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BLOOMFIELD HILLS, MI-Taubman Centers Inc. has declared a regular quarterly dividend of 27 cents per share of common stock, an increase of 3.8%. Taubman also said it will pay a quarterly dividend of 51.875 cents per share on its Series A Cumulative Preferred shares. The common dividend is payable Jan. 21, 2004, to shareholders of record on Dec. 31, 2003. The preferred dividend will be payable on Dec. 31 to shareholders of record on Dec. 19. The increase for the common shares is the eighth consecutive annual dividend increase for Taubman.

Taubman, which will end its fiscal year on Dec. 31, trades on the New York Stock Exchange, where its stock, TCO, is trading this week in the $20-21 range. With some fluctuations as the company was the target of a failed takeover bid that started in late 2002, Taubman’s stock has generally been on an upswing this year. Taubman’s stock opened the year at about $16 a share.

In 2002, Taubman said sales in its centers averaged $456 per sf. This compares to a national average of about $225/sf for all regional malls. The company said 2003 figures are not yet available.

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