|Bid||51.96 x 900|
|Ask||51.97 x 1800|
|Day's range||51.80 - 52.95|
|52-week range||26.24 - 54.50|
|Beta (5Y monthly)||0.82|
|PE ratio (TTM)||15.65|
|Earnings date||27 Apr 2020 - 03 May 2020|
|Forward dividend & yield||2.70 (5.09%)|
|Ex-dividend date||12 Dec 2019|
|1y target est||45.44|
Taubman Centers, Inc. (NYSE: TCO) today announced the completion of the sale of 50 percent of Taubman Asia’s interest in CityOn.Xi’an (Xi’an, China) to real estate funds managed by Blackstone Group Inc. (Blackstone) for $91 million.
Taubman Centers (TCO) puts up better-than expected performance in Q4. Meanwhile, shares of the company rally on Simon Property's buyout deal valued at $3.6 billion to acquire Taubman.
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.
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.
(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 firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis 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.
(Bloomberg) -- Simon Property Group Inc. agreed to buy rival U.S. shopping-mall operator Taubman Centers Inc. for about $3.6 billion, a combination that comes as e-commerce continues to roil brick-and-mortar retail.Simon will pay $52.50 a share in cash for all of Taubman’s common stock, the companies said in a statement Monday. That’s about 51% more than Taubman’s closing share price on Friday. Simon said it expects to fund the purchase with existing liquidity.Taubman’s shares surged as much as 54% to $53.25. Simon was little changed at $141.27 as of 9:34 a.m.Simon and Taubman had been holding on-and-off discussions about a deal since late last year. The agreement comes as a wave of retail bankruptcies have squeezed mall-oriented REITs, putting pressure on the industry to consolidate.The rise of e-commerce has more U.S. consumers shopping from home, making it harder for brick-and-mortar retailers to survive. That’s weighed on malls, which are struggling to boost foot traffic. While both Taubman and Simon have fared better than some competitors during the recent retail turbulence, the shares of both companies have slumped over the past 12 months.Still, Simon was looking for a way to expand, and was attracted to Taubman’s portfolio of mall properties in a bid boost growth, according to Lindsay Dutch, an analyst at Bloomberg Intelligence.“There are not many opportunities to grow in the retail landscape,” she said.The company needs to focus on its U.S. malls, which have been hurt by store closings, and the deal may make room for that, according to Dutch. The purchase makes sense for Simon, given Taubman’s high-quality, well-located malls and Simon’s ability to reinvest in them, she wrote in a report Monday.The deal would mark the end of family control of Taubman, one the pioneers of the American mall industry. Founder Alfred Taubman was one of the first developers to capitalize on the explosive growth of America’s suburbs. He built an empire of highly successful upscale regional malls, including The Mall at Short Hills in New Jersey, Woodfield Mall outside Chicago and Beverly Center in Los Angeles.The agreement announced on Monday allows the Taubman family to retain an ownership stake in its malls.Simon has flirted with other acquisitions in recent years. It previously tried to purchase Taubman as well as the shopping center REIT Macerich Co.Elsewhere in the industry, there’s been consolidation. In 2018, Unibail-Rodamco-Westfield, known as Unibail-Rodamco SE at the time, acquired shopping-center operator Westfield Corp. while Brookfield Asset Management Inc. bought mall-operator GGP Inc.Taubman has relatively high exposure to Forever 21, which declared bankruptcy in September. Simon is also a landlord for the retailer and is part of a group trying to buy the chain.Taubman has faced activist pressure in recent years. Investor Jonathan Litt won a board seat at the company in 2018 after a closely contested proxy fight. He chose not to run for re-election last year.(Updates with share prices.)\--With assistance from Mark Schoifet.To contact the reporter on this story: Oshrat Carmiel in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Giammona at email@example.com, Christine Maurus, Steve DicksonFor 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.
Taubman Centers, Inc. (NYSE: TCO) today reported financial results for the quarter and full year periods ended December 31, 2019.
(Bloomberg) -- Simon Property Group Inc. has held merger talks with rival U.S. shopping-mall operator Taubman Centers Inc., according to people familiar with the matter.The real estate investment trusts have been holding on-and-off-again discussions since late last year, said the people, who asked not to be identified because the matter isn’t public. Talks between the companies stalled in recent days amid market volatility and it’s unclear if and when they will resume, one of the people said.The talks come as a wave of retail bankruptcies squeeze mall-oriented REITs, putting pressure on the industry to consolidate. The Bloomberg REIT Regional Mall Index has fallen about 30% in the past year through Monday, with Simon Property and Taubman Centers dropping 27% and 43% respectively over the same period.Simon has previously tried to purchase Taubman as well as the shopping center REIT Macerich Co., Bloomberg Intelligence REIT equity analyst Lindsay Dutch said in a research note Tuesday. A deal for Taubman may come down to price, she said.“A Simon Property Group combination with Taubman Centers would make sense, given the latter’s high-quality, well-located malls and the former’s ability to reinvest in them,” she said.Simon Property’s shares rose 2% to $135.45 at 10:06 a.m., giving the company a market value of about $40.6 billion. Taubman Centers rose 12% to $31.55, giving it a market value of about $1.9 billion.A representative for Taubman Centers declined to comment. A representative for Simon Property didn’t immediately respond to requests for comment.In 2018, Unibail-Rodamco-Westfield, known as Unibail-Rodamco SE at the time, acquired shopping-center operator Westfield Corp. while Brookfield Asset Management Inc. bought mall-operator GGP Inc.Activist Investor Jonathan Litt had won a board seat at Taubman Centers in 2018 after a closely contested proxy fight. He chose not to run for re-election last year.Simon Property’s net income fell 13% from a year earlier to $2.1 billion in 2019, according to its fourth quarter reporter Tuesday. Revenue rose 3.5% to $5.8 billion during the same time period. The Indianapolis-based company owned or had interest in 233 properties in North America, Asia and Europe at Dec. 31.Taubman Centers, based in Bloomfield Hills, Michigan, has 26 regional and outlet shopping centers in the U.S. and Asia The company is scheduled to report earnings on Feb. 12.(Adds analyst comment in fourth paragraph, additional background starting in ninth paragraph)\--With assistance from Craig Giammona.To contact the reporter on this story: Ed Hammond in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, Matthew Monks, Elizabeth FournierFor 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.
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.
Simon Property (SPG) to enjoy the largest network of Return Bar counters in the shopping-center industry, with the latest expansion of the Happy Returns' service desks to 52 locations.
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.
Though Macerich's (MAC) share-price performance has been disappointing in 2019, it is undertaking all appropriate measures to turn around tables in the upcoming year.
While Kimco Realty (KIM) will gain from its ownership of premium assets in key markets amid healthy job market and high consumer spending, e-retail boom and dispositions' dilutive impact are woes.
The acquisition of single-tenant retail properties, with roughly 5.1 million leasable square feet upon completion, will offer Realty Income (O) a significant scale and competitive edge.
While SL Green Realty's (SLG) opportunistic investment policy will enhance its overall portfolio, high supply of office assets will impact its ability to backfill near-term tenant move-outs.
Retail Properties (RPAI) recent lease deal with Shake Shack at Circle East redevelopment project aims at attracting young, well-off and educated shoppers.
Acadia Realty Trust's (AKR) strategic acquisitions and selective dispositions are in sync with the company's efforts of generating ample dry powder to execute its accretive external growth moves.
While fall in rental income and other property revenues hurt SITE Centers' (SITC) Q3 performance, decent new and renewal leasing spreads provide support to some extent.