Intrinsic value of Taubman Centers - TCO

Previous Close

$60.01

  Intrinsic Value

$32.10

stock screener

  Rating & Target

sell

-47%

Previous close

$60.01

 
Intrinsic value

$32.10

 
Up/down potential

-47%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as TCO.

We calculate the intrinsic value of TCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  646
  665
  686
  709
  733
  760
  789
  819
  852
  887
  925
  964
  1,006
  1,051
  1,098
  1,147
  1,200
  1,255
  1,313
  1,375
  1,440
  1,508
  1,580
  1,656
  1,736
  1,820
  1,908
  2,001
  2,099
  2,201
Variable operating expenses, $m
  451
  463
  477
  491
  507
  525
  544
  564
  585
  608
  601
  627
  654
  683
  714
  746
  780
  816
  854
  894
  936
  981
  1,028
  1,077
  1,129
  1,183
  1,241
  1,301
  1,365
  1,431
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  451
  463
  477
  491
  507
  525
  544
  564
  585
  608
  601
  627
  654
  683
  714
  746
  780
  816
  854
  894
  936
  981
  1,028
  1,077
  1,129
  1,183
  1,241
  1,301
  1,365
  1,431
Operating income, $m
  195
  202
  209
  217
  226
  235
  245
  256
  267
  280
  323
  337
  352
  367
  384
  401
  420
  439
  459
  481
  504
  528
  553
  579
  607
  637
  667
  700
  734
  770
EBITDA, $m
  681
  701
  723
  747
  773
  802
  832
  864
  899
  936
  975
  1,017
  1,061
  1,108
  1,157
  1,210
  1,265
  1,324
  1,385
  1,450
  1,519
  1,591
  1,667
  1,747
  1,831
  1,919
  2,012
  2,110
  2,213
  2,322
Interest expense (income), $m
  78
  110
  110
  110
  110
  110
  110
  110
  110
  110
  110
  110
  110
  110
  110
  111
  111
  111
  111
  111
  111
  111
  111
  111
  112
  112
  112
  112
  112
  112
  113
Earnings before tax, $m
  86
  92
  99
  107
  116
  125
  135
  146
  157
  170
  213
  227
  242
  257
  273
  291
  309
  328
  349
  370
  393
  416
  441
  468
  495
  525
  555
  588
  622
  657
Tax expense, $m
  23
  25
  27
  29
  31
  34
  37
  39
  42
  46
  58
  61
  65
  69
  74
  78
  83
  89
  94
  100
  106
  112
  119
  126
  134
  142
  150
  159
  168
  177
Net income, $m
  63
  67
  73
  78
  85
  91
  99
  107
  115
  124
  156
  166
  176
  188
  200
  212
  226
  240
  254
  270
  287
  304
  322
  341
  362
  383
  405
  429
  454
  480

