The following Management's Discussion and Analysis of Financial Condition and
Results of Operations contains various "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
forward-looking statements represent our expectations or beliefs concerning
future events and performance. Actual results may differ materially from those
expected because of various risks and uncertainties. The forward-looking
statements included in this report are made as of the date hereof or the date
specified herein. Except as required by law, we assume no obligation to update
these forward-looking statements, even if new information becomes available in
the future. Other risks and uncertainties are detailed from time to time in
reports filed with the Securities and Exchange Commission (SEC), and in
particular those set forth under "Risk Factors" in our most recent Annual Report
on Form 10-K, as well as "Risk Factors" elsewhere in this report. The following
discussion should be read in conjunction with the accompanying consolidated
financial statements of Taubman Centers, Inc. and the notes thereto.

General Background and Performance Measurement

Taubman Centers, Inc. (TCO) is a Michigan corporation that operates as a
self-administered and self-managed real estate investment trust (REIT). The
Taubman Realty Group Limited Partnership (TRG) is a majority-owned partnership
subsidiary of TCO that owns direct or indirect interests in all of our real
estate properties. In this report, the terms "we", "us", and "our" refer to TCO,
TRG, and/or TRG's subsidiaries as the context may require. We own, manage,
lease, acquire, dispose of, develop, and expand retail shopping centers and
interests therein. The Consolidated Businesses consist of shopping centers and
entities that are controlled through ownership or contractual agreements, The
Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its
subsidiaries and affiliates (Taubman Asia). Shopping centers owned through joint
ventures that are not controlled by us but over which we have significant
influence, Unconsolidated Joint Ventures (UJVs), are accounted for under the
equity method.

References in this discussion to "beneficial interest" refer to our ownership or pro rata share of the item being discussed. Investors are cautioned that deriving our beneficial interest as our ownership interest in individual financial statement items may not accurately depict the legal and economic implications of holding a noncontrolling interest in an investee.



On February 9, 2020, TCO and TRG (the Taubman Parties) entered into an Agreement
and Plan of Merger (the Merger Agreement) for Simon Property Group, Inc. (Simon)
to acquire a 100% ownership interest in TCO and an 80% ownership interest in
TRG. Under the Merger Agreement, Simon, through its operating partnership, Simon
Property Group, L.P. (the Simon Operating Partnership), would acquire all of
TCO's common stock (other than certain shares of excluded common stock) for
$52.50 per share in cash and certain members of the Taubman Family (including
Robert S. Taubman, William S. Taubman, Gayle Taubman Kalisman, and the Estate of
A. Alfred Taubman) would retain certain of their TRG interests so that they
remain a 20% partner in TRG and would sell their remaining ownership interest in
TRG for $52.50 per share in cash. For additional information regarding the
merger, see our other filings made with the SEC, which are available on the
SEC's website at www.sec.gov; provided, that the content of such website is not
incorporated herein by reference.

On June 10, 2020, Simon and the Simon Operating Partnership filed a complaint
(the Simon Complaint, captioned, Simon Property Group, Inc. and Simon Property
Group, L.P. v. Taubman Centers, Inc. and Taubman Realty Group, L.P., Case No.
2020-181675-CB, in the State of Michigan Circuit Court for the Sixth Judicial
Circuit (Oakland County) (the Court), seeking a declaratory judgment that, among
other things, the Taubman Parties had suffered a Material Adverse Effect (as
defined in the Merger Agreement) and had breached our covenant in the Merger
Agreement to use commercially reasonable efforts to operate in the ordinary
course of business, and, as a result, Simon's purported termination of the
Merger Agreement was valid. On June 17, 2020, the Taubman Parties filed an
Answer, Affirmative Defenses, and Counterclaim (the Taubman Answer and
Counterclaim) in response to the Simon Complaint, which added Silver Merger Sub
1, LLC and Silver Merger Sub 2, LLC (with Simon and the Simon Operating
Partnership, the Simon Parties) as counterclaim defendants. In the Taubman
Answer and Counterclaim, we deny that we had suffered a Material Adverse Effect
or that we had breached our covenant to use commercially reasonable efforts to
operate in the ordinary course of business consistent with past practices, and
therefore, the Merger Agreement could not be terminated by the Simon Parties.
Additionally, in the Taubman Answer and Counterclaim, the Taubman Parties ask
the Court to enter a judgment of specific performance, compelling the Simon
Parties to comply with their obligations under the Merger Agreement and
consummate the transaction. Additionally, the Taubman Parties seek a declaratory
judgment that, due to the Simon Parties' repudiation and material breach of the
Merger Agreement by delivering the Purported Termination Notice and failing to
use reasonable best efforts to consummate the transaction, the Taubman Parties
have the right to seek damages, including based on the loss of the premium
offered to our equity holders.




