Taubman Centers Declares a One-time Dividend Of 6%

Taubman Centers declared on Tuesday a special cash dividend of $4.75 a share, payable on Dec. 31 to shareholders of record as of Dec. 15. That dividend is 6% of Monday's closing price of $78.67 for the stock. The real estate investment trust said the special dividend resulted from the sale of seven malls to private investment firm Starwood Capital Group in October 2014. Taubman also declared a regular quarterly dividend of 54 cents a share. The stock was still inactive in premarket trade. Through Monday, it has climbed 23% so far this year, compared with an 11% gain in the S&P 500.