Exhibit 99

Taubman Centers, Inc. 200 East Long Lake Road Suite 300 Bloomfield Hills, Michigan 48304-2324 T 248.258.6800 www.taubman.com  

CONTACT:

Barbara Baker

Taubman, Vice President, Investor Relations

248-258-7367

bbaker@taubman.com

FOR IMMEDIATE RELEASE

TAUBMAN CENTERS ANNOUNCES SECOND QUARTER RESULTS

·   Mall Tenant Sales per Square Foot Up 12.1 Percent

·   Arizona Mills, Partridge Creek Financings Complete

·   Company Increases Guidance on Improved Operations

BLOOMFIELD HILLS, Mich., July 27, 2010 -- Taubman Centers, Inc. (NYSE:  TCO) today announced its financial results for the second quarter of 2010.

Net income allocable to common shareholders per diluted share (EPS) was $0.14 for the quarter ended June 30, 2010 versus $0.17 for the quarter ended June 30, 2009.  EPS for the six months ended June 30, 2010 was $0.25 versus $0.38 for the first six months of 2009.

Taubman Centers’ Funds from Operations (FFO) per diluted share was $0.61 for the quarter ended June 30, 2010 versus $0.65 for the quarter ended June 30, 2009.

For the six months ended June 30, 2010, Taubman Centers’ FFO per diluted share was $1.21 versus $1.35 for the first six months of 2009.

“We’re pleased with the results for the quarter, which we believe bodes well for the full year,” said Robert S. Taubman, chairman, president and chief executive officer of Taubman Centers.  “Our net operating income excluding lease cancellation revenue was nearly even with last year and our bankruptcies remained very low for the quarter.  Although we remain cautious, we are seeing signs of the economic recovery.”

Sales Continue to Surge; Occupancy and Rents as Expected

Tenant sales per square foot were very strong in the quarter, up 12.1 percent, bringing the year to date increase to 11.4 percent and the company’s 12-month trailing sales per square foot to $523.  “Led by our centers in Michigan and Florida, more than half our centers had sales per square foot increases in the double digits for the quarter,” said Mr. Taubman. “It’s clear the consumer is spending in our centers.”

Leased space for Taubman’s portfolio was 90.8 percent on June 30, 2010 versus 91.3 percent on June 30, 2009.  Average rent per square foot for the second quarter of 2010 was $43.20 versus $43.40 in the second quarter of 2009.    For the six months ended June 30, 2010, average rent per square foot was $43.20 versus $44.30 in the six months ended June 30, 2009.

“These statistics are on track with our expectations,” said Mr. Taubman.  “We continue to project that occupancy will end the year even with 2009 and that full year 2010 opening rents will improve over 2009 levels.”

Financings Completed for Arizona Mills and Partridge Creek

The refinancing of Arizona Mills (Phoenix, Ariz.), a 50 percent owned property, was completed in early July.  The new 10-year $175 million non-recourse loan bears interest at an all-in rate of 5.83 percent, with amortizing principal based on 30 years.  Proceeds from the refinancing were used to pay off the existing $131.0 million 7.90 percent loan, with excess amounts distributed to the partners.

As previously announced, The Mall at Partridge Creek (Clinton Township, Mich.) was financed in late June.  The new 10-year $82.5 million non-recourse loan bears interest at an all-in rate of 6.25 percent, with amortizing principal based on 30 years.  Previously the property was encumbered by a $73.8 million floating rate construction loan.

“Conditions in the capital markets have improved markedly over the past several months, particularly for good sponsors and good assets,” said Lisa A. Payne, vice chairman and chief financial officer of Taubman Centers.  “We were pleased with the amount of proceeds and interest rates on these two new loans.  We are now focused on our final 2010 maturity, a $128 million loan on MacArthur Center (Norfolk, Va.), which we expect to refinance in the third quarter.”

Guidance Increasing; Ranges Narrowed

The company is increasing the lower end of its guidance range for 2010 FFO per diluted share from the previously announced $2.55 to $2.75 to $2.65 to $2.75.  This reflects improved performance of core operations, partially offset by the negative effect of continued ownership of The Pier at Caesars (Atlantic City, NJ), now estimated to impact results through the third quarter. The company also is adjusting its guidance for 2010 EPS from a range of $0.64 to $0.89 to a range of $0.72 to $0.88.