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On June 25, 2020, we held a special meeting of shareholders, at which
shareholders approved and adopted the Merger Agreement. Approximately 99.7% of
the shares voted were in favor of the Merger Agreement and the transaction,
which constitutes approximately 84.7% of the outstanding shares entitled to
vote. The shareholder approval satisfied the final condition precedent to the
closing of the transaction (other than those conditions that by their nature are
to be satisfied at closing or by Simon). Simon did not consummate the
transaction on June 30, 2020, despite their contractual obligation to do so.

On June 23, 2020, the Court ordered that the case be referred to facilitative
mediation to be completed by July 31, 2020. Discovery was ordered to commence
immediately, and the case was ordered to be trial ready by mid-November 2020.
Facilitative mediation has not resulted in a settlement as of the date hereof.

On September 9, 2020, Simon filed a Supplemental Complaint. In the Supplemental
Complaint, Simon alleges that the Taubman Parties breached certain interim
operating covenants in the Merger Agreement by (i) amending their credit
facilities and (ii) granting rent abatements and deferrals to distressed
tenants. On September 16, 2020, the Taubman Parties filed an Answer, Affirmative
Defenses, and Counterclaim (the Taubman Amended Answer and Counterclaim) in
response to the Supplemental Complaint. In the Taubman Amended Answer and
Counterclaim, the Taubman Parties deny that they breached the operating
covenants in the Merger Agreement by amending their credit facilities or by
granting rent abatements and deferrals to financially distressed tenants.

Trial is scheduled to begin on November 16, 2020, and is scheduled to conclude on November 20, 2020.

Refer to "Note 9 - Commitments and Contingencies - Simon Merger Agreement Litigation" to our consolidated financial statements for further discussion related to the ongoing litigation with Simon and the additional shareholder litigation brought against us.



The comparability of information used in measuring performance is affected by
the acquisition of a 48.5% interest in The Gardens Mall in April 2019 (see
"Results of Operations - The Gardens Mall Acquisition") and the ongoing
redevelopment and tenant replacement activity, including the consolidation of
the Macy's Men's space into the Macy's space in 2020, at Beverly Center.
Additional "comparable center" statistics are provided to present the
performance of comparable centers. Comparable centers are generally defined as
centers that were owned and open for the entire current and preceding period
presented, excluding centers impacted by significant redevelopment activity.
Comparable center statistics for 2019 have been restated to include comparable
centers to 2020. This affects the comparability of our operating results period
over period. Additionally, The Mall of San Juan has been excluded from
"comparable center" statistics as a result of Hurricane Maria, which occurred in
2017, given that the center's performance has been and is expected to continue
to be materially impacted for the foreseeable future (see "Results of Operations
- Hurricane Maria and The Mall of San Juan"). Stamford Town Center has also been
excluded from "comparable center" statistics as the center was being marketed
for sale until it was ultimately sold in October 2020. (see "Results of
Operations - Stamford Town Center"). Further, Taubman Prestige Outlets
Chesterfield has been excluded from "comparable center" statistics due to the
sale of the center in March 2020 (see "Results of Operations - Disposition of
Taubman Prestige Outlets Chesterfield").

