Taubman Centers, Inc.

Taubman Centers, Inc.

Taubman Centers, Inc.

Overview
Date Founded

1950

Headquarters

200 East Long Lake Road, Suite 300, Bloomfield Hills, MI, 48304-2324, USA

Type of Company

Public

Employees (Worldwide)

624

Industries

Real Estate
Real Estate Investment Trusts

Company Description

Taubman was founded by A. Alfred Taubman* in 1950 and is known for its focus on dominant retail malls with the highest average sales productivity in the nation. Taubman creates extraordinary retail environments for shoppers, retailers, communities, and investors. Our portfolio of United States regional and super regional malls, located in major markets from coast to coast, is the most productive in the nation, with 2011 sales per square foot averaging $641. Through our Taubman Asia subsidiary, we are extending the company’s unsurpassed retail real estate expertise to international markets. Taubman is headquartered in Bloomfield Hills, Michigan, with our Taubman Asia subsidiary based in Hong Kong. Taubman began trading on the New York Stock Exchange in 1992 (NYSE:TCO) as a Real Estate Investment Trust and has had one of the highest ten-year total returns within the Mall REIT sector

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Executives & Employees

Chairman, President & Chief Executive Officer

Assistant Secretary, Executive Vice President, General Counsel & Secretary, the Taubman Company LLC

Executive Vice President, Chief Financial Officer & Treasurer

Chief Operating Officer

Chief Technology Officer & Senior Vice President-Information Technology

Chief Accounting Officer & Vice President

Senior Vice President, Human Resources & Chief Human Resources Officer

President, Taubman Asia

Executive Vice President, Global Head of Leasing

Director, Investor Relations

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Board of Directors

Chairman, President & Chief Executive Officer at Taubman Centers, Inc.

Chief Operating Officer at Taubman Centers, Inc.

President at J.C. Penney Mexico, Inc.

Founder at Turtle Pond Publications LLC

Founder at Chazen Capital Partners LLC

Former Partner & Member-Executive Committee at AEA Holdings LLC

Director-Center for Corporate Governance at University of Delaware

Former Chief Financial Officer at Macy's, Inc.

Senior Vice President at Franklin Mutual Advisers LLC

Chief Investment Officer, Partner, Managing Director & Member of the Investment Committee at Dune Real Estate Partners LP

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Owners & Shareholders
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Long Pond Capital focuses on identifying asymmetry, a material disconnect between stock price and intrinsic value, at the company level across a broad investable universe ofreal estate and real-estate-related securities. The firm's strategy is value-oriented, fundamentally-driven and maintains a private equity approach to public equity investing. In managing the funds’ accounts, Long Pond implements a rigorous bottom-up research process and seeks to identify asymmetry in securities with significant downside protection. Long Pond's investments may include, but are not limited to: (i) assets trading at a discount to their underlying value; (ii) companies undergoing a change in capital structure, business plan, management or any other “overhang” that creates dislocation; (iii) well-capitalized companies that will profit from the current industry distress; (iv) attractively priced, high return on invested capital opportunities where growth is driven by real estate and real estate-related fundamentals; (vi) relative value opportunities, including REITS, where a static asset base combined with market volatility provides for low-risk trading between similar companies when market prices diverge; these trades should also serve to dampen the overall volatility of the portfolio; and (vii) catalyst-driven short opportunities including dividend cuts, projected earnings misses, overvalued companies with the potential to miss clinical targets and/or where management has publicized unrealistic expectations for future events.^

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CBRE Clarion Securities actively manages portfolios of real asset securities including listed real estate and infrastructure, to either outperform a passive index strategy or achieve a target rate of return through expertise and research of both listed and direct real estate and infrastructure markets. The firm focuses on investing in equity-related securities of publicly traded real estate and infrastructure companies which generally include: common stock, preferred stock. MLP units, convertible debt, warrants and rights. Although they focus on investing in publicly traded companies, not all securities issued by those companies are listed or actively quoted. On occasion, the firm may invest in private companies or in a private placement of securities by a public company. CBRE Clarion may also use other types of instruments to implement their investment strategies including options, ETFs, closed-end funds, participation notes and currency forwards.

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APG Asset Management US (APG US) provides advisory services with respect to fixed-income instruments, real estate, publicly-traded REITs and other alternative investments structured as private investments. Their strategies include Core Bond Plus and High Yield. Both strategies may utilize derivative transactions, including credit default swaps, for hedging purposes or efficient portfolio management. ^APG US' Core Bond Plus strategy uses macroeconomic analysis, credit analysis and valuation analysis to make investment decisions. Macroeconomic research is used to determine if interest rates and yield spreads provide attractive expected returns in light of an internal assessment of the economic and monetary policy outlook. Credit research is used to measure the health of balance sheets, cash flow and deal structure to assess default risk and event risk. Valuation analysis is used to assess whether potential investments adequately compensate for prepayment risk, credit risk, interest rate volatility and/or changes in market liquidity. Bottom-up issue selection is combined with top-down duration management and sector allocation. APG US invests in an array of fixed-income sectors that convey different risks, thus, diversification of return and alpha sources is an essential element of their investment process. ^APG US' High Yield strategy employs intensive credit analysis, valuation analysis, industry analysis and macroeconomic analysis to make investment decisions. Credit analysts measure the health of issuers' balance sheets, cash flows and deal structures to assess potential default and event risk. Through valuation analysis, portfolio managers assess whether potential investments adequately compensate for credit risk. Diversified portfolios are created by combining bottom-up issue selection with top-down industry allocation. Industry weightings are determined based on internal research and assessment of macroeconomic trends.

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Recent Transactions
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Starwood Capital Group Global LLC purchases Taubman Centers, Inc. /Shopping Mall Businesses (7) from Taubman Centers, Inc.

