2)  The results of operations of Memorial City are presented net in this
 table.  The Operating Partnership terminated its Memorial City lease on
 April 30, 2000.
     (3)  Amortization of the Company's additional basis in the Operating
 Partnership included in equity in income of Unconsolidated Joint Ventures was
 $0.8 million and $1.1 million in 2001 and 2000, respectively.  Also,
 amortization of the additional basis included in depreciation and amortization
 was $1.1 million and $0.9 million in 2001 and 2000, respectively.
     (4)  Equity in income of Unconsolidated Joint Ventures is before the
 cumulative effect of the change in accounting principle incurred in connection
 with the Company's adoption of SFAS 133.  The Company's share of the
 Unconsolidated Joint Ventures' cumulative effect was approximately $1.6
 million.
     (5)  Amounts in the table may not add due to rounding.  Certain prior year
 amounts have been reclassified to conform to 2001 classifications.
 
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 SOURCE  Taubman Centers, Inc.

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