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Current Operating Trends

COVID-19 Pandemic Portfolio Impact



In response to the COVID-19 pandemic, we temporarily closed most of our U.S.
shopping centers in mid-March 2020. As of June 30, 2020, all U.S. properties and
nearly 85% of stores had reopened with restrictions in place to ensure
compliance with all local, state, and federal laws and mandates to help ensure
the health and safety of communities we serve. However, in mid-July 2020, two of
our centers in California were ordered to temporarily close again amid rising
cases of COVID-19. In late August, International Market Place in Hawaii was also
ordered to temporarily close, but reopened in late September. In early September
and October, our two centers in California reopened and currently all of our
U.S. centers remain open. As of November 2, 2020, nearly 94% of our U.S. tenants
had reopened with traffic, sales and tenant collections improving each month
since May. If the U.S. continues to see prolonged or increased cases of COVID-19
infection, the risk of government mandated restrictions may rise, which could
require centers to close.

In Asia, our three operating centers experienced varying levels of disruption
due to the COVID-19 pandemic. CityOn.Xi'an was closed for about a month in
February, CityOn.Zhengzhou was closed for 10 days in February, and Starfield
Hanam never closed. By the end of April about 90% of tenants had reopened, and
by the end of July nearly all tenants had reopened. For the third quarter,
Taubman Asia's tenant sales per square foot were up modestly compared to last
year.

The operations and results of both our U.S. and Asia shopping centers have been
and could continue to be adversely impacted by the COVID-19 pandemic as
described above. Mall tenant sales were adversely impacted at our U.S. shopping
centers during the nine months ended September 30, 2020 as a result of the
COVID-19 pandemic and the aforementioned center closures. Additionally, the
Rental Revenues, and therefore Net Operating Income (NOI) of our centers, were
also adversely affected by the COVID-19 pandemic, primarily due to the increase
in uncollectible tenant revenues during three and nine months ended
September 30, 2020. We assess collectibility of receivables on a tenant by
tenant basis considering the tenant's payment history, credit-worthiness, aging
of the receivable, the tenant's operating performance and other factors. When
tenants are deemed uncollectible, their existing receivables are written off
(including straight-line revenue receivables) and they are transitioned to a
cash basis for revenue recognition. Uncollectible tenant revenues are an
estimate based on our assessment of revenues billed that may not result in
collection, however we will continue our efforts to collect past due amounts. As
such, the impact of the COVID-19 pandemic on our uncollectible tenant revenues
in the future cannot be predicted at this point in time.

In relation to cash collections and our increased accounts receivable balance,
as a result of the COVID-19 pandemic, we have received requests from many
tenants for rent abatement or rent deferral. A substantial amount of our rental
revenue receivables for April 2020 through October 2020 currently remain
outstanding and are under negotiation, including those that have been deemed
uncollectible and written off. As of September 30, 2020, the Accounts and Notes
Receivable balance on our Consolidated Balance Sheet was $172.5 million,
compared to $95.4 million as of December 31, 2019. Additionally, between April
2020 and October 2020, collections have continued to increase each month and we
have seen a substantial increase in collections beginning in July, corresponding
with the reopening of most of our shopping centers. As a result of the
progressive increase in collections and execution of rent deferrals and
abatements, during the three months ended September 30, 2020, the Accounts and
Notes Receivable balance on our Consolidated Balance Sheet did not increase
significantly. Collections are expected to continue to increase as rent
deferrals and abatements are executed and as conditions improve, which will
reduce our Accounts and Notes Receivable balance. Further, if deferrals are
agreed upon, collections in future periods could be significantly higher due to
the payment of accumulated deferred amounts along with current amounts due.