Supplemental Investor Information Available

The company provides supplemental investor information along with its earnings announcements, available online at www.taubman.com under “Investor Relations.”  This includes the following:

·   Income Statement

·   Earnings Reconciliations

·   Changes in Funds from Operations and Earnings Per Share

·   Components of Other Income, Other Operating Expense and Nonoperating Income

·   Recoveries Ratio Analysis

·   Balance Sheets

·   Debt Summary

·   Other Debt, Equity and Certain Balance Sheet Information

·   Construction

·   Capital Spending

·   Operational Statistics

·   Owned Centers

·   Major Tenants in Owned Portfolio

·   Anchors in Owned Portfolio

Investor Conference Call

The company will host a conference call at 9:00 a.m. (EDT) on July 28 to discuss these results, business conditions, growth prospects and the company’s outlook for the remainder of 2010. The conference call will be simulcast at www.taubman.com under “Investor Relations” as well as www.earnings.com and www.streetevents.com.  An online replay will follow shortly after the call and continue for 90 days.

Taubman Centers is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 26 U.S. owned, leased and/or managed properties, the most productive in the industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan and its Taubman Asia subsidiary is headquartered in Hong Kong. Founded in 1950, Taubman celebrates its 60th anniversary in 2010.  For more information about Taubman, visit www.taubman.com.

For ease of use, references in this press release to “Taubman Centers”, “company” or “Taubman” mean Taubman Centers, Inc. 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.

This press release 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. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the continuing impacts of the U.S. recession and global credit environment, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, 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.

#       #       #

TAUBMAN CENTERS, INC.
Table 1 - Summary of Results
For the Periods Ended June 30, 2010 and 2009
(in thousands of dollars, except as indicated)
	Three Months Ended						Six Months Ended
	2010			2009			2010			2009
Net income		18,484			20,866			35,297			45,392
Noncontrolling share of income of consolidated joint ventures		(1,968	)		(2,033	)		(3,981	)		(3,726	)
Noncontrolling share of income of TRG		(4,428	)		(5,290	)		(8,310	)		(11,876	)
TRG series F preferred distributions		(615	)		(615	)		(1,230	)		(1,230	)
Preferred stock dividends		(3,659	)		(3,659	)		(7,317	)		(7,317	)
Distributions to participating securities of TRG		(361	)		(361	)		(723	)		(836	)
Net income attributable to Taubman Centers, Inc. common shareowners		7,453			8,908			13,736			20,407
Net income per common share - basic & diluted		0.14			0.17			0.25			0.38
Beneficial interest in EBITDA - Consolidated Businesses (1)		73,170			75,087			145,197			152,776
Beneficial interest in EBITDA - Unconsolidated Joint Ventures (1)		23,076			22,536			46,491			46,484
Funds from Operations (1)		50,143			52,390			99,874			108,960
Funds from Operations attributable to TCO (1)		33,816			34,968			67,303			72,726
Funds from Operations per common share - basic (1)		0.62			0.66			1.24			1.37
Funds from Operations per common share - diluted (1)		0.61			0.65			1.21			1.35
Adjusted Funds from Operations (1)		50,143			52,559			99,874			111,590
Adjusted Funds from Operations attributable to TCO (1)		33,816			35,081			67,303			74,482
Adjusted Funds from Operations per common share - basic (1)		0.62			0.66			1.24			1.40
Adjusted Funds from Operations per common share - diluted (1)		0.61			0.65			1.21			1.38
Weighted average number of common shares outstanding - basic		54,550,964			53,120,769			54,454,579			53,093,988
Weighted average number of common shares outstanding - diluted		55,611,887			53,666,868			55,490,935			53,466,563
Common shares outstanding at end of period		54,679,545			53,120,769
Weighted average units - Operating Partnership - basic		80,888,325			79,558,454			80,806,530			79,532,928
Weighted average units - Operating Partnership - diluted		82,820,510			80,975,814			82,714,146			80,776,764
Units outstanding at end of period - Operating Partnership		80,931,121			79,558,454
Ownership percentage of the Operating Partnership at end of period		67.6	%		66.8	%
Number of owned shopping centers at end of period		23			23			23			23
Operating Statistics (2):
Mall tenant sales (3)		1,062,263			968,964			2,067,444			1,890,122
Ending occupancy		87.9	%		88.8	%		87.9	%		88.8	%
Average occupancy		88.0	%		88.9	%		88.2	%		88.9	%
Leased space at end of period		90.8	%		91.3	%		90.8	%		91.3	%
Mall tenant occupancy costs as a percentage of tenant sales - Consolidated Businesses (3)		15.0	%		16.8	%		15.4	%		17.6	%
Mall tenant occupancy costs as a percentage of tenant sales - Unconsolidated Joint Ventures (3)		14.1	%		15.7	%		14.3	%		15.9	%
Mall tenant occupancy costs as a percentage of tenant sales - Combined (3)		14.7	%		16.4	%		15.0	%		17.1	%
Rent per square foot - Consolidated Businesses		42.96			43.04			42.96			44.18
Rent per square foot - Unconsolidated Joint Ventures		43.64			44.24			43.72			44.56
Rent per square foot - Combined		43.20			43.40			43.20			44.30

