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Taubman Centers, Inc. (NYSE: TCO) has announced the redemption of its 6.5% Series J and 6.25% Series K Cumulative Redeemable Preferred Stock, effective January 28, 2021. There are 7.7 million shares of Series J with a liquidation preference of $192.5 million and 6.8 million shares of Series K with a preference of $170 million. Holders will receive $25 per share plus accrued dividends. A dividend will still be paid on December 31, 2020, to shareholders of record as of December 15, 2020. The company has deposited the necessary funds in trust for the redemption and dividend payments.
Taubman Centers (NYSE: TCO) announced that over 99.9% of shareholders approved the amended merger agreement with Simon Property Group (NYSE: SPG) at a special meeting. This approval covers approximately 80.1% of shares entitled to vote. The vote also included 71.7% of shares held by non-family shareholders. The transaction is expected to close in late 2020 or early 2021, pending customary closing conditions. Taubman operates 26 malls globally, highlighting its significant role in the retail real estate sector.
The Board of Directors of Taubman Centers declared dividends of $0.40625 for its 6.5% Series J Cumulative Preferred Shares and $0.390625 for its 6.25% Series K Cumulative Preferred Shares, payable on December 31, 2020, to shareholders of record by December 15, 2020. No dividend was declared for the common stock for the fourth quarter. This payment will occur regardless of the status of the merger with Simon Property Group.
Taubman Centers, Inc. (TCO) reported Q3 2020 financial results, showing a net loss of $30 million or $0.49 per share, primarily due to pandemic impacts and a significant litigation settlement from 2019. Funds from Operations (FFO) were $0.39 per diluted share, while Adjusted FFO was $0.60. Tenant sales per square foot showed improvement, and nearly 94% of U.S. tenants have reopened. The company significantly reduced capital expenditures by $135 million, enhancing liquidity to $455 million. The recent opening of Starfield Anseong in South Korea saw strong early sales, generating nearly $32 million in ten days.
Taubman Centers (NYSE: TCO) has launched the #CommunityFirst campaign to express gratitude to customers and support local communities during the holiday season. Key initiatives include closing malls on Thanksgiving (excluding International Market Place), donating $150,000 to Feeding America for 1.5 million meals, and providing up to $1,000 donations to employee-nominated charities. The campaign also features gift card giveaways, expanded holiday shopping hours, and a job-matching service to connect job seekers with retail opportunities.
Taubman Centers, Inc. (NYSE: TCO) will announce its third quarter 2020 earnings on November 9, 2020, after market close. This quarter, the company will not host a conference call. Taubman is a leading Real Estate Investment Trust managing 26 high-traffic malls in the U.S. and Asia, renowned for their productivity. The press release emphasizes the uncertainty faced due to the COVID-19 pandemic, which continues to significantly impact the retail industry and overall economic conditions.