We are evaluating tenant requests and negotiating with tenants on an individual
basis based on each tenant's unique financial and operating situation, however
we do not believe all tenant requests will result in rent deferrals and
abatements. We believe we will likely reach rent deferral or abatement
agreements on a substantial portion of our U.S. leases. As of September 30,
2020, we had executed deferral and/or abatement agreements with less than a
majority of U.S. leases.

As a result of the uncertainty surrounding the impacts of the COVID-19 pandemic
as well as the timing of the general economy's stabilization and recovery,
collections and rent relief requests to-date may not be indicative of
collections or requests in any future period. As such, the impact of the
COVID-19 pandemic on our rental revenues, cash provided by operating activities,
and accounts receivable in the future cannot be predicted at this point in time.


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As an owner of 24 real estate properties, our revenues are primarily derived
from rents and recoveries from our shopping center tenants. We have and will
continue to closely monitor the impact of the COVID-19 pandemic on all aspects
of our business, including how it will impact our tenants, however, we are
unable to predict the full magnitude of the pandemic and its effect on our
future results of operations, financial condition, cash flows, and liquidity due
to uncertainties related to the impact of the COVID-19 pandemic on our business,
the industry, and the global economy.
In early March 2020, we began implementing several liquidity enhancement
initiatives in response to the COVID-19 pandemic. We decided to defer
significant planned capital expenditures at our U.S. shopping centers to future
periods. Refer to "Liquidity and Capital Resources - 2020 Planned Capital
Spending Update" for further details on these reductions. We now expect our
beneficial share of operating expenses to be reduced by about $17 million for
the year. Further, as a result of the Coronavirus Aid, Relief, and Economic
Security Act (CARES Act) enacted on March 27, 2020 in response to the COVID-19
pandemic, our taxable REIT subsidiary was able to carry back additional net
operating losses, resulting in a $1.9 million income tax benefit related to the
carryback during the nine months ended September 30, 2020. Also as a result of
the CARES Act, during the three months ended September 30, 2020, we recognized
income of $0.8 million related to our beneficial share of the Employee Retention
Credit received.

In late March 2020, we borrowed an additional $350 million on our $1.1 billion
primary unsecured revolving line of credit as a precautionary measure to
increase liquidity, preserve financial flexibility, and fund temporary working
capital needs due to uncertainty resulting from the COVID-19 pandemic. In June
2020, we repaid $100 million, reducing the balance on our $1.1 billion primary
unsecured revolving line of credit to $870 million as of September 30, 2020. As
of September 30, 2020, we had a consolidated cash balance of $256.5 million,
which is available to be used for temporary working capital needs and general
corporate purposes in the future. Refer to "Liquidity and Capital Resources -
Cash and Revolving Lines of Credit" for further information regarding our
revolving line of credit terms and remaining borrowing capacity.

In August 2020, we entered into amendments to waive all of our existing
financial covenants related to our primary unsecured revolving line of credit,
$275 million unsecured term loan, and $250 million unsecured term loan for the
quarter ending September 30, 2020 through and including the quarter ending June
30, 2021 (the covenant waiver period). The financial covenants for our loan on
International Market Place mirror the requirements under our primary unsecured
revolving line of credit so therefore, the waiver of our financial covenants
also applies to the International Market Place loan. The amendment on our $1.1
billion primary unsecured revolving line of credit also fixed the maximum
borrowing capacity at $1,012.3 million, in place of a calculation based on the
value of the unencumbered asset pool, until the financial covenants are in
compliance using the definitions and requirements prior to the amendments (the
covenant compliance date), which must be no later than the quarter ending June
30, 2022. See "Liquidity and Capital Resources - Covenant Waiver Amendments" for
further details related to the amendments. Although we are currently able to
meet our liquidity covenant, and expect to be able to meet it during the
covenant waiver period, for our primary unsecured revolving line of credit, $275
million unsecured term loan, and $250 million unsecured term loan, there is no
assurance that we will continue to be able to do so, even with the additional
flexibility provided by the amendments.