(1)	Beneficial Interest in EBITDA represents the Operating Partnership’s share of the earnings before interest, income taxes, and depreciation and amortization of its consolidated and unconsolidated businesses. The Company believes Beneficial Interest in EBITDA provides a useful indicator 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.
	The Company uses Net Operating Income (NOI), as an alternative measure to evaluate the operating performance of centers, both on individual and stabilized portfolio bases. The Company defines NOI as property-level operating revenues (includes rental income excluding straightline adjustments of minimum rent) less maintenance, taxes, utilities, ground rent, 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 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. The Company also uses 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. The Company generally provides separate projections for expected NOI growth and lease cancellation income.
	The National Association of Real Estate Investment Trusts (NAREIT) defines Funds from Operations (FFO) as net income (computed in accordance with Generally Accepted Accounting Principles (GAAP)), excluding gains  from extraordinary items and sales of properties, plus real estate related depreciation and after adjustments for unconsolidated partnerships and joint ventures. The Company believes 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, the Company 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.
	The Company primarily uses FFO in measuring performance and in formulating corporate goals and compensation. The Company may also present adjusted versions of NOI, Beneficial Interest in EBITDA, and FFO when used by management to evaluate operating performance when certain significant items have impacted results that affect comparability with prior or future periods due to the nature or amounts of these items. For the three and six months ended June 30, 2009, FFO was adjusted for a restructuring charge.
	These non-GAAP measures as presented by the Company are not necessarily comparable to similarly titled measures used by other REITs due to the fact that not all REITs use common definitions. None of these non-GAAP measures should be considered alternatives to net income as an indicator of the Company's operating performance, and they do not represent cash flows from operating, investing, or financing activities as defined by GAAP.
(2)	Statistics exclude The Pier Shops.
(3)	Based on reports of sales furnished by mall tenants.

TAUBMAN CENTERS, INC.
Table 2 - Income Statement
For the Three Months Ended June 30, 2010 and 2009
(in thousands of dollars)
		2010						2009
		CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES (1)			CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES (1)
REVENUES:
	Minimum rents		84,081			38,092			84,016			38,553
	Percentage rents		1,061			477			561			95
	Expense recoveries		56,334			23,477			58,525			23,819
	Management, leasing, and development services		4,007						3,189
	Other		8,599			1,676			12,648			1,187
	Total revenues		154,082			63,722			158,939			63,654
EXPENSES:
	Maintenance, taxes, and utilities		44,535			16,516			46,946			16,296
	Other operating		18,542			5,463			16,352			5,965
	Restructuring charge								169
	Management, leasing, and development services		2,185						1,930
	General and administrative		7,036						6,847
	Interest expense		37,923			15,916			36,473			16,120
	Depreciation and amortization		35,918			9,104			36,058			9,911
	Total expenses		146,139			46,999			144,775			48,292
Nonoperating income			1,150			(11	)		198			3
Impairment loss on marketable securities									(1,666	)
			9,093			16,712			12,696			15,365
Income tax expense			(114	)					(198	)
Equity in income of Unconsolidated Joint Ventures			9,505						8,368
Net income			18,484						20,866
Net income attributable to noncontrolling interests:
	Noncontrolling share of income of consolidated joint ventures		(1,968	)					(2,033	)
	TRG series F preferred distributions		(615	)					(615	)
	Noncontrolling share of income of TRG		(4,428	)					(5,290	)
Distributions to participating securities of TRG			(361	)					(361	)
Preferred stock dividends			(3,659	)					(3,659	)
Net income attributable to Taubman Centers, Inc. common shareowners			7,453						8,908
SUPPLEMENTAL INFORMATION:
	EBITDA - 100%		82,934			41,732			85,227			41,396
	EBITDA - outside partners' share		(9,764	)		(18,656	)		(10,140	)		(18,860	)
	Beneficial interest in EBITDA		73,170			23,076			75,087			22,536
	Beneficial interest expense		(32,630	)		(8,248	)		(31,538	)		(8,369	)
	Beneficial income tax expense		(114	)					(198	)
	Non-real estate depreciation		(837	)					(854	)
	Preferred dividends and distributions		(4,274	)					(4,274	)
	Fund from Operations contribution		35,315			14,828			38,223			14,167
	Net straightline adjustments to rental revenue, recoveries,
	and ground rent expense at TRG %		58			21			80			104
(1)	With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.