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -664
  -683
  -705
  -728
  -754
  -781
  -811
  -842
  -876
  -912
  -950
  -991
  -1,034
  -1,080
  -1,128
  -1,179
  -1,233
  -1,290
  -1,350
  -1,413
  -1,480
  -1,550
  -1,624
  -1,702
  -1,784
  -1,870
  -1,961
  -2,057
  -2,157
  -2,262
Adjusted assets (=assets-cash), $m
  -664
  -683
  -705
  -728
  -754
  -781
  -811
  -842
  -876
  -912
  -950
  -991
  -1,034
  -1,080
  -1,128
  -1,179
  -1,233
  -1,290
  -1,350
  -1,413
  -1,480
  -1,550
  -1,624
  -1,702
  -1,784
  -1,870
  -1,961
  -2,057
  -2,157
  -2,262
Revenue / Adjusted assets
  -0.973
  -0.974
  -0.973
  -0.974
  -0.972
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.974
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
  -0.973
Average production assets, $m
  4,553
  4,686
  4,833
  4,994
  5,168
  5,356
  5,559
  5,776
  6,007
  6,254
  6,517
  6,795
  7,091
  7,404
  7,735
  8,086
  8,455
  8,846
  9,257
  9,692
  10,149
  10,631
  11,138
  11,673
  12,235
  12,826
  13,449
  14,103
  14,791
  15,515
Working capital, $m
  -4,481
  -4,612
  -4,757
  -4,915
  -5,087
  -5,272
  -5,471
  -5,685
  -5,913
  -6,156
  -6,414
  -6,688
  -6,979
  -7,288
  -7,614
  -7,958
  -8,322
  -8,706
  -9,112
  -9,539
  -9,989
  -10,463
  -10,963
  -11,489
  -12,042
  -12,624
  -13,237
  -13,881
  -14,558
  -15,270
Total debt, $m
  613
  613
  613
  614
  614
  614
  615
  615
  615
  616
  616
  617
  617
  618
  618
  619
  619
  620
  620
  621
  622
  623
  623
  624
  625
  626
  627
  628
  629
  631
Total liabilities, $m
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Total equity, $m
  -671
  -691
  -713
  -736
  -762
  -790
  -820
  -851
  -886
  -922
  -961
  -1,002
  -1,045
  -1,092
  -1,140
  -1,192
  -1,247
  -1,304
  -1,365
  -1,429
  -1,496
  -1,567
  -1,642
  -1,721
  -1,804
  -1,891
  -1,983
  -2,079
  -2,181
  -2,287
Total liabilities and equity, $m
  -664
  -683
  -705
  -728
  -754
  -781
  -811
  -842
  -876
  -912
  -951
  -991
  -1,034
  -1,080
  -1,128
  -1,179
  -1,233
  -1,290
  -1,350
  -1,413
  -1,480
  -1,550
  -1,624
  -1,702
  -1,784
  -1,870
  -1,961
  -2,056
  -2,157
  -2,262
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  67
  73
  78
  85
  91
  99
  107
  115
  124
  156
  166
  176
  188
  200
  212
  226
  240
  254
  270
  287
  304
  322
  341
  362
  383
  405
  429
  454
  480
Depreciation, amort., depletion, $m
  486
  499
  514
  530
  548
  566
  587
  608
  631
  656
  652
  680
  709
  740
  774
  809
  846
  885
  926
  969
  1,015
  1,063
  1,114
  1,167
  1,223
  1,283
  1,345
  1,410
  1,479
  1,551
Funds from operations, $m
  548
  567
  587
  608
  632
  658
  685
  715
  746
  780
  807
  845
  885
  928
  973
  1,021
  1,071
  1,124
  1,180
  1,239
  1,301
  1,367
  1,436
  1,509
  1,585
  1,666
  1,750
  1,839
  1,933
  2,031
Change in working capital, $m
  -118
  -131
  -145
  -158
  -172
  -185
  -199
  -213
  -228
  -243
  -258
  -274
  -291
  -308
  -326
  -345
  -364
  -384
  -405
  -427
  -450
  -474
  -499
  -526
  -553
  -582
  -612
  -644
  -677
  -712
Cash from operations, $m
  666
  698
  731
  767
  804
  843
  884
  928
  974
  1,023
  1,066
  1,120
  1,176
  1,236
  1,299
  1,365
  1,435
  1,508
  1,585
  1,666
  1,752
  1,841
  1,936
  2,034
  2,139
  2,248
  2,363
  2,483
  2,610
  2,743
Maintenance CAPEX, $m
  -443
  -455
  -469
  -483
  -499
  -517
  -536
  -556
  -578
  -601
  -625
  -652
  -680
  -709
  -740
  -774
  -809
  -846
  -885
  -926
  -969
  -1,015
  -1,063
  -1,114
  -1,167
  -1,223
  -1,283
  -1,345
  -1,410
  -1,479
New CAPEX, $m
  -118
  -133
  -147
  -161
  -174
  -188
  -202
  -217
  -232
  -247
  -263
  -279
  -296
  -313
  -331
  -350
  -370
  -390
  -412
  -434
  -457
  -482
  -507
  -534
  -562
  -592
  -622
  -654
  -688
  -724
Cash from investing activities, $m
  -561
  -588
  -616
  -644
  -673
  -705
  -738
  -773
  -810
  -848
  -888
  -931
  -976
  -1,022
  -1,071
  -1,124
  -1,179
  -1,236
  -1,297
  -1,360
  -1,426
  -1,497
  -1,570
  -1,648
  -1,729
  -1,815
  -1,905
  -1,999
  -2,098
  -2,203
Free cash flow, $m
  105
  109
  116
  123
  130
  138
  146
  156
  165
  175
  178
  189
  201
  214
  227
  242
  257
  272
  289
  307
  325
  345
  365
  386
  409
  433
  458
  484
  512
  541
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Issuance/(repurchase) of shares, $m
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
Cash from financing (excl. dividends), $m  
  -17
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
Total cash flow (excl. dividends), $m
  87
  90
  94
  99
  105
  111
  117
  124
  131
  139
  139
  149
  158
  168
  179
  191
  203
  216
  229
  243
  258
  274
  291
  309
  327
  347
  367
  389
  411
  435
Retained Cash Flow (-), $m
  17
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  107
Prev. year cash balance distribution, $m
  654
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  759
  109
  116
  123
  130
  138
  147
  156
  165
  176
  178
  190
  202
  215
  228
  242
  257
  273
  290
  307
  326
  345
  366
  387
  410
  434
  459
  485
  513
  542
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  716
  97
  96
  94
  92
  89
  85
  81
  77
  72
  64
  59
  53
  48
  42
  37
  32
  27
  22
  18
  15
  12
  9
  7
  5
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Taubman Centers, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company's segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (the Operating Partnership or TRG) is majority-owned partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Company owns, leases, acquires, disposes of, develops, expands and manages regional and super-regional shopping centers and interests therein. Its owned portfolio of operating centers as of December 31, 2016 consisted of 23 urban and suburban shopping centers operating in 11 the United States states, Puerto Rico, South Korea, and China. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia).