Additionally, during the three months ended June 30, 2020, we completed
modifications of loans for three of our shopping centers to defer certain
interest and principal payments due through September 2020 to future months in
2020 and 2021. In addition, the principal amortization that was originally
scheduled to begin in August 2020 for one of these loans has been deferred to
August 2021 (see "Liquidity and Capital Resources - COVID-19 Pandemic Liquidity
Impact").

Further, for both the three months ended September 30, 2020 and June 30, 2020,
we did not declare quarterly dividends on our common stock or pay any monthly
distributions to participating securities of TRG (see "Liquidity and Capital
Resources - Dividends").

Taken together, these actions have provided significant incremental liquidity to
operate through this period of disruption. Despite the actions we have taken and
intend to take to mitigate the impact of the COVID-19 pandemic to our business,
the extent to which the COVID-19 pandemic will continue to adversely impact our
operations, financial condition, results of operations, and liquidity in the
future, and those of our tenants and anchors, will depend on future actions and
outcomes, which remain highly uncertain and cannot be predicted, including (1)
the severity and duration of the COVID-19 pandemic and its impact, as well as
the general economy's stabilization and recovery, (2) the actions taken to
contain the pandemic or mitigate its impact, and (3) the direct and indirect
economic and financial market effects of the pandemic and containment measures,
among others. For further information regarding the potential impact of the
COVID-19 pandemic on our business, financial statements, liquidity, and stock
price, refer to "Part II, Item 1A. Risk Factors."


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General Operating Trends



Prior to the COVID-19 pandemic, the U.S. shopping center industry already had
been facing challenges and turbulence in recent years as it continued to evolve
rapidly. Across the industry, department store sales weakened and their ability
to drive traffic substantially decreased, resulting in increased store closures,
with mature mall tenants and anchors rationalizing square footage and being
highly selective in opening new stores.

Bankruptcy filings by our mall tenants have recently been elevated, and during
the nine months ended September 30, 2020, 5.9% of the total number of tenant
leases filed for bankruptcy, as compared to 2.7% of tenant leases for the year
ended December 31, 2019. Tenants that filed for bankruptcy during the nine
months ended September 30, 2020 accounted for 6.2% of Mall gross leasable area
(GLA). Additionally, while excluded from the preceding statistics, during the
nine months ended September 30, 2020, department stores JCPenney, Neiman Marcus,
and Lord & Taylor, as well as other major tenants at our value and outlet
centers, filed for bankruptcy. As of September 30, 2020, JCPenney, Neiman
Marcus, Lord & Taylor, and other major tenants that filed for bankruptcy at our
value and outlet centers accounted for an aggregate of 15 anchor or major
locations in our centers. Typically, many anchors own their stores and, in
general, those anchors that lease their stores do so at rates substantially
lower than those in effect for mall tenants. In 2019, bankruptcies included
Forever 21, one of our largest mall tenants, who accounted for 3.6% of Mall GLA
as of September 30, 2020.

General retail headwinds have the potential to be prolonged and ultimately may
still result in many centers incurring lost or reduced rent, paying higher
tenant allowances, and/or experiencing unexpected terminations. Additionally,
the impact of the COVID-19 pandemic has impeded and may continue to impede the
recovery of the U.S. shopping center and retail industries.

Tenant Sales and Occupancy Costs



Mall tenants at our U.S. comparable centers reported a 34.6% decrease in mall
tenant sales per square foot in the third quarter of 2020 as compared to the
same period in 2019. For the nine months ended September 30, 2020, our U.S.
comparable mall tenant sales per square foot decreased 28.5% as compared to the
same period in 2019. For the trailing 12-month period ended September 30, 2020,
tenant sales per square foot at our U.S. comparable centers were $790, a 19.4%
decrease from $980 for the trailing 12-month period ended September 30, 2019. In
2020, tenant sales were adversely impacted by the COVID-19 pandemic and the
related center and tenant closures.

