Taubman Centers (TCO) Raises Share Buyback Program by $250M

Taubman Centers (NYSE: TCO) announced its Board of Directors has increased its share repurchase program by $250 million. This increase to the $200 million share repurchase program authorized in August of 2013 brings Taubman Centers' total authorization to $450 million. The company plans to repurchase shares from time to time on the open market, or in privately negotiated transactions or otherwise, depending on market prices and other conditions.

Since this share repurchase program's inception, the company has purchased 1,880,301 shares of its common stock at an average price of $70.48 per share or $132.5 million. This includes 1,093,230 common shares purchased at an average price of $73.39 per share since the beginning of 2015. If the remaining $317.5 million authorization is used at current market prices, the repurchase will represent just under seven percent of the company's common shares outstanding.

"Our strong balance sheet gives us the capacity to increase the program's size, while continuing to pursue our internal and external growth initiatives," said Robert S. Taubman, chairman, president and chief executive officer. "We believe that Taubman Centers' shares are significantly undervalued given our portfolio of high quality malls and our development properties. At current prices, share repurchases are accretive to both our earnings and net asset value."

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