TAUBMAN CENTERS, INC.
Table 3 - Income Statement
For the Six Months Ended June 30, 2010 and 2009
(in thousands of dollars)
		2010						2009
		CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES (1)			CONSOLIDATED BUSINESSES			UNCONSOLIDATED JOINT VENTURES (1)
REVENUES:
	Minimum rents		167,435			76,036			171,452			77,520
	Percentage rents		3,135			1,469			2,721			1,203
	Expense recoveries		109,255			45,816			115,283			47,645
	Management, leasing, and development services		7,063						6,745
	Other		18,683			3,741			20,428			3,376
	Total revenues		305,571			127,062			316,629			129,744
EXPENSES:
	Maintenance, taxes, and utilities		87,611			32,363			91,487			32,333
	Other operating		36,347			10,071			31,317			12,353
	Restructuring charge								2,630
	Management, leasing, and development services		3,778						3,836
	General and administrative		14,425						13,735
	Interest expense		75,340			31,734			72,706			32,070
	Depreciation and amortization		73,002			18,628			72,351			19,348
	Total expenses		290,503			92,796			288,062			96,104
Nonoperating Income			1,299			1			433			57
Impairment loss on marketable securities									(1,666	)
			16,367			34,267			27,334			33,697
Income tax expense			(310	)					(468	)
Equity in income of Unconsolidated Joint Ventures			19,240						18,526
Net income			35,297						45,392
Net income attributable to noncontrolling interests:
	Noncontrolling share of income of consolidated joint ventures		(3,981	)					(3,726	)
	TRG series F preferred distributions		(1,230	)					(1,230	)
	Noncontrolling share of income of TRG		(8,310	)					(11,876	)
Distributions to participating securities of TRG			(723	)					(836	)
Preferred stock dividends			(7,317	)					(7,317	)
Net income attributable to Taubman Centers, Inc. common shareowners			13,736						20,407
SUPPLEMENTAL INFORMATION:
	EBITDA - 100%		164,709			84,629			172,391			85,115
	EBITDA - outside partners' share		(19,512	)		(38,138	)		(19,615	)		(38,631	)
	Beneficial interest in EBITDA		145,197			46,491			152,776			46,484
	Beneficial interest expense		(64,827	)		(16,450	)		(62,898	)		(16,653	)
	Beneficial income tax expense		(310	)					(468	)
	Non-real estate depreciation		(1,680	)					(1,734	)
	Preferred dividends and distributions		(8,547	)					(8,547	)
	Funds from Operations contribution		69,833			30,041			79,129			29,831
	Net straightline adjustments to rental revenue, recoveries,
	and ground rent expense at TRG %		(178	)		(120	)		159			158
(1)	With the exception of the Supplemental Information, amounts include 100% of the Unconsolidated Joint Ventures. Amounts are net of intercompany transactions. The Unconsolidated Joint Ventures are presented at 100% in order to allow for measurement of their performance as a whole, without regard to the Company's ownership interest. In its consolidated financial statements, the Company accounts for its investments in the Unconsolidated Joint Ventures under the equity method.

