0LDD.L - Taubman Centers, Inc.

LSE - LSE Delayed price. Currency in USD
+4.87 (+18.38%)
As of 1:38PM GMT. Market open.
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Previous close52.31
Bid0.00 x 0
Ask0.00 x 0
Day's range31.34 - 31.34
52-week range31.34 - 31.34
Avg. volumeN/A
Market capN/A
Beta (5Y monthly)0.82
PE ratio (TTM)9.43
EPS (TTM)3.32
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Bloomberg

    New Jersey’s American Dream Mall Readies for Its Ultimate Test

    (Bloomberg) -- Two decades in the making, the American Dream mega-mall is about to open its doors to shoppers. The question is how many will show up.The $5 billion complex next to MetLife Stadium in East Rutherford, New Jersey, will roll out its retail portion in March, after cutting the ribbon on its amusement park, indoor ski slope and ice rink last year. Much is riding on the retail behemoth. It’s employing some 17,000 to staff its 450 stores, restaurants and services in the space of about 3 million square feet (almost 280,000 square meters) -- equivalent to about 50 football fields.But American Dream’s stores are opening during what may be the industry’s darkest nightmare. Retailers from apparel chains to department stores have succumbed to bankruptcy as consumers migrate online, sapping malls of their lifeblood. Fewer than half of U.S. malls are expected to survive the onslaught. Add to that the lengthy and troubled development process preceding American Dream’s opening, and not everyone is convinced.Macy’s Inc. Chief Executive Officer Jeff Gennette, for example, said his company “certainly did consider it,” but the department-store chain held off, given the property is “unproven.”“We gotta figure out if that’s a viable property,” he said in an interview.It also faces plenty of nearby competition: The mall in Short Hills, about 30 minutes away in Millburn, New Jersey, is an established luxury shopping mecca. The Westfield Garden State Plaza in Paramus is even closer.On TrackStill, American Dream looks on track for its March retail opening. As of January, developers had leased almost 90% of available space at the white-walled construction of skylights and giant windows. When including leases under negotiation, that rises to almost 100%.Companies like Japanese fashion brand Uniqlo and retail chain Primark have stores lined up, and Gap Inc.’s Old Navy and Banana Republic are opening. Victoria’s Secret, collegiate-lifestyle label Pink and Bath & Body Works, all owned by L Brands Inc., will have locations as will Kate Hudson’s athleisure line Fabletics. Even a recent victim of the retail apocalypse will be present: Charlotte Russe Inc. which filed for bankruptcy about a year ago.There were times when it seemed hard to imagine that American Dream would ever open. The mall’s development started in 1996 and was marred by setbacks all along the way. Developers pulled out and a roof partially collapsed. There were funding shortfalls and issues with contaminated soils. Then, one of its prospective high-end and anchor tenants, Barneys New York Inc. filed for bankruptcy last year, nixing that plan.Milestone ReachedDue to the long and tortured process, the opening of the Nickelodeon Universe amusement park, ski slope and ice rink last year was something of a milestone. The attractions are part of Canadian owner Triple Five Group’s strategy to defeat the retail curse -- it’s banking that the allure of roller coasters, skiing and swimming will drive traffic.It’s a play used by other mall operators such as Simon Property Group Inc., which just agreed to buy rival U.S. shopping-mall operator Taubman Centers Inc. Consolidation is another strategy for malls to survive.Dicey OutlookThe outlook for 2020 remains dicey. More than 7,600 stores closed from the start of 2019 through October, according to Credit Suisse. Last year, department stores were the worst performing sector in the S&P 500, and Moody’s Investors Service has forecast the sector will continue to face falling operating income.“How many people are going to raise their hands for yet another traditional mall side of things,” said Craig Johnson, president of the consulting firm Customer Growth Partners LLC. He noted that many mall stalwarts are trying to cut down their square footage. “The market is rising for online, so they have a bit of a dilemma there.”A representative for American Dream didn’t have immediate comment and Triple Five did not return a request for comment.‘Now Hiring’On a recent chilly afternoon at American Dream in January, it seemed as if any apocalypse in retail had been put on hold. Some 900 prospective employees showed up for a hiring fair at the mall, which lies just eight miles from Manhattan. The mood was upbeat.About 60 retailers, including Sephora, Century 21 and The Children’s Place Inc., were accepting applications. Many were apparently falling over themselves to offer jobs, with some interviewing and hiring applicants on the spot, while touting the competitive benefits they offered. Some chains gave out freebies. Another hiring fair will take place on Feb. 17.One college organized a bus to transport students to the event. Local teenagers who had grown up hearing about this long-stalled mall now were getting their first jobs there. Dejuana Thompson, 19, was among the attendees. She received a job offer from Uniqlo.“I feel more successful here,” said Thompson. “I feel that I would have an opportunity at every one of these jobs.”Some companies are taking advantage of the project to enter the lucrative -- but competitive -- New York retail market for the first time. Evereve, the woman’s apparel chain based in Edina, Minnesota, will have its first area store in the mall.And while Macy’s, which is struggling through its own transition in this new retail era, doesn’t plan to open a location there, it wants to keep the option open. It will send a team to the mall when it opens, CEO Gennette said -- despite the company’s strategy to shrink its presence at malls.“If a great opportunity came our way, I wouldn’t say no,” he said.To contact the reporter on this story: Jordyn Holman in New York at jholman19@bloomberg.netTo contact the editors responsible for this story: Sally Bakewell at sbakewell1@bloomberg.net, Jonathan RoederFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    US STOCKS-S&P 500, Nasdaq reach record closing highs; Chinese workers return

    The S&P 500 and the Nasdaq closed at record highs on Monday as Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was protracted by the deadly coronavirus outbreak.

