Taubman Centers Declares Common and Preferred Dividends

BLOOMFIELD HILLS, Mich.–(BUSINESS WIRE)–Taubman Centers, Inc. (NYSE: TCO) today declared a regular quarterly
dividend of $0.675 per share of common stock. The common dividend is
payable June 28, 2019, to shareholders of record on June 14, 2019.

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 June 28, 2019, to
shareholders of record on June 14, 2019.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust
engaged in the ownership, management and/or leasing of 27 regional,
super-regional and outlet shopping centers in the U.S. and Asia.
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,”, “we”, “us”, “our”, “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.

Contacts

Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390
[email protected]

Maria Mainville, Taubman, Director, Strategic Communications,
248-258-7469
[email protected]

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