BLOOMFIELD HILLS, Mich., Dec. 9, 2010 /PRNewswire-FirstCall/ -- The Board of Directors of Taubman Centers, Inc. (NYSE: TCO) today declared a regular quarterly dividend of $0.4375 per share of common stock, an increase of 5.4 percent. The common dividend is payable December 31, 2010 to shareholders of record on December 17, 2010. Since the company went public in 1992 it has never reduced its common dividend and has increased its dividend 13 times.
The Board of Directors also declared a special dividend of $0.1834 per share. The special dividend is payable December 31, 2010 to shareholders of record on December 17, 2010. Holders of partnership units in The Taubman Realty Group Limited Partnership (TRG), the company's Operating Partnership, will receive the same $0.1834 per unit distribution. This is a result of the taxation of capital gain incurred from the liquidation of TRG's private REIT and restructuring of the company's ownership in International Plaza, a property in Tampa, Florida. The private REIT was formed in 1999 to raise capital from a foreign investor, who has since been bought out. The dividend is necessary to fully distribute all of Taubman Centers' projected taxable income for the 2010 tax year and comply with the REIT distribution requirements under federal income tax law. The liquidation has no impact on the company's funds from operations, its net income or its percentage ownership of International Plaza.
The Board of Directors also declared a quarterly dividend of $0.50 on its Series G Cumulative Preferred Shares (NYSE: TCO Pr G) and a quarterly dividend of $0.4765625 on its Series H Cumulative Preferred Shares (NYSE: TCO Pr H). The preferred dividends are payable on December 31, 2010 to shareholders of record on December 17, 2010.
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.
SOURCE Taubman Centers, Inc.