Over the long term, the level of mall tenant sales remains the single most
important determinant of revenues of the shopping centers because mall tenants
provide approximately 90% of these revenues and mall tenant sales determine the
amount of rent and overage rent (together, mall tenant occupancy costs) that
mall tenants can afford to pay. However, levels of mall tenant sales can be
considerably more volatile in the short run than total occupancy costs, and may
be impacted significantly, either positively or negatively, by the success or
lack of success of a small number of tenants or even a single tenant.
Additionally, mall tenant sales have been and could continue to be adversely
affected by the COVID-19 pandemic due to store closures in the near term, and
potentially in the long-term to the extent it significantly and adversely
impacts mall traffic and consumer behavior, as well as the desirability of
shopping, dining, and entertaining at malls (particular our large, enclosed
malls) compared to other alternatives.

We believe that because most mall tenants sell goods at profitable margins and
have certain fixed operating expenses, the occupancy costs that they can afford
to pay and still be profitable are higher as sales per square foot increases.

Mall tenant sales directly impact the amount of overage rents certain tenants
and anchors pay. The effects of increases or declines in mall tenant sales on
our operations are moderated by the relatively minor share of total rents that
overage rents represent. Overage rent is very difficult to predict as it is
highly dependent upon the sales performance of specific mall tenants in specific
centers, and is typically paid by a small number of our tenants in any given
period.

In negotiating lease renewals, we generally intend to maximize the minimum rents
we achieve. As a result, a tenant will generally pay a higher amount of minimum
rent and an initially lower amount of overage rent upon renewal.

While mall tenant sales are critical over the long term, the high-quality mall
business has generally been a very stable business model with its diversity of
income from thousands of tenants, its staggered lease maturities, and high
proportion of fixed rent. However, a sustained trend in mall tenant sales does
impact, either negatively, such as due to the adverse impact of the COVID-19
pandemic currently, or positively, our ability to lease vacancies and sign lease
renewals, negotiate rents at advantageous rates, and collect amounts
contractually due.


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Mall tenant occupancy costs (Rental Revenues and Overage Rents excluding lease
cancellation income and uncollectible tenant revenues) as a percentage of sales
in our U.S. Consolidated Businesses and UJVs are as follows:
                               Trailing 12-Months Ended September 30 (1)
                                     2020                      2019
U.S. Consolidated Businesses            19.0 %                    13.2 %
U.S. UJVs                               15.6                      11.7
Combined U.S. Centers                   17.3                      12.5



(1)          Based on reports of sales furnished by mall tenants of all U.S.
             centers reported during that period.

Occupancy and Leased Space

U.S. mall tenant ending occupancy and leased space statistics as of September 30, 2020 and 2019 are as follows:


                                           2020 (1)    2019 (1)
Ending occupancy - all U.S. centers           88.5 %      91.7 %

Ending occupancy - U.S. comparable centers 89.9 92.6 Leased space - all U.S. centers

               91.1        94.7

Leased space - U.S. comparable centers 92.6 95.6

(1) Occupancy and leased space statistics include temporary in-line tenants (TILs) and anchor spaces at value and outlet centers (Dolphin Mall and Great Lakes Crossing Outlets).



The difference between leased space and occupancy is that leased space includes
spaces where leases have been signed but the tenants are not yet open. The
occupancy statistic represents those spaces upon which we are currently
collecting rent from mall tenants. The spread between U.S. comparable center
leased space and occupied space, at 2.7% this quarter, is consistent with our
history of 1% to 3% in the third quarter.

Our ending occupancy and leased space statistics as of September 30, 2020 were
negatively impacted by elevated bankruptcies (see "Current Operating Trends -
General Operating Trends") and store closures during the period as a result of
the impact of the COVID-19 pandemic. Additionally, these statistics could
continue to be impacted in the future as a result of the impact of the COVID-19
pandemic on the economy and our tenants' businesses, financial performance, and
liquidity, which could have an adverse effect on our business, financial
statements, and liquidity.