TAUBMAN CENTERS, INC.
Table 4 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations
and Adjusted Funds from Operations
For the Three Months Ended June 30, 2010 and 2009
(in thousands of dollars except as noted; may not add or recalculate due to rounding)
				2010								2009
				Shares		Per Share						Shares		Per Share
	Dollars			/Units		/Unit			Dollars			/Units		/Unit
Net income attributable to TCO common shareowners		7,453			55,611,887		0.14			8,908			53,666,868		0.17
Add depreciation of TCO's additional basis		1,719					0.03			1,720					0.03
Net income attributable to TCO common shareowners,
excluding step-up depreciation		9,172			55,611,887		0.16			10,628			53,666,868		0.20
Add:
Noncontrolling share of income of TRG		4,428			26,337,361					5,290			26,437,684
Distributions to participating securities		361			871,262					361			871,262
Net income attributable to partnership unit holders
and participating securities		13,961			82,820,510		0.17			16,279			80,975,814		0.20
Add (less) depreciation and amortization:
Consolidated businesses at 100%		35,918					0.43			36,058					0.45
Depreciation of TCO's additional basis		(1,719	)				(0.02	)		(1,720	)				(0.02	)
Noncontrolling partners in consolidated joint ventures		(2,503	)				(0.03	)		(3,172	)				(0.04	)
Share of Unconsolidated Joint Ventures		5,323					0.06			5,799					0.07
Non-real estate depreciation		(837	)				(0.01	)		(854	)				(0.01	)
Funds from Operations		50,143			82,820,510		0.61			52,390			80,975,814		0.65
TCO's average ownership percentage of TRG		67.4	%							66.8	%
Funds from Operations attributable to TCO		33,816					0.61			34,968					0.65
Funds from Operations		50,143			82,820,510		0.61			52,390			80,975,814		0.65
Restructuring charge										169					0.00
Adjusted Funds from Operations		50,143			82,820,510		0.61			52,559			80,975,814		0.65
TCO's average ownership percentage of TRG		67.4	%							66.8	%
Adjusted Funds from Operations attributable to TCO		33,816					0.61			35,081					0.65

TAUBMAN CENTERS, INC.
Table 5 - Reconciliation of Net Income Attributable to Taubman Centers, Inc. Common Shareowners to Funds from Operations
and Adjusted Funds from Operations
For the Six Months Ended June 30, 2010 and 2009
(in thousands of dollars except as noted; may not add or recalculate due to rounding)
				2010								2009
				Shares		Per Share						Shares		Per Share
	Dollars			/Units		/Unit			Dollars			/Units		/Unit
Net income attributable to TCO common shareowners		13,736			55,490,935		0.25			20,407			53,466,563		0.38
Add depreciation of TCO's additional basis		3,439					0.06			3,440					0.06
Net income attributable to TCO common shareowners,
excluding step-up depreciation		17,175			55,490,935		0.31			23,847			53,466,563		0.45
Add:
Noncontrolling share of income of TRG		8,310			26,351,949					11,876			26,438,939
Distributions to participating securities		723			871,262					836			871,262
Net income attributable to partnership unit holders
and participating securities		26,208			82,714,146		0.32			36,559			80,776,764		0.45
Add (less) depreciation and amortization:
Consolidated businesses at 100%		73,002					0.88			72,351					0.90
Depreciation of TCO's additional basis		(3,439	)				(0.04	)		(3,440	)				(0.04	)
Noncontrolling partners in consolidated joint ventures		(5,018	)				(0.06	)		(6,081	)				(0.08	)
Share of Unconsolidated Joint Ventures		10,801					0.13			11,305					0.14
Non-real estate depreciation		(1,680	)				(0.02	)		(1,734	)				(0.02	)
Funds from Operations		99,874			82,714,146		1.21			108,960			80,776,764		1.35
TCO's average ownership percentage of TRG		67.4	%							66.8	%
Funds from Operations attributable to TCO		67,303					1.21			72,726					1.35
Funds from Operations		99,874			82,714,146		1.21			108,960			80,776,764		1.35
Restructuring charge										2,630					0.03
Adjusted Funds from Operations		99,874			82,714,146		1.21			111,590			80,776,764		1.38
TCO's average ownership percentage of TRG		67.4	%							66.8	%
Adjusted Funds from Operations attributable to TCO		67,303					1.21			74,482					1.38

