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TAUBMAN CENTERS ISSUES FIRST QUARTER RESULTS

 BLOOMFIELD HILLS, Mich., May 5 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO) today issued a report on its financial results for the first quarter 1993, the first complete quarter since the November 30, 1992 closing of the company's initial public offering.
 Taubman Centers owns approximately 36 percent of the Taubman Realty Group Limited Partnership (TRG), which owns, develops, acquires and operates regional shopping centers nationally.
 For the quarter ended March 31, 1993, Taubman Centers' net income was $3.7 million, or $.08 per share, substantially equal to the company's equity income in the results of TRG. As of March 31, 1993, there were 44.6 million Taubman Centers shares outstanding.
 In the first quarter, compared to the first quarter of 1992, TRG's EBITDA increased by 3.4 percent to $42.1 million and Distributable Cash Flow increased 9.6 percent to $26.2 million.
 Commenting on the company's first quarter results, Taubman Centers President and Chief Executive Officer Robert S. Taubman said, "We're pleased that the financial results of the business were in line with our expectations for the first quarter. Our expectation for Distributable Cash Flow for the year, a key indicator of our financial performance, remains unchanged.
 "In the first quarter, we began construction on expansion projects at Woodfield, Short Hills, and Marley Station. We also announced an agreement in principle to acquire our joint venture partner's interest in The Mall at Short Hills. We anticipate this transaction will close in the latter half of the second quarter and begin making a positive contribution to our results immediately thereafter."
 Tenant sales in the 19 regional centers wholly or partially owned by TRG increased 1.7 percent from first quarter 1992 to $484.7 million.
 Sales increased despite lower average occupancy of 85.3 percent in the quarter, down from 87.4 percent in the first quarter of 1992. The decline was principally attributable to the closings in December and January of three tenants operating eight large stores in Taubman centers at average rents of just under $10 per square foot.
 Principally because rents grew faster in the quarter than sales, mall tenants' costs as a percentage of their sales were up over first quarter 1992 from 20.1 percent to 20.7 percent.
 For the twelve months ended March 31, 1993, rent per square foot for the 16 TRG centers operating at least five years was $31.21, up 4.5 percent over the twelve months ended March 31, 1992. Rents on stores opening in these centers during the twelve months ended March 31, 1993 were $37.83 per square foot, while rents on stores closing during the period averaged $27.93 per square foot. In comparison, during the twelve months ended March 31, 1992, rents on stores opening were $35.42 per square foot and rents on stores closing were $28.06.
 Taubman Centers, Inc., a publicly traded real estate investment trust headquartered in Bloomfield Hills, Michigan, is the managing general partner of The Taubman Realty Group Limited Partnership.
 Three months ended
 TAUBMAN CENTERS, INC. March 31, 1993(A)
 (in thousands of dollars,
 except as indicated)
 Equity in net income of TRG 3,886
 Other(net) (188)
 Net income for the three months ended 3,698
 March 31, 1993
 Net income per share $0.08
 Weighted average number of shares 44,589,913
 outstanding
 Ownership percentage of TRG at 35.97%
 March 31, 1993
 THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP (TRG)
 Three months ended
 March 31
 1992 1993
 (in thousands of dollars,
 except as indicated)
 Net Income 15,741 17,349
 EBITDA(B) 40,720 42,087
 Distributable Cash Flow(C) 23,947 26,242
 Number of shopping centers
 at end of period 19 19
 Mall tenant sales 476,706 484,662 Twelve
 Average occupancy % 87.4% 85.3% months
 Mall tenant occupancy costs ended
 as a percentage 20.1% 20.7% March 31
 of tenant sales(D) 1992 1993
 Rent per square foot - centers
 open prior to January 1, 1988
 All mall tenants $29.87 $31.21
 Stores opening 35.42 37.83
 Stores closing 28.06 27.93
 NOTES:
 (A) Income for the comparable period of 1992 is not presented
 because the closing of the initial public offering occurred
 on November 30, 1992.
 (B) Defined as TRG's beneficial interest in the revenues, less
 operating costs before interest, depreciation and
 amortization, and unusual items, of TRG's wholly or partly
 owned managed businesses.
 (C) Defined as EBITDA less TRG's beneficial interest in interest
 expense. TRG's beneficial interest in debt at March 31,
 1993 was $850.9 million, compared to $832.5 million at
 December 31, 1992.
 (D) Mall tenant occupancy costs are defined as the sum of
 minimum rents, percentage rents and expense recoveries.
 -0- 5/5/93
 /CONTACT: Christopher J. Tennyson of Taubman Centers, 313-258-7519/
 (TCO)


CO: Taubman Centers, Inc. ST: Michigan IN: FIN SU: ERN

SH -- NY019 -- 4729 05/05/93 09:06 EDT
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Date:May 5, 1993
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