Tue, Mar. 10, 12:10 PM
Thu, Feb. 12, 4:14 PM
Wed, Feb. 11, 5:35 PM
Wed, Feb. 4, 3:21 PM
- About 14% of DDR's net operating income comes from 15 Puerto Rican shopping centers, says Morgan Stanley as the team there picks just the right time to take a tour. What they found were strong cash flows and tenant demand, and a mix of mostly U.S.-based retailers. Looking at a price chart of DDR (upward and to the right), it's hard to see any Puerto Rican exposure fear priced in, but nevertheless, the team thinks current levels are a nice entry point into the shares.
- They're not as impressed with Taubman Centers' (NYSE:TCO) island assets, noting they've run over-budget and have had leasing issues. Miami is a different story, however, and Morgan thinks Taubman's WorldCenter properties will be a success despite competition from Brickell City Center just two miles away.
Mon, Jan. 12, 10:41 AM
- "We certainly expect more malls to close than open over the next several years," says D.J. Busch, a mall-REIT analyst at Green Street Advisors. Those regional malls with low per-square-foot tenant sales that have lost relevance probably will be closed or reused for something other than retail over the next few years.
- Morgan Stanley real estate debt analyst Richard Hill: “There’s a level of complacency among investors ... Competitive pressures that haven’t been seen in decades are making some retailers and some properties obsolete.”
- RPAI, IRC, KIM, FRT, DDR, WHLR, WSR, EQY, CBL, TCO, SPG, GGP, WRI, MAC, PEI
Dec. 2, 2014, 8:41 AM
- Alongside its quarterly dividend declaration of $0.54, Taubman Centers (NYSE:TCO) will make a special payment of $4.75 per share thanks to October's sale of seven malls to Starwood Capital.
- The dividends are payable on December 31 to holders of record on December 15.
- Source: Press Release
- Shares +0.6% premarket
Nov. 19, 2014, 10:20 AM
- Macerich (MAC +7.2%) climbs sharply after Simon Property (SPG -0.5%) earlier disclosed a 3.6% stake in the company and indicated it's interested in going over 5%.
- Simon, of course, recently became more laser-focused on large enclosed malls after spinning off Washington Prime - its strip center and smaller mall business.
- Might Taubman Centers (TCO +2.2%) be another target? It's rising alongside Macerich in early action.
Oct. 30, 2014, 4:29 PM
Oct. 17, 2014, 9:08 AM
- "These transactions are transformative for the company," says CEO Robert Taubman. "The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth."
- The sale price (buyer was Starwood Capital) was $1.403B, excluding transaction costs. After paying off related debt, net cash proceeds were $736M, with Taubman's (NYSE:TCO) share being $716M.
- Uses have not been determined, but Taubman for now plans to make use of a 1031 deal to defer capital gains taxes. Should no assets under a 1031 be found, a special dividend of $5 per share will be paid.
- Source: Press Release
Sep. 4, 2014, 8:41 AM
Aug. 15, 2014, 10:25 AM
Jul. 30, 2014, 4:35 PM
Jul. 3, 2014, 10:39 AM
- The Deal Malls Enthusiasts Facebook group boasts nearly 14K members, a Google search of "dead malls" produces 5.7M results, and the interiors of formerly bustling shopping meccas are more likely to see action as cameo players in campy horror films, writes Bloomberg's James Greiff.
- It's more than just Amazon, says Greiff, noting young millennials are less likely to buy cars (though the economy could have something to do with that), and a lot of the socializing that used to take place at malls now takes place online - killing much-needed foot traffic.
- Trying to hold back the tide, of course, are politicians who continue to deliver tax breaks and other benefits to mall owners.
- Mall REITs which may have interest: SPG, GGP, BRX, KIM, WRI, MAC, GRT, TCO.
Jun. 18, 2014, 9:28 AM
- "Given today's investor interest in high quality regional malls, we have taken advantage of the opportunity to further enhance our growth and valuation, while increasing our industry leading productivity and modestly reducing the size of our base," says Taubman Centers (TCO) CEO Robert Taubman.
- The deal size (excluding transaction costs) is $1.405B, and includes $785M in cash and $620M in assumption of debt.
- A conference call to discuss the sale is set for 11 ET.
- Source: Press Release
May 22, 2014, 4:53 PM
Apr. 24, 2014, 4:43 PM
Taubman Centers Inc operates as a self-administered and self-managed real estate investment trust. The Company owns, manages, leases, acquires, develops, and expands regional and super-regional retail shopping centers.
Other News & PR