Taubman Centers Announces $200 Million Share Repurchase Program
BLOOMFIELD HILLS, Mich., Aug. 26, 2013
BLOOMFIELD HILLS, Mich., Aug. 26, 2013 /PRNewswire/ --Taubman Centers, Inc.
(NYSE: TCO) today announced its Board of Directors has authorized a share
repurchase program under which the company may repurchase up to $200 million
of its outstanding common stock. The company plans to repurchase shares from
time to time on the open market or in privately negotiated transactions or
otherwise, depending on market prices and other conditions. If the entire
$200 million is used at current market prices, the repurchase would represent
just under five percent of the company's common shares outstanding.
(Logo: http://photos.prnewswire.com/prnh/20080428/CLM116LOGO )
"We believe that Taubman Centers shares are trading at a significant discount
relative to the value of our assets, let alone the value we will create with
our strong development pipeline," said Robert S. Taubman, chairman, president
and chief executive officer. "At current trading levels, we can repurchase
shares on a basis that is accretive to our earnings and net asset value. It
is an excellent investment opportunity -- one that we can executewhile
maintaining our strong balance sheet and pursuing our internal and external
Purchases of common stock will be financed with general corporate funds.
Depending upon the amount of purchases and other factors, the company may also
borrow funds under its line of credit. There is no guarantee as to the number
of shares to be purchased. The share repurchase plan may be modified,
suspended, or terminated without prior notice.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in
the ownership, management and/or leasing of 28 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 The Mall at University Town Center in
Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; International
Market Place in Waikiki, Honolulu, Hawaii and shopping malls in Xi'an and
Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in
Bloomfield Hills, Mich.and Taubman Asia, the platform for Taubman Centers'
expansion into China and South Korea, is headquartered in Hong Kong. Founded
in 1950, Taubman has more than 60 years of experience in the shopping center
industry. For more information about Taubman, visit 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.
SOURCE Taubman Centers, Inc.
Contact: Barbara Baker, Taubman, Vice President, Corporate Affairs & Investor
Relations, 248-258-7367, firstname.lastname@example.org
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