Taubman Centers Increases Quarterly Common Dividend 3.1 Percent to $0.675 Per Share
March 04 2019 - 3:26PM
Business Wire
Preferred Series J and K Dividend Declared
The Board of Directors of Taubman Centers, Inc. (NYSE: TCO)
today declared a regular quarterly dividend of $0.675 per share of
common stock, an increase of 3.1 percent. The common dividend is
payable March 29, 2019 to shareholders of record on March 15, 2019.
Since the company went public in 1992 it has never reduced its
regular common dividend and has increased its dividend 22 times
since 1996.
The Board of Directors also declared quarterly dividends of
$0.40625 on its 6.5% Series J Cumulative Preferred Shares (NYSE:
TCO PR J) and $0.390625 on its 6.25% Series K Cumulative Preferred
Shares (NYSE: TCO PR K). The preferred dividends will be payable
March 29, 2019 to shareholders of record on March 15, 2019.
About Taubman
Taubman Centers is an S&P MidCap 400 Real Estate Investment
Trust engaged in the ownership, management and/or leasing of 26
regional, super-regional and outlet shopping centers in the U.S.
and Asia and one under development. Taubman’s U.S.-owned properties
are the most productive in the publicly held U.S. regional mall
industry. Founded in 1950, Taubman is headquartered in Bloomfield
Hills, Mich. Taubman Asia, founded in 2005, is headquartered in
Hong Kong. www.taubman.com.
For ease of use, references in this press release to “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.
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. Forward-looking
statements can be identified by words such as “will”, “may”,
“could”, “expect”, “anticipate”, “believes”, “intends”, “should”,
“plans”, “estimates”, “approximate”, “guidance” and similar
expressions in this press release that predict or indicate future
events and trends and that do not report historical matters. The
forward-looking statements included in this release are made as of
the date hereof. Except as required by law, the company assumes 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, including that the conditions to one or more
transaction closings may not be satisfied, the potential impact on
the company due to the announcement of the disposition of ownership
interests, the occurrence of any event, change or other
circumstances that could give rise to the termination of the
transactions, general economic conditions, and other factors. Such
factors include, but are not limited to: changes in market rental
rates; unscheduled closings or bankruptcies of tenants;
relationships with anchor tenants; trends in the retail industry;
challenges with department stores; changes in consumer shopping
behavior; the liquidity of real estate investments; the company’s
ability to comply with debt covenants; the availability and terms
of financings; changes in market rates of interest and foreign
exchange rates for foreign currencies; changes in value of
investments in foreign entities; the ability to hedge interest rate
and currency risk; risks related to acquiring, developing,
expanding, leasing and managing properties; competitors gaining
economies of scale through M&A and consolidation activity;
changes in value of investments in foreign entities; risks related
to joint venture properties; insurance costs and coverage; security
breaches that could impact the company’s information technology,
infrastructure or personal data; costs associated with response to
technology breaches; the loss of key management personnel;
shareholder activism costs and related diversion of management
time; terrorist activities; maintaining the company’s status as a
real estate investment trust; changes in the laws of states,
localities, and foreign jurisdictions that may increase taxes on
the company’s operations; and changes in global, national, regional
and/or local economic and geopolitical climates. You should review
the company's filings with the Securities and Exchange Commission,
including “Risk Factors” in its most recent Annual Report on Form
10-K and subsequent quarterly reports, for a discussion of such
risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20190304005942/en/
Erik Wright, Taubman, Manager, Investor Relations,
248-258-7390ewright@taubman.com
Maria Mainville, Taubman, Director, Strategic Communications,
248-258-7469mmainville@taubman.com
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