X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BLOOMFIELD HILLS, MI-Shopping mall owner Taubman Centers Inc. has closed a $100-million preferred stock offering. The company also says its outlook for 2004 earnings, before charges, is unchanged.

Taubman says the public offering of 8% redeemable preferred stock has no stated maturity, sinking fund or mandatory redemption and is notconvertible into any other company securities. Proceeds were used to redeem outstanding 9% preferred equity.

“We are pleased to refinance $100 million of our preferred equity at attractive rates and thereby reduce the company’s long-term financing costs,” says Lisa A. Payne, executive vice president, chief financial and administrative officer of Taubman Centers.

The company says it still expects 2004 adjusted funds from operations of $1.93 to $1.94 a share, which excludes one-time organizational costs and a one-time charge related to the redemption of preferred equity. Including those costs, 2004 FFO per share was forecast at $1.82 to $1.83.

Taubman says it expects the redemption to add about $1 million, or $0.01 per share, to FFO in 2005.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.