Intrinsic value of Taubman Centers - TCO

Previous Close

$60.74

  Intrinsic Value

$0.30

stock screener

  Rating & Target

str. sell

-100%

Previous close

$60.74

 
Intrinsic value

$0.30

 
Up/down potential

-100%

 
Rating

str. sell

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Taubman Centers (TCO) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.05
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  613
  634
  656
  681
  707
  735
  765
  796
  830
  866
  904
  944
  986
  1,031
  1,078
  1,128
  1,181
  1,237
  1,295
  1,357
  1,422
  1,490
  1,562
  1,638
  1,717
  1,801
  1,889
  1,981
  2,079
  2,181
  2,288
Variable operating expenses, $m
 
  483
  500
  519
  539
  560
  583
  607
  632
  660
  689
  719
  752
  786
  822
  860
  900
  942
  987
  1,034
  1,083
  1,136
  1,190
  1,248
  1,309
  1,372
  1,439
  1,510
  1,584
  1,662
  1,744
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
  515
  483
  500
  519
  539
  560
  583
  607
  632
  660
  689
  719
  752
  786
  822
  860
  900
  942
  987
  1,034
  1,083
  1,136
  1,190
  1,248
  1,309
  1,372
  1,439
  1,510
  1,584
  1,662
  1,744
Operating income, $m
  98
  151
  156
  162
  168
  175
  182
  190
  198
  206
  215
  225
  235
  245
  257
  269
  281
  294
  308
  323
  338
  355
  372
  390
  409
  429
  450
  472
  495
  519
  545
EBITDA, $m
  236
  294
  304
  315
  328
  340
  354
  369
  385
  401
  419
  437
  457
  478
  500
  523
  547
  573
  600
  629
  659
  691
  724
  759
  796
  835
  875
  918
  963
  1,011
  1,060
Interest expense (income), $m
  78
  114
  106
  110
  115
  121
  126
  132
  139
  146
  153
  161
  169
  178
  187
  197
  207
  218
  229
  241
  254
  267
  281
  296
  311
  327
  344
  362
  381
  401
  422
Earnings before tax, $m
  121
  37
  50
  52
  53
  54
  56
  57
  59
  60
  62
  64
  66
  68
  70
  72
  74
  77
  79
  82
  85
  88
  91
  94
  98
  101
  105
  109
  113
  118
  122
Tax expense, $m
  3
  10
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
  23
  24
  25
  25
  26
  27
  28
  29
  31
  32
  33
Net income, $m
  133
  27
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  89

