Press Release: Taubman Centers Announces Taxable Allocations of 2019 Common and Preferred Share Dividend Distributions

Taubman Centers Announces Taxable Allocations of 2019 Common and Preferred Share Dividend Distributions

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--January 21, 2020--

Taubman Centers, Inc. (NYSE: TCO) announced today the tax allocations of the 2019 dividend distributions on its common shares and 6.5% Series J and 6.25% Series K Cumulative Redeemable Preferred Shares.

The 2019 distributions paid with respect to Taubman Centers, Inc. Common Stock (NYSE: TCO/Cusip no. 876664103) are as follows:

Return Long Term Unrecaptured
Ordinary of Capital Sec. 1250
Declaration Record Payable Gross Dividend Capital Gain Capital Gain
Date Date Date Distribution Percent Percent Percent Percent
03/04/19 03/15/19 03/29/19 0.67500 47.91666% 0% 52.08334% 0%
05/30/19 06/14/19 06/28/19 0.67500 47.91666% 0% 52.08334% 0%
09/05/19 09/16/19 09/30/19 0.67500 47.91666% 0% 52.08334% 0%
12/05/19 12/16/19 12/31/19 0.67500 47.91666% 0% 52.08334% 0%
2019 TOTALS PER SHARE 2.70000 47.91666% 0% 52.08334% 0%

-- Amounts reported to Direct Share Purchase and Dividend Reinvestment Plan
participants will differ due to administrative costs. Participants should
refer to their Form 1099, which will be mailed on or before February 15,
2020 and contact Computershare at (888) 877-2889 for further information.
-- The portion of the per share dividends paid in 2019 detailed above as
capital gains (long term and unrecaptured Section 1250) are designated as
capital gain dividends for tax purposes as required by Internal Revenue
Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25%
rate gain distributions and the long term capital gains are maximum 20%
rate gain distributions but may be eligible for a lower capital gains
rate. Please consult your tax advisor.
-- For 2019, 17.73766% of the ordinary dividend distribution to common
shareholders will be allocable as qualified dividends.
-- For 2019, 82.26234% of the ordinary dividend distribution to common
shareholders will be allocable as qualified REIT dividends eligible for a
20% deduction under Internal Revenue Code Section 199A(a). Please consult
your tax advisor to determine if you qualify for this deduction.
-- Taxability of the 2019 common dividend is not indicative of the
taxability of future dividends.

The 2019 distributions paid with respect to Taubman Centers, Inc. Series J Preferred Stock (NYSE: TCO PrJ/Cusip no. 876664608) are as follows:

Return Long Term Unrecaptured
Ordinary of Capital Sec. 1250
Declaration Record Payable Gross Dividend Capital Gain Capital Gain
Date Date Date Distribution Percent Percent Percent Percent
03/04/19 03/15/19 03/29/19 0.40625 47.91666% 0% 52.08334% 0%
05/30/19 06/14/19 06/28/19 0.40625 47.91666% 0% 52.08334% 0%
09/05/19 09/16/19 09/30/19 0.40625 47.91666% 0% 52.08334% 0%
12/05/19 12/16/19 12/31/19 0.40625 47.91666% 0% 52.08334% 0%
2019 TOTALS PER SHARE 1.62500 47.91666% 0% 52.08334% 0%

-- The portion of the per share dividends paid in 2019 detailed above as
capital gains (long term and unrecaptured Section 1250) are designated as
capital gain dividends for tax purposes as required by Internal Revenue
Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25%
rate gain distributions and the long term capital gains are maximum 20%
rate gain distributions but may be eligible for a lower capital gains
rate. Please consult your tax advisor.
-- For 2019, 17.73766% of the ordinary dividend distribution to preferred
shareholders will be allocable as qualified dividends.
-- For 2019, 82.26234% of the ordinary dividend distribution to preferred
shareholders will be allocable as qualified REIT dividends eligible for a
20% deduction under Internal Revenue Code Section 199A(a). Please consult
your tax advisor to determine if you qualify for this deduction.
-- Taxability of the 2019 dividend to Series J Preferred Stock holders is
not indicative of the taxability of future dividends.

The 2019 distributions paid with respect to Taubman Centers, Inc. Series K Preferred Stock (NYSE: TCO PrK/Cusip no. 876664707) are as follows:

Return Long Term Unrecaptured
Ordinary of Capital Sec. 1250
Declaration Record Payable Gross Dividend Capital Gain Capital Gain
Date Date Date Distribution Percent Percent Percent Percent
03/04/19 03/15/19 03/29/19 0.390625 47.91666% 0% 52.08334% 0%
05/30/19 06/14/19 06/28/19 0.390625 47.91666% 0% 52.08334% 0%
09/05/19 09/16/19 09/30/19 0.390625 47.91666% 0% 52.08334% 0%
12/05/19 12/16/19 12/31/19 0.390625 47.91666% 0% 52.08334% 0%
2019 TOTALS PER SHARE 1.562500 47.91666% 0% 52.08334% 0%

-- The portion of the per share dividends paid in 2019 detailed above as
capital gains (long term and unrecaptured Section 1250) are designated as
capital gain dividends for tax purposes as required by Internal Revenue
Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25%
rate gain distributions and the long term capital gains are maximum 20%
rate gain distributions but may be eligible for a lower capital gains
rate. Please consult your tax advisor.
-- For 2019, 17.73766% of the ordinary dividend distribution to preferred
shareholders will be allocable as qualified dividends.
-- For 2019, 82.26234% of the ordinary dividend distribution to preferred
shareholders will be allocable as qualified REIT dividends eligible for a
20% deduction under Internal Revenue Code Section 199A(a). Please consult
your tax advisor to determine if you qualify for this deduction.
-- Taxability of the 2019 dividend to Series K Preferred Stock holders is
not indicative of the taxability of future dividends.

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 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 delay or 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

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January 21, 2020 16:00 ET (21:00 GMT)