Average and Base Rent Per Square Foot



As leases have expired in our centers, we have generally been able to rent the
available space, either to the existing tenant or a new tenant, at rental rates
that are higher than those of the expired leases. Although average rent per
square foot is down during the three and nine months ended September 30, 2020 as
compared to 2019 due to the restructuring of our leases with Forever 21 related
to their bankruptcy filing in 2019, and reduced sales-based rent and abatements
granted to certain tenants as a result of the shopping center closures due to
the COVID-19 pandemic, generally, center revenues have increased as older leases
rolled over or were terminated early and replaced with new leases negotiated at
current rental rates that were usually higher than the average rates for
existing leases. In periods of increasing sales, rents on new leases will
generally tend to rise. In periods of slower growth or declining sales, rents on
new leases will generally grow more slowly or will decline, as occurred in the
second and third quarters of 2020, or we may execute shorter lease terms, as
tenants' expectations of future growth become less optimistic. Average and base
rent per square foot have been and could continue to be adversely impacted by
the COVID-19 pandemic in future periods (see "Current Operating Trends -
COVID-19 Pandemic Portfolio Impact"). Average and base rent per square foot
statistics are computed using contractual rentals per the tenant lease
agreements (excluding lease cancellation income, expense recoveries, and
uncollectible tenant revenues), which reflect any lease modifications, including
those for rental concessions. Rental information for comparable centers in our
Consolidated Businesses and UJVs follows:
                                              Three Months Ended                 Nine Months Ended
                                                 September 30                      September 30
                                             2020              2019             2020             2019
Average rent per square foot - all
U.S. comparable centers: (1)
U.S. Consolidated Businesses           $     65.24         $    70.52     $     68.45        $    70.97
U.S. UJVs                                    53.23              56.03           52.44             55.91
Combined U.S. Centers                        59.28              63.36           60.52             63.48

(1) Statistics exclude non-comparable centers and Asia centers.





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                                                      Trailing 12-Months Ended September 30 (1) (2)
                                                             2020                        2019
Opening base rent per square foot:
U.S. Consolidated Businesses                       $            61.07            $            57.66
U.S. UJVs                                                       48.23                         46.29
Combined U.S. Centers                                           55.96                         52.82
Square feet of GLA opened:
U.S. Consolidated Businesses                                  411,816                       634,236
U.S. UJVs                                                     272,127                       470,083
Combined U.S. Centers                                         683,943                     1,105,319
Closing base rent per square foot:
U.S. Consolidated Businesses                       $            70.97            $            56.55
U.S. UJVs                                                       52.76                         54.09
Combined U.S. Centers                                           63.43                         55.42
Square feet of GLA closed:
U.S. Consolidated Businesses                                  539,284                       536,929
U.S. UJVs                                                     380,819                       455,184
Combined U.S. Centers                                         920,103                       992,113
Releasing spread per square foot:
U.S. Consolidated Businesses                       $            (9.90 )          $             1.11
U.S. UJVs                                                       (4.53 )                       (7.80 )
Combined U.S. Centers                                           (7.47 )                       (2.60 )
Releasing spread per square foot growth:
U.S. Consolidated Businesses                                    (13.9 )%                        2.0  %
U.S. UJVs                                                        (8.6 )%                      (14.4 )%
Combined U.S. Centers                                           (11.8 )%                       (4.7 )%

(1) Statistics exclude non-comparable centers and Asia centers.




(2)    Opening and closing statistics exclude spaces greater than or equal to
       10,000 square feet.


(2) Opening and closing statistics exclude spaces gr
The spread between rents on openings and closings may not be indicative of
future periods, as this statistic is not computed on comparable tenant spaces,
and can vary significantly from period to period depending on the total amount,
location, duration of the lease, and average size of tenant space opening and
closing in the period. Broadly, the lower or negative releasing spread reflects
the recently decelerating environment for retail and the impact of the COVID-19
pandemic, as demonstrated by lower or negative rent growth.

