Social Media Disclaimers

Statements made by the company in various social media, such as Twitter or Facebook (“Social Media Disclosures”), shall be read together with the company’s latest Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission (SEC) , including the financial statements and related discussions therein. Further, all Social Media Disclosures are subject to the following disclaimers:

Taubman Centers and Related Entities

For ease of use, references in any Social Media Disclosures to “we,” “us,” “our,” “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

Forward-looking Language

Social Media Disclosures may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in the Social Media Disclosures are made as of the date first issued by the company via social media, and not as of any date such disclosures are repeated by third persons on a subsequent date or otherwise. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the SEC, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent reports, for a discussion of such risks and uncertainties.

Non-GAAP Measures

We use Net Operating Income (NOI) as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases, and in formulating corporate goals and compensation. We define NOI as property-level operating revenues (includes rental income excluding straight-line adjustments of minimum rent) less maintenance, taxes, utilities, promotion, ground rent (including straight-line adjustments), and other property operating expenses. Since NOI excludes general and administrative expenses, pre-development charges, interest income and expense, depreciation and amortization, impairment charges, restructuring charges, and gains from peripheral land and property dispositions, it provides a performance measure that, when compared period over period, reflects the revenues and expenses most directly associated with owning and operating rental properties, as well as the impact on their operations from trends in tenant sales, occupancy and rental rates, and operating costs. We also use NOI excluding lease cancellation income as an alternative measure because this income may vary significantly from period to period, which can affect comparability and trend analysis. We generally provide separate projections for expected NOI growth and our lease cancellation income.

We also use the supplemental earnings measures of EBITDA, beneficial interest in EBITDA, EBITDA for real estate (EBITDAre), and Funds from Operations (FFO). EBITDA represents earnings before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. Beneficial interest in EBITDA represents our share of the earnings before interest, income taxes, and depreciation and amortization of our consolidated and unconsolidated businesses. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as earnings before interest, income taxes, depreciation and amortization, plus or minus losses and gains on disposition of depreciated property, including losses/gains on change of control, plus impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate, of our consolidated businesses and our share of our unconsolidated businesses. We believe EBITDA, beneficial interest in EBITDA, and EBITDAre provide useful indicators of operating performance, as it is customary in the real estate and shopping center business to evaluate the performance of properties on a basis unaffected by capital structure.

NAREIT defines FFO as net income (computed in accordance with Generally Accepted Accounting Principles [GAAP]), excluding gains (or losses) from extraordinary items and sales of properties and impairment write-downs of depreciable real estate, plus real-estate-related depreciation and after adjustments for unconsolidated partnerships and joint ventures. We believe that FFO is a useful supplemental measure of operating performance for REITs. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, we and most industry investors and analysts have considered presentations of operating results that exclude historical cost depreciation to be useful in evaluating the operating performance of REITs. We primarily use FFO in measuring performance and in formulating corporate goals and compensation.

We may also present adjusted versions of NOI, beneficial interest in EBITDA, and FFO when used by management to evaluate our operating performance when certain significant items have impacted our results that affect comparability with prior or future periods due to the nature or amounts of these items. In addition to the reasons noted above for each measure, we believe the disclosure of the adjusted items is similarly useful to investors and others to understand management's view on comparability of such measures between periods.

Our presentations of NOI, beneficial interest in EBITDA, FFO, and adjusted versions of these measures, if any, are not necessarily comparable to the similarly titled measures of other REITs due to the fact that not all REITs use the same definitions. These measures should not be considered alternatives to net income or as an indicator of our operating performance. Additionally, these measures do not represent cash flows from operating, investing or financing activities as defined by GAAP.

Reconciliations of any non-GAAP measures are provided in the company’s filings with the SEC or are posted on its website, at www.taubman.com in the Investing section of such website.

Operating Statistics

Unless provided otherwise in the Social Media Disclosures, any operating statistics included in the Social Media Disclosures shall have the meanings ascribed to them in our most recent Form 10-Q or Form 10-K filed with the SEC or earnings release furnished on Form 8-K.