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Taubman Centers, Inc., TPA Hanam Union Square Holdings LP purchase Hanam Union Square Co., Ltd. from Shinsegae Co., Ltd.

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Shui On Land Ltd., China Xintiandi Co. Ltd. purchase Taubman Tcbl Co. Ltd. from Taubman Centers, Inc.

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Insider Transactions
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Transaction Advisors
Legal Advisor

Advised onTaubman Centers, Inc. issued Common Stock

Auditor

Advised onTaubman Centers, Inc. issued Common Stock

Underwriter

Advised onTaubman Centers, Inc. issued Common Stock

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Legal Advisor

Advised onTaubman Centers, Inc. issued Common Stock

Leader, Lending & Finance Practice Group

Advised onStarwood Capital Group Global LLC purchases Taubman Centers, Inc. /Shopping Mall Businesses (7) from Taubman Centers, Inc.

Legal Advisor

Advised onStarwood Capital Group Global LLC purchases Taubman Centers, Inc. /Shopping Mall Businesses (7) from Taubman Centers, Inc.

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Advisors & Consultants
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Legal Advisor

Partner at Honigman Miller Schwartz and Cohn LLP

Legal Advisor

Leader, Securities & Corporate Governance Litigation Practice Group at Honigman Miller Schwartz and Cohn LLP

Legal Advisor

Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP

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Clients

L Brands, Inc. engages in the retail business. It is focused on women's intimate and other apparel, personal care and beauty categories. It operates its business through Victorias Secret and Bath & Body Works International segment. Its brands include Victorias Secret, Bath and Body Works, Pink, La Senza, and Henri Bendel. The company was founded by Leslie Herbert Wexner in 1963 and is headquartered in Columbus, OH.

Urban Outfitters, Inc. engages in the operation of retail clothing stores. It operates through the following segments: Retail and Wholesale. The Retail segment offers merchandise directly through stores, catalogues, call centers, & websites, and consists of the brands Urban Outfitters, Anthropologie, Free People, Terrain, and Bhldn. The Wholesale segment designs, develops, and distributes women's casual wear under the Free People brand. The company was founded by Richard A. Hayne and Scott A. Belair in 1970 and is headquartered at Philadelphia, PA.

Hudson's Bay Co. engages in the ownership and operation of department stores, which engages in the sale of fashion apparel, accessories, cosmetics, and home products. It operates under the Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, the Kaufhof Banners; and HBC Off Price segments. It also invests in real estate joint ventures. The company was founded on May 2, 1670 and is headquartered in Toronto, Canada.

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Key Stats and Financials As of 2016
Market Capitalization
$3.34B
Total Enterprise Value
$7.58B
Earnings Per Share
$1.77
Revenue
$607M
Debt TEV
0.43x
Net Profit
$130M
Total Debt
$3.26B
Total Equity
$-62M
TEVNet Income
58.06x
Enterprise Value Sales
12.49x
Three Year Compounded Annual Growth Rate Of Revenue
-7.42%
Five Year Compounded Annual Growth Rate Of Revenue
-1.21%
EBITDAMargin
52.68%
Enterprise Value EBITDAOperating
23.71x
EBITDA
$320M
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Non-Profit Donations & Grants
$5,000 - $10K
2010
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Investments
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Deliv, Inc. provides delivery services. It uses the technology advancements of omni-channel platforms and GPS-enabled smartphones to mobilize its crowd of drivers. The company was founded in 2012 by Daphne Carmeli and is headquartered in Menlo Park, CA.

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Suppliers
The Ultimate Software Group, Inc. Human Resources & Personnel Services | WESTON, FL

The Ultimate Software Group, Inc. engages in the development and provision of Web-based payroll and workforce management software solutions. The UltiPro software, which is designed to deliver the functionality businesses need to manage the complete employment life cycle from recruitment to retirement. Its products involves solutions for talent acquisition and on boarding, human resources management and compliance, benefits management and online enrollment, payroll, performance management, salary planning and budgeting for compensation management, succession management, reporting and analytical decision-making tools, and time and attendance. It also offers role-based features for human resources professionals, executives, managers, administrators, and employees whether they are in or out of the office. The company was founded by Scott S. Scherr in April 1996 and is headquartered in Weston, FL.

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Competitors
Simon Property Group, Inc. Real Estate - Indianapolis, IN

Simon Property Group, Inc. operates as a self-administered and self-managed real estate investment trust. It owns, develops and manages retail real estate properties which primarily consist of regional malls, premium outlets and mills. Simon Property Group specializes in the ownership, development, management, leasing, acquisition and expansion of income-producing retail real estate assets. The company was founded by Fred Simon, Herbert Simon and Melvin Simon in December 1993 and is headquartered in Indianapolis, IN.

Tanger Factory Outlet Centers Inc. Real Estate - Greensboro, NC

Tanger Factory Outlet Centers, Inc. engages in the provision of real investments. Its activities include development, acquisition, ownership, operation, and management of outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.

Macerich Co. Real Estate - McLean, VA

Macerich® (NYSE: MAC) aligns exceptional retail properties in attractive U.S. markets with the business goals of the nation's retailers and the shopping preferences of local consumers. The company is one of the country’s leading owners, operators and developers of major retail properties. Macerich brings long-experienced management and a conservative approach to guiding its dynamic, well-placed portfolio, along with a commitment to retailer success that endures. Macerich properties include many top-performing centers in high-barrier-to-entry markets, including: Queens Center in New York City Tysons Corner Center in Northern Virginia just outside Washington, D.C. Scottsdale Fashion Square in Arizona Broadway Plaza in Walnut Creek, Calif. Washington Square near Portland, Ore