  • Reuters - UK Focus

    US STOCKS-Nasdaq hits new high as investors look beyond coronavirus

    Wall Street gained ground and the Nasdaq reached a new record on Monday as Chinese workers and factories slowly returned to business following a Lunar New Year holiday that was extended due to the deadly coronavirus outbreak. All three major U.S. stock averages were higher, led by stalwarts Amazon.com, Microsoft Corp and Alphabet Inc.

  • A Mall Landlord's Survival Guide: Buy Up All the Best

    A Mall Landlord's Survival Guide: Buy Up All the Best

    (Bloomberg Opinion) -- In the retail apocalypse, only the strongest can survive. It’s why the Taubman family, among the biggest mall landlords in the U.S., is throwing in the towel after 70 years and ceding control to its larger rival, Simon Property Group Inc. The merger had long been seen as an inevitability, if a bitter reality for the Taubmans, who watched their company’s stock recently descend to a 2009 recession low. Mall operators are looking for ways to strengthen their portfolios, and these two in particular share similarities.Both run higher-end shopping destinations, such as Taubman Centers Inc.’s The Mall at Short Hills in New Jersey and The Gardens Mall outside Palm Beach, Florida, as well as Simon’s Woodbury Common Premium Outlets in Central Valley, New York. Still, neither company has been shielded from the pain of retail bankruptcies and shuttered storefronts. When Forever 21 filed for bankruptcy last fall, it was Taubman’s biggest tenant.(1) The timing of the family’s decision to sell reinforces the downcast mood in brick-and-mortar retail.After on-and-off talks between the two longstanding mall dynasties — like Taubman, Simon is led by the son of its own founder — the deal finally came together on Monday. Simon agreed to acquire Taubman for $3.6 billion in cash, or $52.50 a share, 70% higher than the stock’s average closing price for the last 20 trading sessions. The substantial premium shows just how eager Simon was to do the deal and what it took to get Taubman on board. The family will retain a 20% interest in Taubman Realty Group LP, the entity that holds its real-estate interests. For Simon, adding Taubman’s properties may help offset the sour outlook it gave investors during a recent earnings announcement. It had projected that funds from operations — a key cash-flow metric for real estate investment trusts (REITs) — will be $12.25 to $12.40 per diluted share in 2020, which was below some analysts’ expectations and signaled relatively weak growth for the year. Simon’s stock has rebounded 6% since Bloomberg News broke news of its negotiations with Taubman last week. It's a harsh retail environment, and while U.S. malls aren’t yet being demolished on a grand scale, less than half of them may ultimately survive, according to Lindsay Dutch, an analyst for Bloomberg Intelligence. On the bright side, those left standing could get even stronger as tenants seek out the best remaining shopping locations, Dutch wrote in a Dec. 11 report.Joining forces may ensure Simon and Taubman are in the latter camp. But selling now, with the stock in the dumps rather than on its way to a recovery, means the Taubmans didn’t see better days ahead. (1) Simon also happens to be part of a group trying to buy the fast-fashion retail chain.To contact the author of this story: Tara Lachapelle at tlachapelle@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    Taubman Centers, Inc. Issues Fourth Quarter and Full Year 2019 Results

    Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the quarter and full year periods ended December 31, 2019.

  • Business Wire

    Taubman Centers Announces Taxable Allocations of 2019 Common and Preferred Share Dividend Distributions

    Taubman Centers, Inc. (NYSE: TCO) announced today the tax allocations of the 2019 dividend distributions on its common shares and 6.5% Series J and 6.25% Series K Cumulative Redeemable Preferred Shares.

  • Read This Before Selling Taubman Centers, Inc. (NYSE:TCO) Shares
    Simply Wall St.

    Read This Before Selling Taubman Centers, Inc. (NYSE:TCO) Shares

    We often see insiders buying up shares in companies that perform well over the long term. On the other hand, we'd be...

  • Business Wire

    Taubman Schedules Fourth Quarter Earnings Release and Conference Call

    Taubman Centers, Inc. (NYSE: TCO) will announce its fourth quarter 2019 earnings after the market closes on February 12, 2020. The company will host a conference call to discuss these results on February 13, 2020 at 10 a.m. EST.

  • Did Changing Sentiment Drive Taubman Centers's (NYSE:TCO) Share Price Down A Worrying 52%?
    Simply Wall St.

    Did Changing Sentiment Drive Taubman Centers's (NYSE:TCO) Share Price Down A Worrying 52%?

    Ideally, your overall portfolio should beat the market average. But in any portfolio, there will be mixed results...

  • Taubman Centers Inc (TCO) Q1 2019 Earnings Call Transcript
    Motley Fool

    Taubman Centers Inc (TCO) Q1 2019 Earnings Call Transcript

    TCO earnings call for the period ending March 31, 2019.

  • Associated Press

    Taubman: 1Q Earnings Snapshot

    The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $87.1 million, or 93 cents per share, in the period. The average estimate of 11 analysts surveyed ...

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