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  4,011
  4,116
  4,262
  4,420
  4,590
  4,771
  4,964
  5,171
  5,389
  5,622
  5,868
  6,129
  6,404
  6,696
  7,003
  7,328
  7,670
  8,031
  8,411
  8,811
  9,233
  9,676
  10,143
  10,634
  11,151
  11,694
  12,266
  12,866
  13,498
  14,161
  14,859
Adjusted assets (=assets-cash), $m
  3,970
  4,116
  4,262
  4,420
  4,590
  4,771
  4,964
  5,171
  5,389
  5,622
  5,868
  6,129
  6,404
  6,696
  7,003
  7,328
  7,670
  8,031
  8,411
  8,811
  9,233
  9,676
  10,143
  10,634
  11,151
  11,694
  12,266
  12,866
  13,498
  14,161
  14,859
Revenue / Adjusted assets
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
Average production assets, $m
  2,874
  2,971
  3,077
  3,191
  3,314
  3,444
  3,584
  3,733
  3,891
  4,059
  4,236
  4,425
  4,624
  4,834
  5,056
  5,290
  5,537
  5,798
  6,072
  6,361
  6,666
  6,986
  7,323
  7,678
  8,051
  8,443
  8,855
  9,289
  9,745
  10,224
  10,727
Working capital, $m
  0
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
Total debt, $m
  3,256
  3,021
  3,153
  3,295
  3,448
  3,611
  3,785
  3,970
  4,168
  4,377
  4,598
  4,833
  5,081
  5,343
  5,620
  5,912
  6,220
  6,545
  6,887
  7,247
  7,626
  8,026
  8,446
  8,888
  9,353
  9,842
  10,356
  10,897
  11,465
  12,062
  12,690
Total liabilities, $m
  3,939
  3,704
  3,836
  3,978
  4,131
  4,294
  4,468
  4,653
  4,851
  5,060
  5,281
  5,516
  5,764
  6,026
  6,303
  6,595
  6,903
  7,228
  7,570
  7,930
  8,309
  8,709
  9,129
  9,571
  10,036
  10,525
  11,039
  11,580
  12,148
  12,745
  13,373
Total equity, $m
  72
  412
  426
  442
  459
  477
  496
  517
  539
  562
  587
  613
  640
  670
  700
  733
  767
  803
  841
  881
  923
  968
  1,014
  1,063
  1,115
  1,169
  1,227
  1,287
  1,350
  1,416
  1,486
Total liabilities and equity, $m
  4,011
  4,116
  4,262
  4,420
  4,590
  4,771
  4,964
  5,170
  5,390
  5,622
  5,868
  6,129
  6,404
  6,696
  7,003
  7,328
  7,670
  8,031
  8,411
  8,811
  9,232
  9,677
  10,143
  10,634
  11,151
  11,694
  12,266
  12,867
  13,498
  14,161
  14,859
Debt-to-equity ratio
  45.222
  7.340
  7.400
  7.450
  7.510
  7.570
  7.620
  7.680
  7.730
  7.790
  7.840
  7.890
  7.930
  7.980
  8.020
  8.070
  8.110
  8.150
  8.190
  8.220
  8.260
  8.290
  8.330
  8.360
  8.390
  8.420
  8.440
  8.470
  8.490
  8.520
  8.540
Adjusted equity ratio
  0.008
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  133
  27
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  80
  83
  86
  89
Depreciation, amort., depletion, $m
  138
  143
  148
  153
  159
  166
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  279
  292
  306
  320
  336
  352
  369
  387
  406
  426
  447
  468
  492
  516
Funds from operations, $m
  274
  170
  185
  191
  198
  205
  213
  221
  230
  239
  249
  259
  270
  282
  294
  307
  320
  335
  350
  366
  382
  400
  418
  438
  458
  480
  502
  526
  551
  577
  605
Change in working capital, $m
  -31
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Cash from operations, $m
  305
  171
  186
  193
  200
  207
  215
  223
  232
  241
  251
  262
  273
  285
  297
  310
  324
  338
  354
  370
  387
  404
  423
  443
  464
  485
  508
  532
  558
  584
  612
Maintenance CAPEX, $m
  0
  -138
  -143
  -148
  -153
  -159
  -166
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -279
  -292
  -306
  -320
  -336
  -352
  -369
  -387
  -406
  -426
  -447
  -468
  -492
New CAPEX, $m
  -505
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -158
  -168
  -178
  -188
  -199
  -210
  -222
  -234
  -247
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -373
  -392
  -412
  -434
  -456
  -479
  -503
Cash from investing activities, $m
  -723
  -236
  -249
  -262
  -275
  -290
  -306
  -321
  -337
  -355
  -373
  -392
  -412
  -432
  -454
  -477
  -501
  -526
  -553
  -581
  -610
  -640
  -673
  -707
  -742
  -779
  -818
  -860
  -903
  -947
  -995
Free cash flow, $m
  -418
  -65
  -62
  -69
  -76
  -83
  -90
  -98
  -105
  -113
  -122
  -130
  -139
  -148
  -157
  -167
  -178
  -188
  -199
  -211
  -223
  -236
  -250
  -264
  -278
  -294
  -310
  -327
  -345
  -363
  -383
Issuance/(repayment) of debt, $m
  626
  -235
  132
  142
  153
  163
  174
  185
  197
  209
  222
  235
  248
  262
  277
  292
  308
  325
  342
  360
  379
  399
  420
  442
  465
  489
  514
  541
  568
  597
  628
Issuance/(repurchase) of shares, $m
  2
  354
  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 from financing (excl. dividends), $m  
  420
  119
  132
  142
  153
  163
  174
  185
  197
  209
  222
  235
  248
  262
  277
  292
  308
  325
  342
  360
  379
  399
  420
  442
  465
  489
  514
  541
  568
  597
  628
Total cash flow (excl. dividends), $m
  3
  54
  70
  73
  76
  80
  84
  88
  92
  96
  100
  105
  109
  114
  119
  125
  131
  136
  143
  149
  156
  163
  170
  178
  187
  195
  204
  214
  224
  234
  245
Retained Cash Flow (-), $m
  41
  -381
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
Prev. year cash balance distribution, $m
 
  41
  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
 
  -286
  55
  57
  59
  62
  64
  67
  70
  73
  75
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  160
  168
  175
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  -250
  42
  37
  32
  28
  24
  20
  16
  13
  10
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7
  46.7

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 27.6
Price to Sales 6
Price to Book 51
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow -18.4
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 $613 million for the last fiscal year's total revenue generated by Taubman Centers. The default revenue input number comes from 2016 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 3.4% 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 14.1%, 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 76.2%.

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 3.5% 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 468.8%.

Life of production assets of 20.8 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 -6.7%. 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 - $72 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 60.981 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

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▶ Taubman Centers Declares Common and Preferred Dividends   [Dec-04-17 03:15PM  Business Wire]
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▶ Elliott Can Pave Way for Taubman Takeover; Here's How   [Nov-15-17 09:23AM  Bloomberg]
▶ [$$] Are Malls Too Cheap to Ignore?   [12:23AM  The Wall Street Journal]
▶ Second Activist Investor Buys Stake in Mall Owner Taubman   [12:55PM  The Wall Street Journal]
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▶ Taubman Centers (TCO) Jumps: Stock Rises 6.5%   [Nov-10-17 08:46AM  Zacks]
▶ [$$] 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]
▶ Taubman reports 2Q results   [Jul-27-17 06:00PM  Associated Press]
▶ 3 Quality Mall REITs To Buy   [Jul-24-17 07:00AM  Forbes]
▶ Clothing upstart Untuckit plans Tampa storefront in $30M growth wave   [Jul-13-17 02:20PM  American City Business Journals]
▶ [$$] Has America Built Its Last Major Mall?   [Jun-28-17 12:58AM  The Wall Street Journal]
▶ [$$] Has America Built Its Last Major Mall?   [Jun-27-17 03:41PM  The Wall Street Journal]
▶ Has America Built Its Last Major Mall?   [02:56PM  The Wall Street Journal]
▶ Taubman Centers to Present at NAREITs REITWeek 2017   [Jun-05-17 02:09PM  Business Wire]
▶ Taubman Centers Declares Common and Preferred Dividends   [Jun-01-17 04:14PM  Business Wire]
▶ Blue Lights Are Flashing In The Mall REIT Sector   [May-31-17 02:45PM  Forbes]
Financial statements of TCO
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