Taubman Centers Declares Regular Common and Preferred Dividends and Special Cash Dividend of $4.75 Per Share

BLOOMFIELD HILLS, Mich., Dec. 2, 2014 /PRNewswire/ -- The Board of Directors of Taubman Centers, Inc. TCO today declared a regular quarterly dividend of $0.54 per share of common stock.  The common dividend is payable December 31, 2014, to shareholders of record on December 15, 2014.

The Board of Directors also declared a special cash dividend of $4.75 per common share payable on December 31, 2014, to shareholders of record on December 15, 2014.  The decision to declare a special dividend was a result of the sale of seven malls to Starwood Capital Group in October 2014.  The payment of the regular quarterly dividend of $0.54 per share and the special dividend of $4.75 per share will result in a total payment of $5.29 per share payable to applicable shareholders on December 31, 2014. Holders of common units of limited partnership interest in Taubman Realty Group Limited Partnership, the company's operating partnership, will receive the same total distribution.

The Board of Directors also declared quarterly dividends of $0.40625 on its 6.5% Series J Cumulative Preferred Shares TCO and $0.390625 on its 6.25% Series K Cumulative Preferred Shares TCO.  The preferred dividends will be payable on December 31, 2014, to shareholders of record on December 15, 2014.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 21 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. Taubman is currently developing five properties in the U.S. and Asia totaling 4.7 million square feet. Taubman, with more than 60 years of experience in the shopping center industry, is headquartered in Bloomfield Hills, Mich., and Taubman Asia 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. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume 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.  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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SOURCE Taubman Centers, Inc.