FINANCIAL RATIOS  of  Taubman Centers (TCO)

Valuation Ratios
P/E Ratio 27.3
Price to Sales 5.9
Price to Book 50.4
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow -18.1
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.5%
Cap. Spend. - 3 Yr. Gr. Rate 12.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4522.2%
Total Debt to Equity 4522.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 13.5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.5%
Return On Equity 143.8%
Return On Equity - 3 Yr. Avg. 369.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.8%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 55%
EBITDA Margin - 3 Yr. Avg. 52.2%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 20.3%
Net Profit Margin 21.7%
Net Profit Margin - 3 Yr. Avg. 59.1%
Effective Tax Rate 2.5%
Eff/ Tax Rate - 3 Yr. Avg. 1.9%
Payout Ratio 127.1%

TCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TCO stock intrinsic value calculation we used $629 million for the last fiscal year's total revenue generated by Taubman Centers. The default revenue input number comes from 2017 income statement of Taubman Centers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TCO stock valuation model: a) initial revenue growth rate of 2.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for TCO is calculated based on our internal credit rating of Taubman Centers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Taubman Centers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TCO stock the variable cost ratio is equal to 69.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 17.9% for Taubman Centers.

Corporate tax rate of 27% is the nominal tax rate for Taubman Centers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TCO are equal to 704.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Taubman Centers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TCO is equal to -693.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Taubman Centers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 61 million for Taubman Centers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Taubman Centers at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Plaza management talks vacant storefronts, Nordstrom   [Jul-03-18 09:28AM  American City Business Journals]
▶ Taubman Centers to Present at NAREITs REITWeek 2018   [Jun-01-18 01:17PM  Business Wire]
▶ Taubman Centers Declares Common and Preferred Dividends   [May-31-18 03:30PM  Business Wire]
▶ [$$] Second Time Is the Charm for Activist Taubman Investor   [02:02PM  The Wall Street Journal]
▶ [$$] Elliott Management Exits Stake in Taubman Centers   [May-15-18 09:13PM  The Wall Street Journal]
▶ After Staenberg sale, what happens to Chesterfield's other outlet mall?   [Apr-28-18 07:00AM  American City Business Journals]
▶ Taubman Centers, Inc. Issues Strong First Quarter Results   [Apr-26-18 04:15PM  Business Wire]
▶ Staenberg buys outlet mall in latest move to revamp Chesterfield retail   [04:15PM  American City Business Journals]
▶ Should Mall REIT Owners Fear the GGP-Brookfield Deal?   [Apr-11-18 09:20PM  Motley Fool]
▶ Best Real Estate Dividend Stocks In NYSE   [Mar-12-18 11:02AM  Simply Wall St.]
▶ [$$] REITs Are Sending a Powerful Buy Signal   [Feb-17-18 12:01AM  Barrons.com]
▶ [$$] Yerak's Take: Some Mall Owners See Less-Dire Retail Conditions Ahead   [Feb-16-18 03:28PM  The Wall Street Journal]
▶ Earnings Preview For Taubman Centers   [11:27AM  Benzinga]
▶ Best-In-Class Real Estate Dividend Stocks   [Feb-05-18 10:02AM  Simply Wall St.]
▶ Taubman Centers Declares Common and Preferred Dividends   [Dec-04-17 03:15PM  Business Wire]
▶ [$$] Hudson Bay Says Repairs at San Juan Saks Are Under Way   [Nov-21-17 06:00PM  The Wall Street Journal]
▶ NYSE Top Real Estate Dividend Stocks W. P. Carey And More   [Nov-20-17 10:02AM  Simply Wall St.]
▶ Elliott Can Pave Way for Taubman Takeover; Here's How   [Nov-15-17 09:23AM  Bloomberg]
▶ [$$] Are Malls Too Cheap to Ignore?   [12:23AM  The Wall Street Journal]
▶ Second Activist Investor Buys Stake in Mall Owner Taubman   [12:55PM  The Wall Street Journal]
▶ [$$] Are Malls Too Cheap to Ignore?   [11:57AM  The Wall Street Journal]
▶ Taubman Centers (TCO) Jumps: Stock Rises 6.5%   [Nov-10-17 08:46AM  Zacks]
▶ [$$] Mall Landlord Taubman Sues Saks Fifth Avenue Over Puerto Rico Store   [Nov-03-17 04:33PM  The Wall Street Journal]
▶ Taubman reports 3Q results   [Nov-01-17 05:06PM  Associated Press]
▶ Mall REITs: What's Up New Jersey?   [Sep-18-17 09:35AM  Barrons.com]
▶ Stocks That Fell to 3-Year Lows   [Sep-01-17 08:17PM  GuruFocus.com]
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