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Results of Operations

In addition to the results and trends in our operations discussed in the preceding sections, the following sections discuss certain transactions or events that affected operations during the three and nine months ended September 30, 2020 and 2019, or are expected to affect operations in the future.

COVID-19 Pandemic Impact



In response to the COVID-19 pandemic, we temporarily closed most of our U.S.
shopping centers in mid-March 2020. As of June 30, 2020, all of our U.S. centers
had reopened and as of September 30, 2020, nearly all of our U.S. centers had
reopened. Three of our properties were closed intermittently during the three
months ended September 30, 2020 as a result of state regulations but are once
again open (see "Current Operating Trends - COVID-19 Pandemic Portfolio
Impact"). During the three months ended March 31, 2020, the closure of our U.S.
shopping centers did not significantly affect our financial results; however,
during both the three months ended September 30, 2020 and June 30, 2020, the
financial results of our U.S. shopping centers were adversely impacted by the
COVID-19 pandemic.
In Asia, our three operating centers experienced varying levels of disruption
due to the COVID-19 pandemic. CityOn.Xi'an was closed for about a month in
February, CityOn.Zhengzhou was closed for 10 days in February, and Starfield
Hanam never closed. Our financial results in Asia were adversely impacted for
the three months ended March 31, 2020, though our share of the impact was
limited due to our partial ownership interests in the centers (see "Results of
Operations - Partial Dispositions of Ownership Interests (Blackstone
Transactions)"). However, sales in our centers in Asia have recovered during the
nine months ended September 30, 2020 and for the three months ended
September 30, 2020, tenant sales per square foot were up modestly.
Refer to "Current Operating Trends - COVID-19 Pandemic Portfolio Impact",
elsewhere within "Results of Operations", and "Part II, Item 1A. Risk Factors"
for further information regarding the current impact and potential future impact
of the COVID-19 pandemic on our business, financial statements, liquidity, and
stock price, as well as our response to mitigate the impact.

Also, as a result of the CARES Act, our taxable REIT subsidiary was able to
carry back additional net operating losses, resulting in the recognition of a
$1.9 million income tax benefit related to the carryback during the nine months
ended September 30, 2020 (see "Note 3 - Income Taxes" to our consolidated
financial statements for further information) and during the three months ended
September 30, 2020, we recognized income of $0.8 million related our beneficial
share of the Employee Retention Credit received.

The Gardens Mall Acquisition



In April 2019, we acquired a 48.5% interest in The Gardens Mall in Palm Beach
Gardens, Florida in exchange for 1.5 million newly issued units of limited
partnership in TRG (TRG Units). We also assumed our $94.6 million share of the
existing debt at the center, which bears interest at 6.8% and matures in July
2025. The debt assumed was adjusted for our beneficial share of $27.6 million of
purchase accounting adjustments, which has the effect of reducing the stated
rate on the debt of 6.8% to an average effective rate of 4.2% over the remaining
term of the loan. The Forbes Company, our partner in The Mall at Millenia and
Waterside Shops, also owns a 48.5% interest and manages and leases the center.
Our ownership interest in the center is accounted for as a UJV under the equity
method.

Simon Common Shares Investment



In January 2019, we sold our remaining investment in 290,124 Simon common shares
at an average price of $179.52 per share. Proceeds of $52.1 million from the
sale were used to pay down our revolving lines of credit.


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Table of Contents

Hurricane Maria and The Mall of San Juan



The Mall of San Juan incurred significant damage from Hurricane Maria in 2017.
We have received substantial insurance proceeds to cover hurricane and flood
damage, as well as business and service interruption. In June 2019, we reached a
final settlement with our insurer and received final payment related to our
claims.

The following table presents a summary of the insurance proceeds received
relating to our claim for The Mall of San Juan for the nine months ended
September 30, 2019. There were no insurance proceeds received during the three
months ended September 30, 2019 or the three and nine months ended September 30,
2020:

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