TAUBMAN CENTERS, INC.
Table 6 - Reconciliation of Net Income to Beneficial Interest in EBITDA
For the Periods Ended June 30, 2010 and 2009
(in thousands of dollars; amounts attributable to TCO may not recalculate due to rounding)
	Three Months Ended						Six Months Ended
	2010			2009			2010			2009
Net income		18,484			20,866			35,297			45,392
Add (less) depreciation and amortization:
Consolidated businesses at 100%		35,918			36,058			73,002			72,351
Noncontrolling partners in consolidated joint ventures		(2,503	)		(3,172	)		(5,018	)		(6,081	)
Share of Unconsolidated Joint Ventures		5,323			5,799			10,801			11,305
Add (less) interest expense and income tax expense:
Interest expense:
Consolidated businesses at 100%		37,923			36,473			75,340			72,706
Noncontrolling partners in consolidated joint ventures		(5,293	)		(4,935	)		(10,513	)		(9,808	)
Share of Unconsolidated Joint Ventures		8,248			8,369			16,450			16,653
Income tax expense		114			198			310			468
Less noncontrolling share of income of consolidated joint ventures		(1,968	)		(2,033	)		(3,981	)		(3,726	)
Beneficial Interest in EBITDA		96,246			97,623			191,688			199,260
TCO's average ownership percentage of TRG		67.4	%		66.8	%		67.4	%		66.8	%
Beneficial Interest in EBITDA attributable to TCO		64,908			65,212			129,140			133,004

TAUBMAN CENTERS, INC.
Table 7 - Reconciliation of Net Income to Net Operating Income
For the Periods Ended June 30, 2010 and 2009
(in thousands of dollars)
		Three Months Ended						Year to Date
		2010			2009			2010			2009
Net income			18,484			20,866			35,297			45,392
Add (less) depreciation and amortization:
	Consolidated businesses at 100%		35,918			36,058			73,002			72,351
	Noncontrolling partners in consolidated joint ventures		(2,503	)		(3,172	)		(5,018	)		(6,081	)
	Share of Unconsolidated Joint Ventures		5,323			5,799			10,801			11,305
Add (less) interest expense and income tax expense:
	Interest expense:
	Consolidated businesses at 100%		37,923			36,473			75,340			72,706
	Noncontrolling partners in consolidated joint ventures		(5,293	)		(4,935	)		(10,513	)		(9,808	)
	Share of Unconsolidated Joint Ventures		8,248			8,369			16,450			16,653
	Income tax expense		114			198			310			468
Less noncontrolling share of income of consolidated joint ventures			(1,968	)		(2,033	)		(3,981	)		(3,726	)
Add EBITDA attributable to outside partners:
	EBITDA attributable to noncontrolling partners in consolidated joint ventures		9,764			10,140			19,512			19,615
	EBITDA attributable to outside partners in Unconsolidated Joint Ventures		18,656			18,860			38,138			38,631
EBITDA at 100%			124,666			126,623			249,338			257,506
Add (less) items excluded from shopping center Net Operating Income:
	General and administrative expenses		7,036			6,847			14,425			13,735
	Management, leasing, and development services, net		(1,822	)		(1,259	)		(3,285	)		(2,909	)
	Restructuring charge					169						2,630
	Gain on sale of peripheral land		(1,040	)					(1,040	)
	Interest income		(99	)		(201	)		(260	)		(490	)
	Impairment loss on marketable securities					1,666						1,666
	Straight-line of rents		(552	)		(912	)		(524	)		(1,757	)
	The Pier Shops Net Operating Income		(1,121	)		(1,459	)		(2,274	)		(2,266	)
	Non-center specific operating expenses and other		5,630			4,918			11,799			8,096
Net Operating Income at 100%			132,698			136,392			268,179			276,211
Net Operating Income - growth % (1)			-2.7	%					-2.9	%
(1)	Excluding all lease cancellation fees, growth in net operating income was -0.3% and -2.7% for the three and six months ended June 30, 2010.

