Taubman Centers, Inc. Issues Fourth Quarter and Full Year 2016 Results and Introduces 2017 Guidance
- Mall Tenant Sales Per Square Foot Up 5 Percent for the Quarter and 0.9 Percent for the Year, Industry-leading at $792 per Square Foot - Portfolio Releasing Spreads Nearly 19 Percent for the Year - $1.1 Billion Revolving Line of Credit Facility Extended, New $300 Million Term Loan Added Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the quarter and full year periods ended December 31, 2016. December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Three Months Ended Three Months Ended Year Ended Year Ended Net income attributable to common $29,361 $25,839 $107,615 $109,418 shareowners, diluted (in thousands) Growth rate 13.6% (1.6)% Net income attributable to common shareowners (EPS) per diluted common...
Taubman Centers Announces the Amendment and Restatement of $1.1 Billion Line of Credit Including Additional $300 Million Unsecured Term Loan
Taubman Centers, Inc. (NYSE: TCO) today announced the amendment and restatement of its primary revolving line of credit, which included a new, unsecured $300 million term loan and an extension of the $1.1 billion revolving credit facility. “This financing provides us additional financial flexibility, at favorable terms, to reinvest in our assets and fund our operations for years to come,” said Simon J. Leopold, executive vice president and chief financial officer of Taubman Centers. The new, 5-year, $300 million term loan is interest only. The $1.1 billion revolving line of credit has been extended to February 2021 , with two six-month extension options. The term loan and the revolving line of credit facility bear interest at a range based on the company’s total leverage ratio. As of today, the leverage ratio results in a rate of LIBOR plus 1.60 percent for the new term loan and a rate of LIBOR plus 1.45 percent with an annual 0.225 percent facility fee for the revolver. Proceeds from...
Taubman Centers Announces Taxable Allocations of 2016 Common and Preferred Share Dividend Distributions
Taubman Centers, Inc. (NYSE: TCO) announced today the tax allocations of the 2016 dividend distributions on its common shares and 6.5% Series J and 6.25% Series K Cumulative Redeemable Preferred Shares. The 2016 distributions paid with respect to Taubman Centers, Inc. Common Stock (NYSE: TCO/Cusip no. 876664103) are as follows: Unrecaptured Ordinary Return of Long Term Sec. 1250 Declaration Record Payable Gross Dividend Capital Capital Gain Capital Gain Date Date Date Distribution Percent Percent Percent Percent 03/03/16 03/15/16 03/31/16 0.59500 77.42290% 0% 16.51100% 6.06610% 06/01/16 06/15/16 06/30/16 0.59500 77.42290% 0%...