The Board of Directors (the “Board”) of Taubman Centers, Inc.
(the “Company or “Taubman””) (NYSE: TCO) today 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 are payable to shareholders of record at the close of
business on December 15, 2020, with payment to be made on December
31, 2020.
The payment on December 31, 2020 will be made irrespective of
whether the closing of the previously announced merger of the
Company involving Simon Property Group, Inc. occurs prior to such
date.
The Board is not declaring a fourth quarter dividend on its
common stock.
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 malls in the U.S. and Asia.
Taubman’s U.S.-owned properties are the most productive in the
publicly held U.S. 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.
Forward Looking Statements
This press release contains certain "forward-looking" statements
as that term is defined by Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Statements that are predictive in nature, that
depend on or relate to future events or conditions, or that include
words such as "believes", "anticipates", "expects", "may", "will",
"would", "should", "estimates", "could", "intends", "plans" or
other similar expressions are forward-looking statements.
Forward-looking statements involve significant known and unknown
risks and uncertainties that may cause actual results in future
periods to differ materially from those projected or contemplated
in the forward-looking statements as a result of, but not limited
to, the following factors: the COVID-19 pandemic and related
challenges, risks and uncertainties which have had, and may
continue to have, direct and indirect adverse impacts on the
general economy, mall environment, tenants, customers, and
employees, as well as mall and tenant operations (including the
ability to remain open) and operating procedures, occupancy, anchor
and mall tenant sales, sales-based rent, rent collection, leasing
and negotiated rents, mall development and redevelopment activities
and the fair value of assets (increasing the likelihood of future
impairment charges); future economic performance, including
stabilization and recovery from the impact of the COVID-19
pandemic; savings due to cost-cutting measures; payments of
dividends and the sufficiency of cash to meet operational needs;
changes in market rental rates; unscheduled closings or
bankruptcies of tenants; relationships with anchor tenants; trends
in the mall industry; challenges with department stores; changes in
consumer shopping behavior, including accelerated trends resulting
from the COVID-19 pandemic; the liquidity of real estate
investments; the failure to receive, on a timely basis or
otherwise, the required approvals by Taubman's shareholders; the
risk that a condition to closing of the transaction may not be
satisfied; Simon Property Group, Inc (“Simon”)'s and Taubman's
ability to consummate the transaction; the possibility that the
anticipated benefits from the transaction will not be fully
realized (including Simon's underwritten capitalization rate and
its expectations regarding FFO per share accretion); the ability of
Taubman to retain key personnel and maintain relationships with
business partners pending the consummation of the transaction; and
the impact of legislative, regulatory and competitive changes and
other risk factors relating to the industries in which Simon and
Taubman operate, as detailed from time to time in each of Simon's
and Taubman's reports filed with the Securities and Exchange
Commission (the "SEC"). There can be no assurance that the
transaction will in fact be consummated.
Additional information about these factors and about the
material factors or assumptions underlying such forward-looking
statements may be found under Item 1.A in each of Simon's and
Taubman's Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, and the sections labeled "Risk Factors" and
"Forward Looking Statements" in each of Simon and Taubman's
periodic reports on Form 10-Q for the fiscal quarters ended March
31, 2020, June 30, 2020 and September 30, 2020. Simon and Taubman
caution that the foregoing list of important factors that may
affect future results is not exhaustive. When relying on
forward-looking statements to make decisions with respect to the
proposed transaction, shareholders and others should carefully
consider the foregoing factors and other uncertainties and
potential events. All subsequent written and oral forward-looking
statements concerning the proposed transaction or other matters
attributable to Simon and Taubman or any other person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements referenced above. The forward-looking
statements contained herein speak only as of the date of this
communication. Neither Simon nor Taubman undertakes any obligation
to update or revise any forward-looking statements for any reason,
even if new information becomes available or other events occur in
the future, except as may be required by law.
Additional Information and Where to Find It
This communication is being made in respect of the proposed
transaction involving Taubman and Simon. In connection with the
proposed transaction, Taubman intends to file relevant materials
with the SEC. On November 25, 2020, Taubman filed its preliminary
proxy statement on Schedule 14A. Promptly after filing its
definitive proxy statement with the SEC, Taubman will mail the
definitive proxy statement and a proxy card to each shareholder of
Taubman entitled to vote at the special meeting relating to the
proposed transaction. This communication is not a substitute for
the proxy statement or any other document that Taubman may file
with the SEC or send to its shareholders in connection with the
proposed transaction. BEFORE MAKING ANY VOTING DECISION,
SHAREHOLDERS OF TAUBMAN ARE URGED TO READ THESE MATERIALS
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT
TAUBMAN WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TAUBMAN AND THE
PROPOSED TRANSACTION. The definitive proxy statement, the
preliminary proxy statement and other relevant materials in
connection with the proposed transaction (when they become
available), and any other documents filed by TAUBMAN with the SEC,
may be obtained free of charge at the SEC's website
(http://www.sec.gov) or at Taubman's website (www.taubman.com).
Participants in the Solicitation
Taubman and certain of its directors, executive officers and
employees may be considered participants in the solicitation of
proxies in connection with the proposed transaction. Information
regarding the persons who may, under the rules of the SEC, be
deemed participants in the solicitation of the shareholders of
Taubman in connection with the transaction, including a description
of their respective direct or indirect interests, by security
holdings or otherwise, is included in the Proxy Statement described
above filed with the SEC. Additional information regarding
Taubman's directors and executive officers is also included in
Taubman's proxy statement on Schedule 14A for its 2020 Annual
Meeting of Shareholders, which was filed with the SEC on July 2,
2020, or its Amended Annual Report on Form 10-K for the year ended
December 31, 2019, filed with the SEC on February 27, 2020, as
amended on April 29, 2020. These documents are available free of
charge as described above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201203005894/en/
Erik Wright, Taubman, Manager, Investor Relations, 248-258-7390
ewright@taubman.com
Maria Mainville, Taubman, Director, Strategic Communications,
248-258-7469 mmainville@taubman.com
Taubman Centers (NYSE:TCO)
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Taubman Centers (NYSE:TCO)
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から 12 2023 まで 12 2024