TAUBMAN CENTERS, INC.
Table 8 - Balance Sheets
As of June 30, 2010 and December 31, 2009
(in thousands of dollars)
		As of
		June 30, 2010			December 31, 2009
Consolidated Balance Sheet of Taubman Centers, Inc. (1):
Assets:
	Properties		3,495,599			3,496,853
	Accumulated depreciation and amortization		(1,148,314	)		(1,100,610	)
			2,347,285			2,396,243
	Investment in Unconsolidated Joint Ventures		89,007			89,804
	Cash and cash equivalents		9,227			16,176
	Accounts and notes receivable, net		39,383			44,503
	Accounts receivable from related parties		1,702			1,558
	Deferred charges and other assets		74,326			58,569
			2,560,930			2,606,853
Liabilities:
	Notes payable		2,688,242			2,691,019
	Accounts payable and accrued liabilities		224,057			230,276
	Distributions in excess of investments in and net income of Unconsolidated Joint Ventures		159,090			160,305
			3,071,389			3,081,600
Equity:
	Taubman Centers, Inc. Shareowners' Equity:
	Series B Non-Participating Convertible Preferred Stock		26			26
	Series G Cumulative Redeemable Preferred Stock
	Series H Cumulative Redeemable Preferred Stock
	Common Stock		547			543
	Additional paid-in capital		585,668			579,983
	Accumulated other comprehensive income (loss)		(21,654	)		(24,443	)
	Dividends in excess of net income		(916,328	)		(884,666	)
			(351,741	)		(328,557	)
	Noncontrolling interests:
	Noncontrolling interests in consolidated joint ventures		(100,636	)		(100,014	)
	Noncontrolling interests in partnership equity of TRG		(87,299	)		(75,393	)
	Preferred Equity of TRG		29,217			29,217
			(158,718	)		(146,190	)
			(510,459	)		(474,747	)
			2,560,930			2,606,853
Combined Balance Sheet of Unconsolidated Joint Ventures (1):
Assets:
	Properties		1,095,311			1,094,963
	Accumulated depreciation and amortization		(410,494	)		(396,518	)
			684,817			698,445
	Cash and cash equivalents		17,229			18,544
	Accounts and notes receivable		19,488			26,982
	Deferred charges and other assets		25,744			22,310
			747,278			766,281
Liabilities:
	Notes payable		1,087,056			1,092,806
	Accounts payable and other liabilities, net		36,858			50,615
			1,123,914			1,143,421
Accumulated Deficiency in Assets:
	Accumulated deficiency in assets - TRG		(198,959	)		(200,169	)
	Accumulated deficiency in assets - Joint Venture Partners		(169,678	)		(166,866	)
	Accumulated other comprehensive income (loss) - TRG		(4,275	)		(5,397	)
	Accumulated other comprehensive income (loss) - Joint Venture Partners		(3,724	)		(4,708	)
			(376,636	)		(377,140	)
			747,278			766,281
(1)	Certain 2009 amounts have been reclassified to conform to 2010 classifications.

TAUBMAN CENTERS, INC.
Table 9 - Annual Outlook
(all dollar amounts per common share on a diluted basis; amounts may not add due to rounding)
		Range for Year Ended
		December 31, 2010
Funds from Operations per common share (1)		2.65		2.75
Real estate depreciation - TRG		(1.79	)	(1.73	)
Distributions on participating securities of TRG		(0.02	)	(0.02	)
Depreciation of TCO's additional basis in TRG		(0.12	)	(0.12	)
Net income attributable to common shareowners, per common share (EPS) (1)		0.72		0.88
(1)	Guidance on Funds from Operations and EPS includes The Pier Shops' operations through September 2010. The loan on the center is in default and accrues interest at 10.01%. The foreclosure process is not in the Company's control, but the Company anticipates that the foreclosure will be completed in the third quarter of 2010, at which time the ownership of The Pier Shops will be transferred in satisfaction of the obligation under the debt. The Company expects a non-cash incremental impact on FFO per share of slightly more than ($0.01) for each month the Company continues to own the center. Including the impact of depreciation and amortization, the impact on EPS is expected to be approximately ($0.015) per month. A non-cash accounting gain is expected to be recognized when the loan obligation is extinguished upon transfer of title of The Pier Shops. This gain has been excluded from EPS and FFO per share estimates.